Exhibit 10.24
AMENDMENT No. 1
TO THE A330-200 FREIGHTER PURCHASE AGREEMENT
Dated as of June 20, 2007
between
Airbus S.A.S.,
Seller
and
AYR FREIGHTER LLC
Buyer
AYR Freighter LLC — A330 — 200F
Amendment No. 1

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This Amendment No. 1 (hereinafter referred to as the “Amendment”) is entered
into as of November 6, 2007, between Airbus S.A.S. a Société par Actions
Simplifée organized and existing under the laws of the Republic of France,
having its registered office located at 1, Rond-Point Maurice Bellonte, 31700
Blagnac, France (hereinafter referred to as the “Seller”), and AYR FREIGHTER LLC
a limited liability company organized and existing under the laws of the State
of Delaware (hereinafter referred to as the “Buyer”).
WHEREAS, the Buyer and the Seller have entered into a Purchase Agreement (“the
Agreement”) dated as of June 20th, 2007 which covers the manufacture and the
sale by the Seller and the purchase by the Buyer of the A330-200F Aircraft as
described in the Agreement.
WHEREAS, the Buyer now wishes, in light of the availability of the new Pratt and
Whitney 4170 Propulsion systems (the “PW4170 Propulsion Systems”) for the
A330-200 Freighter model aircraft, to select the PW4170 Propulsion Systems and
make the appropriate changes to the Agreement to reflect the terms and
conditions applicable to the PW4170 Propulsion Systems.
Capitalized terms used herein and not otherwise defined in this Amendment shall
have the meanings assigned thereto in the Agreement.
Both parties agree that this Amendment, upon execution thereof, shall constitute
an integral, nonseverable part of the Agreement and shall be governed by all its
provisions, as such provisions have been specifically amended pursuant to this
Amendment.
AYR Freighter LLC — A330 — 200F
Amendment No. 1

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NOW THEREFORE IT IS AGREED AS FOLLOWS:
As a result of the Buyer’s wish to substitute the PW4168A type Propulsion
Systems as set forth in the Agreement for the PW4170 Propulsion Systems, the
following clauses of the Agreement will be modified:

1.   Clause 2 — Specification       Para 2.2.1 is deleted in its entirety and
replaced by the following:       QUOTE

    2.2.1 Available Propulsion Systems            Each of the Aircraft shall be
equipped with any of the set of       two Rolls Royce Trent 772B engines, or
two Pratt & Whitney PW4170 engines.            (in each case the “Propulsion
Systems”), as shall be selected by the Buyer pursuant to sub-Clause 2.2.2 below.
Each Propulsion Systems shall include nacelles, thrust reversers and associated
standard equipment, installed on such Aircraft on Delivery.

    UNQUOTE   2.   Clause 3 — PRICE       Paragraph 3.1.3 (i) of Clause 1 of
Schedule 1 to Purchase Agreement stating the Base Price of the Propulsion
Systems is cancelled in its entirety and replaced by the following:       QUOTE

[***]
UNQUOTE
AYR Freighter LLC — A330-200F
Amendment No. 1

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Portions of this exhibit that have been marked by [***] have been omitted
pursuant to a request for confidential treatment and filed separately with the
Securities and Exchange Commission.

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3.   Exhibit H — Part 2 : PRATT AND WHITNEY PRICE REVISION FORMULA      
Paragraph 1 of Part 2 of the Exhibit H is hereby deleted and replaced by the
following paragraph:       QUOTE

[***]

    UNQUOTE   4.   Clause 4 — PRICE REVISION       Paragraph 4.2.2 of the
Agreement is deleted in its entirety and no further force and effect.   5.  
Letter Agreement No. 4 — Other Matters       Paragraph 5.1 of Letter Agreement
No. 4 of the Agreement is now deleted in its entirety and of no further force or
effect.   6.   Letter Agreement No. 8 — Performance Guarantees       Letter
Agreement No. 8 of the Agreement is deleted in its entirety and replaced with a
restated Letter Agreement No. 8 (the “Restated Letter Agreement No. 8”) to the
Agreement attached hereto.

AYR Freighter LLC — A330-200F
Amendment No. 1

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Portions of this exhibit that have been marked by [***] have been omitted
pursuant to a request for confidential treatment and filed separately with the
Securities and Exchange Commission.

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7.   Confidentiality       This Amendment (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
except in accordance with Clause 22.9 of the Agreement. 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.

AYR Freighter LLC — A300-200F
Amendment No. 1

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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
Amendment to the Seller.

                Agreed and Accepted   Agreed and Accepted For and on behalf of  
For and on behalf of AYR FREIGHTER LLC   AIRBUS S.A.S.
 
            By:    /s/ Michael Platt   By:    /s/ Christophe Mourey
 
 
 
Its: Managing Director      
 
Its: Senior Vice President Contracts     Date: 7 November 2007       Date: 6
November 2007

AYR Freighter LLC — A300-200F
Amendment No. 1

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