EXHIBIT 10.2
EXECUTION COPY
PARTICIPATION AGREEMENT AMENDMENT NO. 1
dated as of November 22, 2002
among
USEB AIRCRAFT LIMITED
as Initial Borrower Party and Initial Lessor Party
▇▇▇▇▇ LEASING LIMITED
▇▇▇▇▇▇▇ LEASING LIMITED
▇▇▇▇▇▇▇ LEASING CORPORATION
▇▇▇▇▇▇▇ LEASING (IRELAND) LIMITED
▇▇▇▇▇▇▇ LEASING (CYPRUS) LIMITED
each as an Initial Lessee Party
KEARNY LEASING LIMITED
as a Lessee Party
WALKERS SPV LIMITED
not in its individual capacity except as expressly set forth herein,
but solely as Trustee of the USEB Aircraft Trust
as Initial Lessor Parent
BARCLAYS BANK PLC
as Initial Lender
BARCLAYS BANK PLC
as Facility Agent for the Lenders
▇▇▇▇▇ FARGO BANK NORTHWEST, N.A.
not in its individual capacity, except as expressly
provided herein, but solely
as Security Trustee
GATX FINANCIAL CORPORATION
as a Guarantor
and
EXPORT-IMPORT BANK OF THE UNITED STATES
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Ten (10) Boeing Model 737-800 Aircraft
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Ex-Im Bank Guarantee No. AP077971XX - United States - GATX
Milbank, Tweed, ▇▇▇▇▇▇ & ▇▇▇▇▇▇ LLP
AMENDMENT NO. 1 TO PARTICIPATION AGREEMENT
THIS AMENDMENT NO. 1 TO PARTICIPATION AGREEMENT, dated as of
November 22, 2002 (this "AMENDMENT"), by and among (1) USEB AIRCRAFT LIMITED, a
limited liability company duly incorporated and validly existing under the laws
of the Cayman Islands (the "INITIAL BORROWER PARTY" or the "INITIAL LESSOR
PARTY"); (ii) ▇▇▇▇▇▇▇ LEASING LIMITED, a limited liability company duly
incorporated and validly existing under the laws of the Cayman Islands ("CAYMAN
LESSEE PARTY NO. 1"); (iii) ▇▇▇▇▇ LEASING LIMITED, a limited liability company
duly incorporated and validly existing under the laws of the Cayman Islands
("CAYMAN LESSEE PARTY NO. 2"); (iv) ▇▇▇▇▇▇▇ LEASING CORPORATION, a Delaware
corporation ("DELAWARE LESSEE PARTY"): (v) ▇▇▇▇▇▇▇ LEASING (IRELAND) LIMITED, a
company duly organized and validly existing under the laws of Ireland ("IRISH
LESSEE PARTY"); (vi) ▇▇▇▇▇▇▇ LEASING (CYPRUS) LIMITED, a company duly organized
and validly existing under the laws of Cyprus ("CYPRIOT LESSEE ", and, together
with Cayman Lessee Party No. 1, Cayman Lessee Party No. 2, Delaware Lessee Party
and Irish Lessee Party, the "INITIAL LESSEE PARTIES"); (vii) KEARNY LEASING
LIMITED, a limited liability company duly incorporated and validly existing
under the laws of the Cayman Islands ("CAYMAN LESSEE PARTY NO. 3", and together
with the Initial Lessee Parties, the "LESSEE PARTIES"); (viii) WALKERS SPV
LIMITED, a limited liability company duly incorporated and validly existing
under the laws of the Cayman Islands, not in its individual capacity except as
expressly set forth herein, but solely as trustee of the USEB Aircraft Trust
("LESSOR PARENT"); (ix) BARCLAYS BANK PLC, a public limited company incorporated
and existing under the laws of England and Wales, as the initial Lender (the
"INITIAL LENDER"); (x) BARCLAYS BANK PLC, a public limited company incorporated
and existing under the laws of England and Wales, as Facility Agent for the
Lenders under the Operative Documents (the "FACILITY AGENT"); (xi) ▇▇▇▇▇ FARGO
BANK NORTHWEST, N.A., a national banking association duly organized and validly
existing under the laws of the United States of America, not in its individual
capacity, except as expressly provided herein, but solely as Security Trustee
(the "SECURITY TRUSTEE"); (xii) GATX FINANCIAL CORPORATION, a Delaware
corporation ("GFC" and together with GATX Corp, the "GUARANTORS"); and (xiii)
EXPORT-IMPORT BANK OF THE UNITED STATES ("EX-IM BANK"), amends that certain
Participation Agreement dated as of April 30, 2002, by and among the Initial
Borrower Party, the Initial Lessee Parties, the Lessor Parent, the Initial
Lender, the Facility Agent, the Security Trustee, GFC and Ex-Im Bank, as
supplemented by the Designation Letter dated November 22, 2002 in respect of
Cayman Lessee Party No. 3 (the "ORIGINAL PARTICIPATION AGREEMENT").
WITNESSETH:
WHEREAS, except as otherwise defined in this Amendment, capitalized
terms used herein shall have the meanings attributed thereto in the Original
Participation Agreement; and
WHEREAS, in connection with the Designation of Cayman Lessee Party
No. 3, GFC requests that the Original Participation Agreement be amended in
certain respects as set forth herein;
WHEREAS, it is a condition to the Designation of Cayman Lessee Party
No. 3 that concurrently therewith the parties agree to amend the Original
Participation Agreement in the manner set forth herein; and
WHEREAS, the parties hereto desire to amend the Original
Participation Agreement in certain respects in connection with such Designation.
NOW THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:
Section 1. Amendment to the Original Participation Agreement.
Section 10(c) of the Original Participation Agreement is hereby amended by
substituting the phrase ", (6) any Designation or Substitution, (7) any
representation or warranty made by GFC or such Lessee in a Designation Letter or
Substitution Supplement being incorrect at the time made or at anytime
thereafter, and, (8) in the case of the Designation of Kearny Leasing Limited,
any Liabilities (as defined in the applicable Designation Letter) of Kearny
Leasing Limited" for the phrase "or (6) any Designation or Substitution".
Section 2. GFC Consent: Representation; Covenant.
(a) GFC hereby consents, for the purposes of Section 5(b) of the
GATX Guarantee, to this Amendment.
(b) GFC hereby represents and warrants to each other party hereto
that GATX Corp has knowledge of this Amendment.
(c) GFC hereby covenants and agrees with each other party hereto
that it shall provide a copy of this Amendment to GATX Corp and send to the
Security Trustee GATX Corp's written acknowledgement of receipt of the same as
soon as practicable, but no later than December 31, 2002.
Sections 3. Notice of Change of Address. As contemplated by Section
33(c) of the Original Participation Agreement, the Security Trustee hereby
notifies the other parties hereto that effective immediately its address for
notices shall be:
▇▇▇▇▇ Fargo Bank Northwest, N.A.
▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
Attention: Corporate Trust Services
Telephone: ▇▇▇-▇▇▇-▇▇▇▇
Fax: ▇▇▇-▇▇▇-▇▇▇▇.
Sections 4. Ratification. Except as otherwise expressly set forth
herein, all terms and conditions of the Original Participation Agreement are
ratified and confirmed, shall remain in full force and effect and are hereby
incorporated by this reference herein to the same extent as if fully set forth
herein.
Section 5. Designation of a Lessee Party. Effective as of the
Designation Date for Cayman Lessee Party No. 3, Cayman Lessee Party No. 3 shall
be a party to the Participation Agreement and shall have the rights and
obligations of a Lessee Party as set forth in the Participation Agreement, as
amended hereby.
Section 6. Captions. The headings of the various Sections of this
Amendment are for convenience of reference only and shall not modify, expand or
limit any of the terms or provisions of this Amendment.
Section 7. GOVERNING LAW. THIS AMENDMENT SHALL IN ALL RESPECTS BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.
Section 8. Counterparts. This Amendment may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.
[signature pages follow]
IN WITNESS WHEREOF, the parties hereto have caused this
Participation Agreement Amendment No. 1 to be duly delivered in the State of New
York and executed by their respective officers thereunto duly authorized as of
the day and year first above written.
INITIAL LESSOR PARTY AND INITIAL
BORROWER PARTY
Executed as a Deed USEB AIRCRAFT LIMITED
By USEB AIRCRAFT LIMITED
In the presence of:
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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Witness : ▇▇▇▇▇▇▇ ▇▇▇▇ Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
TRAINEE SOLICILOR Title: Attorney-in-fact
INITIAL LESSEE PARTIES
Executed as a Deed ▇▇▇▇▇ LEASING LIMITED
By ▇▇▇▇▇ LEASING LIMITED
In the presence of: By /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name : ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
[ILLEGIBLE SIGNATURE] Title: Attorney-in-fact
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Witness
Executed as a Deed ▇▇▇▇▇▇▇ LEASING LIMITED
By ▇▇▇▇▇ ▇▇▇▇▇▇▇ LEASING LIMITED
In the presence of: By /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name : ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
[ILLEGIBLE SIGNATURE] Title: Attorney-in-fact
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Witness
▇▇▇▇▇▇▇ LEASING CORPORATION
By /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name : ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Attorney-in-fact
▇▇▇▇▇▇▇ LEASING (IRELAND) LIMITED
By /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name : ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Attorney-in-fact
▇▇▇▇▇▇▇ LEASING (IRELAND) LIMITED
By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: Attorney-in-fact
▇▇▇▇▇▇▇ LEASING (CYPRUS) LIMITED
By /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name : ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: ATTORNEY-IN-FACT
LEASING PARTY
Executed as a Deed KEARNY LEASING LIMITED
By KEARNY LEASING LIMITED
In the presence of: By /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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Name : ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
[ILLEGIBLE SIGNATURE] Title: ATTORNEY-IN-FACT
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Witness
INITIAL LESSOR PARENT
▇▇▇▇▇▇ SPY LIMITED, not in its
individual capacity except as
expressly set forth herein, but
solely acting in its capacity as
trustee of the USEB Aircraft Trust
By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: ATTORNEY-IN-FACT
FACILITY AGENT
BARCLAYS BANK PLC
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title:DIRECTOR
LOAN TRANSACTION MANAGEMENT
SECURITY TRUSTEE
▇▇▇▇▇ FARGO BANK NORTHWEST,
NATIONAL ASSOCIATION, not in its
individual capacity, except as
expressly provided herein, but
solely as Security Trustee
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
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NAME: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: VICE PRESIDENT
EX-IM BANK
EXPORT IMPORT BANK OF THE UNITED
STATES
By:/s/[ILLEGIBLE]
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Name:____________________________
Title:___________________________
GUARANTOR
GATX FINANCIAL CORPORATION
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇
Title:MANAGING DIRECTOR, GATX
CAPITAL DIVISION
