EX-4.8



 Exhibit 4.8 

CONFIDENTIAL TREATMENT REQUESTED 

INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS 

BEEN REQUESTED IS OMITTED AND NOTED WITH 

“****”. 
 AN
UNREDACTED VERSION OF THE DOCUMENT 
 HAS ALSO BEEN PROVIDED TO THE 

SECURITIES AND EXCHANGE COMMISSION. 

SUPPLEMENTAL AGREEMENT NO. 3 
 to

 PURCHASE AGREEMENT NO. 3814 

Between 
 THE BOEING COMPANY 

and 
 AVOLON AEROSPACE LEASING
LIMITED 
 Relating to Boeing Model 737-800 Aircraft 

THIS SUPPLEMENTAL AGREEMENT, entered into as of January 15, 2015 (Supplemental Agreement No. 3) by and between THE BOEING COMPANY, a Delaware
corporation with offices in Seattle, Washington, and AVOLON AEROSPACE LEASING LIMITED, a Cayman Islands company (Customer). 

WHEREAS, Boeing and Customer entered into Purchase Agreement No. 3814 dated 18 September 2012 relating to Boeing Model 737-800
Aircraft (together with all Tables, Exhibits, Supplemental Exhibits, Letter Agreements, and other attachments thereto, the Purchase Agreement); 

WHEREAS, Customer and Gweedore Aviation Limited (“Gweedore”) entered into, and Boeing consented thereto, that certain Purchase
Agreement Assignment dated 12 November 2013, whereby Customer assigned and Gweedore assumed all rights, liabilities and obligations under the Assigned Purchase Agreement (as defined therein) relating to certain aircraft including an aircraft
bearing ****. 
 WHEREAS, Customer and Carrowmore Aviation Limited (“Carrowmore”) entered into, and Boeing consented
thereto, that certain Purchase Agreement Assignment dated 3 September 2013, whereby Customer assigned and Carrowmore assumed all rights, liabilities and obligations under the Assigned Purchase Agreement (as defined therein) relating to the
aircraft bearing ****. 
 WHEREAS, Boeing and Customer desire to amend the Assigned Purchase Agreements, as assigned to Carrowmore
and Gweedore as applicable, to (i) define the configuration, ****, applicable to the aircraft (previously identified by Customer 







 
with Hainan as the lessee of ****, scheduled for delivery in ****, respectively (collectively, **** Aircraft) as Exhibit A-3 and (ii) document the effect of such
configuration on the Optional Features Price, Aircraft Basic Price and Advance Payments for the **** Aircraft; 
 NOW THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereto agree as follows: 
  

	1.	Table of Contents. 

 The Table of Contents of the Purchase Agreement is deleted in its
entirety and is replaced by a new Table of Contents attached to this Supplemental Agreement No. 3. 
  

	2.	Table 1, Aircraft Information Table. 

 Table 1R1 is deleted in its entirety and is
replaced by a new Table 1R2 in this Supplemental Agreement to reflect the following: 
  

	 	a.	the identification of Exhibit A-3 as the configuration exhibit for the **** Aircraft; 

  

	 	b.	the revision to the Optional Features Price, Aircraft Basic Price, Advance Payment Base Price and Advance Payments applicable to the **** Aircraft; and 


 

	 	c.	the identification of MSNs **** (collectively Reconfirmation Aircraft) as aircraft that were not reconfirmed, as the Reconfirmation Date set forth in letter agreement LA-1208464 has lapsed. 


 

	3.	Exhibits and Supplemental Exhibits. 

  

	 	a.	Exhibit A-3, Aircraft Configuration, is incorporated into the Assigned Purchase Agreement and is attached to this Supplemental Agreement No. 3. 


 

	4.	Other Matters. 

 Within **** business days of full execution of this Supplemental
Agreement No. 3, Customer agrees to pay Boeing **** (Top Up Payment), which is the incremental increase to Advance Payments resulting from the changes set forth herein. 

The Purchase Agreement shall be deemed to be amended to the extent herein provided and as so amended shall continue in full force and effect. 

EXECUTED IN DUPLICATE as of the day and year first above written. 

  

					
	VLS-PA-3814		2		SA-3

 BOEING PROPRIETARY 









									
	THE BOEING COMPANY				AVOLON AEROSPACE LEASING LIMITED
					
	By:		 /s/ Will Witherspoon
				By:		 /s/ Peter Caley

					
	Its:		 Attorney-In-Fact
				Its:		 Authorised Signatory


  

			
	CARROWMORE AVIATION LIMITED
	(relating to ****)
		
	By:		 /s/ Peter Caley

		
	Its:		 Authorised Signatory

	
	GWEEDORE AVIATION LIMITED
	(relating to ****)
		
	By		 Peter Caley

		
	Its		 Authorised Signatory



  

					
	VLS-PA-3814		3		SA-3

 BOEING PROPRIETARY 








 TABLE OF CONTENTS 

 

							
	 ARTICLES
	 	 	  	SA
NUMBER	 
	Article 1.	 	 Quantity, Model and Description
	  			
	Article 2.	 	 Delivery Schedule
	  			
	Article 3.	 	 Price
	  			
	Article 4.	 	 Payment
	  			
	Article 5.	 	 Additional Terms
	  			
		
	TABLE	  			
	1R2	 	 Aircraft Information Table
	  	 	SA-3	  
		
	EXHIBITS	  			
	A.	 	 Aircraft Configuration- Model 737-8MA (VLS Baseline)
	  	 	SA-1	  
	A-1	 	 Aircraft Configuration- Model 737-8MA (****)
	  	 	SA-2	  
	A-2	 	 Aircraft Configuration- Model 737-852 (****)
	  	 	SA-2	  
	A-3	 	 Aircraft Configuration- Model 737-84P (****)
	  	 	SA-3	  
	B.	 	 Aircraft delivery Requirements and Responsibilities
	  			
		
	SUPPLEMENTAL EXHIBITS	  			
	AE1.	 	 Escalation Adjustment/Airframe and Optional Features
	  			
	BFE1.	 	 BFE Variables
	  			
	CS1-1.	 	 Customer Support Variables
	  			
	CS1-2.	 	 Customer Support Variables
	  			
	CS1-3.	 	 Customer Support Variables
	  			
	EE1.	 	 Engine Escalation/Engine Warranty and Patent Indemnity
	  			
	SLP1.	 	 Service Life Policy Components
	  			
		
	LETTER AGREEMENTS	  			
	LA-1208457	 	 Assignment of Customer’s Interest to Subsidiary or Affiliate
	  			
	LA-1208458	 	 Loading of Customer Software
	  			
	LA-1208459	 	 Seller Purchased Equipment
	  			
	LA-1208460	 	 Export-Import Bank Financing Application Disclosure
	  			
	LA-1208461	 	 Leasing Matters
	  			
	LA-1208462	 	 Liquidated Damages ****
	  			
	LA-1208463	 	 Aircraft Performance Guarantees
	  			
	LA-1208464	 	 Reconfirmation Aircraft
	  			
	LA-1208465`	 	 Assignment of Customer’s Interest for Securing Advance Payment Financing
	  			
	LA-1208466	 	 **** Escalation Program
	  			
	LA-1208467R1	 	 Special Matters
	  	 	SA-3	  
	LA-1210454	 	 ****
	  	 	SA-1	  








 Table 1R2 To 

Purchase Agreement No. PA-03814 

Aircraft Delivery, Description, Price and Advance Payments 
  

									
	Airframe Model/MTOW:        ****	  	****	  	Detail Specification:	  	****	  	
					
	Engine Model/Thrust:      CFM56-7B24	  	****	  	Airframe Price Base Year/****Formula:	  	****	  	****
					
	Airframe Price:	  	****	  	Engine Price Base Year/****Formula:	  	N/A	  	****
					
	Optional Features:	  	****	  		  		  	
					
	Sub-Total of Airframe and Features:	  	****	  	Airframe Escalation Data:	  		  	
					
	Engine Price (Per Aircraft):	  	****	  	Base Year Index (ECI):	  	****	  	
					
	Aircraft Basic Price (Excluding BFE/SPE):	  	****	  	Base Year Index (CPI):	  	****	  	
					
	Buyer Furnished Equipment (BFE) Estimate:	  	****	  		  		  	
					
	In-Flight Entertainment (IFE) Estimate:	  	****	  		  		  	
					
	Deposit per Aircraft:	  	****	  		  		  	

  

																									
	 Delivery

Date
****
	  	 Number

of
 Aircraft

****
	  	 Manufacturer’s

Serial
 No.

****
	  	 Model

Designator

****
	  	 ****

Factor
 (Airframe)

****
	  	 Lessee

****
	  	 Configuration

Exhibit
 ****
	  	 Optional

Features
Price
 2011
$
 ****
	  	 ****
Estimate

Adv Payment
Base

Price
Per A/P

****
	  	  

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to
Delivery):

	  	  	  	  	  	  	  	  	  	 ****

****
	  	 ****

****
	  	 ****

****
	  	 ****

****

	 ****
	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****
	 ****
	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****
	 ****
	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****
	 ****
	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****
	 ****
	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****
	 ****
	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****
	 ****    
	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****	  	****


  

					
	Baseline: APR-61796	  		  	
	****: 69060	  		  	
	****: 69058	  		  	
	 ****: 70364
	  	 Boeing Proprietary
	  	Page 1










																									
	 ****
		****		****		****		****		****		****		****		****		****		****		****		****
	 ****
		****		****		****		****		****		****		****		****		****		****		****		****
	 ****
		****		****		****		****				****				****		****		****		****		****
	 ****
		****		****		****		****				****				****		****		****		****		****
	 ****
		****		****		****		****				****				****		****		****		****		****
	 ****
		****		****		****		****				****				****		****		****		****		****
	 ****
		****		****		****		****				****				****		****		****		****		****
	 ****
		****		****		****		****				****				****		****		****		****		****
	 ****
		****																						
			****																						
			****																						

 6 

  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	 ****: 70364
		 Boeing Proprietary
		Page 1









 



 
 Exhibit A-3 
  

					
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****


  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	****: 70364		Boeing Proprietary		



  
 1 









 



 
  


					
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****


  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	****: 70364		Boeing Proprietary		



  
 2 









 



 
  


					
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****


  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	****: 70364		Boeing Proprietary		



  
 3 









 



 
  


					
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****


  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	****: 70364		Boeing Proprietary		



  
 4 









 



 
  


					
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****


  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	****: 70364		Boeing Proprietary		



  
 5 









 



 
  


					
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****


  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	****: 70364		Boeing Proprietary		



  
 6 









 



 
  


					
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
	****		****		****
					
	****		****		****


  

					
	Baseline: APR-61796				
	****: 69060				
	****: 69058				
	****: 70364		Boeing Proprietary		



  
 7