Document:

wlfc_Ex10_37

		

			Exhibit 10.37

		

		

			 

		

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

			EXECUTION VERSION

		

		

			 

		

		
			 
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			dated as of August 22, 2018
		

		
			among
		

		
			WILLIS ENGINE STRUCTURED TRUST IV,
		

		
			 as Borrower
		

		
			BANK OF AMERICA, N.A.,
		

		
			 as the Initial Liquidity Facility Provider
		

		
			and
		

		
			WILLIS LEASE FINANCE CORPORATION,
		

		
			 as the Administrative Agent
		

		
			relating to
		

		
			Willis Engine Structured Trust IV
		

		
			Series A Notes and Series B Notes
		

		
			 
		

		
			 
		

		
			 
		

		

		 

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE I DEFINITIONS

					
3
				
	
					
						Section 1.01.

					
					
						Definitions

					
3
				
	
					
						ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT

					
12
				
	
					
						Section 2.01.

					
					
						The Advances

					
12
				
	
					
						Section 2.02.

					
					
						Making of Advances

					
12
				
	
					
						Section 2.03.

					
					
						Fees

					
14
				
	
					
						Section 2.04.

					
					
						Termination of the Maximum Facility Commitment

					
14
				
	
					
						Section 2.05.

					
					
						Repayments of Facility Advances

					
15
				
	
					
						Section 2.06.

					
					
						Repayments of Provider Advances

					
15
				
	
					
						Section 2.07.

					
					
						Payments to the Initial Liquidity Facility Provider Under the Indenture

					
16
				
	
					
						Section 2.08.

					
					
						Book Entries

					
16
				
	
					
						Section 2.09.

					
					
						Payments from Available Funds Only

					
17
				
	
					
						Section 2.10.

					
					
						Extension of the Expiry Date; Replacement Liquidity Facility; Non-Extension Advance

					
17
				
	
					
						Section 2.11.

					
					
						Use of Downgrade Advances and Non-Extension Advances

					
18
				
	
					
						ARTICLE III OBLIGATIONS OF THE BORROWER

					
18
				
	
					
						Section 3.01.

					
					
						Increased Costs

					
18
				
	
					
						Section 3.02.

					
					
						[Intentionally omitted] 

					
19
				
	
					
						Section 3.03.

					
					
						Withholding Taxes

					
19
				
	
					
						Section 3.04.

					
					
						Payments

					
22
				
	
					
						Section 3.05.

					
					
						Computations

					
22
				
	
					
						Section 3.06.

					
					
						Payment on Non-Business Days

					
22
				
	
					
						Section 3.07.

					
					
						Interest

					
23
				
	
					
						Section 3.08.

					
					
						LIBOR Unavailability

					
24
				
	
					
						Section 3.09.

					
					
						Funding Loss Indemnification

					
25
				
	
					
						Section 3.10.

					
					
						Illegality

					
25
				
	
					
						ARTICLE IV CONDITIONS PRECEDENT

					
26
				
	
					
						Section 4.01.

					
					
						Conditions Precedent to Effectiveness of Section 2.01

					
26
				
	
					
						Section 4.02.

					
					
						Conditions Precedent to Borrowing

					
27
				
	
					
						ARTICLE V COVENANTS

					
27
				
	
					
						Section 5.01.

					
					
						Affirmative Covenants of the Borrower

					
27
				
	
					
						Section 5.02.

					
					
						Covenants Regarding Notices

					
27
				

		
			 
		

		
			
		

		

		 

		

			-  i  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE VI LIQUIDITY EVENTS OF DEFAULT

					
28
				
	
					
						Section 6.01.

					
					
						Liquidity Events of Default

					
28
				
	
					
						ARTICLE VII MISCELLANEOUS

					
28
				
	
					
						Section 7.01.

					
					
						No Oral Modifications or Continuing Waivers

					
28
				
	
					
						Section 7.02.

					
					
						Notices

					
28
				
	
					
						Section 7.03.

					
					
						No Waiver; Remedies

					
29
				
	
					
						Section 7.04.

					
					
						Further Assurances

					
29
				
	
					
						Section 7.05.

					
					
						Indemnification Survival of Certain Provisions

					
30
				
	
					
						Section 7.06.

					
					
						Liability of the Initial Liquidity Facility Provider

					
30
				
	
					
						Section 7.07.

					
					
						Nonpetition

					
30
				
	
					
						Section 7.08.

					
					
						Certain Costs and Disbursements

					
31
				
	
					
						Section 7.09.

					
					
						Binding Effect; Participations

					
31
				
	
					
						Section 7.10.

					
					
						Severability

					
32
				
	
					
						Section 7.11.

					
					
						Governing Law

					
33
				
	
					
						Section 7.12.

					
					
						Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity

					
33
				
	
					
						Section 7.13.

					
					
						Counterparts

					
33
				
	
					
						Section 7.14.

					
					
						Entirety

					
34
				
	
					
						Section 7.15.

					
					
						Headings

					
34
				
	
					
						Section 7.16.

					
					
						Patriot Act

					
34
				
	
					
						Section 7.17.

					
					
						Initial Liquidity Facility Provider’s Obligation to Make Advances

					
34
				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Annex I

					
					
						-

					
					
						Facility Advance Notice of Borrowing

				
	
					
						Annex II

					
					
						-

					
					
						Non-Extension Advance Notice of Borrowing

				
	
					
						Annex III

					
					
						-

					
					
						Downgrade Advance Notice of Borrowing

				
	
					
						Annex IV

					
					
						-

					
					
						Final Advance Notice of Borrowing

				
	
					
						Annex V

					
					
						-

					
					
						Notice of Termination

				

		
			 
		

		
			 
		

		
			

		 

		

			-  ii  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			REVOLVING CREDIT AGREEMENT
		

		
			This REVOLVING CREDIT AGREEMENT (this “Agreement”) dated as of August 22, 2018, is made by and among WILLIS ENGINE STRUCTURED TRUST IV, a Delaware statutory trust (the “Borrower”), BANK OF AMERICA, N.A.,  a national banking association (“BOA”), as Initial Liquidity Facility Provider (the “Initial Liquidity Facility Provider”), and WILLIS LEASE FINANCE CORPORATION, a Delaware corporation, in its capacity as the Administrative Agent (the “Administrative Agent”).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Borrower and Deutsche Bank Trust Company Americas, a New York banking corporation, not in its individual capacity but as Trustee (the “Trustee”), the Administrative Agent and the Initial Liquidity Facility Provider entered into the Trust Indenture dated as of August 22, 2018 (the “Indenture”) and pursuant to the Indenture the Borrower is issuing Series A Notes and the Series B Notes; and
		

		
			WHEREAS, the Indenture provides for the Borrower to enter into a “Initial Liquidity Facility” (as defined in the Indenture), in order to support the timely payment of a portion of the interest on the Initial Series A Notes and the Initial Series B Notes (the “Specified Series”) in accordance with their terms, has requested BOA to enter into this Agreement as the Initial Liquidity Facility providing in part for the Administrative Agent on behalf of the Borrower to request in specified circumstances that Advances be made hereunder;
		

		
			NOW, THEREFORE, in consideration of the mutual agreements herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			ARTICLE I
		

		
			 
		

		
			DEFINITIONS
		

		
			Section 1.01.   Definitions.
		

		
			(a)         The definitions stated herein apply equally to both the singular and the plural forms of the terms defined.
		

		
			(b)         All references in this Agreement to designated “Articles”,  “Sections”,  “Annexes” and other subdivisions are to the designated Article, Section, Annex or other subdivision of this Agreement, unless otherwise specifically stated.
		

		
			(c)         The words “herein”,  “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section, Annex or other subdivision.
		

		
			(d)         Unless the context otherwise requires, whenever the words “including”,  “include” or “includes” are used herein, it shall be deemed to be followed by the phrase “without limitation”.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			(e)         Any capitalized terms used in this Agreement, but not otherwise defined herein, shall have the meaning set forth in the Indenture.  Any capitalized terms used in any Schedule, but not otherwise defined in that Schedule, shall have the meaning set forth in this Agreement.
		

		
			(f)         For the purposes of this Agreement, unless the context otherwise requires, the following capitalized terms shall have the following meanings:
		

		
			“Advance” means a Facility Advance, a Downgrade Advance, a Non-Extension Advance or a Final Advance as the case may be.
		

		
			“Agreement” means this Revolving Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.
		

		
			“Applicable Liquidity Rate” has the meaning specified in Section 3.07(g).
		

		
			“Applicable Margin” means 2.75%  per annum for the period until and including the day before the first Payment Date falling after the eighth anniversary of the Initial Closing Date and, thereafter, 3.25% per annum.
		

		
			“Applied Downgrade Advance” has the meaning specified in Section 2.06(a).
		

		
			“Applied Non-Extension Advance” has the meaning specified in Section 2.06(a).
		

		
			“Applied Provider Advance” means an Applied Downgrade Advance or an Applied Non-Extension Advance.
		

		
			“Available Amount” means, subject to the proviso contained in Section 3.14(g) of the Indenture, at any date of determination, (a) the Maximum Facility Commitment at such time less (b) the aggregate amount of each Facility Advance under the Initial Liquidity Facility outstanding at such time; provided that following a Downgrade Advance, a Final Advance or a Non-Extension Advance, the Available Amount shall be zero,  provided further that, in the case of a Downgrade Advance, if the Initial Liquidity Facility ceases to be a Downgraded Facility, the Available Amount shall initially be reinstated to an amount equal to the amount of any Unapplied Provider Advance that is reimbursed to the Initial Liquidity Facility Provider pursuant to Section 2.06(c) and thereafter the Available Amount shall be determined as if no Downgrade Advance had occurred.
		

		
			“Borrower” has the meaning specified in the introductory paragraph to this Agreement.
		

		
			“Borrowing” means the making of Advances requested by delivery of a Notice of Borrowing.
		

		
			“Code” means the Internal Revenue Code of 1986, as amended.
		

		
			“CRD IV” means:
		

		
			(i) Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms; and
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			(ii) Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.
		

		
			“Disbursements” means liabilities, losses, damages, costs and expenses (including, without limitation, reasonable fees and disbursements of legal counsel), provided that Disbursements shall not include any Taxes other than sales, use and value added taxes imposed on fees and expenses payable pursuant to Section 7.07.
		

		
			“Dollars” means the lawful currency of the United States.
		

		
			“Downgrade Advance” means an Advance made pursuant to Section 2.02(c).
		

		
			“Downgrade Event”  means
		

		
			(A)       in the case of the initial Initial Liquidity Facility Provider, a downgrading of the Initial Liquidity Facility Provider’s published long-term issuer credit, long-term issuer default or senior unsecured debt rating, issued by either Fitch or KBRA (in each case, if any) or, if applicable as described in the definition of Threshold Rating, by Standard & Poor’s below the applicable Threshold Rating, or
		

		
			(B)       in the case of any assignee or successor Initial Liquidity Facility Provider (including any provider of a Replacement Liquidity Facility), a downgrading of such provider’s published long-term issuer credit, long-term issuer default or senior unsecured debt rating, issued by either Fitch or KBRA (in each case, if any) or, if applicable as described in the definition of Threshold Rating, by Standard & Poor’s below the applicable Threshold Rating, or, if such provider qualifies as an Eligible Provider based upon its obligations under the Replacement Liquidity Facility being guaranteed by an Affiliate who meets the applicable Threshold Rating requirements, then a Downgrade Event with respect to such provider shall mean (i) a downgrading of such Affiliate’s published long-term issuer credit, long-term issuer default or senior unsecured debt rating, issued by either Fitch or KBRA (in each case, if any) or, if applicable as described in the definition of Threshold Rating, by Standard & Poor’s below the applicable Threshold Rating, or (ii) such Affiliate’s guarantee (so long as such successor Initial Liquidity Facility Provider has not been replaced pursuant to an assignment or Replacement Liquidity Facility permitted hereunder) ceasing to be in full force and effect or becoming invalid or unenforceable or such Affiliate denying its liability thereunder.
		

		
			“Downgrade Period” has the meaning specified in Section 2.02(c).
		

		
			“Downgraded Facility”  has the meaning specified in Section 2.02(c).
		

		
			“Effective Date” has the meaning specified in Section 4.01.  The delivery of the certificate of the Initial Liquidity Facility Provider contemplated by Section 4.01(e) shall be conclusive evidence that the Effective Date has occurred.
		

		
			“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Initial Liquidity Facility Provider or required to be withheld or deducted from a payment to the Initial
		

		
			
		

		
			

		 

		

			-  5  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Liquidity Facility Provider, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of the Initial Liquidity Facility Provider being organized under the laws of, or having its principal office or its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of the Initial Liquidity Facility Provider with respect to an applicable interest in this Agreement or any Related Documents pursuant to a law in effect on the date on which (i) the initial Liquidity Facility Provider acquires such interest or (ii) the Initial Liquidity Facility Provider changes its Lending Office, except in each case to the extent that, pursuant to Section 3.03, amounts with respect to such Taxes were payable either to the Initial Liquidity Facility Provider’s assignor immediately before the Initial Liquidity Facility Provider became a party hereto or to the Initial Liquidity Facility Provider immediately before it changed its Lending Office, (c) Taxes attributable to the Initial Liquidity Facility Provider’s failure to comply with Section 3.03(e), (d) any U.S. federal withholding Taxes imposed under FATCA and (e) any Tax attributable to the inaccuracy in or breach by the Initial Liquidity Facility Provider of any of its representations, warranties or covenants contained in any Related Document to which it is a party or the inaccuracy of any form or document furnished pursuant thereto.
		

		
			“Expiry Date” means August 21, 2019  initially, or any date to which the Expiry Date is extended pursuant to Section 2.10.
		

		
			“Extension Request” means a written request, from a Responsible Officer of the Administrative Agent on behalf of the Borrower, to the Initial Liquidity Facility Provider requesting that the Initial Liquidity Facility Provider extend the Expiry Date.
		

		
			“Facility Advance” means an Advance made pursuant to Section 2.02(a).
		

		
			“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with either the implementation of such sections of the Code.
		

		
			“Fee Letter” means the Fee Letter between the Initial Liquidity Facility Provider and the Borrower with respect to the Initial Liquidity Facility.
		

		
			“Final Advance” means an Advance made pursuant to Section 2.02(d).
		

		
			“Final Repayment Date” means the date that is 15 days after the Final Maturity Date of the Specified Series.
		

		
			“Increased Cost” has the meaning specified in Section 3.01.
		

		
			“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under this
		

		
			
		

		
			

		 

		

			-  6  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Agreement or any Related Document and (b) to the extent not otherwise described in (a), Other Taxes.
		

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

		
			“Initial Liquidity Facility” means the financial accommodation made available by the Initial Liquidity Facility Provider to the Borrower pursuant to the terms of this Agreement.
		

		
			“Initial Liquidity Facility Interest Rate” means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times (except pursuant to Section 3.07(e)) be equal to LIBOR plus the Applicable Margin.
		

		
			“Initial Liquidity Facility Provider” has the meaning specified in the introductory paragraph to this Agreement.
		

		
			“Insolvency Proceeding” means any proceeding of the type referred to in clause (e) or (f) of Section 4.01 of the Indenture in respect of the Borrower.
		

		
			“Interest Period” means, with respect to any LIBOR Advance, each of the following periods:
		

		
			(i)          the period beginning on (and including) the third London Banking Day following either (A) the Initial Liquidity Facility Provider’s receipt of the Notice of Borrowing for such LIBOR Advance or (B) the date of the withdrawal of funds from the Liquidity Facility Reserve Account, for the purpose of paying part or all of any Shortfall as contemplated by Section 2.06(a) hereof and, in each case, ending on (but excluding) the next succeeding Payment Date; and
		

		
			(ii)         each subsequent period commencing on (and including) the last day of the immediately preceding Interest Period and ending on (but excluding) the next Payment Date (or if such Payment Date is not a London Business Day, the next succeeding London Business Day);
		

		
			provided, however, that if (a) the Final Advance shall have been made pursuant to Section 2.02(d) hereof or (b) other outstanding Advances shall have been converted into the Final Advance pursuant to Section 6.01, then the Interest Periods for such Advances shall be successive periods of one month from and including the third London Banking Day following the Initial Liquidity Facility Provider’s receipt of the Notice of Borrowing for such Final Advance (in the case of clause (a) above) or the Payment Date following such conversion (in the case of clause (b) above), each such one month period to be subject to the “following business day” methodology set forth in clause (ii) above; provided further, however, that notwithstanding the Interest Period for purposes of determining LIBOR with respect to the Final Advance in the case of clause (a) above, all payments to be made by the Borrower shall be made on Payment Dates in accordance with Section 2.05 hereof and Article III of the Indenture.
		

		
			“IRS” means the United States Internal Revenue Service.
		

		
			“Lending Office” means the lending office of the Initial Liquidity Facility Provider presently located at Charlotte, North Carolina or such other lending office as the Initial Liquidity Facility Provider from time to time shall notify the Administrative Agent as its lending office
		

		
			
		

		
			

		 

		

			-  7  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			hereunder; provided that unless the Initial Liquidity Facility Provider changes the lending office subsequent to any Tax being imposed by the United States or any political subdivision or taxing authority thereof or therein, the Initial Liquidity Facility Provider shall not change its Lending Office without the prior written consent of the Borrower (such consent not to be unreasonably withheld).
		

		
			“LIBOR Advance” means an Advance bearing interest at a rate based upon LIBOR.
		

		
			“LIBOR” means, with respect to any Interest Period, (a) the interest rate per annum equal to the rate per annum at which deposits in Dollars are offered in the London interbank market as shown on Reuters Screen LIBOR01 Page (or such other page as may replace Reuters Screen LIBOR01 Page), or if such service is not available, ICE Benchmark Administration LIBOR Rates on Bloomberg (or such other service or services as may be nominated by ICE Benchmark Administration for the purpose of displaying London interbank offered rates for U.S. dollar deposits), at approximately 11:00 a.m. (London time) on the day that is two London Banking Days prior to the first day of such Interest Period, for a period comparable to such Interest Period, or (b) if no such rate is published on either such service or if neither of such services is then available, the interest rate per annum equal to the average (rounded up, if necessary, to the nearest 1/100th of 1%) of the rates at which deposits in Dollars are offered by the Reference Banks (or, if fewer than all of the Reference Banks are quoting a rate for deposits in Dollars for the applicable period and amount, such fewer number of Reference Banks) at approximately 11:00 a.m. (London time) on the day that is two London Banking Days prior to the first day of such Interest Period to prime banks in the London interbank market for a period comparable to such Interest Period and in an amount approximately equal to the principal amount of the LIBOR Advance to be outstanding during such Interest Period, or (c) if none of the Reference Banks is quoting a rate for deposits in Dollars in the London interbank market for such a period and amount, the interest rate per annum equal to the average (rounded up, if necessary, to the nearest 1/100th of 1%) of the rates at which deposits in Dollars are offered by the principal New York offices of the Reference Banks (or, if fewer than all of the Reference Banks are quoting a rate for deposits in Dollars in the New York interbank market for the applicable period and amount, such fewer number of Reference Banks) at approximately 11:00 a.m. (New York time) on the day that is two London Banking Days prior to the first day of such Interest Period to prime banks in the New York interbank market for a period comparable to such Interest Period and in an amount approximately equal to the principal amount of the LIBOR Advance to be outstanding during such Interest Period, or (d) if none of the principal New York offices of the Reference Banks is quoting a rate for deposits in Dollars in the New York interbank market for the applicable period and amount, rate quoted by the Initial Liquidity Facility Provider for a period comparable to such Interest Period and in an amount approximately equal to the principal amount of the LIBOR Advance to be outstanding during such Interest Period and, in each case, not less than zero.
		

		
			“Liquidity Facility Event of Default” means (i) the serving of a Default Notice to the Borrower following the occurrence of an Event of Default or (ii) the occurrence of an Acceleration Default under the Indenture.
		

		
			“Liquidity Facility Non-Use Fee” has the meaning specified in the fee letter dated the date hereof between the Borrower and the Initial Liquidity Facility Provider.
		

		
			
		

		
			

		 

		

			-  8  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			“Liquidity Facility Reserve Account” has the meaning specified in the Indenture.
		

		
			“Liquidity Indemnitee” means (i) the Initial Liquidity Facility Provider, (ii) the directors, officers, employees and agents of the Initial Liquidity Provider and (iii) the successors and permitted assigns of the persons described in clauses (i) and (ii), inclusive.
		

		
			“London Banking Day” means any day on which commercial banks are open for general business in London, England.
		

		
			“Maximum Facility Commitment” means initially $13,544,633.18 and, at any time thereafter, an amount (not exceeding such initial amount) equal to nine months of interest at the Stated Rate  (but not including any Step-Up Interest) on the actual Outstanding Principal Balance of the Specified Series as of the most recent Payment Date after all payments of principal on such Payment Date.
		

		
			“Non-Extension Advance” means an Advance made pursuant to Section 2.02(b).
		

		
			“Non-Extended Facility” means the facility provided for in this Agreement after the delivery of a Non-Extension Notice pursuant to Section 2.10.
		

		
			“Notice of Borrowing” has the meaning specified in Section 2.02(e).
		

		
			“Other Connection Taxes” means, with respect to the Initial Liquidity Facility Provider, Taxes imposed as a result of a present or former connection between the Initial Liquidity Facility Provider and the jurisdiction imposing such Tax (other than connections arising from the Initial Liquidity Facility Provider having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement or any Related Document, or sold or assigned an interest in this Agreement or any Related Document).
		

		
			“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Related Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.
		

		
			“Participation” has the meaning specified in Section 7.09(b).
		

		
			“Permitted Participant” means any Person that:
		

		
			(a)         is not an aviation portfolio investment company, Willis or any affiliate of Willis; and
		

		
			(b)         is a commercial banking institution that is a body corporate and is engaged in the active conduct of a banking business in such jurisdiction of its organization, holds its Participation in connection with such banking business in such jurisdiction, is regulated as a commercial banking institution by the appropriate regulatory authorities in such jurisdiction.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			“Provider Advance” means a Downgrade Advance or a Non-Extension Advance.
		

		
			“Reference Banks” means the principal London offices of Bank of America, N.A. and such other or additional banking institutions as may be designated from time to time by mutual agreement of the Borrower and the Initial Liquidity Facility Provider.
		

		
			“Regulatory Change” means (a) the enactment, adoption or promulgation, after the date of this Agreement, of any law, rule, regulation or treaty by a United States federal or state government or by any government having jurisdiction over the Initial Liquidity Facility Provider, (b) any change, after the date of this Agreement, in any such law, rule, regulation or treaty, or in the administration, interpretation, implementation or application thereof by any governmental authority, central bank or comparable agency of the United States or any government having jurisdiction over the Initial Liquidity Facility Provider charged with responsibility for the administration or application thereof, that shall impose, modify or deem applicable for the compliance by the Initial Liquidity Facility Provider (or its head office) with any applicable direction or requirement (whether or not having the force of law) of any central bank or competent governmental or other authority with respect to:  (i) any reserve, special deposit or similar requirement against extensions of credit or other assets of, or deposits with or other liabilities of, the Initial Liquidity Facility Provider including, or by reason of, the Advances or (ii) any capital adequacy or liquidity requirement requiring the maintenance by the Initial Liquidity Facility Provider of additional capital or liquid assets in respect of any Advances or the Initial Liquidity Facility Provider’s obligation to make any such Advances or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted or issued, and (y) any requests, rules, guidelines or directives based on the consultative papers of The Basel Committee on Banking Supervision entitled “Basel III, a global regulatory framework for more resilient banks and banking systems” dated December 2010 (revised June 2011) and “Basel III: the liquidity coverage ratio and liquidity risk monitoring tools” dated January 2013, in each case together with amendments thereto   (collectively, “Basel III”) or “Standardised Measurement Approach (SMA) for operational risk Consultative Document”, in each case together with any amendments thereto (collectively, “Basel IV”) or arising out of any proposals or standards that affect or change how Basel III or Basel IV is to be implemented will not be treated as having been adopted or having come into effect before the date of this Agreement, and any such Regulatory Changes (including CRD IV) or requests, rules, guidelines or directives based on Basel III or Basel IV or any such proposals or standards shall be determined to be adopted only when the national banking supervisory authorities, or other relevant administrative or legislative bodies having jurisdiction or regulatory authority over the Initial Liquidity Facility Provider, adopt any such requests, rules, guidelines or directives based on Basel III or Basel IV or any such proposals or standards in a jurisdiction applicable to the Initial Liquidity Facility Provider.
		

		
			“Replacement Liquidity Facility” has the meaning specified in the Indenture.
		

		
			“Replenishment Amount” has the meaning specified in Section 2.06(b).
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			“Shortfall”  has the meaning specified in the Indenture.
		

		
			“Specified Series” has the meaning specified in the recitals to this Agreement.
		

		
			“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto
		

		
			“Termination Date” means the earliest to occur of the following:  (i) the Expiry Date; (ii) the date on which the Administrative Agent (acting at the written direction of the Borrower) delivers to the Initial Liquidity Facility Provider a certificate, signed by a Responsible Officer of the Administrative Agent, certifying that (x) all of the Specified Series have been paid in full (or provision has been made for such payment in accordance with the Indenture), (y) the Indenture has been discharged with respect to all of the Specified Series issued thereunder as contemplated by Section 11.01(a) of the Indenture, or (z) the Specified Series are otherwise no longer entitled to the benefits of this Agreement; (iii) the date on which the Administrative Agent (acting at the written direction of the Borrower) delivers to the Initial Liquidity Facility Provider a certificate, signed by a Responsible Officer of the Administrative Agent, certifying that a Replacement Liquidity Facility has been substituted for this Agreement in full pursuant to Section 3.14(e) of the Indenture; (iv) at the close of business on the fifth (5th) Business Day following the receipt by the Administrative Agent of a Termination Notice from the Initial Liquidity Facility Provider pursuant to Section 6.01; (v) the date on which no Advance is or may (including by reason of reinstatement as herein provided) become available for a Borrowing hereunder; and (vi) the Final Repayment Date.
		

		
			“Termination Notice” means the Notice of Termination substantially in the form of Annex V to this Agreement.
		

		
			“Threshold Rating” has the meaning specified in the Indenture.
		

		
			“Unapplied Downgrade Advance” means any portion of a Downgrade Advance which is not an Applied Downgrade Advance.
		

		
			“Unapplied Non-Extension Advance” means any portion of a Non-Extension Advance which is not an Applied Non-Extension Advance.
		

		
			“Unapplied Provider Advance” means any Provider Advance other than an Applied Provider Advance.
		

		
			“United States” means the United States of America.
		

		
			“Unpaid Advance” has the meaning specified in Section 2.05.
		

		
			“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30).
		

		
			“Withholding Agent” means the Borrower and the Administrative Agent.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ARTICLE II
		

		
			 
		

		
			AMOUNT AND TERMS OF THE COMMITMENT
		

		
			Section 2.01.   The Advances.  The Initial Liquidity Facility Provider hereby irrevocably agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day as set forth in this Article II during the period from the Effective Date until 12:00 noon (New York time) on the Expiry Date (unless the obligations of the Initial Liquidity Facility Provider shall be earlier terminated in accordance with the terms of Section 2.04) in an aggregate amount at any time outstanding not to exceed the Maximum Facility Commitment.
		

		
			Section 2.02.   Making of Advances.
		

		
			(a)         Each Facility Advance shall be made by the Initial Liquidity Facility Provider, in accordance with the provisions of Section 3.14(a) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of Annex I, signed by a Responsible Officer of the Administrative Agent.  The Initial Liquidity Facility Provider will make a Facility Advance in respect of any Payment Date only if there are one or more Shortfalls on such Payment Date.  The amount of the Facility Advance will be the lesser of such Shortfalls on such Payment Date and the Available Amount at such time.  Each Facility Advance shall be deposited in the Initial Liquidity Payment Account, as provided in Sections 3.01(k) and 3.14(b) of the Indenture.  The Initial Liquidity Facility Provider shall not be obligated to make Facility Advances after the Termination Date.  Each Facility Advance made hereunder shall automatically reduce the Available Amount and the amount available to be borrowed hereunder by subsequent Advances by the amount of such Facility Advance (subject to reinstatement as provided in the next sentence).  Subject to the provisions of Section 3.14(g) of the Indenture, upon repayment to the Initial Liquidity Facility Provider in full or in part of the amount of any Facility Advance made pursuant to this Section 2.02(a), together with accrued interest thereon (as provided herein), the Available Amount shall be reinstated by an amount equal to the amount of such Facility Advance so repaid, but not to exceed the Maximum Facility Commitment; provided, however, that the Available Amount shall not be so reinstated at any time if (x) a Liquidity Facility Event of Default shall have occurred and be continuing or (y) a Downgrade Advance, a Non-Extension Advance or a Final Advance shall have occurred (unless, in the case of a Downgrade Advance, the Liquidity Facility has ceased to be a Downgraded Facility).
		

		
			(b)         Subject to Section 2.10, a Non-Extension Advance shall be made by the Initial Liquidity Facility Provider if the Liquidity Facility is not extended in accordance with Section 2.10 (unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to the Administrative Agent as contemplated, and within the time period specified, by Section 2.10), in accordance with the provisions of Section 3.14(d) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of ANNEX II, signed by a Responsible Officer of the Administrative Agent.  The amount of the Non-Extension Advance shall be equal to the Available Amount at the time of delivery, and shall be used to fund the Liquidity Facility Reserve Account in accordance with Sections 3.14(d) and 3.14(f) of the Indenture.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			(c)         Upon the occurrence of a Downgrade Event (a) the Initial Liquidity Facility Provider agrees to provide a notice of such occurrence in accordance with Section 3.14(c) of the Indenture and (b) the Initial Liquidity Facility Provider or the Administrative Agent, on behalf of the Borrower, may request (in writing) that the Initial Liquidity Facility be replaced by a Replacement Liquidity Facility pursuant to Section 3.14(e)(ii) of the Indenture.  Following the occurrence of a Downgrade Event, if the Initial Liquidity Facility is not replaced with a Replacement Liquidity Facility within a period (the “Downgrade Period”) beginning on the Downgrade Date and ending 60 days after the Downgrade Date (or if such 60th day is not a Business Day, on the immediately preceding Business Day) but not later than the then applicable Expiry Date and, if the Initial Liquidity Facility Provider does not obtain a Rating Agency Confirmation from the Rating Agencies to the effect that such Downgrade Event will not cause the downgrading, withdrawal or suspension of the ratings of the Specified Series during such Downgrade Period, the Initial Liquidity Facility shall become a “Downgraded Facility”  on the last day of the Downgrade Period and a Downgrade Advance shall be made by the Initial Liquidity Facility Provider, in accordance with the provisions of Section 3.14(c) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of ANNEX III, signed by a Responsible Officer of the Administrative Agent, in an amount equal to the Available Amount at the time of delivery, and shall be used to fund the Liquidity Facility Reserve Account in accordance with Sections 3.14(c) and 3.14(f) of the Indenture.
		

		
			(d)         So long as the Termination Date has not occurred, a Final Advance shall be made by the Initial Liquidity Facility Provider following the receipt by the Administrative Agent of a Termination Notice from the Initial Liquidity Facility Provider pursuant to Section 6.01, in accordance with the provisions of Section 3.14(i) of the Indenture, upon delivery to the Initial Liquidity Facility Provider of a written and completed Notice of Borrowing in substantially the form of ANNEX IV, signed by the Administrative Agent, in an amount equal to the Available Amount at the time of delivery, and shall be used to fund the Liquidity Facility Reserve Account (in accordance with Sections 3.14(i) and 3.14(f) of the Indenture).
		

		
			(e)         Each Borrowing shall be made by notice in writing (a “Notice of Borrowing”) in substantially the form required by Section 2.02(a),  2.02(b),  2.02(c) or 2.02(d), as the case may be, given to the Initial Liquidity Facility Provider by the Administrative Agent on behalf of the Borrower, at least three (3) Business Days prior to the day on which the Borrowing is to be made available to the Administrative Agent.  If a Notice of Borrowing is delivered by the Administrative Agent in respect of any Borrowing no later than 6 p.m. (New York time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested Borrowing, the Initial Liquidity Facility Provider shall make available to the Administrative Agent, in accordance with its payment instructions, the amount of such Borrowing in Dollars and immediately available funds, before 12 noon (New York time) on the third Business Day next following the day of receipt of such Notice of Borrowing or on such later Business Day specified by the Administrative Agent in such Notice of Borrowing.  If a Notice of Borrowing is delivered by the Administrative Agent in respect of any Borrowing after 6 p.m. (New York time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested Borrowing, the Initial Liquidity Facility Provider shall make available to the Administrative Agent, in accordance with its payment instructions, the amount of such Borrowing in Dollars and immediately available funds, before 12 noon (New York time) on the fourth
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Business Day next following the day of receipt of such Notice of Borrowing or on such later Business Day specified by the Administrative Agent in such Notice of Borrowing.  Payments of proceeds of a Borrowing shall be made by wire transfer of immediately available funds to the account or accounts specified in the applicable Notice of Borrowing in accordance with such wire transfer instructions as shall be specified in such Notice of Borrowing for such purpose.  Each Notice of Borrowing shall be irrevocable and binding on the Administrative Agent.  Each Notice of Borrowing shall be effective upon delivery of a copy thereof to the Initial Liquidity Facility Provider at the address and in the manner specified in Section 7.02 hereof.
		

		
			(f)         Upon the making of any Advance requested pursuant to a Notice of Borrowing in accordance with the Administrative Agent’s payment instructions, the Initial Liquidity Facility Provider shall be fully discharged of its obligation hereunder with respect to such Notice of Borrowing, and the Initial Liquidity Facility Provider shall not thereafter be obligated to make any further Advances available hereunder in respect of such Notice of Borrowing to the Administrative Agent or to any other Person (including the Trustee or any holder of a Note in a Specified Series).  If the Initial Liquidity Facility Provider makes an Advance requested pursuant to a Notice of Borrowing before 6 p.m. (New York time) on the third Business Day (or fourth Business Day, as applicable) after the date of receipt of the Notice of Borrowing in accordance with Section 2.02(e), the Initial Liquidity Facility Provider shall have fully discharged its obligations hereunder with respect to such Advance and an event of default shall not have occurred hereunder.  Following the making of any Advance pursuant to Section 2.02(b),  2.02(c) or 2.02(d) to fund the Liquidity Facility Reserve Account, the Initial Liquidity Facility Provider shall have no interest in or rights to the Liquidity Facility Reserve Account, such Advance or any other amounts from time to time on deposit in the Liquidity Facility Reserve Account; provided that the foregoing shall not affect or impair the obligations of the Administrative Agent to make the distributions contemplated by Section 3.14(f) of the Indenture on behalf of the Borrower, and provided further, that the foregoing shall not affect or impair the rights of the Initial Liquidity Facility Provider to provide written instructions with respect to the investment and reinvestment of amounts in the Liquidity Facility Reserve Account to the extent provided in Section 3.02 of the Indenture.  By paying to the account or accounts specified by the Administrative Agent in a Notice of Borrowing the proceeds of Advances requested by the Administrative Agent in accordance with the provisions of this Agreement, the Initial Liquidity Facility Provider makes no representation as to, and assumes no responsibility for, the correctness or sufficiency for any purpose of the amount of the Advances so made and requested.
		

		
			Section 2.03.    Fees.  The Borrower agrees to pay to the Initial Liquidity Facility Provider the fees set forth herein and in the Fee Letter.
		

		
			Section 2.04.   Termination of the Maximum Facility Commitment.  Upon the making of a Downgrade Advance, a Non-Extension Advance or a Final Advance hereunder or the occurrence of the Termination Date, the obligation of the Initial Liquidity Facility Provider to make further Advances hereunder with respect to the Maximum Facility Commitment shall automatically and irrevocably terminate, and the Administrative Agent (on behalf of the Borrower) shall not be entitled to request any further Borrowing hereunder with respect to the Maximum Facility Commitment (except to the extent the Maximum Facility Commitment is reinstated pursuant to Section 2.06(c)).
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Section 2.05.   Repayments of Facility Advances.  Subject to Sections 2.06,  2.07 and 2.09 hereof, the Borrower hereby agrees, without notice of an Advance or demand for repayment from the Initial Liquidity Facility Provider (which notice and demand are hereby waived by the Borrower), to pay, or to cause to be paid, to the Initial Liquidity Facility Provider (a) on each Payment Date, an amount equal to the amount of a Facility Advance or the Final Advance (any such Facility Advance or the Final Advance, until repaid, is referred to herein as an “Unpaid Advance”), plus (b) interest on the amount of each such Unpaid Advance in the amounts and on the dates determined as provided in Section 3.07; provided that if (i) the Initial Liquidity Facility Provider shall make a Provider Advance at any time after making one or more Facility Advances which shall not have been repaid in accordance with this Section 2.05 or (ii) this Initial Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility at any time when unreimbursed Facility Advances have reduced the Available Amount to zero, then such Facility Advances shall cease to constitute Unpaid Advances and shall be deemed to have been changed into a Applied Downgrade Advances or Applied Non-Extension Advances, as the case may be, for all purposes of this Agreement (including, without limitation, for the purpose of determining when such Facility Advance is required to be repaid to the Initial Liquidity Facility Provider in accordance with Section 2.06 and for the purposes of Section 2.06(b)).  The Borrower and the Initial Liquidity Facility Provider agree that the repayment in full of each Facility Advance and Final Advance on the date such Advance is made is intended to be a contemporaneous exchange for new value given to the Borrower by the Initial Liquidity Facility Provider.  For the avoidance of doubt, interest payable on a Facility Advance or the Final Advance shall not be regarded as overdue unless such interest is not paid when due under Section 3.07.
		

		
			Section 2.06.   Repayments of Provider Advances.
		

		
			(a)         Amounts advanced hereunder in respect of a Provider Advance shall be deposited in the Liquidity Facility Reserve Account and invested and withdrawn from the Liquidity Facility Reserve Account as set forth in Sections 3.14(c), 3.14(d) and 3.14(f) of the Indenture.  Subject to Sections 2.07 and 2.09, the Borrower agrees to pay to the Initial Liquidity Facility Provider, on each Payment Date, commencing on the first Payment Date after the making of a Provider Advance, interest on the principal amount of any such Provider Advance, in the amounts and on the dates determined as provided in Section 3.07; provided, however, that amounts in respect of a Provider Advance withdrawn from the Liquidity Facility Reserve Account for the purpose of paying part or all of a Shortfall in accordance with Section 3.14(a), of the Indenture (the amount of any such withdrawal being (y) in the case of a Downgrade Advance, an “Applied Downgrade Advance” and (z) in the case of a Non-Extension Advance, an “Applied Non-Extension Advance”) shall thereafter (subject to Section 2.06(b)) be treated as a Facility Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the dates on which such interest is payable; provided further, however, that if, following the making of a Provider Advance, the Initial Liquidity Facility Provider delivers a Termination Notice to the Administrative Agent pursuant to Section 6.01, such Provider Advance shall thereafter be deemed converted to as a Final Advance under this Agreement solely for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the dates on which such interest is payable.  Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the Liquidity Facility Reserve Account on account of excess amounts in such account, as determined by and in accordance with Section 3.14(f)(ii) of the Indenture, the Borrower shall repay or cause to be repaid to the Initial Liquidity Facility Provider any Provider
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Advance in a principal amount equal to such excess amount so withdrawn, plus interest on such principal amount as provided in Section 3.07.  Upon the termination of this Agreement pursuant to Section 6.01, the Borrower shall apply the amounts on deposit in the Liquidity Facility Reserve Account to repayment of any Unapplied Provider Advances as of the date of such expiration.
		

		
			(b)         At any time when an Applied Provider Advance (or any portion thereof) is outstanding, upon the deposit in the Liquidity Facility Reserve Account of any amount pursuant to Section 3.09(a)(iv) of the Indenture (any such amount being a “Replenishment Amount”) for the purpose of replenishing or increasing the balance thereof up to the Maximum Facility Commitment at such time, (i) the aggregate outstanding principal amount of all Applied Provider Advances (and of Provider Advances treated as a Facility Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the amount of such Replenishment Amount and (ii) the aggregate outstanding principal amount of all Unapplied Provider Advances shall be automatically increased by the amount of such Replenishment Amount.
		

		
			(c)         After making a Downgrade Advance, if the Liquidity Facility is no longer a Downgraded Facility and the Initial Liquidity Facility Provider delivers a notice stating that the Liquidity Facility is no longer a Downgraded Facility to the Administrative Agent, any Unapplied Downgrade Advance shall be withdrawn from the Liquidity Facility Reserve Account and reimbursed to the Initial Liquidity Facility Provider and the Available Amount shall be reinstated by an amount equal to the amount of any Unapplied Downgrade Advance that is reimbursed to the Initial Liquidity Facility Provider from the Liquidity Facility Reserve Account and reimbursed to the Initial Liquidity Facility Provider.
		

		
			(d)         Upon the provision of a Replacement Liquidity Facility in replacement of this Agreement in accordance with Section 3.14(e) of the Indenture, as provided in Section 3.14(f) of the Indenture, amounts remaining on deposit in the Liquidity Facility Reserve Account after giving effect to any Applied Provider Advance on the date of such replacement shall be reimbursed to the Initial Liquidity Facility Provider, but only to the extent such amounts are necessary to repay in full to the Initial Liquidity Facility Provider all amounts owing to it hereunder.
		

		
			Section 2.07.    Payments to the Initial Liquidity Facility Provider Under the Indenture.  In order to provide for payment or repayment to the Initial Liquidity Facility Provider of any amounts hereunder, the Indenture provides that amounts available and referred to in Article III of the Indenture, to the extent payable to the Initial Liquidity Facility Provider pursuant to the terms of the Indenture (including, without limitation, Section 3.14(f) of the Indenture), shall be paid to the Initial Liquidity Facility Provider in accordance with the terms thereof (but, for the avoidance of doubt, without duplication of or increase in any amounts payable hereunder).  Amounts so paid to the Initial Liquidity Facility Provider shall be applied by the Initial Liquidity Facility Provider in the order of priority required by the applicable provisions of Article III of the Indenture and shall discharge in full the corresponding obligations of the Borrower hereunder.
		

		
			Section 2.08.   Book Entries.  The Initial Liquidity Facility Provider shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower resulting from Advances made from time to time and the amounts of principal and interest payable hereunder and paid from time to time in respect thereof; provided, however, that
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			the failure by the Initial Liquidity Facility Provider to maintain such account or accounts shall not affect the obligations of the Borrower and the Administrative Agent in respect of such Advances.
		

		
			Section 2.09.   Payments from Available Funds Only.  All payments to be made by the Borrower to the Initial Liquidity Facility Provider under this Agreement shall be made only from the amounts on deposit in Accounts and the other Collateral as defined in the Indenture and described in the Security Trust Agreement and only to the extent that such Accounts and Collateral shall have sufficient income or proceeds therefrom to enable the Administrative Agent to make payments on behalf of the Borrower in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Indenture.  The Initial Liquidity Facility Provider agrees that it will look solely to such amounts to the extent available for distribution to it as provided in the Indenture and this Agreement and that the Borrower and the Administrative Agent, in their respective individual capacities, are not personally liable to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Indenture or the Security Trust Agreement.  Amounts on deposit in the Liquidity Facility Reserve Account shall be available to the Administrative Agent to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.14(f) of the Indenture.  Amounts on deposit in the Liquidity Facility Reserve Account constituting Provider Advances, shall be promptly returned to the Initial Liquidity Facility Provider following the Termination Date (other than in the circumstances described in clauses (i), (iv) or (v) of the definition of Termination Date) until all amounts owed to the Initial Liquidity Facility Provider hereunder have been paid in full, and the balance remaining in the Liquidity Facility Reserve Account shall be deposited by the Administrative Agent into the Collections Account.
		

		
			Section 2.10.   Extension of the Expiry Date; Replacement Liquidity Facility; Non-Extension Advance.
		

		
			(a)         No earlier than the 75th day and no later than the 30th day prior to the then effective Expiry Date (the “Stated Expiration Date”) , the Borrower or the Administrative Agent may (but shall not be obligated to) make an Extension Request requesting that the Initial Liquidity Facility Provider extend the Expiry Date to the earlier of (i) the date that is 15 days after the Final Maturity Date, and (ii) the first anniversary of the Stated Expiration Date (unless the obligations of the Initial Liquidity Facility Provider hereunder have been earlier terminated in accordance herewith) (such extended Expiry Date, the “New Expiration Date”).
		

		
			(b)         Whether or not the Borrower or the Administrative Agent has made such request, the Initial Liquidity Facility Provider shall have the right to advise the Borrower no earlier than the 40th day (or, if earlier, the date of the Initial Liquidity Facility Provider’s receipt of such request, if any, from the Borrower or the Administrative Agent) and no later than the 25th day prior to the then effective Expiry Date, whether, in its sole discretion, it has elected not to extend the Expiry Date or has rejected an Extension Request (a “Non-Extension Notice”). If the Initial Liquidity Facility Provider does not give a Non-Extension Notice in accordance with the foregoing sentence (whether or not the Borrower or the Administrative Agent has made any request pursuant to this paragraph), then the effective Expiry Date shall be automatically extended to the earlier of (i) the date that is 15 days after the Final Maturity Date for the Specified Notes, and (ii) the first anniversary of the then effective Expiry Date.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			(c)         If the Initial Liquidity Facility Provider rejects the Extension Request or elects not to extend the then effective Expiry Date, then the Initial Liquidity Facility Provider may, at its option in accordance with Section 3.14(e)(i) of the Indenture, arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility during the period no earlier than 45 days and no later than 10 days prior to the Stated Expiration Date.  In addition, the Initial Liquidity Facility Provider may, at its option in accordance with Sections 3.14(e)(ii) and 3.14(e)(iii)(A) of the Indenture, arrange for a Replacement Liquidity Facility to replace the Initial Liquidity Facility at any time (regardless of whether a Downgrade Event or the Expiry Date has occurred).  If a Replacement Liquidity Facility is provided at any time after the making of a Downgrade Advance or a Non-Extension Advance under the Initial Liquidity Facility, the funds with respect to such Initial Liquidity Facility on deposit in the Liquidity Facility Reserve Account (with any accrued interest on such funds computed in accordance with Section 3.07) will be returned to the Initial Liquidity Facility Provider being replaced.
		

		
			(d)         If the Initial Liquidity Facility Provider neither agrees to the Extension Request contemplated by clause (a) of this Section 2.10 nor provides for a Replacement Liquidity Facility, the Administrative Agent (on behalf of the Borrower) shall immediately request a Non-Extension Advance in accordance with Section 2.02(b) hereof and Section 3.14(d) of the Indenture.
		

		
			Section 2.11.  Use of Downgrade Advances and Non-Extension Advances.  The proceeds of Non-Extension Advances and Downgrade Advances to the extent of the Available Amount will be held in the Liquidity Facility Reserve Account as cash collateral to be used for the same purposes and under the same circumstances, and subject to the same conditions, as cash payments of Facility Advances under the Initial Liquidity Facility would be used.
		

		
			ARTICLE III
		

		
			 
		

		
			OBLIGATIONS OF THE BORROWER
		

		
			Section 3.01.   Increased Costs.  If as a result of any Regulatory Change there shall be any increase by an amount reasonably deemed by the Initial Liquidity Facility Provider to be material in the actual cost to the Initial Liquidity Facility Provider of making, funding or maintaining any Advances or its obligation to make any such Advances or there shall be any reduction by an amount reasonably deemed by the Initial Liquidity Facility Provider to be material in (x) its return on capital or equity or (y) the amount receivable by the Initial Liquidity Facility Provider under this Agreement or the Indenture in respect thereof (taking into consideration the Initial Liquidity Facility Provider’s policies with respect to capital adequacy), and in case of either such an increase or reduction, such event does not arise from the gross negligence or willful misconduct of the Initial Liquidity Facility Provider, from its breach of any of its representations, warranties, covenants or agreements contained herein or from its failure to comply with any such Regulatory Change (any such increase or reduction being referred to herein as an “Increased Cost”), then the Borrower shall subject to Section 2.09 from time to time pay to the Initial Liquidity Facility Provider an amount equal to such Increased Cost within 10 Business Days after delivery to the Borrower and the Administrative Agent of a certificate of an officer of the Initial Liquidity Facility Provider describing in reasonable detail the event by reason of which it claims such Increased Cost and the basis for the determination of the amount of such Increased Cost; provided that, the Borrower shall be obligated to pay amounts only with respect to any Increased Costs accruing
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			from the date 180 days prior to the date of delivery of such certificate.  Such certificate, in the absence of manifest error, shall be considered prima facie evidence of the amount of the Increased Costs for purposes of this Agreement; provided that any determinations and allocations by the Initial Liquidity Facility Provider of the effect of any Regulatory Change on the costs of maintaining the Advances are made on a reasonable basis.  The Initial Liquidity Facility Provider shall not be entitled to assert any claim under this Section 3.01 in respect of any Indemnified Tax or Excluded Taxes.  The Initial Liquidity Facility Provider will notify the Borrower and the Administrative Agent as promptly as practicable of any event occurring after the date of this Agreement that will entitle the Initial Liquidity Facility Provider to compensation under this Section 3.01.  The Initial Liquidity Facility Provider agrees to investigate all commercially reasonable alternatives for reducing any Increased Costs and to use all commercially reasonable efforts to avoid or reduce, to the greatest extent possible, any claim in respect of Increased Costs, including, without limitation, by designating a different Lending Office, if such designation or other action would avoid the need for, or reduce the amount of, any such claim; provided that the foregoing shall not obligate the Initial Liquidity Facility Provider to take any action that would, in its reasonable judgment, cause the Initial Liquidity Facility Provider to take any action that is not materially consistent with its internal policies or is otherwise materially disadvantageous to the Initial Liquidity Facility Provider or that would cause the Initial Liquidity Facility Provider to incur any material loss or cost, unless the Borrower agrees to reimburse or indemnify the Initial Liquidity Facility Provider therefor.  If no such designation or other action is effected, or, if effected, fails to avoid the need for any claim in respect of Increased Costs, the Borrower may arrange for a Replacement Liquidity Facility in accordance with Section 3.14(e) of the Indenture.
		

		
			Notwithstanding the foregoing provisions, in no event shall the Borrower be required to make payments under this Section 3.01:  (a) in respect of any Regulatory Change proposed by any applicable governmental authority (including any branch of a legislature), central bank or comparable agency of the United States or the Initial Liquidity Facility Provider’s jurisdiction of organization and pending as of the date of this Agreement; (b) if a claim hereunder in respect of an Increased Cost arises through circumstances peculiar to the Initial Liquidity Facility Provider and that do not affect similarly organized commercial banking institutions in the same jurisdiction generally that are in compliance with the law, rule, regulation or interpretation giving rise to the Regulatory Change relating to such Increased Cost; or (c) if the Initial Liquidity Facility Provider shall fail to comply with its obligations under this Section 3.01.
		

		
			Section 3.02.   [Intentionally omitted].
		

		
			Section 3.03.   Withholding Taxes.
		

		
			(a)         All payments made by or on account of any obligation of the Borrower under this Agreement shall be made without deduction or withholding for or on account of any Taxes, unless such deduction or withholding is required by law.  If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant governmental authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
		

		
			
		

		
			

		 

		

			-  19  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			withholdings applicable to additional sums payable under this Section 3.03) the Initial Liquidity Facility Provider receives an amount equal to the sum it would have received had no such deduction or withholding been made.
		

		
			(b)         The Borrower shall timely pay to the relevant governmental authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
		

		
			(c)         The Borrower shall indemnify the Initial Liquidity Facility Provider, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (Including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Initial Liquidity Facility Provider or required to be withheld or deducted from a payment to the Initial Liquidity Facility Provider and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant governmental authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by the Initial Liquidity Facility Provider (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of the Initial Liquidity Facility Provider, shall be conclusive absent manifest error.
		

		
			(d)         As soon as practicable after any payment of Taxes by the Borrower to a governmental authority pursuant to this Section 3.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
		

		
			(e)         If the Initial Liquidity Facility Provider is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement or any other Related Document, it shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, the Initial Liquidity Facility Provider, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not the Initial Liquidity Facility Provider is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.03(f)(i),  (f)(ii) and (f)(iv) below) shall not be required if in the Initial Liquidity Facility Provider’s reasonable judgment such completion, execution or submission would subject it to any material unreimbursed cost or expense or would materially prejudice the Initial Liquidity Facility Provider’s legal or commercial position.
		

		
			(f)         Without limiting the generality of the foregoing of clause (e) above:
		

		
			(i)          if the Initial Liquidity Facility Provider is a U.S. Person, it shall deliver to the Borrower and the Administrative Agent on or prior to the date it is to receive any payment under this Agreement (and from time to time thereafter upon the reasonable
		

		
			
		

		
			

		 

		

			-  20  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that the Initial Liquidity Facility Provider is exempt from U.S. federal backup withholding tax;
		

		
			(ii)         if the Initial Liquidity Facility Provider is not a U.S. Person, it shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date hereof or, if later, the date it becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:  (A) in the case it is claiming the benefits of an income Tax treaty to which the United States is a party (x) with respect to payments of interest, executed originals of the IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments, the IRS Form W-8BEN-E or W-8BEN-E, as applicable, establishing an exemption from U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; (B) executed originals of IRS Form W-8ECI; or (C) to the extent it is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, or W-8BEN-E, as applicable, a certificate substantially in the form of Annex VI-A or Annex VI-B (a “U.S. Tax Compliance Certificate”), IRS Form W-9 (or any successor form), and/or other certification documents from each beneficial owner, as applicable.
		

		
			(iii)       If the Initial Liquidity Facility Provider is not a U.S. Person, it shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date hereof or, if later, the date it becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.
		

		
			(iv)        If a payment made to the Initial Liquidity Facility Provider under this Agreement or any other Related Document would be subject to U.S. federal withholding Tax imposed by FATCA if it were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), it shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that it has complied with such its obligations under FATCA or to determine the amount to deduct and withhold from such payment.
		

		
			
		

		
			

		 

		

			-  21  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Solely for purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
		

		
			The Initial Liquidity Facility Provider agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
		

		
			(g)         If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.03 (including by the payment of additional amounts pursuant to this Section 3.03) it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant governmental authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such indemnified party is required to repay such refund to such governmental authority.  Notwithstanding anything to the contrary in this clause (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This clause (g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
		

		
			Section 3.04.   Payments.  The Administrative Agent shall make available, or shall cause to be made available, each payment to the Initial Liquidity Facility Provider under this Agreement no later than 3:00 p.m.  (New York time) on the day when due.  The Administrative Agent shall make all such payments in Dollars, to the Initial Liquidity Facility Provider in immediately available funds, by wire transfer to the following account:
		

		
			Bank:                  Bank of America, N.A.
		

		
			ABA No.:           [**]
		

		
			Account No.:      [**]
		

		
			Account Name:  [**]
		

		
			Reference:          [**]
		

		
			 
		

		
			Section 3.05.   Computations.  All computations of interest based on LIBOR shall be made on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable.
		

		
			Section 3.06.   Payment on Non-Business Days.  Whenever any payment to be made hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and no additional interest shall be due as a result (and
		

		
			
		

		
			

		 

		

			-  22  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			if so made, shall be deemed to have been made when due).  If any payment in respect of interest on an Advance is so deferred to the next succeeding Business Day, such deferral shall not delay the commencement of the next Interest Period for such Advance (if such Advance is a LIBOR Advance) or reduce the number of days for which interest will be payable on such Advance on the next interest payment date for such Advance.
		

		
			Section 3.07.   Interest.
		

		
			(a)         Subject to Sections 2.07 and 2.09, the Borrower shall pay, or shall cause to be paid, without duplication, interest on (i) the unpaid principal amount of each Advance from and including the date of such Advance and, in the case of any Applied Provider Advance, from and including the date on which the amount thereof was withdrawn from the Liquidity Facility Reserve Account to pay the amounts set forth in Section 2.01) to but excluding the date such principal amount shall be paid in full (or, in the case of an Applied Provider Advance, the date on which the Liquidity Facility Reserve Account is fully replenished in respect of such Advance) and (ii) any other amount due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted by law, installments of interest on Advances or any such other amount) that is not paid when due (whether at stated maturity, by acceleration or otherwise) from and including the due date thereof to but excluding the date such amount is paid in full, in each such case, at the interest rate per annum for each day equal to the Applicable Liquidity Rate (as defined below) for such Advance or Applied Provider Advance or such other amount, as the case may be, as in effect for such day, but in no event at a rate per annum greater than the maximum rate permitted by applicable law, provided, however, that, if at any time the otherwise applicable interest rate as set forth in this Section 3.07 shall exceed the maximum rate permitted by applicable law, then to the maximum extent permitted by applicable law any subsequent reduction in such interest rate will not reduce the rate of interest payable pursuant to this Section 3.07 below the maximum rate permitted by applicable law until the total amount of interest accrued equals the absolute amount of interest that would have accrued (without additional interest thereon) if such otherwise applicable interest rate as set forth in this Section 3.07 had at all relevant times been in effect.
		

		
			(b)         Except as provided in Sections 3.07(e) and 3.10 and clause (d) of the definition of “LIBOR”, each Advance (other than an Unapplied Non-Extension Advance or an Unapplied Downgrade Advance) will be a LIBOR Advance.
		

		
			(c)         Each LIBOR Advance shall bear interest during each Interest Period at a rate per annum equal to LIBOR for such Interest Period plus the Applicable Margin for such LIBOR Advance, payable in arrears on the last day of such Interest Period and, in the event of the payment of principal of such LIBOR Advance on a day other than such last day, on the date of such payment (to the extent of interest accrued on the amount of principal repaid).
		

		
			(d)         [Intentionally omitted].
		

		
			(e)         Each Unapplied Non-Extension Advance and Unapplied Downgrade Advance will be invested by the Administrative Agent in Permitted Account Investments.  The Initial Liquidity Facility Provider shall direct the Administrative Agent’s investments in writing in Permitted Account Investments.  Each Unapplied Non-Extension Advances and Unapplied Downgrade Advances will bear interest in an amount equal to the Investment Earnings on amounts deposited
		

		
			
		

		
			

		 

		

			-  23  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			in the Liquidity Facility Reserve Account.  The Administrative Agent will apply such Investment Earnings, calculated as of the applicable Determination Date, to satisfy the Borrower’s interest payment obligation (payable in arrears on each Payment Date) to the Initial Liquidity Facility Provider.  Each outstanding Unapplied Non-Extension Advance and each outstanding Unapplied Downgrade Advance will continue to be subject to payment of the Liquidity Facility Non-Use Fee as if no Downgrade Advance nor Non-Extension Advance is outstanding.  On the Termination Date, the Borrower shall, subject to Section 2.09, fully repay any Downgrade Advance or Non-Extension Advance remaining outstanding, together with accrued interest (including accrued Liquidity Facility Non-Use Fees) to the Initial Liquidity Facility Provider.
		

		
			(f)         Each amount not paid when due hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted by applicable law, installments of interest on Advances but excluding Advances) shall bear interest at a rate per annum equal to the Initial Liquidity Facility Interest Rate for such Interest Period.
		

		
			(g)         The rates of interest specified in this Section 3.07 with respect to any Advance or other amount shall be referred to as the “Applicable Liquidity Rate”.
		

		
			Section 3.08.    LIBOR Unavailability.  Notwithstanding anything to the contrary in this Agreement or any other Related Document, if the Initial Liquidity Facility Provider determines (which determination shall be conclusive absent manifest error) that:
		

		
			(i)         adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because LIBOR is not available or published on a current basis, and such circumstances are unlikely to be temporary,
		

		
			(ii)       the administrator of LIBOR or a governmental authority having jurisdiction over the Initial Liquidity Facility Provider has made a public statement identifying a specific date after which LIBOR shall no longer be made available, or used for determining the interest rate of loan or
		

		
			(iii)      similar credit agreements currently being executed, or that include language similar to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,
		

		
			then the Initial Liquidity Facility Provider shall so notify the Borrower and the Administrative Agent, and the Initial Liquidity Facility Provider, the Administrative Agent and the Borrower may amend this Agreement to (a) replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) agreed among the Initial Liquidity Facility Provider, the Administrative Agent and the Borrower, giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit agreements for such alternative benchmarks (any such agreed replacement rate, a “LIBOR Successor Rate”),  provided that such amendment shall provide that such LIBOR Successor Rate shall not be less than zero and (b) incorporate LIBOR Successor Rate Conforming Changes agreed among the Initial Liquidity Facility Provider, the Administrative Agent and the Borrower.  The Borrower shall provide prior written notice to the Rating Agencies of any amendment to this Agreement pursuant to this Section 3.08.
		

		
			
		

		
			

		 

		

			-  24  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			 “LIBOR Successor Rate Conforming Changes” means, with respect to any LIBOR Successor Rate, any conforming changes to the definition of LIBOR Advance, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Initial Liquidity Facility Provider, giving due consideration to applicable market practice, if any.
		

		
			Section 3.09.   Funding Loss Indemnification.  Subject to Section 2.09, the Borrower shall pay (or cause to be paid) to the Initial Liquidity Facility Provider, upon the request of the Initial Liquidity Facility Provider, such amount or amounts as shall be sufficient (in the reasonable opinion of the Initial Liquidity Facility Provider) to compensate it for any loss, cost or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by the Initial Liquidity Facility Provider to fund or maintain any LIBOR Advance (but excluding loss of the Applicable Margin or anticipated profits) incurred as a result of:
		

		
			i.    Any repayment of a LIBOR Advance on a date other than the last day of the Interest Period for such Advance; or
		

		
			ii.   Any failure by the Borrower to borrow a LIBOR Advance on the date for borrowing specified in the relevant Notice of Borrowing delivered by the Administrative Agent under Section 2.02.
		

		
			Section 3.10.   Illegality.  Notwithstanding any other provision in this Agreement, if any change in any law, rule or regulation applicable to or binding on the Initial Liquidity Facility Provider, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Initial Liquidity Facility Provider with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for the Initial Liquidity Facility Provider to maintain or fund its LIBOR Advances, then the Initial Liquidity Facility Provider, after using all reasonable endeavors to make alternative arrangements satisfactory to the Borrower to meet its obligations as contemplated hereby, may give notice to the Borrower and the Administrative Agent specifying:  (a) the relevant change; (b) its effect upon the Initial Liquidity Facility Provider; and (c) if the illegality or prohibition may be avoided by repayment of only part of the LIBOR Advance, then the amount of the LIBOR Advance required to be repaid for that purpose shall (subject to Section 2.09) be repaid without penalty, or if the illegality or prohibition cannot be avoided as aforesaid, declaring that the Initial Liquidity Facility Provider’s obligations to permit further Advances under this Agreement up to the Available Amount shall be terminated forthwith provided that all sums already advanced to the Borrower shall continue to be repayable on the terms and in the manner provided in this Agreement.  The Initial Liquidity Facility Provider agrees to investigate all commercially reasonable alternatives for avoiding the need for such actions, including, without limitation, designating a different Lending Office; provided, that the foregoing shall not obligate the Initial Liquidity Facility Provider to take any action that would, in its reasonable judgment, cause the Initial Liquidity Facility Provider to incur any material loss or cost, unless the Borrower agrees to reimburse or indemnify the Initial Liquidity Facility Provider therefor.  If no such designation or other action is effected, or, if effected, fails to avoid the need for such actions, the
		

		
			
		

		
			

		 

		

			-  25  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Borrower may arrange for a Replacement Liquidity Facility in accordance with Section 3.14(e) of the Indenture.
		

		
			ARTICLE IV
		

		
			 
		

		
			CONDITIONS PRECEDENT
		

		
			Section 4.01.   Conditions Precedent to Effectiveness of Section 2.01.  Section 2.01 of this Agreement shall become effective on and as of the first date (the “Effective Date”) on which the following conditions precedent have been satisfied (or waived by the appropriate party or parties):
		

		
			(a)         The Initial Liquidity Facility Provider shall have received on or before the Initial Closing Date each of the following, and in the case of each document delivered pursuant to paragraphs (i),  (ii) and (iii), each in form and substance satisfactory to the Initial Liquidity Facility Provider:
		

		
			(i)          This Agreement and the Fee Letter duly executed on behalf of each of the parties thereto (other than the Initial Liquidity Facility Provider);
		

		
			(ii)         The Indenture duly executed on behalf of each of the parties thereto (other than the Initial Liquidity Facility Provider);
		

		
			(iii)        Fully executed copies of the Security Trust Agreement, the Administrative Agency Agreement and the Servicing Agreement; and
		

		
			(iv)        An executed copy of each document, instrument, certificate and opinion delivered on or before the Initial Closing Date pursuant to the Indenture and the other Related Documents (in the case of each such opinion, either addressed to the Initial Liquidity Facility Provider or accompanied by a letter from the counsel rendering such opinion to the effect that the Initial Liquidity Facility Provider is entitled to rely on such opinion as of its date as if it were addressed to the Initial Liquidity Facility Provider).
		

		
			(b)         On and as of the Effective Date no event shall have occurred and be continuing, or would result from the entering into of this Agreement or the making of any Advance, which constitutes a Liquidity Facility Event of Default.
		

		
			(c)         The Initial Liquidity Facility Provider shall have received payment in full of the fees and other sums required to be paid to or for the account of the Initial Liquidity Facility Provider on or prior to the Effective Date pursuant to this Agreement and the Fee Letter.
		

		
			(d)         All conditions precedent to the issuance of the Specified Series under the Indenture shall have been satisfied or waived and all conditions precedent to the purchase of the Notes by the Initial Purchasers under the Note Purchase Agreement (other than the effectiveness of this Agreement) shall have been satisfied (unless any of such conditions precedent under the Note Purchase Agreement shall have been waived by the Initial Purchasers).
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			(e)         The Borrower and the Administrative Agent shall have received a certificate, dated the Effective Date signed by a duly authorized representative of the Initial Liquidity Facility Provider, certifying that the Effective Date has occurred.
		

		
			Section 4.02.   Conditions Precedent to Borrowing.  The obligation of the Initial Liquidity Facility Provider to make an Advance on the occasion of each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and, prior to the time of such Borrowing, the Administrative Agent shall have delivered a Notice of Borrowing which conforms to the terms and conditions of this Agreement.
		

		
			ARTICLE V
		

		
			 
		

		
			COVENANTS
		

		
			Section 5.01.   Affirmative Covenants of the Borrower.  So long as any Advance shall remain unpaid or the Initial Liquidity Facility Provider shall have any Maximum Facility Commitment hereunder or the Borrower shall have any obligation to pay any amount to the Initial Liquidity Facility Provider hereunder, the Borrower will, unless the Initial Liquidity Facility Provider shall otherwise consent in writing:
		

		
			(a)         Performance of Agreements.  Punctually pay or cause to be paid all amounts payable by it under this Agreement and the Indenture and observe and perform in all material respects the conditions, covenants and requirements applicable to it contained in this Agreement and the Indenture.
		

		
			(b)         Reporting Requirements.  Furnish to the Initial Liquidity Facility Provider with reasonable promptness, such other information and data with respect to the transactions contemplated by the Related Documents as from time to time may be reasonably requested by the Initial Liquidity Facility Provider; and permit the Initial Liquidity Facility Provider, upon reasonable notice, to inspect the Borrower’s books and records with respect to such transactions and to meet with the Administrative Agent and other representatives of the Borrower to discuss such transactions contemplated by this Agreement and the Related Documents.
		

		
			(c)         Certain Related Documents.  Furnish to the Initial Liquidity Facility Provider with reasonable promptness, copies of such Related Documents entered into after the date hereof as from time to time may be reasonably requested by the Initial Liquidity Facility Provider.
		

		
			Section 5.02.   Covenants Regarding Notices.  Promptly following any time that (x) the Specified Series have been paid in full (or provision has been made for such payment in accordance with the Indenture), (y) the Indenture has been terminated with respect to all of the Specified Series issued thereunder as contemplated by Section 11.01(a) of the Indenture, or (z) the Specified Series are otherwise no longer entitled to the benefits of this Agreement, the Administrative Agent shall deliver to the Initial Liquidity Facility Provider the certificate referred to in clause (ii) of the definition of Termination Date.  Promptly following any time that a Replacement Liquidity Facility has been substituted for this Agreement pursuant to Section 3.14(e) of the Indenture, the Administrative Agent shall deliver to the Initial Liquidity Facility Provider the certificate referred to in clause (iii) of the definition of Termination Date.
		

		
			
		

		
			

		 

		

			-  27  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ARTICLE VI
		

		
			 
		

		
			LIQUIDITY EVENTS OF DEFAULT
		

		
			Section 6.01.   Liquidity Events of Default.  If any Liquidity Facility Event of Default has occurred and is continuing, then the Initial Liquidity Facility Provider may, in its discretion, deliver to the Administrative Agent a Termination Notice, and this Agreement shall expire at the close of business on the fifth Business Day after the date on which such Termination Notice is received by the Administrative Agent.  Upon receipt of such Termination Notice, (i) the Administrative Agent shall promptly request, and the Initial Liquidity Facility Provider shall promptly make, a Final Advance in accordance with Section 2.02(d) hereof and Section 3.14(i) of the Indenture, (ii) all other outstanding Advances shall be automatically converted into Final Advances for purposes of determining the interest payable thereon and (iii) subject to Sections 2.07 and 2.09, all Advances, any accrued interest thereon and any other amounts outstanding hereunder shall become immediately due and payable to the Initial Liquidity Facility Provider.
		

		
			ARTICLE VII
		

		
			 
		

		
			MISCELLANEOUS
		

		
			Section 7.01.   No Oral Modifications or Continuing Waivers.  No terms or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider and any other Person whose consent is required pursuant to this Agreement.  Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.
		

		
			Section 7.02.    Notices.  Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers or documents required or permitted under the terms and provisions of this Agreement shall be in English and in writing, and given by registered or certified mail, courier service or facsimile, and any such notice shall be effective when delivered (or, if delivered by facsimile, upon completion of transmission and confirmation by the sender (by a telephone call to a representative of the recipient or by machine confirmation) that such transmission was received) addressed as follows:
		

		
			(a)         if to the Borrower, to:
		

		
			Willis Engine Structured Trust IV
c/o Wilmington Trust Company
1100 North Market Street
Wilmington, Delaware  19890
Attention:        Corporate Trust Administrator
Facsimile:        +1 (302) 651-8882
		

		
			with a copy to:
		

		
			
		

		
			

		 

		

			-  28  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Willis Lease Finance Corporation
773 San Marin Drive
Novato, CA 94945
Attention:  General Counsel
Facsimile:  +1 (415) 275-5106
		

		
			(b)         if to the Administrative Agent, to:
		

		
			Willis Lease Finance Corporation
773 San Marin Drive
Novato, CA 94945
Attention:  General Counsel
Facsimile:  +1 (415) 275-5106
		

		
			(c)         if to the Initial Liquidity Facility Provider, to:
		

		
			Bank of America, N.A.
		

		
			One Bryant Park
		

		
			Mail Code: NY1-100-11-03
		

		
			New York, NY 10036
Attention:  Carl Anderson
Email:  carl.w.anderson@baml.com; brad.sohl@baml.com; eric.r.mcteir@baml.com; hugo.m.morrissey@baml.com; sean.c.walsh@baml.com; judith.e.helms@baml.com; christi.thomas@baml.com
		

		
			Any party, by notice to the other parties hereto, may designate additional or different addresses for subsequent notices or communications.  Whenever the words “notice” or “notify” or similar words are used herein, they mean the provision of formal notice as set forth in this Section 7.02.
		

		
			In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties.
		

		
			Section 7.03.   No Waiver; Remedies.  No failure on the part of the Initial Liquidity Facility Provider to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right under this Agreement 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 7.04.   Further Assurances.  The Borrower agrees to do such further acts and things and to execute and deliver to the Initial Liquidity Facility Provider such additional assignments, agreements, powers and instruments as the Initial Liquidity Facility Provider may reasonably require or deem advisable to carry into effect the purposes of this Agreement and the other Related Documents or to better assure and confirm unto the Initial Liquidity Facility Provider its rights, powers and remedies hereunder and under the other Related Documents.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Section 7.05.   Indemnification Survival of Certain Provisions.  The Initial Liquidity Facility Provider shall be indemnified hereunder to the extent and in the manner described in the Indenture.  In addition, the Borrower agrees to indemnify, protect, defend and hold harmless each Liquidity Indemnitee from and against all Disbursements of any kind or nature whatsoever that may be imposed on or incurred by such Liquidity Indemnitee, in any way relating to, resulting from, or arising out of or in connection with, any action, suit or proceeding by any third party against such Liquidity Indemnitee and relating to this Agreement, the Fee Letter, the Indenture or any Related Document; provided, however, that the Borrower shall not be required to indemnify, protect, defend and hold harmless any Liquidity Indemnitee in respect of any Disbursement of such Liquidity Indemnitee to the extent such Disbursement is (i) attributable to the gross negligence or willful misconduct of such Liquidity Indemnitee or any other Liquidity Indemnitee, (ii) an ordinary and usual operating overhead expense, or (iii) attributable to the failure by such Liquidity Indemnitee or any other Liquidity Indemnitee to perform or observe any agreement, covenant or condition on its part to be performed or observed in this Agreement, the Indenture, the Fee Letter or any other Related Document to which it is a party.  The provisions of Sections 3.01,  3.03,  3.09,  7.05 and 7.07 and the right to indemnification under the Indenture shall survive the termination of this Agreement.
		

		
			Section 7.06.   Liability of the Initial Liquidity Facility Provider.
		

		
			(a)         No Liquidity Indemnitee shall be liable or responsible for:  (i) the use which may be made of the Advances or any acts or omissions of the Borrower or any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; or (iii) the making of Advances by the Initial Liquidity Facility Provider against delivery of a Notice of Borrowing and other documents which do not comply with the terms hereof; provided, however, that the Borrower shall have a claim against the Initial Liquidity Facility Provider, and the Initial Liquidity Facility Provider shall be liable to the Borrower, to the extent of any damages suffered by the Borrower that are the result of (A) the Initial Liquidity Facility Provider’s willful misconduct or gross negligence in determining whether documents presented hereunder comply with the terms hereof or (B) any breach by the Initial Liquidity Facility Provider of any of the terms of this Agreement or the Indenture, including, but not limited to, the Initial Liquidity Facility Provider’s failure to make lawful payment hereunder after the delivery to it by the Administrative Agent of a Notice of Borrowing complying with the terms and conditions hereof.
		

		
			(b)         Neither the Initial Liquidity Facility Provider nor any of its officers, employees or directors or affiliates shall be liable or responsible in any respect for (i) any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with this Agreement or any Notice of Borrowing delivered hereunder or (ii) any action, inaction or omission which may be taken by it in good faith, absent willful misconduct or negligence (in which event the extent of the Initial Liquidity Facility Provider’s potential liability to the Borrower shall be limited as set forth in the immediately preceding paragraph), in connection with this Agreement or any Notice of Borrowing.
		

		
			Section 7.07.    Nonpetition.  During the term of this Agreement and for one year and one day after payment in full of the Notes, none of the parties hereto or any Affiliate thereof will file
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law against the Borrower or any Subsidiary thereof.
		

		
			Section 7.08.   Certain Costs and Disbursements.  The Borrower agrees promptly to pay, or cause to be paid, (a) the reasonable fees, expenses and disbursements of Pillsbury Winthrop Shaw Pittman LLP, special counsel for the Initial Liquidity Facility Provider, in connection with the preparation, negotiation, execution, delivery, filing and recording of the Related Documents, any waiver or consent hereunder or any amendment thereof and (b) if a Liquidity Facility Event of Default occurs, all out-of-pocket expenses incurred by the Initial Liquidity Facility Provider, including reasonable fees and disbursements of counsel, in connection with such Liquidity Facility Event of Default and any collection, bankruptcy, insolvency and other enforcement proceedings in connection therewith.  In addition, the Borrower shall pay (or cause to be paid) any and all recording, stamp and other similar taxes and fees payable or determined to be payable in the United States in connection with the execution, delivery, filing and recording of this Agreement, any other Related Document and such other documents, and agrees to save the Initial Liquidity Facility Provider harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes or fees.
		

		
			Section 7.09.   Binding Effect; Participations.
		

		
			(a)         This Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and the Initial Liquidity Facility Provider and their respective successors and permitted assigns, except that neither the Administrative Agent, the Initial Liquidity Facility Provider (except as otherwise provided in this Section 7.09) nor (except as contemplated by the Security Trust Agreement) the Borrower shall have the right to assign, pledge or otherwise transfer its rights or obligations hereunder or any interest herein, subject to (i) the Initial Liquidity Facility Provider’s right to assign all of its rights and obligations hereunder pursuant to an assignment agreement that constitutes a Replacement Liquidity Facility and satisfies all of the conditions for a Replacement Liquidity Facility set forth herein and in the Indenture to a Person that qualifies as an Eligible Provider (with written notification of such assignment to the Rating Agencies)and (ii) the Initial Liquidity Facility Provider’s right to grant Participations pursuant to Section 7.09(b).  Following any assignment in accordance with the provisions hereof and Section 3.14 of the Indenture, the assignee Initial Liquidity Facility Provider shall be deemed to be the “Initial Liquidity Facility Provider” for all purposes of the Related Documents.
		

		
			(b)         The Initial Liquidity Facility Provider agrees that it will not grant any participation (including, without limitation, a “risk participation”) (any such participation, a “Participation”) in or to all or a portion of its rights and obligations hereunder or under the other Related Documents, unless all of the following conditions are satisfied:  (i) such Participation is to a Permitted Participant, (ii) such Participation is made in accordance with all applicable laws, including, without limitation, the Securities Act, and any other applicable laws relating to the transfer of similar interests and (iii) such Participation shall not be made under circumstances that require registration under the Securities Act.  Notwithstanding any such Participation, the Initial Liquidity Facility Provider agrees that (1) the Initial Liquidity Facility Provider’s obligations under the Related Documents shall remain unchanged, and such participant shall have no rights or benefits as against the Borrower or under any Related Document, (2) the Initial Liquidity Facility
		

		
			
		

		
			

		 

		

			-  31  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Provider shall remain solely responsible to the other parties to the Related Documents for the performance of such obligations, (3) the Initial Liquidity Facility Provider shall remain the maker of any Advances, and the other parties to the Related Documents shall continue to deal solely and directly with the Initial Liquidity Facility Provider in connection with the Advances and the Initial Liquidity Facility Provider’s rights and obligations under the Related Documents, (4) the Initial Liquidity Facility Provider shall be solely responsible for any withholding Taxes or any filing or reporting requirements relating to such Participation and shall hold and indemnify the Borrower and its successors, permitted assigns, affiliates, agents and servants harmless against the same and (5) the Borrower shall not be required to pay to the Initial Liquidity Facility Provider any amount under Section 3.01 or Section 3.03 greater than it would have been required to pay had there not been any grant of a Participation by the Initial Liquidity Facility Provider.  The Initial Liquidity Facility Provider may, in connection with any Participation or proposed Participation pursuant to this Section 7.09(b), disclose to the Permitted Participant or proposed Permitted Participant any information relating to the Related Documents or to the parties thereto furnished to the Initial Liquidity Facility Provider hereunder or in connection therewith and permitted to be disclosed by the Initial Liquidity Facility Provider; provided, however, that prior to any such disclosure, the Permitted Participant or proposed Permitted Participant shall agree in writing for the express benefit of the Borrower to preserve the confidentiality of any confidential information included therein (subject to customary exceptions).
		

		
			(c)         The Initial Liquidity Facility Provider shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest under this Agreement (the “Participant Register”); provided that the Initial Liquidity Facility Provider shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and the Initial Liquidity Facility Provider shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
		

		
			(d)         Notwithstanding the other provisions of this Section 7.09, the Initial Liquidity Facility Provider may assign and pledge all or any portion of the Advances owing to it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Advances made by the Administrative Agent to the Initial Liquidity Facility Provider in accordance with the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect of such assigned Advance to the extent of such payment.  No such assignment shall release the Initial Liquidity Facility Provider from its obligations hereunder.
		

		
			Section 7.10.    Severability.  Any provision of this Agreement which is prohibited 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, and any such
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
		

		
			Section 7.11.   Governing Law.  THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
		

		
			Section 7.12.   Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.
		

		
			(a)         Each of the parties hereto, to the extent it may do so under applicable law, for purposes hereof hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement, the subject matter hereof or any of the transactions contemplated hereby brought by any party or parties hereto or thereto, or their successors or permitted assigns and (ii) waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof or any of the transactions contemplated hereby may not be enforced in or by such courts.
		

		
			(b)         THE BORROWER, THE ADMINISTRATIVE AGENT AND THE INITIAL LIQUIDITY FACILITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common law and statutory claims.  The Borrower, the Administrative Agent and the Initial Liquidity Facility Provider each warrant and represent that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel.  THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.
		

		
			Section 7.13.   Counterparts.  This Agreement may be executed in any number of counterparts (and each party shall not be required to execute the same counterpart).  Each counterpart of this Agreement including a signature page or pages executed by each of the parties hereto shall be an original counterpart of this Agreement, but all of such counterparts together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or electronic format (i.e., “pdf” or “tif”) shall be as effective as delivery of a manually executed counterpart of this Agreement.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			Section 7.14.   Entirety.  This Agreement, the Fee Letter and the Related Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements of such parties.
		

		
			Section 7.15.   Headings.  The headings of the various Articles and Sections herein and in the Table of Contents hereto are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.
		

		
			Section 7.16.   Patriot Act.  In compliance with the USA Patriot Act and 31 CFR Part 103.121 and any other similar laws, rules, regulations or orders in effect from time to time applicable to the Initial Liquidity Facility Provider, when requested the Issuer shall provide to the Initial Liquidity Facility Provider certain information relating to the Issuer that the Initial Liquidity Facility Provider may be required to obtain and keep on file, including the Issuer’s name, address and various identifying documents.
		

		
			Section 7.17.  Initial Liquidity Facility Provider’s Obligation to Make Advances.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE INITIAL LIQUIDITY FACILITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE ADMINISTRATIVE AGENT’S RIGHTS TO DELIVER NOTICES OF BORROWING ON BEHALF OF THE BORROWER REQUESTING THE MAKING OF ADVANCES HEREUNDER, SHALL BE ABSOLUTE, UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.
		

		
			 
		

		
			 
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered by their respective officers or authorized representatives thereunto duly authorized as of the date first set forth above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILLIS ENGINE STRUCTURED TRUST IV, as Borrower

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Brian R. Hole

				
	
					
						 

					
					
						 

					
					
						Name: Brian R. Hole

				
	
					
						 

					
					
						 

					
					
						Title: Controlling Trustee

				

		
			 
		

		
			
		

		
			

		 

		

			- Signature Page - 
Revolving Credit Agreement 
WEST IV

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						BANK OF AMERICA, N.A., as the Initial Liquidity Facility Provider

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Bradley J. Sohl

				
	
					
						 

					
					
						 

					
					
						Name: Bradley J. Sohl

				
	
					
						 

					
					
						 

					
					
						Title:   Director

				
	
					
						 

					
					
						 

					
					
						ABS Banking & Finance

				

		
			 
		

		
			
		

		
			

		 

		

			- Signature Page - 
Revolving Credit Agreement 
WEST IV

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						WILLIS LEASE FINANCE CORPORATION, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dean M. Poulakidas

				
	
					
						 

					
					
						 

					
					
						Name: Dean M. Poulakidas

				
	
					
						 

					
					
						 

					
					
						Title:   Senior Vice President

				
	
					
						 

					
					
						 

					
					
						General Counsel

				

		
			 
		

		
			 
		

		
			

		 

		

			- Signature Page - 
Revolving Credit Agreement 
WEST IV

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ANNEX I to
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			FACILITY ADVANCE NOTICE OF BORROWING
		

		
			The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the “Administrative Agent”), hereby certifies on behalf of Willis Engine Structured Trust IV, as the Borrower, to Bank of America, N.A. (the “Initial Liquidity Facility Provider”), with reference to the Revolving Credit Agreement dated as of August 22, 2018, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the “Liquidity Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that:
		

		
			(1)         The Administrative Agent is delivering this Notice of Borrowing for the making of a Facility Advance by the Initial Liquidity Facility Provider to be used for a Shortfall the payment of which is payable on __________, _____ (the “Payment Date”) in accordance with the terms and provisions of the Specified Series and the Indenture, which Advance is requested to be made on __________, _____.  The Facility Advance should be remitted to the Initial Liquidity Payment Account, the details of which are [insert wire and account details].
		

		
			(2)         The amount of the Facility Advance requested hereby (i) is $___________.__, to be applied in respect of funding the Initial Liquidity Payment Account in accordance with Section 3.14(b) and (f) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series, the Indenture (a copy of which computation is attached hereto as Schedule I), (iv) does not exceed the Available Amount on the date hereof, and (v) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing.
		

		
			(3)         Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will apply the same in accordance with the terms of Section 3.14(b) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent.
		

		
			The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, the making of the Facility Advance as requested by this Notice of Borrowing shall automatically reduce, subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Available Amount by an amount equal to the amount of the Facility Advance requested to be made hereby as set forth in clause (i) of paragraph (2) of this Notice of Borrowing and such reduction shall automatically result in corresponding reductions in the amounts available to be borrowed pursuant to a subsequent Advance.
		

		
			
		

		
			

		 

		

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			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of the _____ day of________
		

			
					
						 

					
					
						WILLIS LEASE FINANCE CORPORATION, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			
		

		
			

		 

		

			-  39  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			SCHEDULE I TO LIQUIDITY ADVANCE NOTICE OF BORROWING
		

		
			[Insert Copy of Computations in accordance with Facility Advance Notice of Borrowing]
		

		
			 
		

		
			
		

		
			

		 

		

			-  40  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ANNEX II to
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			NON-EXTENSION ADVANCE NOTICE OF BORROWING
		

		
			The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the “Administrative Agent”), hereby certifies on behalf of Willis Engine Structured Trust IV, as the Borrower, to Bank of America, N.A. (the “Initial Liquidity Facility Provider”), with reference to the Revolving Credit Agreement dated as of August 22, 2018, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the “Liquidity Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that:
		

		
			(1)         The Administrative Agent is delivering this Notice of Borrowing for the making of the Non-Extension Advance by the Initial Liquidity Facility Provider to be used for the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(d) of the Indenture, which Advance is requested to be made on __________, _____.  The Non-Extension Advance should be remitted to the Liquidity Facility Reserve Account the details of which are [insert wire and account details].
		

		
			(2)         The amount of the Non-Extension Advance requested hereby (i) is $___________.__, which equals the Available Amount on the date hereof and is to be applied in respect of the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(d) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series and the Indenture (a copy of which computation is attached hereto as Schedule I) and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.
		

		
			(3)         Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will deposit such amount in the Liquidity Facility Reserve Account and apply the same in accordance with the terms of Section 3.14(f) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent.
		

		
			The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Non-Extension Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Initial Liquidity Facility Provider to make further Advances under the Liquidity Agreement and (B) following the making by the Initial Liquidity Facility Provider of the Non-Extension Advance requested by this Notice of Borrowing, the Administrative Agent shall not be entitled to request any further Advances under the Liquidity Agreement.
		

		
			
		

		
			

		 

		

			-  41  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of _____ the day of ________.
		

			
					
						 

					
					
						WILLIS LEASE FINANCE CORPORATION, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			
		

		
			

		 

		

			-  42  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING
		

		
			[Insert Copy of computations in accordance with Non-Extension Advance Notice of Borrowing]
		

		
			 
		

		
			
		

		
			

		 

		

			-  43  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ANNEX III to
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			DOWNGRADE ADVANCE NOTICE OF BORROWING
		

		
			The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the “Administrative Agent”), hereby certifies on behalf of Willis Engine Structured Trust IV, as the Borrower, to Bank of America, N.A. (the “Initial Liquidity Facility Provider”), with reference to the Revolving Credit Agreement, dated as of August 22, 2018, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the “Liquidity Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that:
		

		
			(1)         The Administrative Agent is delivering this Notice of Borrowing for the making of the Downgrade Advance by the Initial Liquidity Facility Provider to be used for the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(c) of the Indenture by reason of a Downgrade Event, which Advance is requested to be made on __________, _____.  The Downgrade Advance should be remitted to the Liquidity Facility Reserve Account the details of which are [insert wire and account details].
		

		
			(2)         The amount of the Downgrade Advance requested hereby (i) is $___________.__, which equals the Available Amount on the date hereof and is to be applied in respect of the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(c) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series and the Indenture (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.
		

		
			(3)         Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will deposit such amount in the Liquidity Facility Reserve Account and apply the same in accordance with the terms of Section 3.14(f) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent.
		

		
			The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Downgrade Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Initial Liquidity Facility Provider to make further Advances under the Liquidity Agreement, and (B) following the making by the Initial Liquidity Facility Provider of the Downgrade Advance requested by this Notice of Borrowing, the Administrative Agent shall not be entitled to request any further Advances under the Liquidity Agreement.
		

		
			
		

		
			

		 

		

			-  44  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of the _____ day of _______________.
		

			
					
						 

					
					
						WILLIS LEASE FINANCE CORPORATION, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			
		

		
			

		 

		

			-  45  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING
		

		
			[Insert Copy of computations in accordance with Downgrade Advance Notice of Borrowing]
		

		
			 
		

		
			
		

		
			

		 

		

			-  46  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ANNEX IV to
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			FINAL ADVANCE NOTICE OF BORROWING
		

		
			The undersigned, a duly authorized signatory of the undersigned Administrative Agent (the “Administrative Agent”), hereby certifies on behalf of Willis Engine Structured Trust IV, as the Borrower, to Bank of America, N.A. (the “Initial Liquidity Facility Provider”), with reference to the Revolving Credit Agreement, dated as of August 22, 2018, among the Borrower, the Administrative Agent, and the Initial Liquidity Facility Provider (as amended from time to time, the “Liquidity Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that:
		

		
			(1)         The Administrative Agent is delivering this Notice of Borrowing for the making of the Final Advance by the Initial Liquidity Facility Provider to be used for the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(i) of the Indenture by reason of the receipt by the Administrative Agent of a Termination Notice from the Initial Liquidity Facility Provider with respect to the Liquidity Agreement, which Advance is requested to be made on __________, _____.  The Final Advance should be remitted to the Liquidity Facility Reserve Account the details of which are [insert wire and account details].
		

		
			(2)         The amount of the Final Advance requested hereby (i) is $___________.__, which equals the Available Amount on the date hereof and is to be applied in respect of the funding of the Liquidity Facility Reserve Account in accordance with Section 3.14(i) of the Indenture, (ii) does not include any amount with respect to the payment of the principal of, Redemption Premium on, or breakage costs with respect to, the Specified Series, (iii) was computed in accordance with the provisions of the Specified Series and the Indenture (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement.
		

		
			(3)         Upon receipt by the Administrative Agent of the amount requested hereby, (a) the Administrative Agent will deposit such amount in the Liquidity Facility Reserve Account and apply the same in accordance with the terms of Section 3.14(i) of the Indenture, (b) no portion of such amount shall be applied by the Administrative Agent for any other purpose, and (c) no portion of such amount until so applied shall be commingled with other funds held by the Administrative Agent.
		

		
			The Administrative Agent, for itself and on behalf of the Borrower, hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Final Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the obligation of the Initial Liquidity Facility Provider to make further Advances under the Liquidity Agreement, and (B) following the making by the Initial Liquidity Facility Provider of the Final Advance requested by this Notice of Borrowing, the Administrative Agent shall not be entitled to request any further Advances under the Liquidity Agreement.
		

		
			
		

		
			

		 

		

			-  47  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the Administrative Agent has executed and delivered this Notice of Borrowing as of the _____ day of _______________.
		

			
					
						 

					
					
						WILLIS LEASE FINANCE CORPORATION, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			
		

		
			

		 

		

			-  48  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING
		

		
			[Insert Copy of computations in accordance with Final Advance Notice of Borrowing]
		

		
			
		

		
			

		 

		

			-  49  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ANNEX V TO
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			NOTICE OF TERMINATION
		

		
			Willis Lease Finance Corporation
773 San Marin Drive
Novato, CA 94945
Attention:  General Counsel
		

		
			Re:       Revolving Credit Agreement dated as of August 22, 2018, among Willis Engine Structured Trust IV, as Borrower, Willis Lease Finance Corporation, as Administrative Agent, and Bank of America, N.A., as Initial Liquidity Facility Provider (the “Liquidity Agreement”)
		

		
			Ladies and Gentlemen:
		

		
			You are hereby notified that pursuant to Section 6.01 of the Liquidity Agreement, by reason of the occurrence and continuance of a Liquidity Facility Event of Default (as defined therein), we are giving this notice to you in order to cause (i) our obligations to make Advances (as defined therein) under such Liquidity Agreement to terminate at the close of business on the fifth Business Day after the date on which you receive this notice and (ii) you to request a Final Advance under the Liquidity Agreement pursuant to Section 3.14(i) of the Indenture (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice.
		

		
			THIS NOTICE IS THE “NOTICE OF TERMINATION” PROVIDED FOR UNDER THE LIQUIDITY AGREEMENT.  OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE CREDIT AGREEMENT WILL TERMINATE AT THE CLOSE OF BUSINESS ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.
		

		
			[PAGE INTENTIONALLY LEFT BLANK]
		

		
			 
		

		
			
		

		

		 

		

			-  50  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

	
					
						

					
						 

					
					
						Very truly yours,

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF AMERICA, N.A., as the Initial Liquidity Facility Provider

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			cc:  Willis Engine Structured Trust IV
		

		
			
		

		
			

		 

		

			-  51  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ANNEX VI-A TO
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			FORM OF U.S. TAX COMPLIANCE CERTIFICATE
		

		
			(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
		

		
			 
		

		
			Reference is hereby made to the Revolving Credit Agreement dated as of August 22, 2018, the “Liquidity Agreement”,  among Willis Engine Structured Trust IV, (the “Borrower”), Willis Lease Finance Corporation, (the “Administrative Agent”), and Bank of America, NA., (the “Initial Liquidity Facility Provider”).
		

		
			Pursuant to the provisions of Section 3.03 of the Liquidity Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
		

		
			The undersigned has furnished its participating Initial Liquidity Facility Provider with a certificate of its non-U.S. Person status on IRS Form W-8BEN, or W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Initial Liquidity Facility Provider in writing, and (2) the undersigned shall have at all times furnished the Initial Liquidity Facility Provider with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
		

		
			Unless otherwise defined herein, terms defined in the Liquidity Agreement and used herein shall have the meanings given to them in the Liquidity Agreement.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						[NAME OF PARTICIPANT]

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						_______ ___, 20[  ]

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			-  52  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			 

		

		

		
			ANNEX VI-B TO
		

		
			REVOLVING CREDIT AGREEMENT
		

		
			FORM OF U.S. TAX COMPLIANCE CERTIFICATE
		

		
			(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
		

		
			 
		

		
			Reference is hereby made to the Revolving Credit Agreement dated as of August 22, 2018, the “Liquidity Agreement”,  among Willis Engine Structured Trust IV, (the “Borrower”), Willis Lease Finance Corporation, (the “Administrative Agent”), and Bank of America, N.A. (the “Initial Liquidity Facility Provider”).
		

		
			Pursuant to the provisions of Section 3.03 of the Liquidity Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.
		

		
			The undersigned has furnished its participating Initial Liquidity Facility Provider with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Initial Liquidity Facility Provider and (2) the undersigned shall have at all times furnished the Initial Liquidity Facility Provider with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.
		

		
			Unless otherwise defined herein, terms defined in the Liquidity Agreement and used herein shall have the meanings given to them in the Liquidity Agreement.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						[NAME OF PARTICIPANT]

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						_______ ___, 20[  ]

					
					
						 

				

		
			 
		

		 

		

			-  53  -

		

		

			 

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.wlfc_Ex10_38

		

			Exhibit 10.38

		

		

			 

		

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

			EXECUTION VERSION

		

		

			 

		

		
			 
		

		
			SERVICING AGREEMENT
		

		
			dated as of August 22, 2018
		

		
			among
		

		
			WILLIS ENGINE STRUCTURED TRUST IV,
		

		
			WILLIS LEASE FINANCE CORPORATION,
		

		
			 as Servicer and Administrative Agent,
		

		
			and
		

		
			EACH SERVICED GROUP MEMBER
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			TABLE OF CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Page

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 1 DEFINITIONS

					
1
				
	
					
						 

					
					
						 

				
	
					
						SECTION 1.01.

					
					
						Definitions

					
1
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 2 APPOINTMENT; SERVICES

					
1
				
	
					
						 

					
					
						 

				
	
					
						SECTION 2.01.

					
					
						Appointment

					
1
				
	
					
						SECTION 2.02.

					
					
						Services

					
2
				
	
					
						SECTION 2.03.

					
					
						Limitations

					
2
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 3 STANDARD OF CARE; CONFLICTS OF INTEREST; STANDARD OF LIABILITY

					
2
				
	
					
						 

					
					
						 

				
	
					
						SECTION 3.01.

					
					
						Standard of Care

					
2
				
	
					
						SECTION 3.02.

					
					
						Conflicts of Interest

					
2
				
	
					
						SECTION 3.03.

					
					
						Standard of Liability

					
3
				
	
					
						SECTION 3.04.

					
					
						Waiver of Implied Standard

					
4
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 4 REPRESENTATIONS AND WARRANTIES

					
4
				
	
					
						 

					
					
						 

				
	
					
						SECTION 4.01.

					
					
						Representations and Warranties by WEST and each other Person in Serviced Group

					
4
				
	
					
						SECTION 4.02.

					
					
						Representations and Warranties by Servicer

					
4
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 5 SERVICER UNDERTAKINGS

					
5
				
	
					
						 

					
					
						 

				
	
					
						SECTION 5.01.

					
					
						Staff and Resources

					
5
				
	
					
						SECTION 5.02.

					
					
						Access

					
5
				
	
					
						SECTION 5.03.

					
					
						Compliance with Law

					
5
				
	
					
						SECTION 5.04.

					
					
						Commingling

					
5
				
	
					
						SECTION 5.05.

					
					
						Notes Offering

					
7
				
	
					
						SECTION 5.06.

					
					
						Notification of Defaults

					
7
				
	
					
						SECTION 5.07.

					
					
						Ownership Placards

					
7
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 6 UNDERTAKINGS OF WEST AND SERVICED GROUP

					
7
				
	
					
						 

					
					
						 

				
	
					
						SECTION 6.01.

					
					
						Cooperation

					
7
				
	
					
						SECTION 6.02.

					
					
						No Representation with Respect to Third Parties

					
7
				
	
					
						SECTION 6.03.

					
					
						Related Document Amendments

					
7
				
	
					
						SECTION 6.04.

					
					
						Other Servicing Arrangements

					
7
				
	
					
						SECTION 6.05.

					
					
						Communications

					
8
				
	
					
						SECTION 6.06.

					
					
						Ratification

					
8
				
	
					
						SECTION 6.07.

					
					
						Execution, Amendment, Modification or Termination of Asset Documents

					
8
				

		
			 
		

		
			
		

		
			

		 

		

			ii

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						SECTION 6.08.

					
					
						Accounts and Cash Arrangements of the Serviced Group

					
8
				
	
					
						SECTION 6.09.

					
					
						Notification of Bankruptcy

					
8
				
	
					
						SECTION 6.10.

					
					
						Further Assurances

					
9
				
	
					
						SECTION 6.11.

					
					
						Covenants

					
9
				
	
					
						SECTION 6.12.

					
					
						Limitation of Obligation

					
10
				
	
					
						SECTION 6.13.

					
					
						New Issuer Subsidiaries

					
10
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 7 RESPONSIBILITY OF SERVICED GROUP; BUDGETS; DIRECTIONS

					
10
				
	
					
						 

					
					
						 

				
	
					
						SECTION 7.01.

					
					
						Responsibility of Serviced Group

					
10
				
	
					
						SECTION 7.02.

					
					
						Instructions by WEST

					
10
				
	
					
						SECTION 7.03.

					
					
						Request for Authority

					
10
				
	
					
						SECTION 7.04.

					
					
						Overall Business Objectives with Respect to Asset

					
11
				
	
					
						SECTION 7.05.

					
					
						Operating Budget; Asset Expenses Budget

					
11
				
	
					
						SECTION 7.06.

					
					
						Transaction Approval Requirements

					
12
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 8 EFFECTIVENESS

					
14
				
	
					
						 

					
					
						 

				
	
					
						SECTION 8.01.

					
					
						Effectiveness

					
14
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 9 SERVICING FEES; EXPENSES

					
14
				
	
					
						 

					
					
						 

				
	
					
						SECTION 9.01.

					
					
						Servicing Fees

					
14
				
	
					
						SECTION 9.02.

					
					
						Rent Based Fee

					
14
				
	
					
						SECTION 9.03.

					
					
						Disposition Fee

					
15
				
	
					
						SECTION 9.04.

					
					
						Expenses

					
15
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 10 TERM; RIGHT TO TERMINATE; CONSEQUENCES OF TERMINATION; SURVIVAL

					
15
				
	
					
						 

					
					
						 

				
	
					
						SECTION 10.01.

					
					
						Term

					
15
				
	
					
						SECTION 10.02.

					
					
						Right to Terminate. 

					
15
				
	
					
						SECTION 10.03.

					
					
						Consequences of Termination

					
18
				
	
					
						SECTION 10.04.

					
					
						Survival

					
19
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 11 INDEMNIFICATION

					
19
				
	
					
						 

					
					
						 

				
	
					
						SECTION 11.01.

					
					
						Indemnity

					
19
				
	
					
						SECTION 11.02.

					
					
						Procedures for Defense of Claims

					
20
				
	
					
						SECTION 11.03.

					
					
						Reimbursement of Costs

					
21
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 12 ASSIGNMENT AND DELEGATION

					
21
				
	
					
						 

					
					
						 

				
	
					
						SECTION 12.01.

					
					
						Assignment and Delegation

					
21
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 13 MISCELLANEOUS

					
22
				
	
					
						 

					
					
						 

				
	
					
						SECTION 13.01.

					
					
						Reasonable Efforts

					
22
				

		
			 
		

		
			
		

		
			

		 

		

			iii

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						SECTION 13.02.

					
					
						Notices

					
22
				
	
					
						SECTION 13.03.

					
					
						Governing Law

					
23
				
	
					
						SECTION 13.04.

					
					
						Jurisdiction

					
24
				
	
					
						SECTION 13.05.

					
					
						Waiver of Jury Trial

					
24
				
	
					
						SECTION 13.06.

					
					
						Counterparts; Third Party Beneficiaries

					
24
				
	
					
						SECTION 13.07.

					
					
						Entire Agreement

					
24
				
	
					
						SECTION 13.08.

					
					
						Power of Attorney

					
25
				
	
					
						SECTION 13.09.

					
					
						Restrictions on Disclosure

					
25
				
	
					
						SECTION 13.10.

					
					
						Rights of Setoff

					
26
				
	
					
						SECTION 13.11.

					
					
						Nonpetition

					
26
				
	
					
						SECTION 13.12.

					
					
						Severability

					
26
				
	
					
						SECTION 13.13.

					
					
						Amendments

					
26
				
	
					
						SECTION 13.14.

					
					
						Asset Trustee Liability

					
26
				

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Appendices

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Appendix A

					
					
						Definitions

				
	
					
						 

					
					
						 

				
	
					
						Schedules

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Schedule 2.02(a)

					
					
						Services

				
	
					
						Schedule 4.01(a)

					
					
						Assets

				
	
					
						Schedule 8.01

					
					
						Conditions to Effectiveness

				
	
					
						 

					
					
						 

				
	
					
						Exhibits

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Exhibit A

					
					
						Form of Operating Budget and Asset Expenses Budget for the Initial Period

				
	
					
						Exhibit B

					
					
						Form of Serviced Group Member Supplement.

				

		
			 
		

		
			 
		

		
			

		 

		

			iv

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SERVICING AGREEMENT (as amended, modified or supplemented from time to time in accordance with the terms hereof, the “Agreement”) dated as of August 22, 2018 among WILLIS ENGINE STRUCTURED TRUST IV, a Delaware statutory trust (“WEST”), WILLIS LEASE FINANCE CORPORATION, a Delaware corporation incorporated under the laws of Delaware, in its capacity as Servicer (together with its successors and permitted assigns, the “Servicer”) and as the Administrative Agent, and each member of the Serviced Group from time to time party hereto.
		

		
			For the consideration set forth herein and other good and valuable consideration, the receipt of which is hereby acknowledged, each of the parties hereto, and each Person that becomes a party hereto pursuant to a Serviced Group Member Supplement, hereby agrees as follows:
		

		
			ARTICLE 1
		

		
			 
		

		
			DEFINITIONS
		

		
			SECTION 1.01.    Definitions.  The terms used herein have the meaning assigned to them in Appendix A hereto.  Unless otherwise defined herein, all capitalized terms used but not defined herein have the meanings assigned to such terms in the Indenture.
		

		
			ARTICLE 2
		

		
			 
		

		
			APPOINTMENT; SERVICES
		

		
			SECTION 2.01.    Appointment.
		

		
			(a)        Each Person within the Serviced Group hereby appoints the Servicer as the exclusive provider of the Services (as defined in Section 2.02(a) below) to each such Person in respect of the Assets on the terms and subject to the conditions set forth in this Agreement.
		

		
			(b)        The Servicer hereby accepts such appointment and agrees to perform the Services on the terms and subject to the conditions set forth in this Agreement.  In connection with the provision of the Services with respect to the Assets, the Servicer generally shall, where and to the extent practicable and in the case of Services that are not performed by the Servicer directly, contract for or otherwise obtain goods and services from third party providers in the name of, or as disclosed agent for, the relevant Person within the Serviced Group.  If the Servicer shall not have contracted for or otherwise obtained such goods and services in the name of, or as disclosed agent for, the relevant Person within the Serviced Group, the Servicer shall use its reasonable efforts to cause WEST or such Subsidiary to be in a position to have direct recourse against any such third party provider providing goods and services for WEST or such Subsidiary for any breaches by such third party provider related to the provision of such goods and services.
		

		
			(c)        WEST hereby warrants and represents to the Servicer that it and each Subsidiary has appointed or will appoint the Administrative Agent to act as its representative with respect to any matter in respect of which any Person within the Serviced Group is required or permitted to take any action pursuant to the terms of this Agreement.  Accordingly, in connection with the
		

		
			
		

		
			

		 

		

			1

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			performance of the Services, unless an Administrative Agent Event of Default shall have occurred and be continuing, or unless earlier notified by WEST that the appointment of the Administrative Agent to act on behalf of each Person within the Serviced Group has not become effective or has been revoked or terminated, the Servicer shall in all cases be entitled to rely on the instructions (or other actions) of the Administrative Agent as representative of each Person within the Serviced Group other than the actions specified in Section 7.06(a)(i) and 7.06(a)(iv).
		

		
			SECTION 2.02.    Services.
		

		
			(a)        The services to be provided by the Servicer in respect of the Assets (the “Services”) are as set forth in Schedule 2.02(a) and under this Agreement.
		

		
			(b)        Except with respect to the obligations expressly provided herein, in connection with the performance of the Services, the Servicer shall in all cases only be obligated to act upon, and shall be entitled to rely on, the instructions of WEST or, as provided above in Section 2.01(c), the Administrative Agent, on behalf of each Person within the Serviced Group.  The Servicer shall not be liable to WEST, any Subsidiary, the Indenture Trustee or any other Person for any act or omission to act taken in accordance with such instructions, except to the extent provided in Section 3.03.
		

		
			SECTION 2.03.    Limitations.
		

		
			(a)        Neither the Servicer nor any of its Affiliates (other than each Person within the Serviced Group) shall assume any WEST Liabilities.  In connection with the performance of the Services and its other obligations hereunder, the Servicer shall not be obligated to take or refrain from taking any action which is reasonably likely to (A) violate any Applicable Law, (B) lead to an investigation by any Governmental Authority or (C) expose the Servicer to any liabilities for which, in the Servicer’s good faith opinion, adequate bond or indemnity has not been provided.
		

		
			(b)        Each Person within the Serviced Group shall at all times retain full legal and equitable title to the Assets, notwithstanding the management thereof by the Servicer hereunder.
		

		
			ARTICLE 3
		

		
			 
		

		
			STANDARD OF CARE; CONFLICTS OF INTEREST; STANDARD OF
		

		
			LIABILITY
		

		
			SECTION 3.01.    Standard of Care.  The Servicer shall perform the Services with reasonable care and diligence at all times as is customary in the engine operating leasing industry and, for so long as there are any Assets that are Airframes, the aircraft operating leasing industry, as if it were the owner of each such Engine or Airframe, as applicable (the “Standard of Care”).  The Standard of Care shall be implemented in a manner which is consistent with the reasonable commercial practices of leading international Aircraft Engine operating lessors and, for so long as there is any Asset that that is an Airframe, leading international aircraft operating lessors, and is consistent with the Indenture.
		

		
			SECTION 3.02.    Conflicts of Interest.
		

		
			
		

		
			

		 

		

			2

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(a)        Each Person within the Serviced Group acknowledges and agrees that (i) in addition to managing the Assets under this Agreement, the Servicer may manage, and shall be entitled to manage, from time to time, the separate assets owned by it or its Affiliates (other than each Person within the Serviced Group) and third parties (“Other Assets”); (ii) in addition to the management of the Assets and the Other Assets, the Servicer shall, and shall be entitled to, carry on its commercial businesses, including the financing, purchase or other acquisition, leasing and sale of Other Assets; (iii) in the course of conducting such activities, the Servicer may from time to time have conflicts of interest in performing its duties on behalf of the various entities to whom it provides management services and with respect to the various assets in respect of which it provides management services; and (iv) the Controlling Trustees of WEST have approved the transactions contemplated by this Agreement and desire that such transactions be consummated and, in giving such approval, the Controlling Trustees of WEST have expressly recognized that such conflicts of interest may arise and that when such conflicts of interest arise the Servicer shall perform the Services in accordance with the Standard of Care and the Servicer Conflicts Standard set forth below in Section 3.02(b)
		

		
			(b)        If conflicts of interest arise regarding the management or remarketing of any Asset, on the one hand, and any Other Asset, on the other hand, the Servicer shall promptly notify WEST and the Indenture Trustee (but in no later than the date on which the next Monthly Report is delivered).  The Servicer shall perform the Services in good faith and to the extent such Asset and such Other Asset are substantially similar in terms of objectively identifiable characteristics relevant for purposes of the particular Services to be performed, the Servicer shall not discriminate between such Asset and such Other Asset on an unreasonable basis (the standard set forth in this Section 3.02(b) shall be referred to collectively as the “Servicer Conflicts Standard”).
		

		
			SECTION 3.03.    Standard of Liability.  The Servicer shall not be liable to any Person within the Serviced Group for any Losses arising (i) as a result of an Asset being sold, leased or purchased on less favorable terms than might have been achieved at any time, provided such transactions were entered into on the basis of an arm’s-length commercial decision of the Servicer, or (ii) in respect of the Servicer’s obligation to apply the Servicer Conflicts Standard in respect of its performance of the Services, except, in either case, in the case of willful misconduct, negligence or fraud on the part of the Servicer.  The Servicer shall not be liable to any Person within the Serviced Group for any Loss arising as a result of the performance of any of the Servicer’s obligations as Servicer or as a result of any action which the Servicer is requested to take or refrain from taking by WEST (or the Administrative Agent), unless (A) such Loss has arisen as a result of the willful misconduct, negligence or fraud of the Servicer, (B) such Loss has directly resulted from a breach by the Servicer of the express terms and conditions of this Agreement or (C) such Loss is a Loss for which the Servicer has indemnified WEST and its Affiliates and arises as a result of any material misstatements or omissions in any public filing or offering memorandum relating to information on the Assets, the Servicer and the Services provided by the Servicer for disclosure in such public filing or offering memorandum, provided that the Servicer may reasonably rely on information from third parties without incurring liability (the liability standards set forth in this Section 3.03, the “Standard of Liability”).
		

		
			
		

		
			

		 

		

			3

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SECTION 3.04.    Waiver of Implied Standard.  Except as expressly stated above in this Article 3, all other warranties, conditions and representations, express or implied, statutory or otherwise, arising under Delaware or New York law or any other Applicable Law in relation to either the skill, care, diligence or otherwise in respect of any Service to be performed hereunder or to the quality or fitness for any particular purpose of any goods are hereby to the fullest extent permitted by Applicable Law excluded and the Servicer shall not be liable in contract, tort or otherwise under Delaware or New York law or any other Applicable Law for any Loss arising out of or in connection with the Services to be supplied pursuant to this Agreement or any goods to be provided or sold in conjunction with such Services.
		

		
			ARTICLE 4
		

		
			 
		

		
			REPRESENTATIONS AND WARRANTIES
		

		
			SECTION 4.01.    Representations and Warranties by WEST and each other Person in Serviced Group.  Each Person within the Serviced Group represents and warrants to the Servicer as follows:
		

		
			(a)        Assets:  Schedule 4.01(a) contains a true and complete list of all Assets as of the Initial Closing Date, notwithstanding that WEST may not have, as of such date, acquired the Asset Interests relating to such Assets.
		

		
			(b)        Asset Documents:  WEST shall deliver to the Servicer on the Initial Closing Date a true, correct and complete copy of all material Asset Documents as of such Initial Closing Date in the possession of any Person within the Serviced Group.
		

		
			(c)        Accounts and Cash Flow:  WEST shall, prior to the Initial Closing Date, provide to the Servicer a true and complete list of all the Existing Accounts of each Person within the Serviced Group included among the Assets as of such Initial Closing Date with respect to which any Person within the Serviced Group has authority.
		

		
			SECTION 4.02.    Representations and Warranties by Servicer.  The Servicer represents and warrants to each Person within the Serviced Group as follows:
		

		
			(a)        The Servicer is a corporation duly organized and validly existing under the laws of the State of Delaware.
		

		
			(b)        The Servicer has all requisite power and authority to execute this Agreement and to perform its obligations under this Agreement.  All corporate acts and other proceedings required to be taken by the Servicer to authorize the execution and delivery of this Agreement and the performance of its obligations contemplated under this Agreement have been duly and properly taken.
		

		
			(c)        This Agreement has been duly executed and delivered by the Servicer and is a legal, valid and binding obligation of the Servicer enforceable against it in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization or other laws of
		

		
			
		

		
			

		 

		

			4

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			general application affecting the enforcement of creditors’ rights or by general principles of equity.
		

		
			(d)        Neither the execution and delivery of this Agreement by the Servicer nor the performance by the Servicer of any of its obligations under this Agreement will (i) violate any provision of the organizational documents of the Servicer, (ii) violate any order, writ, injunction, judgment or decree applicable to the Servicer or any of its property or assets, (iii) violate in any material respect any Applicable Law, or (iv) result in any conflict with, breach of or default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, warrant or other similar instrument or any material license, permit, agreement or other obligation to which the Servicer is a party or by which the Servicer or any of its properties or assets may be bound.
		

		
			(e)        There are no Proceedings or investigations to which the Servicer or any of its Affiliates is a party pending, or to the best of the Servicer’s knowledge, threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (A) asserting the invalidity of this Agreement or any other Related Document, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Related Document or (C) seeking any determination or ruling that is reasonably likely to materially and adversely affect the performance by the Servicer of its obligations under or the validity or enforceability of, this Agreement or any other Related Document to which it is a party.
		

		
			ARTICLE 5
		

		
			 
		

		
			SERVICER UNDERTAKINGS
		

		
			SECTION 5.01.    Staff and Resources.  In performing the Services, the Servicer shall employ or otherwise engage such staff (including in-house legal staff) and maintain such supporting resources as the Servicer shall deem necessary in accordance with its usual business practices with respect to its own aircraft and Aircraft Engines, both in number and in quality, to enable the Servicer to perform the Services in accordance with the terms of this Agreement.
		

		
			SECTION 5.02.    Access.  The Servicer at such times as WEST may reasonably request shall make available to the Serviced Group and their agents (including auditors) (A) reports, ledgers, documents, and other records (including computer records), its books and other information related to the Assets or the business of the Serviced Group and (B) the officers and employees of the Servicer, subject to their reasonable availability, in each case, to enable the Serviced Group to monitor the performance of the Servicer under this Agreement.
		

		
			SECTION 5.03.    Compliance with Law.  The Servicer shall, in connection with the performance of the Services, comply with all laws, rules and regulations applicable to the Servicer and with the laws, rules and regulations applicable to the Assets.
		

		
			SECTION 5.04.    Commingling.  The Servicer shall not commingle with its own funds, (i) any funds of any Person within the Serviced Group or (ii) any misdirected funds received from Lessees and others.  Any such misdirected funds shall be promptly redirected to a Bank
		

		
			
		

		
			

		 

		

			5

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			Account.  The Servicer hereby covenants with the Serviced Group that it will conduct its business such that it is a separate and readily identifiable business from, and independent of, each Person within the Serviced Group (it being understood that the Servicer and any of its Affiliates may publish financial statements that consolidate those of the Serviced Group, if to do so is required by any Applicable Law or GAAP and the Servicer and any of its Affiliates may, if applicable file consolidated, combined or unitary tax returns with any Person within the Serviced Group) and further covenants that, during the term of this Agreement:
		

		
			(a)        it will observe all corporate formalities necessary to remain a legal entity separate and distinct from, and independent of, each Person within the Serviced Group;
		

		
			(b)        it will maintain its assets and liabilities separate and distinct from each Person within the Serviced Group;
		

		
			(c)        it will maintain records, books, accounts and minutes separate from those of each Person within the Serviced Group;
		

		
			(d)        it will pay its obligations in the ordinary course of its business as a legal entity separate from each Person within the Serviced Group;
		

		
			(e)        it will keep its funds separate and distinct from the funds of each Person within the Serviced Group, and it will receive, deposit, withdraw and disburse such funds separately from the funds of each Person within the Serviced Group;
		

		
			(f)        it will conduct its business in its own name, and not in the name of any Person within the Serviced Group;
		

		
			(g)        it will not pay or become liable for any debt of any Person within the Serviced Group, other than to make payments in the form of indemnity as required by the express terms of this Agreement;
		

		
			(h)        it will not hold out that it is a division of WEST or its Subsidiaries or that any Person within the Serviced Group is a division of it;
		

		
			(i)         it will not induce any third party to rely on the creditworthiness of any Person within the Serviced Group in order that such third party will be induced to contract with it;
		

		
			(j)         it will not enter into any transaction between it and any Person within the Serviced Group that is as a whole materially more favorable to either party than an agreement that the parties would have been able to enter into at such time on an arm’s-length basis with a non-affiliated third party, other than any Related Document in effect on the Initial Closing Date (it being understood that the parties hereto do not intend by this covenant to ratify any self-dealing transaction); and
		

		
			(k)        it will observe all corporate formalities necessary to treat each Person within the Serviced Group as a legal entity separate from each other Subsidiary.
		

		
			
		

		
			

		 

		

			6

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SECTION 5.05.    Notes Offering.  The Servicer agrees to cooperate with the Serviced Group in connection with the public or private offering and sale of any securities of WEST or any of its Affiliates (a “Notes Offering”).
		

		
			SECTION 5.06.    Notification of Defaults.  Promptly, but in any case within five (5) Business Days of becoming aware of the existence of any condition or event which constitutes a Servicer Termination Event, Early Amortization Event or an Event of Default, or any event which, with the lapse of time or the giving of notice or both, would constitute a Servicer Termination Event, Early Amortization Event or an Event of Default and which, in each case, has not been waived in writing by the Controlling Party, the Servicer shall deliver to each Person within the Serviced Group and the Indenture Trustee a written notice describing the nature of such event and period of existence and, in the case of a Servicer Termination Event, the action the Servicer is taking or proposed to take with respect thereto.
		

		
			SECTION 5.07.    Ownership Placards.  The Servicer shall use commercially reasonable efforts to cause each Lessee to affix an ownership placard on each related Airframe and Engine stating that such Airframe or Engine is owned by the applicable Asset Trust.
		

		
			ARTICLE 6
		

		
			 
		

		
			UNDERTAKINGS OF WEST AND SERVICED GROUP
		

		
			SECTION 6.01.    Cooperation.  WEST and each other Person within the Serviced Group shall at all times use commercially reasonable efforts to cooperate with the Servicer to enable the Servicer to provide the Services, including providing the Servicer with all powers of attorney as may be reasonably necessary or appropriate to perform the Services.
		

		
			SECTION 6.02.    No Representation with Respect to Third Parties.  WEST and each other Person within the Serviced Group agree that as between the Servicer, on the one hand, and any Person within the Serviced Group, on the other hand, no representation is made as to the financial condition and affairs of any Lessee of, or purchaser of, any Asset or any manufacturer, representative, maintenance facility, contractor, vendor or supplier utilized by the Servicer in connection with its performance of the Services and, subject to the Standard of Liability, the Servicer shall have no liability with respect to such third parties.
		

		
			SECTION 6.03.    Related Document Amendments.  Neither WEST nor any other Person in the Serviced Group shall amend, without the prior consent of the Servicer in each instance, any Related Document in such a manner that would increase in any respect the scope, nature or level of the Services to be provided under this Agreement nor change the Standard of Liability without the Servicer’s prior written consent, which consent may be conditioned upon, among other things, a proper adjustment in the compensation payable to the Servicer in order to take into account the increased Services to be provided by the Servicer.
		

		
			SECTION 6.04.    Other Servicing Arrangements.  Without the prior written consent of the Servicer, neither WEST nor any other Person in the Serviced Group shall (a) enter into, or cause or permit any Person (other than the Servicer) to enter into on their behalf, any transaction for the lease or sale of any Asset in respect of which the Servicer is at such time performing
		

		
			
		

		
			

		 

		

			7

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			Services, or (b) employ any Person other than the Servicer to perform any of the Services with respect to the Assets, except as provided in Article 10 of this Agreement.
		

		
			SECTION 6.05.    Communications.  WEST and each other Person within the Serviced Group shall forward promptly to the Servicer a copy of any written communication received from any Person in relation to any Asset.
		

		
			SECTION 6.06.    Ratification.  WEST and each other Person within the Serviced Group hereby ratifies and confirms, and agrees to ratify and confirm, any action the Servicer takes or refrains from taking in accordance with this Agreement, the Indenture and the Related Documents in the exercise of any of the powers or authorities conferred upon the Servicer pursuant to the terms of this Agreement and the Indenture.
		

		
			SECTION 6.07.    Execution, Amendment, Modification or Termination of Asset Documents.
		

		
			(a)        If (i) any agreement, instrument or other document becomes an Asset Document or any Asset Document shall have been amended, modified or terminated and (ii) the Servicer was not substantially involved in the preparation and execution of such new, amended, modified or terminated agreement, instrument or other document, WEST shall deliver written notice thereof to the Servicer together with (A) in the case of any newly executed Asset Document, a true and complete copy of such Asset Document, a list of all Assets to which it relates and a description, in reasonable detail, of the relevance of such Asset Document to such Assets or (B) in the case of any amendment, modification or termination of an Asset Document, a true and complete copy of any related agreement, instrument or other document.
		

		
			(b)        WEST shall promptly deliver to the Servicer a complete copy of the Indenture.
		

		
			(c)        At all times, WEST shall promptly notify the Servicer of the name, identity and contact details of the Controlling Trustees and of any changes thereto and any other relevant information relating to such Controlling Trustees reasonably requested by the Servicer.
		

		
			SECTION 6.08.    Accounts and Cash Arrangements of the Serviced Group.  At all times, WEST shall promptly notify the Servicer of any New Account established by or on behalf of any Person within the Serviced Group or otherwise relating to the Assets and of any Existing Account relating to any aircraft or Aircraft Engine that becomes an Asset after the date of this Agreement and of the closing of any such account in any case not established or closed by the Servicer.
		

		
			SECTION 6.09.    Notification of Bankruptcy.  If any Person within the Serviced Group shall take any action to:
		

		
			(a)        file any petition or application, commence any proceeding, pass any resolution or convene a meeting with respect to itself or any of its Affiliates under any United States federal, state or foreign or international law relating to the appointment of a trustee in bankruptcy, liquidator, examiner, assignee, custodian, trustee, sequestrator or receiver with respect to any Person within the Serviced Group or over the whole or any part of any properties or assets of any
		

		
			
		

		
			

		 

		

			8

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			Person within the Serviced Group or any bankruptcy, reorganization, compromise arrangements or insolvency of any Person within the Serviced Group; or
		

		
			(b)        make an assignment for the benefit of its creditors generally;
		

		
			then WEST shall notify the Servicer, to the extent practicable, of the taking of any such action.  If any Person within the Serviced Group becomes aware of the intent or action of any Person (whether a creditor or member of any Person within the Serviced Group) to appoint a trustee in bankruptcy, liquidator, examiner, custodian, sequestrator or receiver, WEST shall promptly notify the Servicer.
		

		
			SECTION 6.10.    Further Assurances.  Each Person within the Serviced Group agrees that at any time and from time to time upon the written request of the Servicer, it will execute and deliver such further documents and do such further acts and things as the Servicer may reasonably request in order to effect the purposes of this Agreement.
		

		
			SECTION 6.11.    Covenants.  Each Person within the Serviced Group covenants with the Servicer that it will conduct its business such that it is a separate and readily identifiable business from, and independent of, the Servicer and any of its Affiliates (it being understood that the financial statements of any Person within the Serviced Group may be consolidated or combined with those of the Servicer or any of its Affiliates, if to do so is required by any Applicable Law or GAAP and that the tax returns of any Person within the Serviced Group may be consolidated with those of the Servicer and any of its Affiliates in accordance with applicable United States or foreign tax laws) and further covenant that, during the term of this Agreement:
		

		
			(a)        it will observe all corporate formalities necessary to remain a legal entity separate and distinct from, and independent of, the Servicer and any of its subsidiaries;
		

		
			(b)        it will maintain its assets and liabilities separate and distinct from those of the Servicer;
		

		
			(c)        it will maintain records, books, accounts and minutes separate from those of the Servicer;
		

		
			(d)        it will pay its obligations in the ordinary course of its business as a legal entity separate from the Servicer;
		

		
			(e)        it will keep its funds separate and distinct from any funds of the Servicer, and it will receive, deposit, withdraw and disburse such funds separately from any funds of the Servicer;
		

		
			(f)        it will conduct its business in its own name, and not in the name of the Servicer;
		

		
			(g)        it will not agree to pay or become liable for any debt of the Servicer, other than to make payments in the form of indemnity as required by the express terms of this Agreement;
		

		
			(h)        it will not hold out that it is a division of the Servicer, or that the Servicer is a division of it;
		

		
			
		

		
			

		 

		

			9

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(i)         it will not induce any third party to rely on the creditworthiness of the Servicer in order that such third party will be induced to contract with it;
		

		
			(j)         it will not enter into any transaction between it and the Servicer that is as a whole materially more favorable to either party than a transaction that the parties would have been able to enter into at such time on an arm’s-length basis with a non-affiliated third party, other than any Related Document in effect on the Initial Closing Date (it being understood that the parties hereto do not intend by this covenant to ratify any self-dealing transaction); and
		

		
			(k)        it will observe all material corporate or other procedures required under Applicable Law and under its organizational documents.
		

		
			SECTION 6.12.    Limitation of Obligation.  Notwithstanding anything to the contrary in Section 4.01(b) and 6.07, the Servicer shall have no obligation with respect to any agreement, instrument or document that becomes an Asset Document, or any such amendment, modification or termination, until the date that a copy of the agreement, instrument or document constituting such Asset Document, or setting forth the terms of such amendment, modification or termination, is received by the Servicer.
		

		
			SECTION 6.13.    New Issuer Subsidiaries.  WEST hereby undertakes to procure that any Issuer Subsidiary formed or acquired after the date hereof shall execute a Serviced Group Member Supplement.  Such Serviced Group Member Supplement shall specify the notice information for such Issuer Subsidiary and an executed version thereof shall be promptly delivered to each of the parties hereto.
		

		
			ARTICLE 7
		

		
			 
		

		
			RESPONSIBILITY OF SERVICED GROUP;
		

		
			 BUDGETS; DIRECTIONS
		

		
			SECTION 7.01.    Responsibility of Serviced Group.  Notwithstanding the appointment of the Servicer to perform the Services and the related delegation of authority and responsibility to the Servicer pursuant to this Agreement, each Person within the Serviced Group shall remain responsible for all matters related to its business, operations, assets and liabilities.
		

		
			SECTION 7.02.    Instructions by WEST.  WEST may at any time, other than following the delivery of a Default Notice pursuant to Section 4.02 of the Indenture (that has not been withdrawn or rescinded), in which case the Indenture Trustee may, direct the Servicer to limit or terminate any action being taken by it under this Agreement or to take any action authorized or contemplated by this Agreement (including sale or disposal of any Asset) or the applicable Lease and the Servicer shall use commercially reasonable efforts to comply with such directions.
		

		
			SECTION 7.03.    Request for Authority.  If the Servicer wishes to take or approve any action which it is not authorized under this Agreement to take or approve, it shall request authority from WEST to take or approve the action.
		

		
			
		

		
			

		 

		

			10

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SECTION 7.04.    Overall Business Objectives with Respect to Asset.  The Servicer will perform the Services with a view towards maximizing the present value of the cash flows over the life of the Assets from leasing and re-leasing or selling or otherwise disposing of Assets, taking into account the then-existing and anticipated market conditions affecting the operating leasing of used aircraft and Aircraft Engines and the commercial aviation industry generally and any restrictions within the Indenture.
		

		
			SECTION 7.05.    Operating Budget; Asset Expenses Budget.
		

		
			(a)        WEST, on its own behalf and on behalf of each other Person in the Serviced Group, shall adopt with respect to the period from the Initial Closing Date through December 31, 2018 (the “Initial Period”) and, thereafter, each one Year period during the term of this Agreement (a “One Year Period”):
		

		
			(A)       an operating budget with respect to the Assets (an “Operating Budget”); and
		

		
			(B)       a budget with respect to Asset Expenses related to the Assets (an “Asset Expenses Budget”).
		

		
			The initial Operating Budget and the initial Asset Expenses Budget for the Initial Period (together, the “Initial Budgets”) shall be adopted by each Person within the Serviced Group by the Initial Closing Date in substantially the form attached hereto as Exhibit A.  The Operating Budget and Asset Expenses Budget for each One Year Period during the term of this Agreement shall be adopted by each Person within the Serviced Group in accordance with Section 7.05(c).  The Servicer shall, in the course of providing the Services hereunder, use reasonable efforts to achieve the Initial Budgets during the Initial Period and to achieve the Operating Budget and the Asset Expenses Budgets for and during each One Year Period.  The Initial Budgets and the Operating Budgets and Asset Expenses Budgets are collectively referred to herein as the “Budgets.”
		

		
			(b)        To assist the Administrative Agent in the preparation and review of a proposed Operating Budget and a proposed Asset Expenses Budget for each One Year Period, the Servicer shall provide the Administrative Agent, by the November 1 immediately preceding such One Year Period, information in a form to be agreed from time to time relating to (i) lease rates, (ii) utilization rate, (iii) expected technical expenditures (including any costs to be capitalized) relating to the Assets, (iv) planned sales, (v) costs relating to insurance, legal, consulting and other similar expenses, including anticipated litigation expenses and (vi) such other information related to Asset Expenses as may be requested by the Administrative Agent for purposes of the preparation and review of such budgets, in each case including the assumptions relating thereto.
		

		
			(c)        Based on the information provided by the Servicer to the Administrative Agent in accordance with Section 7.05(b), the Administrative Agent shall prepare and deliver to the Servicer and WEST by the November 30 immediately preceding each One Year Period, a proposed Operating Budget and Asset Expenses Budget for such One Year Period, together with reasonably detailed supporting information and the assumptions underlying such proposed Operating Budget and Asset Expenses Budget.
		

		
			
		

		
			

		 

		

			11

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(d)        Following the receipt by the Servicer and WEST of the proposed Operating Budget and Asset Expenses Budget for a One Year Period as provided in Section 7.05(c), the Servicer and the Administrative Agent, on behalf of each Person within the Serviced Group, shall consult with each other to agree on a final Operating Budget and a final Asset Expenses Budget for such One Year Period, and taking into account such consultation, WEST shall approve and deliver to the Servicer, by the December 20 immediately preceding the commencement of each One Year Period, a final Operating Budget and Asset Expenses Budget for such One Year Period.
		

		
			(e)        If at any time the Servicer reasonably believes that an incurrence of Asset Expenses is reasonably likely to cause actual aggregate Asset Expenses in the Initial Period or any One Year Period, as the case may be, to exceed 125% of the budgeted amount of aggregate Asset Expenses for such period as set forth in the applicable Budget, the Servicer shall not incur such Asset Expense without prior approval by WEST, and such excess payment and approval thereof shall be reported in the Annual Report for the relevant Initial Period or One Year Period, as the case may be.
		

		
			SECTION 7.06.    Transaction Approval Requirements.
		

		
			(a)        The Servicer shall not do any of the following without the express prior written approval of WEST:
		

		
			(i)         Except as required in accordance with the terms of any Lease or any other agreement with the Lessee or an Acquisition Agreement, and in any event in accordance with the terms and conditions of the Related Documents, sell (or enter into any commitment or agreement to sell) or otherwise transfer or dispose of any Asset (excluding any sale or exchange of spare parts or ancillary equipment or devices furnished therewith) forming part of the Assets; provided, however, that, the Servicer may transfer title or another interest in an Asset, or cause an Asset to be subject to a Lease:
		

		
			(A)       to or in favor of a trust or an entity for the purpose of addressing tax, regulatory or other objectives under the laws of an applicable jurisdiction so long as a Person in the Serviced Group retains the beneficial or economic ownership of such Asset;
		

		
			(B)       from such trust or entity to a Person within the Serviced Group or
		

		
			(C)       within or among the Persons in the same Issuer Group without limitation (provided that a Person in such Issuer Group retains the beneficial or economic ownership of such Asset and related Lease);
		

		
			provided further that, unless the Servicer has been notified in writing that an Event of Default has occurred (or has been notified in writing that such Event of Default has been waived or has otherwise ceased to exist), the Servicer may enter into Part-Out Agreements, agreements for the leasing of engines and components or for the swapping of engines, if determined by the Servicer in good faith to be in the best interests of maximizing returns in respect of such Asset, subject always to the limitations on parting-out and consignments set forth in the Indenture.
		

		
			
		

		
			

		 

		

			12

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(ii)       Enter into any new Lease (or any renewal or extension of an existing Lease or other agreement with a Lessee) of any Asset if the Lease does not comply with the requirements of the Indenture or amend any existing Lease in a manner that does not comply with the requirements of the Indenture.
		

		
			(iii)      Unless provided for in the then applicable Budgets,  enter into any contract for the modification or maintenance of any Asset if the costs to be incurred thereunder by the relevant Person within the Serviced Group are not economically justifiable in light of then current and reasonably anticipated market conditions for used aircraft and Aircraft Engines.
		

		
			(iv)       Subject to Section 4.02(e) of Schedule 2.02(a), enter into on behalf of any Person within the Serviced Group, any capital commitment or confirm any order or commitment to acquire, or acquire on behalf of any Person within the Serviced Group,  aircraft or Aircraft Engines, except that the Servicer may enter into any such capital commitment or order or commitment to acquire a Replacement Asset or spare parts for an Asset so long as the same is provided for in the then applicable Budgets.
		

		
			(v)        Issue any guarantee on behalf of, or otherwise pledge the credit of any Person within the Serviced Group, other than any guarantee of any Subsidiary obligation by WEST.
		

		
			(vi)       Unless permitted by any other provision of this Section 7.06, enter into any agreement for services to be provided in respect of Assets by third parties the cost of which is to be borne by each Person within the Serviced Group, except in each case (A) to the extent that the same is an Asset Expense provided for in the then applicable Budgets, or (B) for third party service providers (including legal counsel) that would be used by the Servicer in the ordinary course of the Servicer’s business.
		

		
			(vii)     Incur on behalf of any Person within the Serviced Group any liability (actual or contingent) or cause any such liability (actual or contingent) to be incurred, except for a liability (A) contemplated in the then applicable Budgets, (B) pursuant to a transaction of a type which is subject to another Transaction Approval Requirement which Transaction Approval Requirement is satisfied or is otherwise authorized by such Transaction Approval Requirement or (C) incurred in the ordinary course of the business of each Person within the Serviced Group.
		

		
			(b)        Any transaction entered into by the Servicer on behalf of each Person within the Serviced Group shall be on an arm’s-length basis and on market terms, provided that any transaction approved by the Controlling Trustees shall be deemed to satisfy this clause (b).
		

		
			(c)        The actions specified in clauses (a)(i) and (a)(iv) of this Section 7.06 must be approved by a majority of the Controlling Trustees, including the Independent Controlling Trustee.
		

		
			(d)        The transaction approval requirements (the “Transaction Approval Requirements”) set forth in clauses (i) through (vii) of Section 7.06(a) may only be amended by
		

		
			
		

		
			

		 

		

			13

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			mutual agreement of the parties hereto and with the written consent of the Indenture Trustee (acting at the direction of the Controlling Party), and shall not in any event be amended to reduce or circumscribe the delegation to the Servicer of the level of autonomy, authority and responsibility contemplated by the Transaction Approval Requirements with respect to the performance of the Services.  The Servicer shall provide notice to the Indenture Trustee of any amendment to the Transaction Approval Requirements for inclusion of such notice by the Indenture Trustee in the next Annual Report.
		

		
			ARTICLE 8
		

		
			 
		

		
			EFFECTIVENESS
		

		
			SECTION 8.01.    Effectiveness.
		

		
			(a)        The effectiveness of this Agreement and all obligations of the parties hereunder shall be conditioned upon satisfaction (or waiver by the appropriate party) of the conditions set forth in Schedule 8.01.
		

		
			(b)        The effectiveness of this Agreement with respect to any Issuer Subsidiary which executes and delivers a Serviced Group Member Supplement shall be conditioned upon the execution thereof in acknowledgement and agreement by WEST and the Servicer and the satisfaction (or waiver by the appropriate party) of the conditions set forth in Schedule 8.01 applicable to such Issuer Subsidiary.  Such Serviced Group Member Supplement shall be effective without the need for any other party hereto to execute such Serviced Group Member Supplement in acknowledgement and agreement.
		

		
			ARTICLE 9
		

		
			 
		

		
			SERVICING FEES; EXPENSES
		

		
			SECTION 9.01.    Servicing Fees.  In consideration of the Servicer’s performance of the Services, WEST shall pay to the Servicer on a monthly basis pursuant to Section 3.09 of the Indenture servicing fees consisting of the fees set forth in (i) Section 9.02 comprising the Senior Rent Based Fees and the Subordinated Rent Based Fees (collectively, the “Rent Based Fees”) and (ii) Section 9.03  (the “Disposition Fee”, and together with the Rent Based Fees, the “Servicing Fees”).
		

		
			SECTION 9.02.    Rent Based Fee.  A Rent Based Fee shall be paid by WEST to the Servicer on a monthly basis pursuant to Section 3.09 of the Indenture in the amount equal to:
		

		
			(a)        8.0% of the aggregate rent actually received for any month (or portion of a month) in which any Person within the Serviced Group owns the related Assets (the “Senior Rent Based Fees”); and
		

		
			(b)        3.5% of the aggregate rent actually received for any month (or portion of a month) in which any Person within the Serviced Group owns the related Assets (the “Subordinated Rent Based Fees”).
		

		
			
		

		
			

		 

		

			14

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SECTION 9.03.    Disposition Fee.  A Disposition Fee shall be paid by WEST to the Servicer with respect to each Asset Disposition (other than (a) an Asset Disposition referred to in clauses (ii) or (iii) of Section 5.02(p) of the Indenture or (b) an Asset Disposition referred to in clause (iv) of Section 5.02(p) if (x) the purchaser in such Asset Disposition is the Servicer or is an Affiliate of the Servicer or (y) the payment of a Disposition Fee in connection with an Asset Disposition referred to in clause (iv) of Section 5.02(p) would result in there being insufficient amounts available to pay the Outstanding Principal Balance of the Notes in full), in an amount equal to the product of (i) 3.0% and (ii) the Net Sale Proceeds in respect of such Asset Disposition (such Net Sale Proceeds to be calculated without deducting the amount of the Disposition Fee).
		

		
			SECTION 9.04.    Expenses.
		

		
			(a)        The Servicer shall be responsible for, and shall not be entitled to reimbursement for, the Servicer’s overhead expenses (“Overhead Expenses”) which shall include all expenses other than Asset Expenses, including:
		

		
			(i)         salary, bonuses, company cars and benefits of the Servicer’s employees;
		

		
			(ii)       office, office equipment and rental expenses other than office and office equipment rental expense charged by independent advisors retained by the Servicer with respect to the Assets;
		

		
			(iii)      telecommunications expenses; and
		

		
			(iv)       taxes on the income, receipts, profits, gains, net worth or franchise of the Servicer and payroll, employment and social security taxes for employees of the Servicer.
		

		
			(b)        Each Person within the Serviced Group shall be responsible for all costs and expenses relating to or associated with the Assets other than Overhead Expenses (“Asset Expenses”).
		

		
			ARTICLE 10
		

		
			 
		

		
			TERM; RIGHT TO TERMINATE; CONSEQUENCES OF TERMINATION; SURVIVAL
		

		
			SECTION 10.01.  Term.  This Agreement shall expire on the later of (i) the date of payment in full of all amounts outstanding to be paid under the Notes (and other similar obligations issued under the Indenture or other debt instrument or otherwise secured under the Security Trust Agreement), and of all amounts outstanding to be paid to the holders of the Beneficial Interest Certificates and (ii) the date on which neither WEST nor any Subsidiary shall own or lease any Asset.
		

		
			SECTION 10.02.  Right to Terminate.
		

		
			(a)        At any time during the term of this Agreement, the Servicer shall in accordance with Section 10.02(c) be entitled to terminate this Agreement if:
		

		
			
		

		
			

		 

		

			15

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(i)         all of the Notes and other obligations of WEST secured under the Security Trust Agreement are repaid or defeased in full in accordance with the terms of the Indenture or other applicable agreement evidencing such obligation; or
		

		
			(ii)       all of the Assets of each Person within the Serviced Group are sold and there are no Notes outstanding.
		

		
			(b)        At any time during the term of this Agreement, WEST or the Controlling Party shall in accordance with Section 10.02(c) be entitled to terminate this Agreement if:
		

		
			(i)         Servicer shall fail to perform or observe, or cause to be performed or observed, any covenant or agreement which failure materially and adversely affects  the rights of WEST;
		

		
			(ii)       any representation or warranty made by the Servicer in this Agreement proves to have been untrue or incorrect in any material and adverse respect when made;
		

		
			(iii)      the Servicer shall cease or has notified WEST that it intends to cease to be engaged in the Aircraft Engine leasing business or, for so long as there are any Assets that are Airframes, the aircraft leasing business;
		

		
			(iv)       either (A) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking relief in respect of the Servicer or in respect of a substantial part of the property or assets of the Servicer, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership, examinership or similar law, and such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered, or (B) the Servicer shall go into liquidation, suffer a receiver or mortgagee to take possession of all or substantially all of its assets or have an examiner appointed over it or if a petition or proceeding is presented for any of the foregoing and not discharged within sixty (60) days;
		

		
			(v)        the Servicer shall (A) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. federal or state or foreign bankruptcy, insolvency, receivership, examinership or similar law, (B) consent to the institution of, or fail within sixty (60) days to contest the filing of, any petition described in clause 10.02(b)(v) above, (C) file an answer admitting the material allegations of a petition filed against it in any such proceeding described in clause 10.02(b)(v) above or (D) make a general assignment for the benefit of its creditors; and
		

		
			(vi)       there shall have occurred and be continuing an Event of Default under Section 4.01(a) of the Indenture that has occurred and is continuing in respect of the payment of interest (other than Step-Up Interest Amount) on the Senior Series due to an insufficiency of funds in the Collections Account on the relevant date:  (A) when no
		

		
			
		

		
			

		 

		

			16

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			amount is available for drawing under the Initial Liquidity Facility, and (B) which Event of Default shall have continued unremedied by the Issuer for 60 days.
		

		
			(c)        (i)        The Servicer, WEST or the Controlling Party (the “Terminating Party”) may, at any time during the term of this Agreement, subject to the terms of this Article 10 by written notice (“Termination Notice”) to WEST and the Indenture Trustee, in the case of the Servicer, or to the Servicer, in the case of WEST or the Controlling Party, with a copy to the Rating Agencies (the “Notice Recipients”), set forth its determination to terminate this Agreement pursuant to clause (a) of this Section 10.02 (in the case of the Servicer) or clause (b) of this Section 10.02 (in the case of WEST or the Controlling Party); provided,  however, that this Agreement shall not terminate until and unless a Replacement Servicer shall have been appointed and shall have accepted such appointment in accordance with Section 10.03;  provided further that failure by the Terminating Party to provide such Termination Notice shall not affect such party’s rights under Section 10.02(a) or Section 10.02(b), as the case may be.  Any Termination Notice shall set forth in reasonable detail the basis for such termination.
		

		
			(ii)       If the Termination Notice is provided by WEST or the Controlling Party to the Servicer based on an event described in Section 10.02(b)(i) or (b)(ii) (each a “Curable Termination Event”), then no later than the fifth Business Day following the delivery of the Termination Notice (the “Effectiveness Date”), the Servicer shall advise WEST or the Controlling Party, as applicable, in writing whether the Servicer (A) intends to cure the basis for such Termination Notice and, if so, the action the Servicer intends to take to effectuate such cure or (B) does not intend to cure the basis for such Termination Notice (it being understood that failure of the Servicer to deliver such written advice by such day shall be deemed to constitute notice that it does not intend to cure the basis for termination).  In the event (x) that the Servicer notifies (or is deemed to have notified) WEST or the Controlling Party, as applicable, that it does not intend to cure the basis for such termination, and (y) of a Termination Notice from (I) the Servicer based on any event described in Section 10.02(a) or (II) WEST or the Controlling Party based on any event described in Section 10.02(b) other than a Curable Termination Event, then this Agreement shall terminate, subject to Section 10.03(c)(ii), immediately or on such later date that WEST or the Controlling Party, as applicable, shall have indicated in the Termination Notice.  In the event that the Servicer notifies WEST or the Controlling Party, as applicable, by the applicable Effectiveness Day that it intends to cure the basis for any Curable Termination Event, then the Servicer shall (1) have ninety (90) days from such Effectiveness Date to effectuate such cure to the satisfaction of WEST or the Controlling Party, as applicable, or (2) if such cure cannot reasonably be expected to be effectuated within a 90-day period, (x) demonstrate to the satisfaction of WEST or the Controlling Party, as applicable, that substantial progress is being made toward the effectuation of such cure and (y) effectuate such cure to the reasonable satisfaction of WEST or the Controlling Party, as applicable, no later than the one hundred twentieth day following such Effectiveness Date.  Upon the failure of the Servicer to effectuate a cure in accordance with the immediately preceding sentence, this Agreement shall terminate on the latest of (I) the day immediately following the expiration of such 90 or 120-day period, as the case may be, (II) such later date as shall be indicated in the Termination Notice and (III) the date on which a Replacement Servicer has been engaged
		

		
			
		

		
			

		 

		

			17

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			to perform the Services with respect to the Assets and has accepted such appointment in accordance with the provisions of Section 10.03(c).
		

		
			(d)        The Servicer and WEST acknowledge and agree that the Independent Controlling Trustee of WEST has been authorized by WEST to exercise all rights and powers of WEST under this Agreement, including the right to deliver a Termination Notice on behalf of WEST and to exercise all rights of WEST under Section 10.03 upon the expiration or termination of this Agreement.  The Servicer shall provide at all times (upon reasonable notice) WEST with access to the books and records of the Servicer relating to the Assets and the Leases and to the Asset Documents and shall provide electronic copies of its records relating to the operation and maintenance of the Assets, the performance of the Lessees under the Leases and such other matters as WEST shall reasonably request.
		

		
			SECTION 10.03.  Consequences of Termination.
		

		
			(a)        (i)        Upon the expiration or termination of this Agreement in accordance with this Article 10, the Servicer will promptly forward to WEST any notices, reports and communications received by it from any relevant Lessee after the termination or expiration of this Agreement or the removal of the Servicer.
		

		
			(ii)       WEST will notify promptly each relevant Lessee and any relevant third party of the termination of the Servicer under this Agreement or expiration of this Agreement in relation to any of the Assets and will request that all such notices, reports and communications from such third parties thereafter be made or given directly to the Replacement Servicer.
		

		
			(b)        A termination or expiration in relation to any or all Assets shall not affect the respective rights and liabilities of either party accrued prior to such termination or expiration in respect of any prior breaches hereof or otherwise.
		

		
			(c)        (i)        Notwithstanding the occurrence of an event described in Section 10.02(b), the Servicer shall continue to perform its duties under the Servicing Agreement until a Replacement Servicer has been appointed and has accepted such appointment.  It is understood and agreed that the Independent Controlling Trustee shall have the right to appoint a Replacement Servicer on behalf of WEST upon the termination of this Agreement.  In the event that a Replacement Servicer has not been appointed within ninety (90) days after any termination of this Agreement or resignation by the Servicer, the Indenture Trustee may, and acting at the direction of the Controlling Party, shall, petition any court of competent jurisdiction for the appointment of a Replacement Servicer.
		

		
			(ii)       Upon the expiration or termination of this Agreement in accordance with this Article 10, or upon the removal of the Servicer by WEST or the Controlling Party, the Servicer will cooperate (A) in the case of expiration, with any Replacement Servicer or (B) in the case of termination or removal, the Replacement Servicer, including providing to the Replacement Servicer all information, documents and records relating to the Assets.
		

		
			
		

		
			

		 

		

			18

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(d)        Upon the termination of this Agreement in accordance with this Article 10, WEST shall pay the Servicing Fees then accrued to the Servicer from amounts available therefor under Section 3.09 of the Indenture.  WEST shall continue to pay the Servicing Fees to the Servicer until a Replacement Servicer shall have been appointed and shall have accepted such appointment in accordance with the provisions of Section 10.03(c) and such appointment has become effective.  Upon any resignation or termination of the Servicer in accordance with the terms of this Agreement, such resigning or terminated Servicer shall not be entitled to receive any Servicing Fee accruing on or after the effective date of such termination or resignation.
		

		
			(e)        Upon the termination of this Agreement in accordance with this Article 10, the removal of the Servicer with respect to the performance of the Services for any Asset or the expiration of this Agreement, the Servicer shall promptly return the originals within its possession of all applicable Asset Documents and other documents related to the Assets to WEST and, in addition to its obligation to cooperate with the Replacement Servicer, shall provide access to other documentation and information relating to the business of each Person within the Serviced Group (and, to the extent practicable, copies thereof) within its possession as is reasonably necessary to the conduct of the business of each Person within the Serviced Group.
		

		
			(f)        Upon the expiration or termination of this Agreement in accordance with this Article 10, the parties shall, subject to Section 10.04 and Section 10.03(b), be relieved of any obligations hereunder.
		

		
			SECTION 10.04.  Survival.  Notwithstanding any termination or the expiration of this Agreement, the provisions of Section 3.03,  Section 3.04,  Section 10.03,  Section 10.04,  Article 11,  Section 13.09,  Section 13.10 and Section 13.11 shall survive such termination or expiration, as the case may be.
		

		
			ARTICLE 11
		

		
			 
		

		
			INDEMNIFICATION
		

		
			SECTION 11.01.  Indemnity.
		

		
			(a)        Each Person within the Serviced Group (excluding any Asset Trustee) do hereby assume liability for, and do hereby agree to indemnify, reimburse and hold harmless on an After-Tax Basis, the Servicer from any and all Losses, to the extent that the Losses exceed recoveries under insurance policies maintained by WEST or the Servicer, that arise (A) as a result of the Servicer’s performance of any of its obligations as Servicer, and (B) as a result of any action which the Servicer is requested to take or requested to refrain from taking by WEST; provided that such indemnity shall not extend to (i) any Loss which arises as a result of the willful misconduct, negligence or fraud of the Servicer, (ii) any Loss which results from a material breach by the Servicer of the express terms and conditions of this Agreement, (iii) any Loss arising as a result of any material misstatement or omissions in any public filing or offering memorandum relating to written information on the Assets and the Servicer provided by the Servicer for disclosure in such public filing or offering memorandum, (iv) any Loss arising from the violation by Servicer of the Standards of Liability, (v) any Tax imposed on net income by the revenue authorities of the United States or the State of California in respect of any payment by
		

		
			
		

		
			

		 

		

			19

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			any Person within the Serviced Group to the Servicer due to the performance of the Services, or (vi) any Taxes imposed on net income of the Servicer by any Government Authority other than the revenue authorities of the United States or the State of California to the extent such Taxes would not have been imposed in the absence of any connection of the Servicer with such jurisdiction imposing such Taxes other than any connection that results from the performance by the Servicer of its obligations under this Agreement.
		

		
			(b)        Each Person within the Serviced Group acknowledge and agree that amounts payable to or for the benefit of the Servicer under Section 11.01 shall constitute Expenses (subject to the limitation set forth in such definition on indemnification amounts payable to Service Providers).
		

		
			(c)        The Servicer agrees to give WEST prompt notice of any action, claim, demand, discovery of fact, proceeding or suit for which the Servicer intends to assert a right to indemnification under this Agreement; provided, however, that failure to give such notification shall not affect the Servicer’s entitlement to indemnification under this Section 11.01 unless and only to the extent such failure results in actual material prejudice to any Person within the Serviced Grup with respect to the action, claim, demand, discovery of fact, proceeding or suit for which a right of indemnification is asserted.
		

		
			(d)        For the avoidance of doubt, all payments owed to the Servicer pursuant to this Article 11 shall be paid from amounts available therefor under Section 3.09 of the Indenture and any recoveries pursuant to insurance policies maintained by WEST or the Servicer in respect of such amounts (after payment of such amounts to the Servicer) shall be deposited in the Collections Account.
		

		
			(e)        The Servicer does hereby assume liability for, and does hereby agree to indemnify, reimburse and hold harmless on an After-Tax Basis, each Person within the Serviced Group from any and all Losses, to the extent that the Losses exceed recoveries under insurance policies maintained by WEST or the Servicer, that arise (A) as a result of the willful misconduct, negligence or fraud of the Servicer, (B) any Loss which results from a material breach by the Servicer of the express terms and conditions of this Agreement, (C) any Loss arising as a result of any material misstatement or omissions in any public filing or offering memorandum relating to written information on the Assets and the Servicer provided by the Servicer for disclosure in such public filing or offering memorandum, (D) any Loss arising from the violation by Servicer of the Standards of Liability; provided that, notwithstanding anything to the contrary contained in this Agreement, the maximum amount of indemnifiable Losses which may be recovered from the Servicer arising out of or resulting from the causes enumerated in this Section 11.01(e) shall be an amount equal to the sum of the Servicing Fees actually received by the Servicer.
		

		
			SECTION 11.02.  Procedures for Defense of Claims.
		

		
			(a)        If a Third Party Claim is made against the Servicer, the Servicer shall promptly notify WEST of such claim, and the Servicer or WEST (as agreed between them) will undertake the defense thereof.  The failure to notify WEST promptly shall not relieve it of its obligations under this Article 11 unless such failure results in actual material prejudice to any Person within
		

		
			
		

		
			

		 

		

			20

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			the Serviced Group with respect to the action, claim, demand, discovery of fact, proceeding or suit for which a right of indemnification is asserted.
		

		
			(b)        If agreed and accepted by WEST and the Servicer, WEST shall within thirty (30) days undertake the conduct and control, through counsel of its own choosing and at the sole risk and expense of each Person within the Serviced Group, of the good faith settlement or defense of such claim, and the Servicer shall cooperate fully with WEST in connection therewith; provided that (i) at all times the Servicer shall be entitled to participate in such settlement or defense through counsel chosen by it, and the fees and expenses of such counsel shall be borne by the Servicer, and (ii) no Person within the Serviced Group shall be entitled to settle such claims unless it shall have confirmed in writing the obligation of such Person to indemnify the Servicer for the liability asserted in such claim.
		

		
			(c)        So long as WEST is reasonably contesting any such claim in good faith, the Servicer shall fully cooperate with WEST in the defense of such claim as reasonably required by WEST, and WEST shall reimburse the Servicer for reasonable out-of-pocket expenses incurred in connection with such cooperation.  Such cooperation shall include the retention and the provision of records and information which are reasonably relevant to such Third Party Claim and the availability on a mutually convenient basis of directors, officers and employees to provide additional information.  The Servicer shall not settle or compromise any claim without the written consent of WEST unless the Servicer agrees in writing to forego any and all claims for indemnification from each Person within the Serviced Group with respect to such claims.
		

		
			SECTION 11.03.  Reimbursement of Costs.  The costs and expenses, including fees and disbursements of counsel (except as provided in Section 11.02(b)(i)) and expenses of investigation, incurred by the Servicer in connection with any Third Party Claim, shall be reimbursed on each Payment Date by WEST upon the submission of evidence reasonably satisfactory to WEST that such expenses have been incurred in the preceding month, without prejudice to WEST’s right to contest the Servicer’s right to indemnification and subject to refund in the event that each Person within the Serviced Group are ultimately held not to be obligated to indemnify the Servicer.
		

		
			ARTICLE 12
		

		
			 
		

		
			ASSIGNMENT AND DELEGATION
		

		
			SECTION 12.01.  Assignment and Delegation.
		

		
			(a)        No party to this Agreement shall assign or delegate this Agreement or all or any part of its rights or obligations hereunder to any Person without the prior written consent of each of the other parties; provided, however, the foregoing provisions on assignment and delegation shall not limit the ability of the Servicer to contract with any Person, including any of its Affiliates, for Services in respect of Assets in accordance with Section 2.01(c) so long as the Servicer remains primarily liable for the performance of such Services; provided,  further, that (x) the Servicer may assign substantially all of its obligations under this Agreement (subject to a Rating Agency Confirmation) so long as it will remain primarily liable for the performance of
		

		
			
		

		
			

		 

		

			21

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			such obligations and (y) WEST may assign its rights hereunder to the Indenture Trustee pursuant to the Security Trust Agreement.
		

		
			(b)        Without limiting the foregoing, any Person who shall become a successor (excluding any collateral assignment and any third party providers) by assignment or otherwise of any Person within the Serviced Group or the Servicer (or any of their respective successors) in accordance with this Section 12.01 shall be required as a condition to the effectiveness of any such assignment or other arrangement to become a party to this Agreement.
		

		
			ARTICLE 13
		

		
			 
		

		
			MISCELLANEOUS
		

		
			SECTION 13.01.  Reasonable Efforts.  In this Agreement the term “reasonable efforts” shall mean reasonable efforts under the commercial circumstances at the time.
		

		
			SECTION 13.02.  Notices.  All notices, demands, certificates, requests, directions, instructions and communications hereunder shall be in writing and in English and shall be effective (i) 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 (ii) one Business Day after delivery to an overnight courier, or (iii) on the date personally delivered to an authorized officer of the party to which sent, or (iv) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows (or as set forth in the Indenture):
		

		
			(a)        If to any Person within the Serviced Group, to:
		

		
			Willis Engine Structured Trust IV
c/o Wilmington Trust Company
Rodney Square North
Wilmington, Delaware 19890
Attention:  Corporate Trust Administrator 
Fax:  (301) 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
		

		
			(b)        If to the Servicer or the Administrative Agent, to:
		

		
			Willis Lease Finance Corporation
773 San Marin Drive
		

		
			
		

		
			

		 

		

			22

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

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

		
			(c)        If to the Indenture Trustee, to:
		

		
			Deutsche Bank Trust Company Americas
Trust and Agency Services
60 Wall Street, 16th Floor
MS NYC 60-1625
New York, New York 10005
USA
		

		
			Attention:        Asset Backed Securities, WES17A
Facsimile:        +1 (212) 553-2458
		

		
			with a copy to:
		

		
			Deutsche Bank Trust Company Americas 
c/o Deutsche Bank National Trust Company
Trust and Agency Services
100 Plaza One, 6th Floor
Mail Stop: JCY03-0699
Jersey City, NJ 07311-3901
USA
		

		
			Attention:        Asset Backed Securities, WES17A – Michele H.Y. Voon
Facsimile:        +1 (212) 553-2458
Email:              michele.hy.voon@db.com
		

		
			or to such other address as any party hereto shall from time to time designate in writing to the other parties.
		

		
			In connection with the performance of their respective duties hereunder, each party may give notices, consents, directions, approvals, instructions and requests to, and otherwise communicate with, each other using electronic means, including email transmission to such email addresses as each such party shall designate to the other parties, and, if by electronic means to the Indenture Trustee, unless otherwise agreed by the applicable parties, delivered as a .PDF (Portable Document Format) or other attachment to email including a manual authorized signature on such attached notice, consent, direction, approval, instruction, request or other communication
		

		
			SECTION 13.03.  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
		

		
			
		

		
			

		 

		

			23

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			YORK GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.
		

		
			SECTION 13.04.  Jurisdiction.  Each of the parties hereto agrees that the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, 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 such New York State or, to the extent permitted by law, such U.S. federal court 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 in such New York State or U.S. federal court may be served on it by being delivered in connection with any such suit, action or proceeding directly to its address determined for such party pursuant to Section 13.02 or in the applicable Serviced Group Member Supplement or, in the case of any Serviced Group Member who does not have a place of business in the United States, (a) in the case of each such Serviced Group Member other than WEST party to this Agreement on the date hereof, to Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, NY 10036 as process agent thereof and (b) to the Person named as the process agent of such party (each such process agent, a “Process Agent”) in such Serviced Group Member Supplement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.  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 13.05.  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 13.06.  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.  Each of the Indenture Trustee and the holders of the Notes are express third party beneficiaries of this Agreement, and, as such, the Indenture Trustee or the Controlling Party acting on behalf of the holders of the Notes (subject to the terms and conditions of the Indenture) shall have full power and authority to enforce the provisions of this Agreement against the parties hereto.  No provision of this Agreement is intended to confer any rights or remedies hereunder upon any Person other than the Indenture Trustee and any holders of the Notes and the parties hereto.
		

		
			SECTION 13.07.  Entire Agreement.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior
		

		
			
		

		
			

		 

		

			24

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

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			agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement.
		

		
			SECTION 13.08.  Power of Attorney.  Each Person within the Serviced Group shall appoint the Servicer and its successors, and its permitted designees and assigns, as their true and lawful attorney-in-fact.  All Services to be performed and actions to be taken by the Servicer pursuant to this Agreement shall be performed for and on behalf of each Person within the Serviced Group.  The Servicer shall be entitled to seek and obtain from each Person within the Serviced Group a power of attorney in respect of the execution of any specific action as the Servicer deems appropriate.
		

		
			SECTION 13.09.  Restrictions on Disclosure.  The Servicer agrees that it shall not, prior to the termination or expiration of this Agreement or within three (3) years after such termination or expiration, disclose to any Person any confidential or proprietary information, whether of a technical, financial, commercial or other nature, received directly or indirectly from any Person within the Serviced Group regarding the business of each Person within the Serviced Group or the Assets, except as authorized in writing by WEST, and except:
		

		
			(a)        to representatives of the Servicer and any of its Affiliates in furtherance of the purpose of this Agreement provided that any such representatives shall have agreed to be bound by the restrictions on disclosure set forth in this Section 13.09;
		

		
			(b)        to the extent required by Applicable Law or by judicial or administrative process, but in the event of proposed disclosure, the Servicer shall seek the assistance of WEST to protect information in which WEST has an interest to the maximum extent achievable;
		

		
			(c)        to the extent that the information:
		

		
			(i)         was generally available in the public domain;
		

		
			(ii)       was lawfully obtained from a source under no obligation of confidentiality, directly or indirectly, to any Person within the Serviced Group;
		

		
			(iii)      was disclosed to the general public with the approval of any Person within the Serviced Group;
		

		
			(iv)       was in the files, records or knowledge of the Servicer or any of the Servicer’s Affiliates prior to initial disclosure thereof to the Servicer or any of the Servicer’s Affiliates by any Person within the Serviced Group;
		

		
			(v)        was provided by any Person within the Serviced Group to the Servicer or any of the Servicer’s Affiliates without any express written (or, to the extent such information was provided in an oral communication, oral) restriction on use of or access to such information, and such information would not reasonably be expected to be confidential, proprietary or otherwise privileged; or
		

		
			(vi)       was developed independently by the Servicer or any of the Servicer’s Affiliates; and
		

		
			
		

		
			

		 

		

			25

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(d)        is reasonably deemed necessary by the Servicer to protect and enforce its rights and remedies under this Agreement; provided,  however, that in such an event the Servicer shall act in a manner reasonably designed to prevent disclosure of such confidential information; and provided, further, that prior to disclosure of such information, the Servicer shall inform each Person within the Serviced Group of such disclosure.
		

		
			SECTION 13.10.  Rights of Setoff.  To the extent permitted by Applicable Law, the Servicer hereby waives any right it may have under Applicable Law to exercise any rights of setoff with respect to any assets it holds owned by, or money or monies it owes to, any Person within the Serviced Group pursuant to and in accordance with the terms and conditions of this Agreement.
		

		
			SECTION 13.11.  Nonpetition.  During the term of this Agreement and for one year and one day after payment in full of the Notes, none of the parties hereto or any Affiliate thereof will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency, examinership or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law against any Person within the Serviced Group thereof.
		

		
			SECTION 13.12.  Severability.  If any term or provision of this Agreement or the performance thereof shall to any extent be or become invalid or unenforceable, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provisions of this Agreement, and this Agreement shall continue to be valid and enforceable to the fullest extent permitted by law.
		

		
			SECTION 13.13.  Amendments.  This Agreement may not be terminated, amended, supplemented, waived or modified, except by an instrument in writing signed by WEST and the Servicer; provided that WEST may only terminate, amend, supplement, waive or modify this Agreement in accordance with Section 5.02(a) of the Indenture.  No failure or delay of any party in exercising any power or right thereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
		

		
			SECTION 13.14.  Asset Trustee Liability.  It is understood and agreed that each Asset Trustee that becomes a party to this Agreement pursuant to a Serviced Group Member Supplement does so solely in its capacity as owner trustee under the relevant Asset Trust Agreement and that such Asset Trustee 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 the such Asset 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 Estate” (as or howsoever defined in the relevant Asset Trust Agreement).
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			

		 

		

			26

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

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			IN WITNESS WHEREOF, this Agreement has been duly executed on the date first written above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILLIS ENGINE STRUCTURED TRUST IV

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ Brian R. Hole

				
	
					
						 

					
					
						Name:

					
					
						 Brian R. Hole

				
	
					
						 

					
					
						Title:

					
					
						 Controlling Trustee

				

		
			 
		

		
			
		

		
			

		 

		

			- Signature Page -

		

		

			Servicing Agreement

		

		

			WEST IV

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WEST IV ENGINES (IRELAND) LIMITED

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Daniel Coulcher

				
	
					
						 

					
					
						Name:

					
					
						Daniel Coulcher

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			
		

		
			

		 

		

			- Signature Page -

		

		

			Servicing Agreement

		

		

			WEST IV

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

			
					
						 

					
					
						WILLIS LEASE FINANCE CORPORATION,
as Servicer and Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dean M. Poulakidas

				
	
					
						 

					
					
						Name:

					
					
						Dean M. Poulakidas

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President
General Counsel

				

		
			 
		

		
			 
		

		
			

		 

		

			- Signature Page -

		

		

			Servicing Agreement

		

		

			WEST IV

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			APPENDIX A
		

		
			 
		

		
			DEFINITIONS
		

		
			“Administrative Agent Event of Default” means the occurrence of one of the events set forth in Section 8.02(d) of the Administrative Agency Agreement.
		

		
			“After-Tax Basis” means on a basis such that any payment received, deemed to have been received or receivable by any Person shall, if necessary, be supplemented by a further payment to that Person so that the sum of the two payments shall, after deduction of all U.S. federal, state, local or foreign Taxes and other charges resulting from the receipt (actual or constructive) or accrual of such payments imposed by or under any U.S.  federal, state, local or other foreign law or Governmental Authority (after taking into account any current deduction to which such Person shall be entitled with respect to the amount that gave rise to the underlying payment), be equal to the payment received, deemed to have been received or receivable.
		

		
			“Agreement” has the meaning assigned to such term in the preamble hereof.
		

		
			“Asset Documents” means all Leases and related documents and other contracts and agreements of any Person within the Serviced Group the terms of which relate to or affect any of the Assets.
		

		
			“Asset Expenses” has the meaning assigned to such term in Section 9.04(b)(i) of this Agreement.
		

		
			“Asset Expenses Budget” has the meaning assigned to such term in Section 7.05(a)(B) of this Agreement.
		

		
			“Assets” means all Airframes and Engines and related lease interests owned by any Person within the Serviced Group as of the Initial Closing Date or, in the case of any Asset acquired by any Person within the Serviced Group after the Initial Closing Date, including any Replacement Assets, as of the applicable Delivery Date; provided, however, that Assets shall not include any Asset (x) that shall have ceased to be an Asset pursuant to this Agreement, or (y) in respect of which the Servicer, WEST or the Noteholders shall have terminated the Servicer’s obligation to provide Services in accordance with Article 10 of this Agreement.
		

		
			“Assigned Leases” has the meaning assigned to such term in Section 2.01 of the Security Trust Agreement.
		

		
			“Bank Accounts” has the meaning assigned to such term in Section 6.01(b) of Schedule 2.02(a) to this Agreement.
		

		
			“Board”, with respect to any Person, means the board of directors, board of managers or board of trustees, as applicable, of such Person.
		

		
			“Budgets” has the meaning assigned to such term in Section 7.05(a) of this Agreement.
		

		
			
		

		
			

		 

		

			30

		

		

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			“Cape Town Convention” means the Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment, concluded in Cape Town on 16 November 2001.
		

		
			“Consolidated Interest” shall mean with respect to Willis and its Subsidiaries as of the last day of any fiscal period, the sum of all interest, fees, charges and related expenses (in each case as such expenses are calculated according to GAAP) paid or payable (without duplication) for that fiscal period to a lender in connection with borrowed money (including net payment obligations pursuant to Interest Rate Protection Agreements and any obligations for fees, charges and related expenses payable to the issuer of any letter of credit) or the deferred purchase price of assets that are considered “interest expense” under GAAP; provided that “Consolidated Interest” shall not include any gains or losses resulting from changes in the fair market value of derivative instruments (within the meaning of SFAS 133).
		

		
			“EBITDA” means, with respect to any fiscal period for Willis, the sum of (a) Net Income for that period, plus (b) any extraordinary loss reflected in such Net Income, minus (c) any extraordinary gain reflected in such Net Income, plus (d) interest expense of Willis and its Subsidiaries for that period, including net payment obligations pursuant to Interest Rate Protection Agreements plus (e) the aggregate amount of federal and state taxes on or measured by income of Willis and its Subsidiaries for that period (whether or not payable during that period), minus (f) the aggregate amount of federal and state credits against taxes on or measured by income of such Willis and its Subsidiaries for that period (whether or not usable during that period), plus (g) depreciation and amortization of Willis and its Subsidiaries for that period and any write-downs of aircraft or Aircraft Engines owned by Willis and its Subsidiaries, in each case as determined in accordance with GAAP, consistently applied; provided that “EBITDA” shall not include any gains or losses resulting from changes in the fair market value of derivative instruments (within the meaning of SFAS 133).
		

		
			“Effectiveness Date” has the meaning assigned to such term in Section 10.02(c)(ii) of this Agreement.
		

		
			“Existing Accounts” has the meaning assigned to such term in Section 6.01(a) of Schedule 2.02(a) to this Agreement.
		

		
			“Fiscal Quarter” means any of the quarterly accounting periods of Willis, specifically ending March 31, June 30, September 30, and December 31 of each year.
		

		
			“Forecast” has the meaning assigned to such term in Section 8.01(c) of Schedule 2.02(a) to this Agreement.
		

		
			“Generally Accepted Accounting Principles” or “GAAP” means generally accepted accounting principles as in effect from time to time in the United States, consistently applied, provided that if GAAP shall change from the basis used by Willis in calculating EBITDA on or before the date of this Agreement, EBITDA shall be calculated based upon GAAP as in effect on the date of this Agreement.
		

		
			
		

		
			

		 

		

			31

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			“Governmental Authority” means any court, administrative agency or commission or other governmental agency or instrumentality (or any officer or representative thereof) domestic, foreign or international, of competent jurisdiction including the European Union.
		

		
			“Indenture” means the Trust Indenture dated as of the Initial Closing Date, among, inter alia, WEST and the Indenture Trustee, and each successor indenture, if any, thereto.
		

		
			“Initial Budgets” has the meaning assigned to such term in Section 7.05(a) of this Agreement.
		

		
			“Initial Period” has the meaning assigned to such term in Section 7.05(a) of this Agreement.
		

		
			“Interest Rate Protection Agreement” means a written agreement providing for “swap“, “cap“, “collar” or other interest rate protection with respect to any Indebtedness.
		

		
			“International Interest” has the meaning given to such term in the Cape Town Convention.
		

		
			“International Registry” means the registry established pursuant to the Cape Town Convention.
		

		
			“Loss” means any and all damage, loss, liability and expense (including reasonable legal fees, expenses and related charges and costs of investigation); provided, however, that the term “Loss” shall not include any indemnified party’s management time or overhead expenses or any income taxes payable in respect of fees paid or payable.
		

		
			“Monthly Payment Period” has the meaning assigned to such term in Section 6.02(a) of Schedule 2.02(a) to this Agreement.
		

		
			“Net Income” means, with respect to any fiscal period, the consolidated net income (or loss) of Willis and its Subsidiaries attributable to common shareholders for that period (after taxes), determined in accordance with GAAP, consistently applied, provided that “Net Income” shall not take into account gains or losses resulting from changes in the fair market value of derivative instruments (within the meaning of SFAS 133).
		

		
			“New Accounts” has the meaning assigned to such term in Section 6.01(b) of Schedule 2.02(a) to this Agreement.
		

		
			“Notes Offering” has the meaning assigned to such term in Section 5.05 of this Agreement.
		

		
			“Notice Recipients” has the meaning assigned to such term in Section 10.02(c)(i) of this Agreement.
		

		
			“Officer’s Certificate” means, as to any trust, a certificate of a trustee or an officer of the trustee of such trust; and as to any other Person, a certificate of an officer, director or manager of such Person.
		

		
			
		

		
			

		 

		

			32

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			“One Year Period” has the meaning assigned to such term in Section 7.05(a) of this Agreement.
		

		
			“Operating Budget” has the meaning assigned to such term in Section 7.05(a)(A) of this Agreement.
		

		
			“Other Assets” has the meaning assigned to such term in Section 3.02(a) of this Agreement.
		

		
			“Overhead Expenses” has the meaning assigned to such term in Section 9.04(a) of this Agreement.
		

		
			“Prospective International Interest” has the meaning given to such term in the Cape Town Convention.
		

		
			“Rent Based Fee” has the meaning assigned to such term in Section 9.01 of this Agreement.
		

		
			“Replacement Servicer” means a replacement servicer to perform some or all of the Services under this Agreement formerly performed by the Servicer, which is appointed in accordance with Section 10.03(c) of this Agreement.
		

		
			“Security Trust Agreement” means the Security Trust Agreement dated as of the Initial Closing Date among, inter alios, WEST, the Security Trustee and the other parties thereto.
		

		
			“Serviced Group Member Supplement” means an agreement substantially in the form of Exhibit B to the Servicing Agreement.
		

		
			“Servicer Conflicts Standard” has the meaning assigned to such terms in Section 3.02(b) of this Agreement.
		

		
			“Standard of Care” has the meaning assigned to such term in Section 3.01 of this Agreement.
		

		
			“Serviced Group” means WEST and each Issuer Subsidiary that is a signatory to this Agreement or becomes a party to the Servicing Agreement from time to time pursuant to a Serviced Group Member Supplement (but only for so long as such Issuer Subsidiary remains a party hereto).
		

		
			“Servicer Report” means a report that the Servicer is required to provide to WEST pursuant to Sections 8.01 and 8.02 of Schedule 2.02(a) to this Agreement.
		

		
			“Servicer Termination Event” means any event listed in Section 10.02(b).
		

		
			“Services” has the meaning assigned to such term in Section 2.02(a) of this Agreement.
		

		
			“Servicing Fees” has the meaning assigned to such term in Section 9.01 of this Agreement.
		

		
			
		

		
			

		 

		

			33

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			“SFAS 133” means the Statement of Financial Account Standards 133, as issued by the Financial Accounting Standards Board.
		

		
			“Standard of Liability” has the meaning assigned to such term in Section 3.03 of this Agreement.
		

		
			“Termination Notice” has the meaning assigned to such term in Section 10.02(c)(i) of this Agreement.
		

		
			“Third Party Claim” means a claim by a third party arising out of a matter for which an indemnified party is entitled to be indemnified pursuant to Article 11 of this Agreement.
		

		
			“Transaction Approval Requirements” has the meaning assigned to such term in Section 7.06(d) of this Agreement.
		

		
			“WEST” has the meaning assigned to such term in the preamble to this Agreement.
		

		
			“WEST’s broker” has the meaning assigned to such term in Section 1.03(i) of Schedule 2.02(a) to this Agreement.
		

		
			“WEST Liabilities” means any obligations or liabilities of each Person within the Serviced Group (whether accrued, absolute, contingent, unasserted, known or unknown or otherwise).
		

		
			“Year” means each twelve month period commencing on January 1 and ending on December 31.
		

		
			 
		

		
			
		

		
			

		 

		

			34

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SCHEDULE 2.02(a)
		

		
			 
		

		
			ASSET SERVICES
		

		
			This Schedule 2.02(a) is a part of, and shall be incorporated into the Servicing Agreement.  The provision of the Services set forth in this Schedule 2.02(a) will be subject in all cases to such approval as may be required or such limitations as may be imposed pursuant to Section 7.06 of the Servicing Agreement to which this Schedule 2.02(a) is attached (the “Agreement”) and the provisions of this Schedule 2.02(a) shall be deemed to be so qualified.
		

		
			Unless otherwise defined herein, all capitalized terms used in this Schedule 2.02(a) have the meanings assigned to such terms in the Indenture.
		

		
			ARTICLE 1
		

		
			 
		

		
			LEASE SERVICES
		

		
			SECTION 1.01.    Collections and Disbursements.  In connection with each Lease of an Asset under which any Person within the Serviced Group is the lessor, the Servicer will:
		

		
			(a)        invoice the Lessee (if contemplated by the applicable Lease) or otherwise arrange, on behalf of such Person, for all payments due from the Lessee, including Rental Payments, late payment charges and any payments in respect of Taxes and other payments (including technical, engineering, transportation, insurance and other charges) due under the relevant Lease, direct the Lessee to make such payments to such accounts as are required pursuant to the Indenture and take reasonable steps to enforce the rights and remedies of the Lessor under the Lease in the event of a nonpayment by the relevant due date;
		

		
			(b)        review from time to time, as deemed necessary by the Servicer, the level of Usage Fees and other amounts payable under a Lease (to the extent that such Usage Fees and other amounts may be adjusted under the Lease) and propose to the relevant Lessee or make such adjustments to the Usage Fees and other amounts as are required or that the terms of the relevant Lease and practices that the Servicer believes are prevalent in the aircraft or Aircraft Engine operating lease market, as applicable;
		

		
			(c)        maintain appropriate records regarding payments under the Leases;
		

		
			(d)        subject to the terms of any applicable Asset Document, take such actions as are necessary to apply any payment of any type received from any Lessee on a basis consistent with the terms of such Asset Document, including at the direction of such Lessee to the extent authorized by such Asset Document or as otherwise reasonably determined by the Servicer, and, to the extent that any such payments are made to an account other than the account to which such payment should have been directed pursuant to such terms or direction, to take such further actions as are necessary to give effect to such terms or direction, as applicable; and
		

		
			(e)        provide or arrange for the safekeeping and recording of any letters of credit, guarantees or other credit support (other than cash and cash equivalents) held as part of security deposits or Usage Fees and the timely renewal or drawing on or disbursement thereof as
		

		
			
		

		
			

		 

		

			35

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			provided under the applicable Asset Document or otherwise in accordance with Section 1.06 of this Schedule 2.02(a).
		

		
			SECTION 1.02.    Maintenance.  The Servicer will perform the following technical services relating to the maintenance of the Assets:
		

		
			(a)        Monitor or arrange for the monitoring of, by technical consultants selected by the Servicer, the performance of maintenance obligations by Lessees under all Leases relating to the Assets by including the Assets in the Servicer’s technical audit program (which shall include, if deemed necessary based on the reasonable determination of the Servicer, inspection of each Asset and maintenance of a record of all written reports generated in connection with such inspections) consistent with practices employed from time to time by the Servicer and its Affiliates with respect to their own aircraft and Aircraft Engines;
		

		
			(b)        Monitor and document the monthly usage of each Asset reported by the Lessee in accordance with the Asset Documents and provide a combined report of such usage to WEST, if requested;
		

		
			(c)        [reserved];
		

		
			(d)        In connection with a termination or expiration of a Lease of an Asset under which any Person within the Serviced Group is the lessor:
		

		
			(i)         arrange for the appropriate technical inspection of such Asset for the purpose of determining if the re-delivery conditions under the Lease have been satisfied;
		

		
			(ii)       maintain a record of the return acceptance certificate and related written materials normally received and retained or generated by the Servicer in connection with such inspection and provide reasonable access to such certificates and written materials to the relevant Person within the Serviced Group;
		

		
			(iii)      on the basis of the final inspection and available records, determine whether the Lessee has complied with the return condition and maintenance requirements of the applicable Lease;
		

		
			(iv)       (A)  determine whether the Lessee has satisfied the re-delivery conditions applicable to the Asset specified in the Lease and negotiate any modifications, repairs, refurbishments, inspections or overhauls to or compromises of such conditions that the Servicer deems reasonably necessary or appropriate, (B) negotiate and agree on any financial payment due from the Lessee or from the Lessor under the terms of the Lease; (C) determine the application of any available security deposits, Usage Fees or other payments under the Lease and (D) maintain a record of the satisfaction of such conditions and accept redelivery of the Asset; and
		

		
			(v)        determine the need for and procure any maintenance or refurbishment of the Asset upon redelivery, including compliance with applicable airworthiness directives, service bulletins and other modifications in all cases which the Servicer may deem
		

		
			
		

		
			

		 

		

			36

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			reasonably necessary or appropriate for the marketing of the Asset consistent with its own practice with respect to its own aircraft and Aircraft Engines;
		

		
			(e)        Consider and, to the extent the Servicer deems reasonably necessary or appropriate, approve any Lessee-originated modification (including, any such modification in compliance with applicable airworthiness directives, service bulletins and other modifications specified by an aircraft or an Aircraft Engine manufacturer) to any Asset submitted by any Lessee:
		

		
			(i)         to the extent authorized by the terms of the relevant Lease; or
		

		
			(ii)       which the Servicer reasonably determines would not result in a material diminution in value of the Asset;
		

		
			(f)        Estimate the amount (if any) WEST is obliged to contribute pursuant to the provisions of a Lease (taking into account the amount of Usage Fees available with respect to such Lease and the receivables position of the related Lessee) to maintenance work performed, the cost of complying with any modification requirements, airworthiness directives and similar requirements;
		

		
			(g)        Arrange appropriate storage and any required on-going maintenance of any Asset, at the expense of WEST, following termination of a Lease or any re-lease and redelivery of the Asset thereunder and prior to delivery of such Asset to a new lessee or purchaser, consistent with the Servicer’s own practice with respect to its own aircraft and Aircraft Engines; and
		

		
			(h)        Determine the aggregate amount of the Maintenance and Modification Expenses that are due and payable on each Payment Date or reasonably expected by the Servicer to become due and payable before the next succeeding Payment Date and the Projected Maintenance Costs (as defined in the Indenture) for such Payment Date and the next five succeeding Payment Dates.  The Servicer shall adjust the Maintenance Required Amount for each successive Payment Date, taking into account additional information as to actual and Projected Maintenance Costs and may re-allocate the accrual of Projected Maintenance Costs among such Payment Date and the next five succeeding Payment Dates.
		

		
			The Servicer shall generally provide the technical/maintenance advisory services set forth in this Section 1.02 of this Schedule 2.02(a) through the use of its own staff, consistent with the Servicer’s own practice with respect to its own aircraft and Aircraft Engines; provided that it shall utilize third parties to provide such technical/maintenance services where it shall deem appropriate as its own expense with regard to its normal business practices.
		

		
			SECTION 1.03.    Insurance.  (a) The Servicer will provide the following insurance services:
		

		
			(i)         assist WEST in the appointment of an independent insurance broker to act for WEST (“WEST’s broker”), which broker may also be the broker to the Servicer;
		

		
			(ii)       negotiate the insurance provisions of any proposed Lease or other agreement affecting any of the Assets, with such provisions to include such minimum
		

		
			
		

		
			

		 

		

			37

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			coverage amounts with respect to hull and liability insurance as are consistent with the Servicer’s commercially reasonable practice with respect to its own aircraft and Aircraft Engines with any differences in such amounts to be notified to WEST by the Servicer;
		

		
			(iii)      monitor the performance of the obligations of Lessees relating to insurance under Leases of any Assets and ensure that appropriate evidence of insurance exists with respect to any Asset and insurance and evidence of insurance is appropriately provided by maintenance facilities providing maintenance work on such Asset paid for by the Servicer;
		

		
			(iv)       to the extent hull and liability insurance is not maintained by any Lessee, assist in arranging, through WEST’s broker, a group aviation insurance program covering the Assets (it being understood that any savings resulting from a group policy covering both Assets and Other Assets shall be shared pro rata based on the Adjusted Appraised Value of the Assets and the net book value of the Other Assets, as determined on a basis consistent with the determination of Adjusted Appraised Value), with such minimum coverage amounts with respect to hull and liability insurance as are consistent with the Servicer’s commercially reasonable practice with respect to its own aircraft and Aircraft Engines with any differences in such amounts to be notified in writing to WEST and the Indenture Trustee by the Servicer;
		

		
			(v)        arrange, through WEST’s broker, at the expense and written direction of WEST, such political risk insurance for Assets habitually based or registered in those countries in a list to be determined from time to time by WEST and such other insurance related thereto from the sources and with such minimum coverage amounts with respect to hull insurance as are consistent with the Servicer’s commercially reasonable practice with respect to its own aircraft and Aircraft Engines with any differences in such amounts and the amounts set forth in Section 5.03(f) of the Indenture to be notified to WEST by the Servicer;
		

		
			(vi)       the Servicer will maintain at all times through WEST’s broker, at the direction and expense of WEST, contingent insurance coverage, with such minimum coverage amounts with respect to hull and liability insurance as are set forth in  Section 5.03(f) of the Indenture, except as notified to WEST by the Servicer;
		

		
			(vii)     advise WEST of any settlement offers received by the Servicer from a Lessee or its insurer with respect to any claim of damage or loss, including a Total Loss, of an Asset and provide WEST with copies of all relevant documentation related thereto and such other additional information and advice from the Lessee’s or the insurer’s agents, brokers or adjusters as WEST may reasonably request; and
		

		
			(viii)    unless WEST notifies the Servicer within five (5) Business Days after WEST is advised of any settlement offer in accordance with clause (vii) that WEST will itself negotiate the settlement offer, the Servicer shall be authorized to accept or continue to negotiate such settlement offer or such advisement and, upon acceptance of a settlement offer, to forward to WEST’s broker the appropriate documentation, including releases and any indemnities required in connection with such releases, to give effect to such settlement offer and procure the execution of such documentation by WEST;
		

		
			
		

		
			

		 

		

			38

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			provided, however, that, in each case where insurance is to be obtained by the Servicer through WEST’s broker, such insurance is reasonably available in the relevant insurance market using reasonable sourcing techniques consistent with the techniques for the Servicer’s then current practice for obtaining such insurance.  Any decision or action implemented by or on behalf of WEST as a result of the insurance services provided by the Servicer is solely the decision of WEST.  The foregoing provisions shall apply to any arrangements in which Persons other than Lessees have possession of, or insurance responsibility for, an Asset.
		

		
			(b)        The Servicer shall provide to WEST such periodic reports regarding insurance matters relating to the Assets as the Servicer shall generate internally or deliver to WEST’s broker from time to time or as WEST shall request.
		

		
			(c)        All insurance provided under this Section 1.03 shall include a provision naming the Indenture Trustee as, in the case of property insurance, loss payee and, in the case of liability insurance, additional insured.  The Servicer shall use commercially reasonable efforts to continue to have the Indenture Trustee named as an additional insured on all liability insurance of the purchaser of any Asset for a period of two years following the disposition of such Asset.  All insurance provided under this Section 1.03 shall indicate that (x) the proceeds are payable to the Indenture Trustee notwithstanding any action, inaction or breach of representation or warranty by the insured, (y) there shall be no recourse against any Noteholder or the Indenture Trustee for payment of premiums or other amounts with respect to such insurance, and (z) at least 30 days’ prior written notice of cancellation, lapse or material change in coverage be given to the Indenture Trustee by the insurer and that the Indenture Trustee or the Noteholders shall have the right to pay any unpaid premium thereunder.  As soon as available (but not later than the related Delivery Date or renewal or replacement dates), the Servicer shall provide WEST and the Indenture Trustee to a certificate of insurance consistent with the requirements of this Section 1.03.
		

		
			Notwithstanding this Section 1.03 or any other provision of this Agreement, the Servicer shall not provide, and shall not be required to provide, under any term of this Agreement or otherwise, any service that may be considered to be the carrying on of “insurance mediation” in Ireland for the purposes of the Irish European Communities (Insurance Mediation) Regulations 2005, as same may be amended or replaced from time to time.  For the avoidance of doubt, “insurance mediation” means any activity involved in proposing or undertaking preparatory work for entering into insurance contracts, or of assisting in the administration and performance of insurance contracts that have been entered into (including dealing with claims under insurance contracts).
		

		
			SECTION 1.04.    Administration.  The Servicer is authorized to and shall administer each Lease in accordance with its terms and as otherwise specifically addressed herein.
		

		
			SECTION 1.05.    Necessary Filings.  On or about the time when any Person within the Serviced Group enters into a Future Lease, the Servicer shall make the necessary filings, if any, and obtain the necessary opinions, if any, required by Section 3.06 of the Security Trust Agreement.
		

		
			
		

		
			

		 

		

			39

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SECTION 1.06.    Enforcement.  The Servicer is authorized to and shall take reasonable steps to enforce the rights and remedies of the Lessor under each Lease and under any agreements ancillary thereto delivered by WEST to the Servicer (including any guarantees of the obligations of the Lessee) in order to cause the Lessee and any other party (other than the Servicer or WEST) under such Lease to perform their respective obligations owed to the Lessor by such Lessee and such other parties under such Lease and under such ancillary agreements.  Following any default by a Lessee under the applicable Lease, the Servicer will provide notice thereof to the Controlling Trustees and will take all steps as it deems reasonably necessary or appropriate to preserve and enforce the rights of the Lessor under the applicable Lease and the Security Trustee, including entering into negotiations with such Lessee with respect to the restructuring of such Lease or declaration of an event of default under the applicable Lease, drawing on or making disbursement or application of any security deposits, Usage Fees or any letters of credit, guarantees or other credit support thereunder, voluntary or involuntary termination of the Lease and repossession of the Asset that is the subject of the Lease, and pursuing such legal action with respect thereto as the Servicer deems reasonably necessary or appropriate.  The Servicer shall be authorized to apply any security deposit available under a Lease, if provided therefor in the Lease or permitted by Applicable Law, to the obligations of the Lessee under such Lease and to direct the Indenture Trustee to transfer or liquidate the relevant security deposit for such purpose.
		

		
			SECTION 1.07.    Lease Modifications.  (a) The Servicer shall be authorized to make such amendments and modifications to any Lease as it shall deem reasonably necessary or appropriate; provided, however, that such amendment or modification shall require the approval of WEST pursuant to Section 7.06 of the Agreement if the provisions of such amendment or modification, were they to be included in a new Lease to be entered into after the date hereof, would, on their own, cause the entering into of such new Lease to require the approval of WEST pursuant to Section 7.06(a)(ii) of the Agreement.  Such amendments or modifications may be made without regard to whether there is a default by the Lessee or other party under or with respect to any such Lease.
		

		
			(b)        The Servicer may waive overdue interest due from any Lessee under any Lease on any default in payment of rent, Usage Fees or other amounts due thereunder.
		

		
			SECTION 1.08.    Options and Other Rights.
		

		
			(a)        The Servicer shall take such action as it shall deem reasonably necessary or appropriate with respect to the exercise by any Lessee of any option or right affecting any Asset according to the terms of the related Asset Document; and
		

		
			(b)        The Servicer is authorized to take such action as it shall deem reasonably necessary or appropriate with the approval of WEST if so required by Section 7.06 or any other Person in the Serviced Group or, if time is of the essence, without such approval, with respect to the exercise on behalf of any Person within the Serviced Group of any right or option that any Person within the Serviced Group may have with respect to any of the Assets provided that such exercise is in accordance with the terms of the relevant Asset Document.
		

		
			SECTION 1.09.    Lessee Solicitations.  Upon WEST’s request, with respect to the Assets, the Servicer shall on behalf of the Lessor use commercially reasonable efforts to obtain at
		

		
			
		

		
			

		 

		

			40

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			such times as the Servicer shall deem reasonably necessary or as required pursuant to the terms of this Agreement, Lessee consents, novations, assignments, amendments and related documentation (including insurance certificates, title transfer documents, assignment of warranties and legal opinions) and the issue (or reissue) or amendment of letters of credit, guarantees and related documentation.
		

		
			SECTION 1.10.    Other Lease Services.  To the extent not otherwise provided herein, the Servicer shall use commercially reasonable efforts to cause the Lessors to perform their obligations under the Leases.
		

		
			ARTICLE 2
		

		
			 
		

		
			COMPLIANCE WITH COVENANTS
		

		
			SECTION 2.01.    Compliance Generally.  The Servicer shall take such actions as it shall deem reasonably necessary or appropriate to keep each Person within the Serviced Group in compliance with their obligations and covenants under the Indenture solely to the extent that such obligations and covenants specifically relate to the status, insurance, maintenance or operation of the relevant Asset and at the cost of WEST; provided, however, that the foregoing shall only apply to any Indenture covenants that are set forth in full in the copy of the Indenture delivered by WEST to the Servicer and to any amendments, supplements and waivers thereto that are so delivered to the Servicer, in each case certified by WEST to be true, correct and complete.
		

		
			SECTION 2.02.    International Interests.
		

		
			(a)        In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register at the International Registry any International Interest (or Prospective International Interest) provided for under any Lease of an Asset, the Servicer’s sole responsibility in respect thereof shall be to direct the International Registry administrator of the applicable Person within the Serviced Group that is lessor under such Lease to register such International Interest with the International Registry and seek the consent of the Lessee to such registration.
		

		
			(b)        In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register the assignment to the Security Trustee of any International Interest (or Prospective International Interest) provided for under any Lease of an Asset, the Servicer’s sole responsibility in respect thereof shall be to, upon request by the Security Trustee, direct the International Registry administrator of the applicable Person within the Serviced Group that is lessor under such Lease to consent to the registration of the assignment in favor of the Security Trustee of any International Interest (or Prospective International Interest) that has been registered with the International Registry in respect of such Lease and is then held by such lessor, and request the consent of the lessee under such Assigned Lease to such assignment (which consent may be set forth in the Assigned Lease).
		

		
			(c)        In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register any contract of sale with respect to an Asset, the Servicer’s sole responsibility in respect thereof shall be to direct the International Registry
		

		
			
		

		
			

		 

		

			41

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			administrator of the applicable Person within the Serviced Group that is a party to such contract of sale to register such contract of sale with the International Registry and seek the consent of the other party to such contract of sale to such registration.
		

		
			(d)        In connection with the obligation of any Person within the Serviced Group under the Security Trust Agreement to register any International Interest created under a Security Trust Agreement in an Asset, the Servicer’s sole responsibility in respect thereof shall be to, upon request by the Security Trustee, direct the International Registry administrator of the applicable Person within the Serviced Group that is owner of such Asset to consent to the registration in favor of the Security Trustee of such International Interest with the International Registry.
		

		
			SECTION 2.03.    Certain Matters Relating to Concentration Limits.
		

		
			(a)        Concentration Limits Generally.  The Servicer shall comply with the Concentration Limits and shall promptly inform WEST of any proposed transaction that it determines may result in such Concentration Limits being exceeded beyond the Concentration Variance Limits provisions of the Indenture, and WEST shall promptly provide to the Servicer any information that the Servicer may reasonably require in connection with such Concentration Limits in order to comply with the provisions of this Section 2.03 of this Schedule 2.02(a).  The Servicer shall not enter into any such transaction other than pursuant to the terms of Section 2.02(b) above.
		

		
			(b)        Directions to Servicer.  The Servicer shall not enter into any transaction with respect to which it has provided notice pursuant to Section 2.03(a) of this Schedule 2.02(a) until WEST has provided a written certification to the Servicer to the effect that such transaction will not result in any violation of the Concentration Limits (or that such violation has been waived or is curable within the time permitted by the Indenture) and the Servicer shall be entitled to rely upon such certification for all purposes of the Agreement and this Schedule 2.02(a);  provided that if the Servicer has not received such written certification within five (5) Business Days of notification by the Servicer to WEST, the Servicer shall not enter into any such transaction.
		

		
			ARTICLE 3
		

		
			 
		

		
			LEASE MARKETING AND NEGOTIATION
		

		
			SECTION 3.01.    Lease Marketing.  (a) The Servicer shall provide and perform lease marketing services with respect to the Assets and in connection therewith and is authorized to negotiate and enter into any commitment for a Lease of an Asset on behalf of and (through the power of attorney) in the name of the relevant Person within the Serviced Group.
		

		
			(b)        The Servicer shall negotiate any commitment for a Lease of an Asset in a manner consistent with the practices employed by the Servicer with respect to its aircraft and Aircraft Engine operating leasing services business generally and shall use the Pro Forma Lease, on behalf of any Person within the Serviced Group as a starting point in the negotiation of Future Leases, provided that, with respect to any Future Lease entered into in connection with (x) the renewal or extension of a Lease, (y) the leasing of an Asset to a Person that is or was a Lessee under a pre-existing Lease or (z) the leasing of an Asset to a Person that is or was a Lessee under an operating lease of an aircraft or an engine that is being managed or serviced by the Servicer, a
		

		
			
		

		
			

		 

		

			42

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			form of lease substantially similar to such pre-existing Lease or operating lease, as the case may be, may, in lieu of the Pro Forma Lease, be used by it, on behalf of any Person within the Serviced Group as a starting point in the negotiation of such Future Lease.  Subject to Section (c) of this Section 3.01 of this Schedule 2.02(a) and to the approval requirements of Section 7.06 hereof, the Servicer is authorized to execute and deliver binding leases and related agreements on behalf of the relevant Person within the Serviced Group based on the foregoing procedures.  Following the execution and delivery of any Lease with respect to any Asset, the Servicer shall deliver a copy of the executed Lease, together with a copy thereof marked to reflect changes from the Pro Forma Lease or the Precedent Lease, as applicable, to WEST within 25 Business Days of such execution and delivery (it being understood that in any event, such executed (and marked) Leases shall be delivered in such a manner so as not to materially adversely impair WEST’s ability to satisfy its obligations with respect to the Core Lease Provisions of the Indenture.
		

		
			(c)        The Servicer shall be authorized to agree to such changes, additions and deletions in any Pro Forma Lease or Precedent Lease being used as the basis of negotiations with a Lessee for a Future Lease as it shall deem necessary and desirable in the context of such negotiation, provided that the form of the Future Lease, as agreed with a Lessee, shall comply with the Core Lease Provisions of the Indenture.  The Servicer also shall be authorized to make such changes to the Pro Forma Lease as it shall deem necessary or appropriate from time to time to conform to current marketing practices or standards or for any other reason, provided that any such Pro Forma Lease, as so changed, shall comply with the Core Lease Provisions in the Indenture.
		

		
			(d)        The Servicer shall deliver any Asset pursuant to the terms of the documentation of the Lease of such Asset, including upon an extension of such Lease.
		

		
			(e)        The Servicer shall generally provide the marketing services set forth in this Section 3.01 through the use of its own marketing staff where it shall deem appropriate and shall utilize third parties to provide such marketing services where it shall deem appropriate (it being understood that while the obligations set forth in this Section 3.01 are, to the extent possible, generally anticipated to be discharged by the Servicer without resorting to third party service providers, the Servicer retains the flexibility to engage third party service providers as it determines in its sole discretion to be appropriate).
		

		
			ARTICLE 4
		

		
			 
		

		
			PURCHASES AND SALES OF ASSETS
		

		
			SECTION 4.01.    Sales of Assets.  (a) The Servicer shall provide and perform sales services with respect to the Assets at, and on a basis consistent with, the written direction from time to time of WEST, and, in connection therewith, is authorized to enter into any non-binding commitment for a sale of an Asset or any commitment for sale of an Asset subject to WEST approval and in compliance with Section 5.02(p) of the Indenture, in each case on behalf of and (through a power of attorney) in the name of the relevant Person within the Serviced Group;  provided, however, that, except as otherwise required in accordance with the terms of a Lease (including the replacement of an Engine by a Lessee in accordance with the terms of a Lease), the Servicer shall not consummate any sale of any Assets or enter into any binding agreement to
		

		
			
		

		
			

		 

		

			43

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			sell any Assets without obtaining the approval of WEST pursuant to Section 7.06 of the Agreement and in compliance with Section 5.02(p) of the Indenture.
		

		
			(b)        The Servicer shall negotiate documentation of any sale and, subject to Section 4.01(a) of this Schedule 2.02(a) and the approval requirements of Section 7.06 of the Agreement, is authorized to execute and deliver binding agreements on behalf and (through a power of attorney) in the name of the relevant Person within the Serviced Group.
		

		
			(c)        The Servicer shall deliver any Asset pursuant to the terms of the documentation of the sale.
		

		
			SECTION 4.02.    Purchases of Assets and Parts.  (a) The Servicer shall provide and perform services with respect to the purchase of Assets or parts for Airframes and Engines at, and on a basis consistent with, the written direction from time to time of WEST, and, in connection therewith, is authorized to enter into any non-binding commitment for a purchase of an Asset or parts for Airframes and Engines or any commitment for a purchase of an Asset or parts for Airframes and Engines subject to WEST approval and in compliance with Section 5.02(q) of the Indenture, in each case on behalf of and (through a power of attorney) in the name of the relevant Person within the Serviced Group;  provided, however, that, except as otherwise required in accordance with the terms of a Lease (including the replacement of an Engine by a Lessee in accordance with the terms of a Lease) and as otherwise provided in Section 4.02(b) and (c), the Servicer shall not consummate any purchase of any Assets or parts or enter into any binding agreement to purchase any Assets or parts without obtaining the approval of WEST pursuant to Section 7.06 of the Agreement and in compliance with Section 5.02(q) of the Indenture.
		

		
			(b)        Notwithstanding any other provision in Section 7.06 of the Agreement to the contrary, the Servicer shall be permitted to purchase, sell or exchange on behalf of WEST any part or component relating to an Asset or spare parts or ancillary equipment or devices furnished with an Asset at such times and on such terms and conditions as the Servicer deems reasonably necessary or appropriate in connection with its performance of the Services.
		

		
			(c)        Notwithstanding any other provision in Section 7.06 of the Agreement to the contrary, the Servicer shall be permitted to purchase, sell or exchange on behalf of WEST any Asset to the extent authorized by the then applicable Budgets or as part of a Replacement Exchange but in any event in accordance with Section 5.02(p) of the Indenture.
		

		
			(d)        The Servicer shall negotiate documentation of any purchase and, subject to Section 4.02(a) of this Schedule 2.02(a) and the approval requirements of Section 7.06 of the Agreement, is authorized to execute and deliver binding agreements on behalf and (through a power of attorney) in the name of the relevant Person within the Serviced Group.  Any purchase of Assets pursuant to this Section 4.02 may take the form of the purchase of an Asset Trust.
		

		
			(e)        The Servicer shall arrange for the delivery of any Asset being purchased by any Person within the Serviced Group pursuant to the terms of the documentation of the purchase, the Indenture and the Security Trust Agreement.  In connection with any such delivery, the Servicer shall make the necessary filings and obtain the necessary opinions required by Section 3.06 of the Security Trust Agreement.
		

		
			
		

		
			

		 

		

			44

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			ARTICLE 5
		

		
			 
		

		
			MARKET AND OTHER RESEARCH
		

		
			SECTION 5.01.    Appraisals.  From time to time, and not more than annually, WEST may obtain current or projected appraisals of the Assets from any one or more Appraiser and the Servicer shall, upon request, provide such information and assistance relating to such appraisal services with respect to the Assets as shall be reasonably necessary or appropriate in connection with such appraisals.
		

		
			SECTION 5.02.    Regulatory Changes.  The Servicer shall (a) monitor regulatory developments applicable to Aircraft Engines and (so long as there are any Assets that are Airframes, applicable to aircraft) and the Aircraft Engine operating leasing industry and, if applicable, the aircraft operating leasing industry, (b) advise WEST on a timely basis in summary form of such information regarding legal and regulatory material changes and developments with respect to each Asset (which changes or developments occur after the relevant Delivery Date) of which the Servicer has knowledge, but only if the Servicer reasonably determines that such legal or regulatory developments are applicable to the Assets, and (c) take such action as may be necessary or appropriate to comply therewith.
		

		
			SECTION 5.03.    Market Research.  The Servicer shall provide reasonable face to face or telephone access to executives, officers and employees of the Servicer as reasonably requested by WEST in order to confer with such executives, officers and employees regarding the market information of which any such person is aware with respect to commercial aviation demand in terms of traffic growth, new aircraft and Aircraft Engine requirements and other information relevant to the long-term planning of each Person within the Serviced Group with respect to Leases, purchases and sales, market conditions, industry trends and the Assets, provided that the Servicer shall not be obligated to disclose any confidential information.
		

		
			SECTION 5.04.    Lessee Information.  Following WEST’s request therefor, the Servicer shall provide to WEST in summary form such information regarding default history or other material Lessee information of which the Servicer has knowledge.
		

		
			ARTICLE 6
		

		
			 
		

		
			ASSET CASH SERVICES
		

		
			SECTION 6.01.    Accounts and Account Information.
		

		
			(a)        Existing Accounts.  In the event that WEST desires to modify any of the arrangements relating to any of the existing bank accounts related to the Assets (the “Existing Accounts”), WEST shall deliver a certificate to the Servicer specifying in reasonable detail the modifications to be made with respect to any such Existing Accounts and the Servicer shall, to the extent necessary to transfer signing and related authority, cooperate with each Person within the Serviced Group and the relevant banking institution to effect such modifications and shall take such other actions as are incidental thereto in order to give effect to the foregoing.
		

		
			
		

		
			

		 

		

			45

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(b)        New Accounts.  The Servicer shall notify WEST in the event that any new bank account needs to be established on behalf of any Person within the Serviced Group in connection with the execution of a Lease with a new Lessee and WEST shall deliver a certificate to the Servicer specifying in reasonable detail (v) the name and location of the bank at which such account should be established, (w) the name(s) in which such account should be established, (x) the names of the beneficiaries of such account, (y) the names of the Persons authorized to make withdrawals from such account and (z) such other information (including with respect to any security arrangements) as WEST deems appropriate.  The Servicer shall, to the extent necessary to create signing and related authority, cooperate with WEST and the relevant banking institution and take such other actions as are incidental thereto in order to give effect to the foregoing (the “New Accounts” and, together with the Existing Accounts, the “Bank Accounts”).
		

		
			In the event that the Servicer is required to transfer funds from any Bank Account to the account of another Person (other than any Person within the Serviced Group) as provided in Section 1.01(d) of this Schedule 2.02(a), the Servicer shall provide WEST with written notice setting forth the (i) name of the transferor, (ii) name of the transferee, (iii) accounts from and to which funds are to be transferred, (iv) amounts to be transferred and (v) anticipated date of transfer.
		

		
			SECTION 6.02.    Payments.
		

		
			(a)        Anticipated Payments.  For purposes of the calculation of the Required Expense Amount by the Administrative Agent, the Servicer shall deliver to the Administrative Agent, not less than one Business Day prior to each Calculation Date, a written projection of payment obligations for Asset Expenses and a written projection of disbursements of Usage Fees and security deposits in accordance with the terms of any Lease, in each case reasonably anticipated by the Servicer to be necessary to be paid or disbursed in connection with the Servicer’s performance of the Services under the Agreement during the period extending from the Payment Date immediately following such Calculation Date to but not including the next succeeding Payment Date (the “Monthly Payment Period”).  The Servicer shall be authorized to direct the Indenture Trustee in writing to make disbursements from the Expense Account of all Expenses on such projection and of all Usage Fees and security deposits on such projection from time to time during such Monthly Payment Period.
		

		
			(b)        Unanticipated Payments.  During any Monthly Payment Period, the Servicer may request in writing the approval of the Administrative Agent for the Servicer to pay or cause to be paid expenses that had not been reasonably anticipated by the Servicer at the time the projection required to be provided to the Administrative Agent pursuant to Section 6.02(a) of this Schedule 2.02(a) with respect to such Monthly Payment Period was delivered to the Administrative Agent.  Any such request shall specify for each such payment obligation (i) the anticipated date of such payment, (ii) the payee, (iii) the amount of such payment, (iv) the nature of the obligation and (v) the Bank Account from which such payment should be made.  No later than the next Business Day following such request by the Servicer, the Administrative Agent shall notify the Servicer in writing whether such payment request is approved or disapproved.  If approved, the Servicer shall pay or cause such payment to be made to the relevant payee from the funds then available in the relevant account.  In the event that the funds then available in such account are
		

		
			
		

		
			

		 

		

			46

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			insufficient to make any such payment, the Administrative Agent shall take such actions as are necessary to cause funds sufficient to make any such payments to be transferred as soon as practicable from the Collections Account to such account.  Following the transfer of such funds, the Servicer shall pay or cause such payments to be made in accordance with the foregoing provisions.
		

		
			(c)        Delegation of Authority.  The Administrative Agent hereby authorizes the Servicer to make, or cause to be made, payments from the specified Bank Accounts in accordance with the foregoing procedures.  In order to give effect to the foregoing provisions of this Article 6 of this Schedule 2.02(a), the Administrative Agent shall take such other actions as are necessary or appropriate, including by delegation or otherwise, pursuant to the terms of the Administrative Agency Agreement, the Indenture, the agreements between any Person within the Serviced Group and the relevant banking institutions with respect to the Bank Accounts or otherwise, or as the Servicer shall reasonably request, to authorize the Servicer to take such actions with respect to such Bank Accounts as the Administrative Agent determines to be necessary or appropriate as are set forth above.
		

		
			ARTICLE 7
		

		
			 
		

		
			PROFESSIONAL AND OTHER SERVICES
		

		
			SECTION 7.01.    Legal Services.  The Servicer shall provide or procure legal services, in all relevant jurisdictions, on behalf of the relevant Person within the Serviced Group with respect to the lease, sale or financing of the Assets, any amendment or modification of any Lease, the enforcement of the rights of any Person within the Serviced Group under any Lease, any disputes that arise with respect to the Assets or for any other purpose that the Servicer reasonably determines is necessary in connection with the performance of the Services.  The Servicer shall provide such legal services by using its in-house legal staff where it shall deem appropriate and shall authorize outside counsel to provide such legal services where it shall deem appropriate (including litigation) and in accordance with its practices with respect to aircraft and Aircraft Engines owned by it or its Affiliates (other than each Person within the Serviced Group).
		

		
			SECTION 7.02.    Accounting and Tax Services.  The Servicer shall arrange for such accounting and tax services and advice and other professional services (which may be provided by the Servicer’s internal staff, to the extent available) as shall be reasonably necessary or appropriate in connection with the structuring of lease, sale or financing transactions with respect to the Assets or for any other purpose that the Servicer reasonably determines is necessary in connection with the performance of the Services.
		

		
			SECTION 7.03.    Legal Opinions.  The Servicer shall provide or procure the legal opinions required by Section 5.02(s) of the Indenture with respect to Future Leases.
		

		
			ARTICLE 8
		

		
			 
		

		
			INFORMATION; REPORTS; CUSTODY
		

		
			
		

		
			

		 

		

			47

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			SECTION 8.01.    Monthly Reports.  Ten (10) Business Days after the first Business Day of each month (or, to the extent impracticable, promptly thereafter), the Servicer shall provide to WEST:
		

		
			(a)        A written report of (i) the leasing, sales and purchasing activities that were completed during the preceding month, which shall include a summary of the principal financial terms related to any new or amended lease transactions, including floating rate and fixed Rental Payments and, in the case of floating rate Rental Payments, the index applicable thereto (attaching a copy of the factual portions of the applicable transaction overview, if any), and (ii) any default notices issued, in each case with respect to the Assets, in such detail as WEST may request from time to time.
		

		
			(b)        A detailed statement of the cash receipts and disbursements with respect to the Assets for the preceding month in such details as WEST may request from time to time.
		

		
			(c)        A detailed statement of certain expected cash disbursements in respect of technical and other leasing expenditures, overheads and Usage Fees expenditures on a monthly basis for three months (a “Forecast”) (it being understood that any such Forecast may be based upon historical cash flow patterns), in such detail as WEST and the Servicer may agree from time to time.
		

		
			(d)        A detailed statement of receivables (including details, if any, of any set-offs among Lessee receivables, Usage Fees and security deposits) analyzed by Lessee and by region for each account balance outstanding (including with respect to restructured Leases), categorized by number of days outstanding, in such detail as WEST may request from time to time.
		

		
			(e)        A report on all pending and potential litigation (with respect to which the Servicer has received written notice of threatening litigation, which, in the reasonable judgment of the Servicer, is material) involving any Asset of which the Servicer has written notice.
		

		
			(f)        Such other information as may required pursuant to Section 2.14 of the Indenture.
		

		
			SECTION 8.02.    Other Information.  (a) To the extent the Servicer is in possession of the relevant information, the Servicer shall prepare and submit to WEST the following information with respect to each Person within the Serviced Group:
		

		
			(i)         promptly after the occurrence thereof, notify WEST of any accident or incident of which the Servicer has notice involving any Asset; and
		

		
			(ii)       upon WEST’s request therefor, information with respect to transactions relating to Assets necessary for any Person within the Serviced Group to prepare statutory returns with respect to contractors engaged by the Servicer on behalf of such Person.
		

		
			(b)        The Servicer will make available to WEST and its advisers and designees, subject to their reasonable availability, and at reasonable times and upon reasonable notice, the Servicer’s directors, officers, employees, representatives, advisers and other agents, in order to provide to WEST and its advisers and designees information (to the extent the Servicer has
		

		
			
		

		
			

		 

		

			48

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			possession thereof) with regard to the Assets (including in response to inquiries with respect to the reports provided to WEST by the Servicer pursuant to Sections 8.01 and 8.02 of this Schedule 2.02(a)) which may be required by WEST.  In furtherance thereof, in order to facilitate each Person within the Serviced Group carrying out its responsibilities upon the request of WEST, the Servicer shall make available (through physical attendance or telephonic conference) such officers and employees, depending on such persons’ reasonable availability, that WEST shall reasonably deem appropriate for meetings with WEST’s representatives to provide to WEST information, and response to inquiries, with respect to the reports provided to WEST by the Servicer pursuant to Sections 8.01 and 8.02 of this Schedule 2.02(a).
		

		
			SECTION 8.03.    Ratings Information.  Upon request by WEST, the Servicer shall provide to WEST such information and data (to the extent the Servicer has possession thereof) about the Assets and other assistance relating to the Assets as WEST and the Servicer shall deem reasonably necessary or appropriate in connection with providing information to the Rating Agencies for WEST’s debt ratings or the ratings of any public securitization debt issued by an Affiliate of WEST.
		

		
			SECTION 8.04.    Custody of Documents.  The Servicer agrees to hold all original documents of any Person within the Serviced Group that relate to the Assets in the possession of the Servicer in safe custody, by application of the measures comparable to those the Servicer uses in the retention of its own original documents of a similar nature.
		

		
			SECTION 8.05.    Financial Statements.   The Servicer shall promptly notify and provide a copy to the Indenture Trustee within ten days upon its filing of any Form 10-K and Form 10-Q with the SEC.
		

		
			 
		

		
			
		

		
			

		 

		

			49

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			Schedule 4.01(a)
		

		
			 
		

		
			ASSETS
		

		
			 
		

			
					
						 

					
					
						Manufacturer

					
					
						Model

					
					
						ESN/MSN

				
	
					
						1.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						2.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						3.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						4.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						5.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						6.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						7.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						8.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						9.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						10.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						11.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						12.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						13.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						14.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						15.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						16.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						17.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						18.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						19.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						20.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				

		
			 
		

		
			
		

		
			

		 

		

			50

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

			
					
						 

					
					
						Manufacturer

					
					
						Model

					
					
						ESN/MSN

				
	
					
						21.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						22.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						23.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						24.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						25.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						26.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						27.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						28.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						29.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						30.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						31.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						32.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						33.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						34.

					
					
						General Electric

					
					
						[**]

					
					
						[**]

				
	
					
						35.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						36.

					
					
						Pratt &Whitney

					
					
						[**]

					
					
						[**]

				
	
					
						37.

					
					
						Rolls-Royce

					
					
						[**]

					
					
						[**]

				
	
					
						38.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						39.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						40.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						41.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						42.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						43.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						44.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				

		
			 
		

		
			
		

		
			

		 

		

			51

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

			
					
						 

					
					
						Manufacturer

					
					
						Model

					
					
						ESN/MSN

				
	
					
						45.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						46.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						47.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						48.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						49.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						50.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						51.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						52.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						53.

					
					
						International Aero Engines

					
					
						[**]

					
					
						[**]

				
	
					
						54.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						55.

					
					
						CFM International

					
					
						[**]

					
					
						[**]

				
	
					
						56.

					
					
						Boeing

					
					
						[**]

					
					
						[**]

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			52

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			Schedule 8.01
		

		
			 
		

		
			CONDITIONS TO EFFECTIVENESS
		

		
			1.         Each appendix, annex, exhibit or schedule to the Servicing Agreement shall have been completed, to the reasonable satisfaction of the Servicer and delivered with the Servicing Agreement, on the Initial Closing Date.
		

		
			2.         Each Person within the Serviced Group shall have executed and delivered to the Servicer a power of attorney contemplated by Section 13.08.
		

		
			3.         WEST and each other Person within the Serviced Group shall have delivered to the Servicer, in form and substance reasonably satisfactory to the Servicer:
		

		
			(A)       an Officer’s Certificate dated the Initial Closing Date or, as applicable, the date such Person accedes to the Servicing Agreement pursuant to a Serviced Group Member Supplement,  certifying as to:
		

		
			(1)        the attached certificates of incorporation, corporate charter, memorandum and articles of association, memorandum of association, constitution, by-laws, bye-laws, certificate of trust, trust agreement and other constituent documents of such Person, recently certified, in the case of any such document filed with the secretary of state or similar Governmental Authority of the jurisdiction in which such Person is organized by such Governmental Authority;
		

		
			(2)        the absence of amendments to any constituent document since the date of the last amendment (a) shown on the official evidence as to filed constituent documents furnished pursuant to (1) above if such official evidence is available and (b) in any event reflected in the constituent documents furnished pursuant to (1) above;
		

		
			(3)        resolutions or other written evidence of corporate or trustee action of the Board and, if applicable, the shareholders of such Person duly authorizing or ratifying the execution, delivery and performance by such Person of the Servicing Agreement and the absence of any modification, amendment or revocation thereof or any other resolutions relating thereto;
		

		
			(4)        the absence of proceedings for the dissolution, liquidation, receivership or similar proceedings with respect to such Person;
		

		
			(5)        if applicable, its corporate seal; and
		

		
			(6)        the incumbency and signatures of the individuals authorized to execute and deliver documents on such Person’s behalf; and
		

		
			(B)       to the extent available from appropriate Governmental Authorities, recent official evidence from appropriate Governmental Authorities of appropriate jurisdictions as to constituent documents on file, good standing, payment of franchise taxes and qualification to do business in the jurisdiction in which such Person is organized.
		

		
			
		

		
			

		 

		

			53

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			4.         WEST and each other Person within the Serviced Group shall have delivered to the Servicer an Officer’s Certificate dated the Initial Closing Date or, as applicable, the date such Person accedes to the Servicing Agreement pursuant to a Serviced Group Member Supplement, in form and substance reasonably satisfactory to the Servicer, stating that, to the knowledge of the signatory:
		

		
			(A)       each representation and warranty of such Person contained in the Servicing Agreement is true and correct in all material respects as of such date;
		

		
			(B)       such Person has duly performed and complied in all material respects with all covenants, agreements and conditions contained in the Servicing Agreement required to be performed or complied with by it on or before such date; and
		

		
			(C)       no event has occurred and is continuing or condition exists or would result from the consummation of any transaction contemplated by the Servicing Agreement that constitutes, or with the giving of notice or lapse of time or both would constitute, a default in any material respect under the Servicing Agreement or a breach thereof or would give any party thereto the right to terminate, or not to perform any material obligation under, any thereof.
		

		
			5.         The Servicer shall have delivered to WEST, in form and substance reasonably satisfactory to WEST:
		

		
			(A)       a certificate dated the Initial Closing Date of the secretary, any assistant secretary or other appropriate officer of the Servicer certifying as to:
		

		
			(1)        the attached constituent documents of the Servicer, recently certified, in the case of any such document filed with the secretary of state or similar Governmental Authority of the jurisdiction in which the Servicer is organized by such Governmental Authority;
		

		
			(2)        the absence of amendments to any constituent document since the date of the last amendment (a) shown on the official evidence as to filed constituent documents furnished pursuant to (1) above if such official evidence is available and (b) in any event reflected in the constituent documents furnished pursuant to (1) above;
		

		
			(3)        resolutions or other written evidence of corporate action of the  Servicer duly authorizing or ratifying the execution, delivery and performance by the Servicer of the Servicing Agreement and the absence of any modification, amendment or revocation thereof or any other resolutions relating thereto;
		

		
			(4)        the absence of proceedings for the dissolution, liquidation, receivership or similar proceedings with respect to the Servicer;
		

		
			(5)        if applicable, its corporate seal;
		

		
			(6)        the incumbency and signatures of the individuals authorized to execute and deliver documents on the Servicer’s behalf; and
		

		
			
		

		
			

		 

		

			54

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			(7)        to the extent available from appropriate Governmental Authorities, recent official evidence from appropriate Governmental Authorities of appropriate jurisdictions as to constituent documents on file, payment of franchise taxes and qualification to do business in the jurisdiction in which the Servicer is organized.
		

		
			6.         The Servicer shall have delivered to WEST an Officer’s Certificate dated the Initial Closing Date, in form and substance reasonably satisfactory to WEST, stating that, to the knowledge of the signatory:
		

		
			(A)       each representation and warranty of the Servicer contained in the Servicing Agreement is true and correct in all material respects as of the Initial Closing Date;
		

		
			(B)       the Servicer has duly performed and complied in all material respects with all covenants, agreements and conditions contained in the Servicing Agreement required to be performed or complied with by it on or before the Initial Closing Date; and
		

		
			(C)       no event has occurred and is continuing or condition exists or would result from the consummation of any transaction contemplated by the Servicing Agreement that constitutes, or with the giving of notice or lapse of time or both would constitute, a default in any material respect under the Servicing Agreement by the Servicer or a breach thereof by the Servicer or would give any party thereto the right to terminate, or not to perform any material obligation under, the Servicing Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

			55

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			EXHIBIT A
		

		
			FORM OF OPERATING BUDGET AND
		

		
			ASSET EXPENSES BUDGET FOR THE INITIAL PERIOD
		

		
			 
		

			
					
						Period:

					
						 

				
	
					
						Cash Income:

					
						Lease Revenues

					
						Interest Income

					
						Sales Proceeds

				
	
					
						Subtotal

				
	
					
						Cash Operating Expenses:

					
						Servicer Fees

					
						Administrative Agent Fees

					
						 

					
						Independent Controlling Trustee Fees:

					
						Security Filing Fees

					
						Office rent, file storage, transport

					
						2018 Insurance Premiums**

				
	
					
						Subtotal

				
	
					
						Prepaid or Accruals (see detail):

					
						Owner Trustee Fees*

					
						Indenture Trustee Fees*

					
						 

					
						Engine Trustee Fees**

					
						2018 Insurance Premium Accruals***

					
						Appraisals***

					
						Audit***

					
						Maintenance Reserve Evaluation***

				
	
					
						Subtotal

				
	
					
						 

				
	
					
						Depreciation

				
	
					
						Interest Expense:

					
						Series A  Interest

					
						Series B  Interest

					
						 

				
	
					
						Subtotal

				
	
					
						 

				
	
					
						Pre-tax Cash Income

				
	
					
						Detail of Prepaids/Accruals (WEST IV Expenses):

				
	
					
						Owner Trustee Annual Fee*

				
	
					
						Indenture Trustee Annual Fee*

				
	
					
						Security Trustee Annual Fee*

				
	
					
						 

				
	
					
						Appraisals***

				
	
					
						Audit***

				
	
					
						Detail of Prepaids/Accruals (Asset Expenses):

				
	
					
						2018 Insurance Premiums**

				
	
					
						2019 Insurance Premium Accruals***

				
	
					
						Budgeted Assets Expenses per Month:

				
	
					
						Asset Trustee Fees per Engine**

				
	
					
						Legal Opinions ($[_____] each, 4 per year)

				
	
					
						Annual Technical Advisors

				
	
					
						Annual Shipping

				

		
			
		

		
			

		 

		

			56

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			Projected Required Maintenance (Airworthiness Directives/Service Bulletins):
		

		
			 
		

			
					
						Serial Number

					
					
						Required Maintenance

					
					
						Projected Cost

					
					
						Maintenance Reserves

					
					
						Net Reserves

					
					
						Comment

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			57

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

		
			EXHIBIT B
		

		
			FORM OF SERVICED GROUP MEMBER SUPPLEMENT
		

		
			[_________], 20[_]
		

		
			Reference is made to the Servicing Agreement dated as of August 22, 2018 (as amended, supplemented or otherwise modified, the “Servicing Agreement”), among Willis Lease Finance Corporation, Willis Engine Structured Trust IV, and the other parties thereto, including any party thereto which has heretofore signed an agreement in substantially the form of this Serviced Group Member Supplement.
		

		
			The undersigned (the “New Party”) agrees, as of the date of this Serviced Group Member Supplement, to be considered a party to the Servicing Agreement for all purposes, as if an original signatory to the Servicing Agreement, and to be bound by the terms of the Servicing Agreement.  The New Party hereby makes the representations and warranties set forth in Section 4.01 of the Servicing Agreement as if such representations and warranties were set forth herein, except that for this purpose all references in such Sections to “the Initial Closing Date” or “the date hereof” shall be deemed to refer instead to the date of this Serviced Group Member Supplement.
		

		
			[The New Party confirms for the benefit of each other party to the Servicing Agreement that, pursuant to and as required by Section 13.04 of the Servicing Agreement,  it has appointed [insert name and address of process agent] as its Process Agent.]1
		

		
			This Serviced Group Member Supplement 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 SERVICED GROUP MEMBER SUPPLEMENT 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.
		

		
			IN WITNESS WHEREOF, this Serviced Group Member Supplement has been duly executed on the date first written above.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		

		
			1   To be deleted if the New Party has a place of business in the United States.
		

		
			
		

		
			

		 

		

			58

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

		

 

		

			Confidential Treatment Requested:  Information for which confidential treatment has been requested is omitted and is noted with asterisks.  An unredacted version of this document has been filed separately with the Securities and Exchange Commission.

		

		

		
			 
		

			
					
						 

					
					
						[                     ]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		 

		

			59

		

		

			[**] = Portions of this exhibit have been omitted pursuant to a confidential treatment request.

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