-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GZC39FQDCo7/5Juzdg3eci5cw3vFURyqiEhNszm1EOtPiSOJ6NCOXGwsgLMv+7Xk 1VMjLcLIj/dmY5tVIDMMXg== 0001362988-07-000005.txt : 20070125 0001362988-07-000005.hdr.sgml : 20070125 20070125135916 ACCESSION NUMBER: 0001362988-07-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070122 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070125 DATE AS OF CHANGE: 20070125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Aircastle LTD CENTRAL INDEX KEY: 0001362988 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 980444035 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32959 FILM NUMBER: 07552361 BUSINESS ADDRESS: STREET 1: C/O AIRCASTLE ADVISOR LLC STREET 2: 300 FIRST STAMFORD PLACE, 5TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: (203) 504-1020 MAIL ADDRESS: STREET 1: C/O AIRCASTLE ADVISOR LLC STREET 2: 300 FIRST STAMFORD PLACE, 5TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 8-K 1 ayramendedcreditagreements8k.htm FORM 8-K AIRCASTLE'S AMENDED CREDIT AGREEMENTS Form 8-K Aircastle's Amended Credit Agreements
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
January 25, 2007 (January 22, 2007)

Aircastle Limited
(Exact name of registrant as specified in its charter)


Bermuda
001-32959
98-0444035
(State or other jurisdiction of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)


c/o Aircastle Advisor LLC
300 First Stamford Place, Stamford, Connecticut
 
06902
(Address of principal executive offices)
 
(Zip Code)


                                        

Registrant’s telephone number, including area code
 
(203) 504-1020
 
_________________________________________________
(Former name or former address, if changed since last report)
   


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 19a-12 under the Exchange Act (17 CFR 240.19a-12)
 
[ ] Pre-commencement communications pursuant to Rule 19d-2(b) under the Exchange Act (17 CFR 240.19d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

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Section 1 -- Registrant's Business and Operations

Item 1.01 Entry Into a Material Definitive Agreement

The descriptions of the 2006-A Amendment and the 2006-B Amendment (each as defined below) set forth in Item 2.03 of this Report, are incorporated herein by reference.

Section 2 -- Financial Information

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant

Aircastle Limited (“Aircastle” or the “Company”) and its subsidiary companies have entered into an amendment to an existing amended and restated credit facility and an existing revolving credit facility, as described below.

First Amendment to the Amended Credit Facility

Reference is made to the amended and restated credit agreement (the "Amended Credit Facility No. 2"), dated December 15, 2006, between certain affiliates of the Company and JPMorgan Chase Bank, N.A., Bear Stearns Corporate Lending Inc., and Citicorp North America Inc., providing for loans in an aggregate amount up to $1.0 billion. The Amended Credit Agreement was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed December 18, 2006, and is incorporated herein by reference.

On January 22, 2007,  the parties to the Amended Credit Facility No. 2 entered into an amendment to the Amended Credit Facility No. 2 (the "2006-A Amendment"), providing for an increase in the total revolving credit commitment to a principal amount of $1.25 billion effective until June 30, 2007 or, upon payment by us of a commitment fee, December 31, 2007. The total revolving credit commitment after such date, or if earlier upon closing of our next securitization, is $1.0 billion.

First Amendment to the Revolving Credit Facility

Reference is made to the senior revolving credit agreement (the "Revolving Credit Facility), dated December 15, 2006, between the Company and JPMorgan Chase Bank, N.A., Bear Stearns Corporate Lending Inc., and Citicorp North America Inc., providing for an aggregate amount of borrowings not to exceed $250.0 million. The Revolving Credit Facility was filed as Exhibit 10.2 to the Company's Current Report on Form 8-K, filed December 18, 2006, and is incorporated herein by reference.

On January 22, 2007, the Company and the parties to the Revolving Credit Facility entered into an amendment to the Revolving Credit Facility (the "2006-B Amendment"), providing for an increase in the total revolving credit commitment to a principal amount of $450.0 million effective until March 31, 2007 or, upon payment by us of a commitment fee, December 31, 2007. The total revolving credit commitment after such date, or if earlier upon closing of an equity offering, is $250.0 million.


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The foregoing summaries of certain provisions of the 2006-A Amendment and 2006-B Amendment are qualified in their entirety by reference to the complete 2006-A Amendment and 2006-B Amendment filed as Exhibits 10.1 and 10.2, respectively, hereto, each of which is incorporated herein by reference.


Section 9 - Financial Statements and Exhibits

Item 9.01  Financial Statements and Exhibits

(c) Exhibits
 

 
 
10.1 First Amendment, dated as of January 22, 2007 to the Amended and Restated Credit Agreement (2006-A), dated as of December 15, 2006, by and among Aircastle Investment Holdings 2 Limited, an exempted company organized and existing under the laws of Bermuda, Aircastle Ireland No. 1 Limited, a limited liability company incorporated in Ireland, Aircastle Ireland No. 3 Limited, a limited liability company incorporated in Ireland, and certain Holdings Subsidiary Trusts and Holdings SPCs designated as Borrowing Affiliates, JPMorgan Chase Bank, N.A., as administrative agent and certain lenders from time to time parties thereto.
 
 
10.2  First Amendment, dated as of January 22, 2007 to the Credit Agreement (2006-B), dated as of December 15, 2006, by and among Aircastle Limited, an exempted company organized and existing under the laws of Bermuda, Aircastle Holding Corporation Limited, an exempted company organized and existing under the laws of Bermuda, Aircastle Ireland Holding Limited a limited liability company incorporated in Ireland, JPMorgan Chase Bank, N.A., as administrative agent and certain lenders from time to time parties thereto.
 


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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



AIRCASTLE LIMITED
(Registrant)


/s/ David Walton
David Walton
Chief Operating Officer, General Counsel and Secretary



Date: January 25, 2007





EXHIBIT INDEX

Exhibit Number  Exhibit


10.1
First Amendment, dated as of January 22, 2007 to the Amended and Restated Credit Agreement (2006-A), dated as of December 15, 2006, by and among Aircastle Investment Holdings 2 Limited, an exempted company organized and existing under the laws of Bermuda, Aircastle Ireland No. 1 Limited, a limited liability company incorporated in Ireland, Aircastle Ireland No. 3 Limited, a limited liability company incorporated in Ireland, and certain Holdings Subsidiary Trusts and Holdings SPCs designated as Borrowing Affiliates, JPMorgan Chase Bank, N.A., as administrative agent and certain lenders from time to time parties thereto.
 
 
10.2
First Amendment, dated as of January 22, 2007 to the Credit Agreement (2006-B), dated as of December 15, 2006, by and among Aircastle Limited, an exempted company organized and existing under the laws of Bermuda, Aircastle Holding Corporation Limited, an exempted company organized and existing under the laws of Bermuda, Aircastle Ireland Holding Limited a limited liability company incorporated in Ireland, JPMorgan Chase Bank, N.A., as administrative agent and certain lenders from time to time parties thereto.

 
 
 
 

EX-10 2 exhibit10.htm EXHIBIT 10.1 Exhibit 10.1

Exhibit 10.1
FIRST AMENDMENT, dated as of January 22, 2007 (this “Amendment”) to the Amended and Restated Credit Agreement (2006-A), dated as of December 15, 2006 (the “Agreement”), by and among AIRCASTLE INVESTMENT HOLDINGS 2 LIMITED (“Bermuda Holding 2 Limited”), an exempted company organized and existing under the laws of Bermuda, AIRCASTLE IRELAND NO. 1 LIMITED (“AI 1 Ltd.”), a limited liability company incorporated in Ireland, AIRCASTLE IRELAND NO. 3 LIMITED (“AI 3 Ltd.”), a limited liability company incorporated in Ireland, and certain Holdings Subsidiary Trusts and Holdings SPCs designated as Borrowing Affiliates (such Holdings Subsidiary Trusts and Holdings SPCs being referred to individually as a “Borrower” or collectively as the “Borrowers”), JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”) and certain lenders from time to time parties thereto. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in the Agreement and the rules of interpretation set forth therein shall apply to this Amendment.

W I T N E S S E T H:

WHEREAS, Bermuda Holding 2 Limited, AI 1 Ltd., AI 2 Ltd., the Borrowers, the Lenders and the Administrative Agent are parties to the Agreement;
 
WHEREAS, the Borrowers have requested that the Lenders amend the Agreement, as more fully described herein; and
 
WHEREAS, the Lenders are willing to agree to such amendment, but only upon the terms and subject to the conditions set forth herein;
 
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.  
Amendment to Section 1.1 of the Agreement.
 
Subsection 1.1 of the Agreement is hereby amended by deleting the following defined terms: “Individual Asset Borrowing Base” and “Total Revolving Credit Commitment” and inserting, in proper alphabetical order, the following new defined terms and related definitions:
 
(a)  “ACS 2007-1 Securitization” means a securitization of any interests in or leases of Financed Eligible Assets or other permanent public or private capital markets transaction secured by Financed Eligible Assets (which, in each case, does not constitute bridge or interim financing) for the benefit of the Parent, an Affiliate thereof, or any of its Subsidiaries, occurring after the date hereof.
 
(b)  “Adjusted Purchase Price” of an Eligible Asset means the Purchase Price of such Eligible Asset plus, without duplication of amounts included in the Purchase Price of such Eligible Asset, the costs incurred in connection with any Approved Improvements or any Qualified Conversion related to such Eligible Asset.
 
(c)  “First Amendment” means the First Amendment to the Agreement dated as of January 19, 2007, among Bermuda Holding 2 Limited, AI 1 Ltd., AI 2 Ltd., the Borrowers, the Lenders and the Administrative Agent.
 
(d)  “First Amendment Effective Date” means the date on which the conditions precedent set forth in paragraph 6 of the First Amendment shall have been satisfied or waived.
 

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(e)  “Individual Eligible Asset Borrowing Base” with respect to any Eligible Asset means (a) prior to the date that is twelve months after the date a Loan is made to acquire such Eligible Asset, the Adjusted Purchase Price of such Eligible Asset and (b) any time thereafter, 95% of the Adjusted Purchase Price of such Eligible Asset.
 
(f)  “Interim Maturity Date” means the earlier of (a) (i) June 30, 2007 or (ii) if the fee referred to in clause (iii) of Section 2.10 is paid to the Lenders on or prior to June 30, 2007, December 31, 2007 and (b) the closing date with respect to the ACS 2007-1 Securitization.
 
(g)  “Total Revolving Credit Commitment” means, on any date prior to the Interim Maturity Date, a principal amount equal to $1,250,000,000, and thereafter, $1,000,000,000, in each case as may be reduced from time to time in accordance with Section 2.7.
 
2.  Amendments to Sections 2.3(b) of the Agreement. Subsection 2.3(b) of the Agreement is hereby amended by adding at the end thereof the following:
 
“(v) If as of the Interim Maturity Date the aggregate principal amount of the Loans outstanding shall be in excess of $1,000,000,000, the Borrowers shall prepay the Loans in an amount equal to the amount necessary to cause the aggregate outstanding principal amount of the Loans to be equal to or less than $1,000,000,000.”

3.  Amendments to Section 2.10 (Fees) of the Agreement. Subsection 2.10 (Fees) of the Agreement is hereby amended and restated in its entirety to read as follows:
 
“Borrower (i) shall pay the fees specified in the Fee Letters on the dates specified therein, (ii) shall pay a commitment fee for the period from and including the date hereof to the Revolving Credit Termination Date, computed at a rate of 0.125% per annum on the average daily amount of the available unused Revolving Credit Commitment of such Lender during the period for which payment is made, payable monthly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof, and (iii) may, at its election, pay, on or prior to June 30, 2007, a fee equal to the product of 0.250% and $250,000,000 so that the Interim Maturity Date is extended as contemplated by clause (a)(ii) of the definition thereof.”
 
4.  Amendment to Exhibit A to the Credit Agreement. Exhibit A to the Credit Agreement shall be replaced in its entirety with a new Exhibit A attached as Annex I to this Amendment.
 
5.  Conditions to Amendment Effective Date. This Amendment shall become effective upon the date (the “Amendment Effective Date”) when the following conditions are satisfied:
 
(a)  Counterparts. The Administrative Agent shall have received counterparts of this Amendment, duly executed and delivered by Bermuda Holding 2 Limited, AI 1 Ltd., AI 2 Ltd., the Borrowers and the Lenders;
 
(b)  No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the transactions contemplated herein; and
 
(c)  Representations and Warranties. Each of the representations and warranties made by the Credit Parties in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the date hereof, before and after giving effect to the effectiveness of this
 
(d)  Amendment, as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate to a specific earlier date, in which case such representations and warranties were true and correct as of such earlier date.
 
(e)  Fees and Expenses. The Borrower shall pay all accrued and unpaid fees, costs and expenses in connection with the Amendment and the transactions contemplated thereby to the extent then due and payable, together with the reasonable legal fees and expenses of the Administrative Agent.
 
6.  
Continuing Effect of Loan Documents
 
This Amendment shall not constitute an amendment or waiver of any provision of the Agreement not expressly referred to herein and shall not be construed as an amendment, waiver or consent to any further or future action on the part of the Credit Parties that would require an amendment, waiver or consent of the Lenders or Administrative Agent. Except as expressly amended hereby, the provisions of the Agreement are and shall remain in full force and effect.
 
 
2

 
7.  
Counterparts
 
. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
 
8.  
Severability
 
. Any provision of this Amendment 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 prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
 
9.  
Integration.
 
This Amendment and the other Loan Documents represent the agreement of the Credit Parties, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.
 
10.  
GOVERNING LAW
 
. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
 



3



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


AIRCASTLE INVESTMENT HOLDINGS 2 LIMITED
 
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Director
 
AIRCASTLE IRELAND NO.1 LIMITED
 
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Director
 
 
AIRCASTLE IRELAND NO. 3 LIMITED
 
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Director
 
CONSTITUTION AIRCRAFT LEASING (IRELAND) 2 LIMITED
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Director
 
 
EMER AIRCRAFT LEASING (IRELAND) LIMITED
 
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Director
 
WELLS FARGO NORTHWEST, NATIONAL ASSOCIATION, as Owner Trustee under the various Trust Agreements
 
By: /s/ Val T. Orton
Name: Val T. Orton
Title: Vice President
 
AIRCRAFT MSN 29045 LLC
 
By: /s/ David Walton
Name: David Walton
Title: Managing Director




 
AIRCRAFT MSN 29046 LLC
 
By: /s/ Mark Zeidman
Name: Mark Zeidman
Title: Managing Director
 
 
AIRCRAFT MSN 1006 LLC
 
By: /s/ Mark Zeidman
Name: Mark Zeidman
Title: Managing Director
 
AIRCRAFT MSN 28213 LLC
 
By: /s/ Mark Zeidman
Name: Mark Zeidman
Title: Managing Director
 
ENDEAVOR AIRCRAFT LEASING (SWEDEN) 2 AB
 
By: /s/ Peter Plunkett
Name: Peter Plunkett
Title: Director
 
JPMORGAN CHASE BANK, N.A., as Agent and as Lender
 
By: /s/ Matthew H. Massie
Name: Matthew H. Massie
Title: Managing Director
 
 
BEAR STEARNS CORPORATE LENDING INC., as a Lender
 
By: /s/ Victor Bulzacchelli
Name: / Victor Bulzacchelli
Title: Vice President
 
CITICORP NORTH AMERICA, INC., as a Lender
 
By : /s/ Gaylord C. Holmes
Name: Gaylord C. Holmes
Title: Vice President
 


EX-10.2 3 exhibits10.htm EXHIBIT 10.2 Exhibit 10.2
Exhibit 10.2
FIRST AMENDMENT, dated as of January 22, 2007 (this “Amendment”) to the Credit Agreement (2006-B), dated as of December 15, 2006 (the “Agreement”), by and among AIRCASTLE LIMITED, an exempted company organized and existing under the laws of Bermuda (“Parent”), AIRCASTLE HOLDING CORPORATION LIMITED, an exempted company organized and existing under the laws of Bermuda (“AHCL”), AIRCASTLE IRELAND HOLDING LIMITED a limited liability company incorporated in Ireland (“AIHL”, and together with AHCL, the “Borrowers”), JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”) and certain lenders from time to time parties thereto. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in the Agreement and the rules of interpretation set forth therein shall apply to this Amendment.

W I T N E S S E T H:

WHEREAS, Parent, the Borrowers, the Lenders and the Administrative Agent are parties to the Agreement;
 
WHEREAS, the Borrowers have requested that the Lenders amend the Agreement, as more fully described herein; and
 
WHEREAS, the Lenders are willing to agree to such amendment, but only upon the terms and subject to the conditions set forth herein;
 
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.  
Amendment to Section 1.1 of the Agreement.
 
Subsection 1.1 of the Agreement is hereby amended by deleting the following defined term: “Total Revolving Credit Commitment” and inserting, in proper alphabetical order, the following new defined terms and related definitions:
 
(a)  “2007 Equity Offering” means the initial issuance of Capital Stock of the Parent, other than the issuance of Capital Stock to employees, consultants or Affiliates, during Fiscal Year 2007.
 
(b)  “First Amendment” means the First Amendment to the Agreement dated as of January 22, 2007, among Parent, the Borrowers, the Lenders and the Administrative Agent.
 
(c)  “First Amendment Effective Date” means the date on which the conditions precedent set forth in paragraph 6 of the First Amendment shall have been satisfied or waived.
 
(d)  “Interim Maturity Date” means the earlier of (a) (i) March 31, 2007 or (ii) if the fee referred to in clause (iii) of Section 2.10 is paid to the Lenders on or prior to March 31, 2007, December 31, 2007 and (b) the closing date with respect to the 2007 Equity Offering.
 

1



 
(e)  “Total Revolving Credit Commitment” means, on any date prior to the Interim Maturity Date, a principal amount equal to $450,000,000, and thereafter, $250,000,000, in each case as may be reduced from time to time in accordance with Section 2.7.
 
2.  Amendments to Sections 2.3(b) of the Agreement. Subsection 2.3(b) of the Agreement is hereby amended in its entirety as follows:
 
“(i) Upon the issuance of any Capital Stock by any Borrower, an amount equal to 100% of the net proceeds thereof shall be applied on the date of such issuance towards the prepayment of the Loans.

(ii) If as of the Interim Maturity Date the aggregate principal amount of the Loans outstanding shall be in excess of $250,000,000, the Borrowers shall prepay the Loans in an amount equal to the amount necessary to cause the aggregate outstanding principal amount of the Loans to be equal to or less than $250,000,000.”

3.  Amendments to Section 2.10 (Fees) of the Agreement. Subsection 2.10 (Fees) of the Agreement is hereby amended and restated in its entirety to read as follows:
 
“The Borrowers (i) shall pay the fees specified in the Fee Letters on the dates specified therein, (ii) shall pay a commitment fee for the period from and including the date hereof to the Revolving Credit Termination Date, computed at a rate of (A) 0.25% per annum if the average daily amount of Revolving Credit Outstandings during the period for which such payment is made are less than $125,000,000 or (B) 0.125% per annum if the average daily amount of Revolving Credit Outstandings during the period for which such payment is made are equal to or greater than $125,000,000, in each case on the average daily amount of the available unused Revolving Credit Commitment of such Lender during the period for which payment is made, payable monthly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof, and (iii) may, at its election, pay, on or prior to March 31, 2007, a fee equal to the product of 0.50% and $200,000,000 so that the Interim Maturity Date is extended as contemplated by clause (a) (ii) of the definition thereof.”
 
4.  Amendments to Section 9.3 (Liens) of the Agreement. Subsection 9.3(xiii) of the Agreement is hereby amended and restated in its entirety to read as follows:
 
“(xiii) Liens granted by a Borrower, Guarantor or any Subsidiary thereof in favor of a Lender or an Affiliate of a Lender in an aggregate amount not to exceed 7.5% times Consolidated New Worth, in connection with Indebtedness permitted under Section 9.4(c).”
 
5.  Amendment to Exhibit A to the Credit Agreement. Exhibit A to the Credit Agreement shall be replaced in its entirety with a new Exhibit A attached as Annex I to this Amendment.
 

2



 
6.  Conditions to Amendment Effective Date. This Amendment shall become effective upon the date (the “Amendment Effective Date”) when the following conditions are satisfied:
 
(a)  Counterparts. The Administrative Agent shall have received counterparts of this Amendment, duly executed and delivered by Parent, the Borrowers and the Lenders;
 
(b)  No Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the transactions contemplated herein; and
 
(c)  Representations and Warranties. Each of the representations and warranties made by the Credit Parties in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the date hereof, before and after giving effect to the effectiveness of this Amendment, as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate to a specific earlier date, in which case such representations and warranties were true and correct as of such earlier date.
 
(d)  Fees and Expenses. The Borrower shall pay all accrued and unpaid fees, costs and expenses in connection with the Amendment and the transactions contemplated thereby to the extent then due and payable, together with the reasonable legal fees and expenses of the Administrative Agent.
 
7.  
Continuing Effect of Loan Documents
 
. This Amendment shall not constitute an amendment or waiver of any provision of the Agreement not expressly referred to herein and shall not be construed as an amendment, waiver or consent to any further or future action on the part of the Credit Parties that would require an amendment, waiver or consent of the Lenders or Administrative Agent. Except as expressly amended hereby, the provisions of the Agreement are and shall remain in full force and effect.
 
8.  
Counterparts
 
. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
 
9.  
Severability
 
. Any provision of this Amendment 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 prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
 
10.  
Integration.
 

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This Amendment and the other Loan Documents represent the agreement of the Credit Parties, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.
 
11.  
GOVERNING LAW
 
. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
 



4



IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.
 
 
 
AIRCASTLE LIMITED , as Parent
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Chief Executive Officer
 
AIRCASTLE HOLDING CORPORATION LIMITED , as Borrower
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Chief Executive Officer
 
AIRCASTLE IRELAND HOLDING LIMITED , as Borrower
By: /s/ Ron Wainshal
Name: Ron Wainshal
Title: Director
 
JPMORGAN CHASE BANK, N.A., as Agent and as Lender
By: /s/ Matthew H. Massie
Name: Matthew H. Massie
Title: Managing Director
 
BEAR STEARNS CORPORATE LENDING INC., as a Lender
By: /s/ Victor Bulzacchelli
Name: / Victor Bulzacchelli
Title: Vice President
 
CITICORP NORTH AMERICA, INC., as a Lender
By : /s/ Gaylord C. Holmes
Name: Gaylord C. Holmes
Title: Vice President



ANNEX I

EXHIBIT A

Applicable Commitment Percentages
 
Lenders
Revolving Credit Commitment
Applicable
Commitment Percentage
     
JPMorgan Chase Bank, N.A.
$150,000,000.00
33.33%
Bear Stearns Corporate Lending Inc.
$150,000,000.00
33.33%
Citicorp North America, Inc.
$150,000,000.00
33.33%
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