EXHIBIT 10.7

Confidential Treatment

Requested Pursuant to Rule 24b-2

AMENDMENT N° 1

TO THE

A320 NEO FAMILY PURCHASE AGREEMENT

BETWEEN

AIRBUS S.A.S.

as Seller

AIR LEASE CORPORATION

As Buyer

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AMENDMENT N°1 TO THE

A320 NEO FAMILY PURCHASE AGREEMENT

This amendment N°1 (the “Amendment N°1”) dated 28th December 2012 is made
BETWEEN:

AIRBUS S.A.S., a  societe par actions simplifiee, created and existing under
French law having its registered office at 1 Rand-Point Maurice Bellonte, 31707
Blagnac-Cedex, France and registered with the Toulouse Registre du Commerce
under number RCS Toulouse 383 474 814 (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-CT1103377 on the 10th May 2012 for the manufacture and sale by the
Seller and purchase by the Buyer of thirty-six (36) firm A320 NEO Family
aircraft hereinafter together with its Exhibits and Letter Agreements and as
further amended from time to time referred to as the “Agreement”.

B.           The Buyer wishes to purchase and the Seller wishes to sell fourteen
(14) incremental A320 NEO Family aircraft subject to the terms and conditions
set out below.

The terms “herein”, “hereof” and “hereunder” and words of similar import refer
to this Amendment N°1. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned thereto in the Agreement.

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NOW IT IS HEREBY AGREED AS FOLLOWS:

1.[*]

1.1.The Buyer hereby [*] purchase the fourteen (14) [*] Aircraft [*] (the “Amdt
1 [*] Aircraft”).

1.2.[*]

For the avoidance of doubt, the Parties hereby agree that with respect to [*]
provisions set forth in Paragraph 7 of Letter Agreement N°6 to the Agreement
shall apply.

1.3.[*].

2.DELIVERY SCHEDULE

[*] the table in Clause 9.1 of the Agreement shall be deleted in its entirety
and replaced by the one set forth in Appendix 1 hereto.

3.PREDELIVERY PAYMENTS

3.1.        The Buyer and the Seller agree that, as of the date hereof, the
Buyer has made and the Seller has received, with respect to the firmly ordered
Aircraft, Predelivery Payments in an amount of [*].

3.2.[*].

3.3.Any Predelivery Payments falling due on or before the date of [*] will be
paid by the Buyer [*].

4.SUPPORT / TRAINING MATTERS

4.1.        The Buyer and the Seller hereby agree that Appendix A to Clause 15
of the Agreement 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.

1       The 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 fifty (50) Aircraft shall be [*] in aggregate. This allocation shall be
further assigned by the Buyer on a prorata basis to each of the Buyer’s
Operators. [*]

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

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

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

UNQUOTE

4.2.       The Buyer and the Seller hereby agree that Appendix A to Clause 16 of
the Agreement shall be deleted in its entirety and replaced as follows:

QUOTE

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

 

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APPENDIX “A” TO CLAUSE 16

TR AINING ALLOWANCE

For the avoidance of doubt, all quantities indicated below are the total
quantities granted for the whole of the Buyer’s fleet of fifty (50) 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 [*] after said Aircraft Delivery.

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) [*] of
the Buyer’s flight crews per firmly ordered Aircraft.

1.2.Flight Crew Line Initial Operating Experience

The Seller will provide to the Buyer pilot Instructor(s) [*] in total for the
Buyer’s fleet of fifty (50) Aircraft firmly ordered [*].

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

1.3.Type Specific Cabin Crew Training Course

The Seller will provide to the Buyer [*] in total for the Buyer’s fleet of fifty
(50) Aircraft firmly ordered.

2.PERFORMANCE / OPERATIONS COURSE(S)

The Seller will provide to the Buyer [*] in total for the Buyer’s fleet of fifty
(50) Aircraft firmly ordered.

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

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3.MAINTENANCE TRAINING

3.1.The Seller will provide to the Buyer [*] in total for the buyer’s fleet of
fifty (50) Aircraft firmly ordered.

3.2.The Seller will provide to the Buyer [*] in total for the Buyer’s fleet of
fifty (50) Aircraft firmly ordered.

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
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

5.INCONSISTENCY AND CONFIDENTIALITY

5.1.In the event of any inconsistency between the terms and conditions of the
Agreement and those of this Amendment N°1, 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.

5.2.This Amendment N1, contains the entire agreement between the Parties in
respect of the matters hereof and supersedes all other prior understandings,
commitments, agreements, representations and negotiations 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.

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

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5.3.This Amendment N°1 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.

6.COUNTERPARTS

This Amendment 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.

7.LAW AND JURISDICTION

The provisions of Clause 22.6 of the Agreement shall apply to this Amendment N°1
as if the same were set out in full herein, mutatis mutandis.

 

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IN WITNESS WHEREOF this Amendment N°1 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.

 

 

 

 

 

 

 

 

 

Name:

/s/ Steven F. Udvar-Hazy

 

Name:

/s/ Christophe Mourey

 

 

 

Title: Chairman of the Board and Chief Executive Officer

 

Title: Senior Vice President Contracts

 

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APPENDIX 1

DELIVERY SCHEDULE

 

 

 

 

 

 

CAC Id

Aircraft Rank

Scheduled

Delivery Month

Aircraft Type

Engine Type

[*]

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2016

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2020

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

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