EXHIBIT 10.47

 

Confidential Treatment

Requested Pursuant to Rule 24b-2

 

 

AMENDMENT N° 10

 

 

TO THE

 

 

A350 FAMILY PURCHASE AGREEMENT

 

 

BETWEEN

 

 

AIRBUS S.A.S.

 

as Seller

 

 

and

 

 

AIR LEASE CORPORATION

 

As Buyer

 

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 1/9

 

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AMENDMENT N° 10 TO THE

A350 FAMILY PURCHASE AGREEMENT

 

This amendment N° 10 (the “Amendment N° 10”) dated 31 December 2018 is made

 

BETWEEN:

 

AIRBUS S.A.S.,  a  société par actions simplifiée, created and existing under
French law having its registered office at 2, rond-point Emile Dewoitine, 31700
Blagnac, France °(the "Seller"),

 

and

 

AIR LEASE CORPORATION, a corporation organised and existing under the laws of
the State of Delaware, U.S.A., having its principal place of business at 2000
Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, U.S.A. (the
“Buyer”).

 

The Buyer and Seller together are referred to as the “Parties”.

 

WHEREAS:

 

A.   The Buyer and the Seller have signed a purchase agreement with reference
CLC-CT1103521 on the 01 February 2013 for the manufacture and sale by the Seller
and purchase by the Buyer of twenty-five (25) firm A350 Family aircraft
hereinafter together with its Exhibits and Letter Agreements referred to as the
“Purchase Agreement”.

 

B.    On 03 March 2015, the Buyer and the Seller entered into an Amendment N°1
to the Purchase Agreement to modify the terms and conditions with respect to
certain A350XWB Family Aircraft.

 

C.    On 03 March 2015, the Buyer and the Seller entered into an Amendment N°2
to the Purchase Agreement in order to, among other things, provide for the
manufacture and sale by the Seller and purchase by the Buyer of one (1)
incremental A350-900 Aircraft.

 

D.   On 08 September 2015, the Buyer and the Seller entered into an Amendment
N°3 to the Purchase Agreement for (i) the manufacture and sale by the Seller and
purchase by the Buyer of two (2) incremental A350-900 Aircraft and [*].

 

E.    On 14 April 2016, the Buyer and the Seller entered into an Amendment N°4
to the Purchase Agreement in order to (i) provide the terms by which the Seller
shall manufacture and sell and the Buyer shall purchase one (1) incremental
A350-900 Aircraft, and (ii) [*].

 

F.    On 25 May 2016, the Buyer and the Seller entered into an Amendment N°5 to
the Purchase Agreement [*].

 

G.   On 18 July 2016, the Buyer and the Seller entered into an Amendment N°6 to
the Purchase Agreement in order to, among other things, (i) address
specifications issues for both A350-900 Aircraft and A350-1000 Aircraft, (ii)
[*] and (iii) [*].

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 2/9

 

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H.   On 31 July 2017, the Buyer and the Seller entered into an Amendment N°7 to
the Purchase Agreement in order to [*].

 

I.     On 27 December 2017, the Buyer and the Seller entered into an Amendment
N°8 to the Purchase Agreement in order to [*].

 

J.     On 01 June 2018, the Buyer and the Seller entered into an Amendment N°9
to the Purchase Agreement in order to [*].

 

K.   The Buyer and the Seller have agreed to [*].

 

L.    In conjunction with the Buyer’s request in paragraph K above, the Buyer
and the Seller have entered into an amendment N° 5 to the A330 Agreement dated
as of even date herewith to provide for [*]; and

 

M.   The Buyer desires to [*].

 

N.   The Parties now wish to enter into this Amendment N°10 in order to, among
other things, (i) provide the terms under which the Seller shall manufacture and
sell and the Buyer shall purchase three (3) incremental A350-900 aircraft and
one (1) A350-1000  aircraft and (ii) [*].

 

The terms “herein”, “hereof” and “hereunder” and words of similar import refer
to this Amendment N° 10. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned thereto in the Agreement.

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 3/9

 

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NOW IT IS HEREBY AGREED AS FOLLOWS:

 

1.           INCREMENTAL AIRCRAFT

 

In consideration of the Seller agreeing to [*], the Seller hereby agrees to
sell, and the Buyer agrees to purchase from the Seller, three (3) incremental
A350-900 aircraft and one (1) incremental A350-1000 aircraft (the “Amendment
N°10 Aircraft”), [*].

 

2.           [*]

 

3.           [*]

 

4.           [*]

 

5.           PRICING TERMS FOR THE AMENDMENT 10 AIRCRAFT[*]

 

6.           [*]

 

7.           SUPPORT/ TRAINING MATTERS

 

7.1         The Buyer and the Seller hereby agree that Appendix A to Clause 15
of the Agreement, as may have been amended from time to time, shall be deleted
in its entirety and replaced as follows:

 

QUOTE

SELLER REPRESENTATIVE ALLOCATION

 

The Seller Representative allocation provided to the Buyer pursuant to Clause
15.1 is defined hereunder.

 

1The Seller will provide to the Buyer Seller Representative services at the
Buyer's main base or at other locations to be mutually agreed for the fleet of

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 4/9

 

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twenty-nine (29) Aircraft will be [*] man-months in aggregate. This allocation
will be further assigned by the Buyer on a prorata basis to each of the Buyer’s
Operators. [*]

 

2            For the sake of clarification, such Seller Representatives’
services will include [*].

 

3            The number of the Seller Representatives assigned to the Buyer at
any one time will be mutually agreed, [*] Seller Representatives.

 

UNQUOTE

 

7.2         The Buyer and the Seller hereby agree that Appendix A to Clause 16
of the Agreement, as may have been amended from time to time, shall be deleted
in its entirety and replaced as follows:

 

QUOTE

TRAINING ALLOWANCE

 

For the avoidance of doubt, all quantities indicated below are the total
quantities granted for the whole of the Buyer’s fleet of twenty-nine (29)
Aircraft firmly ordered, unless otherwise specified. [*]

 

The contractual training courses defined in this Appendix A will be provided up
to [*].

 

Notwithstanding the above, flight operations training courses granted per firmly
ordered Aircraft in this Appendix A  will be provided by the Seller within a
period [*].

 

Any deviation to said training delivery schedule will be mutually agreed between
the Buyer and the Seller.

 

1            FLIGHT OPERATIONS TRAINING

 

1.1         Flight Crew Training (standard transition course)

 

The Seller will provide flight crew training (standard transition course) [*]
for [*] of the Buyer's flight crews per firmly ordered Aircraft.

 

1.2         Extended Range For Twin Engine Aircraft Operations (ETOPS) Training

 

The Seller will provide [*] ETOPS training for [*] flight crews per ordered
Aircraft.

 

1.3         Flight Crew Line Initial Operating Experience

 

The Seller will provide to the Buyer pilot Instructor(s) [*] for a period of [*]
pilot Instructor months in total for the fleet of twenty-nine (29) Aircraft.
This allocation will be further assigned by the Buyer on a prorata basis to each
of the Initial Operators.

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 5/9

 

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Unless otherwise agreed during the Training Conference, in order to follow the
Aircraft Delivery schedule, the maximum number of pilot Instructors present at
any one time will be limited to [*].

 

1.4         Type Specific Cabin Crew Training Course

 

The Seller will provide to the Buyer [*] type specific training for cabin crews
for [*] in total for the fleet of twenty-nine (29) Aircraft. This allocation
will be further assigned by the Buyer on a prorata basis to each of the Initial
Operators.

 

1.5         Airbus Pilot Instructor Course (APIC)

 

The Seller will provide to the Buyer transition Airbus Pilot Instructor
Course(s) (APIC), for flight and synthetic instruction, [*] for [*] of the
Buyer’s flight instructors in total for the fleet of twenty-nine (29) Aircraft.
This allocation will be further assigned by the Buyer on a prorata basis to each
of the Initial Operators. APIC courses will be performed in groups of two (2)
trainees.

 

2            PERFORMANCE / OPERATIONS COURSE(S)

 

The Seller will provide to the Buyer [*] trainee days of performance /
operations training [*] for the Buyer's personnel in total for the fleet of
twenty-nine (29) Aircraft. This allocation will be further assigned by the Buyer
on a prorata basis to each of the Initial Operators.

 

3            MAINTENANCE TRAINING

 

3.1         The Seller will provide to the Buyer [*] trainee days of maintenance
training [*] for the Buyer's personnel in total for the fleet of twenty-nine
(29) Aircraft. This allocation will be further assigned by the Buyer on a
prorata basis to each of the Initial Operators.

 

3.2         The Seller will provide to the Buyer [*] in total for the fleet of
twenty-nine (29) Aircraft. This allocation will be further assigned by the Buyer
on a prorata basis to each of the Initial Operators.

 

4            TRAINEE DAYS ACCOUNTING

 

Trainee days are counted as follows:

 

4.1         For instruction at the Seller's Training Centers: one (1) day of
instruction for one (1) trainee equals one (1) trainee day. The number of
trainees originally registered at the beginning of the course will be counted as
the number of trainees to have taken the course.

 

4.2         For instruction outside of the Seller's Training Centers: one (1)
day of instruction by one (1) Seller Instructor equals the actual number of
trainees attending the course or a minimum of twelve (12) trainee days, except
for structure maintenance training course(s).

 

4.3         For structure maintenance training courses outside the Seller’s
Training Center(s), one (1) day of instruction by one (1) Seller Instructor
equals the

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 6/9

 

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actual number of trainees attending the course or the minimum number of trainees
as indicated in the Seller’s Customer Services Catalog.

 

4.4         For practical training, whether on training devices or on aircraft,
one (1) day of instruction by one (1) Seller Instructor equals the actual number
of trainees attending the course or a minimum of six (6) trainee days.

 

UNQUOTE

 

8.           EFFECTIVITY

 

This Amendment N°10 will enter into full force and be binding upon the Parties
upon the fulfilment of each of the following conditions (the “Conditions”): [*]

 

If the Conditions are not fulfilled on or before 31 December 2018, this
Amendment N°10 shall be terminated without further act and the Buyer and the
Seller shall have no obligation or liability to the other, whether in contract
or otherwise in respect of this Amendment N°10.

 

9.           INCONSISTENCY AND CONFIDENTIALITY

 

9.1         In the event of any inconsistency between the terms and conditions
of the Agreement and those of this Amendment N° 10, the latter shall prevail to
the extent of such inconsistency, whereas the part of the Agreement not
concerned by such inconsistency shall remain in full force and effect.

 

9.2         This Amendment N° 10 reflects the understandings, commitments,
agreements, representations and negotiations related to the matters set forth
herein whatsoever, oral and written, and may not be varied except by an
instrument in writing of even date herewith or subsequent hereto executed by the
duly authorised representatives of both Parties.

 

9.3         This Amendment N° 10 shall be treated by both Parties as
confidential and shall not be released in whole or in part to any third party
without the prior consent of the other Party except as may be required by law,
or to professional advisors for the implementation hereof.

 

10.         COUNTERPARTS

 

This Amendment N° 10 may be executed by the Parties in separate counterparts,
each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument.

 

11.         LAW AND JURISDICTION

 

The provisions of Clause 22.6 of the Agreement shall apply to this Amendment N°
10 as if the same were set out in full herein, mutatis mutandis.

 

 

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 7/9

 

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IN WITNESS WHEREOF this Amendment N° 10 was entered into the day and year first
above written.

 

 

 

 

 

 

For and on behalf of

For and on behalf of

 

 

 

 

 

 

 

 

AIR LEASE CORPORATION

AIRBUS S.A.S.

 

 

 

 

 

 

/s/ John L. Plueger

/s/ Benoît de Saint-Exupéry

 

 

By:

John L. Plueger

By:

Senior Vice President, Contracts

 

 

 

 

Its:

CEO

Its:

Benoît de Saint-Exupéry

 

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 8/9

 

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APPENDIX 1

 

CAC ID

Aircraft Rank

Scheduled
Delivery Month

Aircraft
Type

[*]

[*]

[*]

2017

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[*]

2024

[*]

 

 

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Amendment Nº10 to the ALC A350 Family PA

Private & Confidential

Ref. CLC - CT1500403 

Page 9/9

 

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LETTER AGREEMENT N 1 TO AMENDMENT N 10

 

 

 

 

AIR LEASE CORPORATION

2000 Avenue of the Stars, Suite 1000N

Los Angeles, California 90067, U.S.A.

31 December 2018

 

 

 

 

 

 

 

 

Subject: Amendment No. 10 Additional Matters

 

 

AIR LEASE CORPORATION (the “Buyer") and AIRBUS S.A.S. (the “Seller") have
entered into an Amendment N° 10 dated even date herewith (the “Amendment”) to
the A350XWB Family Purchase Agreement dated 01 February 2013 (the "Agreement")
which covers, among other things, (i) [*] and (ii) [*].

 

Capitalized terms used herein and not otherwise defined in this Letter Agreement
shall have the meanings assigned thereto in the Agreement.

 

The Parties agree that this Letter Agreement, upon execution thereof, shall
constitute an integral, non-severable part of the Amendment, that the provisions
of the Amendment are hereby incorporated herein by reference, and that if the
Agreement, the Amendment and this Letter Agreement have specific provisions
which are inconsistent, the specific provisions contained in this Letter
Agreement shall govern.

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Air Lease Corporation - A350XWB Family Purchase Agreement

Private & Confidential

Amendment N°10 - Letter Agreement N°  1

Page 1/4

Ref. CLC-CT1709653

 

 

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LETTER AGREEMENT N 1 TO AMENDMENT N 10

 

 

1.        [*]

 

2.        [*]

 

3.        [*]

 

4.        [*]

 

5.        [*]

 

6.        [*]

 

5.        Assignment

 

Notwithstanding any other provision of this Letter Agreement or of the
Agreement, this Letter Agreement and the rights and obligations of the Buyer
herein shall not be assigned or transferred in any manner and any attempted
assignment or transfer in contravention of the provisions of this Clause shall
be void and of no force or effect. [*]

 

6.        Confidentiality

 

This Letter Agreement (and its existence) shall be treated by both parties as
confidential and shall not be released (or revealed) in whole or in part to any
third party without the prior consent of the other party. In particular, each
party agrees not to make any press release concerning the whole or any part of
the contents and/or subject matter hereof or of any future addendum hereto
without the prior consent of the other party.

 

 

 

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*         Confidential material omitted and filed separately with the Securities
and Exchange Commission pursuant to a request for confidential treatment.

 

 

 

Air Lease Corporation - A350XWB Family Purchase Agreement

Private & Confidential

Amendment N°10 - Letter Agreement N°  1

Page 2/4

Ref. CLC-CT1709653

 

 

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LETTER AGREEMENT N 1 TO AMENDMENT N 10

 

 

7.           Counterparts

 

This Letter Agreement may be signed in separate counterparts. Each counterpart,
when signed and delivered (including counterparts delivered by facsimile
transmission), will be an original, and the counterparts will together
constitute one same instrument.

 

8.           Law and Jurisdiction

 

The provisions of Clause 22.6 of the Agreement shall apply to this Amendment N°
10 as if the same were set out in full herein, mutatis mutandis.

 

 

Air Lease Corporation - A350XWB Family Purchase Agreement

Private & Confidential

Amendment N°10 - Letter Agreement N°  1

Page 3/4

Ref. CLC-CT1709653

 

 

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LETTER AGREEMENT N 1 TO AMENDMENT N 10

 

 

If the foregoing correctly sets forth our understanding, please execute two (2)
originals in the space provided below and return one (1) original of this Letter
Agreement to the Seller.

 

 

 

 

 

 

Agreed and Accepted

    

Agreed and Accepted

 

 

 

For and on behalf of

 

For and on behalf of

 

 

 

 

 

 

 

 

 

 

 

 

AIR LEASE CORPORATION

 

AIRBUS S.A.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ John L. Plueger

 

/s/ Benoît de Saint-Exupéry

 

 

 

By:

John L. Plueger

 

By:

Benoît de Saint-Exupéry

 

 

 

 

 

Its:

CEO

 

Its:

Senior Vice President, Contracts

 

 

 

Air Lease Corporation - A350XWB Family Purchase Agreement

Private & Confidential

Amendment N°10 - Letter Agreement N°  1

Page 4/4

Ref. CLC-CT1709653

 

 

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