EX-4.2





 Exhibit 4.2 
  

 
  

AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY 

as Irish Issuer, 
 AERCAP GLOBAL
AVIATION TRUST 
 as U.S. Issuer, 

and 
 AERCAP HOLDINGS N.V. 

as Holdings 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of October 29, 2021 

to 
 INDENTURE 

Dated as of October 29, 2021 
  

 
 THE GUARANTORS
PARTY HERETO 
 and 
 THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A. 
 as Trustee 
  

 
  












 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 SECTION 1.01
	 	Definitions	  	 	2	 
			
	 SECTION 1.02
	 	Other Definitions	  	 	5	 
		
	 ARTICLE II DESIGNATIONS AND TERMS OF THE NOTES
	  	 	6	 
			
	 SECTION 2.01
	 	Title and Aggregate Principal Amount	  	 	6	 
			
	 SECTION 2.02
	 	Execution	  	 	6	 
			
	 SECTION 2.03
	 	Other Terms and Forms of the Notes	  	 	6	 
			
	 SECTION 2.04
	 	Further Issues	  	 	6	 
			
	 SECTION 2.05
	 	Interest and Principal	  	 	8	 
			
	 SECTION 2.06
	 	Place of Payment	  	 	10	 
			
	 SECTION 2.07
	 	Form and Dating	  	 	10	 
			
	 SECTION 2.08
	 	Depositary; Registrar	  	 	11	 
			
	 SECTION 2.09
	 	Optional Redemption	  	 	12	 
			
	 SECTION 2.10
	 	Redemption for Changes in Withholding Taxes	  	 	12	 
			
	 SECTION 2.11
	 	Special Mandatory Redemption	  	 	13	 
		
	 ARTICLE III TRANSFER AND EXCHANGE
	  	 	14	 
			
	 SECTION 3.01
	 	Transfer and Exchange of Global Notes	  	 	14	 
			
	 SECTION 3.02
	 	Transfer and Exchange of Beneficial Interests in the Global Notes	  	 	14	 
			
	 SECTION 3.03
	 	Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes	  	 	15	 
			
	 SECTION 3.04
	 	Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes	  	 	15	 
			
	 SECTION 3.05
	 	Transfer and Exchange of Definitive Notes for Definitive Notes	  	 	16	 
			
	 SECTION 3.06
	 	Legend	  	 	16	 


  
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	 SECTION 3.07
	 	Cancellation and/or Adjustment of Global Notes	  	 	17	 
			
	 SECTION 3.08
	 	General Provisions Relating to Transfers and Exchanges.	  	 	17	 
		
	 ARTICLE IV LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND
DISCHARGE
	  	 	18	 
			
	 SECTION 4.01
	 	Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge	  	 	18	 
		
	 ARTICLE V COVENANTS
	  	 	18	 
			
	 SECTION 5.01
	 	Repurchase upon a Change of Control Triggering Event	  	 	18	 
		
	 ARTICLE VI MISCELLANEOUS
	  	 	21	 
			
	 SECTION 6.01
	 	Ratification of Original Indenture; Supplemental Indenture Part of Original Indenture	  	 	21	 
			
	 SECTION 6.02
	 	Concerning the Trustee	  	 	21	 
			
	 SECTION 6.03
	 	Multiple Originals; Electronic Signatures	  	 	21	 
			
	 SECTION 6.04
	 	GOVERNING LAW	  	 	21	 

  

			
	Exhibit A	  	Form of 1.150% Senior Note due 2023
	Exhibit B	  	Form of 1.650% Senior Note due 2024
	Exhibit C	  	Form of 1.750% Senior Note due 2024
	Exhibit D	  	Form of 2.450% Senior Note due 2026
	Exhibit E	  	Form of 3.000% Senior Note due 2028
	Exhibit F	  	Form of 3.300% Senior Note due 2032
	Exhibit G	  	Form of 3.400% Senior Note due 2033
	Exhibit H	  	Form of 3.850% Senior Note due 2041


  
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 FIRST SUPPLEMENTAL INDENTURE, dated as of October 29, 2021 (this “First
Supplemental Indenture”), to the Indenture, dated as of October 29, 2021 (the “Original Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares
incorporated under the laws of Ireland with registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with
the Irish Issuer, the “Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of the subsidiary
guarantors party hereto or that becomes a guarantor pursuant to the terms of the Original Indenture (the “Subsidiary Guarantors” and, together with Holdings, the “Guarantors”) and THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., a national banking association organized under the laws of the United States, as trustee (the “Trustee”). 

WHEREAS, the Issuers, the Guarantors and the Trustee have heretofore executed and delivered the Original Indenture to provide for the issuance
from time to time of Notes (as defined in the Original Indenture) of the Issuers, to be issued in one or more Series; 
 WHEREAS, the
Original Indenture provides, among other things, that the Issuers and the Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the form and terms of Notes (as defined in the
Original Indenture) of any Series pursuant to the Original Indenture; 
 WHEREAS, the Issuers (i) desire the issuance of Series of
Notes (as defined in the Original Indenture) to be designated as hereinafter provided and (ii) have requested the Trustee to enter into this First Supplemental Indenture for the purpose of establishing the forms and terms of the Notes (as
defined in the Original Indenture) of such Series; 
 WHEREAS, the Issuers have duly authorized the creation of an issue of their 1.150%
Senior Notes due 2023 (the “2023 Notes”), 1.650% Senior Notes due 2024 (the “2024 Notes”), 1.750% Senior Notes due 2024 (the “2024 NC1 Notes”), 2.450% Senior Notes due 2026 (the “2026
Notes”), 3.000% Senior Notes due 2028 (the “2028 Notes”), 3.300% Senior Notes due 2032 (the “2032 Notes”), 3.400% Senior Notes due 2033 (the “2033 Notes”) and 3.850% Senior Notes due 2041
(the “2041 Notes” and, together with the 2023 Notes, the 2024 Notes, the 2024 NC1 Notes, the 2026 Notes, the 2028 Notes, the 2032 Notes and the 2033 Notes, the “Notes”), which expressions, in each case, includes any
further such Notes issued pursuant to Section 2.04 hereof; and 
 WHEREAS, all action on the part of the Issuers necessary to authorize
the issuance of the Notes under the Original Indenture and this First Supplemental Indenture (the Original Indenture, as supplemented by this First Supplemental Indenture, being hereinafter called the “Indenture”) has been duly
taken; 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That, in order to establish the forms and terms of the Notes and in consideration of the acceptance of the Notes by the Holders thereof and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 












 ARTICLE I 

DEFINITIONS 
 SECTION 1.01
Definitions. 
 (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto
in the Original Indenture. 
 (b) The rules of interpretation set forth in the Original Indenture shall be applied hereto as if set forth in
full herein. 
 (c) For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or unless the context
otherwise requires, the following terms shall have the following meanings: 
 “Applicable Procedures” means, with respect
to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC that apply to such transfer or exchange. 

“Below Investment Grade Rating Event” means, with respect to the Notes, that at any time within a 60 day period from the
Rating Date, the rating on the Notes is lowered, and the Notes are rated below an Investment Grade Rating, by two Rating Organizations, if the Notes are rated by all three Rating Organizations, or both Rating Organizations, if the Notes are only
rated by two Rating Organizations; provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Organizations making the reduction in rating to which this definition would otherwise apply do not announce
or publicly confirm or inform the Issuers in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). The Trustee shall not be responsible for monitoring or charged with knowledge of the ratings on the Notes. 

“Change of Control” means: 

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or
more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares representing
more than 50% of the voting power of Holdings’ Voting Stock; 

  
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 (2) Holdings ceases to own, directly or indirectly, 100% of the issued and outstanding
Voting Stock of either Issuer, other than director’s qualifying shares and other shares required to be issued by law; 
 (3) (a) all or
substantially all of the assets of Holdings and the Restricted Subsidiaries, taken as a whole, are sold or otherwise transferred to any Person other than a Wholly-Owned Restricted Subsidiary or one or more Permitted Holders or (b) Holdings
consolidates, amalgamates or merges with or into another Person or any Person consolidates, amalgamates or merges with or into Holdings, in either case, in one transaction or a series of related transactions in which immediately after the
consummation thereof Persons beneficially owning (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) Voting Stock representing in the aggregate a majority of
the total voting power of the Voting Stock of Holdings immediately prior to such consummation do not beneficially own (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act) Voting Stock representing a majority of the total voting power of the Voting Stock of Holdings or the applicable surviving or transferee Person (or applicable parent thereof); provided that this clause (3) shall not apply
(i) in the case where immediately after the consummation of the transactions Permitted Holders beneficially own Voting Stock representing in the aggregate a majority of the total voting power of Holdings or the applicable surviving or
transferee Person (or applicable parent thereof) or (ii) to a consolidation, amalgamation or merger of Holdings with or into a (x) Person or (y) Wholly-Owned Subsidiary of a Person that, in either case, immediately following the
transaction or series of transactions, has no Person or group (other than Permitted Holders) that beneficially owns Voting Stock representing 50% or more of the voting power of the total outstanding Voting Stock of such Person and, in the case of
clause (y), the parent of such Wholly-Owned Subsidiary guarantees Holdings’ obligations under the Notes and this Indenture; or 
 (4)
Holdings shall adopt a plan of liquidation or dissolution or any such plan shall be approved by the shareholders of Holdings. 

“Change of Control Triggering Event” means the occurrence of both a (1) Change of Control and (2) Below Investment
Grade Rating Event. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued
in accordance with Article III hereof substantially in the form of Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E, Exhibit F, Exhibit G or Exhibit H hereof, as applicable, except that such Note shall not bear the Global Note Legend and shall
not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “GECAS Transaction”
means the acquisition of or subscription for, as applicable, equity interests and assets comprising GE Capital Aviation Services, the aviation leasing business of General Electric Company, by one or more direct or indirect Wholly-Owned Subsidiaries
of Holdings, pursuant to the Transaction Agreement. 
 “Global Note Legend” means the legend set forth in
Section 3.07, which is required to be placed on all Global Notes issued hereunder. 

  
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 “Global Notes” means, individually and collectively, Global Notes deposited
with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E, Exhibit F, Exhibit G or Exhibit H hereof, as applicable, and that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.14 of the Original Indenture and Section 2.07 hereof. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Interest Payment Date” means, as the context requires, a 2023 Notes Interest Payment Date, a 2024 Notes Interest Payment
Date, a 2024 NC1 Notes Interest Payment Date, a 2026 Notes Interest Payment Date, a 2028 Notes Interest Payment Date, a 2032 Notes Interest Payment Date, a 2033 Notes Interest Payment Date or a 2041 Notes Interest Payment Date. 

“Investment Grade Rating” means a rating of BBB- or higher by Fitch (or its
equivalent under any successor rating category of Fitch), a rating of Baa3 or higher by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB- or higher by
S&P (or its equivalent under any successor rating category of S&P). 
 “Par Call Date” means September 29,
2024, in the case of the 2024 Notes (one month prior to the maturity date of the 2024 Notes), October 29, 2022, in the case of the 2024 NC1 Notes (two years prior to the maturity date of the 2024 NC1 Notes), September 29, 2026, in the case
of the 2026 Notes (one month prior to the maturity date of the 2026 Notes), August 29, 2028, in the case of the 2028 Notes (two months prior to the maturity date of the 2028 Notes), October 30, 2031, in the case of the 2032 Notes (three
months prior to the maturity date of the 2032 Notes), July 29, 2033, in the case of the 2033 Notes (three months prior to the maturity date of the 2033 Notes) and April 29, 2041, in the case of the 2041 Notes (six months prior to the
maturity date of the 2041 Notes). 
 “Permitted Holders” means at any time, (i) the Chairman of the Board of
Directors, the Chief Executive Officer, the President, any Managing Director, Executive Vice President, Senior Vice President or Vice President, any Treasurer and any Secretary of Holdings or other executive officer of Holdings or any Subsidiary of
Holdings at such time and (ii) General Electric Company and its Affiliates. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with
the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

“Rating Date” means the date that is the day prior to the initial public announcement by Holdings or the proposed acquirer
that (i) the proposed acquirer has entered into one or more binding agreements with Holdings or shareholders of Holdings that would give rise to a Change of Control or (ii) the proposed acquirer has commenced an offer to acquire
outstanding Voting Stock of Holdings. 
 “Record Date” means, as the context requires, a 2023 Notes Record Date, a 2024
Notes Record Date, a 2024 NC1 Notes Record Date, a 2026 Notes Record Date, a 2028 Notes Record Date, a 2032 Notes Record Date, a 2033 Notes Record Date or a 2041 Notes Record Date. 

  
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 “Transaction Agreement” means the Transaction Agreement, dated as of
March 9, 2021 (as amended from time to time and including the exhibits and schedules thereto and all related documents), by and among Holdings, AerCap Aviation Leasing Limited, AerCap US Aviation LLC, General Electric Company, GE Ireland USD
Holdings ULC, GE Financial Holdings ULC and GE Capital US Holdings, Inc. 
 “Treasury Rate” means, as of any redemption
date, the rate per annum equal to the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least
two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to the applicable Par Call Date,
as determined by the Issuers; provided, however, that if the period from the redemption date to the applicable Par Call Date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted
to a constant maturity of one year will be used. 
 “Wholly-Owned Restricted Subsidiary” means any Wholly-Owned Subsidiary
that is a Restricted Subsidiary. 
 “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person. 

SECTION 1.02 Other Definitions. 
  

					
	Term	  	Defined in Section	 
	“2023 Notes Interest Payment Date”	  	 	2.05	 
	“2023 Notes Record Date”	  	 	2.05	 
	“2024 NC1 Notes Interest Payment Date”	  	 	2.05	 
	“2024 NC1 Notes Record Date”	  	 	2.05	 
	“2024 Notes Interest Payment Date”	  	 	2.05	 
	“2024 Notes Record Date”	  	 	2.05	 
	“2026 Notes Interest Payment Date”	  	 	2.05	 
	“2026 Notes Record Date”	  	 	2.05	 
	“2028 Notes Interest Payment Date”	  	 	2.05	 
	“2028 Notes Record Date”	  	 	2.05	 
	“2032 Notes Interest Payment Date”	  	 	2.05	 
	“2032 Notes Record Date”	  	 	2.05	 
	“2033 Notes Interest Payment Date”	  	 	2.05	 
	“2033 Notes Record Date”	  	 	2.05	 
	“2041 Notes Interest Payment Date”	  	 	2.05	 
	“2041 Notes Record Date”	  	 	2.05	 


  
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	“Change of Control Offer”	  	 	5.01(a)	 
	“Change of Control Payment”	  	 	5.01(a)	 
	“Change of Control Payment Date”	  	 	5.01(b)(ii)	 
	“Special Mandatory Redemption Date”	  	 	2.11	 
	“Trigger Date”	  	 	2.11	 
	“Trigger Event”	  	 	2.11	 

 ARTICLE II 

DESIGNATIONS AND TERMS OF THE NOTES 

SECTION 2.01 Title and Aggregate Principal Amount. There is hereby created a Series of Notes designated: 1.150% Senior Notes due 2023
in an initial aggregate principal amount of $1,750,000,000. There is also hereby created a Series of Notes designated: 1.650% Senior Notes due 2024 in an initial aggregate principal amount of $3,250,000,000. There is also hereby created a Series of
Notes designated: 1.750% Senior Notes due 2024 in an initial aggregate principal amount of $1,000,000,000. There is also hereby created a Series of Notes designated: 2.450% Senior Notes due 2026 in an initial aggregate principal amount of
$3,750,000,000. There is also hereby created a Series of Notes designated: 3.000% Senior Notes due 2028 in an initial aggregate principal amount of $3,750,000,000. There is also hereby created a Series of Notes designated: 3.300% Senior Notes due
2032 in an initial aggregate principal amount of $4,000,000,000. There is also hereby created a Series of Notes designated: 3.400% Senior Notes due 2033 in an initial aggregate principal amount of $1,500,000,000. There is also hereby created a
Series of Notes designated: 3.850% Senior Notes due 2041 in an initial aggregate principal amount of $1,500,000,000. 
 SECTION 2.02
Execution. The Notes may forthwith be executed by the Issuers by manual, electronic or facsimile signature and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 2.04 of
the Original Indenture. 
 SECTION 2.03 Other Terms and Forms of the Notes. The Notes shall have and be subject to such other terms
as provided in the Original Indenture and this First Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E, Exhibit F, Exhibit G or Exhibit H hereof, as
applicable, and as set forth in Section 2.07 hereof. 
 SECTION 2.04 Further Issues. The Issuers may, from time to time, without
the consent of the Holders of the 2023 Notes and in accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the 2023 Notes
in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the 2023 Notes. The 2023 Notes and any such further notes shall be treated as a
single class for all purposes under this Indenture; provided that if any such further notes are not fungible with the 2023 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other identifying
number, if applicable. Unless the context otherwise requires, all references to the 2023 Notes shall include any such further notes. 

  
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 The Issuers may, from time to time, without the consent of the Holders of the 2024 Notes and
in accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the 2024 Notes in all respects (or in all respects except for
the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the 2024 Notes. The 2024 Notes and any such further notes shall be treated as a single class for all purposes under this Indenture;
provided that if any such further notes are not fungible with the 2024 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other identifying number, if applicable. Unless the context otherwise
requires, all references to the 2024 Notes shall include any such further notes. 
 The Issuers may, from time to time, without the consent
of the Holders of the 2024 NC1 Notes and in accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the 2024 NC1 Notes in
all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the 2024 NC1 Notes. The 2024 NC1 Notes and any such further notes shall be treated as a
single class for all purposes under this Indenture; provided that if any such further notes are not fungible with the 2024 NC1 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other
identifying number, if applicable. Unless the context otherwise requires, all references to the 2024 NC1 Notes shall include any such further notes. 

The Issuers may, from time to time, without the consent of the Holders of the 2026 Notes and in accordance with the Original Indenture and
this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the 2026 Notes in all respects (or in all respects except for the issue date and the amount and the date of
the first interest payment thereon) so as to form a single Series with the 2026 Notes. The 2026 Notes and any such further notes shall be treated as a single class for all purposes under this Indenture; provided that if any such further notes
are not fungible with the 2026 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other identifying number, if applicable. Unless the context otherwise requires, all references to the 2026 Notes shall
include any such further notes. 
 The Issuers may, from time to time, without the consent of the Holders of the 2028 Notes and in
accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the 2028 Notes in all respects (or in all respects except for the
issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the 2028 Notes. The 2028 Notes and any such further notes shall be treated as a single class for all purposes under this Indenture;
provided that if any such further notes are not fungible with the 2028 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other identifying number, if applicable. Unless the context otherwise
requires, all references to the 2028 Notes shall include any such further notes. 

  
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 The Issuers may, from time to time, without the consent of the Holders of the 2032 Notes and
in accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the 2032 Notes in all respects (or in all respects except for
the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the 2032 Notes. The 2032 Notes and any such further notes shall be treated as a single class for all purposes under this Indenture;
provided that if any such further notes are not fungible with the 2032 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other identifying number, if applicable. Unless the context otherwise
requires, all references to the 2032 Notes shall include any such further notes. 
 The Issuers may, from time to time, without the consent
of the Holders of the 2033 Notes and in accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms and conditions as the 2033 Notes in all
respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the 2033 Notes. The 2033 Notes and any such further notes shall be treated as a single class
for all purposes under this Indenture; provided that if any such further notes are not fungible with the 2033 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP, ISIN or other identifying number, if
applicable. Unless the context otherwise requires, all references to the 2033 Notes shall include any such further notes. 
 The Issuers
may, from time to time, without the consent of the Holders of the 2041 Notes and in accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes in an unlimited principal amount having the same terms
and conditions as the 2041 Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the 2041 Notes. The 2041 Notes and any such further
notes shall be treated as a single class for all purposes under this Indenture; provided that if any such further notes are not fungible with the 2041 Notes for U.S. Federal income tax purposes, such further notes will have a separate CUSIP,
ISIN or other identifying number, if applicable. Unless the context otherwise requires, all references to the 2041 Notes shall include any such further notes. 

SECTION 2.05 Interest and Principal. The 2023 Notes will mature on October 29, 2023 and will bear interest at the rate of 1.150%
per annum. The Issuers will pay interest on the 2023 Notes on each April 29 and October 29 (each a “2023 Notes Interest Payment Date”), beginning on April 29, 2022, to the Holders of the 2023 Notes of record on the
immediately preceding April 14 and October 14 (each a “2023 Notes Record Date”), respectively. Interest on the 2023 Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from and including the date of issuance. Payments of the principal of and interest on the 2023 Notes shall be made in Dollars, and the 2023 Notes shall be denominated in Dollars. 

The 2024 Notes will mature on October 29, 2024 and will bear interest at the rate of 1.650% per annum. The Issuers will pay interest on
the 2024 Notes on each April 29 and October 29 (each a “2024 Notes Interest Payment Date”), beginning on April 29, 2022, to the Holders of the 2024 Notes of record on the immediately preceding April 14 and
October 14 (each a “2024 Notes Record Date”), respectively. Interest on the 2024 Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of
issuance. Payments of the principal of and interest on the 2024 Notes shall be made in Dollars, and the 2024 Notes shall be denominated in Dollars. 

  
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 The 2024 NC1 Notes will mature on October 29, 2024 and will bear interest at the rate
of 1.750% per annum. The Issuers will pay interest on the 2024 NC1 Notes on each April 29 and October 29 (each a “2024 NC1 Notes Interest Payment Date”), beginning on April 29, 2022, to the Holders of the 2024 NC1
Notes of record on the immediately preceding April 14 and October 14 (each a “2024 NC1 Notes Record Date”), respectively. Interest on the 2024 NC1 Notes shall accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from and including the date of issuance. Payments of the principal of and interest on the 2024 NC1 Notes shall be made in Dollars, and the 2024 NC1 Notes shall be denominated in Dollars. 

The 2026 Notes will mature on October 29, 2026 and will bear interest at the rate of 2.450% per annum. The Issuers will pay interest on
the 2026 Notes on each April 29 and October 29 (each a “2026 Notes Interest Payment Date”), beginning on April 29, 2022, to the Holders of the 2026 Notes of record on the immediately preceding April 14 and
October 14 (each a “2026 Notes Record Date”), respectively. Interest on the 2026 Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of
issuance. Payments of the principal of and interest on the 2026 Notes shall be made in Dollars, and the 2026 Notes shall be denominated in Dollars. 

The 2028 Notes will mature on October 29, 2028 and will bear interest at the rate of 3.000% per annum. The Issuers will pay interest on
the 2028 Notes on each April 29 and October 29 (each a “2028 Notes Interest Payment Date”), beginning on April 29, 2022, to the Holders of the 2028 Notes of record on the immediately preceding April 14 and
October 14 (each a “2028 Notes Record Date”), respectively. Interest on the 2028 Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of
issuance. Payments of the principal of and interest on the 2028 Notes shall be made in Dollars, and the 2028 Notes shall be denominated in Dollars. 

The 2032 Notes will mature on January 30, 2032 and will bear interest at the rate of 3.300% per annum. The Issuers will pay interest on
the 2032 Notes on each January 30 and July 30 (each a “2032 Notes Interest Payment Date”), beginning on January 30, 2022, to the Holders of the 2032 Notes of record on the immediately preceding January 15 and
July 15 (each a “2032 Notes Record Date”), respectively. Interest on the 2032 Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of
issuance. Payments of the principal of and interest on the 2032 Notes shall be made in Dollars, and the 2032 Notes shall be denominated in Dollars. 

The 2033 Notes will mature on October 29, 2033 and will bear interest at the rate of 3.400% per annum. The Issuers will pay interest on
the 2033 Notes on each April 29 and October 29 (each a “2033 Notes Interest Payment Date”), beginning on April 29, 2022, to the Holders of the 2033 Notes of record on the immediately preceding April 14 and
October 14 (each a “2033 Notes Record Date”), respectively. Interest on the 2033 Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of
issuance. Payments of the principal of and interest on the 2033 Notes shall be made in Dollars, and the 2033 Notes shall be denominated in Dollars. 

  
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 The 2041 Notes will mature on October 29, 2041 and will bear interest at the rate of
3.850% per annum. The Issuers will pay interest on the 2041 Notes on each April 29 and October 29 (each a “2041 Notes Interest Payment Date”), beginning on April 29, 2022, to the Holders of the 2041 Notes of record on
the immediately preceding April 14 and October 14 (each a “2041 Notes Record Date”), respectively. Interest on the 2041 Notes shall accrue from the most recent date to which interest has been paid or, if no interest has
been paid, from and including the date of issuance. Payments of the principal of and interest on the 2041 Notes shall be made in Dollars, and the 2041 Notes shall be denominated in Dollars. 

SECTION 2.06 Place of Payment. The place of payment where the Notes issued in the form of Definitive Notes may be presented or
surrendered for payment, where the principal of and interest and any other payments due on the Notes issued in the form of Definitive Notes are payable and where the Notes may be surrendered for registration of transfer or exchange shall be the
office or agency of the Issuers maintained for that purpose pursuant to Section 2.05 of the Original Indenture, and the office or agency maintained by the Issuers for such purpose shall initially be the Corporate Trust Office of the Trustee.
All payments on Notes issued in the form of Global Notes shall be made by wire transfer of immediately available funds to the Depositary and, at the option of the Issuers, payment of interest on the Notes issued in the form of Definitive Notes may
be made by check mailed to registered Holders of such Notes. 
 SECTION 2.07 Form and Dating. 

(a) General. The 2023 Notes will be substantially in the form of Exhibit A hereto. The 2024 Notes will be substantially in the form of
Exhibit B hereto. The 2024 NC1 Notes will be substantially in the form of Exhibit C hereto. The 2026 Notes will be substantially in the form of Exhibit D hereto. The 2028 Notes will be substantially in the form of Exhibit E hereto. The 2032 Notes
will be substantially in the form of Exhibit F hereto. The 2033 Notes will be substantially in the form of Exhibit G hereto. The 2041 Notes will be substantially in the form of Exhibit H hereto. The terms and provisions contained in the Notes will
constitute, and are hereby expressly made, a part of this First Supplemental Indenture and the Issuers and the Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be
bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

(b) Global Notes. 2023 Notes issued in global form will be substantially in the form of Exhibit A attached hereto (including the Global
Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2023 Notes issued in definitive form will be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend
thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2024 Notes issued in global form will be substantially in the form of Exhibit B attached hereto (including the Global Note Legend thereon
and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2024 Notes issued in definitive form will be substantially in the form of Exhibit B attached hereto (but without the Global Note


  
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Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2024 NC1 Notes issued in global form will be substantially in the form of
Exhibit C attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2024 NC1 Notes issued in definitive form will be substantially in the form of Exhibit C
attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2026 Notes issued in global form will be substantially in the form of Exhibit D attached
hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2026 Notes issued in definitive form will be substantially in the form of Exhibit D attached hereto (but
without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2028 Notes issued in global form will be substantially in the form of Exhibit E attached hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2028 Notes issued in definitive form will be substantially in the form of Exhibit E attached hereto (but without the Global
Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2032 Notes issued in global form will be substantially in the form of Exhibit F attached hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2032 Notes issued in definitive form will be substantially in the form of Exhibit F attached hereto (but without the Global Note Legend
thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2033 Notes issued in global form will be substantially in the form of Exhibit G attached hereto (including the Global Note Legend thereon
and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2033 Notes issued in definitive form will be substantially in the form of Exhibit G attached hereto (but without the Global Note Legend thereon and without
the “Schedule of Exchanges of Interests in the Global Note” attached thereto). 2041 Notes issued in global form will be substantially in the form of Exhibit H attached hereto (including the Global Note Legend thereon and the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). 2041 Notes issued in definitive form will be substantially in the form of Exhibit H attached hereto (but without the Global Note Legend thereon and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding principal amount of the Notes as will be specified therein and each shall provide that it represents the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Article III hereof. 
 SECTION 2.08 Depositary; Registrar. The Issuers
initially appoint DTC to act as Depositary with respect to the Global Notes. The Issuers initially appoint the Trustee to act as the Registrar and the Paying Agent with respect to the Notes. 

  
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 SECTION 2.09 Optional Redemption. 

(a) Prior to the applicable Par Call Date (or, in the case of the 2023 Notes, the maturity date of the 2023 Notes), the Issuers may redeem all
or part of the Notes of a Series, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of Notes being redeemed and
(ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the applicable Par Call Date (or, in the case of the 2023 Notes, the maturity date of the 2023 Notes),
excluding accrued but unpaid interest to the redemption date, discounted to the date of redemption using a discount rate equal to (A) the Treasury Rate plus 15 basis points, in the case of the 2023 Notes, (B) the Treasury Rate plus 15
basis points, in the case of the 2024 Notes, (C) the Treasury Rate plus 15 basis points, in the case of the 2024 NC1 Notes, (D) the Treasury Rate plus 20 basis points, in the case of the 2026 Notes, (E) the Treasury Rate plus 25 basis
points, in the case of the 2028 Notes, (F) the Treasury Rate plus 25 basis points, in the case of the 2032 Notes, (G) the Treasury Rate plus 30 basis points, in the case of the 2033 Notes and (H) the Treasury Rate plus 30 basis
points, in the case of the 2041 Notes, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date. 
 (b) On or after the applicable Par Call Date, the Notes of a Series (other than the 2023 Notes) may be redeemed at
the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption
date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

SECTION 2.10 Redemption for Changes in Withholding Taxes. 

(a) The Issuers are entitled to redeem the Notes of a Series, at the option of the Issuers, at any time in whole but not in part, upon not less
than 15 nor more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at a
redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to
receive interest due on the relevant Interest Payment Date) and Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes of
such Series, any Additional Amounts with respect to the Notes of such Series as a result of: 
 (i) a change in or an
amendment to the laws (including any regulations, rulings or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 

(ii) any change in or amendment to, or the introduction of, any official position regarding the application, administration or
interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of competent jurisdiction), 

  
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 which change or amendment is announced or becomes effective on or after the date on which the Notes of such
Series are issued (or, in the case of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the
Issuers. Notwithstanding the foregoing, no such notice of redemption will be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the
time such notice is given, such obligation to pay such Additional Amounts remains in effect. 
 (b) Before the Issuers publish or mail or
deliver notice of redemption of the Notes of such Series as described above, the Issuers will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable
measures available to them and that all conditions precedent to the redemption have been complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay
Additional Amounts as a result of a change or amendment described above and that all conditions precedent to the redemption have been complied with. 

(c) This Section will apply mutatis mutandis to any jurisdiction in which any successor Person to an Issuer is incorporated or organized
or any political subdivision or taxing authority or agency thereof or therein. 
 SECTION 2.11 Special Mandatory Redemption. If the
GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’
determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the GECAS Transaction will not close (the earliest of any such date under clause (a), (b) or (c), the “Trigger
Date”, and the earliest of any such events under clause (a), (b) or (c), the “Trigger Event”), then the Issuers shall redeem all of the outstanding Notes for cash at a redemption price equal to 101% of the aggregate
principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each
Holder of any Note at its registered address and to the Trustee promptly, but in any event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the date specified in the notice of special mandatory redemption (the
date so specified, the “Special Mandatory Redemption Date”). The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special mandatory redemption and shall be no later than 30 days
following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient to pay the special mandatory redemption price of the
outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the Special Mandatory Redemption Date, the Notes shall cease
to bear interest. For the avoidance of doubt, the Trustee shall not be responsible for calculating the redemption price of the Notes in connection with a redemption pursuant to Section 2.09, 2.10 or 2.11 hereof. 

  
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 ARTICLE III 

TRANSFER AND EXCHANGE 
 SECTION
3.01 Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or
by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be exchangeable pursuant to Section 2.08 of the Original Indenture for Definitive Notes if: 

(a) the Issuers deliver to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is
no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuers within 90 days after the date of such notice from the Depositary; 

(b) the Issuers in their sole discretion determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
and deliver a written notice to such effect to the Trustee; or 
 (c) an Event of Default with respect to the Notes represented by such
Global Note shall have occurred and be continuing and the Holders of a majority in principal amount of such Notes have requested the Issuers to issue Definitive Notes. 

Upon the occurrence of any of the preceding events in clause (a), (b) or (c) above, Definitive Notes shall be issued in such names as the
Depositary shall instruct the Issuers and the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.09 and 2.11 of the Original Indenture. A Global Note may not be exchanged for a Definitive Note
other than as provided in this Section 3.01; however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 3.02 or 3.03 hereof. 

SECTION 3.02 Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depositary, in accordance with the provisions of this First Supplemental Indenture and the Applicable Procedures. The transferor of such beneficial interest must deliver to the Registrar either: 

(a) both: 
 (A) a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and 

  
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 (B) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with such increase; or 
 (b) both: 

(A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in subclause (A) of this clause (b). 
 Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the applicable Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 3.07 hereof. 
 SECTION 3.03 Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes. Subject
to the terms hereof, including Section 3.01 hereof, if any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 3.02 hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 3.07 hereof, and the Issuers will execute and the Trustee, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, will authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 3.03 will be registered in such name or names and in such authorized denomination or
denominations as the Holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. 
 SECTION 3.04 Transfer and Exchange of Definitive Notes for Beneficial Interests in Global
Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes for the applicable Series. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected at a time when a Global Note has not yet been
issued, the Issuers will issue and, upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture, the Trustee will authenticate one or more Global Notes for the applicable Series in an aggregate principal amount
equal to the principal amount of Definitive Notes so transferred. 

  
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 SECTION 3.05 Transfer and Exchange of Definitive Notes for Definitive Notes. Upon
request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.05, the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange,
the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. 
 SECTION 3.06 Legend. The following legend will appear on the face of all Global Notes issued under this
First Supplemental Indenture unless specifically stated otherwise in the applicable provisions of this First Supplemental Indenture: 
 “THIS GLOBAL
NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO ARTICLE III OF THE FIRST SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENTS FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

  
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 SECTION 3.07 Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note will be returned to or retained and
cancelled by the Trustee in accordance with Section 2.12 of the Original Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof
in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by
the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

SECTION 3.08 General Provisions Relating to Transfers and Exchanges. 

(a) To permit registrations of transfers and exchanges, the Issuers will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of a Company Order in accordance with Section 2.04 of the Original Indenture. 
 (b) No service charge will be made
to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of this First Supplemental Indenture). 

(c) The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part. 
 (d) All Global Notes and Definitive Notes issued upon any registration of transfer
or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange. 
 (e) The Issuers will not be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a Record Date
and the next succeeding Interest Payment Date. 

  
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 (f) Prior to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of
the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
 (g) The Trustee will authenticate Global Notes and
Definitive Notes in accordance with the provisions of Section 2.04 of the Original Indenture. 
 (h) All certifications, certificates
and Opinions of Counsel required to be submitted to the Registrar pursuant to Article III to effect a registration of transfer or exchange may be submitted by Electronic Means. 

(i) Each Holder agrees to indemnify the Issuers, the Registrar and the Trustee against any liability that may result from the transfer,
exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law. Neither the Trustee nor the Registrar shall have any obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

ARTICLE IV 
 LEGAL DEFEASANCE,
COVENANT DEFEASANCE 
 AND SATISFACTION AND DISCHARGE 

SECTION 4.01 Legal Defeasance, Covenant Defeasance and Satisfaction and Discharge. Article VIII of the Original Indenture (as modified
herein) shall be applicable to the Notes. The Issuers may defease the covenant contained in Section 5.01 of this First Supplemental Indenture under the provisions of Section 8.03 of the Original Indenture. 

ARTICLE V 
 COVENANTS 

SECTION 5.01 Repurchase upon a Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event after the date of this First Supplemental Indenture, the Issuers will make an
offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest to, but not including, the date of purchase, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
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 (b) Within 30 days following any Change of Control Triggering Event, the Issuers will send
notice of such Change of Control Offer by first-class mail, or delivered electronically if held by DTC, with a copy to the Trustee, to each Holder of Notes to the address of such Holder appearing in the register or otherwise in accordance with the
procedures of DTC, with the following information: 
 (i) a Change of Control Offer is being made pursuant to this
Section 5.01 and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment; 

(ii) the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date such
notice is mailed or delivered (the “Change of Control Payment Date”); 
 (iii) any Note not properly
tendered will remain Outstanding and continue to accrue interest; 
 (iv) unless the Issuers default in the payment of the
Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on, but not including, the Change of Control Payment Date; 

(v) the instructions determined by the Issuers consistent with this covenant that a Holder must follow in order to have its
Notes purchased or to cancel a previous order of purchase; and 
 (vi) if such notice is mailed or delivered prior to the
occurrence of a Change of Control Triggering Event, stating that the Change of Control Offer is conditional on the occurrence of such Change of Control Triggering Event. 

(c) While the Notes are in global form, when the Issuers make an offer to purchase all of the Notes pursuant to the Change of Control Offer, a
Holder may exercise its option to elect for the purchase of the Notes through the facilities of DTC, subject to DTC’s rules and regulations. 

(d) If Holders of not less than 90% in aggregate principal amount of the Outstanding Notes of a Series validly tender and do not withdraw such
Notes in a Change of Control Offer and the Issuers, or any other Person making a Change of Control Offer in lieu of the Issuers as described below, purchase all of the Notes of such Series validly tendered and not withdrawn by such Holders, the
Issuers will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes of such Series that remain
Outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the date of redemption (subject to the right of Holders of record on the
relevant Record Date to receive interest due on the relevant Interest Payment Date). 

  
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 (e) The Issuers will not be required to make a Change of Control Offer following a Change of
Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the
Issuers and purchases all Notes validly tendered and not withdrawn pursuant to such Change of Control Offer or (2) notice of redemption has been given pursuant to this Indenture as described in Section 3.03 of the Original Indenture (as
amended and supplemented by this First Supplemental Indenture), unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a
Change of Control Triggering Event, conditional upon the occurrence of such Change of Control Triggering Event. 
 (f) Notes repurchased by
the Issuers pursuant to a Change of Control Offer will have the status of Notes issued but not Outstanding or will be retired and cancelled at the option of the Issuers. Notes purchased by a third party pursuant to the preceding paragraph will have
the status of Notes issued and Outstanding. 
 (g) The Issuers will comply with the requirements of Section 14(e) under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations described in this Indenture by virtue thereof.

 (h) On the Change of Control Payment Date, the Issuers (or any Person making a Change of Control Offer in lieu of the Issuers) will, to
the extent permitted by law, 
 (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change
of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect
of all Notes or portions thereof so tendered; and 
 (iii) at the option of the Issuers, unless a Person is making a Change
of Control Offer in lieu of the Issuers, deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate stating that such Notes or portions thereof have been tendered to and
purchased by the Issuers. 
 (i) The Paying Agent will promptly mail or otherwise deliver to each Holder of the Notes the Change of Control
Payment for such Notes, and the Issuers shall execute and the Trustee, upon a Company Order, will promptly authenticate and mail, or will cause to be delivered electronically if held by DTC, to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a minimum denomination of $150,000 and an integral multiple of $1,000 above that amount. The Issuers will publicly announce the results of the
Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (j) Other than as specifically provided in
this Section, any purchase pursuant to this Section shall be made pursuant to the provisions of Article III of the Original Indenture. 

  
 20 













 ARTICLE VI 

MISCELLANEOUS 
 SECTION 6.01
Ratification of Original Indenture; Supplemental Indenture Part of Original Indenture. Except as expressly amended hereby, the Original Indenture, including Section 11.18 thereof regarding submission to jurisdiction, is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This First Supplemental Indenture shall form a part of the Original Indenture for all purposes, and every Holder of Notes heretofore
or hereafter authenticated and delivered shall be bound hereby. 
 SECTION 6.02 Concerning the Trustee. The recitals contained herein
and in the Notes, except with respect to the Trustee’s certificates of authentication, shall be taken as the statements of the Issuers, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes. 
 SECTION 6.03 Multiple
Originals; Electronic Signatures. This First Supplemental Indenture or any document to be signed in connection therewith may be executed by manual, electronic or facsimile signature in any number of counterparts, each of which when so executed
shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. The words “executed,” “signed,” “signature,” “delivery,” and words of like import in or relating to this First Supplemental Indenture or any
document to be signed in connection with this First Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means;
provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures
approved by the Trustee, except such acceptance shall not be unreasonably withheld or delayed. 
 SECTION 6.04 GOVERNING
LAW. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE OF THE SERIES CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS
OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 21 













 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

			
		
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY	  	 /s/ Ken Faulkner

Ken Faulkner, Attorney

		
	in the presence of:	  	
		
	Signature of Witness:	  	 /s/ Amy Smyth

		
	Name of Witness:	  	 Amy Smyth

		
	Address of Witness:	  	 4450 Atlantic Avenue, Westpark,

		
		  	 Shannon, Co. Clare.

		
	Occupation of Witness:	  	 Chartered Secretary

		
	 SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory trust by
AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by
     Ken
Faulkner                        

as duly authorised attorney
	  	 /s/ Ken Faulkner
  

		
	in the presence of:	  	
		
	Signature of Witness:	  	 /s/ Amy Smyth

		
	Name of Witness:	  	 Amy Smyth

		
	Address of Witness:	  	 4450 Atlantic Avenue, Westpark,

		
		  	 Shannon, Co. Clare.

		
	Occupation of Witness:	  	 Chartered Secretary



  
 [Signature Page to
First Supplemental Indenture] 













 
					
	AERCAP HOLDINGS N.V.
		
	By:	 	 /s/ Risteard Sheridan

		 	Name:	 	Risteard Sheridan
		 	Title:	 	Attorney
	
	AERCAP AVIATION SOLUTIONS B.V.
		
	By:	 	/s/ Johan-Willem Dekkers
		 	Name:	 	Johan-Willem Dekkers
		 	Title:	 	For and on behalf of AerCap Group Services, B.V., Director


  

			
		
	SIGNED and DELIVERED as a DEED by	  	 /s/ Ken Faulkner

		
	 Ken
Faulkner                                        
                        
 as duly
authorised attorney of
 AERCAP IRELAND LIMITED
	  	
		
	in the presence of:	  	
		
	Signature of Witness:	  	 /s/ Amy Smyth

		
	Name of Witness:	  	 Amy Smyth

		
	Address of Witness:	  	 4450 Atlantic Avenue, Westpark,

		
		  	 Shannon, Co. Clare.

		
	Occupation of Witness:	  	 Chartered Secretary


  

			
	AERCAP U.S. GLOBAL AVIATION LLC
		
	By:	 	 /s/ Ken Faulkner

		 	Name: Ken Faulkner
		 	Title: Authorized Signatory
	
	INTERNATIONAL LEASE FINANCE CORPORATION
		
	By:	 	 /s/ Patrick Ross

		 	Name: Patrick Ross
		 	Title: Vice President



  
 [Signature Page to
First Supplemental Indenture] 













 
			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

		
	By:	 	 /s/ Linda Wirfel

		 	Name: Linda Wirfel
		 	Title: Vice President



  
 [Signature Page to
First Supplemental Indenture] 













 EXHIBIT A 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN: 00774M AT2 / US00774MAT27

 1.150% Senior Notes due 2023 
  

			
	No. [ ]	  	$[ ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on October 29, 2023 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: April 29 and October 29 

Record Dates: April 14 and October 14 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 A-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	 SIGNED and DELIVERED as a DEED for

and on behalf of AERCAP IRELAND
 CAPITAL DESIGNATED
ACTIVITY
 COMPANY 
	  	  

		
	in the presence of:	  	
		
	Signature of Witness:	  	  

		
	Name of Witness:	  	  

		
	Address of Witness:	  	  

		
		  	  

		
	Occupation of Witness:	  	  

		
	 SIGNED and DELIVERED as a DEED for

and on behalf of AERCAP GLOBAL
 AVIATION TRUST, a
Delaware statutory trust
 by AerCap Ireland Capital Designated Activity

Company, its Regular Trustee, by

__________________________________
 as duly authorised
attorney
	  	
		
	in the presence of:	  	
		
	Signature of Witness:	  	  

		
	Name of Witness:	  	  

		
	Address of Witness:	  	  

		
		  	  

		
	Occupation of Witness:	  	  



  
 A-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 1.150% Senior Notes due 2023 referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	by	 	  

		 	 Authorized Signatory



  
 A-3 













 [Reverse of Note] 

1.150% Senior Notes due 2023 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 1.150%
Senior Notes due 2023 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on April 29 and October 29 of each year, commencing on April 29, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
 A-4 













 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
 A-5 













 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 Prior to the
maturity date of the Notes, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the
principal amount of Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the maturity date of the Notes (excluding accrued but
unpaid interest to the redemption date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 15 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 12. Redemption
for Changes in Withholding Taxes 
 (a) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole
but not in part, upon not less than 15 nor more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered
electronically if held by DTC), at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of
record on the relevant Record Date to receive interest due on the relevant Interest Payment Date) and Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be
payable with respect to the Notes, any Additional Amounts with respect to the Notes as a result of: 

  
 A-6 













 (i) a change in or an amendment to the laws (including any regulations,
rulings or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 

(ii) any change in or amendment to, or the introduction of, any official position regarding the application, administration or
interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of competent jurisdiction), 

which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case of a jurisdiction that becomes
a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no such notice of redemption will
be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation to pay such Additional Amounts
remains in effect. 
 (b) Before the Issuers publish or mail or deliver notice of redemption of the Notes as described above, the Issuers
will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent to the redemption have been
complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described above and that all conditions
precedent to the redemption have been complied with. 
 (c) This Section will apply mutatis mutandis to any jurisdiction in which any
successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 
 13. Special
Mandatory Redemption 
 If the GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid
termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’ determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in
writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if
any, to, but excluding, the redemption date. Upon the occurrence of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly,
but in any event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a 

  
 A-7 













 
date selected by the Issuers and set forth in the notice of special mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day
following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date
are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the Special Mandatory Redemption Date, the Notes shall cease to bear interest. 

14. Persons Deemed Owners 
 The ownership
of Notes shall be proved by the register maintained by the Registrar. 
 15. No Recourse Against Others 

No director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers
under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 16. Discharge and
Defeasance 
 Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their
obligations under the Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be.

 17. Unclaimed Money 
 Any money
deposited with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or
interest has become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
 A-8 













 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 A-9 













 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note
to                                        
                                         
                                         
                                         
              
 (Insert assignee’s legal
name)                                        
                                 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her.


Date:                         
                            

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)


 Signature Guarantee†: 

 

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 A-10 













 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the
box:    ☐ 
 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the
First Supplemental Indenture, state the amount you elect to have purchased: 

$                       
           
 Date: 

Your
Signature:                                       
                                         
                                         
                                         
                                         
                          

(Sign exactly as your name appears on the face of this Note) 

Tax Identification
No.:                             

Signature Guarantee*: 
  

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 A-11 













 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 following such

decrease or increase
	  	 Signature of

authorized officer of

Trustee or Custodian


  

 

	*	 This schedule should be included only if the Note is issued in Global Form. 



  
 A-12 













 EXHIBIT B 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 CUSIP/ISIN: 00774M AU9 / US00774MAU99 

1.650% Senior Notes due 2024 
  

			
	No. [    ]	  	$[    ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on October 29, 2024 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: April 29 and October 29 

Record Dates: April 14 and October 14 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 B-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY 	 	  

		
	in the presence of:	 	
		
	Signature of Witness:	 	  

		
	Name of Witness:	 	  

		
	Address of Witness:	 	  

		
	Occupation of Witness:	 	  

		
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory trust by AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by
__________________________________ as duly authorised attorney	 	  

		
	in the presence of:	 	
		
	Signature of Witness:	 	  

		
	Name of Witness:	 	  

		
	Address of Witness:	 	  

		
		 	  

		
	Occupation of Witness:	 	  



  
 B-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 1.650% Senior Notes due 2024 referred to in the within-mentioned Indenture. 

Dated: 
  

	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	
	by                                      
                                  
	Authorized Signatory


  
 B-3 













 [Reverse of Note] 

1.650% Senior Notes due 2024 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 1.650%
Senior Notes due 2024 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on April 29 and October 29 of each year, commencing on April 29, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
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 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
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 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of
Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the Par Call Date (excluding accrued but unpaid interest to the redemption
date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 15 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date,
the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
 B-6 













 12. Redemption for Changes in Withholding Taxes 

(c) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at a redemption price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date) and Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts
with respect to the Notes as a result of: 
 (i) a change in or an amendment to the laws (including any regulations, rulings
or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii)
any change in or amendment to, or the introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of
competent jurisdiction), 
 which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case
of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no
such notice of redemption will be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation
to pay such Additional Amounts remains in effect. 
 (d) Before the Issuers publish or mail or deliver notice of redemption of the Notes as
described above, the Issuers will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent
to the redemption have been complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described
above and that all conditions precedent to the redemption have been complied with. 
 (e) This Section will apply mutatis mutandis to
any jurisdiction in which any successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 

13. Special Mandatory Redemption 
 If the
GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’
determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption
price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence 

  
 B-7 













 
of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly, but in any
event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special
mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient
to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the
Special Mandatory Redemption Date, the Notes shall cease to bear interest. 
 14. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

15. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 16. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

17. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
 B-8 













 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 B-9 













 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note
to                                       
                                         
                                         
                                         
               
 (Insert assignee’s legal name)

  

	
	  


 (Insert assignee’s soc. sec. or tax I.D. no.) 

 

					
	  

	
	  

	
	  

	
	  


 (Print or type assignee’s name, address and zip code) 

and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her. 

Date:                         
                                         
   
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this
		 	Note)


 Signature Guarantee†: 

 
  

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 B-10 













 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the box: ☐ 

If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, state the
amount you elect to have purchased: 

$                       
                       
 Date: 

Your
Signature:                                       
                                         
                                         
                                         
                                         
              

                          
  (Sign exactly as your name appears on the face of this Note) 
 Tax Identification
No.:                                       
  
 Signature Guarantee*: 
  

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 B-11 













 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 following such

decrease or increase
	  	 Signature of

authorized officer of

Trustee or Custodian



 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
 B-12 













 EXHIBIT C 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN: 00774M BB0 / US00774MBB00

 1.750% Senior Notes due 2024 
  

			
	No. [     ]	  	$[    ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on October 29, 2024 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: April 29 and October 29 

Record Dates: April 14 and October 14 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 C-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY 	  	  

		
	in the presence of:	  	
		
	Signature of Witness:	  	  

		
	Name of Witness:	  	  

		
	Address of Witness:	  	  

		
	Occupation of Witness:	  	  

		
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory trust by AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by
__________________________________ as duly authorised attorney	  	
		
	in the presence of:	  	
		
	Signature of Witness:	  	  

		
	Name of Witness:	  	  

		
	Address of Witness:	  	  

		
		  	  

		
	Occupation of Witness:	  	  



  
 C-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 1.750% Senior Notes due 2024 referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	by	 	  

		 	Authorized Signatory


  
 C-3 













 [Reverse of Note] 

1.750% Senior Notes due 2024 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 1.750%
Senior Notes due 2024 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on April 29 and October 29 of each year, commencing on April 29, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
 C-4 













 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
 C-5 













 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of
Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the Par Call Date (excluding accrued but unpaid interest to the redemption
date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 15 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date,
the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

12. Redemption for Changes in Withholding Taxes 

(c) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail 

  
 C-6 













 
to each Holder’s registered address (or delivered electronically if held by DTC), at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and
unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date) and Additional Amounts, if any, in the event
the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts with respect to the Notes as a result of: 

(i) a change in or an amendment to the laws (including any regulations, rulings or protocols promulgated and treaties enacted
thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii) any change in or amendment to, or the
introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of competent jurisdiction), 

which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case of a jurisdiction that becomes
a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no such notice of redemption will
be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation to pay such Additional Amounts
remains in effect. 
 (d) Before the Issuers publish or mail or deliver notice of redemption of the Notes as described above, the Issuers
will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent to the redemption have been
complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described above and that all conditions
precedent to the redemption have been complied with. 
 (e) This Section will apply mutatis mutandis to any jurisdiction in which any
successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 
 13. Special
Mandatory Redemption 
 If the GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid
termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’ determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in
writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if
any, to, but excluding, the redemption date. Upon the occurrence 

  
 C-7 













 
of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly, but in any
event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special
mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient
to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the
Special Mandatory Redemption Date, the Notes shall cease to bear interest. 
 14. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

15. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 16. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

17. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
 C-8 













 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 C-9 













 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note
to                                       
                                         
                                         
                                         
               
 (Insert assignee’s legal name) 

 

	
	  


 (Insert assignee’s soc. sec. or tax I.D. no.) 

 

	
	  

	
	  

	
	  

	
	  


 (Print or type assignee’s name, address and zip code) 

and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her. 

Date:                         
                                         
    
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this
		 	Note)


 Signature Guarantee†: 

 

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 C-10 













 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the box: ☐ 

If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, state the
amount you elect to have purchased: 

$                       
                   
 Date: 

Your
Signature:                                       
                                         
                                         
                                         
                               

                        (Sign exactly
as your name appears on the face of this Note) 
 Tax Identification
No.:                                      
                   
 Signature Guarantee*: 
  

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 C-11 













 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 following such

decrease or increase
	  	 Signature of

authorized officer of

Trustee or Custodian



 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
 C-12 













 EXHIBIT D 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN: 00774M AV7 / US00774MAV72

 2.450% Senior Notes due 2026 
  

			
	No. [    ]	  	$[    ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on October 29, 2026 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: April 29 and October 29 

Record Dates: April 14 and October 14 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 D-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

					
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY 	  	  

			
	in the presence of:	  		  	
			
	Signature of Witness:	  		  	  

			
	Name of Witness:	  		  	  

			
	Address of Witness:	  		  	  

			
		  		  	  

			
	Occupation of Witness:	  		  	  

		
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory trust by AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by	  	
	  
	  		  	
			
	as duly authorised attorney	  		  	
			
	in the presence of:	  		  	
			
	Signature of Witness:	  		  	  

			
	Name of Witness:	  		  	  

			
	Address of Witness:	  		  	  

			
		  		  	  

			
	Occupation of Witness:	  		  	  



  
 D-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 2.450% Senior Notes due 2026 referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	by	 	  

		 	 Authorized Signatory



  
 D-3 













 [Reverse of Note] 

2.450% Senior Notes due 2026 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 2.450%
Senior Notes due 2026 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on April 29 and October 29 of each year, commencing on April 29, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
 D-4 













 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
 D-5 













 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of
Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the Par Call Date (excluding accrued but unpaid interest to the redemption
date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 20 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date,
the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
 D-6 













 12. Redemption for Changes in Withholding Taxes 

(c) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at a redemption price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date) and Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts
with respect to the Notes as a result of: 
 (i) a change in or an amendment to the laws (including any regulations, rulings
or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii)
any change in or amendment to, or the introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of
competent jurisdiction), 
 which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case
of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no
such notice of redemption will be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation
to pay such Additional Amounts remains in effect. 
 (d) Before the Issuers publish or mail or deliver notice of redemption of the Notes as
described above, the Issuers will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent
to the redemption have been complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described
above and that all conditions precedent to the redemption have been complied with. 
 (e) This Section will apply mutatis mutandis to
any jurisdiction in which any successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 

13. Special Mandatory Redemption 
 If the
GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’
determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption
price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence 

  
 D-7 













 
of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly, but in any
event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special
mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient
to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the
Special Mandatory Redemption Date, the Notes shall cease to bear interest. 
 14. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

15. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 16. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

17. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
 D-8 













 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 D-9 













 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to            
                                         
                                         
                                         
                                         


                        
    (Insert assignee’s legal name) 
  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her.


Date:                        
                     
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)


 Signature Guarantee†: 

 

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 D-10 













 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the First
Supplemental Indenture, state the amount you elect to have purchased: 

$                       
       
 Date: 

Your Signature:                      
                                         
                                         
                                         
                                         
                           

(Sign exactly as your name appears on the face of this Note) 

Tax Identification
No.:                                     

Signature Guarantee*: 

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 D-11 













 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 following such

decrease or increase
	  	 Signature of

authorized officer of

Trustee or Custodian



 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
 D-12 













 EXHIBIT E 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN: 00774M AW5 / US00774MAW55

 3.000% Senior Notes due 2028 
  

			
	No. [    ]	  	$[    ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on October 29, 2028 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: April 29 and October 29 

Record Dates: April 14 and October 14 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 E-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

					
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY 	  	  

			
	in the presence of:	  		  	
			
	Signature of Witness:	  		  	  

			
	Name of Witness:	  		  	  

			
	Address of Witness:	  		  	  

			
		  		  	  

			
	Occupation of Witness:	  		  	  

		
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory trust by AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by	  	
	  
	  		  	
			
	as duly authorised attorney	  		  	
			
	in the presence of:	  		  	
			
	Signature of Witness:	  		  	  

			
	Name of Witness:	  		  	  

			
	Address of Witness:	  		  	  

			
		  		  	  

			
	Occupation of Witness:	  		  	  



  
 E-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 3.000% Senior Notes due 2028 referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	by	 	  

		 	 Authorized Signatory



  
 E-3 













 [Reverse of Note] 

3.000% Senior Notes due 2028 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 3.000%
Senior Notes due 2028 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on April 29 and October 29 of each year, commencing on April 29, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
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 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
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 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of
Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the Par Call Date (excluding accrued but unpaid interest to the redemption
date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date,
the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
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 12. Redemption for Changes in Withholding Taxes 

(c) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at a redemption price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date) and Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts
with respect to the Notes as a result of: 
 (i) a change in or an amendment to the laws (including any regulations, rulings
or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii)
any change in or amendment to, or the introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of
competent jurisdiction), 
 which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case
of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no
such notice of redemption will be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation
to pay such Additional Amounts remains in effect. 
 (d) Before the Issuers publish or mail or deliver notice of redemption of the Notes as
described above, the Issuers will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent
to the redemption have been complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described
above and that all conditions precedent to the redemption have been complied with. 
 (e) This Section will apply mutatis mutandis to
any jurisdiction in which any successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 

13. Special Mandatory Redemption 
 If the
GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’
determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption
price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence 

  
 E-7 













 
of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly, but in any
event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special
mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient
to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the
Special Mandatory Redemption Date, the Notes shall cease to bear interest. 
 14. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

15. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 16. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

17. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
 E-8 













 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 E-9 













 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to            
                                         
                                         
                                         
                          

                        
    (Insert assignee’s legal name) 
  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her.

 Date:
                             

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)


 Signature Guarantee†: 

 

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 E-10 













 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the First
Supplemental Indenture, state the amount you elect to have purchased: 
 $
                                     

Date: 

Your Signature:                      
                                         
                                         
                                         
                                         
           

                          
  (Sign exactly as your name appears on the face of this Note) 
 Tax Identification
No.:                             

Signature Guarantee*: 

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 E-11 













 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 following such

decrease or increase
	  	 Signature of

authorized officer of

Trustee or Custodian



 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
 E-12 













 EXHIBIT F 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN: 00774M AX3 / US00774MAX39

 3.300% Senior Notes due 2032 
  

			
	No. [    ]	  	$[    ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on January 30, 2032 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: January 30 and July 30 

Record Dates: January 15 and July 15 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 F-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

					
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY in the presence of:	 		 	  

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
	Occupation of Witness:	 		 	  

			
	 SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory
trust by AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by __________________________________
  

as duly authorised attorney
	 		 	
			
	in the presence of:	 		 	
			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
	Occupation of Witness:	 		 	  



  
 F-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 3.300% Senior Notes due 2032 referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	by	 	  

		 	Authorized Signatory


  
 F-3 













 [Reverse of Note] 

3.300% Senior Notes due 2032 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 3.300%
Senior Notes due 2032 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on January 30 and July 30 of each year, commencing on January 30, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
 F-4 













 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
 F-5 













 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of
Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the Par Call Date (excluding accrued but unpaid interest to the redemption
date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date,
the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
 F-6 













 12. Redemption for Changes in Withholding Taxes 

(c) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at a redemption price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date) and Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts
with respect to the Notes as a result of: 
 (i) a change in or an amendment to the laws (including any regulations, rulings
or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii)
any change in or amendment to, or the introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of
competent jurisdiction), 
 which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case
of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no
such notice of redemption will be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation
to pay such Additional Amounts remains in effect. 
 (d) Before the Issuers publish or mail or deliver notice of redemption of the Notes as
described above, the Issuers will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent
to the redemption have been complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described
above and that all conditions precedent to the redemption have been complied with. 
 (e) This Section will apply mutatis mutandis to
any jurisdiction in which any successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 

13. Special Mandatory Redemption 
 If the
GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’
determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption
price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence 

  
 F-7 













 
of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly, but in any
event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special
mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient
to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the
Special Mandatory Redemption Date, the Notes shall cease to bear interest. 
 14. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

15. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 16. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

17. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
 F-8 













 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 F-9 













 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note
to                                        
                                         
                                         
                            

(Insert assignee’s legal name) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. no.) 
  
  

 
  
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her.

 Date:
                                 

 

			
	Your Signature:	 	              

		 	(Sign exactly as your name appears on the face of this Note)


 Signature Guarantee†: 

 

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 F-10 













 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the First
Supplemental Indenture, state the amount you elect to have purchased: 
 $
                             

Date: 
 Your Signature:
                                         
                                         
                                         
                                         


                          
      (Sign exactly as your name appears on the face of this Note) 
 Tax Identification No.:
                                

Signature Guarantee*: 

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 F-11 













 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 following such

decrease or increase
	  	 Signature of

authorized officer of

Trustee or Custodian



 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
 F-12 













 EXHIBIT G 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN: 00774M AY1 / US00774MAY12

 3.400% Senior Notes due 2033 
  

			
	No. [    ]	  	$[    ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on October 29, 2033 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: April 29 and October 29 

Record Dates: April 14 and October 14 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 G-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

					
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY 	 		 	  

			
	in the presence of:	 		 	
			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

			
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory trust by AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by	 		 	
			
	  
	 		 	
			
	as duly authorised attorney	 		 	
			
	in the presence of:	 		 	
			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  



  
 G-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 3.400% Senior Notes due 2033 referred to in the within-mentioned Indenture. 

Dated: 
  

	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	
	by                                      
                                         
             
	Authorized Signatory


  
 G-3 













 [Reverse of Note] 

3.400% Senior Notes due 2033 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 3.400%
Senior Notes due 2033 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on April 29 and October 29 of each year, commencing on April 29, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
 G-4 













 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
 G-5 













 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of
Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the Par Call Date (excluding accrued but unpaid interest to the redemption
date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date,
the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
 G-6 













 12. Redemption for Changes in Withholding Taxes 

(c) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail to each Holder’s registered address (or delivered electronically if held by DTC), at a redemption price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date) and Additional Amounts, if any, in the event the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts
with respect to the Notes as a result of: 
 (i) a change in or an amendment to the laws (including any regulations, rulings
or protocols promulgated and treaties enacted thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii)
any change in or amendment to, or the introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of
competent jurisdiction), 
 which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case
of a jurisdiction that becomes a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no
such notice of redemption will be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation
to pay such Additional Amounts remains in effect. 
 (d) Before the Issuers publish or mail or deliver notice of redemption of the Notes as
described above, the Issuers will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent
to the redemption have been complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described
above and that all conditions precedent to the redemption have been complied with. 
 (e) This Section will apply mutatis mutandis to
any jurisdiction in which any successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 

13. Special Mandatory Redemption 
 If the
GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’
determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption
price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence 

  
 G-7 













 
of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly, but in any
event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special
mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient
to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the
Special Mandatory Redemption Date, the Notes shall cease to bear interest. 
 14. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

15. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 16. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

17. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
 G-8 













 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 G-9 













 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to
                                         
                                         
                                         
                     

(Insert assignee’s legal name) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. no.) 
  
  

 
  
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her.

 Date:
                                      

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this
		 	Note)


 Signature Guarantee†: 

 

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 G-10 













 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the First
Supplemental Indenture, state the amount you elect to have purchased: 
 $
                              

Date: 
 Your Signature:
                                        
                                         
                                         
                                         
              

                          
  (Sign exactly as your name appears on the face of this Note) 
 Tax Identification No.:
                                         
        
 Signature Guarantee*: 

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
 G-11 













 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of

this Global Note
 following such

decrease or increase
	  	 Signature of

authorized officer of

Trustee or Custodian



 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
 G-12 













 EXHIBIT H 

[Face of Note] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  

 
 CUSIP/ISIN: 00774M AZ8 / US00774MAZ86

 3.850% Senior Notes due 2041 
  

					
	No. [    ]	  		  	$[    ]

 AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY and AERCAP GLOBAL AVIATION TRUST promise, jointly and severally, to pay to
[    ] or registered assigns, the principal sum of [    ] Dollars on October 29, 2041 or such greater or lesser amount as may be indicated in Schedule A hereto. 

Interest Payment Dates: April 29 and October 29 

Record Dates: April 14 and October 14 
 Additional
provisions of this Note are set forth on the other side of this Note. 

  
 H-1 













 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

					
	SIGNED and DELIVERED as a DEED for and on behalf of AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY 	 		 	  

			
	in the presence of:	 		 	
			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

			
	 SIGNED and DELIVERED as a DEED for and on behalf of AERCAP GLOBAL AVIATION TRUST, a Delaware statutory
trust by AerCap Ireland Capital Designated Activity Company, its Regular Trustee, by
  

 
 as duly authorised
attorney
	 		 	
			
	in the presence of:	 		 	
			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  



  
 H-2 













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the 3.850% Senior Notes due 2041 referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	by	 	  

		 	Authorized Signatory


  
 H-3 













 [Reverse of Note] 

3.850% Senior Notes due 2041 
 1.
Indenture 
 This Note is one of a duly authorized issue of Notes of the Issuers (as hereinafter defined), designated as their 3.850%
Senior Notes due 2041 (herein called the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the First Supplemental Indenture (as hereinafter defined) and forming a single Series therewith),
issued and to be issued under an indenture, dated as of October 29, 2021 (the “Original Indenture”), as further supplemented by a first supplemental indenture, dated as of October 29, 2021 (the “First Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”), among AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company limited by shares incorporated under the laws of Ireland with
registered number 535682 (the “Irish Issuer”), AERCAP GLOBAL AVIATION TRUST, a statutory trust organized under the laws of Delaware (the “U.S. Issuer” and, together with the Irish Issuer, the
“Issuers,” and each, an “Issuer”), AERCAP HOLDINGS N.V., a public limited liability company organized under the laws of the Netherlands (“Holdings”), each of Holdings’ subsidiaries signatory
thereto or that becomes a Guarantor pursuant to the terms of the Indenture (the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association organized under the laws of the United
States, as trustee (the “Trustee”). Reference is hereby made to the Indenture and all indentures supplemental thereto relevant to the Notes for a complete description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuers and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 

The Indenture imposes certain limitations on the ability of Holdings and its Restricted Subsidiaries to create or incur Liens. The Indenture
also imposes certain limitations on the ability of the Holdings and its Restricted Subsidiaries to merge, consolidate or amalgamate with or into any other person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially
all of the property of Holdings and its Restricted Subsidiaries in any one transaction or series of related transactions. 
 Each Note is
subject to, and qualified by, all such terms as set forth in the Indenture, certain of which are summarized herein, and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the
extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the provisions of the Indenture shall govern. 

2. Interest 
 The Issuers promise to pay
interest on the principal amount of this Note at the rate per annum shown above. The Issuers will pay interest semiannually on April 29 and October 29 of each year, commencing on April 29, 2022. Interest on the Notes will accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from and including October 29, 2021. Interest shall be computed on the basis of a 360-day year of twelve 30 day
months. 

  
 H-4 













 3. Paying Agent, Registrar and Service Agent 

Initially the Trustee will act as paying agent and registrar. Initially, CT Corporation System will act as service agent. The Issuers may
appoint and change any paying agent, registrar or service agent without notice. Holdings or any of its Subsidiaries may act as paying agent, registrar or service agent. 

4. Defaults and Remedies; Waiver 
 Article
VI of the Original Indenture (as amended and supplemented by the First Supplemental Indenture) sets forth the Events of Default and related remedies applicable to the Notes. 

5. Amendment 
 Article IX of the Original
Indenture sets forth the terms by which the Notes and the Indenture may be amended. 
 6. Change of Control 

Upon the occurrence of a Change of Control Triggering Event, unless a third party makes a Change of Control Offer in accordance with the
requirements set forth in the Indenture or the Issuers have previously or concurrently sent a redemption notice with respect to all the Outstanding Notes as described in Section 3.03 of the Original Indenture (as amended and supplemented by the
First Supplemental Indenture), the Issuers will make an offer to purchase all of the Notes at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest to, but not including, the date of purchase,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 7. Obligations
Absolute 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations
of the Issuers, which are absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

8. Sinking Fund 
 The Notes will not have
the benefit of any sinking fund. 

  
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 9. Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in minimum denominations of $150,000 principal amount and any integral multiple of
$1,000 in excess thereof. When Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register the transfer or make the exchange
in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06 and 9.04 of the Original Indenture and Section 5.01 of the First Supplemental Indenture). 

The Issuers and the Registrar shall not be required (a) to issue, register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 of the Original Indenture and ending at the close of business on the day of selection; (b) to register the transfer of
or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or (c) to register the transfer of or to exchange a Note between a Record Date and the next succeeding
Interest Payment Date. 
 10. Further Issues 

The Issuers may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture, create and issue
further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the issue date and the amount and the date of the first interest payment thereon) so as to form a single Series with the Notes. 

11. Optional Redemption 
 (a) Prior to the
Par Call Date, the Issuers may redeem all or part of the Notes, after having sent a notice of redemption as described in Section 3.03 of the Original Indenture, at a redemption price equal to the greater of (i) 100% of the principal amount of
Notes being redeemed or (ii) the sum of the present value at such redemption date of all remaining scheduled payments of principal and interest on such Notes through the Par Call Date (excluding accrued but unpaid interest to the redemption
date), discounted to the date of redemption using a discount rate equal to the Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of Holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On or after the Par Call Date,
the Notes may be redeemed at the Issuers’ option, at any time in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

12. Redemption for Changes in Withholding Taxes 

(c) The Issuers are entitled to redeem the Notes, at the option of the Issuers, at any time in whole but not in part, upon not less than 15 nor
more than 45 days’ notice (which notice shall be irrevocable) to the Holders (with a copy to the Trustee) mailed by first-class mail 

  
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to each Holder’s registered address (or delivered electronically if held by DTC), at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and
unpaid interest, if any, to, but not including, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date) and Additional Amounts, if any, in the event
the Issuers have become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts with respect to the Notes as a result of: 

(i) a change in or an amendment to the laws (including any regulations, rulings or protocols promulgated and treaties enacted
thereunder) of any Relevant Taxing Jurisdiction affecting taxation; or 
 (ii) any change in or amendment to, or the
introduction of, any official position regarding the application, administration or interpretation of such laws, regulations, rulings, protocols or treaties (including a holding, judgment or order by a court of competent jurisdiction), 

which change or amendment is announced or becomes effective on or after the date on which the Notes are issued (or, in the case of a jurisdiction that becomes
a Relevant Taxing Jurisdiction after such date, on or after such later date), and where the Issuers cannot avoid such obligation by taking reasonable measures available to the Issuers. Notwithstanding the foregoing, no such notice of redemption will
be given (x) earlier than 90 days prior to the earliest date on which the Issuers would be obliged to make such payment of Additional Amounts and (y) unless at the time such notice is given, such obligation to pay such Additional Amounts
remains in effect. 
 (d) Before the Issuers publish or mail or deliver notice of redemption of the Notes as described above, the Issuers
will deliver to the Trustee an Officers’ Certificate stating that the Issuers cannot avoid their obligation to pay Additional Amounts by taking reasonable measures available to them and that all conditions precedent to the redemption have been
complied with. The Issuers will also deliver to the Trustee an Opinion of Counsel from outside counsel stating that the Issuers would be obligated to pay Additional Amounts as a result of a change or amendment described above and that all conditions
precedent to the redemption have been complied with. 
 (e) This Section will apply mutatis mutandis to any jurisdiction in which any
successor Person to an Issuer is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 
 13. Special
Mandatory Redemption 
 If the GECAS Transaction is not completed on or before the earliest of (a) June 9, 2022, (b) the valid
termination of the Transaction Agreement (other than in connection with the completion of the GECAS Transaction) and (c) the Issuers’ determination based on their reasonable judgment (in which case the Issuers will notify the Trustee in
writing thereof) that the GECAS Transaction will not close, then the Issuers shall redeem all of the outstanding Notes for cash at a redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if
any, to, but excluding, the redemption date. Upon the occurrence 

  
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of the Trigger Event, the Issuers shall cause a notice of special mandatory redemption to be transmitted to each Holder of a Note at its registered address and to the Trustee promptly, but in any
event not later than five Business Days after the Trigger Date, and shall redeem the Notes on the Special Mandatory Redemption Date. The Special Mandatory Redemption Date will be a date selected by the Issuers and set forth in the notice of special
mandatory redemption and shall be no later than 30 days following the Trigger Date, but no earlier than the fifth Business Day following the day the notice of special mandatory redemption is transmitted to Holders of the Notes. If funds sufficient
to pay the special mandatory redemption price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee or a Paying Agent on or before the Special Mandatory Redemption Date, on and after the
Special Mandatory Redemption Date, the Notes shall cease to bear interest. 
 14. Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

15. No Recourse Against Others 
 No
director, officer, employee, incorporator or stockholder of the Issuers, as such, will have any liability for any obligations of the Issuers under the Notes, the Indenture, or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 16. Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the
Notes and the Indenture if the Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 

17. Unclaimed Money 
 Any money deposited
with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuers on their request or, if then held by an Issuer, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Issuers for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 

  
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 18. Trustee Dealings with the Issuers 

Subject to certain limitations imposed by the TIA, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co paying agent may do the same with like rights. 

19. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 21. Governing Law 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The
Issuers will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
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 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

					
	(I) or (we) assign and transfer this Note to	  	  
	  	
		  	(Insert assignee’s legal name)	  	

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint to transfer this Note on the books of the Issuers. The agent may substitute another to act for him or her.

 Date:
                                         
   
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)


 Signature Guarantee†: 

 

	† 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
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 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 5.01 of the First Supplemental Indenture, check the
box:  ☐ 
 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 5.01 of the First
Supplemental Indenture, state the amount you elect to have purchased: 

$                       
              
 Date: 

 

			
	Your Signature:	  	  

		  	(Sign exactly as your name appears on the face of this Note)

 Tax Identification No.:
                                    

Signature Guarantee*: 
  

 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee). 



  
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 Schedule A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase

in Principal Amount
 of this Global
Note
	  	 Principal Amount of this
Global Note following
such decrease
or increase
	  	 Signature of

authorized officer of
Trustee or Custodian



 

	* 	 This schedule should be included only if the Note is issued in Global Form. 



  
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