# EDGAR Filing Document

**Accession Number:** 0001378789
**File Stem:** 0001628280-26-007513
**Filing Date:** 2026-2
**Character Count:** 2612661
**Document Hash:** 12182f846fac4084b67a43074648f9e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-007513.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001628280-26-007513

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 173

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AerCap Holdings N.V.
- **CENTRAL INDEX KEY:** 0001378789
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33159
- **FILM NUMBER:** 26623764

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AERCAP HOUSE
- **STREET 2:** 65 ST. STEPHEN'S GREEN
- **CITY:** DUBLIN
- **PROVINCE COUNTRY:** L2
- **ZIP:** D02 YX20
- **BUSINESS PHONE:** 35 31 819 2010

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AERCAP HOUSE
- **STREET 2:** 65 ST. STEPHEN'S GREEN
- **CITY:** DUBLIN
- **PROVINCE COUNTRY:** L2
- **ZIP:** D02 YX20

?xml version='1.0' encoding='ASCII'? aer-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 20-F** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**

**EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025** 

**Commission file number 001-33159** 

**AerCap Holdings N.V.** 

(Exact name of Registrant as specified in its charter)&nbsp;&nbsp;&nbsp;&nbsp;

**The Netherlands** 

(Jurisdiction of incorporation or organization)

**AerCap House** 

**65 St. Stephen's Green** 

**Dublin D02 YX20** 

**Ireland** 

**+ 353 1 819 2010**

(Address of principal executive offices)

**Vincent Drouillard, AerCap House, 65 St. Stephen's Green, Dublin D02 YX20, Ireland** 

**Telephone number: +353 1 819 2010, Fax number: +353 1 672 0270** 

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary Shares | AER | The New York Stock Exchange |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **None** 

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or ordinary stock as of the close of the period covered by the annual report.

Ordinary Shares, Euro 0.01 par value 166,876,547

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non accelerated filer(Do not check if asmaller reporting company) ☐ Emerging growth company ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒ International Financial Reporting Standards asissued by the International Accounting Standards Board ☐ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| <u>[Special Note About Forward](#i7db8ada55c5c4547a571b7b5e7463f39_13)[-](#i7db8ada55c5c4547a571b7b5e7463f39_13)[Looking Statements](#i7db8ada55c5c4547a571b7b5e7463f39_13)</u> | <u>[Special Note About Forward](#i7db8ada55c5c4547a571b7b5e7463f39_13)[-](#i7db8ada55c5c4547a571b7b5e7463f39_13)[Looking Statements](#i7db8ada55c5c4547a571b7b5e7463f39_13)</u> | <u>[2](#i7db8ada55c5c4547a571b7b5e7463f39_13)</u> |
| <u>[Item 1.](#i7db8ada55c5c4547a571b7b5e7463f39_19)</u> | <u>[Identity of Directors, Senior Management and Advisers](#i7db8ada55c5c4547a571b7b5e7463f39_19)</u> | <u>[3](#i7db8ada55c5c4547a571b7b5e7463f39_19)</u> |
| <u>[Item 2.](#i7db8ada55c5c4547a571b7b5e7463f39_22)</u> | <u>[Offer Statistics and Expected Timetable](#i7db8ada55c5c4547a571b7b5e7463f39_22)</u> | <u>[3](#i7db8ada55c5c4547a571b7b5e7463f39_22)</u> |
| <u>[Item 3.](#i7db8ada55c5c4547a571b7b5e7463f39_25)</u> | <u>[Key Information](#i7db8ada55c5c4547a571b7b5e7463f39_25)</u> | <u>[4](#i7db8ada55c5c4547a571b7b5e7463f39_25)</u> |
| <u>[Item 4.](#i7db8ada55c5c4547a571b7b5e7463f39_31)</u> | <u>[Information on the Company](#i7db8ada55c5c4547a571b7b5e7463f39_31)</u> | <u>[29](#i7db8ada55c5c4547a571b7b5e7463f39_31)</u> |
| <u>[Item 4A.](#i7db8ada55c5c4547a571b7b5e7463f39_37)</u> | <u>[Unresolved Staff Comments](#i7db8ada55c5c4547a571b7b5e7463f39_37)</u> | <u>[45](#i7db8ada55c5c4547a571b7b5e7463f39_37)</u> |
| <u>[Item 5.](#i7db8ada55c5c4547a571b7b5e7463f39_40)</u> | <u>[Operating and Financial Review and Prospects](#i7db8ada55c5c4547a571b7b5e7463f39_40)</u> | <u>[45](#i7db8ada55c5c4547a571b7b5e7463f39_40)</u> |
| <u>[Item 6.](#i7db8ada55c5c4547a571b7b5e7463f39_58)</u> | <u>[Directors, Senior Management and Employees](#i7db8ada55c5c4547a571b7b5e7463f39_58)</u> | <u>[64](#i7db8ada55c5c4547a571b7b5e7463f39_58)</u> |
| <u>[Item 7.](#i7db8ada55c5c4547a571b7b5e7463f39_64)</u> | <u>[Major Shareholders and Related Party Transactions](#i7db8ada55c5c4547a571b7b5e7463f39_64)</u> | <u>[79](#i7db8ada55c5c4547a571b7b5e7463f39_64)</u> |
| <u>[Item 8.](#i7db8ada55c5c4547a571b7b5e7463f39_67)</u> | <u>[Financial Information](#i7db8ada55c5c4547a571b7b5e7463f39_67)</u> | <u>[79](#i7db8ada55c5c4547a571b7b5e7463f39_67)</u> |
| <u>[Item 9.](#i7db8ada55c5c4547a571b7b5e7463f39_70)</u> | <u>[The Offer and Listing](#i7db8ada55c5c4547a571b7b5e7463f39_70)</u> | <u>[79](#i7db8ada55c5c4547a571b7b5e7463f39_70)</u> |
| <u>[Item 10.](#i7db8ada55c5c4547a571b7b5e7463f39_73)</u> | <u>[Additional Information](#i7db8ada55c5c4547a571b7b5e7463f39_73)</u> | <u>[80](#i7db8ada55c5c4547a571b7b5e7463f39_73)</u> |
| <u>[Item 11.](#i7db8ada55c5c4547a571b7b5e7463f39_76)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i7db8ada55c5c4547a571b7b5e7463f39_76)</u> | <u>[95](#i7db8ada55c5c4547a571b7b5e7463f39_76)</u> |
| <u>[Item 12.](#i7db8ada55c5c4547a571b7b5e7463f39_79)</u> | <u>[Description of Securities Other than Equity Securities](#i7db8ada55c5c4547a571b7b5e7463f39_79)</u> | <u>[96](#i7db8ada55c5c4547a571b7b5e7463f39_79)</u> |
| <u>[Item 13.](#i7db8ada55c5c4547a571b7b5e7463f39_85)</u> | <u>[Defaults, Dividend Arrearages and Delinquencies](#i7db8ada55c5c4547a571b7b5e7463f39_85)</u> | <u>[97](#i7db8ada55c5c4547a571b7b5e7463f39_85)</u> |
| <u>[Item 14.](#i7db8ada55c5c4547a571b7b5e7463f39_88)</u> | <u>[Material Modifications to the Rights of Security Holders and Use of Proceeds](#i7db8ada55c5c4547a571b7b5e7463f39_88)</u> | <u>[97](#i7db8ada55c5c4547a571b7b5e7463f39_88)</u> |
| <u>[Item 15.](#i7db8ada55c5c4547a571b7b5e7463f39_91)</u> | <u>[Controls and Procedures](#i7db8ada55c5c4547a571b7b5e7463f39_91)</u> | <u>[97](#i7db8ada55c5c4547a571b7b5e7463f39_91)</u> |
| <u>[Item 16A.](#i7db8ada55c5c4547a571b7b5e7463f39_94)</u> | <u>[Audit Committee Financial Expert](#i7db8ada55c5c4547a571b7b5e7463f39_94)</u> | <u>[97](#i7db8ada55c5c4547a571b7b5e7463f39_94)</u> |
| <u>[Item 16B.](#i7db8ada55c5c4547a571b7b5e7463f39_97)</u> | <u>[Code of Ethics](#i7db8ada55c5c4547a571b7b5e7463f39_97)</u> | <u>[98](#i7db8ada55c5c4547a571b7b5e7463f39_97)</u> |
| <u>[Item 16C.](#i7db8ada55c5c4547a571b7b5e7463f39_100)</u> | <u>[Principal Accountant Fees and Services](#i7db8ada55c5c4547a571b7b5e7463f39_100)</u> | <u>[98](#i7db8ada55c5c4547a571b7b5e7463f39_100)</u> |
| <u>[Item 16D.](#i7db8ada55c5c4547a571b7b5e7463f39_103)</u> | <u>[Exemptions from the Listing Standards for Audit Committees](#i7db8ada55c5c4547a571b7b5e7463f39_103)</u> | <u>[98](#i7db8ada55c5c4547a571b7b5e7463f39_103)</u> |
| <u>[Item 16E.](#i7db8ada55c5c4547a571b7b5e7463f39_106)</u> | <u>[Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#i7db8ada55c5c4547a571b7b5e7463f39_106)</u> | <u>[99](#i7db8ada55c5c4547a571b7b5e7463f39_106)</u> |
| <u>[Item 16F.](#i7db8ada55c5c4547a571b7b5e7463f39_112)</u> | <u>[Change in Registrant's Certifying Accountant](#i7db8ada55c5c4547a571b7b5e7463f39_112)</u> | <u>[99](#i7db8ada55c5c4547a571b7b5e7463f39_106)</u> |
| <u>[Item 16G.](#i7db8ada55c5c4547a571b7b5e7463f39_115)</u> | <u>[Corporate Governance](#i7db8ada55c5c4547a571b7b5e7463f39_115)</u> | <u>[100](#i7db8ada55c5c4547a571b7b5e7463f39_115)</u> |
| <u>[Item 16H.](#i7db8ada55c5c4547a571b7b5e7463f39_118)</u> | <u>[Mine Safety Disclosure](#i7db8ada55c5c4547a571b7b5e7463f39_118)</u> | <u>[100](#i7db8ada55c5c4547a571b7b5e7463f39_118)</u> |
| <u>[Item 16I](#i7db8ada55c5c4547a571b7b5e7463f39_121)</u>. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i7db8ada55c5c4547a571b7b5e7463f39_121)</u> | <u>[100](#i7db8ada55c5c4547a571b7b5e7463f39_121)</u> |
| <u>[Item 16J.](#i7db8ada55c5c4547a571b7b5e7463f39_124)</u> | <u>[Insider Trading Policies](#i7db8ada55c5c4547a571b7b5e7463f39_124)</u> | <u>[100](#i7db8ada55c5c4547a571b7b5e7463f39_124)</u> |
| <u>[Item 16K](#i7db8ada55c5c4547a571b7b5e7463f39_127)</u>. | <u>[Cybersecurity Risk Management and Governance](#i7db8ada55c5c4547a571b7b5e7463f39_127)</u> | <u>[101](#i7db8ada55c5c4547a571b7b5e7463f39_127)</u> |
| <u>[Item 17.](#i7db8ada55c5c4547a571b7b5e7463f39_133)</u> | <u>[Financial Statements](#i7db8ada55c5c4547a571b7b5e7463f39_133)</u> | <u>[103](#i7db8ada55c5c4547a571b7b5e7463f39_133)</u> |
| <u>[Item 18.](#i7db8ada55c5c4547a571b7b5e7463f39_136)</u> | <u>[Financial Statements](#i7db8ada55c5c4547a571b7b5e7463f39_136)</u> | <u>[103](#i7db8ada55c5c4547a571b7b5e7463f39_136)</u> |
| <u>[Item 19.](#i7db8ada55c5c4547a571b7b5e7463f39_139)</u> | <u>[Exhibits](#i7db8ada55c5c4547a571b7b5e7463f39_139)</u> | <u>[103](#i7db8ada55c5c4547a571b7b5e7463f39_139)</u> |
| <u>[Signatures](#i7db8ada55c5c4547a571b7b5e7463f39_142)</u> | <u>[Signatures](#i7db8ada55c5c4547a571b7b5e7463f39_142)</u> | <u>[107](#i7db8ada55c5c4547a571b7b5e7463f39_142)</u> |
| <u>[Index to Consolidated Financial Statements](#i7db8ada55c5c4547a571b7b5e7463f39_145)</u> | <u>[Index to Consolidated Financial Statements](#i7db8ada55c5c4547a571b7b5e7463f39_145)</u> | <u>F-[1](#i7db8ada55c5c4547a571b7b5e7463f39_145)</u> |

---

------

**SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS**

This annual report includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, principally under the captions "Item 3. Key Information—Risk Factors," "Item 4. Information on the Company" and "Item 5. Operating and Financial Review and Prospects." We have based these forward looking statements largely on our current beliefs and projections about future events and financial trends affecting our business. Many important factors, in addition to those discussed in this annual report, could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of capital to us and to our customers and changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our lessees and potential lessees to make lease payments to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the overall demand for commercial aviation leasing and aviation asset management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued impacts of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of terrorist attacks on the aviation industry and on our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the economic condition of the global airline and cargo industry and economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of hostilities in the Middle East and Latin America, or any escalation thereof, on the aviation industry or our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade tensions, including actual or threatened U.S. tariffs and retaliatory measures by some countries, and the resulting geopolitical uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a downgrade in any of our credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive pressures within the industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions and security breaches affecting our information systems or the information systems of our third-party providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks set forth in "Item 3. Key Information—Risk Factors" included in this annual report.

The words "believe," "may," "will," "aim," "estimate," "continue," "anticipate," "intend," "expect" and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they were made and we undertake no obligation to update publicly or to revise any forward-looking statements because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward-looking events and circumstances described in this annual report might not occur and are not guarantees of future performance.

------

**PART I**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Identity of Directors, Senior Management and Advisers**

Not applicable.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Offer Statistics and Expected Timetable**

Not applicable.

------

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Key Information**

**Dividend**

In connection with the dividend policy of AerCap Holdings N.V (together with its subsidiaries, "AerCap," "we," "us," or the "Company"), in February 2026, our Board of Directors declared a quarterly cash dividend of $0.40 per share, with a payment date of March 19, 2026, to shareholders of record as of the close of business on February 25, 2026.

The dividend will be subject to Irish dividend withholding tax at a current statutory rate of 25% unless an exemption applies. Pursuant to a confirmation obtained from the Irish Revenue Commissioners, U.S. resident shareholders who hold their shares through the Depository Trust Company ("DTC") should be exempt from Irish dividend withholding tax; provided the address of the beneficial owner of the shares in the records of their broker, or otherwise provided to AerCap's qualifying intermediary, is in the United States. The confirmation from the Irish Revenue Commissioners is operative for a period of five years until July 25, 2029. Individuals and certain corporate shareholders that are tax resident in a country (other than Ireland) which is a member of the European Union or a country with which Ireland has a double tax treaty in effect (which includes the United States) may be exempt from Irish dividend withholding tax if they provide a relevant declaration as prescribed by the Irish Revenue Commissioners establishing their exemption from Irish dividend withholding tax, provided such corporate shareholder is not itself controlled by Irish tax residents.

In addition, the dividend will be subject to Dutch dividend withholding tax (currently at a rate of 15%) for persons who are resident, or deemed to be resident, in the Netherlands ("Dutch resident holders"). To confirm that a shareholder is not a Dutch resident holder, such shareholder must provide an Irish dividend withholding tax relevant declaration as prescribed by the Irish Revenue Commissioners representing that the shareholder is not a Dutch resident holder except that, pursuant to the confirmation from the Irish Revenue Commissioners referred to above, U.S. resident shareholders who hold their shares through the DTC and have a U.S. address of the beneficial owner of the shares in the records of their broker, or that has otherwise been provided to AerCap's qualifying intermediary, need not provide this declaration form. AerCap intends to presume that shareholders who do not comply with the above requirements are Dutch resident holders.

For a further discussion of Irish and Dutch dividend withholding taxes, please refer to "Item 10. Additional Information—Taxation—Irish tax considerations—Dividend withholding tax" and "Item 10. Additional Information—Taxation—Dutch withholding tax considerations". The summary provided therein is not exhaustive and shareholders should consult their own tax advisor to determine the Irish and Dutch tax consequences of the dividend in their particular circumstances.

------

**RISK FACTORS**

**Summary Risk Factors**

**Risks relating to our funding, liquidity and financial structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We require significant capital resources and cash flows to fund our business and service our debt, and changes in the availability of capital, our ability to raise funding or in the interest rates we pay on our debt may affect our operations or financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a substantial level of indebtedness and we might incur significantly more debt, which could adversely impact our operating flexibility and subject us to covenants that impose restrictions that may affect our ability to operate our business.

**Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to geopolitical, economic and legal risks associated with the international operations of our business and those of our lessees, including many of the economic and political risks associated with emerging markets. We are exposed to concentrated political and economic risks in certain geographical regions in which our lessees are concentrated, particularly the United States and China. In addition, changes in trade policies, including the introduction of new tariffs or the modification of existing tariffs, could have a material impact on our business and the aviation sector in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our assets are subject to various environmental regulations and concerns, including those relating to climate change, that may be supplemented by additional regulations and requirements or become more stringent, which may negatively affect our operations. In addition, corporate responsibility, specifically related to environmental, social and governance ("ESG") matters, may impose additional costs and expose us to new risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our insurance policies may not adequately cover our risks, the costs of our insurance policies may increase and/or our insurance coverage may be reduced, and we may not be able to recover under insurance policies in a timely manner or at all should we suffer loss.

**Risks related to disease, natural disasters, terrorist attacks and other world events**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global or regional public health developments, extreme weather or natural disasters or other force majeure events may adversely affect the demand for air travel, the financial condition of our lessees and the aviation industry more broadly, and ultimately our financial condition, results and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effects of, or the threat of, terrorist attacks, war or armed hostilities may adversely affect the financial condition of the airline industry.

**Risks relating to market demand for, and lease rates and value of, flight equipment in our fleet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends heavily on the level of demand for the flight equipment in our fleet, which may decline as a result of factors outside our control, thereby affecting the returns on our flight equipment investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations depend on flight equipment manufacturers, whose behavior may change in ways that adversely affect the lease rates and value of flight equipment in our fleet or our results of operations more broadly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a decline in demand for certain flight equipment causes a decline in their projected future lease rates, or if we expect to dispose of flight equipment for a price that is less than its book value on our balance sheet, then we will be required to recognize impairments or losses on disposals or make fair value adjustments.

------

**Risks related to the financial strength of, and our relationship with, our lessees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financial condition depends, in part, on the financial strength of our lessees, and factors outside of our control may adversely affect our lessees' operations, their ability to meet their payment obligations to us or their demand for our flight equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Airline bankruptcy proceedings or reorganizations may limit our ability to collect lease rentals and other payments, depress flight equipment market values and adversely affect our ability to re-lease or sell flight equipment at favorable rates, if at all, particularly where such proceedings involve our lessees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our lessees encounter financial difficulties and we restructure or terminate our leases, our ability to re-lease flight equipment on favorable lease terms, collect outstanding amounts due to us, and repossess flight equipment under defaulted leases may be limited and require us to incur additional costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have limited control over the operation of our flight equipment while it is under lease and we depend on our lessees to properly maintain and insure our flight equipment, which may expose us to additional and unexpected costs.

**Risks related to competition and the aviation industry** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face significant competition and our business may be adversely affected if market participants change as a result of restructuring or bankruptcies, mergers and acquisitions, or new entities entering or exiting the industry, or if existing competitors enter into new or different market segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on a small number of manufacturers for the supply of commercial flight equipment, and disruptions in these manufacturers' operating abilities, including as a result of supply chain issues, labor stoppages and quality control issues, have caused us to experience delays, and may cause us to experience further delays, on the delivery of our flight equipment orders. We may experience additional delivery delays and associated costs if flight equipment fails to meet the contractual requirements or the requirements of air travel regulators.

**Risks related to our information technology, structure and taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend on our information systems and those of third parties, and our business may suffer if they are damaged or interrupted, including by cyberattack.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are incorporated in the Netherlands and it may be difficult to obtain or enforce judgments against us or our executive officers, some of our directors and some of our named experts in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to continue, or may elect to discontinue, paying dividends, which may adversely affect our share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may face new compliance obligations and increased cybersecurity, data privacy, and intellectual property risks in connection with the adoption of artificial intelligence ("AI"), which may result in operational errors, reputational harm or legal exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to taxation regimes in various jurisdictions, including Base Erosion and Profit Shifting ("BEPS") 2.0, which includes a global minimum tax rate of 15% for groups, such as AerCap, with a global turnover in excess of €750 million. We may become subject to additional taxes in those jurisdictions and taxes in other jurisdictions, or experience changes in our tax status in certain jurisdictions, which may affect the effective tax rates that we are subject to and the results of our operations.

------

**Risks relating to our funding, liquidity and financial structure** 

***We require significant capital to fund our business.***

As of December 31, 2025, we had 283 new aircraft, 35 new engines, and 12 new helicopters on order, which will require substantial purchase contract payments. In order to meet these commitments and to maintain an adequate level of unrestricted cash, we will need to raise additional funds by accessing committed debt facilities, securing additional financing from banks or through capital markets transactions, or possibly by selling flight equipment.

If we are unable to meet our purchase commitments as they come due, we will be subject to several risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• forfeiting deposits and progress payments to manufacturers and having to pay certain significant costs related to these commitments such as actual damages and legal, accounting and financial advisory expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defaulting on our lease commitments, which could result in monetary damages and strained relationships with lessees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failing to realize the benefits of purchasing and leasing such flight equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risking harm to our business reputation, which would make it more difficult to purchase and lease flight equipment in the future on agreeable terms, if at all.

Any of these events could materially and adversely affect our financial results.

***To service our debt and meet our other cash needs, we will require a significant amount of cash, which may not be available.***

Our ability to make payments on, and to repay or refinance, our debt depends largely upon our operating performance, which is in part subject to factors beyond our control. In addition, our ability to borrow funds to make payments on our debt depends on our maintaining specified financial ratios and satisfying financial condition tests and other covenants in certain of the agreements governing our debt. Our business may not generate sufficient cash flow from operations and future borrowings may not be available in amounts sufficient to pay our debt and to satisfy our other liquidity needs.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to seek alternatives, such as to reduce or delay investments and flight equipment purchases, sell assets, restructure or refinance our indebtedness, or seek additional capital, including through new types of debt, equity or hybrid securities. Our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates, which would increase our debt service requirements accordingly. Moreover, any such refinancing might require us to comply with more onerous covenants, which could further restrict our business operations. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations or to meet our flight equipment purchase commitments as they come due. Failure to make payments on our debt would result in a default under those agreements and could result in a default under other agreements containing cross default provisions. Moreover, the issuance of additional equity may be dilutive to existing shareholders or otherwise may be on terms not favorable to us or existing shareholders. Under these circumstances, we may have insufficient funds or other resources to satisfy all our obligations.

***Despite our substantial indebtedness, we may incur significantly more debt.***

Despite our current indebtedness levels, we may increase our levels of debt in the future to finance our operations, including to purchase aircraft, engines or helicopters or to meet our contractual obligations, or for any other purpose. The agreements relating to our debt, including our indentures, term loan facilities, Export Credit Agency ("ECA")-guaranteed financings, revolving credit facilities, securitizations, other commercial bank financings, and other financings do not prohibit us from incurring additional debt. As of December 31, 2025, we had $11.0 billion of undrawn lines of credit available under our revolving credit and term loan facilities, subject to certain conditions, including compliance with certain financial covenants. If we increase our total indebtedness, our debt service obligations will increase, and we will become more exposed to the risks arising from our substantial level of indebtedness.

------

***Our level of indebtedness, which requires significant debt service payments, could adversely impact our operating flexibility and financial results.***

The principal amount of our outstanding indebtedness, which excludes debt issuance costs, debt discounts and debt premium of $241 million, was $43.8 billion as of December 31, 2025 (61% of our total assets as of December 31, 2025), and our interest payments, net of amounts capitalized, were $1.9 billion for the year ended December 31, 2025. Due to the capital-intensive nature of our business, we expect that we will incur additional indebtedness in the future and continue to maintain significant levels of indebtedness.

Our level of indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requires a substantial portion of our cash flows from operations to be dedicated to interest and principal payments and therefore not available to fund our operations, working capital, capital expenditures, expansion, acquisitions or general corporate or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may impair our ability to obtain additional financing on favorable terms or at all in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may limit our flexibility in planning for, or reacting to, changes in our business and industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may make us more vulnerable to downturns in our business, our industry or the economy in general.

***The agreements governing our debt contain various covenants that impose restrictions on us that may affect our ability to operate our business.***

Certain of our indentures, term loan facilities, ECA-guaranteed financings, revolving credit facilities, securitizations, other commercial bank financings, and other agreements governing our debt impose operating and financial restrictions on our activities that limit our operational flexibility. Among other negative covenants customary for such financings, certain of these restrictions limit our ability to incur additional indebtedness, create liens on, sell or access certain assets, declare or pay certain dividends and distributions or enter into certain transactions, investments, acquisitions, loans, guarantees or advances. Additionally, a substantial portion of our owned aircraft are held through Special Purpose Entities ("SPEs") or finance structures that finance or refinance the aircraft through funding agreements that place restrictions on distributions of funds to us.

Agreements governing certain of our indebtedness also contain financial covenants, including requirements that we comply with certain loan-to-value, interest coverage and leverage ratios. These restrictions could impede our ability to operate our business by, among other things, limiting our ability to take advantage of financing, merger and acquisition and other corporate opportunities. Our ability to comply with these covenants may be affected by events beyond our control including war or other hostilities or the imposition of sanctions. Please refer to the discussion in "Item 3. Key Information—Risk Factors—Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business—The international operations of our business and those of our lessees expose us to geopolitical risks that may have a negative impact on our and our lessees' businesses, including the risk of legal and regulatory responses." Failure to comply with any of the covenants in our financing agreements would result in a default under those agreements and could result in a default under other agreements containing cross-default provisions. Under these circumstances, we may have insufficient funds or other resources to satisfy all our obligations.

------

***Changes in interest rates may adversely affect our net income, particularly by increasing our cost of borrowing.***

Like many leasing companies, we are subject to interest rate risk. We use a mix of fixed-rate and floating-rate debt to finance our business. The principal amount of our outstanding floating-rate debt was $10.9 billion, or 25% of the total principal amount of our outstanding indebtedness, as of December 31, 2025. Our cost of borrowing is affected by the interest rates that we obtain on our debt financings, which can fluctuate based on, among other things, general market conditions, the market's assessment of our credit risk, prevailing interest rates in the market, fluctuations in U.S. Treasury rates and other benchmark rates, changes in credit spreads or swap spreads, and the duration of the debt we issue. While we routinely enter into hedging transactions to mitigate this risk, those hedging transactions may not sufficiently insulate us from the impact of changes in interest rates and may cause us to forgo any benefit that might result from favorable fluctuations in such rates. In addition, we are exposed to the credit risk that the counterparties to our derivative contracts will default on their obligations. Please refer to "Item 11. Quantitative and Qualitative Disclosures About Market Risk—Interest rate risk" for further details on our interest rate risk. One of our primary sources of income is leases with multi-year fixed rates. A mismatch in the rates that we are obligated to pay to finance our business and the rents that accrue to us under leases of our flight equipment can negatively impact our net income.

Despite rate decreases during the year ended December 31, 2025, interest rates remain elevated relative to the past 15 years in the United States, the European Union and other countries, and may remain high during 2026. In a higher interest rate environment, we are obligated to make higher interest payments to the lenders of our floating-rate debt, which negatively impacts our net income to the extent that those payments are not hedged. Higher rates are also likely to increase the cost of any new financing we may raise during this period, which could, if not hedged, impact our net income. Typically, we are not able to immediately offset this negative impact by increasing the rates on our leases. During the year ended December 31, 2025, 99% of our basic lease rents from flight equipment under operating leases was attributable to leases with fixed lease rates or power-by-the-hour ("PBH") agreements and 1% was derived from leases with lease rates tied to floating interest rates. As our leases are primarily for multiple years with fixed lease rates for the duration of the lease, we generally cannot increase the lease rates with respect to a particular aircraft until the expiration of the lease, even if the market is able to bear the increased lease rates. As a result, there will be a lag in our ability to adjust and pass on the costs of increasing interest rates. Rising interest rates may also have a negative impact on the financial condition of our lessees, who may find it more difficult to service their debt and obtain new financing on favorable terms. While most of our leases have fixed lease rates, some lessees do have floating-rate leases, and rising interest rates may increase the risk of a lessee with floating-rate lease rates defaulting as payments due to us increase.

We are also exposed to certain risks from interest rate decreases. Decreases in interest rates may adversely affect our interest revenue on cash deposits and our lease revenue, in part because a decrease in interest rates would cause a decrease in our lease revenue from leases with lease rates tied to floating interest rates. We could also experience reduced lease revenue from our fixed-rate leases if interest rates decrease because these are based, in part, on prevailing interest rates at the time we enter into the lease. As a result, new fixed-rate leases we enter into at a time of lower interest rates may be at lower lease rates than had no such interest rate decrease occurred, adversely affecting our lease revenue. This may be particularly harmful to our business if we incur debt at higher interest rates and enter into leases at a time of lower interest rates.

------

***Inflationary pressure may have a negative impact on our financial results, including by diminishing the value of our leases.***

After a sustained period of relatively low inflation rates, rates of inflation increased significantly during 2022 and 2023, reaching recent historical highs across major economies, including the United States, the European Union, the United Kingdom and other countries, before stabilizing during 2024 and 2025. The increases in tariffs by the United States in the last year, the prospect of potential additional tariffs and retaliatory tariffs and the trade agreements between the United States and certain trading partners in recent months may lead to higher inflation in the future. High rates of inflation may have a number of adverse effects on our business. Inflation may increase the costs of goods, services and labor used in our operations, thereby increasing our expenses. To the extent that we derive our income from leases with fixed rates of payment, high rates of inflation will cause a greater decrease in the value of those payments than had the rates of inflation remained lower. Because our leases are generally multi-year, there may be a lag in our ability to adjust the lease rates for flight equipment accordingly. High rates of inflation may also lead policymakers to attempt to decrease demand or to adopt higher interest rates to combat inflationary pressures, resulting in the risks detailed in "Item 3. Key Information—Risk Factors—Risks relating to our funding, liquidity and financial structure—Changes in interest rates may adversely affect our net income, particularly by increasing our cost of borrowing." Our suppliers and lessees may also be subject to material adverse effects as a result of high rates of inflation, including as a result of the impact on their financial condition, changes in demand patterns, price volatility, and supply chain disruption.

***Negative changes in our credit ratings may limit our ability to obtain financing or increase our borrowing costs.***

Our cost of borrowing and access to the capital markets are affected by our credit ratings.

We are currently subject to periodic review by independent credit rating agencies S&P Global Ratings, Moody's Investor Services and Fitch Ratings, each of which currently maintains an investment grade rating with respect to us.

We cannot assure you that these credit ratings will remain in effect for any given period of time or that a rating will not be lowered, suspended or withdrawn. Any actual or anticipated changes in our credit ratings could negatively impact our ability to obtain secured or unsecured financing, increase our borrowing costs or limit our access to the capital markets, which could adversely impact our financial results.

------

**Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business**

***The international operations of our business and those of our lessees expose us to geopolitical risks that may have a negative impact on our and our lessees' businesses, including the risk of legal and regulatory responses.***

Our business, and the aviation industry generally, are subject to certain geopolitical risks. Geopolitical turmoil and uncertainty can have a significant disruptive effect on global markets, lead to regulatory and legal uncertainty and the imposition of requirements that may adversely affect our business, and impact trade markets, currency exchange rates, supply chains, and demand for and regulation concerning international and domestic travel, among other areas. This could have a negative impact on our ability to lease aircraft, engines and helicopters to, collect payments from, and support and recover aviation assets from customers in certain regions based on trade restrictions, embargoes, and export control laws, and could disrupt airline travel through, among other avenues, the closures of air space. Sanctions, including prohibitions regarding the supply of aircraft and aircraft components to specific persons, or for use in specific territories, may have a material adverse impact on our business, including reduced revenues and operating cash flows and the impairment or write-off of assets. For example, the Russian invasion of Ukraine and continued conflict in that area (the "Ukraine Conflict"), the resulting sanctions imposed against Russia and actions of our former Russian lessees and the Russian government had an adverse impact on our business and resulted in our loss of flight equipment, and associated revenue, in Russia.

Future geopolitical events and their associated responses, particularly in or between countries and regions where we have substantial exposure, could have similar or worse effects on our operations and financial results. For example, tensions and potential conflict between mainland China and Taiwan, tensions between China and the United States, territorial disputes between Japan and China or tensions in the South China Sea could lead to further instability in these regions and materially and adversely impact our lessees' businesses and our business and results of operations, including our ability to comply with financial covenants. Please refer to the discussion in "Item 3. Key Information—Risk Factors—Risks related to our funding, liquidity and financial structure—The agreements governing our debt contain various covenants that impose restrictions on us that may affect our ability to operate our business." Our business, and that of our lessees, may also be negatively impacted by escalation or the continuation of the Ukraine Conflict or other hostilities in that region or between Russia and the North Atlantic Treaty Organization, intensification or expansion of the conflicts involving Israel or other tensions or conflicts in the Middle East, the situations in Venezuela and Sudan, continued tension over the nuclear programs of North Korea and Iran, or political instability, hostilities or conflicts in other regions.

Additionally, the international distribution of our assets exposes us to risks associated with limitations on the repossession and repatriation of our assets or the expropriation of our assets, which could lead to impairments or other write-offs. For example, at the time of Russia's launch of the Ukraine Conflict, we had significant assets on lease to Russian airlines. While we sought to repossess the affected assets, we were only able to recover a small minority of the assets and in 2022 wrote-off the rest of our flight equipment which remained in Russia. Please refer to Note 25—*Net (recoveries) charges related to Ukraine Conflict* to our Consolidated Financial Statements included in this annual report for further details.

------

***Where we have a concentration of lessees or assets in certain geographical regions, the geopolitical, political and economic risks associated with those regions, particularly the United States and China, can be exacerbated.***

Through our lessees and the countries in which they operate, we are exposed to the specific economic, geopolitical and political conditions and associated risks of those jurisdictions. These risks can include economic recessions, regional impacts of epidemic diseases, burdensome local regulations, armed conflicts or, in extreme cases, increased risks of requisition or other loss of our flight equipment and risks of wide-ranging sanctions prohibiting us from leasing flight equipment in certain jurisdictions. These risks can be exacerbated in jurisdictions where we have a concentration of customers or assets. For instance, 13.9% of our long-lived assets were on lease to U.S. airlines and 11.7% of our long-lived assets were on lease to Chinese airlines as of December 31, 2025. Therefore we have significant exposure to the economic and political conditions in those countries. Please refer to Note 21—*Geographic information* to our Consolidated Financial Statements included in this annual report for further details. An adverse geopolitical, political or economic event in any region or country in which our lessees or our flight equipment are concentrated, such as the United States or China, could affect the ability of our lessees to meet their obligations to us, expose us to legal or political risks associated with the affected jurisdictions, or impact our ability to recover our assets (as happened as a result of the Ukraine Conflict), all of which could have a material and adverse effect on our financial condition, cash flows, liquidity and results of operations and our ability to comply with financial covenants. Please refer to the discussion in "Item 3. Key Information—Risk Factors—Risks related to our funding, liquidity and financial structure—The agreements governing our debt contain various covenants that impose restrictions on us that may affect our ability to operate our business."

***We conduct substantial business in emerging markets, and are subject to the economic, legal and political risks associated with this strategy.***

We derive substantial lease revenue (45% in 2025, 46% in 2024 and 48% in 2023) from airlines in countries that are classified as emerging markets under the Morgan Stanley Capital International ("MSCI") Emerging Markets Index methodology. Emerging market countries have less developed economies, are more vulnerable to economic and political problems and may experience significant fluctuations in gross domestic product, interest rates and currency exchange rates, as well as civil disturbances, government instability, nationalization and expropriation of private assets and the imposition of taxes or other charges by government authorities. The occurrence of any of these events could result in economic instability, which may affect the ability of our lessees that serve these markets to meet their lease obligations. This may lead to higher default rates and could adversely affect the value of our ownership interest in flight equipment subject to lease in such countries. In addition, legal systems in emerging market countries may be less developed, which could make it more difficult for us to enforce our legal rights in such countries. For these and other reasons, our financial results may be materially and adversely affected by economic and political developments in emerging market countries.

***Existing and future litigation could materially and adversely affect our business, financial position, liquidity or results of operations.***

We are, and from time to time in the future may be, a party to lawsuits relating to our business. We cannot accurately predict the ultimate outcome of any litigation due to its inherent uncertainties. These uncertainties may be increased by our exposure to different liability standards and legal systems internationally, including some that may be less developed and less predictable than those in advanced economies. An unfavorable outcome could materially and adversely affect our business, financial position, liquidity or results of operations. For instance, in June 2025, we prevailed in the London Commercial Court in a dispute against certain insurers under our contingent and possessed aviation insurance policy ("C&P Policy") and, as a result of this judgment, we received recoveries of approximately $1.2 billion in 2025 (refer to Note 25—*Net (recoveries) charges related to Ukraine Conflict* to our Consolidated Financial Statements included in this annual report for further details). Certain insurers are seeking to appeal the London Commercial Court judgment and, if the appeal is ultimately successful, we could be required to pay back to these insurers up to approximately $1.2 billion plus interest. In addition, regardless of the outcome of any litigation, we may be required to devote substantial resources and executive time to the defense of such actions. For a description of certain pending litigation involving our business, including the dispute with insurers described above, refer to Note 31—*Commitments and contingencies* to our Consolidated Financial Statements included in this annual report.

------

***Trade tensions, including actual or threatened U.S. tariffs and retaliatory measures by some countries, and the resulting geopolitical and macroeconomic uncertainty could adversely impact our business.***

Changes in U.S. trade policy, including new or increased tariffs, and responses by other countries to these changes, have created, and may continue to create, uncertainty in global commerce. During the past year, the United States has introduced or threatened to introduce significantly higher tariffs on most countries around the world and continues to use tariffs or the threat thereof as a means of pursuing foreign policy, economic or other objectives. In response, other countries have introduced or threatened to introduce retaliatory tariffs against the United States. While some of the tariffs announced by the United States and other countries have been suspended as a result of completed or pending negotiations, in general the United States has introduced tariffs on all non-U.S.-origin goods, with certain exceptions. Trade agreements that were announced in 2025 between the United States and the United Kingdom and the European Union would generally exempt aviation from tariffs. However, these agreements have not been formally implemented and there is no assurance that they will be enacted or that aviation will remain exempt from tariffs between these countries.

These changes in trade policy and ongoing negotiations of trade agreements are creating significant uncertainty, and future tariffs or other measures may create additional uncertainty, which could materially affect our business. In addition, tariffs and other measures could result in material additional costs to our lessees in impacted jurisdictions, which could affect the ability of those lessees to meet their lease obligations to us and could negatively impact the demand for leases or purchases of certain types of flight equipment in impacted jurisdictions. In addition, tariffs levied on countries where our suppliers source their parts and materials could disrupt their operations, which could result in delays in the delivery of our flight equipment on order or increased costs. These tariffs and other measures could be inflationary or cause interest rates to rise, which could negatively impact us, our suppliers and our lessees. Please refer to the discussion in "Item 3. Key Information—Risk Factors—Risks relating to our funding, liquidity and financial structure—Changes in interest rates may adversely affect our net income, particularly by increasing our cost of borrowing" and "Item 3. Key Information—Risk Factors—Risks relating to our funding, liquidity and financial structure—Inflationary pressure may have a negative impact on our financial results, including by diminishing the value of our leases."

Changes in tariffs and other measures may be announced with little or no advance notice. The adoption and expansion of tariffs and other measures, or other changes in governmental policies related to taxes, tariffs, trade agreements, are difficult to predict, which makes attendant risks difficult to anticipate and mitigate. Changes in tariffs and other measures announced to date, or the threats of such tariffs or other measures, have led to increased geopolitical and macroeconomic uncertainty and volatility in the financial markets.

Any of the foregoing could have a material and adverse effect on our financial condition, cash flows, liquidity and results of operations.

***We are subject to regulatory and compliance risks and requirements associated with transacting business in many countries.***

The international nature of our business and our lessees' businesses exposes us to a wide range of regulatory and legal regimes, including trade and economic sanctions, export controls and other restrictions imposed by the United States, the European Union, China, the United Kingdom, and other governments or organizations. Changes in international regulations, laws, taxes, export controls, tariffs, embargoes, sanctions, outbound investment rules or other restrictions on trade or travel, including changes in response to geopolitical events, could adversely affect the profitability of our lessees' businesses, the operations of aircraft manufacturers or the results of our operations. There is also a risk that we may become subject to contradictory legal obligations.

A violation of any of these laws or regulations, and those imposed by other relevant jurisdictions (including the European Union), could materially and adversely impact our business, operating results, and financial condition. For instance, the U.S. Departments of Justice, Commerce, State and Treasury and other U.S. federal agencies and authorities have a broad range of civil and criminal penalties they may seek to impose against corporations and individuals for violations of economic sanctions laws, export control laws, the Foreign Corrupt Practices Act, and other U.S. federal statutes and regulations, including those established by the Office of Foreign Asset Control. Under these laws and regulations, the U.S. government may require export licenses, may seek to impose modifications to business practices, including cessation of business activities in sanctioned countries, and modifications to compliance programs, which may increase compliance costs, and may subject us to fines, penalties and other sanctions.

We have implemented and maintain in effect policies and procedures designed to ensure compliance by us, our subsidiaries and our directors, officers, employees, consultants and agents with respect to various export control, anti-corruption, anti-terrorism and anti-money laundering laws and regulations. However, such personnel could engage in unauthorized conduct for which we may be held responsible. Violations of such laws and regulations may result in severe criminal or civil penalties, and we may be subject to other liabilities, which could materially and adversely affect our financial results.

------

The General Data Protection Regulation ("GDPR"), which became law in the EU in 2018, regulates the ways in which businesses process personal data in Europe. There are extensive documentation obligations and transparency requirements, which may impose significant costs on us. Failure to comply with the GDPR may subject us to significant litigation or enforcement actions, fines, claims for compensation by customers and other affected individuals, damage to our reputation, orders to remedy breaches or criminal prosecutions, any of which could have a material adverse impact on our business, operating results, and financial condition. For example, under the GDPR, we could incur significant fines of up to 4% of our annual global revenue. The development of additional, or enhancement of existing, data protection regulations in other jurisdictions, such as the United States, may impose additional costs on us.

***Our assets are subject to various environmental regulations and concerns, including those relating to climate change.***

Our operations and assets are subject to various U.S. federal, state and local laws and regulations, and non-U.S. laws and regulations related to the protection of the environment. We could incur substantial costs, including capital and other expenditures, to comply with such requirements, as well as fines, penalties, or civil or criminal sanctions and third-party claims, if we were to violate or become liable under such laws or regulations. For example, jurisdictions around the world have adopted regulations regarding aircraft and engine noise and emissions levels that apply based on where the relevant aircraft is registered and where the aircraft is operated and that have become more stringent over time. These or other future regulations applicable to our aircraft could limit the usability or the economic life of certain of our aircraft and engines, reduce their value, limit our ability to lease or sell the non-compliant aircraft and engines or, if engine modifications are permitted, require us to make significant additional investments in the aircraft and engines to make them compliant.

Due to concerns over the risks of climate change, certain jurisdictions in which we operate have moved towards imposing more stringent limits on greenhouse gas emissions from aircraft. Although current emissions control laws generally apply to newer engines, new laws could be passed in the future that also impose limits on older engines, thereby subjecting our older engines to existing or new emissions limitations or indirect taxation. These limits may also impact growth levels in air travel. In particular, the aviation sector is subject to a number of Emissions Trading Systems ("ETS"), the most significant of which is the European Union's EU-ETS. These are cap-and-trade systems for greenhouse gas emissions, under which airlines currently are granted free emissions allowances based on historical performance and a carbon dioxide efficiency benchmark. However, in a 2023 directive, the European Parliament and European Council adopted components of the European Commission's "Fit for 55" proposal, which modified the EU-ETS by phasing out free emissions allowances for the aviation sector by 2026. Additionally, in connection with its efforts to achieve emissions reduction targets for 2030 and 2050, the EU adopted the ReFuelEU Aviation Regulation in 2023. Under this regulation, fuel suppliers were required to increase the share of sustainable aviation fuel blended into conventional aviation fuel supplied at designated EU airports beginning in 2025, with further increases over the next 25 years. In addition, the International Civil Aviation Organization ("ICAO") has adopted the Carbon Offsetting and Reduction Scheme for International Aviation ("CORSIA"), a global market-based scheme aimed at reducing carbon dioxide emissions from international aviation that will become mandatory in 2027. As of December 31, 2025, 129 countries, including the United States, were participating in the voluntary phase of CORSIA. Although participation is voluntary for countries, CORSIA compliance is mandatory for all airlines operating international flights between any participating countries. Assigning a cost to air emissions, such as via ETS and CORSIA, could favor the use of younger, more fuel-efficient aircraft, since they generally produce lower levels of emissions per passenger, which could adversely affect our ability to re-lease or otherwise dispose of less efficient older aircraft on a timely basis, on favorable terms or at all. This is an area of law that continues to evolve and varies by jurisdiction. While it is uncertain whether new emissions restrictions will be passed, or if passed, what impact these laws might have on our business, any future emissions limitations or other future requirements to address climate change concerns could adversely affect us.

The airline industry has also come under scrutiny by the press, the public and investors regarding the impact of air travel on the environment, including emissions to the air, discharges to surface and subsurface waters, safe drinking water, aircraft noise, the management of hazardous substances, oils and waste materials and other environmental impacts related to aircraft operations. If such scrutiny results in reduced air travel or increased costs to air travel, it may affect demand for our aircraft and lessees' ability to make rental and other lease payments and reduce the value we receive for our aircraft upon any disposition, which would negatively affect our financial condition, cash flows and results of operations. In addition, growing demand to transition to lower-carbon technologies, such as sustainable aviation fuels that may be developed over time, may increase airline costs or reduce demand for our aircraft or engines or airline travel more generally.

------

***Corporate responsibility, specifically related to ESG matters, has imposed, and may continue to impose, additional costs.***

Certain jurisdictions in which we operate have proposed or enacted ESG-specific reporting requirements, such as the EU Corporate Sustainability Reporting Directive. Certain organizations that provide corporate governance and other corporate risk information to investors and shareholders have developed, and others may in the future develop, scores and ratings to evaluate companies and investment funds based upon ESG or "sustainability" metrics. The level of a company's greenhouse gas emissions is one such metric that has received heightened attention by lenders, investors, shareholders and lawmakers in recent years. Investors, particularly institutional investors, have in the past used, and may continue to use, these scores to benchmark companies against their peers. Investors' and other stakeholders' perspectives on ESG and sustainability reporting vary. Some investment funds continue to focus on positive ESG business practices and sustainability scores when making investments and may consider a company's ESG or sustainability scores as a reputational or other factor in making an investment decision. In other jurisdictions, the importance of ESG metrics has waned or has been the subject of backlash. As a result, companies' ESG actions and disclosures have in recent years triggered both positive and negative engagement by investors and may continue to affect investors' voting decisions or other actions in respect of such companies' governance. We have had to, and may continue to have to, address inconsistent regulatory requirements and stakeholder expectations across the jurisdictions in which we operate. In addition, current EU regulations require financial firms to disclose how sustainability risks are incorporated into their lending decisions, and further regulations in the EU, and similar regulations in other jurisdictions, may come into force in the future. Such regulations may encourage or require lenders to consider the sustainability impact of their loans, and if we, or the aviation sector generally, become disfavored, the availability or terms of financing and our cost of funds could be materially and adversely impacted. We may also face reputational damage in the event our corporate responsibility initiatives or objectives (including with respect to greenhouse gas emissions), or the ESG or sustainability ratings assigned by third-party rating services, do not meet (or are perceived not to meet) the expectations of our lenders, investors, shareholders, lawmakers or other constituencies. Our ESG or sustainability rating or score by a third-party rating service could also result in the exclusion of our common stock or debt from consideration by certain investors who may elect to invest with competitors that are more closely aligned with their ESG or sustainability priorities. Our monitoring of, and efforts to comply with, evolving standards regarding ESG-related corporate responsibility matters by lenders, investors, lawmakers and other parties as described above have in the past imposed, and may continue to impose, additional costs, which could have an adverse impact on our financial condition, cash flows and results of operations.

------

***Our insurance policies, including our use of a captive insurance company, may not provide adequate protection against risks, events outside of our control may cause insurers to raise premiums and/or reduce or cancel available coverage, and we may not be able to recover losses under our policies.***

We seek protection from a number of our key operational risk exposures by purchasing insurance to cover insurable risks, by requiring our lessees to maintain insurance, and through a captive insurance program. We require our lessees to provide insurance coverage with respect to leased flight equipment, with AerCap (or our relevant affiliate) named as an insured under those policies in the event of a total loss of an aircraft or engine. We also purchase contingent and possessed insurance, which provides us with coverage when our flight equipment is not subject to a lease or where a lessee's policy fails to indemnify us. We have also adopted a captive insurance program to complement our overall insurance program.

Although we believe that our insurance coverage is consistent with industry practice and available cover from the insurance market, our insurance may not adequately cover certain risks. Our and our lessees' insurance policies are subject to periodic review by insurers and may not be renewed at all or may be renewed on less favorable terms. Events outside of our control may cause insurers to increase premiums and/or decrease coverage under insurance policies, or even withdraw from the market entirely. For example, the Ukraine Conflict led insurers to reassess their exposure to certain risks and geographical locations and, since the start of the Ukraine Conflict, we have experienced a significant increase in the cost of our insurance and a significant reduction in our insurance cover. We expect to continue to experience difficulty in obtaining appropriate policy limits and coverage at a reasonable cost and on reasonable terms. An inability to obtain insurance, significant increases in the cost of insurance we obtain, higher deductibles or lower limits under our policies or losses in excess of our insurance coverage could have a material adverse effect on our business.

In 2022, we established a Bermuda-domiciled wholly-owned captive insurance company, Aistrigh Limited ("Aistrigh"), to help mitigate significant increases to our insurance costs. As of December 31, 2025, Aistrigh provided approximately 3.1% of our hull war insurance and approximately 2.5% of our hull all risks insurance. Aistrigh's participation in our aviation insurance may increase or decrease in future years. Aistrigh may not provide the intended benefits, and our funding of Aistrigh may be insufficient to adequately cover the costs of any insured events. In addition, there is no guarantee that reinsurance will continue to be available to Aistrigh, which would negatively impact our captive insurance coverage.

Even where we have insurance, we may face difficulties in pursuing claims under our policies. War risk insurance policies may be invalidated as a result of events outside of our control, including hostilities between the United Kingdom, the United States, France, Russia and China, or through the use of tactical nuclear devices in active conflicts. Where insurance claims can be made, they may take years to fully settle and we may be in dispute with our insurers about the extent of coverage, as we have experienced as a result of the Ukraine Conflict. Pursuing claims may require certain legal, regulatory and other enforcement costs for which we may not be reimbursed.

------

**Risks related to disease, natural disasters, terrorist attacks and other world events**

***Global or regional public health developments, extreme weather or natural disasters or other force majeure events may adversely affect the demand for air travel, the financial condition of our lessees and the aviation industry more broadly, and ultimately our financial condition, results and cash flows.***

Our international operations expose us to risks associated with unforeseen global and regional events. Epidemic diseases such as Covid-19, Ebola, measles, Severe Acute Respiratory Syndrome (SARS), H1N1 (swine flu) and Zika virus could materially and adversely affect the overall amount of air travel. For example, the Covid-19 pandemic caused significant economic disruption and a dramatic reduction in commercial airline traffic, resulting in a broad adverse impact to the aviation industry and our business. These diseases, or the fear of these diseases, could result in government-imposed travel restrictions and reduced passenger demand for travel. The occurrence of severe weather events or natural disasters, including floods, earthquakes, wildfires, hurricanes and volcanic eruptions, may make airlines unable to operate to or from certain regions or impact demand for air travel, and the frequency or severity of these types of events may worsen as a result of climate change. The occurrence or outbreak of any of the above events or other force majeure events could adversely affect commercial airline traffic, reduce demand for flight equipment leases or impair the financial condition of the aviation industry, including our lessees. As a result, our lessees may not be able to satisfy their payment obligations to us. These events may also cause damage to our flight equipment, the extent of losses from which may not be fully covered by insurance. For these and other reasons, our financial results may be materially and adversely affected by the occurrence of such events.

***The effects of, or the threat of, terrorist attacks, war or armed hostilities may adversely affect the financial condition of the airline industry and our lessees' ability to meet their lease payment obligations to us.***

Terrorist attacks and the threat of terrorist attacks, war or armed hostilities, or the fear of such events, have historically had a negative impact on the aviation industry and could result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher costs to airlines due to the increased security measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased passenger and air cargo demand and revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the imposition of "no-fly zone" or other restrictions on commercial airline traffic in certain regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty of the price and availability of jet fuel and the cost and practicability of obtaining fuel hedges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher financing costs and difficulty in raising the desired amount of proceeds on favorable terms, if at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significantly higher premiums or reduced coverage amounts for aviation insurance coverage for future claims caused by acts of war, terrorism, sabotage, hijacking and other similar perils, which may be insufficient to comply with the current requirements of aircraft lenders and lessors or applicable government regulations, or the unavailability or cancellation of certain types of insurance, as generally evidenced by the change in the war insurance market, and by the imposition by insurers of new geographical limits and restrictions on airlines' policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance by aircraft lenders or lessors on government programs for specified types of aviation insurance, which may not be available at the relevant time or under which governments may not pay in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability of airlines to reduce their operating costs and conserve financial resources, taking into account the increased costs incurred as a consequence of such events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• special charges recognized by some operators, such as those related to the impairment of aircraft and engines and other long-lived assets stemming from the grounding of aircraft as a result of terrorist attacks, economic conditions and airline reorganizations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an airline becoming insolvent and/or ceasing operations.

Such events are likely to cause our lessees to incur higher costs and to generate lower revenues, which could result in a material adverse effect on their financial condition and liquidity, including their ability to make rental and other lease payments to us or to obtain the types and amounts of insurance we require. Such events could also impact the operations of our lessees and could lead to aircraft or fleet groundings (for instance due to cancellation of war insurance cover) or additional lease restructurings and repossessions, increase our cost of re-leasing or selling flight equipment, impair our ability to re-lease or otherwise dispose of flight equipment on favorable terms or at all, or reduce the proceeds we receive for our flight equipment in a disposition.

------

**Risks relating to market demand for, and lease rates and value of, flight equipment in our fleet**

***We may be unable to generate sufficient returns on our flight equipment investments.***

Our results depend on our ability to consistently acquire strategically attractive flight equipment, continually and profitably lease and re-lease them, and finally sell or otherwise dispose of them, in order to generate returns on the investments we have made, provide cash to finance our growth and operations, and service our existing debt. Upon acquiring flight equipment, we may not be able to enter into leases that generate sufficient cash flow to justify the cost of purchase. When our leases expire or our flight equipment is returned prior to the date contemplated in the lease, we bear the risk of re-leasing, selling or parting-out the asset. Because our leases are predominantly operating leases, only a portion of the relevant flight equipment's value is recovered by the revenues generated from the lease and we may not be able to realize such flight equipment's residual value after lease expiration. Our ability to profitably purchase, lease, re-lease, sell or otherwise dispose of our aircraft, engines and helicopters will depend in part on conditions in the airline industry and general market and competitive conditions at the time of purchase, lease and disposition, which are outside of our control.

***Our business depends heavily on the level of demand for flight equipment in our fleet, which may decline as a result of changes in market conditions and the overall health of air travel.***

Flight equipment are long-lived assets and demand can change over time as a result of changes in market conditions outside of our control. Customer demand for our assets is primarily driven by long-term trends in passenger air travel and air cargo demand, and is limited by airport and air traffic control infrastructure constraints. Demand is also influenced by changes in economic growth, regulation, customer profitability, fuel prices, the availability of asset financing, pricing and other competitive factors. The imposition of more stringent regulation on air travel may adversely impact the profitability of air travel and reduce demand for our aircraft and engines. Types of regulation that could impact flight equipment demand include environmental rules, noise or emissions limitations, aircraft age constraints, trade and import and export controls, tariffs and other trade barriers. If flight equipment demand declines, lease rates and residual values of assets could be negatively impacted and we may be unable to lease our assets on favorable terms, if at all. Flight equipment values and lease rates have occasionally experienced sharp decreases in response to market conditions or otherwise.

Demand for an aircraft can also be affected by factors unique to that aircraft, including the maintenance and operating history of the airframe and engines, the compatibility of aircraft configurations and specifications with other aircraft owned by operators of that type, the number of operators using the particular type of aircraft, the availability of documentary records for the aircraft and aircraft age. The desirability of an aircraft may also be impacted by factors pertinent to the model of an aircraft, such as the performance and reliability of the specific engine type installed on a particular aircraft model, technical limitations and technical problems associated with an aircraft model or the operating histories of an aircraft model.

In addition, new aircraft types that are introduced to the market could be more attractive for the target lessees of our aircraft, increasing the supply of older aircraft in the marketplace. This may cause the retirement and obsolescence of aircraft models, decrease comparative values of aircraft based on newly competitive aircraft and reduce the availability of spare parts for older aircraft. For instance, in the last 15 years, Airbus S.A.S. ("Airbus"), The Boeing Company ("Boeing") and Embraer S.A. ("Embraer"), have introduced several new technology aircraft types into service, including the Boeing 787 Family, the Boeing 737 MAX Family, the Airbus A320neo Family, the Airbus A330neo Family, the Airbus A350 Family, the Airbus A220 Family and the Embraer E-Jet E2 Family. These new technology aircraft types, and potential variants of these types, may reduce the desirability of, and have an adverse effect on residual value and future lease rates of, older aircraft types and variants. Additionally, new manufacturers may develop a narrowbody aircraft that competes with established aircraft types from Airbus, Boeing and Embraer, putting downward price pressure on, and decreasing the marketability of, aircraft from these manufacturers. The development of more fuel-efficient engines could make aircraft in our portfolio with engines that are not as fuel-efficient less attractive to potential lessees.

A decrease in demand for our flight equipment as a result of any of these factors could materially and adversely affect lease rates and residual values for our flight equipment, our ability to lease our flight equipment on favorable terms, if at all, and our financial results.

------

***Manufacturer behavior may adversely affect the lease rates and value of aircraft in our fleet or our results of operations more broadly.***

The manufacture and supply of commercial aircraft is concentrated among a limited number of manufacturers. Aircraft also have long delivery cycles. We rely, as a result, on these manufacturers responding early and appropriately to changes in the market environment, delivering aircraft that meet our lessees' expectations and fulfilling contractual obligations they have to us. Failure on the part of manufacturers in relation to any of these requirements may cause us to experience:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• missed or late delivery of aircraft and engines ordered by us and an inability to meet our contractual obligations to our customers, resulting in lost or delayed revenues, lower growth rates and strained customer relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an inability to acquire aircraft and engines and related components on terms that will allow us to lease those aircraft and engines to customers at a profit, resulting in lower growth rates or a contraction in our aircraft portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a market environment with too many aircraft and engines available, creating downward pressure on demand for the aircraft and engines in our fleet and reduced market lease rates and sale prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced demand for a manufacturer's aircraft due to poor customer support or reputational damage to such manufacturer, thereby reducing the demand for those aircraft or engines in our fleet and reduced market lease rates and residual aircraft values for those aircraft and engines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a reduction in our competitiveness due to deep discounting by the aircraft or engine manufacturers, which may lead to reduced market lease rates and aircraft values and may affect our ability to remarket for lease, or sell at a profit, some of the aircraft in our fleet; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technical or other difficulties with aircraft or engines after delivery that subject aircraft to operating restrictions or groundings, reducing value and lease rates of such aircraft and our ability to lease or dispose of such aircraft on favorable terms. Operating restrictions or groundings may also adversely impact our lessees' business. For example, production quality issues requiring the removal of Pratt & Whitney geared turbofan engines for accelerated inspection has led to an increase in groundings of impacted A320neo Family aircraft, which may negatively impact the financial condition of our lessees and demand for Pratt & Whitney-powered A320neo Family aircraft.

Uncertainty regarding air travel demand may also lead to a reduction in the availability of debt financing for aircraft purchases, which could increase the gap between aircraft production and demand. Any such decrease in aircraft values and lease rates, or increase in the cost or availability of funding, could materially and adversely affect our financial results.

------

**Risks related to the financial strength of, and our relationship with, our lessees**

***Our financial condition is dependent, in part, on the financial strength of our lessees.***

We generate our revenue primarily from leases to airlines, and as a result we are exposed to many of the risks that airlines face. The ability of our lessees to perform their obligations depends primarily on their financial condition and cash flows, which are affected by factors outside our control. In addition to general economic and market conditions, airlines are affected by overall changes in passenger and air cargo demand, the price and availability of jet fuel, labor difficulties and costs, manufacturer production issues, disruptions to operations due to global conflicts, currency exchange rates, the availability of financial or other governmental support and governmental regulation and associated fees, including travel restrictions, restrictions on greenhouse gas emissions, environmental regulations and fly-over restrictions.

Generally, airlines with high financial leverage are more likely than airlines with stronger balance sheets to be affected, and are affected more quickly, by these factors. Such airlines are also more likely to seek operating leases.

A deterioration in the financial condition and cash flows of our lessees could increase the risk that they will delay, reduce or fail to make rental payments when due. At any point in time, our lessees may be significantly in arrears. Some lessees encountering financial difficulties may seek a reduction in their lease rates or other concessions, such as a deferral of their obligations to make rent or supplemental maintenance rent payments or a decrease in their contribution toward maintenance obligations. Moreover, we may not correctly assess the credit risk of each lessee or charge lease rates that incorrectly reflect related risks. Many of our lessees are not rated investment grade by the principal U.S. rating agencies and may be more likely to suffer liquidity problems than those that are so rated.

Our financial condition, financial results and cash flows may be materially and adversely affected by any events adversely affecting the financial strength of our lessees.

***Increases in fuel prices and fuel price volatility could affect our lessees' ability to meet their lease payment obligations to us.***

The cost of fuel represents a major expense to airlines that is not within their control, and significant increases in fuel costs or hedges that inaccurately assess the direction of fuel costs can materially and adversely affect their operating results. Historically, fuel prices have fluctuated widely depending primarily on international market conditions, geopolitical and environmental events and currency exchange rates, including events, such as natural disasters and wars, that affect fuel supply.

Due to the competitive nature of the aviation industry, operators may be unable to increase airfares in a manner that fully offsets increases in fuel costs. In addition, they may not be able to enter appropriate hedging positions to manage their exposure to fuel price fluctuations. Airlines that hedge their fuel costs may suffer adverse impacts to their profitability and liquidity from swift movements in fuel prices, if their hedge agreements require them to post cash collateral. Therefore, if for any reason fuel prices return to historically high levels or show significant volatility, our lessees are likely to incur higher costs or generate lower revenues, which may affect their ability to meet their obligations to us.

***Instability in the banking system or financial markets could impair our lessees' ability to finance their operations, which could affect their ability to comply with payment obligations to us.***

Adverse changes in the global banking system or the global financial markets may have a material adverse effect on our business. Many of our lessees have expanded their airline operations through borrowings and some are highly leveraged. These lessees depend on banks and the capital markets to provide working capital and to refinance existing indebtedness. Global financial markets can be highly volatile and the availability of credit from financial markets and financial institutions can vary substantially. Events that adversely impact capital markets could lead to the imposition of stricter capital requirements on borrowers, reduce the general availability of credit or otherwise result in higher borrowing costs, limiting our lessees' abilities to finance their operations, which could affect their ability to meet payment obligations to us.

------

***If our lessees encounter financial difficulties and we restructure or terminate our leases, including as a result of customer reorganizations or bankruptcies, we are likely to obtain less favorable lease terms.***

If a lessee delays, reduces, or fails to make rental payments when due, or has advised us that it will do so in the future, we may elect or be required to restructure or terminate the lease. In addition, in recent years, several airlines and other customers, including several of our lessees, have filed for protection under their local bankruptcy and insolvency laws, and certain airlines and other customers have gone into liquidation. A restructured lease will likely contain terms that are less favorable to us. If we are unable to agree on a restructuring and we terminate the lease, we may not receive all or any payments still outstanding, and we may be unable to re-lease the flight equipment promptly and at favorable rates, if at all. Moreover, airline bankruptcies historically have led to the grounding of significant numbers of aircraft, rejection of leases and negotiated reductions in aircraft lease rentals, with the effect of depressing aircraft market values. As such, further reorganizations would adversely affect our ability to re-lease or sell aircraft at favorable rates, if at all. We have conducted restructurings and terminations in the ordinary course of our business, and we expect more will occur in the future. If we are obligated to perform a significant number of restructurings and terminations, the associated reduction in lease revenue could materially and adversely affect our financial results and cash flows.

***If our lessees fail to cooperate in returning our assets following lease terminations, we may encounter obstacles and are likely to incur significant costs and expenses conducting repossessions.***

Our legal rights and the relative difficulty of repossession vary significantly depending on the jurisdiction in which our flight equipment is located and the applicable law. We may need to obtain a court order or consents for deregistration or re-export, a process that can differ substantially in different countries. Where a lessee or other operator flies only domestic routes in the jurisdiction in which the asset is registered or in which the lessee operator is based, repossessing and exporting the asset may be challenging, especially if the jurisdiction permits the lessee or the other operator to resist deregistration or export of the asset. For example, due to the Ukraine Conflict and sanctions imposed against Russia, we sought to repossess all of our aircraft and engines from Russian airlines and remove them from Russia, but we were unable to repossess the vast majority of those assets. Please refer to Note 25—*Net (recoveries) charges related to Ukraine Conflict* to our Consolidated Financial Statements included in this annual report for further details.

When a defaulting lessee is in bankruptcy, protective administration, insolvency or similar proceedings, additional limitations may apply. For example, certain jurisdictions entitle the lessee or another third-party to retain possession of the flight equipment without paying lease rent or performing all or some of the obligations under the relevant lease. Certain of our lessees are partially or wholly owned by government-related entities, which can complicate our efforts to repossess our aircraft in that government's jurisdiction. If we encounter any of these difficulties, we may be delayed in, or prevented from, enforcing certain of our rights under a lease and in re-leasing the affected flight equipment.

When conducting a repossession, we are likely to incur significant costs and expenses that are unlikely to be recouped, including, for example, legal and regulatory expenses, taxes, lost revenue, maintenance and refurbishment and repair costs necessary to put the flight equipment in suitable condition for re-lease or sale. We may also make payments to discharge liens placed on our flight equipment by third parties and, until these liens are discharged, be restricted in our ability to repossess, release or sell our flight equipment. Although the financial obligations relating to these liens are the contractual responsibility of our lessees, if they fail to fulfill these obligations, such liens may ultimately become our responsibility and impose additional repossession costs on us. If we incur significant costs in repossessing our flight equipment, our financial results may be materially and adversely affected.

------

***We have limited control over the operation of our flight equipment while it is under lease and depend on our lessees to properly maintain and insure our flight equipment.***

While our flight equipment is on lease, we do not directly control its operation. Under our leases, our lessees are primarily responsible for maintaining our assets, obtaining adequate levels of insurance and complying with all governmental requirements applicable to the lessee and the flight equipment, including operational, maintenance, government agency oversight, registration requirements and airworthiness directives. We also require many of our lessees to pay us supplemental maintenance rents. Nevertheless, because we still own and hold title to the flight equipment, we could be exposed to costs or losses resulting from a lessee's failure to properly maintain an asset under lease or be held liable for losses resulting from its operation while under lease. If a lessee fails to perform required maintenance on our asset during the term of the lease, the asset's market value may decline or we might be required to incur maintenance and modification costs, which would result in lower revenues from its subsequent lease or sale, or the asset might be grounded. Additionally, if our lessees are unable to procure, or fail to maintain, adequate insurance coverage, default in their indemnification or insurance obligations to us, or are exposed to losses for which they do not have coverage, our lessees' operations may be curtailed or halted, and we could face increased costs from pursuing corrective action or face reductions in, or the absence of, insurance proceeds that would otherwise be payable to us in the case of loss. If our lessees fail to meet their obligations to pay supplemental maintenance rents or end-of-lease ("EOL") compensation, fail to perform required scheduled maintenance, fail to obtain and maintain insurance coverage for losses to which they are exposed, or if we are required to incur unexpected costs associated with any of the above, our financial results may be materially and adversely affected.

***In certain countries, an engine affixed to an aircraft may become an accession to the aircraft and we may not be able to exercise our ownership rights over the engine.***

Under some legal principles, an engine affixed to an aircraft may become an accession to the aircraft, whereby the ownership rights of the owner of the airframe supersede those of the owner of the engine. In such cases, where an aircraft is security for the owner's obligations to a third-party, the security interest in the aircraft may supersede our rights as owner of the engine. As a substantial part of the value of an aircraft derives from its engines, we would suffer a substantial loss if our ability to repossess a leased engine were limited in the event of a lease default, which could materially and adversely affect our financial results.

------

**Risks related to competition and the aviation industry** 

***Competition and changes in market participants, including lessors, manufacturers and aircraft lessees, may adversely affect our business operations.***

The aviation leasing industry is highly competitive. Our competitors are primarily other major aircraft leasing companies, but we may also encounter competition from emerging aircraft leasing companies that we do not currently consider our main competitors. We may also face competition from other market participants, such as airlines, aircraft manufacturers, aircraft brokers, financial institutions (including those seeking to dispose of repossessed aircraft at distressed prices) and other entities that invest in aircraft and engines. Some of these competitors may have greater operating and financial resources than we do and we may not always be able to compete successfully, which could materially and adversely affect our financial results.

Over the past several years, market participants in the aviation industry have changed as a result of restructuring or bankruptcies, mergers and acquisitions, entities entering or exiting the industry or entities entering into new or different market segments. In some cases, competitors have increased in relative size to AerCap due to consolidation. We expect similar changes to take place in the future. Changes in market participants may affect our business by, for instance, reducing competition amongst manufacturers, changing the offering of aircraft types and models in the market, reducing demand for our aircraft from lessees or increasing the competition we face for new lessees or favorable terms on our transactions. New aircraft manufacturers, such as Commercial Aircraft Corporation of China, Ltd. in China, could produce aircraft that compete with current and future offerings from Airbus, Boeing and Embraer. These changes may materially affect our business.

***The financial instability of, or manufacturing delays suffered by, an aircraft or engine manufacturer or other industry partner could impact delivery of our flight equipment on order and negatively affect our cash flow and results of operations.***

The supply of commercial aircraft is dominated by Airbus and Boeing and there are a limited number of engine manufacturers. There is a risk that disruptions, including supply chain issues, labor stoppages, manufacturing and quality control issues, and any financial instability, at any of these manufacturers could harm our business, as our ability to deliver new aircraft and engines to our lessees depends on these manufacturers timely fulfilling their contractual delivery obligations to us. Further, we may experience additional delivery delays and associated costs if aircraft manufacturers continue to encounter quality issues that delay the manufacture of new aircraft or those aircraft fail to meet the contractual requirements or the requirements of air travel regulators. For example, the grounding and suspension of deliveries of the Boeing 737 MAX in 2019 and 2020 and the suspension of deliveries of the Boeing 787 in 2020 and 2021, production halts and enhanced inspection procedures required in advance of certification and clearance for delivery of certain Boeing aircraft have led to delays in the delivery of our aircraft on order from Boeing. In addition, a Federal Aviation Administration ("FAA") constraint on expansion of 737 MAX production has contributed to additional delays, although Boeing has recently received approval from the FAA to increase 737 MAX production rates. Delivery delays can materially affect our revenues, results of operations, net income and operating cash flows. For additional detail, please refer to "Item 3. Key Information—Risk Factors—Risks relating to market demand for, and lease rates and value of, flight equipment in our fleet—Manufacturer behavior may adversely affect the lease rates and value of aircraft in our fleet or our results of operations more broadly."

Our leases contain lessee cancellation clauses related to aircraft delivery delays, typically for new aircraft delivery delays greater than one year, and our purchase agreements contain similar provisions. If there are delivery delays for aircraft for which we have made future lease commitments, some or all of our affected lessees could elect to terminate their lease arrangements with respect to such delayed aircraft. Any such termination could negatively affect our cash flow and results of operations.

------

**Risks related to accounting and impairments**

***If a decline in demand for certain assets causes a decline in their projected lease rates and residual values, or if we expect to dispose of an asset for a price that is less than its depreciated book value on our balance sheet, then we will recognize impairments or make fair value adjustments.***

We test long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. If the sum of the expected undiscounted future cash flows is less than the asset value (including the lease-related assets and liabilities of that asset, such as the maintenance rights assets, lease incentives, and maintenance liabilities), an impairment loss is recognized. The loss is measured as the excess of the carrying value of the asset over its estimated fair value. Factors that may contribute to impairment charges include, but are not limited to, unfavorable airline industry trends affecting the residual values of certain flight equipment types, high fuel prices and development of more fuel-efficient aircraft shortening the useful lives of certain aircraft, management's expectations that certain flight equipment is more likely than not to be parted-out or otherwise disposed of sooner than their expected life, and new technological developments. Cash flows supporting carrying values of older flight equipment are more dependent upon current lease contracts.

If economic conditions deteriorate, we may be required to recognize impairment losses. In that event, our estimates and assumptions regarding forecasted cash flows from our long-lived assets would need to be reassessed, including the duration of the economic downturn and the timing and strength of the pending recovery, both of which are important variables for purposes of our long-lived asset impairment tests. Any of our assumptions may prove to be inaccurate, which could adversely impact forecasted cash flows of certain long-lived assets, especially for older aircraft. If so, it is possible that there may be an event-driven impairment for other long-lived assets in the future and that any such impairment amounts may be material.

As of December 31, 2025, 339 of our owned passenger aircraft under operating leases were 15 years of age or older. These aircraft represented 6% of our total flight equipment and lease-related assets and liabilities as of December 31, 2025. Please refer to "Item 5. Operating and Financial Review and Prospects—Critical accounting estimates—Flight equipment held for operating leases, net" for a detailed description of our impairment policy.

------

**Risks related to information technology**

***A cybersecurity incident, including a ransomware attack, could lead to a material disruption of our information systems or the information systems of our third-party providers, the loss of business information or losses attributable to fraud, which may hinder our ability to conduct our business effectively or result in lost revenues or other costs.***

Our business depends on the secure operation of our information systems and the information systems of our third-party providers to manage, process, store and transmit information associated with aviation leasing. Like other global companies, we have, from time to time, experienced cybersecurity threats to our data and information systems, including malware and computer virus attacks, internet network scans, systems failures and disruptions. For example, the Company experienced a cybersecurity incident related to ransomware in 2024, when a perpetrator exploited a vulnerability in third-party software to obtain access to data hosted on a small number of the Company's IT servers. The incident caused no material disruption to the Company's operations, the Company suffered no financial loss related to the incident, and the Company incurred no material expenses in connection with the investigation, review and disclosure of the attack.

A cybersecurity incident, including a ransomware attack such as the one that occurred in 2024, that bypasses our information security systems or the information security systems of our third-party providers, and causes an information security breach, could lead to a material disruption of our information systems or the information systems of our third-party providers, as applicable, and adversely impact our daily operations and cause the loss of sensitive information, including our own proprietary information and that of our customers, suppliers and employees. In addition, a cybersecurity incident at a third-party provider, lessee or other business counterparty could result in fraudulent activity that causes costs or other losses to us. Any such losses could harm our reputation or result in competitive disadvantages, litigation, regulatory enforcement actions, lost revenues, additional costs or liability. While we devote substantial resources to maintaining adequate levels of cybersecurity and other related controls, our resources and technical sophistication cannot prevent all cybersecurity incidents.

***We could suffer material damage to, or interruptions in, our information systems or the information systems of our third-party providers as a result of external factors, staffing shortages or difficulties in updating our existing software or developing or implementing new software.***

We depend largely upon our information systems and the information systems of our third-party providers in the conduct of all aspects of our operations. Such information systems are subject to damage or interruption from events such as power outages, computer and telecommunications failures, computer viruses, security breaches, fire and natural disasters. AI tools and their use by bad actors and cybercriminals have enhanced the threats facing information systems. These developments could increase the risk of security breaches, which may lead to significant disruption to the business. Damage or interruption to our or our third-party providers' information systems may require a significant investment to fix or replace them, and we may suffer interruptions in our operations in the interim. In addition, we are currently pursuing a number of information systems-related projects that will require ongoing information systems-related development, conversion of existing information systems and the rollout of new information systems. Costs and potential problems or interruptions associated with the implementation of new or upgraded information systems and technology or with maintenance or support of existing information systems could also disrupt or reduce the efficiency of our operations. Any material interruptions or failures in our information systems may have a material adverse effect on our business or results of operations.

***The adoption of AI could have an adverse impact on our operations and reputation.***

The Company is reviewing the use of AI technologies across various business functions. We are also seeing growing adoption of AI technologies across the operations of our business partners. While these technologies may offer future benefits, their use also presents a number of risks and uncertainties that could adversely affect our business. AI systems, including large language models and autonomous agents, are complex and may produce inaccurate, biased, or unpredictable outputs. These risks are heightened when AI is used to support decision-making processes, even in non-critical functions. Misuse, overreliance, or insufficient oversight of AI-generated content could lead to operational errors, reputational harm, or legal exposure, particularly in areas involving customer communications, financial reporting support, or regulatory compliance.

Additionally, the evolving regulatory landscape surrounding AI technologies may impose new compliance obligations or restrictions on the use of such tools. Failure to adhere to emerging standards or to implement appropriate governance frameworks could result in enforcement actions, fines, or limitations on the ability to deploy AI solutions, which could have an adverse impact on our reputation. There is also a risk that proprietary or sensitive data used to train or interact with AI systems could be inadvertently exposed or misused, especially when leveraging third-party platforms. While the Company does not currently use AI in critical operations, the prospective integration of these tools across our business, or by our business partners, may amplify cybersecurity, data privacy, and intellectual property risks. As the capabilities and adoption of AI continue to evolve, we may face challenges in ensuring that our workforce is adequately trained to use these tools responsibly and effectively. Any failure to manage the risks associated with AI could have a material adverse effect on our operations and reputation.

------

**Risks related to our structure and taxation**

***We are a public limited liability company incorporated in the Netherlands ("naamloze vennootschap" or "N.V.") and it may be difficult to obtain or enforce judgments against us or our executive officers, some of our directors and some of our named experts in the United States.***

We were incorporated under the laws of the Netherlands and, as such, the rights of holders of our ordinary shares and the civil liability of our directors are governed by the laws of the Netherlands and our articles of association. The rights of shareholders under the laws of the Netherlands may differ from the rights of shareholders of companies incorporated in other jurisdictions. Many of our directors and executive officers and most of our assets and the assets of many of our directors are located outside the United States. In addition, our articles of association do not provide for U.S. courts as a venue for, or for the application of U.S. law to, lawsuits against us, our directors and executive officers. As a result, you may not be able to serve process on us or on such persons in the United States or obtain or enforce judgments from U.S. courts against us or them based on the civil liability provisions of the securities laws of the United States. There is doubt as to whether the Dutch courts would enforce certain civil liabilities under U.S. securities laws in original actions and enforce claims for punitive damages.

Under our articles of association, we indemnify and hold our directors, officers and employees harmless against all claims and suits brought against them, subject to limited exceptions. Under our articles of association, to the extent allowed by law, the rights and obligations among or between us, any of our current or former directors, officers and employees and any current or former shareholder shall be governed exclusively by the laws of the Netherlands and subject to the jurisdiction of the Dutch courts, unless such rights or obligations do not relate to or arise out of their capacities listed above. Although there is doubt as to whether U.S. courts would enforce such provision in an action brought in the United States under U.S. securities laws, such provision could make judgments obtained outside of the Netherlands more difficult to enforce against our assets in the Netherlands or jurisdictions that would apply Dutch law.

***We may not be able to continue, or may elect to discontinue, paying dividends, which may adversely affect our share price.***

In May 2024, we adopted a dividend policy pursuant to which we intend to pay quarterly cash dividends on our ordinary shares. Our ability to continue to pay dividends to our shareholders is subject to our Board of Directors' approval and depends on our availability of capital; principal repayments and other capital requirements; our ability to comply with covenants imposed by our financing agreements; our ability to finance our purchase commitments on our flight equipment; our ability to refinance our long-term debt before it matures; our ability to negotiate favorable lease rates and other contractual terms; demand for our aircraft; the economic condition of the commercial aviation industry generally; the financial strength of our lessees; unexpected or increased expenses; the value of our fleet; our results of operations and general business conditions; legal restrictions on the payment of dividends and other factors that our Board of Directors deems relevant. In the future, we may elect not to pay dividends, be unable to pay dividends or maintain or increase our current level of dividends, which may negatively affect our share price.

***We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime, increasing our regulatory and administrative burden.***

We currently meet the definition of a foreign private issuer ("FPI") as defined by the rules promulgated under the Exchange Act, which allows us to benefit from certain accommodations from the registration and disclosure requirements applicable to U.S. domestic issuers. These accommodations include, among others, exemption from U.S. proxy rules, less frequent and less detailed periodic reporting, an exemption from certain U.S. insider trading reporting requirements and rules, and a later filing deadline for annual reports than for U.S. domestic issuers.

Under the current definition, we would lose our status as an FPI if more than 50% of our outstanding voting securities are held of record either directly or indirectly by U.S. residents and any of the following is true: (1) the majority of our executive officers or directors are U.S. citizens or residents; (2) more than 50% of our assets are located in the United States; or (3) our business is administered principally in the United States.

On June 4, 2025, the SEC published a Concept Release on FPI Eligibility (the "Concept Release") inviting public comment on potential amendments to the FPI definition. The Concept Release highlights possible approaches to amending the FPI definition, including updating the existing eligibility requirements, adding a foreign trading volume requirement, adding a major foreign exchange listing requirement, requiring that each FPI be incorporated in a jurisdiction that the SEC determines to have a robust regulatory and oversight framework, developing robust mutual recognition systems and adding an international cooperation arrangement requirement. If the SEC formally proposes and adopts any of the amendments discussed in the Concept Release, we may no longer qualify as an FPI, even if we still meet the current definition described above. Loss of FPI status would subject us to the full reporting and disclosure requirements applicable to U.S. domestic issuers, which could increase our compliance and administrative costs.

------

***We may become a passive foreign investment company ("PFIC") for U.S. federal income tax purposes.***

We do not believe we will be classified as a PFIC for 2025. Although there can be no assurance, we do not expect to be classified as a PFIC for 2026 or subsequent years. This expectation is based on our current operations and current law. The determination as to whether a foreign corporation is a PFIC is a complex determination based on all of the relevant facts and circumstances and depends on the classification of various assets and income under the PFIC rules. Further, this determination must be tested annually at the end of the taxable year and, while we intend to conduct our affairs in a manner that will reduce the likelihood of our becoming a PFIC, our circumstances may change in any given year. We do not intend to make decisions regarding the purchase and sale of aircraft with the specific purpose of reducing the likelihood of our becoming a PFIC. Accordingly, our business plan may result in our engaging in activities that could cause us to become a PFIC. There can be no assurance that we will not be classified as a PFIC for the current taxable year or any future taxable year. If we are or become a PFIC, U.S. shareholders may be subject to increased U.S. federal income taxes on a sale or other disposition of our ordinary shares and on the receipt of certain distributions and will be subject to increased U.S. federal income tax reporting requirements. Refer to "Item 10. Additional Information—Taxation—U.S. tax considerations" for a more detailed discussion of the consequences to you if we are treated as a PFIC and a discussion of certain elections that may be available to mitigate the effects of that treatment. We urge you to consult your own tax advisors regarding the application of the PFIC rules to your particular circumstances.

***We may become subject to income or other taxes in jurisdictions which would adversely affect our financial results.***

We and our subsidiaries are subject to the income tax laws of Ireland, the United States and other jurisdictions in which our subsidiaries are incorporated or based. Our effective tax rate in any period is impacted by the source and the amount of earnings among our different tax jurisdictions. Our ability to defer the payment of some level of income taxes to future periods is dependent upon the continued benefit of accelerated tax depreciation on our flight equipment in some jurisdictions, the continued deductibility of the group's financing arrangements and the application of tax losses prior to their expiration in certain tax jurisdictions, among other factors. A change in the division of our earnings among our tax jurisdictions could have a material impact on our effective tax rate and our financial results. In addition, we or our subsidiaries may be subject to additional income or other taxes in these and other jurisdictions by reason of the management and control of our subsidiaries, our activities and operations, where our aircraft operate, where the lessees of our aircraft (or others in possession of our aircraft) are located or changes in tax laws or practices, regulations or accounting principles. We rely on certain double tax treaties to mitigate withholding tax and/or income tax on our lease rental income. Following various international tax changes (such as the OECD's Multilateral Instrument project), tax authorities are more focused on entitlement to the benefits of a tax treaty. Although we have adopted guidelines and operating procedures to ensure our subsidiaries are appropriately managed and controlled, we may be subject to such taxes in the future and such taxes may be substantial. The imposition of such taxes could have a material adverse effect on our financial results.

***Organisation for Economic Co-operation and Development's ("OECD") Base Erosion and Profit Shifting ("BEPS") initiative.***

In 2021, the European Commission published an EU Directive (the "EU Minimum Tax Directive") to incorporate the Pillar Two minimum tax rate rules into EU law, which Ireland has enacted into domestic legislation. In Ireland, the EU Minimum Tax Directive has been implemented by means of a top-up tax to achieve an effective rate of 15% that became effective on January 1, 2024. Further guidance from the OECD and the Irish tax authorities in relation to these rules is expected to be published in the future. It is possible that the Irish tax authorities will seek to further refine or change the Irish tax rules regarding Pillar Two given that it is a new development in Irish tax law. It is also possible that the OECD will release further guidance in the future on Pillar Two. As an example, on January 5, 2026, new guidance was released by the OECD as to how these rules could apply to U.S.-headquartered groups. It is difficult to determine the degree to which any future guidance or changes in law could alter the operation of this tax, and any such developments may have an adverse impact on our effective tax rate and cash tax liabilities in future periods.

------

***We may become subject to additional taxes in Ireland based on the extent of our operations carried on in Ireland.***

Our Irish tax resident group companies are currently subject to Irish corporate income tax on trading income at a rate of 12.5%, on capital gains at 33% (calculated in euros) and on other income at 25%. Where the 12.5% rate applies to our income, we incur additional top-up tax charges as a result of the Pillar Two minimum tax rate rules that Ireland has enacted, which seek to ensure that companies are taxed at a minimum effective tax rate of 15% on their Pillar Two adjusted income. As of December 31, 2025, we had significant Irish tax losses available to carry forward against our trading income. The ability to carry forward Irish tax losses to offset future taxable trading income and to avail of the 12.5% rate depends in part on the extent and nature of activities carried on in Ireland, both in the past and in the future. Certain aspects of the Irish leasing regime have been codified into law in Finance Act (No.2) 2023, with effect from January 1, 2024, and new guidance was released in 2024 regarding the tax treatment of leasing companies. Going forward, the combination of the revised law and final guidance imposes a higher threshold on the Irish lessors and financing companies within our group to demonstrate that they have sufficient activity to avail of the 12.5% rate on their leasing and financing activity.

***The EU Anti-tax Avoidance proposals may impact our effective rate of tax in future periods.***

In 2021, the European Commission issued a proposal for a council directive to establish rules to prevent the misuse of shell entities for tax purposes within the EU ("EU ATAD 3") and has since issued a number of draft amendments to this directive. EU ATAD 3 was initially expected to be adopted and published into EU member states' national laws by June 30, 2023, and to become effective as of January 1, 2024. However, it has not yet become effective and in June 2025 the Council of the European Union published a report noting that work on EU ATAD 3 will no longer continue in its current form. It may be the case that EU ATAD 3 will be reflected in a future amendment to EU mandatory disclosure rules. This could impact our effective rate of tax and result in additional reporting and disclosure obligations.

It is possible that the European Commission will propose other new tax-related directives in the future which could impact our business.

***The U.S. Corporate Alternative Minimum Tax ("CAMT") may impact our effective tax rate in future periods.***

In 2022, the United States enacted the Inflation Reduction Act, which includes a 15% corporate alternative minimum tax on adjusted financial statement income ("AFSI"). For a U.S. corporation that is a member of a foreign-parented multi-national group, the CAMT applies where (i) the three-year average annual AFSI from all members of the foreign-parented multi-national group exceeds $1 billion, and (ii) the three-year average annual AFSI from the group's U.S. corporation(s) is $100 million or more.

CAMT only applies to "applicable corporations" (generally determined from the thresholds noted above). We did not meet the criteria to be an applicable corporation for 2023 or 2024 and, consequently, we were not subject to CAMT for those years. Based on the most recent guidance from the Internal Revenue Service ("IRS"), we do not expect to be an applicable corporation for 2025. However, in the absence of final regulations from the IRS, CAMT's impact on our effective tax rate for 2025 and future years remains uncertain.

***We may fail to qualify for benefits under one or more tax treaties.***

We do not expect that our subsidiaries located outside of the United States will have any material U.S. federal income tax liability by reason of activities we carry out in the United States and the leasing of assets to lessees that operate in the United States. This conclusion will depend, in part, on continued qualification for the benefits of income tax treaties between the United States and other countries in which we are subject to tax (particularly Ireland), and further that our Irish subsidiaries take steps to ensure they do not have a permanent establishment in the United States. That qualification may depend on, among other factors, the nature and level of activities carried on by us and our subsidiaries in each jurisdiction, the identity of the owners of equity interests in subsidiaries that are not wholly owned and the identities of the direct and indirect owners of our indebtedness and the continued listing and trading of our shares on the New York Stock Exchange (the "NYSE").

The nature of our activities may be such that our subsidiaries may not continue to qualify for the benefits under income tax treaties with the United States and may not otherwise qualify for treaty benefits. Failure to so qualify could result in the imposition of U.S. federal and state taxes, which could have a material adverse effect on our financial results.

------

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Information on the Company**

**Business overview**

***Global leader in aviation leasing***

AerCap is the industry leader across all areas of aviation leasing, with a portfolio consisting of 3,500 aircraft, engines and helicopters that were owned, on order or managed as of December 31, 2025. We provide a wide range of assets for lease, including narrowbody and widebody aircraft, regional jets, freighters, engines and helicopters. We focus on acquiring in-demand flight equipment at attractive prices, funding them efficiently, hedging interest rate risk prudently and using our platform to deploy these assets with the objective of delivering superior risk-adjusted returns. We believe that by applying our expertise, we will be able to identify and execute on a broad range of market opportunities that we expect will generate attractive returns for our investors. We have the infrastructure, expertise and resources to execute a large number of diverse transactions in a variety of market conditions. Our teams of dedicated marketing and asset trading professionals have been successful in leasing and managing our asset portfolio. During the year ended December 31, 2025, we executed 705 aviation asset transactions.

We have an extensive track record of successfully acquiring and integrating companies, including the acquisition of Genesis Lease in 2010, the acquisition of International Lease Finance Corporation ("ILFC") in 2014 and the acquisition of GE Capital Aviation Services ("GECAS") in 2021. The acquisitions of ILFC (the "ILFC Transaction") and GECAS (the "GECAS Transaction") are the two largest transactions in the history of aviation leasing. We believe that our ability to successfully identify, acquire and integrate companies is a key competitive advantage.

*Aircraft leasing*

AerCap is the global leader in aircraft leasing, with customers in every major geographical region. As of December 31, 2025, we owned 1,501 aircraft, managed 148 aircraft and had 283 new aircraft on order. As of December 31, 2025, the average age of our owned passenger aircraft fleet, weighted by net book value, was 7.3 years. During the year ended December 31, 2025, the weighted average utilization rate for our owned aircraft was 99%, calculated based on the number of days each aircraft was on lease during the year, weighted by the net book value of the aircraft. Approximately 1% of our owned aircraft were undergoing or designated for cargo conversion during the year ended December 31, 2025 and were therefore not calculated as utilized.

AerCap Cargo is a global leader in the air cargo market, with more than 30 years' experience and a global fleet of approximately 120 aircraft that are owned, serviced or committed for conversion. AerCap Cargo provides 11 types of modern narrowbody and widebody cargo aircraft to approximately 25 customers around the world, including e-commerce, express delivery and general cargo operators. AerCap Cargo also plays a developmental role in the provision of new cargo options, including the "Big Twin" freighter program between AerCap Cargo and Israel Aerospace Industries, which involves the conversion of the Boeing 777-300ER aircraft into long-haul large-capacity freighters, which received certification in 2025 and entered service in mid-September 2025. AerCap Cargo was also involved in the development of the Boeing 767-300BDSF, the launch of Boeing's 737-800BCF freighter conversion program and placed a direct order with Elbe Flugzeugwerke GmbH on its A321P2F freighter conversion program. AerCap Cargo's largest customers are Kalitta Air and Amazon.

*Engine leasing* 

AerCap is the world's largest lessor of spare engines, with over 1,200 owned, managed and on order engines, including engines owned and managed by Shannon Engine Support Ltd ("SES"), our joint venture with Safran Aircraft Engines ("Safran"). Our spare engine portfolio is predominantly comprised of new technology engines manufactured by General Electric ("GE") and CFM International ("CFMI"), the most liquid engine types that power the world's most popular and in-demand aircraft, including Airbus A320 and A320neo Family aircraft and Boeing 737, Boeing 787, and Boeing 737 MAX aircraft.

We have longstanding relationships and contractual commitments with approximately 150 customers, including the two largest manufacturers of commercial aviation engines, GE Aerospace and CFMI, to which we provide spare engines services for their airline customers. Our services include leasing, guaranteed availability, administrative servicing, light maintenance, logistics and optimization of commercial jet engines.

------

*Helicopter leasing*

The Milestone Aviation Group ("Milestone") is the world's leading helicopter leasing and financing company, with 335 helicopters owned or on order as of December 31, 2025. Milestone partners with helicopter operators and end-users worldwide, providing a wide array of financial and productivity solutions, including operating leases, finance leases, purchase-and-leaseback transactions, engine leasing and fleet advisory services. Milestone supports approximately 50 customers in over 35 countries serving a variety of industries, including offshore oil and gas, offshore wind, search and rescue ("SAR"), emergency medical services, police surveillance and other utility missions. Milestone's largest customers are CHC Helicopter, Bristow Helicopters, Saudi Aramco, and Omni Helicopters International.

*AerCap Materials*

AerCap Materials Inc. ("AerCap Materials") is a global distributor of airframe and engine components for leading commercial aircraft and engine manufacturers. Since its founding as the Memphis Group in 1971, it has provided quality products and services ranging from spare airframe and engine component distribution, component and asset leasing, consignment services and asset repair management. AerCap Materials has its own dismantlement facility located in Greenwood, Mississippi. AerCap Materials has a large inventory of aircraft parts to support mid-life and new-generation aircraft and provides ready access to support various aircraft types, including Boeing 737NG, Boeing 777, Airbus A320 and A320neo Family and Embraer aircraft.

*Aviation leases and transactions*

We lease most of our flight equipment to customers under operating leases. Under these leases, the lessee is responsible for the maintenance and servicing of the equipment during the lease term and we receive the benefit, and assume the risks, of the residual value of the equipment at the end of the lease. Many operators lease flight equipment under operating leases, as this reduces their capital requirements and costs and affords them flexibility to manage their fleets more efficiently as flight equipment assets are returned over time. Since the 1970s and the creation of aircraft leasing pioneers Guinness Peat Aviation ("GPA") and ILFC, the world's airlines have increasingly turned to operating leases to meet their aircraft needs. We serve approximately 300 customers around the world with comprehensive fleet solutions. Our relationships with these customers help us place new flight equipment and remarket existing flight equipment.

Over the life of our flight equipment, we seek to increase the returns on our investments by managing the lease rates, time off-lease and financing and maintenance costs, and by carefully timing the sale of our flight equipment assets. Our current operating leases have initial terms ranging in length up to approximately 16 years. By varying our lease terms, we mitigate the effects of changes in cyclical market conditions at the time aircraft become eligible for re-lease.

Well in advance of the expiration of an operating lease, we prioritize entering into a lease extension with the then-current operator. This reduces our risk of aircraft downtime as well as aircraft transition costs. The terms of our lease extensions reflect the market conditions at the time and typically contain different terms from the original lease. Should a lessee not be interested in extending a lease, or if we believe we can obtain a more favorable return on the aircraft, we will explore other options, including the sale of the asset. If we enter into a lease agreement for the same asset with a different lessee, we generally do so well in advance of the scheduled return date of the asset. When the asset is returned, maintenance work may be required before transition to the next lessee.

Our extensive experience, global reach and operating capabilities allow us to rapidly complete numerous aviation transactions, which enables us to increase the returns on our flight equipment investments by minimizing any time that our assets are not generating revenue for us.

------

The following table provides details regarding the aircraft, engine and helicopter transactions we executed during the years ended December 31, 2025, 2024 and 2023. The trends shown in the table reflect the execution of the various elements of our leasing strategy for our owned and managed portfolio, as described further below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2025** | **2024** | **2023** | **Total** |
| **Owned portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases on new assets | 88 | 128 | 202 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases on used assets | 60 | 87 | 113 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extensions of lease contracts | 201 | 239 | 243 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset purchases | 145 | 150 | 173 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset sales | 140 | 136 | 167 | 443 |
| **Managed portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases on used assets | 4 | 12 | 13 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extensions of lease contracts | 18 | 30 | 21 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset sales | 49 | 30 | 21 | 100 |
| **Total transactions** | **705** | **812** | **953** | **2470** |

---

We perform a review of all of our prospective lessees, which generally includes reviewing financial statements, business plans, cash flow projections, maintenance capabilities, operational performance histories, hedging arrangements for fuel, foreign currency and interest rates and relevant regulatory approvals and documentation. We perform on-site credit reviews for new lessees, which typically include extensive discussions with the prospective lessee's management, before we enter into a new lease. We also evaluate the jurisdiction in which the lessee operates to ensure we are in compliance with any regulations and evaluate our ability to repossess our assets in the event of a lessee default. Depending on the credit quality and financial condition of the lessee, we may require the lessee to obtain guarantees or other financial support from an acceptable financial institution or other third party.

We typically require our lessees to provide a security deposit for their performance under a lease, including the return of the leased asset in the specified maintenance condition at the expiration of the lease.

All of our lessees are responsible for the maintenance and repair of the leased flight equipment as well as other operating costs during the lease term. Based on the credit quality of the lessee, we require some of our lessees to pay supplemental maintenance rents to cover major scheduled maintenance costs. If a lessee pays supplemental maintenance rents, we reimburse them for their maintenance events (as defined in the lease) up to the amount of their supplemental maintenance rent payments. Under the terms of our leases, at lease expiration, we retain excess maintenance rents to the extent that a lessee has paid us more supplemental maintenance rents than we have reimbursed them for their maintenance events. In most lease contracts that do not require the payment of supplemental maintenance rents, the lessee is generally required to redeliver the leased asset in a similar maintenance condition (normal wear and tear excepted) as when accepted under the lease. To the extent that the redelivery condition is different from the acceptance condition, we generally receive cash compensation for the value difference at the time of redelivery. As of December 31, 2025 and 2024, 28% and 32%, respectively, of our owned aircraft leases provided for supplemental maintenance rental payments.

We require the lessee to compensate us if the aircraft is not in the required condition upon redelivery. All of our leases contain provisions regarding our remedies and rights in the event of default by the lessee, and also include specific provisions regarding the required condition of the leased asset upon its redelivery.

Our lessees are also responsible for compliance with all applicable laws and regulations governing the leased asset and all related costs. We require our lessees to comply with either the FAA, European Union Aviation Safety Agency ("EASA") or their equivalent standards in other jurisdictions.

------

During the term of our leases, some of our lessees may experience financial difficulties resulting in the need to restructure their leases. Generally, our restructurings can involve a number of possible changes to the lease terms, including the voluntary termination of leases prior to their scheduled expiration, the arrangement of subleases from the primary lessee to a sublessee, the rescheduling of lease payments and the exchange of lease payments for other consideration. In some cases, we may repossess a leased asset and, in those cases, we usually export the leased asset from the lessee's jurisdiction to prepare it for remarketing. In the majority of repossessions, we obtain the lessee's cooperation and the return and export of the leased asset are completed without significant delay. In some repossessions, however, our lessees may not cooperate in returning leased assets and we may be required to take legal action. In connection with the repossession of an asset, we may be required to settle claims on such asset or to which the lessee is subject, including outstanding liens on the repossessed asset. Refer to "Item 3. Key Information—Risk Factors—Risks related to the financial strength of, and our relationship with, our lessees—If our lessees fail to cooperate in returning our assets following lease terminations, we may encounter obstacles and are likely to incur significant costs and expenses conducting repossessions" for a discussion of how repossessions may affect our financial results.

*Scheduled lease expirations*

The following table presents the scheduled lease expirations for our owned aircraft under operating leases by aircraft type as of December 31, 2025. The table does not give effect to contracted unexercised lease extension or termination options, aircraft on finance leases, lease extensions or re-leases that are subject to a letter of intent, aircraft sales that have been contracted or are subject to a letter of intent, or designations of a certain aircraft for sale or disassembly of an aircraft for the sale of its parts ("part-out").

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aircraft type** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **Thereafter** | **Total** |
| **Passenger Aircraft** | **68** | **161** | **120** | **79** | **93** | **113** | **147** | **90** | **74** | **90** | **201** | **1236** |
| &nbsp;&nbsp;Airbus A220 Family |  |  |  |  |  |  |  |  | 2 | 7 | 10 | 19 |
| &nbsp;&nbsp;Airbus A320 Family | 29 | 93 | 49 | 24 | 15 | 20 | 23 | 5 |  | 4 | 1 | 263 |
| &nbsp;&nbsp;Airbus A320neo Family |  | 2 | 17 | 23 | 30 | 33 | 61 | 40 | 42 | 47 | 96 | 391 |
| &nbsp;&nbsp;Airbus A330 | 9 | 8 | 4 | 3 | 7 | 3 | 2 | 2 |  |  |  | 38 |
| &nbsp;&nbsp;Airbus A330neo Family |  |  |  |  |  |  |  |  |  | 1 | 11 | 12 |
| &nbsp;&nbsp;Airbus A350 | 3 |  | 7 | 6 | 7 | 6 |  | 5 | 3 | 1 | 3 | 41 |
| &nbsp;&nbsp;Boeing 737 MAX |  |  |  |  | 1 | 2 |  | 16 | 11 | 12 | 39 | 81 |
| &nbsp;&nbsp;Boeing 737NG | 18 | 38 | 28 | 6 | 22 | 21 | 38 | 7 | 5 |  | 11 | 194 |
| &nbsp;&nbsp;Boeing 777-200ER/300-ER | 4 | 9 | 3 |  |  |  | 1 |  |  | 5 | 5 | 27 |
| &nbsp;&nbsp;Boeing 787 |  |  | 6 | 10 | 11 | 22 | 16 | 15 | 8 | 11 | 11 | 110 |
| &nbsp;&nbsp;Embraer E190/E195/E2 | 4 | 3 | 3 | 4 |  | 4 | 5 |  | 3 | 2 | 14 | 42 |
| &nbsp;&nbsp;Other | 1 | 8 | 3 | 3 |  | 2 | 1 |  |  |  |  | 18 |
| **Freighter Aircraft** | **—** | **3** | **9** | **5** | **18** | **2** | **11** | **5** | **8** | **15** | **1** | **77** |
| &nbsp;&nbsp;Airbus A321 |  |  |  |  |  |  |  | 1 | 4 | 1 |  | 6 |
| &nbsp;&nbsp;Boeing 737 |  | 2 | 4 | 5 | 18 | 1 | 11 | 4 | 4 | 7 |  | 56 |
| &nbsp;&nbsp;Boeing 767 / 777 |  | 1 | 5 |  |  | 1 |  |  |  | 7 | 1 | 15 |
| **Total (a) (b)** | **68** | **164** | **129** | **84** | **111** | **115** | **158** | **95** | **82** | **105** | **202** | **1313** |

---

(a)As of December 31, 2025, scheduled lease expirations through the end of 2027 represented less than 7% of the aggregate net book value of our fleet. As of February 6, 2026, 54 of the 68 aircraft with leases expiring in 2026 have been re-leased, have had leases extended, have been designated for sale or part-out or have been sold.

(b)Includes seven aircraft that were off-lease and under commitment for re-lease as of December 31, 2025.

------

*Principal markets and customers*

The following table presents the percentage of lease revenue of our owned portfolio from our top five lessees for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Lessee** | **Percentage of 2025 lease revenue** |
| American Airlines | 5.1% |
| Azul Airlines | 3.9% |
| China Southern Airlines | 3.2% |
| EgyptAir | 3.2% |
| SES | 3.1% |
| **Total** | **18.5%** |

---

We lease our aircraft to lessees located in every major geographical region. The following table presents the percentage of our total lease revenue by region based on our lessee's principal place of business for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>**Region** | **2025** | **2024** | **2023** |
| Asia/Pacific | 30% | 31% | 34% |
| Europe | 28% | 26% | 23% |
| United States/Canada/Caribbean | 19% | 19% | 19% |
| Latin America | 12% | 12% | 12% |
| Africa/Middle East | 11% | 12% | 12% |
| **Total** | **100%** | **100%** | **100%** |

---

For further geographic information on our total lease revenue and long-lived assets, refer to Note 21—*Geographic information* to our Consolidated Financial Statements included in this annual report.

------

***Aircraft and engine services***

We provide aircraft and engine asset management and corporate services to securitization vehicles, joint ventures and other third parties. As of December 31, 2025, we had asset management servicing contracts with 19 parties that owned 148 aircraft and 192 engines. Since we have an established operating system to manage our own aircraft and engines, the incremental cost of providing asset management services to securitization vehicles, joint ventures and third parties is limited. Our primary aircraft and engine asset management activities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remarketing aircraft and engines for lease or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collecting rental and supplemental maintenance rent payments, monitoring aircraft maintenance, monitoring and enforcing contract compliance and accepting delivery and redelivery of aircraft and engines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting ongoing lessee financial performance reviews;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• periodically inspecting the leased aircraft and engines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating technical modifications to aircraft to meet new lessee requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting restructuring negotiations in connection with lease defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repossessing aircraft and engines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• arranging and monitoring insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• registering and de-registering aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• arranging for aircraft and engine valuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing market research.

We charge fees for our aircraft and engine management services based on a mixture of fixed and rental-based amounts, and we also receive performance-based fees related to the managed aircraft or engine lease revenues or sale proceeds.

We also provide corporate administrative and cash management services to securitization vehicles and joint ventures. We currently have corporate administration and/or cash management service contracts with seven parties. Our corporate administrative services consist primarily of accounting and corporate secretarial services, including the preparation of budgets and financial statements. Cash management services consist primarily of treasury services such as the financing, refinancing, hedging and ongoing cash management of these companies.

***Aviation parts and supply chain***

Through AerCap Materials, we provide airframe and engine parts and supply chain solutions and we disassemble aircraft and engines into parts. AerCap Materials sells airframe and engine parts to airlines, maintenance, repair and overhaul service providers, and aircraft parts distributors.

------

***Our business strategy***

We develop and grow our aviation leasing business by executing on our focused business strategy, the key components of which are as follows:

*Manage the profitability of our flight equipment portfolio*

Our ability to profitably manage flight equipment throughout its lifecycle depends, in part, on our ability to successfully source acquisition opportunities of new and used flight equipment at favorable terms, as well as our ability to secure long-term funding for such acquisitions, lease flight equipment at profitable rates, minimize downtime between leases and associated maintenance expenses and opportunistically sell aircraft. We manage the long-term profitability of our flight equipment portfolio by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchasing flight equipment directly from manufacturers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into purchase-and-leaseback transactions with airlines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using our global customer relationships to obtain favorable lease terms for flight equipment and maximizing utilization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining diverse sources of global funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• optimizing our portfolio by selling flight equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing management services to securitization vehicles, our joint ventures and other aircraft owners at limited incremental cost to us.

*Efficiently manage our liquidity*

We analyze sources of financing based on pricing and other terms and conditions in order to optimize the return on our investments. We have the ability to access a broad range of liquidity sources globally. In 2025, we arranged $13.2 billion of financing, consisting of notes issuances in the capital markets, bank debt and revolving credit facilities.

We have access to liquidity in the form of our revolving credit facilities and our term loan facilities, which provide us with flexibility in raising capital and enable us to deploy capital rapidly to accretive flight equipment purchase opportunities that may arise. As of December 31, 2025, we had $11.0 billion of undrawn lines of credit available under our revolving credit and term loan facilities and $1.4 billion of unrestricted cash. We strive to maintain a diverse financing strategy, both in terms of capital providers and structure, through the use of bank debt, note issuance and export credit, including ECA-guaranteed loans, in order to maximize our financial flexibility. We also leverage our longstanding relationships with major aircraft financiers and lenders to secure access to capital. In addition, we attempt to maximize our operating cash flows and continue to pursue the sale of flight equipment to generate additional cash flows. Refer to Note 15—*Debt* to our Consolidated Financial Statements included in this annual report for a detailed description of our outstanding indebtedness.

*Manage our flight equipment portfolio*

We intend to maintain an attractive portfolio of in-demand flight equipment by acquiring new flight equipment directly from manufacturers, executing purchase-and-leaseback transactions with airlines, assisting airlines with refleetings and pursuing other opportunistic transactions. We rely on our experienced team of portfolio management professionals to identify and purchase assets we believe are being offered at attractive prices or that we believe will experience an increase in demand over a prolonged period of time. In addition, we intend to continue to rebalance our portfolio through sales to maintain the appropriate mix of flight equipment by customer concentration, asset, age and type.

*Maintain a diversified customer base*

We operate our business on a global basis, leasing flight equipment to customers in every major geographical region. We have active relationships with approximately 300 customers around the world. These customer relationships are either with existing customers or airlines with which we maintain regular dialogue in relation to potential transaction opportunities. Our relationships with these airlines help us place new flight equipment and remarket existing flight equipment. We monitor our lessee exposure concentrations by both customer and country jurisdiction and intend to maintain a well-diversified customer base. We believe we offer a quality product, both in terms of assets and service, to all of our customers. We have successfully worked with many customers to find mutually beneficial solutions to operational and financial challenges. We believe we maintain excellent relations with our customers. We have been able to achieve a high utilization rate on our aviation assets as a result of our customer reach, quality product offering and strong portfolio management capabilities.

------

*Allocate capital efficiently*

We seek to deploy our capital efficiently to provide the best long-term returns for our investors. We have a broad range of options for deployment of capital, including investment in flight equipment, repayment of debt, mergers and acquisitions and the return of capital to shareholders. We have deployed our capital across all of these areas in the past and will continue to seek opportunities to do so in the future.

***Joint ventures***

We conduct some of our business through joint ventures. These joint venture arrangements allow us to obtain stable servicing revenues and diversify our exposure to the economic risks related to aircraft and engines.

*Shannon Engine Support Ltd*

SES is a joint venture 50% owned by us and 50% owned by Safran. SES is headquartered in Shannon, Ireland, with marketing offices in Singapore, Cincinnati, Beijing, Shanghai and Budapest. SES offers spare engine solutions to CFMI operators, including guaranteed pool access, short-term and long-term leases, trading and exchanges, all of which can be structured and combined to meet an individual airline's fleet requirements. SES's spare engine pools are located at certified MRO facilities around the world, close to international logistics hubs, to easily support airlines operating CFM56 and LEAP powered aircraft. We account for our investment in SES under the equity method of accounting.

Refer to Note 10—*Associated companies* to our Consolidated Financial Statements included in this annual report for further details on our joint ventures.

***Relationship with Airbus, Boeing and other manufacturers***

We are one of the largest customers of Airbus and Boeing, measured by deliveries of aircraft through 2025 and our order backlog. We are also among the largest purchasers of commercial jet engines in the world. The scale of our business allows us to cultivate extensive market knowledge and to maintain strategic and mutually beneficial relationships with our OEM partners.

***Competition***

The aviation leasing and sales business is highly competitive, and we face competition from other aviation leasing companies, airlines, aviation manufacturers, aviation brokers and financial institutions. Competition for a leasing transaction is based on a number of factors, including delivery dates, lease rates, term of lease, other lease provisions, aircraft condition and the availability in the marketplace of the types of aircraft that can meet customer requirements. As a result of our geographical reach, diverse aircraft portfolio and success in remarketing our aircraft, we believe we are a strong competitor in all of these areas.

------

***Insurance***

Our lessees are required under our leases to bear responsibility, through an operational indemnity subject to customary exclusions, and to carry insurance for any liabilities arising out of the operation of our flight equipment, including any liabilities for death or injury to persons and damage to property that ordinarily would attach to the operator of the asset.

In addition, our lessees are required to carry other types of insurance that are customary in the air transportation industry, including hull all risks insurance for both the aircraft and each engine, whether or not installed on our aircraft (in each case, at a value stipulated in the relevant lease that typically exceeds the aircraft net book value by approximately 10%), and hull war risks insurance covering risks such as hijacking and terrorism and, where permitted, including confiscation, expropriation, nationalization and seizure (subject to adjustment or fleet or policy aggregate limits in certain circumstances and customary exclusions). Our lessees are also required to carry aircraft spares insurance and aircraft third-party liability insurance, in each case subject to customary deductibles and exclusions. We are named as an additional insured on liability insurance policies carried by our lessees, and we or our lenders are designated as a loss payee in the event of a total loss of an asset. We monitor the compliance by our lessees with the insurance provisions of our leases by securing confirmation of coverage from the lessees' insurance brokers.

We also purchase insurance that provides us with coverage when our assets are not subject to a lease or where a lessee's policy fails to indemnify us, and this insurance is subject to customary deductions and exclusions. In addition, we carry customary insurance for our property, which is subject to customary deductibles, limits and exclusions. Insurance experts advise and make recommendations to us as to the appropriate amount of insurance coverage that we should obtain. Refer to "Item 3. Key Information—Risk Factors—Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business—Our insurance policies, including our use of a captive insurance company, may not provide adequate protection against risks, events outside of our control may cause insurers to raise premiums and/or reduce or cancel available coverage, and we may not be able to recover losses under our policies." Also refer to Note 31—*Commitments and contingencies* to our Consolidated Financial Statements included in this annual report for a detailed description of material litigation to which we are a party.

***Regulation***

While the air transportation industry is highly regulated, we generally are not directly subject to most of these regulations, as we do not generally operate our assets. Our lessees are subject, however, to extensive regulation under the laws of the jurisdictions in which they are registered and in which they operate. These regulations govern, among other things, the registration, operation and maintenance of our assets. Most of our aircraft are registered in the jurisdiction in which the lessee of the aircraft is certified as an air operator. Both our aircraft and engines are subject to the airworthiness and other standards imposed by our lessees' jurisdictions of operation. Laws affecting the airworthiness of flight equipment are generally designed to ensure that all aircraft, engines and related equipment are continuously maintained in proper condition to enable safe operation of the aircraft. Most countries' aviation laws require aircraft and engines to be maintained under an approved maintenance program with defined procedures and intervals for inspection, maintenance and repair.

Assigning a cost to air emissions, such as via ETS and CORSIA, could favor the use of younger, more fuel-efficient aircraft, since they generally produce lower levels of emissions per passenger, which could adversely affect our ability to re-lease or otherwise dispose of less efficient older aircraft on a timely basis, on favorable terms or at all. This is an area of law that continues to evolve and varies by jurisdiction. While it is uncertain whether new emissions restrictions will be passed, or if passed, what impact these laws might have on our business, any future emissions limitations or other future requirements to address climate change concerns could adversely affect us.

In addition, under our leases, we may be required in some instances to obtain specific licenses, consents or approvals for different aspects of the leases. These required items include consents from governmental or regulatory authorities for certain payments under the leases and for the import, re-export or deregistration of the leased assets. Also, to perform some of our cash management services and insurance services from Ireland under our management arrangements with our joint ventures and securitization entities, we are required to have a license from the Irish regulatory authorities, which we have obtained.

The United States, among other jurisdictions, regulates the export of goods, software, technology, and military items from the United States. In addition to the Office of Foreign Assets Control, two principal U.S. Government agencies have regulatory authority in this area. The U.S. Department of State, Directorate of Defense Trade Controls ("DDTC") administers the International Traffic in Arms Regulations ("ITAR") and the U.S. Department of Commerce, Bureau of Industry and Security administers the Export Administration Regulations ("EAR").

------

ITAR and EAR compliance is an integral part of AerCap's compliance activities. Our wholly-owned subsidiary, Milestone Aviation, is a helicopter operating lessor that engages in defense trade activities. While our fleet is comprised of civil helicopters, certain of the helicopters (generally helicopters configured for SAR or police services missions) are equipped with controlled equipment covered by active ITAR licenses. In view of our defense trade activities, The Milestone Aviation Group LLC is registered with DDTC as an exporter and broker under ITAR. The controlled equipment in our fleet may require prior authorizations to be exported to certain jurisdictions. Any failure by us or our customers or suppliers to comply with these laws and regulations could result in civil or criminal penalties, fines, investigations, adverse publicity or restrictions on our ability to continue to engage in business activities involving controlled equipment, and repeat failures could carry more significant penalties. Any changes in export or sanctions regulations may further restrict business activities involving controlled equipment. The length of time required by the licensing processes can vary, potentially delaying helicopter lease transactions and the recognition of the corresponding revenue.

Please refer to "Item 3. Key Information—Risk Factors—Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business—We are subject to regulatory and compliance risks and requirements associated with transacting business in many countries" and "Item 3. Key Information—Risk Factors—Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business—Our assets are subject to various environmental regulations and concerns, including those relating to climate change" for a detailed discussion of government sanctions, export controls and other regulations that could affect our business.

***Litigation***

Please refer to Note 31—*Commitments and contingencies* to our Consolidated Financial Statements included in this annual report for a detailed description of material litigation to which we are a party.

***Trademarks***

AerCap Holdings N.V. has registered the "AerCap" trademark with various intellectual property offices, including those in the United States, Argentina, Australia, Belarus, Benelux, Brazil, Canada, Chile, China, Ethiopia, European Union, Hong Kong, Indonesia, Ireland, Korea, Mexico, New Zealand, Pakistan, Panama, Russia, Saudi Arabia, Sri Lanka, Thailand, Trinidad and Tobago, Turkey, United Arab Emirates, the United Kingdom and Vietnam, as well as with the World Intellectual Property Organization ("WIPO"). AerCap Holdings N.V. has registrations and pending trademark applications for the "AerCap" logos and the "Never Stand Still" trademark with various intellectual property offices, including those in the United States, Argentina, Australia, Belarus, Benelux, Brazil, Canada, Chile, China, Ethiopia, the European Union, Hong Kong, India, Indonesia, Ireland, Japan, Mexico, New Zealand, Norway, Pakistan, Panama, Republic of Korea, Russia, Saudi Arabia, Sri Lanka, Switzerland, Thailand, Trinidad and Tobago, Turkey, United Arab Emirates, the United Kingdom, Vietnam and WIPO. The Milestone Aviation Group LLC owns applications and registrations for its "Milestone" and "Milestone Aviation" trademarks in numerous jurisdictions including the United States, the European Union, Australia, Brazil, China, India, Norway, Saudi Arabia, and the United Kingdom. The Milestone Aviation Group LLC also owns pending applications to register "Be The Measure," a "Milestone" Logo and an "M" Logo in the United States.

***Culture and values***

We are proud of our high-performance culture, which is built on the values of Ambition, Excellence and Respect. We believe that true success is built upon a foundation of trust and integrity, and we endeavor to create an environment where our people feel included and empowered to do their best work and reach their full potential. We strive to conduct our business with integrity and in an honest and responsible manner and to build and maintain long-term, mutually beneficial relationships with our customers, suppliers, shareholders, employees and other stakeholders. These values contribute to sustainable long-term value creation for AerCap and its stakeholders and are further specified in our code of conduct and our ethics-related compliance policies, procedures, trainings and programs. Ethical behavior is strongly promoted by the senior leadership team. The Company has an excellent track record in relation to ethics and compliance. These ethical values are reflected in the Company's long-term strategy and our way of doing business.

------

***Sustainability and community***

During 2025, our Board-level ESG Committee (the "ESG Committee") met three times to discuss and review AerCap's approach to ESG-related topics, including environmental and employee matters. The ESG Committee comprises three independent directors of the AerCap Board and three members of the AerCap senior leadership team. We believe this creates a balance between the execution of strategy at an executive level and the independent oversight and counsel of the experienced board members. These individuals have relevant experience in areas such as governance, sustainability, greenhouse gas emissions management, charitable outreach, financial reporting and reputational risk management. The ESG Committee is responsible for assisting AerCap's Board of Directors in defining and reviewing the Company's strategy relating to ESG and developing and maintaining the Company's policies, programs, targets and initiatives in this space. This approach is designed to provide dedicated oversight of ESG issues at the highest level. AerCap's Board of Directors approved AerCap's ESG Strategy, which is aligned with AerCap's overall strategic approach to be positioned for growth and resilient against risks. This ESG Strategy outlines the Company's overall ESG goals, risks and opportunities and is focused on the impact AerCap can have through asset purchases and sales, leasing activity, financing and investment, collaboration with partnerships, engagement on policy, governance and AerCap's role as an employer.

In April 2025, we published our latest annual Corporate Responsibility report (the "2024 CR Report"), which was produced with reference to the Global Reporting Initiative ("GRI") Standards and is publicly available on our website. The 2024 CR Report sets forth in detail our commitment to growing our business in a responsible and sustainable way. ESG rating agencies actively analyze AerCap and therefore we continue to proactively manage our ESG ratings engagement and refine our ESG reporting, based on best practices and our engagement with stakeholders and their expectations. In 2025, AerCap was upgraded by Morningstar Sustainalytics with an improved "low risk" score (lowering to 13.4 from 17.8). Morningstar Sustainalytics' ESG Risk Ratings measure a company's exposure to and management of industry-specific ESG risks, with the total unmanaged risk combined into a single score representing the company's overall ESG risk. In 2025, AerCap published its Scope 3 greenhouse gas emissions from downstream leased assets (owned aircraft) and for the first time we also published our Scope 3 emissions of our leased engines and helicopters. Since 2014, AerCap has transformed its fleet from approximately 6% new technology assets measured by net book value to approximately 76% new technology assets at the end of 2025, among the highest percentages of all major aircraft lessors. New technology aircraft include Airbus A220 Family, Airbus A320neo Family, Airbus A330neo Family, Airbus A350, Boeing 737 MAX, Boeing 787 and Embraer E2 aircraft. New technology aircraft produce significantly lower emissions than the previous generation aircraft they replace and drive emissions reductions, as well as significant cost savings, for our airline customers. As a direct result of AerCap's strategy of purchasing the most fuel-efficient and newest technology aircraft available from the Original Equipment Manufacturers ("OEMs") and disposing of older technology and less fuel-efficient aircraft, our Scope 3 greenhouse gas emissions intensity factor has decreased from 2015 to 2025.

In 2025, AerCap purchased 71 fuel-efficient, new technology aircraft and sold 108 primarily current technology aircraft with an average age of 15 years. Over 80 of our airline customers now lease new technology aircraft from us. In addition, in 2025, AerCap entered into a purchase agreement with Airbus for 52 A320neo Family aircraft that had previously been part of the Spirit Airlines order book, with options to purchase up to 45 additional A320neo Family aircraft. Our order book of 283 aircraft is comprised exclusively of the most in-demand, fuel-efficient, new technology aircraft and will form the backbone of our future fleet, supporting airlines in achieving their sustainability targets. We believe the best way for us to support the reduction of global greenhouse gas emissions is to follow the "leading-edge" approach, which means taking what we believe are the best steps available to our industry and continuing to invest in new technology aircraft and engines. In April 2025, we achieved our previous new technology aircraft target of 75% set in 2021, and set a new target to transition to 85% new technology assets by net book value by the end of 2030, including aircraft, engines and helicopters.

Through AerCap Materials, we are able to efficiently retire aircraft. ICAO estimates that approximately 85-90% of an aircraft can be recycled back into the supply chain either as spare parts or raw materials. AerCap Materials has been certified by the International Organization for Standardization and the Aircraft Fleet Recycling Association and has over 50 years' experience in this field, contributing to our processes designed to help ensure that aircraft are retired with adherence to strict environmental and safety protocols. In addition, we seek to support the circular economy in conducting our cargo conversion activities, through the material extension of life of certain aircraft and the avoidance of unnecessary part-outs.

AerCap is a member of Aircraft Leasing Ireland ("ALI") and is a signatory to ALI's inaugural Sustainability Charter, which outlines ten priority sustainability principles focused on areas including climate action and net zero greenhouse gas emissions, technology and innovation and waste and the circular economy. AerCap has a dedicated Government Affairs function based in Brussels that is focused on legislative developments and strategic matters emerging from Europe and beyond. We are engaged in active and frequent dialogue and collaboration with regulatory policymakers, government bodies, industry trade associations and key business partners on aviation decarbonization policies.

------

In our offices globally, AerCap is committed to increasing our efficient use of resources and reducing unnecessary waste. Our headquarters in Dublin has been Leadership in Energy and Environmental Design Platinum certified in areas such as building materials, energy and water use and accessibility. We are working with our landlords to improve the efficiency of our other offices.

At AerCap, we believe our employees are our greatest asset. We actively seek to hire and retain talented employees and remunerate our employees with what we believe are some of the most attractive packages in the industry. This includes not only competitive salaries and benefits, but also performance-based bonuses and employee share schemes. In addition, we also provide opportunities for employees to develop and grow within the organization through further education and development programs, industry insights, functional training and knowledge sharing sessions. We see great value in having a diverse workforce, in terms of gender diversity as well as diversity of cultural, social and educational backgrounds. We recruit, employ and promote employees on the basis of qualifications and performance and we are committed to treating all current and prospective employees equally irrespective of race, religion, gender, marital status, family/civil status, sexual orientation, age, disability or any other characteristic protected by applicable laws and regulations. AerCap is committed to maintaining a productive working environment in which all employees are treated with mutual dignity and respect. All employees have the right to work in an environment that is free from sexual harassment, other forms of harassment and bullying.

We actively participate in a wide range of charitable events and industry-focused educational programs worldwide each year, demonstrating our commitment to community engagement and industry advancement. Our Corporate Social Responsibility ("CSR") Committee is employee-led and is responsible for the selection and implementation of fundraising and volunteering initiatives across the Company. At the beginning of each calendar year, AerCap employees vote for charitable and social themes from a shortlist selected by the CSR Committee. Throughout the year, the CSR Committee is responsible for reviewing and evaluating requests for support for charitable and community-related initiatives aligned with the chosen themes. In 2025, the themes employees chose to support were mental health and suicide prevention services, cancer support and hospice services, education, child and young adolescent welfare, Alzheimer's and dementia support services and environmental and sustainability initiatives. We encourage employees to support local and national organizations that strengthen the communities in which they live and work. Several of our charitable initiatives involve the Company's matching of funds raised through employee team efforts for the benefit of local community projects. In addition to this, the CSR Committee can nominate chosen charity partners that would benefit from longer-term partnerships with AerCap, rather than one-time donations. For example, in 2025, AerCap was pleased to continue supporting Orbis, a global charity combating blindness in Southern Ethiopia, through training, advocacy and research initiatives. Additionally, AerCap partnered with EMBRACE Badjao, an Irish-registered charity that supports the marginalized Badjao community in the Philippines. As an ethnic minority, the Badjao face significant challenges, including poverty, malnutrition and limited access to education. Through AerCap's support, we are helping to advance programs that promote educational opportunities and empower the community toward long-term, sustainable development. In 2025, together with our employees, AerCap donated over $1.2 million to charitable and social causes.

AerCap is proud to be a sponsor of the prestigious MSc in Aviation Finance program at University College Dublin Michael Smurfit Graduate Business School since the program launched in 2015. In addition to sponsorship, the Company arranges for key employees to give lectures to students and provides internships to a number of students from the program. This gives graduates the opportunity to gain valuable hands-on experience in a range of disciplines. In 2019, AerCap established a scholarship program with the University of Limerick ("UL"), the first Women in Aviation program of its type in Ireland. The program aims to create awareness among female students of Aeronautical Engineering as a career option and encourage more women to join the industry. Since the launch of the initiative, seven first-year students of the UL Bachelor of Engineering in Aeronautical Engineering have been awarded the AerCap Women in Aviation Scholarship. As well as an annual financial bursary provided to the scholarship recipients, students have the opportunity to gain first-hand experience through an eight-month internship in the AerCap technical department with mentoring from experienced professionals in the team.

In 2021, AerCap launched a scholarship program in partnership with the Faculty of Engineering at the International School of Engineering at Chulalongkorn University, Thailand, the country's top-ranked university and a recognized global leader in aerospace engineering education. In addition to providing the scholarships, AerCap offers students a range of tailored support, including guest lectures, workshops and summer internships. As part of the program, students undertake a research project focused on ESG and related innovations in the aviation industry. We also sponsor the AerCap ESG Challenge, which invites aerospace engineering students to showcase their innovative ideas and solutions to address ESG challenges within the sector.

In 2024, AerCap commenced the Transition Year Aviation Program. The program is designed to introduce students to the aircraft leasing industry and broader aviation sector, offering them valuable insight into possible career pathways. Through presentations from various departments across the business, students gain an understanding of AerCap's business and participate in communication and presentation skills training, which is delivered by one of our training partners. The program features guest speakers from industry partners and a visit to an aircraft manufacturing facility.

------

***Flight equipment portfolio***

The following table presents our flight equipment portfolio by type as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Type</u>** | **Number of<br>owned<br>assets** | **% Net Book Value** | **Number of<br>managed<br>assets (b)** | **Number of assets on order** | **Total assets owned, managed and on order** |
| **Passenger Aircraft** | **1413** | **82%** | **144** | **283** | **1840** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A220 Family | 19 | 1% | 6 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A320neo Family | 433 | 31% | 31 | 161 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A320 Family | 351 | 6% | 35 |  | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A330neo Family | 12 | 2% | 2 | 6 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A330 | 40 | 1% | 5 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A350 | 41 | 7% | 6 |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 737 MAX | 89 | 6% | 9 | 92 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 737NG | 212 | 7% | 50 |  | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 777-200ER/300-ER | 29 | 2% |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 787 | 112 | 17% |  | 14 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer E190/E195/E2 | 55 | 2% |  | 5 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (a) | 20 |  |  | 5 | 25 |
| **Freighter Aircraft** | **88** | **3%** | **4** | **—** | **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A321 | 6 |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 737 | 57 | 2% | 4 |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 767/777 | 25 | 1% |  |  | 25 |
| **Engines** | **470** | **9%** | **728** | **35** | **1233** |
| **Helicopters** | **323** | **6%** | **—** | **12** | **335** |
| **Total** | **2294** | **100%** | **876** | **330** | **3500** |

---

(a)Other includes 20 owned aircraft (including five Embraer E170/175 aircraft; two Boeing 767 aircraft; 13 ATR and De Havilland Canada DHC-8-400 aircraft) and five regional jet aircraft on order.

(b)Number of managed engines includes SES owned and managed engines as of December 31, 2025. In addition, SES had 64 engines on order as of December 31, 2025.

------

The following table presents our owned aircraft portfolio by type of aircraft as a percentage of total net book value of passenger and freighter aircraft as of each of the five years ended December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|<br>**Aircraft type** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Passenger Aircraft** | **96%** | **97%** | **97%** | **98%** | **97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A220 Family | 1% | 1% | 1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A320neo Family | 37% | 36% | 34% | 31% | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A320 Family | 7% | 8% | 10% | 12% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A330neo Family | 3% | 3% | 1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A330 | 1% | 2% | 2% | 2% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A350 | 8% | 8% | 9% | 10% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 737 MAX | 7% | 5% | 5% | 4% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 737NG | 8% | 9% | 10% | 12% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 777-200ER/300-ER | 2% | 3% | 4% | 4% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 787 | 20% | 20% | 20% | 21% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer E190/195/E2 | 2% | 2% | 1% | 1% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  | 1% | 1% |
| **Freighter Aircraft** | **4%** | **3%** | **3%** | **2%** | **3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus A321 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 737 | 2% | 2% | 2% | 1% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 747/767/777 | 2% | 1% | 1% | 1% | 1% |
| &nbsp;&nbsp;&nbsp;**Total** | **100%** | **100%** | **100%** | **100%** | **100%** |

---

------

During the year ended December 31, 2025, we had the following activity related to owned aircraft:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Held for operating leases** | **Investment in finance leases, net** | **Held for sale** | **Total owned aircraft** |
| Number of owned aircraft at beginning of period | 1420 | 101 | 22 | 1543 |
| Aircraft purchases | 71 |  |  | 71 |
| Aircraft reclassified to held for sale | (54) |  | 54 |  |
| Aircraft sold or designated for part-out (a) | (56) | (16) | (41) | (113) |
| Aircraft reclassified from investment in finance leases, net | (41) | 41 |  |  |
| **Number of owned aircraft at end of period** | **1340** | **126** | **35** | **1501** |

---

(a)Includes four aircraft that were reclassified to inventory and the total loss of one aircraft.

***Aircraft on order***

The following table details our 283 aircraft on order as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aircraft type** | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| Airbus A320neo Family (a) | 30 | 36 | 31 | 27 | 17 | 20 | 161 |
| Airbus A330neo Family | 1 | 5 |  |  |  |  | 6 |
| Boeing 737 MAX | 39 | 20 | 15 | 15 | 3 |  | 92 |
| Boeing 787 | 11 | 3 |  |  |  |  | 14 |
| Embraer E195-E2 | 5 |  |  |  |  |  | 5 |
| Other |  |  |  |  |  | 5 | 5 |
| **Total** | **86** | **64** | **46** | **42** | **20** | **25** | **283** |

---

(a)In addition, we have options to purchase up to 45 A320neo Family aircraft from Airbus.

Due to our aircraft order book, we believe that we are well-positioned to take advantage of trading opportunities and expand our aircraft portfolio. We believe that our global network of strong relationships with airlines, aircraft manufacturers, maintenance, repair and overhaul service providers and commercial and financial institutions gives us a competitive advantage in sourcing and executing transactions. Our revolving credit facilities are designed to allow us to rapidly execute our portfolio management strategies by providing us with large-scale committed funding to acquire new and used aircraft.

***Aircraft acquisitions and dispositions***

We purchase new and used aircraft directly from aircraft manufacturers, airlines and financial investors. The aircraft we purchase are both on-lease and off-lease, depending on market conditions and the composition of our portfolio. The buyers of our aircraft include airlines, financial investors and other aircraft leasing companies. We acquire aircraft at attractive prices in three primary ways: by purchasing large quantities of aircraft directly from manufacturers to take advantage of volume discounts; by purchasing portfolios consisting of aircraft of varying types and ages; and by entering into purchase-and-leaseback transactions with airlines. In addition, we also opportunistically purchase individual aircraft that we believe are being offered at attractive prices. Through our marketing team, which is in frequent contact with airlines worldwide, we are also able to identify attractive acquisition and disposition opportunities. We sell aircraft when we believe the market price for the type of aircraft has reached its peak or to rebalance the composition of our aircraft portfolio.

Prior to a purchase or disposition, our dedicated portfolio management group analyzes the aircraft's price, fit in our aircraft portfolio, specification and configuration, maintenance history and condition, the existing lease terms, financial condition and creditworthiness of the existing lessee, the jurisdiction of the lessee, industry trends, financing arrangements and the aircraft's redeployment potential and value, among other factors. During the year ended December 31, 2025, we purchased 71 new aircraft and sold 108 aircraft from our owned portfolio.

------

**History and development of the Company**

AerCap Holdings N.V. was incorporated in the Netherlands as a public limited liability company under Dutch law ("*naamloze vennootschap*" *or* "*N.V.*") on July 10, 2006. AerCap is the global leader in aviation leasing with 1,932 aircraft owned, managed or on order, over 1,200 engines (including engines owned and managed by SES), over 300 owned helicopters, and total assets of $72 billion as of December 31, 2025. Our ordinary shares are listed on the NYSE under the ticker symbol AER. Our headquarters is located in Dublin, and we have offices in Shannon, Memphis, Singapore, Miami, London, Dubai, Shanghai, Amsterdam and other locations.

As of December 31, 2025, we had 179,043,739 ordinary shares issued, including 166,876,547 ordinary shares issued and outstanding, and 12,167,192 ordinary shares held as treasury shares. Our issued and outstanding ordinary shares included 4,135,620 shares of unvested restricted stock.

The address of our headquarters in Dublin is AerCap House, 65 St. Stephen's Green, Dublin D02 YX20, Ireland, and our general telephone number is +353 1 819 2010. Our website address is *www.aercap.com*. Information contained on our website does not constitute a part of this annual report. Puglisi & Associates is our authorized representative in the United States. The address of Puglisi & Associates is 850 Liberty Avenue, Suite 204, Newark, DE 19711 and their general telephone number is +1 (302) 738-6680. The U.S. Securities and Exchange Commission ("SEC") maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. You can review our SEC filings, including this annual report, by accessing the SEC's internet website at *www.sec.gov*.

Our primary capital expenditure is the purchase of flight equipment under purchase agreements with the manufacturers (primarily, Airbus, Boeing and Embraer for aircraft). Please refer to "Item 5. Operating and Financial Review and Prospects—Liquidity and capital resources" for a detailed discussion of our capital expenditures. The following table presents our capital expenditures for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** |
| Purchase of flight equipment | $3653925 | $5062507 | $4662680 |
| Prepayments on flight equipment | 2420373 | 1553851 | 1569706 |

---

------

**Facilities**

We lease our Dublin, Ireland headquarters office facility under a 25-year lease that began in December 2015 and has an option for us to terminate in 2031. We lease our Shannon, Ireland office facility under a lease that expires in 2033, with an option for us to terminate in 2029. We lease our Singapore office facility under a lease that expires in March 2029. We lease our Miami office facility under a lease that expires in November 2036, with an option for us to terminate in 2032. In addition to the above facilities, we also lease offices in various locations around the world, including: Dublin, Ireland; Memphis, Tennessee; Amsterdam, The Netherlands; London, United Kingdom; Shanghai, China; and Dubai, United Arab Emirates.

**Organizational structure**

AerCap Holdings N.V. is a holding company that holds directly and indirectly consolidated subsidiaries, which in turn own our aviation assets. As of December 31, 2025, AerCap Holdings N.V. did not own significant assets other than its direct and indirect investments in its subsidiaries. As of December 31, 2025, our major operating subsidiaries, each of which is ultimately 100%-owned by AerCap Holdings N.V., are AerCap Ireland Limited (Ireland) ("AerCap Ireland"), AerCap Ireland Capital DAC (Ireland), AerCap Global Aviation Trust (United States) ("AerCap Trust"), AerCap Aviation Leasing Limited (Ireland), Celestial Aviation Funding Unlimited Company (Ireland) and Celestial Aviation Services Limited (Ireland). Refer to Exhibit 8.1—*List of Subsidiaries of AerCap Holdings N.V.* for a complete list of all our subsidiaries.

**Item 4A.&nbsp;&nbsp;&nbsp;&nbsp;Unresolved Staff Comments**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Operating and Financial Review and Prospects**

*You should read this discussion in conjunction with our audited Consolidated Financial Statements and the related notes included in this annual report. Our financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The discussion below contains forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes of circumstances. Refer to "Item 3. Key Information—Risk Factors" and "Special Note About Forward-Looking Statements."*

**Overview**

Net income attributable to AerCap Holdings N.V. for the year ended December 31, 2025 was $3.8 billion, compared to net income attributable to AerCap of $2.1 billion for the year ended December 31, 2024. For the year ended December 31, 2025, diluted earnings per share was $21.30 and the weighted average number of diluted shares outstanding was 176,115,641, compared to diluted earnings per share of $10.79 and weighted average number of diluted shares of 194,489,171 for the year ended December 31, 2024. Net cash flows provided by operating activities were $5.4 billion for the years ended December 31, 2025 and 2024.

------

**Major developments in 2025** 

In 2025, AerCap:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed a total of 705 transactions, including 371 lease agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed purchases of 145 assets, including 71 fuel-efficient, new technology owned aircraft, for approximately $5.4 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed sales of 189 assets for aggregate proceeds of approximately $3.9 billion, including 108 owned aircraft with an average age of 15 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received net recoveries of approximately $1.5 billion, which primarily included cash insurance settlement proceeds and proceeds from a judgment by the London Commercial Court in respect of our claim against our insurers over aircraft and engines lost in Russia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Entered into a purchase agreement with Airbus for 52 A320neo Family aircraft that had previously been part of the Spirit Airlines order book, with options to purchase up to 45 additional A320neo Family aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased an aggregate of 22.1 million ordinary shares for approximately $2.4 billion under share repurchase programs authorized by our Board of Directors in 2024 and 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arranged approximately $13.2 billion of financing, consisting of notes issuances in the capital markets, bank debt and revolving credit facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received a credit rating upgrade to BBB+ by Fitch Ratings; now rated BBB+ by all three major rating agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared quarterly dividends on our ordinary shares aggregating approximately $192 million.

**Aviation assets**

During the year ended December 31, 2025, we purchased 71 new technology owned aircraft, 53 engines and 21 helicopters for approximately $5.4 billion. As of December 31, 2025, we owned 1,501 aircraft and managed 148 aircraft. We also owned or managed approximately 1,200 engines (including engines owned and managed by SES) and owned over 300 helicopters. As of December 31, 2025, we had 283 new aircraft on order. The average age of our fleet of owned passenger aircraft, weighted by net book value, was 7.3 years as of December 31, 2025.

**Significant components of revenues and expenses**

***Revenues and other income***

Our revenues and other income consist primarily of basic lease rents, maintenance rents and other receipts, net gain on sale of assets and other income.

*Basic lease rents and maintenance rents and other receipts*

Our flight equipment lease agreements generally provide for the periodic payment of a fixed or a floating amount of rent. Floating rents for flight equipment are tied to interest rates during the terms of the respective leases. During the year ended December 31, 2025, 1% of our basic lease rents from flight equipment under operating leases was attributable to leases with lease rates tied to floating interest rates. In addition, our leases require the payment of supplemental maintenance rent based on utilization during the lease term, or EOL compensation calculated with reference to the condition of the aircraft at lease expiration. The amount of basic lease rents and maintenance rents and other receipts (together, "lease revenue") we recognize is primarily influenced by the following five factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contracted lease rate, which is highly dependent on the age, condition and type of the leased aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for leases with rates tied to floating interest rates, interest rates during the term of the lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of aircraft currently subject to lease contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lessee's performance of its lease obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of EOL compensation payments we receive, maintenance revenue and other receipts recognized during the lease and accrued maintenance liabilities recognized as revenue at the end of a lease.

------

In addition to aircraft-specific factors such as the type, condition and age of the aircraft, the lease rates for our leases with fixed rental payments are initially determined in part by reference to the prevailing interest rate for a debt instrument with a term similar to the lease term and with a similar credit quality as the lessee at the time we enter into the lease. Many of the factors described above are influenced by global and regional economic trends, airline market conditions, the supply and demand balance for the type of aircraft we own and our ability to remarket our aircraft subject to expiring lease contracts under favorable economic terms.

As of December 31, 2025, 1,457 of our 1,501 owned aircraft were on lease, with no lessee representing more than 10% of total lease revenue for the year ended December 31, 2025. As of December 31, 2025, our owned aircraft portfolio included 44 aircraft that were off-lease. As of February 6, 2026, of these 44 aircraft, seven were re-leased or under commitments for re-lease, 27 aircraft were being marketed for re-lease (which represented approximately 2% of the aggregate net book value of our fleet) and ten aircraft were designated for sale or part-out (which represented less than 1% of the aggregate net book value of our fleet).

*Net gain on sale of assets*

Our net gain on sale of assets is generated from the sale of our flight equipment and is largely dependent on the condition of the asset being sold, prevailing interest rates, airline market conditions and the supply and demand balance for the type of asset we are selling. The timing of asset sale closings is often uncertain, as a sale may be concluded swiftly or negotiations may extend over several weeks or months. As a result, even if net gain on sale of assets is comparable over a long period of time, during any particular reporting period we may close significantly more or fewer sale transactions than in other reporting periods. Accordingly, net gain on sale of assets recorded in one reporting period may not be comparable to net gain on sale of assets in other reporting periods.

*Other income*

Other income consists of proceeds from interest revenue, management fee revenue, insurance proceeds, claims sales, inventory sales and income related to other miscellaneous activities.

Our interest revenue is derived primarily from interest on unrestricted and restricted cash balances and on financial instruments we hold, such as notes receivable, loans receivable and subordinated debt investments in unconsolidated securitization vehicles or affiliates. The amount of interest revenue we recognize in any period is influenced by our unrestricted or restricted cash balances, the principal balance of financial instruments we hold, contracted or effective interest rates, and movements in provisions for financial instruments which can affect adjustments to valuations or provisions.

We generate management fee revenue by providing management services to non-consolidated aircraft and engine securitization vehicles, joint ventures, and other third parties. Our management services include aircraft and engine asset management services, such as leasing, remarketing aircraft and engines for lease or sale, technical advisory services, cash management and treasury services, and accounting and administrative services.

***Operating expenses***

Our operating expenses consist primarily of depreciation and amortization, net (recoveries) charges related to Ukraine Conflict, interest expense, leasing expenses and selling, general and administrative expenses.

*Depreciation and amortization*

Our depreciation expense is influenced by the adjusted gross book values, depreciable lives and estimated residual values of our flight equipment. Adjusted gross book value is the original cost of our flight equipment, adjusted for subsequent capitalized improvements, impairments and accounting basis adjustments associated with a business combination or a purchase-and-leaseback transaction. In addition, we have definite-lived intangible assets which are amortized over the period which we expect to derive economic benefits from such assets.

------

*Net recoveries related to Ukraine Conflict*

The Ukraine Conflict, including the sanctions and the actions of our former Russian lessees and the Russian government, represents an unusual and infrequent event the financial effect of which is classified separately on our Consolidated Income Statements. During the year ended December 31, 2025, we recognized net recoveries of $1.5 billion, which primarily included recoveries of $973 million pursuant to the June 11, 2025 judgment from the London Commercial Court in respect of our claim against the insurers under our C&P Policy and the award of $234 million of interest on that judgment, as well as cash insurance settlement proceeds of $280 million pursuant to settlements in respect of the insurance policies of four Russian airlines covering 16 aircraft and one engine lost in Russia. During the year ended December 31, 2024, we recognized recoveries of $195 million, which primarily consisted of insurance settlement proceeds received. Refer to Note 25—*Net (recoveries) charges related to Ukraine Conflict* to our Consolidated Financial Statements included in this annual report.

*Interest expense*

Our interest expense arises from a variety of debt funding structures and related derivative financial instruments as described in "Item 11. Quantitative and Qualitative Disclosures About Market Risk," Note 12—*Derivative financial instruments* and Note 15—*Debt* to our Consolidated Financial Statements included in this annual report. Interest expense in any period is primarily affected by contracted interest rates, amortization of debt issuance costs and debt discounts and premiums, principal amounts of indebtedness, amortization of fair value adjustments and unrealized mark-to-market gains or losses on derivative financial instruments for which we do not achieve cash flow hedge accounting treatment.

*Leasing expenses*

Our leasing expenses consist primarily of maintenance rights asset amortization expense, maintenance expenses on our flight equipment, which we incur during the lease through lessor maintenance contributions or when we perform maintenance on our off-lease aircraft, expenses we incur to monitor the maintenance condition of our flight equipment during a lease, expenses incurred to transition flight equipment from an expired or early-terminated lease to a new lease contract, which may arise due to a lessee default or restructuring, non-capitalizable flight equipment expenses, litigation expenses, insurance expenses and provisions for credit losses on notes receivable, loans and investment in finance leases, net.

Maintenance rights assets are recognized at fair value when we acquire flight equipment subject to existing leases. These assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease under lease contracts with EOL payment provisions, or our right to receive the aircraft in better maintenance condition due to aircraft maintenance events performed by the lessee either through reimbursement of maintenance deposit rents held under lease contracts with maintenance reserve ("MR") provisions, or through a lessor contribution to the lessee.

For leases with EOL maintenance provisions, upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL maintenance rights asset, and we recognize leasing expenses when the EOL maintenance rights asset exceeds the EOL cash received. For leases with maintenance reserve payment provisions, we recognize maintenance rights expense at the time the lessee submits a reimbursement claim and provides the required documentation related to the cost of a qualifying maintenance event that relates to pre-acquisition usage.

*Selling, general and administrative expenses*

Our selling, general and administrative expenses consist primarily of personnel expenses, including salaries and benefits, share-based compensation expense, professional and advisory costs, office facility expenses and travel expenses, as summarized in Note 23—*Selling, general and administrative expenses* to our Consolidated Financial Statements included in this annual report. The level of our selling, general and administrative expenses is influenced primarily by the number of our employees and the extent of transactions or ventures we pursue that require the assistance of outside professionals or advisors.

------

***Income tax (expense) benefit***

Our operations are taxable primarily in Ireland, the significant jurisdiction where we manage our business. Deferred taxes are provided to reflect the impact of temporary differences between our income before income taxes and our taxable income. The primary source of temporary differences is the availability of tax depreciation in our primary operating jurisdiction. Our effective tax rate has varied from year to year. Our effective tax rate is impacted by the source and amount of earnings among our various tax jurisdictions, permanent tax differences relative to pre-tax income or loss, and certain other discrete items.

We have tax losses in certain jurisdictions that can be carried forward, which we recognize as deferred tax assets. We evaluate the recoverability of deferred tax assets in each jurisdiction in each period based upon our estimates of future taxable income in these jurisdictions. If we determine that we are not likely to generate sufficient taxable income in a jurisdiction prior to expiration, if any, of the availability of tax losses, we establish a valuation allowance against the tax loss to reduce the deferred tax asset to its recoverable value. We evaluate the appropriate level of valuation allowances annually and make adjustments as necessary. Increases or decreases to valuation allowances can affect our income tax (expense) benefit in our Consolidated Income Statements and consequently may affect our effective tax rate in a given year.

------

**Factors affecting our results**

Our results of operations have also been affected by a variety of other factors, primarily:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number, type, age and condition of the flight equipment we own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• aviation industry market conditions, including general economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the demand for our flight equipment and the resulting lease rates we are able to obtain for our flight equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability and cost of debt capital to finance purchases of flight equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchase price we pay for our flight equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number, type and sale price of flight equipment, or parts in the event of a part-out of flight equipment, we sell in a period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our lessees to meet their lease obligations, and the timing thereof, and maintain our flight equipment in airworthy and marketable condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued impacts of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased global inflation leading to rising interest rates, which affect our lease revenues, our interest expense, the market value of our interest rate derivatives, and the market value of our flight equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the utilization rates of our flight equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recognition of non-cash share-based compensation expense related to the issuance of restricted stock units or restricted stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations of future maintenance reimbursements and lessee maintenance contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to fund our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to recover claims related to insurance policies, airline bankruptcies or other restructurings.

------

**Factors affecting the comparability of our results**

***Net recoveries related to Ukraine Conflict***

During 2025, we recognized pre-tax recoveries related to the Ukraine Conflict of $1.5 billion in our earnings, which primarily included recoveries of $973 million pursuant to the June 11, 2025 judgment from the London Commercial Court in respect of our claim against the insurers under our C&P Policy and the award of $234 million of interest on that judgment, as well as cash insurance settlement proceeds of $280 million pursuant to settlements in respect of the insurance policies of four Russian airlines covering 16 aircraft and one engine lost in Russia.

During 2024, we recognized pre-tax recoveries related to the Ukraine Conflict of $195 million in our earnings, which primarily consisted of insurance settlement proceeds received.

Refer to Note 25—*Net (recoveries) charges related to Ukraine Conflict* to our Consolidated Financial Statements included in this annual report for further details.

***Sales transactions***

During 2025, we completed sales of flight equipment for aggregate proceeds of $3.9 billion and recognized a net gain on sale of assets of $819 million.

During 2024, we completed sales of flight equipment for aggregate proceeds of $3.1 billion and recognized a net gain on sale of assets of $651 million.

***Share repurchases***

During 2025, our Board of Directors authorized total repurchases of up to $3.3 billion of AerCap ordinary shares and we repurchased an aggregate of 22.1 million of our ordinary shares under share repurchase programs at an average price of $109.92 per ordinary share, for approximately $2.4 billion.

During 2024, our Board of Directors authorized total repurchases of up to $1.5 billion of AerCap ordinary shares and we repurchased an aggregate of 16.8 million of our ordinary shares under share repurchase programs at an average price of $87.80 per ordinary share, for approximately $1.5 billion.

**Trends in our business**

Overall global air passenger traffic, measured in revenue passenger kilometers ("RPK"), grew by 5.3% in 2025 compared to 2024, according to the International Air Transport Association ("IATA"). Growth was driven mainly by international travel, particularly in the Asia Pacific region where RPK grew by 7.8% compared to 2024. Globally, supply constraints continue to keep load factors at record highs, supporting yields and airline profits. IATA expects global air passenger traffic to continue growing in 2026, with RPK forecast to increase by 4.9% compared to 2025. The Asia Pacific region is once again forecasted to be the largest contributor to this growth. The lower level of forecasted growth in 2026 compared to 2025 is mainly due to the expected continuation of supply constraints, including limited aircraft availability and labor shortages.

**Critical accounting estimates**

Our Consolidated Financial Statements are prepared in accordance with U.S. GAAP, and require us to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements and accompanying notes. The use of estimates is or could be a significant factor affecting the reported amounts of assets, liabilities, revenues, expenses, and related disclosures of contingent assets and liabilities. Our estimates and assumptions are based on historical experiences and currently available information that management believes to be reasonable under the circumstances. Actual results may differ from our estimates under different conditions, sometimes materially. Critical accounting estimates are defined as those that are both most important to the portrayal of our financial condition and results of operations and that require our judgments, estimates and assumptions. Our critical accounting estimates are described below.

------

***Flight equipment held for operating leases, net*** 

Flight equipment held for operating leases is stated at cost less accumulated depreciation and impairment. Flight equipment is depreciated to its estimated residual value on a straight-line basis over the useful life of the asset. The costs of improvements to flight equipment are generally recorded as leasing expenses unless the improvement increases the long-term value of the flight equipment. In that case, the improvement cost is capitalized and depreciated over the estimated remaining useful life of the aircraft.

---

| | | |
|:---|:---|:---|
| | **Useful Life (a)** | **Residual Value (b)** |
| Passenger aircraft | 25 years | 15% |
| Freighter aircraft | 35 years | 15% |
| Helicopters | 30 years | 20% |
| Engines | 20 years | 60% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Useful life may be determined to be a different period depending on the disposition strategy.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Estimated industry price, except where more relevant information indicates that a different residual value is more appropriate.

We periodically review the estimated useful lives and residual values of our flight equipment based on our industry knowledge, external factors, such as current market conditions, and changes in our disposition strategies, to determine if they are appropriate, and record adjustments to depreciation rates prospectively on an individual asset basis, as necessary.

We test flight equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The quarterly impairment assessments are primarily triggered by potential sale transactions, leasing transactions, early-terminated leases, credit events impacting lessees or forecasted significant and permanent declines in the demand for asset types. The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which is the individual asset, including the lease-related assets and liabilities of that asset, such as the maintenance rights assets, lease incentives, and maintenance liabilities (the "Asset Group"). If the sum of the expected undiscounted future cash flows is less than the carrying value of the Asset Group, an impairment loss is recognized. The loss is measured as the excess of the carrying value of the Asset Group over its estimated fair value.

Fair value reflects the present value of future cash flows expected to be generated from the assets, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar assets and industry trends.

On an annual basis, we also perform an assessment of all assets older than five years, and other assets where necessary, which are held for operating leases to identify potential impairment by reference to estimated future cash flows at the Asset Group level, and perform a quantitative impairment test. We apply significant judgment in assessing whether an impairment is necessary and in estimating significant input assumptions including the future lease rates, maintenance cash flow forecasts, the residual value and the discount rate when performing quantitative impairment tests.

Due to the significant uncertainties associated with potential sales transactions, we use our judgment to evaluate whether a sale or other disposal is more likely than not. The factors we consider in our assessment include *(i)* the progress of the potential sales transactions through a review and evaluation of the sales-related documents and other communications, including, but not limited to, letters of intent or sales agreements that have been negotiated or executed; *(ii)* our general or specific fleet strategies and other business needs and how those requirements bear on the likelihood of sale or other disposal; and *(iii)* the evaluation of potential execution risks, including the source of potential purchaser funding and other execution risks.

------

The future cash flows supporting the carrying value of aircraft that are 15 years of age or older are more dependent upon current lease contracts, and these leases are generally more sensitive to weaknesses in the global economic environment. Deterioration of the global economic environment and a decrease in aircraft values might have a negative effect on the undiscounted cash flows of older aircraft and might cause an impairment loss. As of December 31, 2025, 339 owned passenger aircraft under operating lease with an aggregate asset group value of approximately $3.0 billion were 15 years of age or older, which represented approximately 6% of our total flight equipment measured by net book value and lease-related assets and liabilities. The estimated undiscounted future cash flows of these 339 passenger aircraft were $7.3 billion, which measured on a weighted-average basis was 141% in excess of the aggregate carrying value. As of December 31, 2025, all of these aircraft passed the recoverability test. The following assumptions drive the undiscounted cash flows: contracted lease rents through current lease expiry; subsequent re-lease rates based on current marketing information; maintenance cash flow forecasts; and residual values. We review and stress-test our key assumptions to reflect any observed weakness in the global economic environment.

Aircraft that are between five and 15 years of age where future cash flows do not exceed the aircraft carrying value by at least 10% are more susceptible to impairment risk. As of December 31, 2025, seven aircraft with an asset group carrying value of $302 million did not exceed our 10% threshold, which represented less than 0.7% of our total flight equipment and lease-related assets and liabilities. The seven aircraft that were below the 10% threshold did, however, pass the impairment test as of December 31, 2025, and as such no impairment was recognized.

**Recent accounting standards adopted during the year ended December 31, 2025**

Please refer to Note 3—*Summary of significant accounting policies* to our Consolidated Financial Statements included in this annual report.

**Future application of accounting standards&nbsp;&nbsp;&nbsp;&nbsp;**

Please refer to Note 3—*Summary of significant accounting policies* to our Consolidated Financial Statements included in this annual report.

------

**Comparative results of operations**

***Results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024***

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Increase/ (Decrease)** |
| | **2025** | **2024** | |
| | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** |
| **Revenues and other income** |  |  |  |
| Lease revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic lease rents | $6679477 | $6377181 | $302296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance rents and other receipts  | 689993 | 626816 | 63177 |
| Lease revenue | 7369470 | 7003997 | 365473 |
| Net gain on sale of assets | 819482 | 651142 | 168340 |
| Other income | 327716 | 341505 | (13789) |
| **Total Revenues and other income** | **8516668** | **7996644** | **520024** |
| **Expenses** |  |  |  |
| Depreciation and amortization | 2647168 | 2580037 | 67131 |
| Net recoveries related to Ukraine Conflict | (1490431) | (194750) | (1295681) |
| Asset impairment | 100838 | 49766 | 51072 |
| Interest expense | 1981928 | 1990732 | (8804) |
| Loss on debt extinguishment | 4932 | 13450 | (8518) |
| Leasing expenses | 647571 | 810358 | (162787) |
| Selling, general and administrative expenses | 545933 | 488916 | 57017 |
| **Total Expenses** | **4437939** | **5738509** | **(1300570)** |
| Gain on investments at fair value | 13283 | 5238 | 8045 |
| &nbsp;&nbsp;&nbsp;**Income before income taxes and income of**<br>**investments accounted for under the equity method** | **4092012** | **2263373** | **1828639** |
| Income tax expense | (555246) | (323704) | (231542) |
| &nbsp;&nbsp;&nbsp;Equity in net earnings of investments accounted for under <br>the equity method | 213848 | 158956 | 54892 |
| **Net income** | $**3750614** | $**2098625** | $**1651989** |
| Net (income) loss attributable to non-controlling interest | (2) | 7 | (9) |
| **Net income attributable to AerCap Holdings N.V.** | $**3750612** | $**2098632** | $**1651980** |

---

***Basic lease rents.***&nbsp;&nbsp;&nbsp;&nbsp;The increase in basic lease rents of $302 million, or 5%, was attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of assets between January 1, 2024 and December 31, 2025, with an aggregate net book value of $12.0 billion on their respective acquisition dates, as well as the entry into service of our converted Boeing 777-300ER freighters, which commenced in September 2025, collectively resulting in an increase in basic lease rents of $568 million;

*partially offset by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale of assets between January 1, 2024 and December 31, 2025, with an aggregate net book value of $3.5 billion on their respective sale dates, resulting in a decrease in basic lease rents of $172 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decrease in basic lease rents of $94 million primarily due to lease extensions at lower rates, lower PBH rent, as well as redeliveries and lease terminations. The accounting for extensions requires the remaining rental payments to be recorded on a straight-line basis over the remaining term of the original lease plus any extension period.

------

***Maintenance rents and other receipts.***&nbsp;&nbsp;&nbsp;&nbsp;The increase in maintenance rents and other receipts of $63 million, or 10%, was attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of $128 million in maintenance rents and other receipts from lease terminations and restructurings;

*partially offset by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decrease of $65 million in regular maintenance rents, primarily due to lower EOL compensation and other receipts.

***Net gain on sale of assets.***&nbsp;&nbsp;&nbsp;&nbsp;The increase in net gain on sale of assets of $168 million, or 26%, was primarily due to the volume and composition of asset sales in the current strong sales market. During the year ended December 31, 2025, we sold 140 assets for proceeds of $3.9 billion. During the year ended December 31, 2024, we sold 136 assets for proceeds of $3.1 billion.

***Other income.***&nbsp;&nbsp;&nbsp;&nbsp;The decrease in other income of $14 million, or 4%, was primarily driven by lower interest income recognized during the year ended December 31, 2025.

***Depreciation and amortization.***&nbsp;&nbsp;&nbsp;&nbsp;The increase in depreciation and amortization of $67 million, or 3%, was primarily due to a higher average lease assets balance during the year ended December 31, 2025, compared to the year ended December 31, 2024.

***Net recoveries related to Ukraine Conflict.*** During the year ended December 31, 2025, we recognized net recoveries of $1.5 billion, which primarily included recoveries of $973 million pursuant to the June 11, 2025 judgment from the London Commercial Court in respect of our claim against the insurers under our C&P Policy and the award of $234 million of interest on that judgment, as well as cash insurance settlement proceeds of $280 million pursuant to settlements in respect of the insurance policies of four Russian airlines covering 16 aircraft and one engine lost in Russia. During the year ended December 31, 2024, we recognized recoveries of $195 million, which primarily consisted of cash insurance settlement proceeds of $172 million. Refer to Note 25—*Net (recoveries) charges related to Ukraine Conflict* to our Consolidated Financial Statements included in this annual report for further details.

***Asset impairment.*** During the year ended December 31, 2025, we recognized impairment charges of $101 million related to sales transactions, lease amendments or lease terminations which were partially offset by maintenance revenue recognized where we retained maintenance-related balances or received EOL compensation. During the year ended December 31, 2024, we recognized impairment charges of $50 million related to sales transactions, lease amendments or lease terminations which were partially offset by maintenance revenue recognized where we retained maintenance-related balances or received EOL compensation. Please refer to "Item 5. Operating and Financial Review and Prospects—Critical accounting estimates" for further information on our event-driven impairment assessments.

***Interest expense.***&nbsp;&nbsp;&nbsp;&nbsp;The decrease in interest expense of $9 million was primarily attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decrease in the average outstanding debt balance from $46.4 billion during the year ended December 31, 2024, to $45.4 billion during the year ended December 31, 2025, resulting in a $41 million decrease in interest expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a $9 million decrease in interest expense attributable to movement in mark-to-market on interest rate derivatives. For the year ended December 31, 2025, we recognized a loss of $25 million related to mark-to-market movements on interest rate derivatives, compared to a loss of $34 million for the year ended December 31, 2024;

*partially offset by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a $41 million increase in interest expense due to an increase in the average cost of debt for the year ended December 31, 2025, compared to the year ended December 31, 2024. The average cost of debt, excluding the effect of mark-to-market movements on interest rate derivatives, debt issuance costs, upfront fees and other impacts, was 4.1% for the year ended December 31, 2025, compared to 4.0% for the year ended December 31, 2024. Please refer to "Item 5. Operating and Financial Review and Prospects—Non-GAAP measures and metrics" for further information on the average cost of debt.

***Leasing expenses.*** The decrease in leasing expenses of $163 million, or 20%, was primarily due to a $250 million decrease in our allowance for credit losses, $85 million of lower transition costs and other leasing expenses and $76 million of lower maintenance rights amortization, partially offset by $248 million higher airline restructuring and default costs and lessor maintenance contributions.

------

***Selling, general and administrative expenses.*** The increase in selling, general and administrative expenses of $57 million, or 12%, was primarily due to higher compensation-related expenses.

***Income tax expense.*** The effective tax rate was 13.6% for the year ended December 31, 2025, compared to the effective tax rate of 14.3% for the year ended December 31, 2024.

The effective tax rate is impacted by the source and amount of earnings among our various tax jurisdictions, permanent tax differences relative to pre-tax income or loss, and certain other discrete items. Refer to Note 16—*Income taxes* to our Consolidated Financial Statements included in this annual report for a detailed description of income taxes.

***Equity in net earnings of investments accounted for under the equity method.***&nbsp;&nbsp;&nbsp;&nbsp;The increase in equity in net earnings of investments accounted for under the equity method of $55 million was primarily driven by higher earnings from our SES joint venture.

For Results of Operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, refer to "Item 5. Operating and Financial Review and Prospects—Comparative results of operations" in our annual report on [Form 20-F](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001378789/000137878924000010/aer-20231231.htm) for the year ended December 31, 2024, filed with the SEC on February 26, 2025.

------

**Liquidity and capital resources**

***Capital expenditures and cash commitments***

We have significant capital requirements, including making pre-delivery payments and paying the balance of the purchase price for flight equipment on delivery. As of December 31, 2025, we had commitments to purchase 283 new aircraft scheduled for delivery through 2031. We also had commitments to purchase 35 engines and 12 helicopters through 2027. As a result, we will need to raise additional funds to satisfy these capital requirements, which we expect to do through a combination of accessing committed debt facilities and securing additional financing, if needed, from capital markets transactions or other sources of capital. If other sources of capital are not available to us, we may need to raise additional funds through selling aircraft or other aircraft investments, including participations in our joint ventures. Refer to Note 15—*Debt* to our Consolidated Financial Statements included in this annual report for a detailed description of our outstanding indebtedness. Also refer to Note 12—*Derivative financial instruments* to our Consolidated Financial Statements included in this annual report for a detailed description of our use of financial instruments for hedging purposes.

***Overview of sources and uses of cash***

As of December 31, 2025, our cash balance was $1.5 billion, including unrestricted cash of $1.4 billion, and we had $11.0 billion of undrawn lines of credit available under our revolving credit and term loan facilities. As of December 31, 2025, our total available liquidity, including undrawn lines of credit, unrestricted cash, cash flows from estimated asset sales and other sources of funding, was $15 billion, and including estimated operating cash flows for the next 12 months, our total sources of liquidity were $21 billion. As of December 31, 2025, our existing sources of liquidity were sufficient to operate our business and cover approximately 1.8x of our debt maturities and contracted capital requirements for the next 12 months.

***Debt***

As of December 31, 2025, the principal amount of our outstanding indebtedness, which excludes debt issuance costs, debt discounts and debt premium of $241 million, totaled $43.8 billion and consisted of senior unsecured, subordinated and senior secured notes, export credit facilities, commercial bank debt, revolving credit debt, securitization debt and capital lease structures.

In order to satisfy our contractual purchase obligations, we expect to source new debt financing through access to the capital markets, including the unsecured and secured bond markets, the commercial bank market, export credit and the asset-backed securities market.

In the longer term, we expect to fund the growth of our business, including acquiring aircraft, through internally generated cash flows, the incurrence of new bank debt, the refinancing of existing bank debt and other capital-raising initiatives.

During the year ended December 31, 2025, our average cost of debt, excluding the effect of mark-to-market movements on our interest rate derivatives, debt issuance fees, upfront fees and other impacts, was 4.1%. As of December 31, 2025, our adjusted debt-to-equity ratio was 2.11 to 1. Please refer to "Item 5. Operating and Financial Review and Prospects—Non-GAAP measures and metrics" for further information on our average cost of debt and reconciliations of adjusted debt and adjusted equity to the most closely related U.S. GAAP measures as of December 31, 2025 and 2024.

Refer to Note 15—*Debt* to our Consolidated Financial Statements included in this annual report for a detailed description of our outstanding indebtedness.

***Taxation***

AerCap Holdings N.V. is incorporated in the Netherlands and headquartered in Ireland, and is not directly engaged in business within, nor has a permanent establishment in, the United States. Only our U.S. subsidiaries are subject to U.S. net income tax or would potentially have to withhold U.S. taxes upon a distribution of our earnings.

Effective February 1, 2016, we became tax resident in Ireland and we would typically expect that the repatriation of earnings from our foreign subsidiaries should not, except where recognized in our financial statements, give rise to material additional Irish taxation due to the availability of foreign tax credits. As of December 31, 2025, $133 million out of $1.4 billion of cash and short-term investments was held by our foreign subsidiaries outside of Ireland. In some instances, the earnings of our foreign subsidiaries will be re-invested in the foreign jurisdiction for the purposes of their business. Additionally, legal restrictions in relation to dividend payments from our subsidiaries may apply.

------

Under the OECD's BEPS 2.0 initiative, the OECD has formulated rules known as "Pillar Two" designed to implement a global minimum effective tax rate ("ETR") of 15% on a jurisdictional basis in respect of multinational groups with annual turnover exceeding €750 million in two of the last four years. Ireland has enacted Pillar Two into domestic legislation, which took effect on January 1, 2024. Under these rules, the ETR for a jurisdiction is determined by reference to the financial accounting profits and tax expense (with some adjustments) derived from the relevant financial statements. We are required to calculate our ETR for each jurisdiction in which we operate and, for jurisdictions where the ETR is below the 15% minimum rate, we are liable to pay a top-up tax, known as the global minimum top-up tax, for the difference. The top-up tax is an additional tax designed to bring the minimum effective tax rate for the group to 15% as determined under Pillar Two calculation principles. This top-up tax is payable on a current rather than deferred basis.

Based on commentary provided by the Financial Accounting Standards Board ("FASB") that this top-up tax should be considered an alternative minimum tax, we are not currently required to record deferred tax related to this minimum top-up tax or remeasure existing deferred taxes. Instead, the incremental effect is recognized as it is incurred.

***Share Repurchases and Dividends***

In 2025, we repurchased 22.1 million ordinary shares at an average price of $109.92 per ordinary share, for approximately $2.4 billion. In 2024, we repurchased 16.8 million ordinary shares at an average price of $87.80 per ordinary share, for approximately $1.5 billion.

In 2025, we declared $192 million of dividends to our shareholders. In 2024, we declared $146 million of dividends to our shareholders.

***Contractual obligations***

Our estimated future obligations as of December 31, 2025 include both current and long-term obligations. Our contractual obligations consist of principal and interest payments on debt, executed purchase agreements to purchase flight equipment and rent payments pursuant to our office and facility leases. We intend to fund our contractual obligations through unrestricted cash, lines-of-credit and other borrowings, operating cash flows and cash flows from asset sales. We believe that our sources of liquidity will be sufficient to meet our contractual obligations.

The following table provides details regarding our contractual obligations and their payment dates as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| Unsecured debt facilities | $5261.3 | $5717.3 | $7462.4 | $4113.1 | $1463.7 | $10227.7 | $34245.5 |
| Secured debt facilities | 958.5 | 1632.4 | 1850.3 | 723.8 | 644.4 | 1501.4 | 7310.8 |
| Subordinated debt facilities |  |  |  |  |  | 2250.0 | 2250.0 |
| Estimated interest payments (a) | 1893.7 | 1640.7 | 1259.9 | 873.6 | 735.0 | 5903.2 | 12306.1 |
| Purchase obligations (b) | 5249.1 | 4252.5 | 2116.1 | 1713.3 | 978.5 | 1154.8 | 15464.3 |
| Operating leases (c) | 12.3 | 13.2 | 13.4 | 11.3 | 8.8 | 9.8 | 68.8 |
| **Total (d)** | $**13374.9** | $**13256.1** | $**12702.1** | $**7435.1** | $**3830.4** | $**21046.9** | $**71645.5** |

---

(a)Estimated interest payments for floating-rate debt are based on rates as of December 31, 2025 and include the estimated impact of our interest rate swap agreements.

(b)As of December 31, 2025, we had commitments to purchase 283 aircraft (including six purchase-and-leaseback transactions), 35 engines and 12 helicopters through 2031. The timing of our purchase obligations is based on current estimates and incorporates expected delivery delays into the table above. In addition, we have the right to reschedule the delivery dates of certain of our aircraft to future dates. In addition to the contractual commitments presented above, we have options to purchase up to 45 A320neo Family aircraft from Airbus. As these are options and not contractual commitments, they are not included in the table above.

(c)Represents contractual payments our office and facility leases. Refer to Note 17—*Leases* to our Consolidated Financial Statements included in this annual report for further details on our operating lease obligations.

(d)The above table does not reflect any dividends we may pay on our ordinary shares.

------

**Historical Information**

The following table presents our consolidated cash flows for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| Net cash provided by operating activities | $5393 | $5437 |
| Net cash used in investing activities | (1665) | (3724) |
| Net cash used in financing activities | (3653) | (2133) |

---

***Cash flows provided by operating activities.*** During the year ended December 31, 2025, our net cash provided by operating activities of $5.4 billion was the result of net income of $3.8 billion, adjustments of non-cash items to net income of $3.3 billion consisting primarily of depreciation, amortization, asset impairment, share-based compensation and deferred tax expense, collections of finance leases of $322 million and the net change in operating assets and liabilities of $344 million, partially offset by the classification of net gain on sale of assets and net recoveries related to Ukraine Conflict, which totaled $2.3 billion to investing activities. During the year ended December 31, 2024, our net cash provided by operating activities of $5.4 billion was the result of net income of $2.1 billion, adjustments of non-cash items to net income of $3.6 billion consisting primarily of depreciation, amortization, asset impairment, share-based compensation and deferred tax expense, collections of finance leases of $367 million and the net change in operating assets and liabilities of $249 million, partially offset by the classification of net gain on sale of assets and net recoveries related to Ukraine Conflict, which totaled $0.8 billion to investing activities.

***Cash flows used in investing activities.***&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2025, our net cash used in investing activities of $1.7 billion primarily consisted of the purchase of and prepayments on flight equipment and other assets of $6.1 billion, partially offset by cash provided by asset sale proceeds of $2.9 billion, cash proceeds from insurance claim settlements of $1.5 billion and net proceeds from loans receivable of $105 million. During the year ended December 31, 2024, our net cash used in investing activities of $3.7 billion primarily consisted of the purchase of and prepayments on flight equipment of $6.5 billion and net issuances of loans receivable of $72 million, partially offset by cash provided by asset sale proceeds of $2.6 billion and cash proceeds from insurance claim settlements of $172 million.

***Cash flows used in financing activities.***&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2025, our net cash used in financing activities of $3.7 billion primarily consisted of cash used for debt repayments, net of new financing proceeds and debt issuance costs of $1.8 billion, the repurchase of shares and payments of tax withholdings on share-based compensation of $2.5 billion and dividends paid on ordinary shares of $192 million, partially offset by net receipts of maintenance and security deposits of $864 million. During the year ended December 31, 2024, our net cash used in financing activities of $2.1 billion primarily consisted of cash used for debt repayments, net of new financing proceeds and debt issuance costs, of $1.3 billion, the repurchase of shares and payments of tax withholdings on share-based compensation of $1.5 billion and dividends paid on ordinary shares of $140 million, partially offset by net receipts of maintenance and security deposits of $793 million.

**Off-balance sheet arrangements**

We have interests in variable interest entities, some of which are not consolidated into our Consolidated Financial Statements. Refer to Note 29—*Variable interest entities* to our Consolidated Financial Statements included in this annual report for a detailed description of these interests and our other off-balance sheet arrangements.

------

**Book value per share**

The following table presents our book value per share as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(U.S. Dollars in millions,<br>except share and per share data)** | **(U.S. Dollars in millions,<br>except share and per share data)** |
| **Total AerCap Holdings N.V. shareholders' equity** | $**18323** | $**17185** |
| Ordinary shares issued | 179043739 | 204543739 |
| Treasury shares | (12167192) | (17760514) |
| **Ordinary shares outstanding** | **166876547** | **186783225** |
| Shares of unvested restricted stock | (4135620) | (5072382) |
| **Ordinary shares outstanding, excluding shares of unvested restricted stock** | **162740927** | **181710843** |
| &nbsp;&nbsp;&nbsp;**Book value per ordinary share outstanding, excluding shares of unvested restricted** <br>**stock** | $**112.59** | $**94.57** |

---

**Non-GAAP measures and metrics**

The following are definitions of non-GAAP measures and metrics used in this report on Form 20-F and a reconciliation of such measures to the most closely related U.S. GAAP measures. We believe these measures and metrics may further assist investors in their understanding of our performance and the changes and trends related to our earnings. These measures and metrics should not be viewed in isolation and should only be used in conjunction with and as a supplement to our U.S. GAAP financial measures. Non-GAAP measures and metrics are not uniformly defined by all companies, including those in our industry, and so this additional information may not be comparable with similarly-titled measures, metrics and disclosures by other companies.

------

***Adjusted debt-to-equity ratio***

This measure is the ratio obtained by dividing adjusted debt by adjusted equity. Adjusted debt represents consolidated total debt less cash and cash equivalents, and less a 50% equity credit with respect to certain long-term subordinated debt. Adjusted equity represents total equity, plus the 50% equity credit with respect to the long-term subordinated debt. Adjusted debt and adjusted equity are adjusted by the 50% equity credit to reflect the equity nature of those financing arrangements and to provide information that is consistent with definitions under certain of our debt covenants. We believe this measure may further assist investors in their understanding of our capital structure and leverage.

The following is a reconciliation of debt to adjusted debt and equity to adjusted equity as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| | **(U.S. Dollars in millions<br>except debt/equity ratio)** | **(U.S. Dollars in millions<br>except debt/equity ratio)** |
| **Debt** | $**43565** | $**45295** |
| Adjusted for: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | (1379) | (1209) |
| &nbsp;&nbsp;50% equity credit for long-term subordinated debt | (1125) | (1125) |
| **Adjusted debt** | $**41061** | $**42960** |
| **Equity** | $**18323** | $**17185** |
| Adjusted for: |  |  |
| &nbsp;&nbsp;50% equity credit for long-term subordinated debt | 1125 | 1125 |
| **Adjusted equity** | $**19448** | $**18310** |
| **Adjusted debt/equity ratio** | **2.11 to 1** | **2.35 to 1** |

---

***Average cost of debt***

Average cost of debt is calculated as interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts, divided by the average debt balance. This measure reflects the impact from changes in the amount of debt and interest rates.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Percentage<br>Difference** |
| | **2025** | **2025** | **2024** | **2024** | **Percentage<br>Difference** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | |
| **Interest expense** | **$** | **1982** | **$** | **1991** | **—** |
| Adjusted for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mark-to-market on interest rate derivatives | (25) | (25) | (34) | (34) | (26%) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs, upfront fees and other impacts | (106) | (106) | (119) | (119) | (11%) |
| **Interest expense excluding mark-to-market on interest rate derivatives,<br> debt issuance costs, upfront fees and other impacts** | **1851** | **1851** | **1838** | **1838** | **1%** |
| Average debt balance | $| 45430 | $| 46405 | (2%) |
| **Average cost of debt** | **4.1%** | **4.1%** | **4.0%** | **4.0%** | **2%** |

---

------

**Summarized financial information of issuers and guarantors**

***AerCap Trust and AerCap Ireland Capital Designated Activity Company Notes***

From time to time, AerCap Trust and AerCap Ireland Capital Designated Activity Company ("AICDC") co-issue senior unsecured notes. In July 2024, AerCap Trust and AICDC co-issued $750 million aggregate principal amount of fixed-rate-reset junior subordinated notes due 2055 and, in April 2025, they co-issued $500 million aggregate principal amount of fixed-rate-reset junior subordinated notes due 2056 (together, the "Junior Subordinated Notes" and, collectively with the senior unsecured notes issued by AerCap Trust and AICDC, the "AGAT/AICDC Notes"). Please refer to Note 15—*Debt* to our Consolidated Financial Statements included in this annual report for further details on the AGAT/AICDC Notes. The AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings N.V. (the "Parent Guarantor") and by AerCap Ireland, AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC (the "Subsidiary Guarantors" and, together with the Parent Guarantor, the "AGAT/AICDC Guarantors").

Subject to the provisions of the indenture governing the AGAT/AICDC Notes (the "AGAT/AICDC Indenture"), a Subsidiary Guarantor will be automatically and unconditionally released from its guarantee with respect to a series of AGAT/AICDC Notes under the following circumstances: (1) the sale, disposition or other transfer of (i) the capital stock of a Subsidiary Guarantor after which such Subsidiary Guarantor is no longer a Restricted Subsidiary (as defined in the AGAT/AICDC Indenture) or, in the case of the Junior Subordinated Notes, a Subsidiary (as defined in the AGAT/AICDC Indenture) or (ii) all or substantially all of the assets of a Subsidiary Guarantor; (2) in the case of the senior unsecured notes, the permitted designation of the Subsidiary Guarantor as an Unrestricted Subsidiary as defined in and pursuant to the AGAT/AICDC Indenture; (3) the consolidation, amalgamation or merger of a Subsidiary Guarantor with and into AerCap Trust, AICDC or another AGAT/AICDC Guarantor with such person being the surviving entity, or upon the liquidation of a Subsidiary Guarantor following the transfer of all of its assets to AerCap Trust, AICDC or another AGAT/AICDC Guarantor; or (4) legal defeasance or covenant defeasance with respect to such series, each as described in the AGAT/AICDC Indenture, or if the obligations of AerCap Trust and AICDC with respect to such series under the AGAT/AICDC Indenture are discharged.

The guarantee obligations of each Subsidiary Guarantor are limited (i) to an amount not to exceed the maximum amount that can be guaranteed by a Subsidiary Guarantor (after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of all other AGAT/AICDC Guarantors in respect of the obligations under their respective guarantees) without rendering the guarantee, as it relates to such Subsidiary Guarantor, voidable under applicable fraudulent conveyance or transfer laws, and (ii) as necessary to recognize certain defenses generally available to guarantors, including voidable preference, financial assistance, corporate purpose, capital maintenance or similar laws, regulations or defenses affecting the rights of creditors generally or other considerations under applicable law. In addition, given that some of the AGAT/AICDC Guarantors are Irish and Dutch companies, it may be more difficult for holders of the AGAT/AICDC Notes to obtain or enforce judgments against such guarantors.

AICDC and certain AGAT/AICDC Guarantors are holding companies and therefore hold equity interests in directly held subsidiaries, amongst having other trading activities. As a result, AICDC and certain AGAT/AICDC Guarantors could be dependent on dividends and other payments from their subsidiaries to generate the funds necessary to meet their outstanding debt service and other obligations, and such dividends or other payments will in turn depend on factors, such as their subsidiaries' earnings, covenants in instruments governing their subsidiaries' indebtedness, other contractual restrictions and applicable laws (including local law restricting payments of dividends).

------

**Summarized Combined Financial Information** 

Summarized financial information (the "SFI"), as defined under Rule 1-02(bb) of Regulation S-X, is provided below for the issuers and the guarantor entities and includes AerCap Holdings N.V., AerCap Trust, AICDC, AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland and ILFC (collectively, the "Obligor Group") as of December 31, 2025, and for the year ended December 31, 2025. The SFI is presented on a combined basis with intercompany transactions and balances among the entities included in the Obligor Group eliminated. The Obligor Group SFI excludes investments in non-obligor entities.

---

| | |
|:---|:---|
| **Summarized combined financial information of issuers and guarantors** | **Summarized combined financial information of issuers and guarantors** |
| | **December 31, 2025** |
| | **(U.S. Dollars in millions)** |
| Flight equipment held for operating leases, net  | $11089 |
| Intercompany receivables | 32192 |
| Total assets | 45823 |
| Debt | 34705 |
| Intercompany payables | 3291 |
| Total liabilities | 40809 |

---

---

| | |
|:---|:---|
| | **Year Ended**<br>**December 31, 2025** |
| | **(U.S. Dollars in millions)** |
| Total revenues and other income (a) | $3767 |
| Total expenses (b) | 2034 |
| Income before income taxes and income of investments accounted for under the equity method | 1733 |
| Net income | 1653 |
| Net income attributable to AerCap Holdings N.V. | 1653 |

---

(a)Total revenues include interest income from non-obligor entities of $1.9 billion.

(b)Total expenses include interest expense to non-obligor entities of $128 million.

------

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Directors, Senior Management and Employees**

**Directors and officers**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Date of First<br>Appointment** | **End Current<br>Term (a)** |
| **Directors** | | | | |
| Paul T. Dacier | 68 | Non-Executive Chairman of the Board of Directors | May 2010 | 2029 AGM |
| Aengus Kelly | 52 | Executive Director and Chief Executive Officer | May 2011 | 2030 AGM |
| Julian (Brad) Branch | 71 | Non-Executive Director | April 2018 | 2026 AGM |
| Stacey Cartwright | 62 | Non-Executive Director | April 2019 | 2026 AGM |
| Rita Forst | 70 | Non-Executive Director | April 2019 | 2026 AGM |
| Victoria Jarman | 53 | Non-Executive Director | April 2025 | 2029 AGM |
| James (Jim) Lawrence | 73 | Non-Executive Director | May 2017 | 2027 AGM |
| Jennifer VanBelle | 57 | Non-Executive Director | November 2021 | 2029 AGM |
| Michael Walsh | 59 | Non-Executive Director | May 2017 | 2027 AGM |
| Robert (Bob) Warden | 53 | Non-Executive Director | July 2006 | 2026 AGM |
| **Officers** |  |  |  |  |
| Peter Anderson | 49 | Chief Commercial Officer |  |  |
| John Burke | 55 | Chief Technical Officer |  |  |
| Brian Canniffe | 53 | Group Treasurer |  |  |
| Aimee Craig | 53 | Chief Executive Officer, AerCap Materials |  |  |
| Vincent Drouillard | 49 | General Counsel |  |  |
| Damhan Finegan | 42 | Head of Americas |  |  |
| John Govan | 54 | Head of EMEA |  |  |
| Richard Greener | 54 | Head of Cargo |  |  |
| Emmanuel Herinckx | 53 | Head of Asia Pacific |  |  |
| Peter Juhas | 54 | Chief Financial Officer |  |  |
| Margaret Kim | 58 | Head of OEM Relations |  |  |
| Jorg Koletzki | 58 | Chief Information Officer and Chief Information Security Officer | Chief Information Officer and Chief Information Security Officer |  |
| Bart Ligthart | 44 | Chief Investment Officer |  |  |
| Denise Mangan-Fahy | 56 | General Manager, Shannon Engine Support |  |  |
| Theresa Murray | 58 | Head of Human Resources |  |  |
| Shane O'Reilly | 39 | Chief Risk Officer |  |  |
| Pat Sheedy | 47 | President and Chief Executive Officer, Milestone Aviation Group | President and Chief Executive Officer, Milestone Aviation Group |  |
| Risteard Sheridan | 51 | Company Secretary and Chief Compliance Officer |  |  |
| Tom Slattery | 55 | Executive Vice President, Engines |  |  |

---

(a)Each director serves a term that runs from the Annual General Meeting of Shareholders ("AGM") at which such director is appointed, typically held in April or May of each year.

***Directors***

Our Board of Directors currently consists of ten directors, nine of whom are non-executive directors.

------

***Paul T. Dacier.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Dacier has been a Director of AerCap since May 27, 2010. He is also currently the Chief Legal Officer and Corporate Secretary at IonQ Inc. (a quantum computing company) and is on the Board of Directors of Progress Software Inc. (a software application development company). Until 2016, Mr. Dacier was Executive Vice President and General Counsel of EMC Corporation (an information infrastructure technology and solutions company), where he worked in various positions from 1990. Following this, he was, until December 2023, the general counsel at Indigo Agriculture, a privately held start-up company, and, until July 2025, a partner with Quinn Emanuel Urquhart & Sullivan, LLP. He was a Non-Executive Director of GTY Technology Holdings Inc. from October 2016 until November 2019 and a Non-Executive Director of Genesis from November 2007 until the date of its amalgamation with AerCap International Bermuda Limited in March 2010. Prior to joining EMC, Mr. Dacier was an attorney with Apollo Computer Inc. (a computer workstation company) from 1984 to 1990. Mr. Dacier received a B.A. in history and a J.D. in 1983 from Marquette University. He is admitted to practice law in the Commonwealth of Massachusetts and the state of Wisconsin.

***Aengus Kelly.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Kelly was appointed Executive Director and Chief Executive Officer of AerCap on May 18, 2011. Previously, he served as Chief Executive Officer of AerCap's U.S. operations from January 2008 to May 2011. Mr. Kelly served as AerCap's Group Treasurer from 2005 through December 31, 2007. He started his career in the aviation leasing and financing business with Guinness Peat Aviation ("GPA") in 1998 and continued working with its successors AerFi in Ireland and debis AirFinance and AerCap in Amsterdam. Prior to joining GPA in 1998, he spent three years with KPMG in Dublin. Mr. Kelly is a Chartered Accountant and holds a Bachelor's degree in Commerce and a Master's degree in Accounting from University College, Dublin.

***Julian (Brad) Branch.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Branch has been a Director of AerCap since April 25, 2018. Mr. Branch most recently served Deloitte Touche Tohmatsu Ltd (Deloitte's global organization) as Senior Advisor in the Office of the Chief Executive Officer and served the Boards of Deloitte Northwest Europe LP and of Deloitte's Middle East practice. Mr. Branch's professional career has spanned 40 years; he first qualified as a Certified Public Accountant in June 1979, and was a general partner of Deloitte entities in the U.S. including Deloitte & Touche LLP (accounting and auditing) and Deloitte Consulting LLP (consulting) for 29 years. His industry focus has been the air transportation industry and large global air carriers. Mr. Branch held a variety of global leadership roles with Deloitte, having lived and practiced outside of the U.S. for over a decade. Mr. Branch has vigorously supported the community through not-for-profit Board service, such as the Advisory Board of Emory University School of Ethics and the Duke University Heart Center. He received a B.A. and M.B.A. from the University of North Carolina.

***Stacey Cartwright.***&nbsp;&nbsp;&nbsp;&nbsp;Ms. Cartwright has been a Director of AerCap since April 24, 2019. She is also currently the Chair of Savills PLC and a Non-Executive Director of Gymshark and The Magnum Ice Cream Company. Ms. Cartwright previously served as Chief Executive Officer of Harvey Nichols Group from 2014 to 2017 (and as Deputy Chairman in 2018), Executive Vice President and Chief Financial Officer of Burberry Group from 2004 to 2013, and Chief Financial Officer of Egg PLC from 1999 to 2003, having spent her early career with Granada Group. Ms. Cartwright was also a Non-Executive Director of GlaxoSmithKline PLC, Majid al Futtaim Entertainment and Genpact, was a Senior Independent Director of the Football Association Ltd and the Chair of the Advisory Committee of Majid al Futtaim Lifestyle. Ms. Cartwright is a qualified chartered accountant and she received a BSc from the London School of Economics.

***Rita Forst.***&nbsp;&nbsp;&nbsp;&nbsp;Ms. Forst has been a Director of AerCap since April 24, 2019. She is also currently an independent business consultant in powertrain and vehicle technology, and serves as a member of the supervisory board of Norma Group SE in Maintal, Germany. Ms. Forst is currently a Non-Executive Director of Johnson Matthey Plc in London, UK and was previously a Non-Executive Director of Westport Fuel Systems Inc. in Vancouver, Canada. In addition, Ms. Forst previously held an advisory board position at iwis SE & Co. KG in Germany. Ms. Forst spent more than 35 years at the Opel European division of General Motors in senior engineering and management positions, and as a member of Opel's management board. As such, Ms. Forst has been responsible for the development of new generations of engines and car models for Opel and General Motors. Ms. Forst holds Bachelor's degrees in mechanical engineering from the Kettering University (United States) and the Darmstadt University of Applied Technology (Germany).

***Victoria Jarman.*** Ms. Jarman is a Chartered Accountant who qualified at KPMG before spending over ten years with Lazard Ltd working in the Investment Banking team, and then as Chief Operating Officer for Lazard's London and Middle East operations until 2009. Ms. Jarman has previously been a Non-Executive Director and Chair of the Audit Committees of Equiniti Group plc, Hays plc and De La Rue plc, a Non-Executive Director of Signature Aviation plc, Entain plc and Melrose plc and Senior Independent Director at Equiniti Group plc. Ms. Jarman is currently a Non-Executive Director of GPE plc and is Chair of its Audit Committee and a member of its Nomination Committee and Remuneration Committee. Ms. Jarman is currently a Non-Executive Director of Aston Martin Lagonda Global Holdings plc and is Chair of its Audit Committee. Ms. Jarman holds a B.Eng Honors in Mechanical Engineering from the University of Leicester.

------

***James (Jim) Lawrence.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Lawrence has been a Director of AerCap since May 5, 2017. He is currently Chairman of Lake Harriet Capital, a private investment firm. Previously, Mr. Lawrence served as Chairman of Rothschild North America and earlier as Chief Executive Officer of Rothschild North America and as co-head of global investment banking at Rothschild from 2010 to 2015. Prior to Rothschild, Mr. Lawrence was Chief Financial Officer of Unilever and he served as Executive Director on the boards of Unilever N.V. and Unilever PLC. He joined Unilever in 2007 after serving as the Vice Chairman and Chief Financial Officer of General Mills for nine years. Prior to General Mills, Mr. Lawrence was Executive Vice President and Chief Financial Officer of Northwest Airlines from 1996 to 1998, and before that Mr. Lawrence was a division President at PepsiCo, serving as Chief Executive Officer of Pepsi-Cola Asia, Middle East, Africa from 1992 to 1996. In 1983, he cofounded The LEK Partnership, a corporate strategy and merger/acquisition firm, headquartered in London. Before that, he was a Partner of Bain and Company having opened their London and Munich offices. Prior to that, he worked for The Boston Consulting Group. Mr. Lawrence recently served as a Non-Executive Director of Avnet Inc. and Smurfit Kappa Group. His aviation industry experience dates from 1990, and it includes, in addition to being the Chief Financial Officer of Northwest Airlines, serving on the boards of IAG (International Consolidated Airlines Group), Continental Airlines, TWA, Mesaba and British Airways. Since 1990, Mr. Lawrence has served on 18 public company boards, several private company boards and numerous non-profit boards. Mr. Lawrence earned a Bachelor of Arts in Economics from Yale University and an M.B.A. with distinction from Harvard Business School.

***Jennifer VanBelle.***&nbsp;&nbsp;&nbsp;&nbsp;Ms. VanBelle has been a Director of AerCap since November 1, 2021. She is also currently on the Board of Directors of Loews Corporation and ATLAS SP. Until April 2024, she was Senior Vice President and Treasurer of GE and Chief Executive Officer of GE Capital. She also led GE's Separation Management Office to create three industry-leading, global public companies. Ms. VanBelle was Chief Executive Officer of GE Capital from 2021 to 2024, expanding her role as GE Treasurer, which she assumed in 2018. She had previously held several leadership roles within GE across capital markets, risk management, treasury and finance, including GE Capital Markets Leader, GE Capital - Capital Management Risk Officer, and Deputy Treasurer. Before joining GE in 1998, Ms. VanBelle spent several years at Chemical Bank and ING. Ms. VanBelle holds a B.A. degree in Economics from Bates College and an MSc in Finance from the London Business School.

***Michael Walsh.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Walsh has been a Director of AerCap since May 5, 2017. He is also Chair of Shannon Foynes Port Company and a non-executive director of Uisce Éireann, the Irish government owned national water utility, and of Limerick Civic Trust, a charitable organization. He previously served as a Non-Executive Director, including Chairman, of a number of companies which finance and lease aircraft and trains throughout the world. Mr. Walsh has over 30 years' experience as a Non-Executive Director, senior executive and commercial lawyer in the aircraft leasing and financing industry. In 1989, he joined GPA Group plc, the aircraft leasing and financing company, and held a number of senior management positions, including General Counsel. Following the acquisition of GPA by debis AirFinance in 2000, Mr. Walsh was appointed General Counsel of debis AirFinance and held that position until 2002. From 2003 to 2005, he served as Chief Legal Officer of Bord Gáis Éireann, the Irish gas utility. From 1986 to 1989, he was a diplomat in the Irish Diplomatic Service. Mr. Walsh is a barrister and a law graduate of University College, Cork, Ireland.

***Robert (Bob) Warden.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Warden has been a Director of AerCap since July 26, 2006. Mr. Warden is currently a Managing Director and Global Co-Head of Private Equity at Fortress Investment Group. Prior to joining Fortress in August 2023, Mr. Warden was Global Head of Private Equity at Cerberus Capital Management, where he worked for a total of 15 years (2002-2012 and 2018-2023). Mr. Warden has worked in the private equity industry for 30 years, including at Pamplona Capital Management, J.H. Whitney, Cornerstone Equity Investors and Donaldson Lufkin & Jenrette. Mr. Warden received his A.B. from Brown University.

------

***Officers***

***Peter Anderson.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Anderson was appointed Chief Commercial Officer in March 2021, overseeing AerCap's worldwide leasing business, including marketing, pricing and commercial execution. During his career at AerCap, Mr. Anderson has served as Head of Europe, Middle East and Africa and as Head of Asia Pacific and China, managing AerCap's leasing activities and teams in those regions. From 2011, Mr. Anderson worked in the leasing team at ILFC, establishing and leading the Singapore office until AerCap's acquisition of ILFC in 2014. Mr. Anderson has also held positions at Hong Kong Aviation Capital and at Allco Finance Group in both Sydney and London, specializing in aircraft leasing and structured finance. Mr. Anderson earned his Master of Applied Finance and Investment from the Securities Institute of Australia, and his B.A. from the University of Technology Sydney.

***John Burke.*** Mr. Burke was promoted to the position of Chief Technical Officer of AerCap in June 2022, following his prior appointment to Deputy Chief Technical Officer in 2018. Previously, he served as Head of Technical EMEA from 2014 to 2018. From 2008, Mr. Burke worked at ILFC where he headed the technical group responsible for the EMEA region until AerCap's acquisition of ILFC in 2014. He spent six years at TransAer International Airlines, where he worked internationally in Europe, the Middle East and the Americas in various roles. He began his career as an Aircraft Maintenance and Engineering Apprentice at SRS Aviation, an Aer Lingus subsidiary, where he qualified as an Aircraft Maintenance Engineer. Mr. Burke holds a Bachelor of Business in Aviation and Transport from Carlow Institute of Technology and is an EASA 66 Licenced Engineer. He also holds an FAA A&P Licence and an FAA Private Pilot's Licence.

***Brian Canniffe.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Canniffe was appointed Group Treasurer of AerCap in January 2018, previously serving as Head of Investor Relations since joining the Company in October 2016. He has over 20 years' experience in banking, lending and the capital markets. Prior to joining AerCap, Mr. Canniffe served as Managing Director and Head of Global Markets Financing for Bank of America Merrill Lynch in Hong Kong and Tokyo, where he led a division that was responsible for providing secured financing, trading, clearing, reporting and various treasury functions in the Asia Pacific region. In addition, he held roles within the financing divisions at Nomura Securities and Bankers Trust International.

***Aimee Craig.***&nbsp;&nbsp;&nbsp;&nbsp;Ms. Craig was appointed Chief Executive Officer of AerCap Materials following AerCap's acquisition of GECAS in November 2021. In her role, she is responsible for airframe and engine component sales, aircraft dismantling and leasing activity. She joined GECAS in 2006 as Director of Inventory Management, overseeing asset valuation, market analysis, technical support and repair management activities. Ms. Craig has over 30 years of industry experience, including contract management, business development, fleet analysis and asset management. She holds a B.S. in Business Administration and an M.A. in Executive Leadership from Liberty University, Virginia.

***Vincent Drouillard.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Drouillard was appointed General Counsel on June 1, 2018. He previously served in the role of Head of Legal Leasing at AerCap, a position he held from 2015 to 2018. He joined ILFC in 2004 and last served as Head of Legal EMEA, prior to the acquisition of ILFC by AerCap. Mr. Drouillard practiced law at the law firm Gibson, Dunn & Crutcher, before joining ILFC. He received law degrees from King's College London, the University of Paris I Panthéon-Sorbonne and the University of Paris X Nanterre. Mr. Drouillard is a member of the New York State Bar and the State Bar of California.

***Damhan Finegan.*** Mr. Finegan was appointed to the position of Head of Americas in January 2026 and is responsible for AerCap's leasing activities across the region. He previously served as Vice President, Leasing EMEA from 2019 to 2025 and as Tax Director in AerCap's Singapore office from 2016 to 2018. Mr. Finegan worked in the tax department at ILFC from 2013 until AerCap's acquisition of ILFC in 2014. Prior to that, he worked in PwC's financial services tax practice from 2004 to 2013. He is a Chartered Accountant and Chartered Tax Advisor and holds a Bachelor's degree in Commerce from University College Dublin, as well as a Diploma in Aviation Leasing and Finance from the Law Society of Ireland.

***John Govan.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Govan was promoted to the position of Head of EMEA in March 2021. He previously served in the role of Vice President Leasing from 2016 to 2021. In his role, Mr. Govan is responsible for AerCap's leasing activities across Europe, Middle East and Africa. Prior to joining AerCap, he worked in the Technical team at SMBC Aviation Capital, formerly RBS Aviation Capital, as VP Technical and was subsequently promoted to the role of SVP Airline Marketing, followed by SVP OEM Relations. Mr. Govan began his aviation career as an Aircraft Maintenance and Engineering Apprentice at Lufthansa Technik, formerly Shannon Aerospace, where he qualified as an Aircraft Maintenance Technician in 1992.

***Richard Greener.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Greener assumed the role of Head of Cargo following AerCap's acquisition of GECAS in November 2021. He is responsible for AerCap's global cargo aircraft strategy and portfolio. Mr. Greener joined GECAS in 2001, and was subsequently promoted to Senior Vice President of Specialty Markets, including cargo and regional aircraft. He began his career in business development and marketing with BAE Systems, Airbus and has over 30 years' experience in the aerospace industry. Mr. Greener holds a Post Graduate Diploma in Business Administration and Management Studies from the University of the West of England.

------

***Emmanuel Herinckx.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Herinckx was appointed to the position of Head of Asia Pacific in July 2019. He oversees AerCap's leasing activities across Asia Pacific and China from our office in Singapore. Mr. Herinckx joined AerCap in September 2006 as Vice President Marketing Asia Pacific. Prior to joining AerCap, he worked in the Airline Marketing Departments of Airbus North America Sales, INC, Washington D.C., USA, and Airbus SAS, Toulouse, France for a period of seven years. Mr. Herinckx holds a Master of Science in Air Transport Management from Cranfield University, United Kingdom.

***Peter Juhas.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Juhas was appointed Chief Financial Officer of AerCap in April 2017, following his appointment as Deputy Chief Financial Officer in September 2015. Prior to joining AerCap, Mr. Juhas was Global Head of Strategic Planning at American International Group, Inc. ("AIG"), where he led the development of the company's strategic and capital plans, as well as mergers, acquisitions and other transactions, including the sale of ILFC to AerCap. Prior to joining AIG in 2011, Mr. Juhas was a Managing Director in the Investment Banking Division of Morgan Stanley from 2000 to 2011. While at Morgan Stanley, he led the IPO of AerCap in 2006 and was the lead advisor to the Federal Reserve Bank and the U.S. Treasury on the AIG restructuring and the placement of the U.S. government-sponsored enterprises Fannie Mae and Freddie Mac into conservatorship in 2008. Prior to joining Morgan Stanley, Mr. Juhas was an attorney in the Mergers and Acquisitions group at Sullivan & Cromwell LLP, the New York law firm. Mr. Juhas received his A.B. from Harvard College and his J.D. from Harvard Law School.

***Margaret Kim.*** Ms. Kim was appointed Head of OEM Relations in July 2024. In her role, Ms. Kim is responsible for all new aircraft and engine acquisitions and managing relationships with AerCap's key OEM suppliers. Ms. Kim started her career in aircraft leasing in 1999 when she joined ILFC in Los Angeles, and moved to Dublin, Ireland, following AerCap's acquisition of ILFC in 2014. Ms. Kim holds a Bachelor of Science degree in Molecular, Cell and Developmental Biology from the University of California, Los Angeles.

***Jorg Koletzki.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Koletzki was appointed Chief Information Officer of AerCap in September 2015. He has significant experience in managing complex system implementations on a global scale, transforming IT functions and running high quality teams. His experience extends to working within large multinational companies including IBM, Volkswagen, National Grid and E.ON.

***Bart Ligthart.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Ligthart joined the AerCap Trading team in 2007. He was appointed to the position of Head of Trading and Portfolio Management in September 2018 and as Chief Investment Officer in March 2022. Mr. Ligthart has over 15 years' experience in aircraft trading and portfolio management in both widebody and narrowbody aircraft. Prior to joining AerCap he worked at Deloitte and Touche in Amsterdam where he served as Manager Transactions Services. Mr. Ligthart received his B.A. in Commercial Economics from Inholland University, and his MSc in Finance Management from Nyenrode Business University.

 ***Denise Mangan-Fahy.&nbsp;&nbsp;&nbsp;&nbsp;***Ms. Denise Mangan-Fahy was appointed General Manager of SES in September 2025. Prior to joining SES, Ms. Mangan-Fahy was Head of Engine Portfolio and Rental Operations at AerCap Engines, a role she assumed following the acquisition of GECAS by AerCap in 2021. She has more than 35 years' experience in the aviation industry, having worked in a variety of roles across the airline, maintenance and leasing industries including at Aer Lingus and Shannon Aerospace. Ms. Mangan-Fahy holds a First-Class Honors MBA from the University of Limerick.

***Theresa Murray.***&nbsp;&nbsp;&nbsp;&nbsp;Ms. Murray was appointed Head of Human Resources in October 2016. She has over 25 years' experience across all HR disciplines. Prior to joining AerCap, she held the position of International HR Director at Nuance Communications. Throughout her career, she has held a variety of HR and management roles, including senior positions at Telefonica and Lucent Technologies.

***Shane O'Reilly.*** Mr. O'Reilly was promoted to the position of Chief Risk Officer in September 2024. He previously served in the roles of Risk Director and Vice President Risk from 2020 to 2024, where he was responsible for risk management in Europe, Middle East and Africa, Asia Pacific and China. In his role, Mr. O'Reilly has responsibility for portfolio risk management, workouts, repossessions and debtor management. Prior to joining AerCap, he held various commercial and risk management positions with GECAS in both Ireland and Singapore, and worked in corporate banking with Allied Irish Bank. Mr. O'Reilly earned his MBA from Trinity College Business School and holds a Master's degree in International Business, and a Bachelor's Degree in Business Management from Technological University Dublin, as well as a Diploma in Aviation Leasing and Finance from the Law Society of Ireland.

------

***Pat Sheedy.*** Mr. Sheedy is President and Chief Executive Officer of Milestone Aviation. He has over 20 years of international financial services experience, including having previously led the underwriting and portfolio management function at Milestone Aviation and also having overall risk responsibility for GE Engine Leasing and GECAS' Cargo business. Prior to joining Milestone, he spent the majority of his career working in commercial aircraft leasing, with a particular focus on Emerging Markets, covering the Middle East, Africa and Russia. He qualified as a Chartered Accountant with Deloitte in Ireland, where he spent four years in several roles including audit and assurance, corporate finance and corporate recovery, prior to joining GE in 2004. Mr. Sheedy obtained his Bachelor of Business Studies degree from University of Limerick and is a Fellow of the Institute of Chartered Accountants Ireland.

***Risteard Sheridan.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Sheridan was appointed Company Secretary in May 2020 and Chief Compliance Officer in 2019. He joined AerCap in April 2017 as Head of Internal Audit. Prior to joining AerCap, he gained extensive experience advising companies on governance, financial reporting and control/process matters while working with the professional services firms KPMG and EY. Mr. Sheridan holds a Bachelor's degree in Business & Legal Studies and a Master's degree in Accounting from University College Dublin and is a Fellow of Chartered Accountants Ireland.

***Tom Slattery.***&nbsp;&nbsp;&nbsp;&nbsp;Mr. Slattery assumed the role of Executive Vice President of AerCap Engines following the acquisition of GECAS by AerCap in November 2021. Mr. Slattery heads the engine asset management activity of AerCap, responsible for the spare engine leasing business and the installed engine operations. He joined GE Aviation in 2000 as an engineer working on engine overhaul economics, followed by assuming several roles in GECAS, including sales and technical leadership, and in 2018, he was appointed EVP GECAS Engines. Mr. Slattery holds a Bachelor's degree in Mechanical Engineering and a Master's degree in Business from Cranfield University.

------

**Compensation**

***Compensation of non-executive directors***

We currently pay each non-executive director an annual fee of €95,000 (€200,000 for the Chairman of our Board of Directors) and pay each of these directors an additional €4,000 per meeting attended in person or €1,000 per meeting attended remotely. In addition, we pay the non-executive chair of the Audit Committee an annual fee of €25,000 and each Audit Committee member an annual fee of €15,000 and a fee of €4,000 per committee meeting attended in person or €1,000 per committee meeting attended remotely. We further pay the non-executive chair of each of the Nomination and Compensation Committee, the ESG Committee, the Group Treasury and Accounting Committee and the Group Portfolio and Investment Committee an annual fee of €15,000 and each such committee member an annual fee of €10,000 and a fee of €4,000 per committee meeting attended in person or €1,000 per committee meeting attended remotely. During the year ended December 31, 2025, the total fees paid to each of our non-executive directors was $0.2 million, except for the Chairman of our Board of Directors, who received total fees of $0.3 million, Victoria Jarman who received total fees of $0.1 million, and Michael Gradon who received total fees of $0.05 million. All members of the Board of Directors are reimbursed for reasonable costs and expenses incurred in attending meetings of our Board of Directors.

***Executive compensation***

The aviation leasing business is highly competitive. As the global leader in aviation leasing, we seek to attract and retain the most talented and successful officers to manage our business and to motivate them with appropriate incentives to execute our strategy and to promote and encourage continued superior performance over a prolonged period of time, in support of achieving the objectives of long-term value creation. We have designed our compensation plans to meet these objectives.

---

| | |
|:---|:---|
| **Compensation principles** | **How principles are accomplished** |
| Attract and retain a team of highly talented individuals | • Design rigorous compensation elements to enable us to compete effectively for industry-leading executive talent |
| | • Retain executives with industry and functional knowledge, leadership abilities and fit with Company culture |
| | • Perform market analysis to stay informed of compensation trends and practices |
| Align executive pay with long-term shareholder interests | • Concentrate executive pay heavily in long-term equity compensation<br>• Require robust senior executive equity ownership and retention |
| | • Motivate senior executives and all AerCap employees with incentives to generate long-term shareholder returns |
| Incentivize performance | • Determine annual incentive awards based on performance relative to targets set by the Nomination and Compensation Committee<br>• Ensure that incentives are aligned with our risk profile and reflect the time horizon of the outcomes arising from key commercial decisions |
| | • Reward long-term growth and value creation by placing a larger emphasis on the earning potential in long-term incentive programs relative to short-term programs |
| | • Tie long-term incentive program awards to the achievement of multi-year earnings per share ("EPS") and share price targets set by the Nomination and Compensation Committee |
| | • Reward high performers with above-target annual performance incentive pay when predetermined goals are exceeded |
| Manage and balance risk | • Prohibit hedging of Company securities and pledging of AerCap stock prior to vesting<br>• Focus on clear quantitative performance metrics, particularly EPS |
| | • Design equity awards to emphasize long-term performance |
| | • Subject executives' incentive compensation to clawback provisions under U.S. and Dutch law |

---

------

The compensation packages of our Group Executive Committee members (other than our Chief Executive Officer) and certain other officers, consisting of base salary and annual bonus, along with other benefits, are determined by the Nomination and Compensation Committee with input from the Chief Executive Officer on an annual basis. As of December 31, 2025, our Group Executive Committee members were Aengus Kelly, Peter Anderson and Peter Juhas. During the year ended December 31, 2025, we paid Messrs. Kelly, Anderson and Juhas total remuneration of $94.4 million, $8.8 million and $19.0 million, respectively, consisting of the following amounts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Base Salary (a)** | **Annual Bonus (b)** | **Equity Awards (c)** | **Pension Contributions** | **Other <br>Benefits** | **Total** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| Aengus Kelly | $1.0 | $3.4 | $89.1 | $0.3 | $0.6 | $94.4 |
| Peter Anderson | 0.7 | 1.2 | 6.3 | 0.1 | 0.5 | 8.8 |
| Peter Juhas | 0.8 | 1.7 | 14.7 | 0.1 | 1.7 | 19.0 |

---

(a)Represents base salary actually paid during the year ended December 31, 2025.

(b)Represents annual bonus actually paid in the year ended December 31, 2025, which was the annual bonus earned in respect of performance for the year ended December 31, 2024.

(c)Represents expense we recognized with respect to equity awards, including an annual stock bonus in the case of Mr. Kelly, that were granted to the executive in 2025 and prior years.

In addition, with input from the Chief Executive Officer, the Nomination and Compensation Committee may grant long-term equity incentive awards to our officers (other than our Chief Executive Officer) on a non-recurring basis under our equity incentive plans, as further outlined below. The compensation package of our Chief Executive Officer, consisting of base salary, annual bonus, annual stock bonus and long-term equity incentive awards, along with other benefits, is determined by the Board of Directors, upon the recommendation of the Nomination and Compensation Committee, in accordance with the remuneration policy approved by the General Meeting of Shareholders.

The amount of the annual bonus and, if applicable, the amount of the annual stock bonus granted to our Group Executive Committee members and other participating officers are determined by the Nomination and Compensation Committee (or, in the case of our Chief Executive Officer, the Board of Directors, upon the recommendation of the Nomination and Compensation Committee) based on the Company's performance relative to agreed performance metrics and objectives for the relevant year and the personal performance of the individual Group Executive Committee member or other officer involved. The Company's performance metrics and target bonus levels are typically determined before the beginning of the relevant year. The annual bonus amounts and the annual stock bonuses are paid or granted, as the case may be, in arrears. As a matter of policy, actual bonus amounts will be below target level in years that the performance metrics are not met, unless specific circumstances require otherwise, which circumstances, if any, will be disclosed in this annual report. Annual stock bonus grants vest after three years or at the end of the officer's employment term, if earlier.

Our long-term equity incentive program is designed to retain our most talented and successful officers and to incentivize continued superior performance, in accordance with the Company's long-term objectives, for the benefit of our shareholders and other stakeholders. The majority of the long-term equity awards have vesting periods ranging between three and five years, and the vesting of approximately two-thirds of each award is conditional upon the achievement of the Company's EPS target over the multi-year vesting period, as determined by the Board of Directors (approximately one-third of each award is subject to time-based vesting). Our Chief Executive Officer and certain other officers also receive long-term equity awards that vest after five years subject to achievement of agreed share price targets. The awards will cliff vest, subject to meeting the vesting conditions, at the end of the vesting period, i.e., there will be no vesting in the interim, even if share price targets are met prior to the end of the vesting period, and all shares will remain at risk until the end of the vesting period. The Nomination and Compensation Committee believes that the design of the long-term equity award program promotes and encourages exceptional performance over a prolonged period of time, in support of the objectives of long-term value creation and appropriate risk-taking. Notably, none of the EPS performance-based awards issued to our Group Executive Committee members will vest if 84.5% or less of the EPS target is achieved, which demonstrates the rigor of the program. A portion of the EPS performance-based shares will vest, as specified in the award agreements, if more than 84.5%, but less than 100% of the EPS target is achieved, and all EPS performance-based shares will vest if the EPS target is achieved or exceeded. No more than 100% of the performance-based shares will vest, even if the EPS target is significantly exceeded. In the event of a change of control of the Company, the shares will immediately vest. Refer to Note 19—*Share-based compensation* to our Consolidated Financial Statements included in this annual report for further details on our equity incentive plans.

------

The Company is subject to the Netherlands' Clawback of Bonuses Act. Pursuant to this legislation, bonuses paid to the executive director (and other directors, as defined under the articles of association, provided they are in charge of day-to-day management) may be clawed back if awarded on the basis of incorrect information. In addition, any bonus that has been awarded to the executive director (and other directors, as defined under the articles of association, provided they are in charge of day-to-day management) may be reduced if, under the circumstances, payment of the bonus would be unacceptable.

As of December 31, 2025, we did not have any directors (other than the executive director) who were in charge of day-to-day management.

The Company is also subject to NYSE listing standards that require listed companies to adopt clawback policies that mandate recovery by listed companies of certain incentive-based compensation awarded to current and former executives in the event of an accounting restatement. Pursuant to these listing standards, we adopted and maintain the AerCap Holdings N.V. Incentive Compensation Recovery Policy.

------

***AerCap equity incentive plans***

Under our equity incentive plans, we have granted restricted stock units, restricted stock and, previously, stock options to directors, officers and employees to attract and retain them on competitive terms, and to incentivize superior performance with a view to creating long-term value for the benefit of the Company, its shareholders and other stakeholders.

During the year ended December 31, 2025, our non-executive directors received the following number of restricted stock unit awards, each with a grant date of January 1, 2025: Mr. Dacier (Chairman), 2,707; Mr. Lawrence, 1,881; Messrs. Branch, Gradon and Walsh, 1,610; Mses. Cartwright, Forst, VanBelle and Mr. Warden, 1,069.

The table below indicates the equity awards the Company granted to our Group Executive Committee members and their equity awards that vested in 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025 Granted** | **2025 Granted** | **2025 Vested** | **2025 Vested** |
| Aengus Kelly | 1,915,004 | (a) | 2,053,996 | (b) |
| Peter Anderson |  | | 313,953 | (c) |
| Peter Juhas | 205,884 | (d) | 151,625 | (e) |

---

(a)Grant of 500,000 restricted stock units and 2,030,637 shares of restricted stock, net of 615,633 shares withheld to cover Irish taxes due at grant.

(b)Vesting of 2,053,996 shares of restricted stock.

(c)Vesting of 313,953 shares of restricted stock.

(d)Grant of 30,000 restricted stock units and 290,000 shares of restricted stock, net of 114,116 shares withheld to cover Irish taxes due at grant.

(e)Vesting of 151,625 shares of restricted stock.

The table below indicates the years in which equity awards held by our Group Executive Committee members as of December 31, 2025 are due to vest, subject to meeting the applicable vesting criteria. The awards may comprise restricted stock or restricted stock units, as specified in the paragraph below regarding share ownership:

---

| | | | |
|:---|:---|:---|:---|
| | **2026** | **2029** | **2030** |
| Aengus Kelly | 1,423,755 | 905,877 | 987,779 |
| Peter Anderson |  | 279,069 |  |
| Peter Juhas | 121,298 | 117,054 | 88,830 |

---

We require our Group Executive Committee members to own Company ordinary shares having a value equal to at least five times their annual base salary (ten times in the case of the Chief Executive Officer), in order to further align their interests with the long-term interests of our shareholders. This threshold amount includes ordinary shares owned outright, vested stock-based equity awards, time-based restricted stock and time-based restricted stock units, whether or not vested, and any stock-based equity that the executive has elected to defer. New Group Executive Committee members have a five-year grace period to meet this threshold. In addition, each Group Executive Committee member is required to hold, post vesting, 25% of the net ordinary shares (50% for our Chief Executive Officer) (after satisfaction of any exercise price or tax withholding obligations), delivered to him or her pursuant to Company equity awards since January 1, 2007, for so long as such member remains employed by the Company (or, if earlier, until such member reaches 65 years of age). Sales of Company ordinary shares are conducted with a view to avoiding undue impact on the Company's ordinary share price and in compliance with laws and regulations. Each member must consult with the Chairman before executing any sale of the Company's ordinary shares.

Our policies prohibit our directors, officers and employees from trading in Company securities on the basis of material non-public information, or engaging in hedging and other "short" transactions involving Company securities. In addition, our directors, officers and employees are prohibited from pledging equity incentive awards prior to vesting.

Refer to Note 19—*Share-based compensation* to our Consolidated Financial Statements included in this annual report for more details on our equity incentive plans.

------

**Board Practices**

***General***

Our Board of Directors currently consists of ten directors, nine of whom are non-executive directors.

As a foreign private issuer, as defined by the rules promulgated under the Exchange Act, we are not required to have a majority independent Board of Directors under applicable NYSE rules. Under the Dutch Corporate Governance Code (the "Dutch Code"), for a non-executive director to be considered "independent," he or she (and his or her spouse and immediate relatives) may not, among other things, *(i)* in the five years prior to his or her appointment, have been an employee or executive director of us or any public company affiliated with us; *(ii)* in the year prior to his or her appointment, have had an important business relationship with us or any public company affiliated with us; *(iii)* receive any financial compensation from us other than for the performance of his or her duties as a director or other than in the ordinary course of business; *(iv)* hold 10% or more of our ordinary shares (including ordinary shares subject to any shareholder's agreement); *(v)* be a member of the management or Supervisory Board of a company owning 10% or more of our ordinary shares; *(vi)* in the year prior to his or her appointment, have temporarily managed our day-to-day affairs while the executive director was unable to discharge his or her duties; or *(vii)* be a member of the management board of a company in which a member of the management board of the company which he supervises is a supervisory board member. The Dutch Code contains principles and best practices for Dutch companies with listed shares, and requires companies to either comply with the best practice provisions of the Dutch Code or to explain why they deviate from these best practice provisions. Two of our non-executive directors (out of a total of nine) have served in excess of 12 years in deviation of the best practice provisions in the Dutch Code. However, we believe that the current composition of the Board enables it to operate effectively and independently, considering that the non-executive directors are carefully selected based upon their combined experience and expertise. The average tenure of our non-executive directors as of December 31, 2025, was 8.7 years.

The directors are appointed by the general meeting of the shareholders. Our directors may be appointed by the vote of a majority of votes cast at a general meeting of shareholders, provided that our Board of Directors has proposed the appointment. Without a Board of Directors proposal, directors may also be appointed by the vote of a majority of the votes cast at a general meeting of shareholders if the majority represents at least one-third of our issued capital.

Shareholders may remove or suspend a director by the vote of a majority of the votes cast at a general meeting of shareholders, provided that our Board of Directors has proposed the removal. Our shareholders may also remove or suspend a director, without there being a proposal by the Board of Directors, by the vote of a majority of the votes cast at a general meeting of shareholders if the majority represents at least one-third of our issued capital. We do not have service contracts with our non-executive directors providing for benefits upon termination of employment.

Under our articles of association, the rules for the Board of Directors and the board committees, and Dutch corporate law, the members of the Board of Directors are collectively responsible for the management, general and financial affairs, policy, and strategy of our company.

The executive director is our Chief Executive Officer, who is primarily responsible for managing our day-to-day affairs as well as other responsibilities that have been delegated to the executive director in accordance with our articles of association and our internal rules for the Board of Directors. The employment contract of our executive director includes a severance clause with a pre-agreed severance amount to be paid in certain circumstances. The non-executive directors supervise the Chief Executive Officer and our general affairs and provide general advice to our Chief Executive Officer. In performing their duties, the non-executive directors are guided by the interests of the Company and shall, within the boundaries set by relevant Dutch law, take into account the relevant interests of our shareholders and other stakeholders in AerCap. The internal affairs of the Board of Directors are governed by our rules for the Board of Directors.

The Chairman of the Board is responsible for ensuring, among other things, that *(i)* each director receives all information about matters that he or she may deem useful or necessary in connection with the proper performance of his or her duties; *(ii)* each director has sufficient time for consultation and decision making; and *(iii)* the Board of Directors and the board committees are properly constituted and functioning.

------

Each director has the right to cast one vote and may be represented at a meeting of the Board of Directors by a fellow director. The Board of Directors may pass resolutions only if a quorum of four directors, including our Chief Executive Officer and the Chairman or, in his absence, an alternative non-executive director who has been charged by the Board of Directors to act as chairman, are present at the meeting. Resolutions must be passed by a majority of the votes cast. If there is a tie, the matter will be decided by the Chairman of the meeting. Subject to Dutch law, resolutions of the Board of Directors may be passed in writing by a majority of the directors in office. Pursuant to Dutch laws and the Board Rules, a director may not participate in discussions or the decision-making process on a transaction or subject in relation to which he or she has a conflict of interest with us. Resolutions to enter into such transactions must be approved by our Board of Directors, excluding such interested director or directors.

In 2025, the Board of Directors met on ten occasions. Throughout the year, the Chairman of the Board and individual non-executive directors were in close contact with our Chief Executive Officer and the other Group Executive Committee members. During its meetings and contacts with the Chief Executive Officer and the other Group Executive Committee members, the Board discussed topics including: capital allocation strategies; share repurchases and the declaration of quarterly dividends; the impact of the Ukraine Conflict, including related insurance claims and insurance policy litigation; AerCap's annual reports and annual accounts for the financial year 2024; topics for the AGM 2025; secured and unsecured financing transactions and AerCap's liquidity position; AerCap's hedging policies; the utilization and optimization of AerCap's portfolio of aircraft; global and regional macroeconomic, monetary, political and geopolitical developments, including the impact of potential and actual trade tariffs, the impact of hostilities in the Middle East and tensions and potential conflict between China, the United States and Europe; key AerCap customer developments and restructuring events; the competitive landscape; aircraft valuations; AerCap's backlog of new technology orders with aircraft and engine manufacturers; purchase-and-leaseback transactions; AerCap's shareholder value; key AerCap shareholder developments; AerCap's corporate and tax structure; Pillar Two tax rules; cybersecurity; reports from the various Board committees; budgeting and financial planning; ESG-related topics; remuneration and compensation; directors' and officers' succession planning; regulatory compliance; culture and values; sustainability and community; governance, risk management and control; and an assessment of the Board's own functioning.

***Composition of the Board***

The members of our Board of Directors are from diverse professional backgrounds and combine a broad spectrum of experience and expertise with a reputation for integrity. The Board of Directors as a whole possesses a wide range of core competencies, professional backgrounds and skill sets, as outlined in the Board profile, which is determined by the Board each year. The Board profile, which is available on the website of the Company, sets out the Board's policy in relation to Board composition and diversity, and associated targets. The highlights of this policy include that the Board of Directors shall aim for a diverse composition, in line with the global nature and identity of the Company and its business, in terms of such factors as nationality, background, gender and age. We are committed to advancing female representation on our Board of Directors, as we believe that greater diversity of the Board of Directors will have a positive impact. Candidate directors are primarily selected on the basis of core competencies, professional backgrounds and skill sets as outlined in the Board profile. The Board of Directors comprises at least one financial expert.

***Committees of the Board of Directors***

As described above, the Chief Executive Officer is primarily responsible for managing our day-to-day affairs as well as other duties that have been delegated to the executive director in accordance with our articles of association and our internal rules for the Board of Directors. The Board of Directors has established a Group Executive Committee, an Audit Committee, a Nomination and Compensation Committee, a Group Portfolio and Investment Committee, a Group Treasury and Accounting Committee and an ESG Committee.

*Group Executive Committee*

We maintain a Group Executive Committee, which is tasked with assisting the Chief Executive Officer with the operational management of the Company, subject to the Chief Executive Officer's ultimate responsibility. It is chaired by our Chief Executive Officer and is comprised of officers appointed by the Nomination and Compensation Committee. As of December 31, 2025, the members of our Group Executive Committee were Aengus Kelly, Peter Anderson and Peter Juhas. The members of the Group Executive Committee assist the Chief Executive Officer in performing his duties and as such have managerial and policy making functions within the Company in their respective areas of responsibility. Members of the Group Executive Committee regularly attend Board meetings.

------

*Audit Committee*

Our Audit Committee assists the Board of Directors in fulfilling its responsibilities relating to the integrity of our financial statements, our risk management and internal control arrangements, our compliance with legal and regulatory requirements, oversight of risks from cybersecurity threats, the performance, qualifications and independence of our external auditors, and the performance of the internal audit function, among others. The Audit Committee is comprised of non-executive directors who are "independent" as defined by Rule 10A-3 under the Exchange Act. At least one of them shall have the necessary financial qualifications. As of December 31, 2025, the members of our Audit Committee were James (Jim) Lawrence (Chair), Julian (Brad) Branch, Victoria Jarman and Michael Walsh.

In 2025, the Audit Committee met on five occasions. Throughout the year, the members of the Audit Committee were in close contact with our Chief Executive Officer, our Chief Financial Officer, our internal auditors and our external auditors. Principal items discussed and reviewed during these Audit Committee meetings and with our Chief Executive Officer and our Chief Financial Officer included: the annual and quarterly financial statements and disclosures; internal auditors' reports; external auditors' reports; external auditors' independence and rotation; activities and results in respect of our continued compliance with the Sarbanes-Oxley Act; the effectiveness of the design and operation of the internal risk management and control systems; the external auditors' audit plan for 2025, approval of other services rendered by the external auditors; the internal auditors' audit plan for 2026, ESG-related topics; the impact of the Ukraine Conflict, including related insurance claims and insurance policy litigation; the impact of tariffs and related trade policy developments; the Company's compliance, risk management, integrity and fraud policies; information systems and cybersecurity; the impact of regulatory and reporting developments; the expenses incurred by the Company's most senior officers in carrying out their duties; the Company's Corporate and tax structures; the Company's tax planning policies; Pillar Two tax rules; the Company's dividend policy; insurance matters; key transformation projects; the functioning of the Audit Committee; the Audit Committee charter; and the Audit Committee cycle. The Audit Committee had separate sessions with the external auditors and with the internal auditors without management being present.

*Nomination and Compensation Committee*

Our Nomination and Compensation Committee selects and recruits candidates for the positions of Chief Executive Officer, non-executive director and Chairman of the Board of Directors and recommends their remuneration, bonuses and other terms of employment or engagement to the Board of Directors. In addition, our Nomination and Compensation Committee approves the remuneration, bonuses and other terms of employment of the Group Executive Committee and certain other officers and appoints members of the Group Executive Committee, the Group Portfolio and Investment Committee, the Group Treasury and Accounting Committee and recommends candidates for the Audit Committee and plans the succession within the Board of Directors and committees. It is chaired by the Chairman of our Board of Directors and is further comprised of up to four non-executive directors appointed by the Board of Directors. As of December 31, 2025, the members of our Nomination and Compensation Committee were Paul T. Dacier (Chair), Stacey Cartwright, Jennifer VanBelle, Michael Walsh and Robert (Bob) Warden.

In 2025, the Nomination and Compensation Committee met on three occasions. At these meetings it discussed and approved succession planning and compensation related matters, proposed share awards to the Chief Executive Officer and members of the Group Executive Committee, the impact of regulatory and reporting developments, and developments within the framework of the Board and Committee Rules and our remuneration policy.

None of our Nomination and Compensation Committee members or our officers has a relationship that would constitute an interlocking relationship with officers or directors of another entity or insider participation in compensation decisions.

*Group Portfolio and Investment Committee*

Our Group Portfolio and Investment Committee is entrusted with the authority to consent to transactions relating to the acquisition and disposal of aircraft, engines and financial assets that are in excess of $250 million but less than $600 million, among others. It is chaired by our Chief Financial Officer and is comprised of non-executive directors and officers appointed by the Nomination and Compensation Committee. As of December 31, 2025, the members of our Group Portfolio and Investment Committee were Peter Juhas (Chair), Rita Forst, Aengus Kelly, Bart Ligthart and Robert (Bob) Warden.

------

*Group Treasury and Accounting Committee*

Our Group Treasury and Accounting Committee is entrusted with the authority to consent to debt funding in excess of $250 million but less than $600 million per transaction, among others. It is chaired by our Chief Financial Officer and is comprised of non-executive directors and officers appointed by the Nomination and Compensation Committee. As of December 31, 2025, the members of our Group Treasury and Accounting Committee were Peter Juhas (Chair), Brian Canniffe, Paul T. Dacier, Aengus Kelly and Robert (Bob) Warden.

*ESG Committee* 

Our ESG Committee assists the Board of Directors in defining and reviewing the Company's strategy relating to ESG and developing and maintaining the policies, programs, targets and initiatives in this area. This approach is designed to provide dedicated oversight of ESG-related issues, risks and opportunities at the highest level. The ESG Committee comprises three board-level independent directors and three members of the AerCap senior leadership team. As of December 31, 2025, the members of our ESG Committee were Stacey Cartwright (Chair), Julian (Brad) Branch, Rita Forst, Donal Handley, Peter Juhas and Tom Slattery.

In 2025, the ESG Committee met on three occasions. At these meetings it discussed and reviewed our approach to ESG- related topics and other values that we believe contribute to a culture focused on long-term value creation, the ongoing deployment of the Company's ESG strategy, external reporting and compliance matters, engagement with staff and stakeholders, AerCap's role in sustainability initiatives, industry engagement and initiatives, regulatory developments, and community and social involvement by the Company.

------

**Share ownership**

The following table presents beneficial ownership of our shares (including shares underlying equity awards granted under our equity incentive plans) which were held by our directors and Group Executive Committee members as of December 31, 2025. Refer to Note 19—*Share-based compensation* to our Consolidated Financial Statements included in this annual report for further details on our equity incentive plans.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary shares (unrestricted)** | **Restricted stock (a)** | **Restricted stock units (a) (b)** | **Fully diluted ownership percentage (c)** |
| **Directors:** | | | | |
| &nbsp;&nbsp;Paul T. Dacier (Chairman) | 16020 |  | 20000 | \* |
| &nbsp;&nbsp;Aengus Kelly (d) | 3644821 | 2817411 | 500000 | 4.2% |
| &nbsp;&nbsp;Julian (Brad) Branch | 22466 |  | 26555 | \* |
| &nbsp;&nbsp;Stacey Cartwright | 2102 |  | 24351 | \* |
| &nbsp;&nbsp;Rita Forst | 7652 |  | 24351 | \* |
| &nbsp;&nbsp;Victoria Jarman |  |  |  | \* |
| &nbsp;&nbsp;James (Jim) Lawrence | 15945 |  | 20000 | \* |
| &nbsp;&nbsp;Jennifer VanBelle | 1319 |  | 20000 | \* |
| &nbsp;&nbsp;Michael Walsh | 20772 |  | 20000 | \* |
| &nbsp;&nbsp;Robert (Bob) Warden | 27180 |  | 24351 | \* |
| **Total Directors** | **3758277** | **2817411** | **679608** |  |
| **Group Executive Committee (GEC) Members:** |  |  |  |  |
| &nbsp;&nbsp;Peter Anderson | 115988 | 279069 |  | \* |
| &nbsp;&nbsp;Peter Juhas | 129186 | 297182 | 30000 | \* |
| **Total Directors and GEC Members** | **4003451** | **3393662** | **709608** |  |

---

\*Less than 1.0%.

(a)As of December 31, 2025, the outstanding restricted stock and restricted stock units are expected to vest as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vesting year** | **2026** | **2029** | **2030** | **Total** |
|  | **(in shares)** | **(in shares)** | **(in shares)** | **(in shares)** |
| Restricted stock and Restricted stock units | 1724661 | 1302000 | 1076609 | 4103270 |

---

(b)Payroll tax will be withheld and deducted from the ordinary shares to be delivered at the vesting of restricted stock units, as applicable.

(c)Percentage amount assumes the vesting and exercise of all time-based and performance-based equity awards at target in this table, and no vesting or exercise of any other equity awards.

(d)Mr. Kelly is our Chief Executive Officer and the Executive Director of the Board.

All of our ordinary shares have the same voting rights.

The address for all of our directors and officers is c/o AerCap Holdings N.V., AerCap House, 65 St. Stephen's Green, Dublin, D02 YX20, Ireland.

------

**Employees**

The following table presents the number of employees relating to our aviation leasing business at each of our principal geographic locations as of December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| **Location** | **2025** | **2024** | **2023** |
| Ireland | 447 | 472 | 468 |
| United States | 132 | 134 | 121 |
| Singapore | 53 | 59 | 59 |
| Other (a) | 36 | 34 | 31 |
| **Total** | **668** | **699** | **679** |

---

(a)Includes employees located in the United Kingdom, the United Arab Emirates, China, the Netherlands, Belgium and Italy.

None of our employees are covered by a collective bargaining agreement, and we believe that we maintain excellent employee relations.

**Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Major Shareholders and Related Party Transactions**

**Major shareholders**

Beneficial holders of 5% or more of our issued and outstanding ordinary shares as of December 31, 2025, based on available public filings, include: Eagle Capital Management, LLC owning 8.1% (13,514,714 shares) (based on the most recent Schedule 13G/A filed on May 15, 2025) and BlackRock, Inc. owning 6.6% (10,935,536 shares) (based on the most recent Schedule 13G filed on November 12, 2024).

We do not register the jurisdiction of all record holders, as this information is not always available. Specifically, the number of record holders in the United States, or in many regions outside the United States, is not known to the Company and cannot be ascertained from public filings. All of our ordinary shares have the same voting rights.

**Related party transactions**

Refer to Note 10—*Associated companies*, Note 29—*Variable interest entities* and Note 30—*Related party transaction*s to our Consolidated Financial Statements included in this annual report for further details of transactions and loans between the Company and its related parties.

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Financial Information**

**Consolidated statements and other financial information**

Please refer to pages F-1 through <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_289)[64](#i7db8ada55c5c4547a571b7b5e7463f39_289)</u> of this annual report.

**Significant changes&nbsp;&nbsp;&nbsp;&nbsp;**

Please refer to Note 33—*Subsequent events* to our Consolidated Financial Statements included in this annual report for a discussion of significant changes.

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;The Offer and Listing**

**Offer and listing details**

Not applicable.

**Markets**

AerCap's ordinary shares are traded on the NYSE under the ticker symbol AER.

------

**Item 10.&nbsp;&nbsp;&nbsp;&nbsp;Additional Information**

**Memorandum and articles of association**

Set forth below is a summary description of our ordinary shares and related material provisions of our articles of association and of Book 2 of the Dutch Civil Code ("*Boek 2 van het Burgerlijk Wetboek*"), which governs the rights of holders of our ordinary shares. Please refer to "Item 6. Directors, Senior Management and Employees" for a discussion of Netherlands laws and our internal rules concerning directors' power to vote on proposals in which they are materially interested. For a description of our objects and purposes, please refer to Article 2 of our articles of association, a copy of which is filed as an exhibit to this annual report.

***Ordinary share capital***

Pursuant to our articles of association, our ordinary shares may only be held in registered form. All of our ordinary shares are registered in a register kept by us or on our behalf by our transfer agent. Transfer of registered shares requires a written deed of transfer and the acknowledgment by AerCap, subject to provisions stemming from private international law. Our ordinary shares are, in general, freely transferable.

***Regulatory obligations regarding certain share transactions***

Cash Manager Limited, which is a subsidiary of AerCap, is subject to regulation by the Central Bank of Ireland. As a result, the acquisition or disposal directly or indirectly of interests in AerCap shares or similar interests may be subject to regulatory requirements involving the Central Bank of Ireland as set out below. The following disclosure is for information purposes only and AerCap cannot provide Irish legal advice to actual or potential investors. Actual or potential investors in AerCap must obtain their own legal advice in relation to their position.

Under the European Union (Markets in Financial Instruments) Regulations 2017 (as amended) (the "MiFID II Regulations"), a person or a group of persons acting in concert proposing to acquire a direct or indirect holding of ordinary shares or other similar interests in AerCap must give the Central Bank of Ireland prior written notice of such proposed acquisition if the acquisition would directly or indirectly *(i)* represent 10% or more of the capital or voting rights in AerCap; *(ii)* result in the proportion of capital or voting rights in AerCap held by such person or persons reaching or exceeding 10%, 20%, 33% or 50% of the capital or voting rights in AerCap; or *(iii)* in the opinion of the Central Bank of Ireland, make it possible for that person or those persons to control or exercise a significant influence over the management of Cash Manager Limited. Any such proposed acquisition shall not proceed until *(a)* the Central Bank of Ireland has informed such proposed acquirer or acquirers that it approves such acquisition or *(b)* the period prescribed in Regulation 21 of the MiFID II Regulations has elapsed without the Central Bank of Ireland having given notice in writing that it opposes such acquisition. It is important in this regard to note that the validity as a matter of Irish law of affected transactions, if completed without prior notification to, or assessment by, the Central Bank of Ireland will not be recognized in Ireland. Corresponding provisions apply to the disposal of direct and indirect shareholdings in AerCap except that, in such case, no approval is required, but prior notice of the disposal must be given to the Central Bank of Ireland. Cash Manager Limited is required under the MiFID II Regulations to notify the Central Bank of Ireland of relevant acquisitions and/or disposals of which it becomes aware.

***Issuance of ordinary shares***

The General Meeting of Shareholders can resolve upon the issuance of ordinary shares or the granting of rights to subscribe for ordinary shares, but only upon a proposal by the Board of Directors specifying the price and further terms and conditions. The General Meeting of Shareholders may designate our Board of Directors as the authorized corporate body for this purpose. Such designation may be for any period of up to five years and must specify the maximum number of ordinary shares that may be issued.

At the AGM held in 2025, our shareholders resolved to authorize the Board of Directors, for a period of 18 months, to issue ordinary shares or grant rights to subscribe for ordinary shares up to ten percent of the Company's issued share capital.

------

***Preemptive rights***

Unless limited or excluded by the General Meeting of Shareholders or Board of Directors as described below, holders of ordinary shares have a pro rata preemptive right to subscribe for ordinary shares that we issue, except for ordinary shares issued for non-cash consideration (contribution in kind) or ordinary shares issued to our employees.

The General Meeting of Shareholders may limit or exclude preemptive rights and also designate our Board of Directors as the authorized corporate body for this purpose. At the AGM held in 2025, our shareholders resolved to authorize the Board of Directors to limit or exclude preemptive rights in respect of any issuance of shares or granting of rights to subscribe for shares pursuant to the authorization described above in the paragraph "Issuance of ordinary shares," which authorization is valid for a period of 18 months.

***Repurchase of our ordinary shares***

We may acquire our ordinary shares, subject to certain provisions of the laws of the Netherlands and of our articles of association, if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the General Meeting of Shareholders has authorized our Board of Directors to acquire the ordinary shares, which authorization may be valid for no more than 18 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our equity, after deduction of the price of acquisition, is not less than the sum of the paid-in and called-up portion of the share capital and the reserves that the laws of the Netherlands or our articles of association require us to maintain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we would not hold after such purchase, or hold as pledgee, ordinary shares with an aggregate par value exceeding such part of our issued share capital as set by law from time to time.

At the AGM held in 2025, our shareholders resolved to authorize the Board of Directors for a period of 18 months *(i)* to repurchase ordinary shares up to ten percent of the Company's issued share capital; and *(ii)* to repurchase ordinary shares up to an additional ten percent of the Company's issued share capital, subject to the condition that the number of ordinary shares which the Company may at any time hold in its own capital will not exceed ten percent of the Company's issued share capital, and certain other conditions described in these resolutions.

***Capital reduction and cancellation***

The General Meeting of Shareholders may reduce our issued share capital either by cancelling ordinary shares held in treasury or by amending our articles of association to reduce the par value of the ordinary shares. A resolution to reduce our capital requires the approval of at least an absolute majority of the votes cast and, if less than one half of the share capital is represented at a meeting at which a vote is taken, the approval of at least two-thirds of the votes cast.

At the AGM held in 2025, our shareholders resolved to cancel the Company's ordinary shares that may be acquired under the repurchase authorizations described above or otherwise, subject to determination by our Board of Directors or our Chief Executive Officer, of the exact number of ordinary shares to be cancelled. During 2025, we cancelled 25.5 million ordinary shares that were acquired through the share repurchase programs in accordance with authorizations obtained from the Company's shareholders.

------

***General Meetings of Shareholders***

Our articles of association determine how our AGM and any extraordinary General Meeting of Shareholders are convoked. At least one AGM must be held every year. Shareholders can exercise their voting rights by submitting their proxy forms or equivalent means prior to a set date in accordance with the procedures indicated in the notice and agenda of the applicable general meeting of shareholders. Shareholders may exercise their meeting rights in person after notifying us prior to a set date and providing us with appropriate evidence of ownership of the shares and authority to vote prior to a set date in accordance with the procedures indicated in the notice and agenda of the applicable general meeting of shareholders.

The rights of shareholders may only be changed by amending our articles of association. A resolution to amend our articles of association is valid if the Board of Directors makes a proposal amending the articles of association and such proposal is adopted by a simple majority of votes cast.

The following resolutions require a two-thirds majority vote if less than half of the issued share capital is present or represented at the General Meeting of Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital reduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exclusion or restriction of preemptive rights, or designation of the Board of Directors as the authorized corporate body for this purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal merger or legal demerger within the meaning of Title 7 of Book 2 of the Dutch Civil Code.

If a proposal to amend the articles of association will be considered at the meeting, we will make available a copy of that proposal, in which the proposed amendments will be stated verbatim.

An agreement of AerCap to enter into *(i)* a statutory merger whereby AerCap is the acquiring entity; or *(ii)* a legal demerger, with certain limited exceptions, must be approved by the shareholders.

The AGM was held on April 16, 2025. The AGM adopted the 2024 annual accounts and voted in favor of all other items which required a vote.

***Voting rights***

Each ordinary share represents the right to cast one vote at a General Meeting of Shareholders. All resolutions must be passed with an absolute majority of the votes validly cast, unless otherwise stated in the Articles of Association or under Dutch law. We are not allowed to exercise voting rights for ordinary shares we hold directly or indirectly.

Any major change in the identity or character of AerCap or its business must be approved by our General Meeting of Shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sale or transfer of substantially all our business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the commencement or termination of certain major joint ventures and our participation as a general partner with full liability in a limited partnership ("*commanditaire vennootschap*") or general partnership ("*vennootschap onder firma*"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition or disposal by us of a participating interest in a company's share capital, the value of which amounts to at least one third of the value of our assets.

***Liquidation rights***

If we are dissolved or wound up, the assets remaining after payment of our liabilities will be first applied to pay back the amounts paid up on the ordinary shares. Any remaining assets will be distributed among our shareholders, in proportion to the par value of their shareholdings. All distributions referred to in this paragraph shall be made in accordance with the relevant provisions of the laws of the Netherlands.

------

***Dutch statutory squeeze-out proceedings***

If a person or a company or two or more group companies within the meaning of Article 2:24b of the Dutch Civil Code acting in concert hold 95% or more of a Dutch public limited liability company's issued share capital by par value for their own account, the laws of the Netherlands permit that person or company or those group companies acting in concert to acquire the remaining ordinary shares in the company by initiating statutory squeeze-out proceedings against the holders of the remaining shares. The price to be paid for such shares will be determined by the Enterprise Chamber of the Amsterdam Court of Appeal.

***Choice of law and exclusive jurisdiction***

Our articles of association provide that the legal relationship among or between us, any of our current or former directors, and any of our current or former holders of our shares and derivatives thereof, including but not limited to *(i)* actions under statute; *(ii)* actions under the articles of association, including actions for breach thereof; and *(iii)* actions in tort, shall be governed in each case exclusively by the laws of the Netherlands, unless such legal relationship does not pertain to or arise out of the capacities above. Any dispute, suit, claim, pre-trial action or other legal proceeding, including summary or injunctive proceedings, by and between those persons pertaining to or arising out of their capacities listed above shall be exclusively submitted to the courts of the Netherlands.

***Adoption of annual accounts and discharge of management liability***

Each year, our Board of Directors must prepare annual accounts within five months after the end of our financial year (subject to extension of that term by our General Meeting of Shareholders). The annual accounts must be made available for inspection by shareholders at our offices from the moment that our annual General Meeting of Shareholders is convened. The annual accounts must be accompanied by an auditor's certificate, a report of the Board of Directors and certain other mandatory information. The shareholders shall appoint an auditor, as referred to in Article 393 of Book 2 of the Dutch Civil Code, to audit the annual accounts. The annual accounts are adopted by our shareholders.

The adoption of the annual accounts by our shareholders does not include the release of the members of our Board of Directors from liability for acts reflected in those documents. Any such release from liability requires a separate shareholders' resolution.

**Registrar and transfer agent**

A register of holders of the ordinary shares will be maintained by Broadridge in the United States who also serves as our transfer agent. The telephone number of Broadridge is 1-800-733-1121.

**Risk management and control framework**

Our management is responsible for designing, implementing and operating an adequate functioning internal risk management and control framework. The purpose of this framework is to identify and manage the strategic, operational, financial and compliance risks to which we are exposed, to promote effectiveness and efficiency of our operations, to promote reliable financial reporting and to promote compliance with laws and regulations. Supervision is exercised by our Audit Committee, as described in "Item 6. Directors, Senior Management and Employees—Board Practices—Committees of the Board of Directors—Audit Committee." Our internal risk management and control framework is based on the COSO framework developed by the Committee of Sponsoring Organizations of the Treadway Commission (2013). The COSO framework aims to provide reasonable assurance regarding effectiveness and efficiency of an entity's operations, reliability of financial reporting, prevention of fraud and compliance with laws and regulations.

Our internal risk management and control framework has the following key components:

***Planning and control cycle***

The planning and control cycle consists of an annual budget and business plan prepared by management and approved by our Board of Directors, quarterly forecasts, operational reviews and financial reporting.

------

***Risk management and internal controls***

We have developed policies and procedures for all areas of our operations, both financial and non-financial, that constitute a broad system of internal control. This system of internal control has been developed through a risk-based approach and enhanced with a view to achieving and maintaining full compliance with the requirements of Section 404 of the Sarbanes-Oxley Act. Our system of internal control is embedded in our standard business practices and is validated through audits performed by our internal auditors and through management testing of Sarbanes-Oxley Act controls, which is performed with the assistance of external advisors. In addition, senior management personnel and finance managers of our main operating subsidiaries annually sign a detailed letter of representation with regard to financial reporting, internal controls and ethical principles. Employees working in our finance or accounting functions are subject to a separate Finance Code of Ethics.

***Code of Conduct and Whistleblower Policy***

Our Code of Conduct is applicable to all our employees, including the Chief Executive Officer and Chief Financial Officer. It is designed to promote honest and ethical conduct and timely and accurate disclosure in our periodic financial results. Our Whistleblower Policy provides for the reporting, if so wished on an anonymous basis, of alleged violations of the Code of Conduct, alleged irregularities of a financial nature by our employees, directors or other stakeholders, alleged violations of our compliance procedures and other alleged irregularities without any fear of reprisal against the individual that reports the violation or irregularity.

***Compliance procedures***

We have various procedures and programs in place designed to ensure compliance with relevant laws and regulations, including anti-insider trading procedures, anti-bribery procedures, anti-fraud procedures, economic sanctions and export control compliance procedures, anti-money laundering procedures, ITAR-related compliance procedures, anti-trust procedures and protection of personal data procedures. Our compliance programs are maintained and supervised by the Chief Compliance Officer, and they include annual training in key compliance areas and annual certifications. The procedures are subject to regular audits by, or on behalf of, the internal audit function.

***Internal auditors***

We have an internal audit function in place to provide assurance to the Audit Committee, on behalf of the Board of Directors, and to AerCap's executive officers, with respect to AerCap's key processes. The internal audit function independently and objectively carries out audit assignments in accordance with the annual internal audit plan, as approved by the Audit Committee. The head of the internal audit function reports, in line with professional standards of the Institute of Internal Auditors, to the Audit Committee (functional reporting line) and to our Chief Executive Officer (administrative reporting line). The work of the internal audit department is fully endorsed by the Audit Committee and AerCap's executive officers and is considered a valuable part of AerCap's system of control and risk management.

***Disclosure controls and procedures***

The Disclosure Committee assists our Chief Executive Officer and Chief Financial Officer in overseeing our financial and non-financial disclosure activities and to ensure compliance with applicable disclosure requirements arising under U.S. and Dutch law and regulatory requirements. The Disclosure Committee obtains information for its recommendations from the operational and financial reviews, letters of representation which include a risk and internal controls self-assessment, input from the documentation and assessment of our internal controls over financial reporting and input from risk management activities during the year along with various business reports. The Disclosure Committee comprises various members of senior management.

------

**External auditors**

Our external auditor is responsible for auditing the financial statements. Following the recommendation by the Audit Committee and upon proposal by the Board of Directors, the General Meeting of Shareholders appoints each year the auditor to audit the financial statements of the current financial year. The external auditor reports to our Board of Directors and the Audit Committee of our Board of Directors. The external auditor is present at the meetings of the Audit Committee when our quarterly and annual results are discussed.

At the request of the Board of Directors and the Audit Committee, the Chief Financial Officer and the Internal Audit department review, in advance, each service to be provided by the auditor to identify any possible breaches of the auditor's independence. The Audit Committee pre-approves every engagement of our external auditor. In accordance with applicable regulations, the partner of the external audit firm and senior engagement team members in charge of the audit activities are subject to rotation requirements.

**Material contracts**

We have entered into several credit facilities and other financing arrangements to fund our acquisition of our aircraft. Refer to Note 15—*Debt* to our Consolidated Financial Statements included in this annual report for more information regarding our credit facilities and financing arrangements.

**Exchange controls**

There are no limits under the laws of the Netherlands or in our articles of association on non-residents of the Netherlands holding or voting our ordinary shares. Currently, there are no exchange controls under the laws of the Netherlands on the conduct of our operations or affecting the remittance of dividends.

**Taxation**

AerCap Holdings N.V. is a Dutch incorporated company which is centrally managed and controlled from Ireland. It is tax resident in Ireland under Irish domestic law and as a result of the application of the double taxation treaty between Ireland and the Netherlands.

***Irish tax considerations***

The following is a general summary of certain Irish tax consequences applicable to both Irish tax resident and non-Irish residents as a result of the holding and disposal of ordinary shares (or other securities where the payments made on the securities are within the scope of DWT (as defined below)) where and while we are considered a resident of Ireland for the purposes of Irish tax. This summary is based on existing Irish law and our understanding of the practices of the Irish Revenue Commissioners as of the date of this annual report. Legislative, administrative or judicial changes may modify the tax consequences described below. The discussion below is included for general information purposes only.

Please note that this summary does not constitute tax advice and is intended only as a general guide. Furthermore, this information applies only to our shares that are held as capital assets and does not apply to all categories of shareholders, such as dealers in securities, trustees, insurance companies, collective investment schemes or shareholders who have, or who are deemed to have, acquired their shares by virtue of an office or employment.

This summary is not exhaustive and shareholders should consult their own tax advisors as to the tax consequences of acquiring, holding and disposing our ordinary shares in their particular circumstances.

------

*Dividend withholding tax*

Irish dividend withholding tax ("DWT"), which is currently at a rate of 25%, will arise in respect of dividends or other distributions (including deemed distributions) that we pay unless an exemption applies. A deemed distribution for these purposes could include, among other things, a payment made on the redemption, repayment or purchase by a company of its own shares, except for such payments made by a quoted company in certain circumstances. Where DWT does arise in respect of dividends, the Company is responsible for deducting DWT at source and forwarding the relevant payment to the Irish Revenue Commissioners.

An exemption from DWT is available on dividend payments made to certain non-Irish tax resident shareholders ("Exempt Non-Resident Shareholders"). Exempt Non-Resident Shareholders must be resident in a country with which Ireland has a double tax treaty (a "Relevant Territory"), which includes the United States and member states of the EU, other than Ireland. Exempt Non-Resident Shareholders include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual shareholders (that are not corporate shareholders) who are not tax resident in Ireland and who are resident for the purposes of tax in a Relevant Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate shareholders resident for the purposes of tax in a Relevant Territory and which are not controlled (directly or indirectly) by Irish tax residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate shareholders that are not resident in Ireland for the purposes of tax, which are under the direct or indirect control of persons who are resident for the purposes of tax in a Relevant Territory and are not under the ultimate control of persons not resident in a Relevant Territory; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate shareholders, that are not resident for tax purposes in Ireland, the principal class of shares of which (or of its 75% parent or where wholly owned by two or more companies, each such company) is substantially and regularly traded on a stock exchange in Ireland, a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for Finance (which includes the NYSE),

and provided that, in all cases noted above (but subject to the exception in the paragraph below regarding "U.S. resident shareholders"), the Exempt Non-Resident Shareholder has provided a relevant DWT declaration, as prescribed by the Irish Revenue Commissioners, to his or her broker before the record date for the dividend, and the relevant information is further transmitted to the Company (in the case of shares held through the DTC) or to our transfer agent (in the case of shares held outside of the DTC).

*U.S. resident shareholders*

A simplified DWT exemption procedure exists for U.S. resident shareholders who hold their shares in the Company through the DTC, pursuant to a confirmation obtained from the Irish Revenue Commissioners. The simplified procedure provides that such shareholders are not required to complete the Irish Revenue Commissioners' DWT declaration form but can still avail of the exemption from DWT provided the address of the beneficial owner of the shares in the records of the broker is in the United States. We strongly recommend that such shareholders ensure that their information has been properly recorded by their brokers. In order for this simplified procedure to apply, the dividends must be paid via a "qualifying intermediary" as discussed further below. The confirmation from the Irish Revenue Commissioners is operative for a period of five years until July 25, 2029.

Dividends paid in respect of shares (and payments on other securities subject to DWT) in an Irish resident company that are owned by residents of the United States and held outside of the DTC should not be subject to DWT provided that the shareholder has completed the relevant DWT declaration form and this declaration form remains valid. Such shareholders must provide the relevant DWT declaration form to our transfer agent at least seven business days before the record date for the first dividend payment to which they are entitled.

If a U.S. resident shareholder receives a dividend subject to DWT, that shareholder should generally be able to make an application for a refund of DWT from the Irish Revenue Commissioners, subject to certain time limits.

------

*Distributions to a qualifying intermediary*

A distribution made by the Company to a "qualifying intermediary" (for example a bank or stockbroking firm) approved by the Irish Revenue Commissioners is exempt from DWT if the ultimate beneficial owner is an Exempt Non-Resident Shareholder. In such instances, the qualifying intermediary is required to identify the person who is beneficially entitled to the distribution and to ensure that the prescribed declarations are in place in advance of the dividend payment, or in the case of U.S. residents that hold our shares (or other relevant securities) through the DTC, that the address of the beneficial owner of the shares (or other securities) is in the United States. The Company must apply DWT to a distribution unless it has been notified by the qualifying intermediary that the distribution to be received by the qualifying intermediary is for the benefit of an Exempt Non-Resident Shareholder.

The Company has put in place an agreement with an entity which is recognized by the Irish Revenue Commissioners as a "qualifying intermediary," such that any dividends paid by the Company will be paid via a qualifying intermediary.

*Other non-resident persons*

Shareholders that do not fall within one of the categories mentioned above may fall within other exemptions from DWT. If a shareholder is exempt from DWT but receives a dividend subject to DWT, that shareholder may be able to claim a refund of DWT from the Irish Revenue Commissioners subject to certain time limits.

*Irish resident shareholders*

Irish tax resident or ordinarily resident individual shareholders will generally be subject to DWT in respect of dividends or distributions received from an Irish resident company (with some limited exemptions). Irish tax resident individual shareholders will be allowed a tax credit for the amount of Irish DWT suffered on the dividend against their Irish income tax charge on the dividend income. Irish tax resident corporate shareholders will generally be entitled to claim an exemption from DWT.

Irish tax resident or ordinarily resident shareholders that are entitled to receive dividends without DWT must complete the relevant DWT declaration form, as prescribed by the Irish Revenue Commissioners, and provide the declaration form to their brokers before the record date for the first dividend to which they are entitled (in the case of shares held through the DTC), or to our transfer agent at least seven business days before such record date (in the case of shares held outside of the DTC).

Irish tax resident or ordinarily resident individual shareholders who are not entitled to an exemption from DWT and who are subject to Irish tax should consult their own tax advisor.

*Irish income tax on dividends*

*Non-Irish resident shareholders*

A shareholder who is not resident or ordinarily resident for tax purposes in Ireland and who is entitled to one of the above exemptions from DWT, generally has no additional liability to Irish income tax on a dividend from an Irish resident company unless that shareholder holds the shares through a branch or agency which carries on a trade in Ireland.

A shareholder who is not resident or ordinarily resident for tax purposes in Ireland and who is not entitled to an exemption from DWT, generally has no additional liability to Irish income tax unless that shareholder holds the shares through a branch or agency which carries on a trade in Ireland.

*Irish resident shareholders*

Irish tax resident or ordinarily resident individual shareholders may be subject to Irish income tax and income charges such as pay related social insurance ("PRSI") and the Universal Social Charge ("USC") on the gross amount of any dividends received from the Company, with a credit allowed for any DWT suffered on the dividend. Such shareholders should consult their own tax advisor. Irish tax resident corporate shareholders should generally not be subject to Irish corporation tax on dividends from the Company.

*Irish stamp duty*

Irish stamp duty will generally not be payable on transactions for cash in the Company's shares, unless the transfer of the shares is related to either immovable property situated in Ireland or any interest in such property or to shares or marketable securities of an Irish incorporated company. In such cases, 1% stamp duty charge will arise for the acquirer based on the transfer consideration for the shares.

------

*Irish tax on chargeable gains*

*Non-residents of Ireland*

A disposal of our shares by a shareholder who is not resident or ordinarily resident for tax purposes in Ireland should not give rise to Irish tax on any chargeable gain realized on such disposal unless such shares are used, held or acquired for the purposes of a trade carried on by such shareholder through a branch or agency in Ireland.

*Irish resident individuals/companies*

A disposal of our shares by an Irish tax resident or ordinarily resident shareholder may, depending on the circumstances (including the availability of exemptions and reliefs), give rise to a chargeable gain or allowable loss for that shareholder. Any such gain or loss must be calculated in euro. The rate of capital gains tax in Ireland is currently 33%. Depending on the individual circumstances, unutilized capital losses from other sources may be available to reduce gains realized on the disposal of our shares provided the losses are not restricted or ringfenced.

A holder of our shares who is an Irish tax resident individual and becomes temporarily non-resident in Ireland may, under Irish anti-avoidance legislation, be liable to Irish tax on any chargeable gain realized on a disposal during the period in which such individual is non-resident.

*Irish capital acquisitions tax*

On a gift or inheritance of our shares, Irish capital acquisitions tax ("CAT") will arise where either the disponer and/or the recipient is tax resident or ordinary resident in Ireland. Special rules with regard to residence apply where an individual is not domiciled in Ireland. Where both the disponer and the recipient are not Irish tax resident or ordinary resident, Irish CAT may still arise on a gift or inheritance of shares in the Company, if they are deemed to be situated in Ireland at the time. The current rate of Irish CAT for gifts and inheritances is 33% and there are various thresholds which apply before CAT becomes applicable.

The estate tax convention between Ireland and the United States generally provides for Irish CAT paid on inheritances in Ireland to be credited, in whole or in part, against tax payable in the United States, in the case where an inheritance of shares is subject to both Irish CAT and U.S. federal estate tax. The estate tax convention does not apply to Irish CAT paid on gifts.

------

***U.S. tax considerations***

Subject to the limitations and qualifications stated herein, this discussion sets forth the material U.S. federal income tax consequences of the purchase, ownership and disposition of our ordinary shares. The discussion of the holders' tax consequences addresses only those persons that hold our ordinary shares as capital assets for U.S. federal income tax purposes and does not address the tax consequences to any special class of holder, including, without limitation, holders of (directly, indirectly or constructively) 10% or more of our shares (as measured by vote or value), dealers in securities or currencies, banks, tax-exempt organizations, life insurance companies, financial institutions, broker dealers, regulated investment companies, real estate investment trusts, traders in securities that elect the mark-to-market method of accounting for their securities holdings, persons that hold securities that are a hedge or that are hedged against currency or interest rate risks or that are part of a straddle, conversion or "integrated" transaction, certain U.S. expatriates, partnerships or other entities classified as partnerships for U.S. federal income tax purposes, persons required to accelerate the recognition of any item of gross income with respect to the ordinary shares as a result of such income being recognized on an applicable financing statement and U.S. Holders whose functional currency for U.S. federal income tax purposes is not the U.S. dollar. This discussion does not address the effect of the U.S. federal alternative minimum tax or any state, local or foreign tax laws on a holder of ordinary shares. The discussion is based on the Code, its legislative history, existing and proposed regulations thereunder, published rulings and court decisions, all as currently in effect and all subject to change at any time, possibly with retroactive effect.

For purposes of this discussion, a "U.S. Holder" means a beneficial owner of our ordinary shares that is for U.S. federal income tax purposes an individual citizen or resident of the United States; a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States or any political subdivision thereof; a trust if the trust *(i)* is subject to the primary supervision of a U.S. court and one or more U.S. persons are able to control all substantial decisions of the trust; or *(ii)* has elected to be treated as a U.S. person; or an estate the income of which is subject to U.S. federal income tax regardless of its source. A "non-U.S. Holder" is a beneficial owner of our ordinary shares that is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.

If an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes holds the shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and activities of the partnership. Partnerships holding shares and partners therein should consult their own tax advisors as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of the ordinary shares.

*Cash dividends and other distributions*

A U.S. Holder of ordinary shares generally will be required to treat distributions received with respect to such ordinary shares (including any amounts withheld) as dividend income to the extent of AerCap's current or accumulated earnings and profits (computed using U.S. federal income tax principles), with the excess treated as a non-taxable return of capital to the extent of (and in reduction of) the holder's adjusted tax basis in the ordinary shares and, thereafter, as capital gain, subject to the PFIC rules discussed below. AerCap does not expect to determine earnings and profits in accordance with U.S. federal income tax principles. Therefore, U.S. Holders should expect that any distribution by AerCap will generally be treated as a dividend. Dividends paid to a U.S. Holder that is a corporation are not eligible for the dividends received deduction generally available to corporations. Current tax law provides for a maximum 20% U.S. tax rate on the dividend income of a non-corporate U.S. Holder with respect to dividends paid by a domestic corporation or "qualified foreign corporation" if certain holding period requirements are met. A qualified foreign corporation generally includes a foreign corporation (other than a corporation that is a PFIC in the taxable year in which dividends are paid or in the preceding taxable year) if *(i)* its shares with respect to which the dividends are paid are readily tradable on an established securities market in the United States; or *(ii)* it is eligible for benefits under a comprehensive U.S. income tax treaty that the United States Treasury Department determines to be satisfactory for these purposes and which includes an exchange of information provision. The ordinary shares are expected to be readily traded on the NYSE and we are eligible for the income tax treaty between the United States and Ireland. As a result, assuming we are not treated as a PFIC, we should be treated as a qualified foreign corporation with respect to dividends paid on our ordinary shares and, therefore, dividends paid to a non-corporate U.S. Holder with respect to ordinary shares for which the requisite holding period is satisfied should be taxed at a maximum federal tax rate of 20%.

Distributions to U.S. Holders of additional ordinary shares or preemptive rights with respect to ordinary shares that are made as part of a *pro rata* distribution to all of our shareholders generally will not be subject to U.S. federal income tax, but in other circumstances may constitute a taxable dividend.

------

Distributions paid in a currency other than U.S. dollars will be included in a U.S. Holder's gross income in a U.S. dollar amount based on the spot exchange rate in effect on the date of actual or constructive receipt whether or not the payment is converted into U.S. dollars at that time. The U.S. Holder will have a tax basis in such currency equal to such U.S. dollar amount, and any gain or loss recognized upon a subsequent sale or conversion of the foreign currency for a different U.S. dollar amount will be U.S. source ordinary income or loss. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect of the dividend income. Subject to applicable limitations that may vary depending upon the circumstances, foreign taxes withheld from dividends on ordinary shares, to the extent the taxes do not exceed those taxes that would have been withheld had the holder claimed the benefits of any reduction in such taxes under applicable law or tax treaty, will be creditable against the U.S. Holder's federal income tax liability. Dividends paid on the ordinary shares generally will be treated as foreign source income for U.S. foreign tax credit purposes. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. The rules governing foreign tax credits are complex and, therefore, prospective purchasers of ordinary shares should consult their own tax advisors regarding the availability of foreign tax credits in their particular circumstances. Instead of claiming a credit, a U.S. Holder may, at its election, deduct such otherwise creditable foreign taxes in computing its taxable income, subject to generally applicable limitations under U.S. law.

A non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax on dividends paid with respect to ordinary shares unless such income is effectively connected with the conduct by the non-U.S. Holder of a trade or business within the United States.

*Sale or disposition of ordinary shares*

A U.S. Holder generally will recognize gain or loss on the sale, exchange or other taxable disposition of the ordinary shares in an amount equal to the difference between the U.S. dollar amount realized on such sale, exchange or other taxable disposition (determined in the case of shares sold or exchanged for currencies other than U.S. dollars by reference to the spot exchange rate in effect on the date of the sale or exchange or, if the shares sold or exchanged are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect on the settlement date) and the U.S. Holder's adjusted tax basis in the ordinary shares determined in U.S. dollars. The initial tax basis of the ordinary shares to a U.S. Holder will be the U.S. Holder's U.S. dollar purchase price for the shares (determined, in the case of shares purchased with currencies other than U.S. dollars, by reference to the spot exchange rate in effect on the date of the purchase, or if the shares purchased are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect on the settlement date). Assuming that AerCap is not a PFIC and has not been treated as a PFIC during the U.S. Holder's holding period for our ordinary shares, such gain or loss will be capital gain or loss and will be long-term gain or loss if the ordinary shares have been held for more than one year. Under current law, the maximum long-term capital gain rate for a non-corporate U.S. Holder is 20%. The deductibility of capital losses is subject to limitations. Capital gain or loss, if any, recognized by a U.S. Holder generally will be treated as U.S. source income or loss for U.S. foreign tax credit purposes.

A non-U.S. Holder of ordinary shares will not be subject to U.S. federal income or withholding tax on gain from the sale, exchange or other taxable disposition of the ordinary shares unless *(i)* such gain is effectively connected with the conduct of a trade or business within the United States; or *(ii)* the non-U.S. Holder is an individual who is present in the United States for at least 183 days during the taxable year of the disposition and certain other conditions are met.

*Potential application of PFIC provisions*

We do not believe we will be classified as a PFIC for 2025. Although there can be no assurance, we do not expect to be classified as a PFIC for 2026 or subsequent years. This expectation is based on our current operations and current law. In general, a non-U.S. corporation will be classified as a PFIC for U.S. federal income tax purposes in any taxable year in which, after applying certain look-through rules, either *(i)* at least 75% of its gross income is "passive income;" or *(ii)* at least 50% of the average value of its gross assets is attributable to assets that produce "passive income" or are held for the production of "passive income." Passive income for this purpose generally includes dividends, interest, royalties, rents and gains from commodities, foreign currency and securities transactions. Certain exceptions are provided, however, for royalty or rental income derived in the active conduct of a trade or business and not derived from a related person.

------

The determination as to whether a foreign corporation is a PFIC is a complex determination that is based on all of the relevant facts and circumstances and depends on the classification of various assets and income under the PFIC rules. It is unclear how some of these rules apply to us. Further, this determination must be tested annually at the end of the taxable year and, while we intend to conduct our affairs in a manner that will reduce the likelihood of our becoming a PFIC, our circumstances may change in any given year. We do not intend to make decisions regarding the purchase and sale of aircraft with the specific purpose of reducing the likelihood of our becoming a PFIC. Accordingly, our business plan may result in our engaging in activities that could cause us to become a PFIC. There can be no assurance that we will not be classified as a PFIC for the current taxable year or any future taxable year.

If we are or become a PFIC in a taxable year in which we pay a dividend or the prior taxable year, the dividend rate discussed above with respect to dividends paid to non-corporate U.S. Holders would not apply. If we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares, subject to the discussion of the mark-to-market election and the qualified electing fund ("QEF") election below, the holder will be subject to additional tax and an interest charge on "excess distributions" received with respect to the ordinary shares or gains realized on the disposition of such ordinary shares. Such a U.S. Holder will have excess distributions to the extent of any distributions received during any tax year that exceed 125% of the average amount received with respect to the ordinary shares during the three preceding tax years (or, if shorter, the U.S. Holder's holding period). A U.S. Holder may realize gain on an ordinary share not only through a sale or other disposition, but also by pledging the ordinary share as security for a loan or entering into certain constructive disposition transactions. To compute the tax on an excess distribution or any gain, *(i)* the excess distribution or gain is allocated ratably over the U.S. Holder's holding period; *(ii)* the amount allocated to the current tax year and amounts allocated to any year before the first year in which we are a PFIC is taxed as ordinary income in the current tax year; and *(iii)* the amount allocated to each previous tax year (other than any year before the first year in which we are a PFIC) is taxed at the highest applicable marginal rate in effect for that year and an interest charge is imposed to recover the deemed benefit from the deferred payment of the tax. These rules effectively prevent a U.S. Holder from treating the gain realized on the disposition of an ordinary share as capital gain.

If we are a PFIC and our ordinary shares are "regularly traded" on a "qualified exchange," a U.S. Holder may make a mark-to-market election, which may mitigate the adverse tax consequences resulting from AerCap's PFIC status. The ordinary shares will be treated as "regularly traded" in any calendar year during which more than a *de minimis* quantity of ordinary shares are traded on a qualified exchange on at least 15 days during each calendar quarter. The NYSE, on which the ordinary shares are expected to be regularly traded, is a qualified exchange for U.S. federal income tax purposes.

If a U.S. Holder makes the mark-to-market election, for each year in which we are a PFIC the holder generally will include as ordinary income the excess, if any, of the fair market value of the ordinary shares at the end of the taxable year over their adjusted basis, and will be permitted an ordinary loss in respect of the excess, if any, of the adjusted basis of the ordinary shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market election). If a U.S. Holder makes the election, his basis in the ordinary shares will be adjusted to reflect any such income or loss amounts. In addition, upon the sale or other disposition of ordinary shares in a year that we are a PFIC, any gain will generally be treated as ordinary income and any loss will generally be treated as ordinary loss (but only to the extent of the net amount of previously included income as a result of the mark-to-market election), and thereafter as a capital loss.

Alternatively, if we become a PFIC in any year, a U.S. Holder of ordinary shares may wish to avoid the adverse tax consequences resulting from our PFIC status by making a QEF election with respect to our ordinary shares in such year. If a U.S. Holder makes a QEF election, the holder will be required to include in gross income each year *(i)* as ordinary income, its *pro rata* share of our earnings and profits in excess of net capital gains; and *(ii)* as long-term capital gains, its pro rata share of our net capital gains, in each case, whether or not cash distributions are actually made. The amounts recognized by a U.S. Holder making a QEF election generally are treated as income from sources outside the U.S. If, however, U.S. persons (as determined for U.S. federal income tax purposes) hold at least half of our shares by vote or value, such amounts will be treated as U.S. source income to the extent they are attributable to income that we receive from U.S. sources. Because a U.S. Holder of shares in a PFIC that makes a QEF election is taxed currently on its pro rata share of our income, the amounts recognized will not be subject to tax when they are distributed to the U.S. Holder. An electing U.S. Holder's basis in the ordinary shares will be increased by any amounts included in income currently as described above and decreased by any distributions of previously taxed amounts that are not subjected to tax again at the time of distribution. If we are or become a PFIC, a U.S. Holder would make a QEF election in respect of its ordinary shares by attaching a properly completed IRS Form 8621 in respect of such shares to the holder's timely filed U.S. federal income tax return. For any taxable year that we determine that we are a PFIC, we will *(i)* provide notice of our status as a PFIC as soon as practicable following such taxable year; and *(ii)* comply with all reporting requirements necessary for U.S. Holders to make QEF elections, including providing to shareholders upon request the information necessary for such an election.

------

Although a U.S. Holder normally is not permitted to make a retroactive QEF election, a retroactive election (a "retroactive QEF election") may be made for a taxable year of the U.S. Holder (the "retroactive election year") if the U.S. Holder *(i)* reasonably believed that, as of the date the QEF election was due, the foreign corporation was not a PFIC for its taxable year that ended during the retroactive election year; and *(ii)* filed a protective statement with respect to the foreign corporation, applicable to the retroactive election year, in which the U.S. Holder described the basis for its reasonable belief and extended the period of limitation on the assessment of PFIC related taxes for all taxable years of the shareholder to which the protective statement applies. The protective statement must be attached to the U.S. Holder's federal income tax return for the first taxable year to which the statement is to apply. U.S. Holders should consult their own tax advisors regarding the advisability of filing a protective statement.

As discussed above, if we are a PFIC, a U.S. Holder of ordinary shares that makes a QEF election (including a proper retroactive QEF election) will be required to include in income currently its pro rata share of our earnings and profits whether or not we actually distribute earnings. The use of earnings to fund reserves or pay down debt or to fund other investments could result in a U.S. Holder of ordinary shares recognizing income in excess of amounts it actually receives. In addition, our income from an investment for U.S. federal income tax purposes may exceed the amount we actually receive. If we are a PFIC and a U.S. Holder makes a valid QEF election in respect of its ordinary shares, such holder may be able to elect to defer payment, subject to an interest charge for the deferral period, of the tax on income recognized on account of the QEF election. Prospective purchasers of ordinary shares should consult their own tax advisors about the advisability of making a QEF election, retroactive QEF election and/or deferred payment election.

Special rules apply to determine the foreign tax credit with respect to withholding taxes imposed on distributions on shares in a PFIC. If a U.S. Holder owns ordinary shares during any year in which we are a PFIC, such holder must generally file IRS Form 8621.

We urge prospective purchasers of ordinary shares to consult their own tax advisors concerning the tax considerations relevant to an investment in a PFIC, including the availability and consequences of making the mark-to-market election and QEF election discussed above.

*Additional tax on net investment income*

Certain U.S. Holders that are individuals, trusts or estates may be subject to a 3.8% tax, in addition to otherwise applicable U.S. federal income tax, on the lesser of *(i)* the U.S. Holder's "net investment income" (or undistributed "net investment income," in the case of a trust or estate) for the relevant taxable year; and *(ii)* the excess of the U.S. Holder's modified adjusted gross income (or adjusted gross income, in the case of a trust or estate) for the relevant taxable year above a certain threshold (which in the case of an individual ranges from $125,000 to $250,000, depending on the individual's circumstances). A U.S. Holder's "net investment income" generally includes, among other things, dividend income on and capital gain from the disposition of shares, subject to certain exceptions. If you are a U.S. Holder that is an individual, trust or estate, you should consult your own tax advisors regarding the applicability of this tax to the ordinary shares.

*Information reporting and backup withholding*

Information reporting to the IRS generally will be required with respect to payments on the ordinary shares and proceeds of the sale of the ordinary shares paid to holders that are U.S. taxpayers, other than certain corporations and other exempt recipients. A 24% "backup" withholding tax may apply to those payments if such a holder fails to provide a taxpayer identification number to the applicable withholding agent and to certify that such holder is not subject to backup withholding. Holders that are not subject to U.S. taxation may be required to comply with applicable certification procedures to establish that they are not U.S. persons in order to avoid the application of such information reporting requirements and backup withholding. The amounts withheld under the backup withholding rules are not an additional tax and may be refunded, or credited against the holder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

------

***Dutch withholding tax considerations***

The following is a general summary of certain Dutch dividend withholding tax consequences of the holding of ordinary shares. This summary does not purport to describe all possible tax considerations or consequences that may be relevant to a holder or prospective holder of ordinary shares, some of which may be subject to special treatment under applicable law (such as trusts or similar arrangements). Holders should consult with their tax advisors with regards to the tax consequences of investing in the ordinary shares in their particular circumstances. The discussion below is included for general information purposes only.

As AerCap Holdings N.V. is Dutch incorporated (albeit Irish tax resident), a distribution (including dividend payments) by us to a holder of shares resident, or deemed resident, in the Netherlands ("Dutch resident holders") is generally subject to Dutch dividend withholding tax at a rate of 15%. Dutch resident holders are individuals and corporate legal entities who are resident or deemed to be resident in the Netherlands for Dutch tax purposes. The withholding mechanism requires us to deduct from the dividend an amount of withholding tax to be paid to the Dutch tax authorities. The withholding tax is therefore effectively carried by the recipient of a dividend and not by us. Where it can be shown that an individual, corporate or other investor is not resident or not deemed resident in the Netherlands, we do not expect to have an obligation to deduct Dutch dividend withholding tax by virtue of the provisions of the Ireland / Netherlands double tax treaty. Where a dividend payment is being made by us to the holders of shares, a form of declaration will be requested from the recipient to document their entitlement to an exemption from dividend withholding tax applying to the dividend. This requirement will be communicated to the shareholders via the Qualifying Intermediary. AerCap intends to presume that shareholders who do not comply with the above requirements are Dutch resident holders. Dutch resident holders may be eligible to credit Dutch dividend withholding tax against their income tax or corporate income tax liability.

This summary does not consider any potential exemptions or reliefs from Dutch withholding tax or the specific facts and circumstances of any Dutch resident holder.

There may be other Dutch tax consequences arising from the holding of ordinary shares, such as, but not limited to, Dutch personal income tax, Dutch corporate income tax and Dutch gift and inheritance tax.

***The above discussion is a general summary. It does not cover all tax matters that may be of importance to particular investors. All prospective investors are strongly urged to consult their own tax advisors about the tax consequences of an investment in our ordinary shares.***

**Dividends**

Dividends may in principle only be paid out to the extent there are distributable reserves. In accordance with the articles of association and Book 2 of the Dutch Civil Code, we may only declare dividends insofar as our shareholders' equity exceeds the amount of the paid-up and called portion of the issued share capital plus the reserves that must be maintained in accordance with the provisions of the laws of the Netherlands (i.e., legal reserves) or our articles of association (i.e., statutory reserves). Our Board of Directors determines whether and how much of the profits it will reserve. Any remaining profits shall be distributed to the shareholders pro rata to the number of shares held by each shareholder.

All calculations to determine the amounts available for dividends will be based on our Parent Company Financial Statements under Dutch GAAP, which are different from our Consolidated Financial Statements under U.S. GAAP, such as those included in this annual report. Our Parent Company Financial Statements are prepared in accordance with the statutory provisions of Part 9, Book 2, of the Dutch Civil Code and the firm pronouncements in the Dutch Accounting Standards for annual reporting in the Netherlands as issued by the Dutch Accounting Standards Board and are deposited with the Commercial Register of the Dutch Trade Register. Our Total Equity as of December 31, 2024, as set forth in our Parent Company Financial Statements, was over $15.2 billion. We are dependent on dividends or other advances from our operating subsidiaries to fund any dividends we may pay on our ordinary shares.

Since May 2024, we have paid a cash dividend on a quarterly basis. We expect to continue to pay a cash dividend on a quarterly basis going forward, subject to the Board's consideration of, among other things, market conditions and our financial performance, distributable reserves and cash flows.

------

In February 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on April 3, 2025, to shareholders of record as of the close of business on March 12, 2025. In April 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on June 5, 2025, to shareholders of record as of the close of business on May 14, 2025. In July 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on September 4, 2025, to shareholders of record as of the close of business on August 13, 2025. In October 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on December 4, 2025, to shareholders of record as of the close of business on November 12, 2025.

In February 2026, our Board of Directors declared a quarterly cash dividend of $0.40 per share, with a payment date of March 19, 2026, to shareholders of record as of the close of business on February 25, 2026.

**Documents on display**

The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. You can review our SEC filings, including this annual report, by accessing the SEC's Internet website at *www.sec.gov*. Our website is located at *www.aercap.com*. Information contained on our website does not constitute a part of this annual report. In addition, you may inspect material we file at the offices of the New York Stock Exchange at 20 Broad Street, New York, New York 10005.

------

**Item 11.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

Our primary market risk exposure is interest rate risk associated with short- and long-term borrowings bearing variable interest rates and lease payments under leases tied to floating interest rates. To manage this interest rate exposure, from time to time, we enter into interest rate swap and cap agreements and U.S. Treasury rate lock agreements. We are also exposed to foreign currency risk, which can adversely affect our operating profits. To manage this risk, from time to time, we may enter into forward exchange contracts.

The following discussion should be read in conjunction with Note 12—*Derivative financial instruments* and Note 15—*Debt* to our Consolidated Financial Statements included in this annual report, which provide further information on our debt and derivative financial instruments.

**Interest rate risk**

Interest rate risk is the exposure to changes in the level of interest rates and the spread between different interest rates. Interest rate risk is highly sensitive to many factors, including government monetary policies, global economic factors and other factors beyond our control.

We enter into leases with rents that are based on fixed and variable interest rates, and we fund our operations primarily with a mixture of fixed-rate and floating-rate debt. Interest rate exposure arises when there is a mismatch between terms of the associated debt and interest-earning assets, primarily between floating-rate debt and fixed-rate leases. We manage this exposure primarily through the use of interest rate caps and interest rate swaps using a cash flow-based risk management model. This model takes the expected cash flows generated by our assets and liabilities and then calculates by how much the value of these cash flows will change for a given movement in interest rates.

The principal amount of our outstanding floating-rate debt was $10.9 billion, or 25% of the total principal amount of our outstanding indebtedness as of December 31, 2025. If interest rates were to increase by 1%, we would expect a decrease in pre-tax income of approximately $28 million per year. This pre-tax income decrease would include an increase in interest expense, partially offset by benefits of interest rate derivatives currently in effect, leases that are based on variable interest rates and interest-earning cash balances. A decrease in interest rates would result in an increase in pre-tax income. This pre-tax income increase would include a decrease in interest expense, partially offset by a decrease in the interest revenue and lease revenue. This sensitivity analysis is limited by several factors, and should not be viewed as a forecast.

The following tables present the average notional amounts and weighted average interest rates which are contracted for the specified year for our derivative financial instruments that are sensitive to changes in interest rates, including our interest rate caps and swaps, as of December 31, 2025. Notional amounts are used to calculate the contractual payments to be exchanged under the contract. Under our interest rate caps, we will receive the excess, if any, of Term SOFR, reset monthly or quarterly on an actual/360 adjusted basis, over the strike rate of the relevant cap. For our interest rate swaps, pay rates are based on the fixed-rate which we are contracted to pay to our swap counterparty.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Fair value** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| **Interest rate caps** |  |  |  |  |  |  |  |
| Average notional amounts | $603.5 | $531.8 | $455.8 | $198.3 | $— | $— | $8.5 |
| Weighted average strike rate | 3.4% | 3.3% | 3.3% | 3.3% |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Fair value** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| **Interest rate swaps** |  |  |  |  |  |  |  |
| Average notional amounts | $5742.5 | $4659.6 | $2002.1 | $— | $— | $— | $(68.9) |
| Weighted average pay rate | 3.8% | 3.9% | 3.9% |  |  |  |  |

---

The variable benchmark interest rates associated with these instruments are Term SOFR.

Our Board of Directors is responsible for reviewing our overall interest rate management policies. Our counterparty risk is monitored on an ongoing basis, but is mitigated by the fact that the majority of our interest rate derivative counterparties are required to collateralize in the event of their downgrade by the rating agencies below a certain level.

------

**Foreign currency risk and foreign operations**

Our functional currency is U.S. dollars. The functional currency for domestic and substantially all foreign operations is the U.S. dollar. Foreign currency transaction gains and losses are not significant to the Company's operations. Foreign exchange risk arises from our and our lessees' operations in multiple jurisdictions. All of our aircraft and engine purchase agreements are negotiated in U.S. dollars, we currently receive substantially all of our revenue in U.S. dollars and we pay our expenses primarily in U.S. dollars. We currently have a limited number of leases and helicopter purchase agreements denominated in foreign currencies, maintain part of our cash in foreign currencies, pay taxes in foreign currencies, and incur some of our expenses in foreign currencies, primarily the euro. A decrease in the U.S. dollar in relation to foreign currencies increases our lease revenue received from foreign currency-denominated leases and our expenses paid in foreign currencies. An increase in the U.S. dollar in relation to foreign currencies decreases our lease revenue received from foreign currency denominated leases and our expenses paid in foreign currencies. Because we currently receive most of our revenues in U.S. dollars and pay most of our expenses in U.S. dollars, a change in foreign exchange rates would not have a material impact on our results of operations or cash flows. We do not have any restrictions or repatriation issues associated with our foreign cash accounts.

**Inflation**

After a sustained period of relatively low inflation rates, rates of inflation increased significantly during 2022 and 2023, reaching recent historical highs in the United States, the European Union, the United Kingdom and other countries, before stabilizing during 2024 and 2025. The increases in tariffs by the United States in the last year, the prospect of potential additional tariffs and retaliatory tariffs and the trade agreements between the United States and certain trading partners in recent months may lead to higher inflation in the future. High rates of inflation may have a number of adverse effects on our business. Inflation may increase the costs of goods, services and labor used in our operations, thereby increasing our expenses. To the extent that we derive our income from leases with fixed rates of payment, high rates of inflation will cause a greater decrease in the value of those payments than had the rates of inflation remained lower. Because our leases are generally multi-year, there may be a lag in our ability to adjust the lease rates for flight equipment accordingly. Our suppliers and lessees may also be subject to material adverse effects as a result of high rates of inflation, including as a result of the impact on their financial conditions, changes in demand patterns, price volatility, and supply chain disruption.

**Item 12.&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities Other than Equity Securities**

Not applicable.

------

**PART II**

**Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Defaults, Dividend Arrearages and Delinquencies**

None.

**Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Material Modifications to the Rights of Security Holders and Use of Proceeds**

Not applicable.

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

**Disclosure controls and procedures**

Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in this report is recorded, processed, summarized and reported on a timely basis. Our management and the members of our Disclosure Committee, have evaluated, as of December 31, 2025, our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2025, our disclosure controls and procedures are effective. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to AerCap's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

**Management's annual report on internal control over financial reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance with policies or procedures may deteriorate.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2025. The assessment was based on criteria established in the framework Internal Control—Integrated Framework, issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in 2013. Based on this assessment, management concluded that our internal control over financial reporting was effective as of December 31, 2025.

**Attestation report of the registered public accounting firm**

KPMG, the independent registered public accounting firm that audited our 2025 Consolidated Financial Statements included in this annual report, audited the effectiveness of our internal controls over financial reporting as of December 31, 2025 under the standards of the Public Company Accounting Oversight Board (United States). Their audit report may be found on page <u>[F-2](#i7db8ada55c5c4547a571b7b5e7463f39_151)</u>.

**Changes in internal control over financial reporting**

There were no changes in AerCap's internal controls over financial reporting during the year of 2025 that materially affected, or were reasonably likely to materially affect, the internal controls over financial reporting.

**Item 16A.&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee Financial Expert**

Our Board of Directors has determined that Julian (Brad) Branch, Victoria Jarman and James (Jim) Lawrence are "audit committee financial experts," as that term is defined by SEC rules. All members of the Audit Committee are "independent," as that term is defined under applicable NYSE listing standards.

------

**Item 16B.&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics**

Our Board of Directors has adopted our Code of Conduct, a code that applies to the members of our Board of Directors, including its Chairman, our officers and employees. This code is publicly available on our website at *www.aercap.com*.

**Item 16C.&nbsp;&nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services**

Our auditors charged the following fees for professional services rendered for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** |
| Audit fees | $8975 | $8344 |
| Tax fees | 1639 | 1475 |
| All other fees | 9 | 6 |
| **Total** | $**10623** | $**9825** |

---

**Audit Fees**

Audit fees are defined as the standard audit work that needs to be performed each year in order to issue opinions on our consolidated financial statements and to issue reports on our local statutory financial statements. Also included are services that can only be provided by our auditors, such as auditing of non-recurring transactions and implementation of new accounting policies, reviews of quarterly financial results, consents and comfort letters and any other audit services required for SEC or other regulatory filings.

**Tax Fees**

Tax fees relate to the aggregated fees for services rendered on tax compliance.

**All Other Fees**

All other fees primarily relate to advisory projects.

**Policy on Pre-Approval of Audit and Non-Audit Services of Independent Auditors**

The Audit Committee's policy is to pre-approve all audit and non-audit services provided by our auditors. These services may include audit services, audit-related services, tax services and other services, as described above. Pre-approval is detailed as to the particular service or categories of services, and is subject to a specific budget. Our management and our auditors' report to the Audit Committee regarding the extent of services provided in accordance with this pre-approval and the fees for the services performed to date on an annual basis. The Audit Committee may also pre-approve additional services on a case-by-case basis. All tax fees were approved by the Audit Committee.

**Item 16D.&nbsp;&nbsp;&nbsp;&nbsp;Exemptions from the Listing Standards for Audit Committees**

Not applicable.

------

**Item 16E.&nbsp;&nbsp;&nbsp;&nbsp;Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

The following table presents repurchases of our ordinary shares made by us during the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of ordinary shares purchased** | **Average price paid per ordinary share** | **Total number of ordinary shares purchased as part of our publicly announced programs** | **Maximum dollar value of ordinary shares that may yet be purchased under the programs <br>(U.S. Dollars in millions) (a)** |
| January 2025 | 1169860 | $94.72 | 1169860 | $198.0 |
| February 2025 | 513632 | 96.60 | 513632 | 1148.4 |
| March 2025 | 4016349 | 99.03 | 4016349 | 750.7 |
| April 2025 | 4727512 | 94.03 | 4727512 | 806.3 |
| May 2025 |  |  |  | 806.3 |
| June 2025 |  |  |  | 806.3 |
| July 2025 | 486034 | 107.88 | 486034 | 753.9 |
| August 2025 | 3990405 | 118.64 | 3990405 | 280.5 |
| September 2025 | 3699299 | 122.95 | 3699299 | 575.7 |
| October 2025 | 2332750 | 121.97 | 2332750 | 291.2 |
| November 2025 |  |  |  | 291.2 |
| December 2025 | 1145240 | 139.15 | 1145240 | 1131.9 |
| **Total** | **22081081** | $**109.92** | **22081081** | $**1131.9** |

---

(a)For further details on our share repurchase programs, refer to Note 18—*Equity* to our Consolidated Financial Statements included in this annual report.

**Item 16F.&nbsp;&nbsp;&nbsp;&nbsp;Change in Registrant's Certifying Accountant** 

Not applicable.

------

**Item 16G.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Governance**

The NYSE requires U.S. domestic entities with shares listed on the exchange to comply with its corporate governance standards. As we are a foreign private issuer, however, the NYSE only requires us to comply with certain NYSE rules relating to audit committees and periodic certifications to the NYSE as long as we comply with home country corporate governance standards (in our case, Dutch corporate governance standards). The NYSE requires that we disclose to investors any significant ways in which our corporate governance practices differ from those followed by U.S. domestic companies under NYSE requirements.

Among these differences, shareholder approval is required by the NYSE prior to the issuance of ordinary shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to a director, officer or substantial security holder of the Company (or their affiliates or entities in which they have a substantial interest) in excess of one percent of either the number of ordinary shares or the voting power outstanding before the issuance, with certain exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that will have voting power or number equal to or in excess of 20% of either the voting power or the number of shares, respectively, outstanding before the issuance, with certain exceptions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that will result in a change of control of the issuer.

Under Dutch rules, shareholders can delegate authority to issue ordinary shares to the Board of Directors at the AGM. In the past, our shareholders have delegated authority to issue ordinary shares to our Board at our AGM.

In some situations, NYSE rules are more stringent, and in others the Dutch rules are. Other significant differences include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NYSE rules require shareholder approval for changes to equity compensation plans, but under Dutch rules, shareholder approval is only required for changes to equity compensation plans for members of the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under Dutch corporate governance rules, the audit and remuneration committees may not be chaired by the Chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under Dutch rules, auditors must be appointed by the general meeting of shareholders, but NYSE rules require only that they be appointed by the audit committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• both NYSE and Dutch rules require that a majority of the Board of Directors be independent, but the definition of independence under each set of rules is not identical. For example, Dutch rules require a longer "look-back" period for former directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dutch rules permit deviation from the rules if the deviations are explained in accordance with the rules, but NYSE rules do not allow such deviations.

**Item 16H.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosure**

Not applicable.

**Item 16I. &nbsp;&nbsp;&nbsp;&nbsp;Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**Item 16J. &nbsp;&nbsp;&nbsp;&nbsp;Insider Trading Policies**

Our Board of Directors has adopted insider trading policies which govern the purchase, sale, and other dispositions of our securities by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules, and regulations, and any listing standards applicable to AerCap.

------

**Item 16K. &nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity Risk Management and Governance** 

AerCap relies on the secure operation of its information systems and the information systems of its third-party providers to manage, process, store and transmit information in the conduct of its operations. As a result, it faces cybersecurity threats including, but not limited to, hacking, phishing, viruses, malware and other attacks on its digital networks and systems.

AerCap has adopted and maintains an active cybersecurity strategy, including preventative technology solutions, to assess, identify and manage material risks from cybersecurity threats and to respond to cybersecurity incidents. These processes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***System selection.*** We use a Cloud-First strategy, which prioritizes cloud computing over legacy information systems, thereby providing operational resilience and agility with critical business processes, systems and applications available on a near continuous basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***System assessment.*** Our specialist cybersecurity team, in conjunction with external technical specialists and our Security Operation Center, apply risk assessment, management and mitigation tools, technologies and processes aligned to the U.S. National Institute of Standards and Technology's Cybersecurity Framework ("NIST-CSF"). We regularly evaluate our information technology assets, data, systems, and architectures to identify, assess and remediate areas of vulnerability. These evaluations include performing proactive penetration and vulnerability testing and regular maturity assessments against the NIST-CSF security domains. Observations noted are considered as part of our risk assessment procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***System protection.*** We deploy a variety of methods of defense such as endpoint security, email and web filtering, access management and security monitoring to provide appropriate levels of protection against cybersecurity threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Threat monitoring.*** We actively monitor our systems to prevent and detect any future cybersecurity threats and separately, we monitor cybersecurity threats or incidents committed against other companies as such events become public. This allows us to remain current with the latest trends in cybersecurity and make improvements to our strategy to ensure that our defenses consider newly identified and developing areas of cybersecurity threat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Threat response.*** We have put in place response procedures for prompt cybersecurity incident identification, reporting and remediation if we are subject to an information system security breach. These include the preparation of detailed response, recovery and business continuity plans in order to minimize the impact of a potential cybersecurity incident. These plans are tested and reviewed on a regular basis to ensure that they adequately capture the potential impact of newly identified and evolving cybersecurity threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Employee and contractor training.*** We provide staff and contractors with annual training on cybersecurity risk areas and undertake regular cybersecurity awareness campaigns. The training covers areas such as personal digital footprint, privacy settings, phishing, information security at home and at work, ransomware, password hygiene and business email compromise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Compliance with data protection frameworks.*** We closely monitor changes in data protection rules and guidance. This allows us to maintain compliance with applicable laws and to keep ahead of developments and regulatory shifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Strategy alignment.*** AerCap has appointed a Director of Cybersecurity who is responsible for overseeing the alignment of the cybersecurity strategy with the strategic plan of the Company.

The processes outlined above have been integrated into our overall risk management strategy through the ongoing maintenance of an IT risk register (which includes cybersecurity risks), that is reviewed quarterly by our Chief Information Officer ("CIO"), who also acts as our Chief Information Security Officer ("CISO"). The CIO also reviews our cybersecurity policies, including our IT Security and Cybercrime Policy and our code of conduct on the use of our information technology infrastructure, and our Business Continuity Policy, on an annual basis.

As stated above, we seek the support of external technical specialists in connection with the assessment of our information systems and cybersecurity threat management processes in line with the NIST-CSF. External technical specialists are engaged to carry out an annual NIST-CSF-based assessment of these systems and processes.

------

Despite the process outlined here, we may experience cybersecurity incidents from time to time. For example, the Company experienced a cybersecurity incident related to ransomware in 2024. Please refer to "Item 3. Key Information—Risk Factors—Risks related to information technology—A cybersecurity incident, including a ransomware attack, could lead to a material disruption of our information systems or the information systems of our third-party providers, the loss of business information or losses attributable to fraud, which may hinder our ability to conduct our business effectively or result in lost revenues or other costs," for further detail on the incident.

For more information on how risks from cybersecurity threats have affected us to date and could materially affect us in the future, including our business strategy, results of operations or financial condition, see "Item 3. Key Information—Risk Factors—Risks related to information technology—A cybersecurity incident, including a ransomware attack, could lead to a material disruption of our information systems or the information systems of our third-party providers, the loss of business information or losses attributable to fraud, which may hinder our ability to conduct our business effectively or result in lost revenues or other costs" and "Item 3. Key Information—Risk Factors—Risks related to information technology—We could suffer material damage to, or interruptions in, our information systems or the information systems of our third-party providers as a result of external factors, staffing shortages or difficulties in updating our existing software or developing or implementing new software," which are incorporated by reference into this Item 16K.

The Board has ultimate responsibility for the oversight of cybersecurity risks and responses to cybersecurity incidents, should they arise. The Board has mandated the Board Audit Committee to manage this responsibility in the first instance, on behalf of the Board. Two Board members (who are also Audit Committee members) have completed the Cybersecurity Accountability and the Corporate Board course at Carnegie Mellon University.

Our CIO presents a formal annual cybersecurity update to our Board. These discussions generally include an update on the Company's current cybersecurity risk assessment, any changes in regulations concerning data privacy and cybersecurity, results of the annual NIST-CSF-based assessments and any incidents or breaches which took place during the period. The Audit Committee and Board also regularly receive cybersecurity updates from the CIO, joined by other members of management or external advisors as relevant. Our internal audit function, and auditors performing the Company's audit in compliance with the Sarbanes-Oxley Act of 2002, also provide regular updates to the Audit Committee and Board on their assessment of the effectiveness of controls over IT systems. The Chief Executive Officer is briefed on an *ad hoc* basis about cybersecurity incidents, threats and related matters by the CIO. Our CIO is regularly briefed by the Director of Cybersecurity who reports directly to him.

Our CIO is responsible for assessing and managing material risks from cybersecurity threats. Our current CIO has served in this position for over ten years and has significant experience in managing complex system implementations on a global scale, transforming IT functions and running high quality teams. His experience extends to working within large multinational companies including IBM, Volkswagen, National Grid and E.ON.

Three management committees, primarily consisting of officers of the Company, support the work of the CIO with respect to cybersecurity matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IT Steering Committee, chaired by the Chief Financial Officer and composed of officers of the Company, meets quarterly to evaluate, rate and manage the cybersecurity and broader information systems risks affecting the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Data Protection and Cybersecurity Committee, chaired by the Chief Compliance Officer and composed of officers of the Company, including the CIO and Head of Human Resources, meets quarterly to monitor compliance with applicable data protection requirements, and to ensure that appropriate measures are in place to actively manage cybersecurity threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Disclosure Committee, composed of senior management and officers of the Company, including the CIO, assists our Chief Executive Officer and Chief Financial Officer in overseeing our financial and non-financial disclosure activities and to ensure compliance with applicable disclosure requirements arising under U.S. and Dutch law and regulatory requirements. The committee also assesses whether any cybersecurity incidents are deemed to require disclosure under SEC requirements.

Incident response procedures are in place to ensure that the occurrence of a cybersecurity incident is appropriately reported to our Group Executive Committee and business continuity plans are mobilized to minimize disruption to business operations.

------

**PART III**

**Item 17.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

Not applicable.

**Item 18.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

Please refer to pages F-1 through <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_289)[64](#i7db8ada55c5c4547a571b7b5e7463f39_289)</u> of this annual report.

**Item 19.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

We have filed the following documents as exhibits to this annual report:

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 1.1 | <u>[Articles of Association, as amended on November 1, 2021](https://www.sec.gov/Archives/edgar/data/1378789/000137878925000007/aercap202420-fxex11.htm)</u> |
| 2.1 | <u>[Amended and Restated Facility Agreement, dated as of December 14, 2012, among the Banks and Financial Institutions named therein as ECA Lenders, Crédit Agricole Corporate and Investment Bank, as ECA Agent, National Agent, and Security Trustee, Citibank International PLC, as ECA Agent and National Agent, Jetstream Aircraft Leasing Limited, as Principal Borrower, ALS 3 Limited and Airstream Aircraft Leasing Limited, as Borrowers, AerCap Ireland Limited and AerCap A330 Holdings Limited, as Principal AerCap Obligors, the companies named there in as Lessees and Lessee Parents, Citibank, N.A., as Administrative Agent, and AerCap Holdings, N.V. (filed as an exhibit to our Form 20-F for the year ended December 31, 2014 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000104746915002957/a2223927zex-2_3.htm)</u> |
| 2.2 | <u>[Deed of Amendment, dated as of April 9, 2014, relating to the Amended and Restated Facility Agreement, dated as of December 14, 2012, among the Banks and Financial Institutions named therein as ECA Lenders, Crédit Agricole Corporate and Investment Bank, as ECA Agent, National Agent, and Security Trustee, Citibank International PLC, as ECA Agent and National Agent, Jetstream Aircraft Leasing Limited, as Principal Borrower, ALS 3 Limited and Airstream Aircraft Leasing Limited, as Borrowers, AerCap Ireland Limited and AerCap A330 Holdings Limited, as Principal AerCap Obligors, the companies named there in as Lessees and Lessee Parents, Citibank, N.A., as Administrative Agent, and AerCap Holdings, N.V. (filed as an exhibit to our Form 20-F for the year ended December 31, 2014 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000104746915002957/a2223927zex-2_4.htm)</u> |
| 2.3 | <u>[First Amendment Agreement, dated as of December 12, 2025, to the Eighth Amended and Restated Credit Agreement, dated as of July 1, 2024, among the Service Providers and Financial Institutions named therein, Bank of America, N.A., Deutsche Bank Trust Company Americas, AerFunding 1 Limited and AerCap Ireland Limited](aercap202520-fxex23.htm)</u>  |
| 2.4 | <u>[Fifth Amended and Restated Revolving Credit Agreement, dated as of December 17, 2025, among AerCap Holdings N.V., AerCap Ireland Capital Designated Activity Company, AerCap Ireland Limited, AerCap Global Aviation Trust, AerCap U.S. Global Aviation LLC, International Lease Finance Corporation, the lending institutions party thereto and Citibank, N.A., as administrative agent](aercap202520-fxex24.htm)</u> |
| 2.5 | <u>[Second Amended and Restated Revolving Credit Agreement, dated as of December 17, 2025, among AerCap Holdings N.V., AerCap Ireland Capital Designated Activity Company, the subsidiary guarantors party thereto, the lending institutions party thereto and Citibank, N.A, as administrative agent](aercap202520-fxex25.htm)</u> |
| 2.6 | <u>[Second Amended and Restated Term Loan Credit Agreement, dated as of April 16, 2025, among AerCap Holdings N.V., AerCap Ireland](aercap202520-fxex26.htm)[Capital](aercap202520-fxex26.htm)[Designated Activity Company, the subsidiary guarantors party thereto, the lenders party thereto, and Mizuho Bank, Ltd., as administrative agent.](aercap202520-fxex26.htm)</u> |
| 2.7 | <u>[Term Loan Credit Agreement, dated as of November 5, 2021, among Setanta Aircraft Leasing DAC, as borrower, AerCap Holdings N.V., AerCap Ireland Limited, Setanta Aviation Holdings Limited, Culann Aircraft Leasing Limited, Dagda Aircraft Leasing Limited, the Owner Subsidiaries identified therein and the Intermediate Lessees identified therein, as Obligors, the lenders identified therein, and Citibank N.A., as administrative agent and collateral agent (portions of this exhibit have been omitted pursuant to a request for confidential treatment) (filed as an exhibit to our Form 20-F for the year ended December 31, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878922000006/aercap202120-fex252.htm)</u> |
| 2.8 | <u>[Amendment No. 1 to Term Loan Credit Agreement, dated as of May 14, 2024, among Setanta Aircraft Leasing DAC, as borrower, AerCap Holdings N.V., AerCap Ireland Limited, Setanta Aviation Holdings Limited, Culann Aircraft Leasing Limited, Dagda Aircraft Leasing Limited, the Owner Subsidiaries identified therein and the Intermediate Lessees identified therein, as Obligors, the lenders identified therein, and Citibank N.A., as administrative agent and collateral agent (portions of this exhibit have been omitted pursuant to a request for confidential treatment) (filed as an exhibit to our Form 20-F for the year ended December 31, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878925000007/aercap202420-fxex28.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 2.9 | <u>[Term Loan Security Agreement, dated as of November 5, 2021, among Setanta Aircraft Leasing Designated Activity Company, Setanta Aviation Holdings Limited, Culann Aircraft Leasing Limited, Dagda Aircraft Leasing Limited, and the additional grantors referred to therein as grantors, and Citibank, N.A., as collateral agent](https://www.sec.gov/Archives/edgar/data/1378789/000137878922000006/aercap202120-fex253.htm)[(filed as an exhibit to our Form 20-F for the year ended December 31, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878922000006/aercap202120-fex253.htm)</u> |
| 2.10 | <u>[Unsecured Term Loan Agreement, dated as of May 2, 2024, among the Original Lenders party thereto, Wilmington Trust (London) Limited, as the Facility Agent, and Terapon Funding Designated Activity Company (filed as an exhibit to our Form 20-F for the year ended December 31, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878925000007/aercap202420-fxex210.htm)</u> |
| 2.11 | <u>[Amendment No. 1 to Unsecured Term Loan Agreement, dated as of November 29, 2024, among Wilmington Trust (London) Limited, as the Facility Agent, Terapon Funding Designated Activity Company, AerCap Holdings N.V., AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust (filed as an exhibit to our Form 20-F for the year ended December 31, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878925000007/aercap202420-fxex211.htm)</u> |
| 2.12 | <u>[Indenture, dated as of May 14, 2014, among AerCap Ireland Capital Limited, AerCap Global Aviation Trust, AerCap Holdings N.V., the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as an exhibit to our Form 20-F for the year ended December 31, 2014 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000104746915002957/a2223927zex-2_16.htm)</u> |
| 2.13 | <u>[Fifth Supplemental Indenture, dated as of September 29, 2014, to the Indenture, dated as of May 14, 2014, by and among AerCap Ireland Capital Limited, AerCap Global Aviation Trust, AerCap Holdings N.V., the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as an exhibit to our Form 20-F for the year ended December 31, 2014 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000104746915002957/a2223927zex-2_21.htm)</u> |
| 2.14 | <u>[Tenth Supplemental Indenture, dated as of January 26, 2017, to the Indenture, dated as of May 14, 2014, by and among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, AerCap Holdings N.V., the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as an exhibit to our Form 6-K on January 26, 2017 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000110465917004351/a17-3252_1ex4d1.htm)</u> |
| 2.15 | <u>[Twelfth Supplemental Indenture, dated as of July 21, 2017, to the Indenture, dated as of May 14, 2014, by and among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, AerCap Holdings N.V., the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as an exhibit to our Form 6-K on July 21, 2017 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000110465917046318/a17-17114_11ex4d1.htm)</u> |
| 2.16 | <u>[Fifteenth Supplemental Indenture, dated as of January 23, 2018, to the Indenture, dated as of May 14, 2014, by and among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, AerCap Holdings N.V., the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as an exhibit to our Form 6-K on January 23, 2018 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000119312518017459/d501391dex42.htm)</u> |
| 2.17 | <u>[Twenty-Fifth Supplemental Indenture, dated as of September 25, 2020, to the Indenture, dated as of May 14, 2014, by and among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, AerCap Holdings N.V., the Guarantors party thereto and Wilmington Trust, National Association, as Trustee (filed as an exhibit to our Form 6-K on September 28, 2020 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000119312520254780/d92627dex42.htm)</u> |
| 2.18 | <u>[Indenture, dated as of October 29, 2021, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on October 29, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000119312521313469/d239490dex41.htm)</u> |
| 2.19 | <u>[First Supplemental Indenture relating to the Fixed Rate Notes, dated as of October 29, 2021, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on October 29, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000119312521313469/d239490dex42.htm)</u> |
| 2.20 | <u>[Fourth Supplemental Indenture relating to the 5.750% Senior Notes due 2028, dated as of June 6, 2023, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on June 6, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015723000612/ex4-1.htm)</u> |
| 2.21 | <u>[Fifth Supplemental Indenture relating to the 6.100% Senior Notes due 2027 and the 6.150% Senior Notes due 2030, dated as of September 25, 2023, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on September 25, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015723000998/ex4-1.htm)</u> |
| 2.22 | <u>[Sixth Supplemental Indenture relating to the 6.450% Senior Notes due 2027, dated as of November 22, 2023, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on November 22, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015723001161/ex4-1.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 2.23 | <u>[Seventh Supplemental Indenture relating to the 5.100% Senior Notes due 2029 and the 5.300% Senior Notes due 2034, dated as of January 11, 2024, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on January 11, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015724000042/ex4-1.htm)</u> |
| 2.24 | <u>[Eighth Supplemental Indenture relating to the Fixed-Rate Reset Junior Subordinated Notes due 2055, dated as of July 11, 2024, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on July 11, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015724000981/ex4-1.htm)</u> |
| 2.25 | <u>[Ninth Supplemental Indenture relating to the 4.625% Senior Notes due 2029 and the 4.950% Senior Notes due 2034, dated as of September 10, 2024, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on September 10, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015724001212/ex4-1.htm)</u> |
| 2.26 | <u>[Tenth Supplemental Indenture relating to the 4.875% Senior Notes due 2028 and the 5.375% Senior Notes due 2031, dated as of January 13, 2025, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on January 13, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015725000063/ex4-1.htm)</u> |
| 2.27 | <u>[Eleventh Supplemental Indenture relating to the Fixed-Rate Reset Junior Subordinated Notes due 2056, dated as of April 1, 2025, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on April 1, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015725000285/ex4-1.htm)</u> |
| 2.28 | <u>[Twelfth Supplemental Indenture relating to the 4.375% Senior Notes due 2030 and the 5.000% Senior Notes due 2035, dated as of October 1, 2025, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on October 1, 2025 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015725000825/ex4-1.htm)</u> |
| 2.29 | <u>[Thirteenth Supplemental Indenture relating to the 4.125% Senior Notes due 2029 and the 4.750% Senior Notes due 2033, dated as of January 15, 2026, among AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as an exhibit to our Form 6-K on January 15, 2026 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000095015726000024/ex4-1.htm)</u> |
| 2.30 | <u>[Junior Subordinated Indenture, dated as of December 21, 2005, by and between ILFC and Deutsche Bank Trust Company Americas, as Trustee (filed as an exhibit to the ILFC Form 8-K filed on July 26, 2013 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/714311/000110465913056998/a13-17325_1ex4d1.htm)</u> |
| 2.31 | <u>[First Supplemental Indenture, dated as of July 25, 2013, to the Junior Subordinated Indenture, dated as of December 21, 2005, by and between ILFC and Deutsche Bank Trust Company Americas, as Trustee (filed as an exhibit to the ILFC Form 8-K filed on July 26, 2013 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/714311/000110465913056998/a13-17325_1ex4d2.htm)</u> |
| 2.32 | <u>[Second Supplemental Indenture, dated as of July 25, 2013, to the Junior Subordinated Indenture, dated as of December 21, 2005, by and between ILFC and Deutsche Bank Trust Company Americas, as Trustee (filed as an exhibit to the ILFC Form 8-K filed on July 26, 2013 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/714311/000110465913056998/a13-17325_1ex4d3.htm)</u> |
| 2.33 | <u>[Third Supplemental Indenture, dated as of May 14, 2014, to the Junior Subordinated Indenture, dated as of December 21, 2005, by and between ILFC, AerCap Global Aviation Trust and Deutsche Bank Trust Company Americas, as Trustee (filed as an exhibit to the ILFC Form 8-K filed on May 15, 2014 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/714311/000095015714000470/ex4-3.htm)</u> |
| 2.34 | <u>[Amended and Restated 5.90% Junior Subordinated Debenture due 2065 (filed as an exhibit to the ILFC Form 8-K filed on July 26, 2013 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/714311/000110465913056998/a13-17325_1ex4d4.htm)</u> |
| 2.35 | <u>[Amended and Restated 6.25% Junior Subordinated Debenture due 2065 (filed as an exhibit to the ILFC Form 8-K filed on July 26, 2013 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/714311/000110465913056998/a13-17325_1ex4d5.htm)</u> |
|  | The Company agrees to furnish to the SEC upon request a copy of each instrument with respect to issues of long-term debt of the Company and its subsidiaries, the authorized principal amount of which does not exceed 10% of the consolidated assets of the Company and its subsidiaries |
| 2.36 | <u>[Description of Certain Registrant Securities](https://www.sec.gov/Archives/edgar/data/1378789/000137878925000007/aercap202420-fxex239.htm)</u> |
| 4.1 | <u>[AerCap Holdings N.V. 2006 Equity Incentive Plan (including form of Stock Option Agreement) (filed as an exhibit to our Registration Statement on Form F-1, File No. 333-138381 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000104746906013433/a2171901zex-10_13.htm)</u> |
| 4.2 | <u>[AerCap Holdings N.V. 2012 Equity Incentive Plan (filed as an exhibit to our Registration Statement on Form S-8, File No. 333-180323 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000110465912020760/a12-7669_2ex5d2.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 4.3 | <u>[AerCap Holdings N.V. 2014 Equity Incentive Plan (filed as an exhibit to our Registration Statement on Form S-8, File No. 333-194638 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000110465914020383/a14-8117_2ex5d2.htm)</u> |
| 4.4 | <u>[Registration Rights Agreement, dated as of June 9, 2015, between AerCap Global Aviation Trust, American International Group, Inc. and the Guarantors party thereto (filed as an exhibit to our Form 20-F for the year ended December 31, 2015 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000104746916011490/a2227751zex-2_15.htm)</u> |
| 4.5 | <u>[Noteholder Agreement, dated as of November 1, 2021, by and between the Issuer, AerCap Ireland Capital Designated Activity Company, AerCap Global Aviation Trust, AerCap Aviation Solutions B.V., AerCap Ireland Limited, AerCap U.S. Global Aviation LLC, International Lease Finance Corporation and GE Capital US Holdings (incorporated by reference to Exhibit 4 to Schedule 13D (File No 005-82221) filed by AerCap Holdings N.V. with the Securities and Exchange Commission on November 10, 2021)](https://www.sec.gov/Archives/edgar/data/40545/000120677421002736/ge3980911-ex996.htm)</u> |
| 8.1 | <u>[List of Subsidiaries of AerCap Holdings N.V.](aercap202520-fxex81.htm)</u> |
| 11.1 | <u>[AerCap Insider Trading Rules (filed as an exhibit to our Form 20-F for the year ended December 31, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878925000007/aercap202420-fxex111.htm)</u> |
| 11.2 | <u>[Insider Trading Rules (AerCap Business Partners) (filed as an exhibit to our Form 20-F for the year ended December 31, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878925000007/aercap202420-fxex112.htm)</u> |
| 12.1 | <u>[Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](aercap202520-fxex121.htm)</u> |
| 12.2 | <u>[Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](aercap202520-fxex122.htm)</u> |
| 13.1 | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](aercap202520-fxex131.htm)</u> |
| 15.1 | <u>[Consent of KPMG, an independent registered public accounting firm](aercap202520-fxex151.htm)</u> |
| 17.1 | <u>[Subsidiary Issuers of Registered Guaranteed Securities](aercap202520-fxex171.htm)</u> |
| 97.1 | <u>[AerCap Holdings N.V. Incentive Compensation Recovery Policy (filed as an exhibit to our Form 20-F for the year ended December 31, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1378789/000137878924000010/aercap202320-fxex101.htm)</u> |
| 101 | The following financial information formatted in Inline eXtensible Business Reporting Language (iXBRL): |
|  | (1) Consolidated Balance Sheets as of December 31, 2025 and 2024 |
|  | (2) Consolidated Income Statements for the Years Ended December 31, 2025, 2024 and 2023 |
|  | (3) Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 |
|  | (4) Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 |
|  | (5) Consolidated Statements of Equity for the Years Ended December 31, 2025, 2024 and 2023 |
|  | (6) Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags |
| 104 | The cover page from the Company's annual report on Form 20-F for the year ended December 31, 2025, formatted in Inline XBRL (included in Exhibit 101) |

---

------

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | |
|:---|:---|
| AERCAP HOLDINGS N.V. | AERCAP HOLDINGS N.V. |
| By: | /s/ AENGUS KELLY |
|  | Aengus Kelly<br> *Chief Executive Officer* |

---

Date: February 12, 2026

------

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **AerCap Holdings N.V. Consolidated Financial Statements** | |
| <u>Report of Independent Registered Public Accounting Firm</u><br>*(Auditor Name: KPMG, Auditor location: Dublin, Ireland, Audit Firm ID: 1116)* | <u>[F-2](#i7db8ada55c5c4547a571b7b5e7463f39_151)</u> |
| <u>[Consolidated Balance Sheets As of December 31, 202](#i7db8ada55c5c4547a571b7b5e7463f39_154)[5](#i7db8ada55c5c4547a571b7b5e7463f39_154)[and 20](#i7db8ada55c5c4547a571b7b5e7463f39_154)24</u> | <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_154)[4](#i7db8ada55c5c4547a571b7b5e7463f39_154)</u> |
| <u>[Consolidated Income Statements For the Years Ended December 31, 202](#i7db8ada55c5c4547a571b7b5e7463f39_157)[5](#i7db8ada55c5c4547a571b7b5e7463f39_157)[, 202](#i7db8ada55c5c4547a571b7b5e7463f39_157)[4](#i7db8ada55c5c4547a571b7b5e7463f39_157)[and](#i7db8ada55c5c4547a571b7b5e7463f39_157)[2](#i7db8ada55c5c4547a571b7b5e7463f39_157)[02](#i7db8ada55c5c4547a571b7b5e7463f39_157)</u>3 | <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_157)[5](#i7db8ada55c5c4547a571b7b5e7463f39_157)</u> |
| <u>[Consolidated Statements of Comprehensive Income For the Years Ended December 31, 202](#i7db8ada55c5c4547a571b7b5e7463f39_160)[5](#i7db8ada55c5c4547a571b7b5e7463f39_160)[, 202](#i7db8ada55c5c4547a571b7b5e7463f39_160)[4](#i7db8ada55c5c4547a571b7b5e7463f39_160)[and 202](#i7db8ada55c5c4547a571b7b5e7463f39_160)</u>3 | <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_160)[6](#i7db8ada55c5c4547a571b7b5e7463f39_160)</u> |
| <u>[Consolidated Statements of Cash Flows For the Years Ended December 31, 202](#i7db8ada55c5c4547a571b7b5e7463f39_163)[5](#i7db8ada55c5c4547a571b7b5e7463f39_163)[, 202](#i7db8ada55c5c4547a571b7b5e7463f39_163)[4](#i7db8ada55c5c4547a571b7b5e7463f39_163)[and 202](#i7db8ada55c5c4547a571b7b5e7463f39_163)</u>3 | <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_163)[7](#i7db8ada55c5c4547a571b7b5e7463f39_163)</u> |
| <u>[Consolidated Statements of Equity For the Years Ended December 31, 202](#i7db8ada55c5c4547a571b7b5e7463f39_166)[5](#i7db8ada55c5c4547a571b7b5e7463f39_166)[, 202](#i7db8ada55c5c4547a571b7b5e7463f39_166)[4](#i7db8ada55c5c4547a571b7b5e7463f39_166)[and 202](#i7db8ada55c5c4547a571b7b5e7463f39_166)</u>3 | <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_166)[10](#i7db8ada55c5c4547a571b7b5e7463f39_166)</u> |
| <u>[Notes to the Consolidated Financial Statements](#i7db8ada55c5c4547a571b7b5e7463f39_169)</u> | <u>[F-](#i7db8ada55c5c4547a571b7b5e7463f39_172)[11](#i7db8ada55c5c4547a571b7b5e7463f39_172)</u> |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

***Report of Independent Registered Public Accounting Firm***

To the Stockholders and Board of Directors

AerCap Holdings N.V.:

*Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting* 

We have audited the accompanying consolidated balance sheets of AerCap Holdings N.V. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated income statements, statements of comprehensive income, statements of cash flows, and statements of equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

*Basis for Opinions* 

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in management's annual report on internal control over financial reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

*Definition and Limitations of Internal Control Over Financial Reporting* 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

------

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Assessment of impairment of flight equipment held for operating leases subject to impairment.*

As discussed in Note 5 to the consolidated financial statements, the Company had US$57.8 billion of flight equipment held for operating leases, net as of December 31, 2025. As discussed in Note 3 to the consolidated financial statements, when events or changes in circumstances indicate that flight equipment held for operating leases may be impaired, an evaluation is performed. If the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset group, an impairment loss, measured as the excess of the carrying value of the asset group over its estimated fair value, is recognized. The Company recognized an impairment charge for the year ended December 31, 2025 of $100.8 million.

We identified the assessment of impairment of flight equipment held for operating leases as a critical audit matter. It required especially subjective auditor judgement, including involvement of valuation professionals with specialized skills and knowledge, to assess certain significant assumptions in the impairment model. Significant assumptions included the follow-on lease assumptions, residual values of flight equipment held for operating leases, maintenance cash flow forecasts, and the discount rate. Changes in these assumptions could have a significant impact on any impairment charge recognized on flight equipment held for operating leases.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's impairment process, including controls over the development of the significant assumptions.

We involved valuation professionals with specialized skills and knowledge who assisted in evaluating the reasonableness of the follow-on lease assumptions by comparing these to (i) actual lease rates recently contracted by the Company for the leasing of similar flight equipment and (ii) current industry market data. We involved valuation professionals with specialized skills and knowledge who compared the residual values of flight equipment held for operating leases to third party appraiser values and expected sale prices. We compared maintenance cash flows forecasts to external appraiser and original equipment manufacturer data and assessed the reasonableness of aircraft utilization against historical actual usage rates.

We also involved valuation professionals with specialized skills and knowledge who assisted in evaluating the discount rate by comparing it against discount rates that were independently developed using data of comparable entities and the cost of capital of the Company.

/s/ KPMG

We have served as the Company's auditor since 2021.

Dublin, Ireland

February 12, 2026

------

**AerCap Holdings N.V. and Subsidiaries**

**Consolidated Balance Sheets**

**As of December 31, 2025 and 2024**

---

| | | | |
|:---|:---|:---|:---|
| | | **As of December 31,** | **As of December 31,** |
| |<br>**Note** | **2025** | **2024** |
| | | **(U.S. Dollars in thousands,<br>except share data)** | **(U.S. Dollars in thousands,<br>except share data)** |
| **Assets** |  |  |  |
| Cash and cash equivalents | 4 | $1379180 | $1209226 |
| Restricted cash | 4 | 100564 | 192356 |
| Trade receivables |  | 48499 | 68073 |
| Flight equipment held for operating leases, net | 5 | 57796320 | 58575672 |
| Investment in finance leases, net | 6 | 1807494 | 1208585 |
| Flight equipment held for sale | 7 | 1104310 | 466173 |
| Maintenance rights and lease premium, net | 8 | 1677407 | 2129993 |
| Prepayments on flight equipment | 31 | 4272766 | 3460296 |
| Other intangibles, net | 9 | 117789 | 139666 |
| Deferred tax assets | 16 | 172877 | 261004 |
| Associated companies | 10 | 1315306 | 1128894 |
| Other assets | 11 | 1879278 | 2602038 |
| **Total Assets** |  | $**71671790** | $**71441976** |
| **Liabilities and Equity** |  |  |  |
| Accounts payable, accrued expenses and other liabilities | 13 | $1897392 | $1774827 |
| Accrued maintenance liability | 14 | 3534388 | 3327347 |
| Lessee deposit liability |  | 1185033 | 1092585 |
| Debt | 15 | 43565321 | 45294511 |
| Deferred tax liabilities | 16 | 3166165 | 2767874 |
| Commitments and contingencies | 31 |  |  |
| *Total Liabilities* |  | 53348299 | 54257144 |
| Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of December 31, 2025 and 2024; 179,043,739 and 204,543,739 ordinary shares issued and 166,876,547 and 186,783,225 ordinary shares outstanding (including 4,135,620 and 5,072,382 shares of unvested restricted stock) as of December 31, 2025 and 2024, respectively | 18, 28 | 2267 | 2558 |
| Additional paid-in capital |  | 3517963 | 5809276 |
| Treasury shares, at cost (12,167,192 and 17,760,514 ordinary shares as of December 31, 2025 and 2024, respectively) |  | (1467321) | (1425652) |
| Accumulated other comprehensive (loss) income |  | (50210) | 42683 |
| Accumulated retained earnings |  | 16320581 | 12755758 |
| *Total AerCap Holdings N.V. shareholders' equity* |  | 18323280 | 17184623 |
| Non-controlling interest |  | 211 | 209 |
| *Total Equity* |  | 18323491 | 17184832 |
| **Total Liabilities and Equity** |  | $**71671790** | $**71441976** |
| &nbsp;&nbsp;&nbsp;**Supplemental balance sheet information—amounts related to assets and liabilities of** <br>**consolidated VIEs for which creditors do not have recourse to our general credit:** | &nbsp;&nbsp;&nbsp;**Supplemental balance sheet information—amounts related to assets and liabilities of** <br>**consolidated VIEs for which creditors do not have recourse to our general credit:** |  |  |
| Restricted cash |  | $32875 | $51170 |
| Flight equipment held for operating leases and held for sale |  | 2626159 | 2856682 |
| Other assets |  | 29914 | 86020 |
| Accrued maintenance liability |  | $152006 | $145510 |
| Debt |  | 1113533 | 1216981 |
| Other liabilities |  | 79006 | 86203 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Consolidated Income Statements**

**For the Years Ended December 31, 2025, 2024 and 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| |<br>**Note** | **2025** | **2024** | **2023** |
| | | **(U.S. Dollars in thousands, except share and per share data)** | **(U.S. Dollars in thousands, except share and per share data)** | **(U.S. Dollars in thousands, except share and per share data)** |
| **Revenues and other income** |  |  |  |  |
| Lease revenue: |  |  |  |  |
| &nbsp;&nbsp;Basic lease rents | 21, 24 | $6679477 | $6377181 | $6248994 |
| &nbsp;&nbsp;Maintenance rents and other receipts |  | 689993 | 626816 | 611326 |
| Total lease revenue |  | 7369470 | 7003997 | 6860320 |
| Net gain on sale of assets |  | 819482 | 651142 | 489620 |
| Other income | 22 | 327716 | 341505 | 230478 |
| **Total Revenues and other income** |  | **8516668** | **7996644** | **7580418** |
| **Expenses** |  |  |  |  |
| Depreciation and amortization | 5, 9 | 2647168 | 2580037 | 2480578 |
| Net recoveries related to Ukraine Conflict | 25 | (1490431) | (194750) | (1287972) |
| Asset impairment | 26 | 100838 | 49766 | 86855 |
| Interest expense |  | 1981928 | 1990732 | 1806442 |
| Loss on debt extinguishment | 15 | 4932 | 13450 | 4097 |
| Leasing expenses |  | 647571 | 810358 | 756438 |
| Selling, general and administrative expenses | 19, 20, 23 | 545933 | 488916 | 464128 |
| **Total Expenses** |  | **4437939** | **5738509** | **4310566** |
| Gain on investments at fair value | 32 | 13283 | 5238 | 2334 |
| &nbsp;&nbsp;&nbsp;**Income before income taxes and income of**<br>**investments accounted for under the equity method** |  | **4092012** | **2263373** | **3272186** |
| Income tax expense | 16 | (555246) | (323704) | (291056) |
| &nbsp;&nbsp;&nbsp;Equity in net earnings of investments accounted for under <br>the equity method |  | 213848 | 158956 | 166715 |
| **Net income** |  | $**3750614** | $**2098625** | $**3147845** |
| Net (income) loss attributable to non-controlling interest |  | (2) | 7 | (11754) |
| **Net income attributable to AerCap Holdings N.V.** |  | $**3750612** | $**2098632** | $**3136091** |
| Basic earnings per share | 28 | $21.78 | $11.06 | $13.99 |
| Diluted earnings per share | 28 | $21.30 | $10.79 | $13.78 |
| Weighted average shares outstanding—basic |  | 172180968 | 189830813 | 224216801 |
| Weighted average shares outstanding—diluted |  | 176115641 | 194489171 | 227656343 |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Consolidated Statements of Comprehensive Income**

**For the Years Ended December 31, 2025, 2024 and 2023**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** |
| **Net income** | $**3750614** | $**2098625** | $**3147845** |
| Other comprehensive (loss) income: |  |  |  |
| &nbsp;&nbsp;Net (loss) gain on derivatives (Note 12), net of tax of $15,438, $(5420) and $14,425, respectively | (98583) | 32065 | (99583) |
| &nbsp;&nbsp;Actuarial gain (loss) on pension obligations, net of tax of $(812), $(332) and $48, respectively | 5690 | 2314 | (339) |
| &nbsp;&nbsp;Total other comprehensive (loss) income | (92893) | 34379 | (99922) |
| **Comprehensive income** | **3657721** | **2133004** | **3047923** |
| Comprehensive (income) loss attributable to non-controlling interest | (2) | 7 | (11754) |
| **Total comprehensive income attributable to AerCap Holdings N.V.** | $**3657719** | $**2133011** | $**3036169** |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Consolidated Statements of Cash Flows**

**For the Years Ended December 31, 2025, 2024 and 2023**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** |
| Net income | $3750614 | $2098625 | $3147845 |
| &nbsp;&nbsp;&nbsp;**Adjustments to reconcile net income to net cash provided by** <br>**operating activities:** |  |  |  |
| Depreciation and amortization | 2647168 | 2580037 | 2480578 |
| Net recoveries related to Ukraine Conflict | (1490431) | (194750) | (1269471) |
| Asset impairment | 100838 | 49766 | 86855 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs, debt discount, debt premium and lease <br>premium | 174387 | 223649 | 253003 |
| Maintenance rights write-off (a) | 158059 | 342933 | 328239 |
| Maintenance liability release to income | (227385) | (163405) | (203440) |
| Net gain on sale of assets | (819482) | (651142) | (489620) |
| Deferred tax expense | 501497 | 250504 | 280069 |
| Share-based compensation | 166239 | 111140 | 97058 |
| Collections of finance leases | 322025 | 367173 | 407204 |
| Gain on investments at fair value | (13283) | (5238) | (2334) |
| Loss on debt extinguishment | 4932 | 13450 | 4097 |
| Other | (225785) | 165357 | (7392) |
| **Changes in operating assets and liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 19536 | 5852 | 56442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 340175 | 241143 | (128459) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | (15980) | 1549 | 220761 |
| **Net cash provided by operating activities** | **5393124** | **5436643** | **5261435** |
| Purchase of flight equipment | (3653925) | (5062507) | (4662680) |
| Proceeds from sale or disposal of assets | 2871562 | 2674974 | 2121507 |
| Prepayments on flight equipment | (2420373) | (1553851) | (1569706) |
| Cash proceeds from insurance claim and related settlements | 1488519 | 172000 | 1254400 |
| Net proceeds from loans receivable | 105112 | 72458 | (300329) |
| Other | (55425) | (27281) | (26160) |
| **Net cash used in investing activities** | **(1664530)** | **(3724207)** | **(3182968)** |
| Issuance of debt | 5351843 | 7641379 | 6550992 |
| Repayment of debt | (7082721) | (8799950) | (6568370) |
| Debt issuance and extinguishment costs paid, net of debt premium received | (55343) | (106512) | (85408) |
| Maintenance payments received | 969885 | 920932 | 817229 |
| Maintenance payments returned | (248634) | (248017) | (201474) |
| Security deposits received | 447415 | 344816 | 480950 |
| Security deposits returned | (304869) | (224846) | (256015) |
| &nbsp;&nbsp;&nbsp;Redemption of non-controlling interest and dividends paid to non-controlling <br>interest holders |  |  | (112034) |
| Repurchase of shares and tax withholdings on share-based compensation | (2538200) | (1520320) | (2637589) |
| Dividends paid on ordinary shares | (192437) | (139991) |  |
| **Net cash used in financing activities** | **(3653061)** | **(2132509)** | **(2011719)** |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 75533 | (420073) | 66748 |
| Effect of exchange rate changes | 2629 | (3811) | 1948 |
| Cash, cash equivalents and restricted cash at beginning of period | 1401582 | 1825466 | 1756770 |
| **Cash, cash equivalents and restricted cash at end of period** | $**1479744** | $**1401582** | $**1825466** |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Consolidated Statements of Cash Flows (Continued)**

**For the Years Ended December 31, 2025, 2024 and 2023**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** | **(U.S. Dollars in thousands)** |
| **Supplemental cash flow information:** |  |  |  |
| **Interest paid, net of amounts capitalized** | $**1910645** | $**1806214** | $**1650319** |
| **Income taxes paid, net** |  |  |  |
| &nbsp;&nbsp;Ireland | 243 |  |  |
| &nbsp;&nbsp;Foreign jurisdictions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 16596 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Netherlands | 3448 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 2651 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3169 |  |  |
| &nbsp;&nbsp;Total foreign jurisdictions | 25864 |  |  |
| **Total income taxes paid, net** | $**26107** |  |  |
| **Income taxes paid, net (prior to ASU 2023-09)** |  | $**34032** | $**23219** |

---

(a)Maintenance rights write-off consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;End-of-lease ("EOL") and Maintenance Reserve ("MR") contract maintenance <br>rights expense | $71103 | $144726 | $207552 |
| MR contract maintenance rights write-off offset by maintenance liability release | 19544 | 38525 | 17747 |
| EOL contract maintenance rights write-off offset by EOL compensation received | 67412 | 159682 | 102940 |
| **Maintenance rights write-off** | $**158059** | $**342933** | $**328239** |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Consolidated Statements of Cash Flows (Continued)**

**For the Years Ended December 31, 2025, 2024 and 2023**

*Non-Cash Investing and Financing Activities*

**Year ended December 31, 2025:**

Flight equipment held for operating leases in the amount of $658 million, net, was reclassified to investment in finance leases, net/inventory.

Flight equipment held for operating leases in the amount of $1.7 billion was reclassified to flight equipment held for sale, net.

Accrued maintenance liability in the amount of $142 million was settled with buyers upon sale or disposal of assets.

**Year ended December 31, 2024:**

Flight equipment held for operating leases in the amount of $284 million, net, was reclassified to investment in finance leases, net/inventory.

Flight equipment held for operating leases in the amount of $1.2 billion was reclassified to flight equipment held for sale, net.

Accrued maintenance liability in the amount of $32 million was settled with buyers upon sale or disposal of assets.

**Year ended December 31, 2023:**

Flight equipment held for operating leases in the amount of $171 million, net, was reclassified to investment in finance leases, net/inventory.

Flight equipment held for operating leases in the amount of $1.3 billion was reclassified to flight equipment held for sale, net.

Accrued maintenance liability in the amount of $88 million was settled with buyers upon sale or disposal of assets.

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Consolidated Statements of Equity**

**For the Years Ended December 31, 2025, 2024 and 2023**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of ordinary shares issued** | **Ordinary<br>share<br>capital** | **Additional<br>paid-in<br>capital** | **Treasury<br>shares** | **Accumulated other comprehensive income (loss)** | **Accumulated<br>retained<br>earnings** | **AerCap<br>Holdings N.V.<br>shareholders'<br>equity** | **Non-controlling<br>interest** | **Total equity** |
| | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** | **(U.S. Dollars in thousands, except share data)** |
| **Balance as of December 31, 2022** | **250347345** | $**3024** | $**8586034** | $**(254699)** | $**108226** | $**7674922** | $**16117507** | $**77543** | $**16195050** |
| Dividends paid |  |  |  |  |  |  |  | (12034) | (12034) |
| &nbsp;&nbsp;&nbsp;Redemption of <br>non-controlling interest |  |  | (22953) |  |  |  | (22953) | (77047) | (100000) |
| &nbsp;&nbsp;&nbsp;Repurchase of <br>shares |  |  |  | (2618547) |  |  | (2618547) |  | (2618547) |
| Share cancellation | (34803606) | (348) | (2001587) | 2001935 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based <br>compensation |  |  | 97058 |  |  |  | 97058 |  | 97058 |
| &nbsp;&nbsp;&nbsp;Ordinary shares <br>issued, net of tax <br>withholdings |  |  | (63996) | 52006 |  | (8414) | (20404) |  | (20404) |
| Total comprehensive <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) income |  |  |  |  | (99922) | 3136091 | 3036169 | 11754 | 3047923 |
| **Balance as of December 31, 2023** | **215543739** | $**2676** | $**6594556** | $**(819305)** | $**8304** | $**10802599** | $**16588830** | $**216** | $**16589046** |
| &nbsp;&nbsp;&nbsp;Repurchase of <br>shares |  |  |  | (1473743) |  |  | (1473743) |  | (1473743) |
| &nbsp;&nbsp;&nbsp;Dividends declared <br>on ordinary shares |  |  |  |  |  | (145583) | (145583) |  | (145583) |
| Share cancellation | (11000000) | (118) | (802170) | 802288 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based <br>compensation |  |  | 111140 |  |  |  | 111140 |  | 111140 |
| &nbsp;&nbsp;&nbsp;Ordinary shares <br>issued, net of tax <br>withholdings |  |  | (94250) | 65108 |  | 110 | (29032) |  | (29032) |
| &nbsp;&nbsp;&nbsp;Total comprehensive <br>income (loss) |  |  |  |  | 34379 | 2098632 | 2133011 | (7) | 2133004 |
| **Balance as of December 31, 2024** | **204543739** | $**2558** | $**5809276** | $**(1425652)** | $**42683** | $**12755758** | $**17184623** | $**209** | $**17184832** |
| &nbsp;&nbsp;&nbsp;Repurchase of <br>shares |  |  |  | (2427245) |  |  | (2427245) |  | (2427245) |
| &nbsp;&nbsp;&nbsp;Dividends declared <br>on ordinary shares |  |  |  |  |  | (192164) | (192164) |  | (192164) |
| Share cancellation | (25500000) | (291) | (2192218) | 2192509 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based <br>compensation |  |  | 166239 |  |  |  | 166239 |  | 166239 |
| &nbsp;&nbsp;&nbsp;Ordinary shares <br>issued, net of tax <br>withholdings |  |  | (265334) | 193067 |  | 6375 | (65892) |  | (65892) |
| Total comprehensive <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) income |  |  |  |  | (92893) | 3750612 | 3657719 | 2 | 3657721 |
| **Balance as of December 31, 2025** | **179043739** | $**2267** | $**3517963** | $**(1467321)** | $**(50210)** | $**16320581** | $**18323280** | $**211** | $**18323491** |

---

The accompanying notes are an integral part of these Consolidated Financial Statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**1. General**

**The Company**

AerCap Holdings N.V., together with its subsidiaries ("AerCap," "we," "us" or the "Company"), is the global leader in aviation leasing with 1,932 aircraft owned, managed or on order, over 1,200 engines (including engines owned and managed by SES), over 300 owned helicopters, and total assets of $72 billion as of December 31, 2025. Our ordinary shares are listed on the New York Stock Exchange under the ticker symbol AER. Our headquarters is located in Dublin, and we have offices in Shannon, Memphis, Singapore, Miami, London, Dubai, Shanghai, Amsterdam and other locations.

The Consolidated Financial Statements presented herein include the accounts of AerCap Holdings N.V. and its subsidiaries. AerCap Holdings N.V. was incorporated in the Netherlands as a public limited liability company ("*naamloze vennootschap" or "N.V."*) on July 10, 2006.

**2. Basis of presentation**

**General**

Our Consolidated Financial Statements are presented in accordance with Accounting Principles Generally Accepted in the United States of America ("U.S. GAAP").

We consolidate all companies in which we have effective control and all variable interest entities ("VIEs") for which we are deemed the Primary Beneficiary ("PB") under Accounting Standards Codification ("ASC") 810. All intercompany balances and transactions with consolidated subsidiaries are eliminated. The results of consolidated entities are included from the effective date of control or, in the case of VIEs, from the date that we are or become the PB. The results of subsidiaries sold or otherwise deconsolidated are excluded from the date that we cease to control the subsidiary or, in the case of VIEs, when we cease to be the PB.

Our Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**2. Basis of presentation (Continued)**

**Use of estimates**

The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangible assets, investment in finance leases, net, investments, trade receivables and notes receivable, deferred tax assets, unrecognized tax benefits and maintenance liabilities. Actual results may differ from our estimates under different conditions, sometimes materially.

**Risk and Uncertainties**

In the normal course of business, we encounter several significant types of economic risk, including credit risk, market risk and risks associated with exposure to the aviation industry. Credit risk is the risk of a lessee's inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Risks associated with exposure to the aviation industry include the risk of a downturn in the commercial aviation industry, which could adversely impact lessee ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company's flight equipment.

We face significant competition and our business may be adversely affected if market participants change as a result of restructuring or bankruptcies, mergers and acquisitions, or new entities entering or exiting the industry. After a sustained period of relatively low inflation rates, rates of inflation increased significantly during 2022 and 2023, reaching recent historical highs across major economies, including the United States, the European Union, the United Kingdom and other countries, before stabilizing during 2024 and 2025. The increases in tariffs by the United States in the last year, the prospect of potential additional tariffs and retaliatory tariffs and the trade agreements between the United States and certain trading partners in recent months may lead to higher inflation in the future. High rates of inflation may have a number of adverse effects on our business. Inflation may increase the costs of goods, services and labor used in our operations, thereby increasing our expenses. Increased global inflation has contributed to rising interest rates, which may affect our lease revenues, our interest expense, the market value of our interest rate derivatives, and the market value of our flight equipment.

We are exposed to geopolitical, economic and legal risks associated with the international operations of our business and those of our lessees, including many of the economic and political risks associated with emerging markets. We are exposed to concentrated political and economic risks in certain geographical regions in which our lessees are concentrated. The Russian invasion of Ukraine and the impact of resulting sanctions by the United States, the European Union, the United Kingdom and other countries has adversely affected and may continue to affect our business and financial condition, results and cash flows. During the year ended December 31, 2025, we recognized net recoveries related to Ukraine Conflict of $1.5 billion, which primarily included recoveries of $973 million pursuant to the June 11, 2025 judgment from the London Commercial Court in respect of our claim against the insurers under our C&P Policy and the award of $234 million of interest on that judgment, as well as cash insurance settlement proceeds of $280 million pursuant to settlements in respect of the insurance policies of four Russian airlines covering 16 aircraft and one engine lost in Russia. Refer to Note 25—*Net (recoveries) charges related to Ukraine Conflict* and Note 31—*Commitments and contingencies* for further details.

The supply of commercial aircraft is dominated by Airbus S.A.S. ("Airbus") and The Boeing Company ("Boeing") and there are a limited number of engine manufacturers. There is a risk that disruptions, including supply chain issues, manufacturing and quality control issues, labor strikes, and any financial instability, at any of these manufacturers may affect our revenues, results of operations, net income and operating cash flows, as our ability to deliver new aircraft and engines to our lessees depends on these manufacturers timely fulfilling their contractual delivery obligations to us.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies**

**Cash and cash equivalents**

Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less.

**Restricted cash** 

Restricted cash includes cash held by banks that is subject to withdrawal restrictions. Such amounts are typically restricted under secured debt agreements and can be used only to maintain the aircraft securing the debt and to provide debt service payments of principal and interest.

**Trade receivables**

Trade receivables represent unpaid, current lessee rental obligations under existing lease contracts.

**Flight equipment held for operating leases, net** 

Flight equipment held for operating leases is stated at cost less accumulated depreciation and impairment. Flight equipment is depreciated to its estimated residual value on a straight-line basis over the useful life of the asset. The costs of improvements to flight equipment are normally recorded as leasing expenses unless the improvement increases the long-term value of the flight equipment. In that case, the capitalized improvement cost is depreciated over the estimated remaining useful life of the asset.

---

| | | |
|:---|:---|:---|
| | **Useful Life (a)** | **Residual Value (b)** |
| Passenger aircraft | 25 years | 15% |
| Freighter aircraft | 35 years | 15% |
| Helicopters | 30 years | 20% |
| Engines | 20 years | 60% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Useful life may be determined to be a different period depending on the disposition strategy.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Estimated industry price, except where more relevant information indicates that a different residual value is more appropriate.

We periodically review the estimated useful lives and residual values of our flight equipment based on our industry knowledge, external factors, such as current market conditions, and changes in our disposition strategies, to determine if they are appropriate, and record adjustments to depreciation rates prospectively on an individual asset basis, as necessary.

We test flight equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The quarterly impairment assessments are primarily triggered by potential sale transactions, leasing transactions, early-terminated leases, credit events impacting lessees or forecasted significant and permanent declines in the demand for asset types. The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely independent of other groups of assets, which is the individual asset, including the lease-related assets and liabilities of that asset, such as the maintenance rights assets, lease incentives, and maintenance liabilities (the "Asset Group"). If the sum of the expected undiscounted future cash flows is less than the carrying value of the Asset Group, an impairment loss is recognized. The loss is measured as the excess of the carrying value of the Asset Group over its estimated fair value.

Fair value reflects the present value of future cash flows expected to be generated from the assets, including its expected residual value, discounted at a rate commensurate with the associated risk. Future cash flows are assumed to occur under current market conditions and assume adequate time for a sale between a willing buyer and a willing seller. Expected future lease rates are based on all relevant information available, including current contracted rates for similar assets and industry trends.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

On an annual basis, we also perform an assessment of all assets older than five years, and other assets where necessary, which are held for operating leases to identify potential impairment by reference to estimated future cash flows at the Asset Group level, and perform a quantitative impairment test. We apply significant judgment in assessing whether an impairment is necessary and in estimating significant input assumptions including the future lease rates, maintenance cash flow forecasts, the residual value and the discount rate when performing quantitative impairment tests.

During the lease term, our leases require that the lessee maintain our flight equipment and either provide periodic maintenance rental payments during the lease or provide EOL compensation payments based on the maintenance usage of the flight equipment. In addition, upon lease expiry, the flight equipment undergoes inspection to verify compliance with lease return conditions. We believe that the requirement that the lessee compensate us for the maintenance usage of the flight equipment and our emphasis on maintenance and inspection helps preserve residual values and generally helps us to recover our investment in our leased flight equipment.

**Capitalization of interest**

We capitalize interest on prepayments of forward order flight equipment and add such amounts to prepayments on flight equipment. The amount of interest capitalized is the amount of interest costs which could have been avoided in the absence of such prepayments.

**Investment in finance and sales-type leases, net ("Investment in finance leases, net")**

Investment in finance leases consists of sales-type leases. If a lease meets specific criteria under U.S. GAAP, we recognize the lease in investment in finance leases, net in our Consolidated Balance Sheets and de-recognize the asset from flight equipment held for operating lease. For sales-type leases, we recognize the difference between the asset carrying value and the amount recognized in investment in finance leases, net, in net gain on sale of assets in our Consolidated Income Statements. The amounts recognized for finance and sales-type leases consist of lease receivables and the estimated unguaranteed residual value of the flight equipment on the lease termination date, less the unearned income and net of the allowance for credit losses. Expected unguaranteed residual values are based on our assessment of the values of the flight equipment and, if applicable, the estimated EOL payments expected at the expiration of the lease. The unearned income is recognized as lease revenue over the lease term, using the interest method to produce a constant yield over the life of the lease.

**Maintenance rights and lease premium, net**

Maintenance rights assets are recognized at fair value when we acquire flight equipment subject to existing leases. These assets represent the contractual right to receive the aircraft in a specified maintenance condition at the end of the lease under lease contracts with EOL payment provisions, or our right to receive the aircraft in better maintenance condition due to aircraft maintenance events performed by the lessee either through reimbursement of maintenance deposit rents held under lease contracts with maintenance reserve provisions, or through a lessor contribution to the lessee. Amortization of maintenance rights assets is event-driven, and maintenance rights assets are evaluated for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

For leases with EOL maintenance provisions, upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL maintenance rights asset, and we recognize leasing expenses when the EOL maintenance rights asset exceeds the EOL cash received. For leases with maintenance reserve payment provisions, we recognize maintenance rights expense at the time the lessee submits a reimbursement claim and provides the required documentation related to the cost of a qualifying maintenance event that relates to pre-acquisition usage.

Lease premium assets represent the value of an acquired lease where the contractual rental payments are above the market rate. We amortize the lease premium assets on a straight-line basis over the term of the lease as a reduction of lease revenue.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

**Other intangibles, net**

Other intangible assets primarily consist of customer relationships recorded at fair value when we acquired International Lease Finance Corporation ("ILFC"). Other intangible assets are amortized over the period during which we expect to derive economic benefits from such assets. The amortization expense is recorded in depreciation and amortization. We evaluate other intangible assets for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

**Associated companies**

Unconsolidated investments where we do not have a controlling financial interest, but over which we have significant influence, are accounted for using the equity method of accounting. Under the equity method of accounting, we recognize our share of earnings and losses based on our ownership percentage of such investments in equity in net earnings (losses) of investments accounted for under the equity method in our Consolidated Income Statements. The carrying amount of the equity method investment is included in Associated companies on our Consolidated Balance Sheets. Refer to Note 10—*Associated companies* for further details. Distributions received from equity method investees are classified using the cumulative earnings approach. Under this approach, distributions received are considered returns on investment and are classified as cash inflows from operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed cumulative equity in earnings recognized. When such an excess occurs, the current-period distribution up to this excess is deemed to be a return of investment, and is classified as cash inflows from investing activities.

**Other assets** 

Other assets consist of loans receivable, notes receivable, lease incentives, operating lease right-of-use ("ROU") assets, debt issuance costs, derivative assets, other tangible fixed assets, straight-line rents, prepaid expenses, inventory, investments and other receivables.

*Loans receivable* 

Loans receivable are classified as held for investment ("HFI") when the Company has the intent and ability to hold the loan for the foreseeable future or until maturity. Loans classified as HFI are recorded at amortized cost. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to interest income over the contractual lives of the related loans. If we no longer have the intent and ability to hold a loan for the foreseeable future, then the loan is transferred to assets held for sale ("HFS") at the lower of carrying value or estimated fair value less costs to sell. Once classified as HFS, the amount by which the carrying value exceeds fair value is recognized in our Consolidated Income Statements as an impairment loss.

In a purchase-and-leaseback transaction where the seller/lessee effectively retains control of the flight equipment asset, the purchase-and-leaseback is accounted for as a loan financing.

*Notes receivable*

Notes receivable primarily arise from the restructuring and deferral of trade receivables from lessees experiencing financial difficulties. Notes classified as HFI are recorded at amortized cost.

*Lease incentives* 

We capitalize amounts paid or value provided to lessees as lease incentives. We amortize lease incentives on a straight-line basis over the term of the related lease as a reduction of lease revenue.

*Derivative financial instruments*

We use derivative financial instruments to manage our exposure to interest rate risks. Derivatives are carried in our Consolidated Balance Sheets at fair value.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

When cash flow hedge accounting treatment is applied, the changes in fair values related to the effective portion of the derivatives are recorded in accumulated other comprehensive income (loss) ("AOCI"), and the ineffective portion is recognized immediately in interest expense. Amounts reflected in AOCI related to the effective portion are reclassified into interest expense in the same period or periods during which the hedged transaction affects interest expense.

We discontinue hedge accounting prospectively when *(i)* we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item; *(ii)* the derivative expires or is sold, terminated, or exercised; or *(iii)* management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we recognize the changes in the fair value in current-period earnings. The remaining balance in AOCI at the time we discontinue hedge accounting is not recognized in our Consolidated Income Statements unless it is probable that the forecasted cash flows will not occur. Such amounts are recognized in interest expense when the hedged transaction affects interest expense.

When cash flow hedge accounting treatment is not applied, the changes in fair values related to interest rate-related derivatives between periods are recognized in interest expense in our Consolidated Income Statements.

Net cash received or paid under derivative contracts is classified as operating cash flows in our Consolidated Statements of Cash Flows.

*Other tangible fixed assets* 

Other tangible fixed assets are recorded at historical acquisition cost and depreciated at various rates over each asset's estimated useful life on a straight-line basis. Depreciation expense on other tangible fixed assets is recorded in depreciation and amortization in our Consolidated Income Statements.

*Investments*

Equity securities without readily determinable fair values are carried at cost less impairment. We account for our investments with readily determinable fair values at fair value with all changes in fair value recognized in our Consolidated Income Statements.

**Income taxes**

Income tax expense is comprised of both current and deferred taxes. We recognize income tax expense in our Consolidated Income Statements, our Consolidated Statements of Comprehensive Income, and in our Consolidated Statements of Equity to the extent that it relates to items recognized directly in equity. We recognize the benefit of tax positions only to the extent that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We release tax effects from AOCI using a specific identification approach. We recognize interest and penalties related to income taxes in income tax expense (benefit) in our Consolidated Income Statements and as a liability in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets.

**Deferred tax assets and liabilities** 

We recognize deferred taxes resulting from temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities using the liability method. The differences are calculated at nominal value using the enacted tax rate applicable at the time the temporary difference is expected to reverse. Deferred tax assets attributable to carry forwards and deductible temporary differences are reduced by a valuation allowance to the amount that is more likely than not to be realized.

**Accrued maintenance liability**

We use the expense as incurred model for planned major maintenance. Under this method, the estimated maintenance costs are expensed in the period incurred in accordance with the underlying contracts. In many instances, there is a short-term timing difference between when we incur the expense and the actual payment of this liability to the third-party maintenance provider. When these timing differences occur, we recognize an expense and accrue the corresponding liability in the Accrued maintenance liability line item on our Consolidated Balance Sheets.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

When we lease a used aircraft, the maintenance condition of the aircraft generally will be less than 100% as a result of maintenance life usage by the prior lessee. For the next lessee of the used aircraft, we generally agree to reimburse the cost of the maintenance usage from the prior lessee, if and when the next lessee performs a qualifying maintenance event. These additional payments to our lessees related to prior lessee maintenance usage are generally referred to as "top-up" or lessor contribution payments which are considered to be a lessor cost and are expensed in the period incurred. These payments are in addition to our reimbursements of supplemental maintenance rents received from the current lessee during the lease period based on utilization.

In cases of a lessor contribution, where an aircraft is subject to lease, we consider the maintenance event to be incurred when the maintenance event is completed by the lessee and we confirm that the maintenance event qualifies for reimbursement under the lease provisions. In cases where the aircraft is not subject to lease and we are directing the maintenance activity, we consider the maintenance to be incurred over the period the maintenance activity is performed.

For all lease contracts acquired as part of the GE Capital Aviation Services ("GECAS") and ILFC transactions, we determined the fair value of our maintenance liability, including lessor maintenance contributions, using the present value of the expected cash outflows. The discounted amounts are accreted in subsequent periods to their respective nominal values up until the expected maintenance event dates using the effective interest method. The accretion amounts are recorded as increases to interest expense in our Consolidated Income Statements.

**Debt and deferred debt issuance costs**

Long-term debt is carried at the principal amount borrowed, including unamortized discounts and premiums, fair value adjustments and debt issuance costs, where applicable. We amortize the amount of discounts, premiums and fair value adjustments over the period the debt is outstanding using the effective interest method. The costs we incur for issuing debt are capitalized and amortized as an increase to interest expense over the life of the debt using the effective interest method. Debt issuance costs related to our line-of-credit arrangements are presented within other assets.

**Fair value measurements** 

Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We measure the fair value of our derivatives and our investments at fair value on a recurring basis and measure the fair value of flight equipment, goodwill and definite-lived intangible assets on a non-recurring basis. Refer to Note 32—*Fair value measurements*.

**Revenue recognition**

We lease flight equipment principally under operating leases and recognize basic lease rental income over the life of the lease. At lease inception, we review all necessary criteria to determine proper lease classification. We account for lease agreements that include uneven rental payments on a straight-line basis. The amount of the difference between basic lease rental revenue recognized and cash received is included in other assets, or in the event it is a liability, in accounts payable, accrued expenses and other liabilities.

Lease agreements where rent is based on floating interest rates are included in minimum lease payments based on the floating interest rate that existed at the commencement of the lease. Increases or decreases in lease payments that result from subsequent changes in the floating interest rate are considered contingent rentals and are recorded as increases or decreases in lease revenue in the period of the interest rate change.

Our lease contracts normally include default covenants, which generally obligate the lessee to pay us damages to put us in the position we would have been in had the lessee performed under the lease in full.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

We periodically evaluate the collectability of our operating lease contracts to determine the appropriate revenue recognition and measurement model to apply to each lessee. Accrual-based revenue recognition ceases on an operating lease contract when the collection of the rental payments is no longer probable and thereafter rental revenues are recognized using a cash receipts basis ("Cash Accounting"). In the period when collection of lease payments is no longer probable, any difference between revenue amounts recognized to date under the accrual method and payments that have been collected from the lessee, including security deposit amounts held, is recognized as a current period adjustment to lease revenue. Subsequently, revenues are recognized based on the lesser of the straight-line rental income or the lease payments collected from the lessee until such time that collection is probable. We apply significant judgment in assessing at each reporting date whether operating rental payments are probable of collection by reference to the credit status of each lessee, including lessees in bankruptcy-type arrangements, the extent of overdue balances and other relevant factors.

Revenue from investment in finance leases is recognized using the interest method to produce a constant yield over the life of the lease and is included in basic lease rents for investment in finance leases and other income for loans.

Most of our lease contracts require rental payments in advance. Rental payments received but unearned are recorded as deferred revenue in our Consolidated Balance Sheets.

Under our flight equipment leases, the lessee is responsible for maintenance, repairs and other operating expenses during the term of the lease. Under the provisions of many of our leases, the lessee is required to make payments of supplemental maintenance rents which are calculated with reference to the utilization of the airframe, engines and other major life-limited components during the lease. We record as lease revenue all supplemental maintenance rent receipts not expected to be reimbursed to the lessee. We estimate the total amount of maintenance reimbursements for the lease term and only record maintenance revenue after we have received sufficient maintenance rents to cover the total amount of estimated maintenance reimbursements during the remaining lease term.

In most lease contracts not requiring the payment of supplemental maintenance rents, and to the extent that the aircraft is redelivered in a different condition than at acceptance, we generally receive EOL cash compensation for the difference at redelivery. Upon lease termination, we recognize receipt of EOL cash compensation as lease revenue to the extent those receipts exceed the EOL maintenance rights asset, and we recognize leasing expenses when the EOL maintenance rights asset exceeds the EOL cash received.

The accrued maintenance liability existing at lease termination, if any, is recognized as lease revenue net of the MR contract maintenance rights asset. When flight equipment is sold, the portion of the accrued maintenance liability not specifically assigned to the buyer is released net of any maintenance rights asset balance and is included in net gain on sale of assets.

Other income consists of proceeds from interest revenue, management fee revenue, insurance proceeds, claims sales, inventory sales and income related to other miscellaneous activities. Interest revenue from notes receivable, loans receivable and other interest-bearing instruments is recognized using the effective yield method as interest accrues under the associated contracts. We recognize revenue from bankruptcy claim sales when collectability of sales proceeds is reasonably assured and contingencies, if any, are resolved. Management fee revenue is recognized as income as it accrues over the life of the contract. Income from the receipt of lease termination penalties is recorded at the time cash is received or when the lease is terminated, if revenue recognition criteria are met.

**Net gain on sales of assets**

We sell flight equipment in the normal course of our operations to manage our fleet and to realize the residual value of the assets at the end of their economic lives. These sales may include aircraft, engines or helicopters on lease to airlines as well as assets that are not on lease. In some cases, the terms and conditions of asset sale transactions may include continuing equity or debt investments in the asset, post-sale performance guarantees of asset cash flows or servicing arrangements. The presence of any of these terms and conditions requires us to determine whether control of the underlying asset has been transferred to the buyer, and whether we no longer have significant ownership risk in the asset, both of which are required for a sale and resulting gain or loss to be recognized.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

**Total loss write-offs**

Total loss write-offs result from the loss of an asset because of an unforeseen event (for example, an airplane crash incident, physical loss by wrongful deprivation, asset seizure, or other loss event). These events may be insured through the lessee's insurance policies where we are named as the insured, and under our own insurance policies where the lessee's insurance policy fails to indemnify us. We recognize an insurance receivable to the extent we have a claim from a loss from a total loss write-off event and the likelihood of recovering such loss or portion of the loss is probable at the balance sheet date.

We recognize insurance proceeds in excess of the loss recognized when all contingencies are resolved, which generally occurs when we receive a non-refundable cash payment from the insurers, or when we execute a binding settlement agreement with the insurers where a non-refundable payment will be made.

**Unusual or infrequently occurring events or transactions** 

A material event or transaction that we consider to be unusual in nature or that is expected to occur infrequently, or both, is reported separately in our Consolidated Income Statements, gross of income taxes.

**Allowance for credit losses**

We are exposed to credit losses on our investment in finance leases, net, and loans and notes receivable (collectively "Financing Receivables"). The credit exposure of our Financing Receivables reflects the risk that our customers fail to meet their payment obligations and the risk that the aircraft value in an investment in finance lease, net is less than the unguaranteed residual value.

We estimate the expected risk of loss of our Financing Receivables over the remaining life using a probability of default and net exposure analysis. The probability of default is estimated based on historical cumulative default data, adjusted for current conditions of our Financing Receivables and similarly risk-rated counterparties over the contractual term. The net exposure (for Financing Receivables supported by aircraft collateral) is estimated based on the exposure, net of the estimated aircraft value in the instance of investment in finance leases, net, and other cash collateral, including security deposits and maintenance-related deposits, over the contractual term. For other Financing Receivables where we have reasonable and supportable forecasts of future conditions, we estimate the net exposure as the difference between the exposure and the present value of expected cash flows. We also estimate the expected risk of loss on the unguaranteed residual value based on the estimated value of the aircraft at the expiry of the finance lease.

Current expected credit loss provisions are classified as leasing expenses in our Consolidated Income Statements, with a corresponding allowance for credit loss amount reported as a reduction in the carrying amount of the related balance sheet amount. A write-off is recorded when all or part of the Financing Receivable is deemed uncollectable. Write-offs are charged against previously established allowances for credit losses. Partial or full recoveries of amounts previously written off are generally recognized as a reduction in the provision for credit losses. Refer to Note 27—*Allowance for credit losses* for further details.

**Share-based compensation**

Employees may receive AerCap share-based awards, consisting of restricted stock units or restricted stock. Share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date and is recognized on a straight-line basis over the requisite service period. Share-based compensation expense is classified in selling, general and administrative expenses.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

**Foreign currency** 

Foreign currency transactions are translated into U.S. dollars at the exchange rate prevailing at the time of the transaction. Receivables or payables denominated in foreign currencies are remeasured into U.S. dollars at the exchange rate prevailing at the balance sheet date. All resulting exchange gains and losses are recorded in selling, general and administrative expenses in our Consolidated Income Statements. Foreign currency exchange gains or losses on our investments at fair value are recorded in gain (loss) on investments at fair value in our Consolidated Income Statements.

**Variable interest entities**

We consolidate VIEs in which we have determined that we are the PB. We use judgment when determining (i) whether an entity is a variable interest entity ("VIE"); (ii) who are the variable interest holders; (iii) the elements and degree of control that each variable interest holder has; and (iv) ultimately which party is the PB. When determining which party is the PB, we perform an analysis which considers (i) the design of the VIE; (ii) the capital structure of the VIE; (iii) the contractual relationships between the variable interest holders; (iv) the nature of the VIE's operations; and (v) the purposes and interests of all parties involved, including related parties. While we consider these factors, our conclusion about whether to consolidate ultimately depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. We continually re-evaluate whether we are the PB for VIEs in which we hold a variable interest.

**Earnings per share** 

Basic Earnings (Loss) Per Share ("EPS") is computed by dividing income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the purposes of calculating diluted EPS, the denominator includes both the weighted average number of ordinary shares outstanding during the period and the weighted average number of potentially dilutive ordinary shares, such as restricted stock units, restricted stock and stock options. In a period where a net loss is recognized, the denominator of the dilutive EPS calculation does not include potentially dilutive ordinary shares.

**Reportable segments**

We manage our business and analyze and report our results of operations on the basis of one business segment: leasing, financing, sales and management of commercial flight equipment ("Commercial Flight Equipment Segment"). The Company manages the business activities on a consolidated basis and the Company's chief operating decision maker is the Chief Executive Officer. The chief operating decision maker uses net income to evaluate the performance of the segment, and the returns generated from segment assets.

The accounting policies of the Commercial Flight Equipment Segment are the same as those described in the summary of significant accounting policies. Revenue, expenses and net income generated from the Commercial Flight Equipment Segment are reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets.

**Accounting standard adopted during the year ended December 31, 2024**

***Improvements to Reportable Segmental Disclosures***

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07—Segmental Reporting (Topic 280): Improvements to Reportable Segmental Disclosures ("ASU 2023-07"). ASU 2023-07 enhances segmental reporting through expanding the breadth and frequency of segment disclosures. The standard was effective for fiscal years beginning after December 15, 2023 and early adoption was permitted. During the fourth quarter of 2024, we adopted ASU 2023-07. The adoption did not have a material effect on the Company's consolidated financial statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**3. Summary of significant accounting policies (Continued)**

**Accounting standard adopted during the year ended December 31, 2025**

***Improvements to Income Tax Disclosures***

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is designed to enhance the transparency and usefulness of the annual income tax disclosures. The two primary enhancements include disaggregating existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The standard was effective for fiscal years beginning after December 15, 2024 and early adoption was permitted. During the fourth quarter of 2025, we adopted ASU 2023-09 and the amendments have been applied on a prospective basis. The adoption of ASU 2023-09 did not have a material effect on the Company's consolidated financial statements.

**Future application of accounting standards:**

***Disaggregation of Income Statement Expenses***

In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 requires disaggregated information for specified categories of expenses, including inventory purchases, employee compensation, depreciation, amortization, and depletion, to be presented in certain expense captions on the face of the income statement. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued after the effective date, or retrospectively to all prior periods presented. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**4. Cash, cash equivalents and restricted cash**

Our restricted cash balance was $101 million and $192 million as of December 31, 2025 and 2024, respectively, and was primarily related to our Export Credit Agency ("ECA") financings, Export-Import Bank of the United States ("Ex-Im") financings, our AerFunding revolving credit facility, our Brazilian Development Bank ("BNDES") financing and other debt. Refer to Note 15—*Debt*.

The following is a summary of our cash, cash equivalents and restricted cash as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Cash and cash equivalents | $1379180 | $1209226 |
| Restricted cash | 100564 | 192356 |
| **Total cash, cash equivalents and restricted cash** | $**1479744** | $**1401582** |

---

**5. Flight equipment held for operating leases, net**

Movements in flight equipment held for operating leases during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Net book value at beginning of period | $58575672 | $57091166 |
| Additions | 5431413 | 6550861 |
| Depreciation | (2613483) | (2548219) |
| Disposals and transfers to held for sale | (2838130) | (2210815) |
| Transfers to/from investment in finance leases, net/inventory | (658314) | (284463) |
| Recoveries related to Ukraine Conflict (Note 25) |  | 26909 |
| Impairments (Note 26) | (100838) | (49766) |
| **Net book value at end of period** | $**57796320** | $**58575672** |
| Accumulated depreciation and impairment as of December 31, 2025 and 2024, respectively: | $(16122764) | $(15398485) |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**6. Investment in finance leases, net**

Components of investment in finance leases, net as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Future minimum lease payments to be received, net | $1376169 | $1189932 |
| Estimated residual values of leased flight equipment | 1138541 | 516550 |
| Less: Unearned income | (694940) | (487729) |
| Less: Allowance for credit losses (Note 27) | (12276) | (10168) |
|  | $**1807494** | $**1208585** |

---

Investment in finance leases consists of sales-type leases of flight equipment and represents net unpaid rentals and estimated unguaranteed residual values of leased equipment, less related unearned income.

As of December 31, 2025, the cash flows receivable, including the estimated residual value at lease termination, from sales-type leases were as follows:

---

| | |
|:---|:---|
| | **Cash flows receivable** |
| 2026 | $551622 |
| 2027 | 435613 |
| 2028 | 347056 |
| 2029 | 212885 |
| 2030 | 139192 |
| Thereafter | 828342 |
| Undiscounted cash flows receivable | $**2514710** |
| Less: Unearned income | (694940) |
| Less: Allowance for credit losses (Note 27) | (12276) |
|  | $**1807494** |

---

During the years ended December 31, 2025, 2024 and 2023, we recognized interest income from investment in finance leases, net of $156 million, $96 million and $101 million, respectively, included in basic lease rents.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**7. Flight equipment held for sale** 

Generally, flight equipment is classified as held for sale when the sale is probable, the asset is available for sale in its present condition, and it is expected to be sold within one year. Flight equipment assets are reclassified from flight equipment held for operating leases to flight equipment held for sale at the lower of the asset carrying value or fair value, less costs to sell. Depreciation is no longer recognized for flight equipment classified as held for sale.

As of December 31, 2025, flight equipment with a total net book value of $1.1 billion was classified as flight equipment held for sale in our Consolidated Balance Sheet. Aggregate maintenance and security deposit amounts received from lessees of approximately $115 million will be assumed by the buyers of these assets upon consummation of the individual sale transactions.

As of December 31, 2024, flight equipment with a total net book value of $466 million was classified as flight equipment held for sale in our Consolidated Balance Sheet. Aggregate maintenance and security deposit amounts received from lessees of approximately $64 million was assumed by the buyers of these assets upon consummation of the individual sale transactions.

**8. Maintenance rights and lease premium, net**

Maintenance rights and lease premium, net consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Maintenance rights | $1336440 | $1669742 |
| Lease premium, net | 340967 | 460251 |
|  | $**1677407** | $**2129993** |

---

Movements in maintenance rights during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Maintenance rights at beginning of period | $1669742 | $2099513 |
| EOL and MR contract maintenance rights expense | (71103) | (144726) |
| MR contract maintenance rights write-off due to maintenance liability release | (19544) | (38525) |
| EOL contract maintenance rights write-off due to cash receipt | (67412) | (159682) |
| EOL and MR contract maintenance rights write-off due to sale of aircraft | (175243) | (86838) |
| **Maintenance rights at end of period** | $**1336440** | $**1669742** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**8. Maintenance rights and lease premium, net (Continued)**

The following tables present details of lease premium assets and related accumulated amortization as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
| Lease premium | $790042 | $(449075) | $340967 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
| Lease premium | $907995 | $(447744) | $460251 |

---

Lease premium assets that are fully amortized are removed from the gross carrying amount and accumulated amortization columns in the tables above. The weighted average amortization period remaining for lease premium is 4.1 years.

During the years ended December 31, 2025, 2024 and 2023, we recorded amortization expense for lease premium assets of $115 million, $161 million and $178 million, respectively.

As of December 31, 2025, the estimated future amortization expense for lease premium assets was as follows:

---

| | |
|:---|:---|
| | **Estimated amortization expense** |
| 2026 | $103099 |
| 2027 | 86966 |
| 2028 | 72877 |
| 2029 | 37128 |
| 2030 | 25740 |
| Thereafter | 15157 |
|  | $**340967** |

---

**9. Other intangibles, net**

Other intangibles consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Customer relationships, net | $113706 | $134883 |
| Other intangible assets | 4083 | 4783 |
|  | $**117789** | $**139666** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**9. Other intangibles, net (Continued)**

The following tables present details of customer relationships and related accumulated amortization as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
| Customer relationships | $360000 | $(246294) | $113706 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
| Customer relationships | $360000 | $(225117) | $134883 |

---

During the years ended December 31, 2025, 2024 and 2023, we recorded annual amortization expense for customer relationships of $21 million. The weighted average amortization period remaining for customer relationships is 5.4 years.

As of December 31, 2025, the estimated future amortization expense for customer relationships for the next five years is $21 million per year and $8 million thereafter.

**10. Associated companies**

As of December 31, 2025 and 2024, associated companies accounted for under the equity method of accounting consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **% Ownership as of December 31, 2025** | **As of December 31,** | **As of December 31,** |
| | **% Ownership as of December 31, 2025** | **2025** | **2024** |
| Shannon Engine Support Ltd ("SES") | 50.0 | $1166236 | $958707 |
| AerDragon Aviation Partners Limited and its Subsidiaries ("AerDragon") | 16.7 | 85829 | 86669 |
| Other | 9.5-39.3 | 63241 | 83518 |
|  |  | $**1315306** | $**1128894** |

---

Our share of undistributed earnings of investments in which our ownership interest is less than 50% was $55 million and $56 million as of December 31, 2025 and 2024, respectively.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**11. Other assets**

Other assets consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Loans receivable, net of allowance for credit losses (a) | $513689 | $595640 |
| Straight-line rents, prepaid expenses and other | 506031 | 592032 |
| Inventory | 112438 | 90915 |
| Lease incentives | 100401 | 133660 |
| Notes receivable, net of allowance for credit losses (b) | 86846 | 401989 |
| Investments | 49590 | 76756 |
| Operating lease right of use assets, net (Note 17) | 39395 | 45970 |
| Derivative assets (Note 12) | 12247 | 81770 |
| Other receivables, net | 458641 | 583306 |
|  | $**1879278** | $**2602038** |

---

(a)As of December 31, 2025 and 2024, we had an allowance for credit losses on loans receivable of $0.3 million and $0.5 million, respectively. Refer to Note 27—*Allowance for credit losses* for further details. During the years ended December 31, 2025, 2024 and 2023, we recognized interest income from loans receivable, net of allowance for credit losses of $51 million, $55 million and $35 million, respectively, included in other income.

(b)As of December 31, 2025 and 2024, we had an allowance for credit losses on notes receivable of nil and $200 million, respectively. Refer to Note 27—*Allowance for credit losses* for further details.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**12. Derivative financial instruments**

We have entered into interest rate derivatives to hedge the current and future interest rate payments on our variable rate debt. These derivative financial instruments can include interest rate swaps, caps, floors, U.S. treasury locks, options and forward contracts.

As of December 31, 2025, we had interest rate contracts outstanding with underlying variable benchmark interest rates of Term SOFR.

Some of our agreements with derivative counterparties require a two-way cash collateralization of derivative fair values. As of December 31, 2025 and 2024, we did not have cash collateral from counterparties and had not advanced any cash collateral to counterparties.

The counterparties to our interest rate derivatives are primarily major international financial institutions. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. We could be exposed to potential losses due to the credit risk of non-performance by these counterparties. We have not experienced any losses to date.

Our derivative assets are recorded in other assets and our derivative liabilities are recorded in accounts payable, accrued expenses and other liabilities in our Consolidated Balance Sheets.

The following tables present notional amounts and fair values of derivatives outstanding as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Notional<br>amount (a)** | **Fair value** | **Notional<br>amount (a)** | **Fair value** |
| &nbsp;&nbsp;&nbsp;Derivative assets not designated as accounting cash flow <br>hedges: |  |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | $500000 | $3471 | $852500 | $11216 |
| &nbsp;&nbsp;&nbsp;Derivative assets designated as accounting cash flow <br>hedges: |  |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | $1705000 | $8776 | $4475000 | $70554 |
| **Total derivative assets** |  | $**12247** |  | $**81770** |

---

(a)The notional amount is excluded for interest rate contracts which are not yet effective.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**12. Derivative financial instruments (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Notional<br>amount (a)** | **Fair value** | **Notional<br>amount (a)** | **Fair value** |
| &nbsp;&nbsp;&nbsp;Derivative liabilities not designated as accounting cash <br>flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | $200000 | $3327 | $— | $— |
| &nbsp;&nbsp;&nbsp;Derivative liabilities designated as accounting cash <br>flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | $4905000 | $69400 | $1655000 | $15440 |
| **Total derivative liabilities** |  | $**72727** |  | $**15440** |

---

(a)The notional amount is excluded for interest rate contracts which are not yet effective.

We recorded the following in other comprehensive gain or loss related to derivative financial instruments for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;Effective portion of change in fair market value of derivatives designated as <br>accounting cash flow hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate contracts | $(122460) | $27040 | $(123587) |
| &nbsp;&nbsp;&nbsp;Derivative premium and amortization | 8439 | 10445 | 9579 |
| Income tax effect | 15438 | (5420) | 14425 |
| **Net (loss) gain on derivatives, net of tax** | $**(98583)** | $**32065** | $**(99583)** |

---

We expect to reclassify approximately $18 million from AOCI as an increase in interest expense in our Consolidated Income Statements over the next 12 months.

The following table presents the effect of gains or losses related to derivatives recorded in interest expense in our Consolidated Income Statements for the years ended December 31, 2025, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Derivatives not designated as accounting hedges: |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | $(25489) | $(34319) | $(36721) |
| Derivatives designated as accounting hedges: |  |  |  |
| &nbsp;&nbsp;Reclassification of amounts previously recorded within AOCI to interest expense | 45532 | 109373 | 97788 |
| **Net gain recognized in interest expense** | $**20043** | $**75054** | $**61067** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**13. Accounts payable, accrued expenses and other liabilities**

Accounts payable, accrued expenses and other liabilities consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Deferred revenue | $840935 | $829839 |
| Accounts payable and accrued expenses | 562773 | 465665 |
| Accrued interest | 371996 | 408106 |
| Derivative liabilities (Note 12) | 72727 | 15440 |
| Operating lease liabilities (Note 17) | 48961 | 55777 |
|  | $**1897392** | $**1774827** |

---

**14. Accrued maintenance liability**

Movements in accrued maintenance liability during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Accrued maintenance liability at beginning of period | $3327347 | $2863730 |
| Maintenance payments received | 969885 | 920932 |
| Maintenance payments returned | (248634) | (248017) |
| Release to income upon sale | (142276) | (31758) |
| Release to income other than upon sale | (227385) | (163405) |
| Lessor contribution, top ups and other | (144549) | (14135) |
| **Accrued maintenance liability at end of period** | $**3534388** | $**3327347** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**15. Debt**

As of December 31, 2025, the principal amount of our outstanding indebtedness totaled $43.8 billion, excluding debt issuance costs, debt discounts and debt premium of $241 million, and our undrawn lines of credit were $11.0 billion, availability of which is subject to certain conditions, including compliance with certain financial covenants. As of December 31, 2025, we remained in compliance with the financial covenants across our various debt facilities.

The following table provides a summary of our indebtedness as of December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Debt obligation** | **Collateral (number of assets) (a)** | **Commitment** | **Undrawn<br>amounts** | **Amount outstanding** | **Weighted average interest rate (b)** | **Maturity** | **Amount outstanding** |
| **Unsecured** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Trust (c) & AICDC (d)<br> Notes |  | $29000000 | $— | $29000000 | 3.99% | 2026-2041 | $29950000 |
| &nbsp;&nbsp; Revolving credit facilities (e) |  | 9950000 | 9925000 | 25000 | 5.39% | 2027-2030 | 25000 |
| &nbsp;&nbsp;&nbsp;Other unsecured debt |  | 5220452 |  | 5220452 | 5.01% | 2027-2032 | 4775000 |
| **TOTAL UNSECURED** |  | $**44170452** | $**9925000** | $**34245452** |  |  | $**34750000** |
| **Secured** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Export credit facilities (f) | 40 | 1003129 |  | 1003129 | 3.18% | 2026-2037 | 974269 |
| &nbsp;&nbsp;Institutional secured term loans<br> & secured portfolio loans | 190 | 5292379 |  | 5292379 | 4.87% | 2027-2034 | 6238520 |
| &nbsp;&nbsp;AerFunding Revolving Credit<br>&nbsp;&nbsp;&nbsp;&nbsp;Facility | 22 | 1750000 | 947164 | 802836 | 5.47% | 2031 | 1010699 |
| &nbsp;&nbsp;Other secured debt | 78 | 341693 | 129227 | 212466 | 5.76% | 2026-2041 | 313651 |
| *Fair value adjustment* |  |  |  | 42 |  |  | 356 |
| **TOTAL SECURED** |  | $**8387201** | $**1076391** | $**7310852** |  |  | $**8537495** |
| **Subordinated** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Subordinated notes |  | 2250000 |  | 2250000 | 6.63% | 2055-2065 | 2250000 |
| **TOTAL SUBORDINATED** |  | $**2250000** | $**—** | $**2250000** |  |  | $**2250000** |
| &nbsp;&nbsp;Debt issuance costs, debt<br> discounts and debt premium |  |  |  | (240983) |  |  | (242984) |
|  | **330** | $**54807653** | $**11001391** | $**43565321** |  |  | $**45294511** |

---

(a)The assets pledged as collateral include 242 aircraft, 83 engines and five helicopters.

(b)The weighted average interest rate for our floating-rate debt of $10.9 billion is calculated based on the applicable U.S. dollar SOFR rate, as applicable, as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives.

(c)AerCap Global Aviation Trust, a Delaware Statutory Trust ("AerCap Trust").

(d)AerCap Ireland Capital Designated Activity Company, a designated activity company with limited liability incorporated under the laws of Ireland ("AICDC").

(e)Asia Revolver and Citi Revolvers (the "Revolving credit facilities").

(f)An additional $0.9 billion commitment has been approved by the Export Credit Agencies, subject to customary conditions at drawdown.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**15. Debt (Continued)**

As of December 31, 2025, all debt was issued or guaranteed by AerCap, with the exception of the AerFunding Revolving Credit Facility and the Glide Funding term loan facility.

Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
| | **Maturities of debt financing (a)** |
| 2026 | $6219771 |
| 2027 | 7349675 |
| 2028 | 9312710 |
| 2029 | 4836895 |
| 2030 | 2108120 |
| Thereafter | 13979091 |
|  | $**43806262** |

---

(a)For further detail on debt maturities, please refer to "Item 5. Operating and Financial Review and Prospects—Liquidity and capital resources—Contractual obligations."

During the years ended December 31, 2025, 2024 and 2023, we amortized as interest expense debt issuance costs, debt discounts and debt premium of $60 million, $63 million and $75 million, respectively.

**AerCap Trust & AICDC Notes**

From time to time, AerCap Trust and AICDC co-issue additional senior unsecured notes (the "AGAT/AICDC Notes").

The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2025:

---

| | |
|:---|:---|
| | **Maturities of AGAT/AICDC Notes** |
| 2026 | $5250000 |
| 2027 | 4000000 |
| 2028 | 6050000 |
| 2029 | 2100000 |
| 2030 | 1450000 |
| Thereafter | 10150000 |
|  | $**29000000** |

---

All of the AGAT/AICDC Notes bear interest at fixed rates ranging from 1.75% to 6.45%.

The AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings N.V. and by AerCap Ireland Limited ("AerCap Ireland"), AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC. Except as described below, the AGAT/AICDC Notes are not subject to redemption prior to their stated maturity and there are no sinking fund requirements. We may redeem each series of the AGAT/AICDC Notes in whole or in part, at any time, at a price equal to 100% of the aggregate principal amount plus the applicable "make-whole" premium plus accrued and unpaid interest, if any, to the redemption date. Certain of the AGAT/AICDC Notes are redeemable at our option, at par.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**15. Debt (Continued)**

The indentures governing the AGAT/AICDC Notes contain customary covenants that, among other things, restrict our, and our restricted subsidiaries', ability to incur liens on assets and to consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets. The indentures also provide for customary events of default, including, but not limited to, the failure to pay scheduled principal and interest payments on the AGAT/AICDC Notes, the failure to comply with covenants and agreements specified in the indentures, the acceleration of certain other indebtedness resulting from non-payment of that indebtedness and certain events of insolvency. If any event of default occurs, any amount then outstanding under the indentures may immediately become due and payable.

In January 2025, AerCap Trust and AICDC co-issued $750 million aggregate principal amount of 4.875% Senior Notes due 2028 and $750 million aggregate principal amount of 5.375% Senior Notes due 2031.

In October 2025, AerCap Trust and AICDC co-issued $600 million aggregate principal amount of 4.375% Senior Notes due 2030 and $600 million aggregate principal amount of 5.000% Senior Notes due 2035.

In January 2026, AerCap Trust and AICDC co-issued $900 million aggregate principal amount of 4.125% Senior Notes due 2029 and $850 million aggregate principal amount of 4.750% Senior Notes due 2033.

In February 2026, AerCap Trust and AICDC redeemed all of the then-outstanding $500 million aggregate principal amount of their 4.450% Senior Notes due 2026.

**Revolving credit facilities**

In March 2018, AerCap entered into a $950 million unsecured revolving and term loan facility (the "Asia Revolver") with a maturity of March 2022. In March 2023, AerCap amended the Asia Revolver and extended its maturity to March 2027.

In March 2014, AICDC entered into a senior unsecured revolving credit facility (the "Citi Revolver I"). In December 2025, AICDC amended and restated the Citi Revolver I, including increasing the size of the facility to $4.65 billion, extending its maturity to June 2030 and updating the commercial terms and financial covenants.

In March 2021, AerCap and AICDC entered into a second unsecured revolving credit facility (the "Citi Revolver II"). In December 2025, the Citi Revolver II was amended to reduce the size to $4.35 billion in addition to updating the commercial terms and the financial covenants such that the financial covenants of both the Citi Revolver I and the Citi Revolver II remain the same.

The obligations under the revolving credit facilities are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries. Availability of borrowings under the revolving credit facilities is subject to the satisfaction of customary conditions precedent. We have the right to terminate or cancel, in whole or in part, the unused portions of the commitment amounts.

The revolving credit facilities contain covenants customary for unsecured financings of this type, including financial covenants that require us to maintain compliance with a maximum ratio of consolidated indebtedness to shareholders' equity and a maximum ratio of unencumbered assets to certain financial indebtedness.

The facilities also contain covenants that, among other things, restrict, subject to certain exceptions, the ability of AerCap to sell assets, make certain restricted payments and incur certain liens.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**15. Debt (Continued)**

**Other unsecured debt**

In April 2025, we prepaid an $850 million unsecured term loan with a maturity of April 2026. We simultaneously amended and extended another unsecured facility. This facility was increased from $545 million to $1.5 billion and its maturity date was extended from March 2026 to January 2029.

**Export credit facilities**

The principal amounts under the export credit facilities amortize over ten to 12-year terms. The export credit facilities require that Special Purpose Entities ("SPEs") controlled by the respective borrowers hold legal title to the financed flight equipment. Obligations under the export credit facilities are secured by, among other things, a pledge of the shares of the SPEs.

The obligations under the export credit facilities are guaranteed by AerCap Holdings N.V. and/or certain of its subsidiaries, as well as various export credit agencies.

**Institutional secured term loans and secured portfolio loans**

The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2025** | **2025** | **2025** | **2024** |
| | **Collateral (Number of assets) (a) (b)** | **Amount outstanding** | **Weighted average<br>interest rate** | **Maturity** | **Amount outstanding** |
| **Institutional secured term loans** |  |  |  |  |  |
| Setanta | 30 | $700000 | 5.42% | 2028 | $1000000 |
| Hyperion | 15 | 400000 | 5.42% | 2027 | 600000 |
| **Secured portfolio loans** |  |  |  |  |  |
| Rhenium | 18 | 760451 | 5.06% | 2032 | 815738 |
| Archerfish | 14 | 520653 | 5.07% | 2030 | 557774 |
| Cesium | 14 | 420252 | 5.17% | 2028 | 493744 |
| Other secured facilities | 99 | 2491023 | 4.48% | 2027-2034 | 2771264 |
|  | **190** | $**5292379** |  |  | $**6238520** |

---

(a)These loans are secured by a combination of aircraft and engines and the equity interests in the borrower and certain SPE subsidiaries of the borrower that own the aircraft and engines.

(b)The assets pledged as collateral include 177 aircraft and 13 engines.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**15. Debt (Continued)**

***Institutional secured term loans***

The Hyperion institutional term loan was originally entered into in 2014. The obligations of the borrowers of the loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries.

The Setanta institutional secured term loan was entered into in 2021. The obligations of the borrowers of the loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries.

Both the Hyperion loan and the Setanta loan contain customary covenants and events of default for financings of this type, including covenants that limit the ability of the subsidiary borrowers and their subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors, the subsidiary borrowers and their subsidiaries to consolidate, merge or dispose of all or substantially all of their assets and enter into transactions with affiliates.

In July 2025, we exercised our right to partially prepay both our Setanta and Hyperion term loans. We repaid $300 million and $200 million, respectively, of these loans.

***Secured portfolio loans***

The obligations of each of the respective borrowers under each secured portfolio loan are guaranteed by AerCap Holdings N.V. and certain of its subsidiaries.

These loans contain customary covenants and events of default for financings of this type, including covenants that limit the ability of the borrower and its subsidiaries to incur additional indebtedness and create liens, and covenants that limit the ability of the guarantors and the borrower and its subsidiaries to consolidate, merge or dispose of all or substantially all of their assets or enter into transactions with affiliates.

**AerFunding Revolving Credit Facility**

AerFunding 1 Limited ("AerFunding") is an SPE whose share capital is owned 95% by a charitable trust and 5% by AerCap Ireland. AerFunding is a consolidated VIE formed for the purpose of acquiring aircraft assets. In April 2006, AerFunding entered into a non-recourse senior secured revolving credit facility which was subsequently increased in size and amended. In December 2025, AerFunding amended this facility, reducing its size by $500 million, updating its commercial terms and extending the revolving period to January 2029, following which there is a 24-month term-out period. The final maturity date of the AerFunding Revolving Credit Facility is January 2031.

Borrowings under the AerFunding Revolving Credit Facility are secured by, among other things, security interests in and pledges or assignments of equity ownership and beneficial interests in all of the subsidiaries of AerFunding, as well as by AerFunding's interests in the leases of its assets.

**Other secured debt**

AerCap has entered into a number of financings, provided by a range of banks and non-bank financial institutions, to fund the purchase of aircraft and for general corporate purposes.

The majority of the financings are guaranteed by AerCap and are secured by, among other things, a pledge of the shares of the subsidiaries owning the related aircraft and, in certain cases, a mortgage on the applicable aircraft. All of our financings contain affirmative covenants customary for secured financings of this type.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**15. Debt (Continued)**

***Subordinated debt***

The following table provides a summary of the outstanding subordinated debt as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2025** | **2025** | **2024** |
| | **Amount<br>outstanding** | **Weighted average interest rate** | **Maturity** | **Amount<br>outstanding** |
| ECAPS Subordinated Notes (a) | $1000000 | 6.45% | 2065 | $1000000 |
| 2055 Subordinated Notes | 750000 | 6.95% | 2055 | 750000 |
| 2056 Subordinated Notes | 500000 | 6.50% | 2056 |  |
| 2045 Subordinated Notes |  |  |  | 500000 |
|  | $**2250000** |  |  | $**2250000** |

---

(a)Enhanced Capital Advantaged Preferred Securities ("ECAPS").

**ECAPS Subordinated Notes**

In December 2005, ILFC issued two tranches of subordinated notes in an aggregate principal amount of $1.0 billion. Both the $400 million and $600 million tranches have a floating interest rate, with margins of 1.800% and 1.550% respectively, plus the highest of three-month Term SOFR plus the appropriate credit adjustment spread, ten-year constant maturity U.S. Treasury, and 30-year constant maturity U.S. Treasury.

Upon consummation of the ILFC Transaction, the subordinated notes were assumed by AerCap Trust, and AerCap Holdings N.V. and certain of its subsidiaries became guarantors. ILFC remains a co-obligor under the indentures governing the subordinated notes. The addition of these subsidiary guarantors did not affect the subordinated ranking of these notes.

The ECAPS contain customary financial tests, including a minimum ratio of equity to total managed assets and a minimum fixed charge coverage ratio. Failure to comply with these financial tests will result in a "mandatory trigger event." If a mandatory trigger event occurs and we are unable to raise sufficient capital in a manner permitted by the terms of the subordinated debt to cover the next interest payment on the subordinated debt, a "mandatory deferral event" will occur, requiring us to defer all interest payments and prohibiting the payment of cash dividends on AerCap Trust's or ILFC's capital stock or its equivalent until both financial tests are met or we have raised sufficient capital to pay all accumulated and unpaid interest on the subordinated debt. Mandatory trigger events and mandatory deferral events are not events of default under the indenture governing the subordinated debt.

**2045 Junior Subordinated Notes**

In June 2015, AerCap Trust issued $500 million of junior subordinated notes due 2045 (the "2045 Junior Subordinated Notes"). The 2045 Junior Subordinated Notes bore interest at a fixed interest rate of 6.500% up to June 2025. In June 2025, AerCap Trust redeemed in full the $500 million aggregate principal amount of its 2045 Junior Subordinated Notes, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**15. Debt (Continued)**

**AGAT/AICDC Junior Subordinated Notes**

In July 2024, AerCap Trust and AICDC co-issued $750 million aggregate principal amount of fixed-rate reset junior subordinated notes due 2055 (the "2055 Junior Subordinated Notes"). The 2055 Junior Subordinated Notes currently bear interest at a fixed interest rate of 6.950% and, from and including March 10, 2030 (the "First Reset Date"), will bear interest at a rate equal to the five-year U.S. Treasury Rate plus 2.720%, to be reset on each subsequent five-year anniversary.

In April 2025, AerCap Trust and AICDC co-issued $500 million aggregate principal amount of fixed-rate reset junior subordinated notes due 2056 (the "2056 Junior Subordinated Notes" and, together with the 2055 Junior Subordinated Notes, the "Junior Subordinated Notes"). The 2056 Junior Subordinated Notes currently bear interest at a fixed interest rate of 6.500% and, from January 31, 2031 (the "First Reset Date"), will bear interest at a rate equal to the five-year U.S. Treasury Rate plus 2.441%, to be reset on each subsequent five-year anniversary.

We may defer any interest payments on the Junior Subordinated Notes for up to 20 consecutive semi-annual interest payment periods. During any deferral period, interest will continue to accrue at the then-applicable interest rate on the Junior Subordinated Notes. The Junior Subordinated Notes are fully and unconditionally guaranteed on a junior subordinated basis by AerCap Holdings N.V. and certain of its subsidiaries.

We may, at our option, redeem the Junior Subordinated Notes before their respective maturity dates in whole or in part on any day in the period commencing on the date falling 90 days prior to the applicable First Reset Date and ending on and including the applicable First Reset Date, and on each subsequent interest payment date, at 100% of the principal amount being redeemed plus any accrued and unpaid interest thereon.

The Junior Subordinated Notes are junior subordinated unsecured obligations, rank equally with all of the issuers' and guarantors' existing and future equally ranking junior subordinated indebtedness, if any, and are subordinate and junior in right of payment to all of the issuers' and guarantors' existing and future senior indebtedness.

**Subordinated debt issued by VIEs**

AerCap holds subordinated loan notes issued by certain consolidated VIEs. The subordinated debt held by AerCap is eliminated on consolidation of the VIEs.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**16. Income taxes**

Our subsidiaries are subject to income taxation in a number of tax jurisdictions, principally Ireland.

Income before income taxes and income of investments accounted for under the equity method for 2025 includes income of $3.9 billion relating to Ireland and income of $0.2 billion relating to other jurisdictions. Income before income taxes and income of investments accounted for under the equity method for 2024 includes income of $2.1 billion relating to Ireland and income of $0.2 billion relating to other jurisdictions. Income before income taxes and income of investments accounted for under the equity method for 2023 includes income of $3.2 billion relating to Ireland and income of $0.1 billion relating to other jurisdictions.

The following table presents our income tax expense (benefit) by significant tax jurisdiction for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;**Deferred tax expense, excluding the net change in valuation** <br> **allowance**  |  |  |  |
| Ireland | $486825 | $261669 | $300646 |
| Other | 23120 | 3691 | 28572 |
|  | **509945** | **265360** | **329218** |
| &nbsp;&nbsp;&nbsp;**Deferred tax (benefit) expense related to the net change in valuation** <br> **allowance** |  |  |  |
| Ireland | (9572) | 16360 | 957 |
| Other | 1124 | (31216) | (50106) |
|  | **(8448)** | **(14856)** | **(49149)** |
| **Current tax expense (benefit)** |  |  |  |
| Ireland | 25055 | 41838 | 13147 |
| Other | 28694 | 31362 | (2160) |
|  | **53749** | **73200** | **10987** |
| **Total income tax expense (benefit)** |  |  |  |
| Ireland | 502308 | 319867 | 314750 |
| Other | 52938 | 3837 | (23694) |
|  | **555246** | **323704** | **291056** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**16. Income taxes (Continued)**

The following table provides a reconciliation of income tax expense at the domestic trading statutory income tax rate of 12.5% in Ireland, where the Company is tax resident, to income tax expense for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| Income tax expense at statutory income tax rate of 12.5% | $511502 | 12.5% |
| Domestic reconciling items: |  |  |
| &nbsp;&nbsp;Non-taxable and non-deductible items | 5256 | 0.1% |
| &nbsp;&nbsp;Tax credits | (2786) | (0.1%) |
| &nbsp;&nbsp;Changes in valuation allowances | (9572) | (0.2%) |
| &nbsp;&nbsp;Other reconciling items | 21347 | 0.6% |
| Foreign reconciling items | 29484 | 0.7% |
| Changes in worldwide unrecognized tax benefits | 15 |  |
|  | **43744** | **1.1%** |
| **Income tax expense** | $**555246** | **13.6%** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**16. Income taxes (Continued)**

The following table provides a reconciliation of income tax expense at the domestic trading statutory income tax rate of 12.5% in Ireland, where the Company is tax resident, to income tax expense for the years ended 2024 and 2023, as previously disclosed prior to the adoption of ASU 2023-09:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
| | **2024** | **2024** | | **2023** | **2023** | |
| Income tax expense at statutory income tax rate of 12.5% | $282922 | 12.5% |  | $409023 | 12.5% |  |
| Foreign rate differential | 14412 | 0.6% |  | 6025 | 0.2% |  |
| Pillar Two top-up taxes | 42598 | 1.9% | (a) |  |  |  |
| Withholding tax borne | 22557 | 1.0% | (b) | 12716 | 0.4% |  |
| Entities taxable at a higher Irish rate | (16321) | (0.7%) | (c) | (1788) | (0.1%) |  |
| Other reconciling items | (7608) | (0.3%) | (d) | 3347 | 0.1% | (f) |
| Remeasurement of deferred taxes |  |  |  | (43806) | (1.3%) | (g) |
| Gains not taxable |  |  |  | (45312) | (1.4%) | (h) |
| Valuation allowance | (14856) | (0.7%) | (e) | (49149) | (1.5%) |  |
|  | **40782** | **1.8%** |  | **(117967)** | **(3.6** **%)** |  |
| **Income tax expense** | $**323704** | **14.3%** |  | $**291056** | **8.9%** |  |

---

(a)This amount relates to 2024 top-up taxes arising in respect of Pillar Two in Ireland.

(b)Withholding taxes relate to cross-border payments made to group entities that are subject to withholding taxes.

(c)A higher rate of taxation of 25% applies to certain Irish tax resident entities. Some of our entities with a 25% Irish tax rate incurred a loss during the year and therefore their losses have been valued at 25%.

(d)The 2024 other reconciling items included the following tax-effected amounts: non-deductible interest expense of $10 million, unrecognized tax benefit release of $8 million which is discussed further below and other items of $10 million.

(e)See note below table presenting the movements in the valuation allowance for deferred tax assets for further detail.

(f)The 2023 other reconciling items included the following tax-effected amounts: non-deductible expenses of $6 million and other items of $3 million.

(g)The 2023 remeasurement of deferred taxes relates to the reversal of a deferred tax liability for undistributed profits that may now be recovered in a tax-free manner.

(h)The 2023 gains not taxable arises due to tax-exempt gains realized by group companies on the release of intra-group liabilities.

The calculation of income for income tax purposes differs significantly from financial statement income. Deferred tax is provided to reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and such amounts as measured under income tax law in the various jurisdictions. Operating loss carryforwards and accelerated tax depreciation on flight equipment give rise to our most significant deferred tax assets and liabilities.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**16. Income taxes (Continued)**

The following tables provide details regarding the principal components of our deferred tax assets and liabilities by significant jurisdiction as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Ireland** | **Other** | **Total** |
| **Deferred tax assets** | | | |
| Flight equipment | $7103 | $792 | $7895 |
| Other intangibles |  | 66707 | 66707 |
| Deferred losses on sale of assets |  | 3891 | 3891 |
| Operating loss and tax credit carryforwards | 1429696 | 123144 | 1552840 |
| Other | 619 | 9104 | 9723 |
| Total deferred tax assets | 1437418 | 203638 | 1641056 |
| Valuation allowance | (24030) | (23478) | (47508) |
| **Deferred tax assets, net of valuation allowance** | $**1413388** | $**180160** | $**1593548** |
| **Deferred tax liabilities** |  |  |  |
| Flight equipment | $(4454453) | $(103510) | $(4557963) |
| Other intangibles | (14724) |  | (14724) |
| Other | (8288) | (5861) | (14149) |
| **Total deferred tax liabilities** | $**(4477465)** | $**(109371)** | $**(4586836)** |
| **Total net deferred tax (liabilities) assets** | $**(3064077)** | $**70789** | $**(2993288)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Ireland** | **Other** | **Total** |
| **Deferred tax assets** | | | |
| Flight equipment | $7285 | $3639 | $10924 |
| Other intangibles |  | 72702 | 72702 |
| Deferred losses on sale of assets |  | 8137 | 8137 |
| Operating loss and tax credit carryforwards | 1713394 | 108108 | 1821502 |
| Other | 1332 | 16056 | 17388 |
| Total deferred tax assets | 1722011 | 208642 | 1930653 |
| Valuation allowance | (33601) | (22355) | (55956) |
| **Deferred tax assets, net of valuation allowance** | $**1688410** | $**186287** | $**1874697** |
| **Deferred tax liabilities** |  |  |  |
| Flight equipment | $(4264191) | $(86207) | $(4350398) |
| Other intangibles | (17458) |  | (17458) |
| Other | (6421) | (7290) | (13711) |
| **Total deferred tax liabilities** | $**(4288070)** | $**(93497)** | $**(4381567)** |
| **Total net deferred tax (liabilities) assets** | $**(2599660)** | $**92790** | $**(2506870)** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**16. Income taxes (Continued)**

The net deferred tax liabilities as of December 31, 2025 of $3.0 billion were recognized in our Consolidated Balance Sheet as deferred tax assets of $173 million and as deferred tax liabilities of $3.2 billion.

The net deferred tax liabilities as of December 31, 2024 of $2.5 billion were recognized in our Consolidated Balance Sheet as deferred tax assets of $261 million and as deferred tax liabilities of $2.8 billion.

The following table presents the movements in the valuation allowance for deferred tax assets during the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Valuation allowance at beginning of period | $55956 | $70812 | $119961 |
| Increase of allowance included in income tax expense | 5811 | 21396 | 2035 |
| Decrease of allowance included in income tax expense | (14259) | (36252) | (51184) |
| Net decrease in valuation allowance | (8448) | (14856) | (49149) |
| **Valuation allowance at end of period** | $**47508** | $**55956** | $**70812** |

---

The Company has assessed, on a jurisdictional basis, the realization of its deferred tax assets, including the ability to carry back net operating losses, the existence of taxable temporary differences, the availability of tax-planning strategies and available sources of future taxable income. The Company has concluded that based on cumulative income and future taxable income that it will be able to realize a benefit for its deferred tax assets in certain jurisdictions. In addition, the Company has concluded that a valuation allowance on certain deferred tax assets in Ireland and certain other jurisdictions continues to be appropriate considering income projections and uncertainty with respect to future taxable income.

During the year ended December 31, 2025, the Company released a net valuation allowance of $8 million as an income tax benefit. The Company determined that the positive evidence outweighed the negative evidence in certain tax-paying components of the business, resulting in valuation allowance releases. It is possible that within the next 12 months there may be sufficient positive evidence to release a portion of the remaining valuation allowance. Release of a portion of the remaining valuation allowance would result in a benefit to income tax expense for the period in which the release is recorded, which could have an impact on net earnings. The timing and amount of the potential valuation allowance release are subject to significant management judgment, as well as prospective earnings in Ireland and certain foreign entities and jurisdictions.

The income tax benefit included in the net change in valuation allowance primarily relates to an Irish valuation allowance release. In relation to the Irish valuation allowance release of $10 million, the full release relates to utilizing operating loss carryforwards during the current year that were offset by a valuation allowance at the beginning of the year.

During the year ended December 31, 2024, the Company released a net valuation allowance of $15 million as an income tax benefit. The income tax benefit included in the net change in valuation allowance primarily related to a U.S. valuation allowance release. In relation to the U.S. valuation allowance release, $6 million related to the utilization of operating loss carryforwards during 2024 that had been offset by a valuation allowance at the beginning of that year and $26 million related to adjustments to the beginning of that year valuation allowance due to a change in circumstances that resulted in a change in judgment about the realizability of the deferred tax asset in future years.

During the year ended December 31, 2023, the Company released a net valuation allowance of $49 million as an income tax benefit.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**16. Income taxes (Continued)**

As of December 31, 2025, 2024 and 2023, we had $0.1 million, $0.1 million and $17 million, respectively, of unrecognized tax benefits. A reconciliation of the beginning to ending amount of unrecognized tax benefits is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Balance at beginning of period | $120 | $16740 | $31838 |
| Increases related to prior year tax positions | 15 | 7 |  |
| Decreases related to prior year tax positions |  | (7860) | (5648) |
| Increases related to current year tax positions |  |  | 113 |
| Settlements |  | (8767) |  |
| Lapse of statute |  |  | (9563) |
| **Balance at end of period** | $**135** | $**120** | $**16740** |

---

Substantially all of the unrecognized tax benefits as of December 31, 2025, if recognized, would affect our effective tax rate. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.

Our major tax jurisdiction is Ireland, where our tax returns are open for examination from 2021 forward.

***Global Tax Reform***

In 2021, the European Commission published an EU Directive (the "EU Minimum Tax Directive") to incorporate the Pillar Two minimum tax rate rules into EU law, which Ireland has enacted into domestic legislation. In Ireland, the EU Minimum Tax Directive has been implemented by means of a top-up tax to achieve an effective rate of 15% that became effective on January 1, 2024. Further guidance from the OECD and the Irish tax authorities in relation to these rules is expected to be published in the future. It is possible that the Irish tax authorities will seek to further refine or change the Irish tax rules regarding Pillar Two given that it is a new development in Irish tax law. It is also possible that the OECD will release further guidance in the future on Pillar Two. As an example, on January 5, 2026, new guidance was released by the OECD as to how these rules could apply to U.S.-headquartered groups. It is difficult to determine the degree to which any future guidance or changes in law could alter the operation of this tax, and any such developments may have an adverse impact on our effective tax rate and cash tax liabilities in future periods.

***Ireland***

Since 2006, the enacted Irish trading corporate income tax rate has been 12.5%. Some of our Irish tax-resident operating subsidiaries have significant operating loss carryforwards as of December 31, 2025, which give rise to deferred tax assets. These operating loss carryforwards of $11.3 billion do not expire with time. In addition, the vast majority of our Irish tax-resident subsidiaries are entitled to accelerated aircraft depreciation for income tax purposes and to shelter net taxable income with the surrender of losses on a current year basis within the Irish tax group. Based on projected taxable profits in our Irish subsidiaries, we expect to recover the majority of the value of our Irish deferred tax assets and we have not recognized a valuation allowance against these assets, with the exception of $6 million, as of December 31, 2025. We also have $18 million of tax credit carryforwards, which do not expire with time, available in Ireland. A valuation allowance has been recognized in full against these tax credit carryforwards.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**16. Income taxes (Continued)**

***United States***

As of December 31, 2025, we had U.S. federal net operating carryforwards of $483 million, of which $160 million expire between 2028 and 2038 and $323 million are available to offset future federal taxable income indefinitely. Additionally, of the $160 million of net operating loss carryforwards with defined expiration dates, $52 million are subject to annual limitations under Internal Revenue Code Section 382. As of December 31, 2025, we had net operating loss carryforwards for state income tax purposes of $94 million, of which $47 million expire between 2026 and 2055 and $47 million are available to offset future state taxable income indefinitely.

**17. Leases**

We lease office space in a number of locations globally under operating lease arrangements, and in limited instances may enter into operating or finance leases for flight equipment. Our leases have remaining lease terms of up to 16 years, and in some cases we have options to extend the lease terms for up to 10 years. Our finance lease arrangements may be terminated prior to their original expiration date at our discretion.

As of December 31, 2025 and 2024, operating lease ROU assets net of lease incentives and lease deficiencies included in other assets were $39 million and $46 million, respectively, and operating lease liabilities included in accounts payable, accrued expenses and other liabilities were $49 million and $56 million, respectively. As of December 31, 2025 and 2024, finance lease liabilities included in other secured debt were $126 million and $136 million, respectively.

As of December 31, 2025 and 2024, supplemental balance sheet information related to leases was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Operating leases** | **Finance leases** | **Operating leases** | **Finance leases** |
| Weighted average remaining lease term (years) | 5.3 | 11.7 | 5.6 | 12.7 |
| Weighted average discount rate | 6.8% | 6.5% | 6.6% | 6.5% |

---

As of December 31, 2025, maturities of operating and finance lease liabilities were as follows:

---

| | | |
|:---|:---|:---|
| | **Operating leases** | **Finance leases** |
| 2026 | $12312 | $12207 |
| 2027 | 13160 | 12207 |
| 2028 | 13412 | 12207 |
| 2029 | 11309 | 12207 |
| 2030 | 8763 | 12207 |
| Thereafter | 9848 | 139868 |
| **Total lease payments** | $**68804** | $**200903** |
| Less: Imputed interest | (19843) | (75093) |
| **Present value of lease liabilities** | $**48961** | $**125810** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**18. Equity**

**Share repurchase programs**

The following table presents our share repurchase programs for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Program approval date** | **Program end date** | **Authorized amount** | **Program completion date** |
| October 2023 | March 31, 2024 | 500000 | January 12, 2024 |
| December 2023 | March 31, 2024 | 250000 | March 8, 2024 |
| February 2024 | September 30, 2024 | 500000 | August 5, 2024 |
| May 2024 | December 31, 2024 | 500000 | November 14, 2024 |
| September 2024 | December 31, 2025 | 500000 | March 7, 2025 |
| February 2025 | December 31, 2025 | 1000000 | August 22, 2025 |
| April 2025 | December 31, 2025 | 500000 | September 11, 2025 |
| September 2025 | June 30, 2026 | 750000 | Not yet completed |
| December 2025 | June 30, 2026 | 1000000 | Not yet completed |

---

During the year ended December 31, 2025, we repurchased an aggregate of 22.1 million of our ordinary shares under our share repurchase programs at an average price of $109.92 per ordinary share.

During the year ended December 31, 2024, we repurchased an aggregate of 16.8 million of our ordinary shares under our share repurchase programs at an average price of $87.80 per ordinary share.

During the year ended December 31, 2025, our Board of Directors cancelled 25.5 million ordinary shares which were acquired through the share repurchase programs in accordance with the authorizations obtained from the Company's shareholders.

During the year ended December 31, 2024, our Board of Directors cancelled 11.0 million ordinary shares which were acquired through the share repurchase programs in accordance with the authorizations obtained from the Company's shareholders.

**Dividends on ordinary shares**

Since 2024, we have paid a cash dividend on a quarterly basis. We expect to continue to pay a cash dividend on a quarterly basis going forward, subject to the Board's consideration of, among other things, market conditions and our financial performance, distributable reserves and cash flows.

In February 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on April 3, 2025, to shareholders of record as of the close of business on March 12, 2025. In April 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on June 5, 2025, to shareholders of record as of the close of business on May 14, 2025. In July 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on September 4, 2025, to shareholders of record as of the close of business on August 13, 2025. In October 2025, our Board of Directors declared a quarterly cash dividend of $0.27 per share, which was paid on December 4, 2025, to shareholders of record as of the close of business on November 12, 2025.

In February 2026, our Board of Directors declared a quarterly cash dividend of $0.40 per share, with a payment date of March 19, 2026, to shareholders of record as of the close of business on February 25, 2026.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**19. Share-based compensation**

Under our equity incentive plans, we grant restricted stock units and restricted stock to directors, officers and employees to attract and retain them on competitive terms, and to incentivize superior performance with a view to creating long-term value for the benefit of the Company, its shareholders and other stakeholders.

**AerCap equity grants**

In March 2012, we implemented an equity incentive plan (the "Equity Incentive Plan 2012") which provides for the grant of equity awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. The maximum number of equity awards available under the plan is equivalent to approximately 8.1 million ordinary shares. The Equity Incentive Plan 2012 is not open for equity awards to our directors.

In May 2014, we implemented an equity incentive plan (the "Equity Incentive Plan 2014") which provides for the grant of equity awards to participants of the plan selected by the Nomination and Compensation Committee of our Board of Directors. The maximum number of equity awards available under the plan is equivalent to 8.5 million ordinary shares. The Equity Incentive Plan 2014 is open for equity awards to our directors.

The Equity Incentive Plan 2014 and Equity Incentive Plan 2012 are collectively referred to herein as "AerCap Equity Plans."

The terms and conditions, including the vesting conditions, of the equity awards granted under AerCap Equity Plans are determined by the Nomination and Compensation Committee and, for our directors, by the Board of Directors in line with the remuneration policies approved by the General Meeting of Shareholders. The vesting periods of the majority of equity awards range between three and five years. The majority of our long-term equity awards are subject to long-term performance vesting criteria, based on the Company's EPS target over the specified periods, in order to promote and encourage superior performance over a prolonged period of time. Our Chief Executive Officer receives an annual equity award as part of his compensation package. All outstanding awards of restricted stock units are convertible into ordinary shares of the Company at a ratio of one-to-one, prior to deduction for payroll withholding taxes, if applicable. Ordinary shares subject to outstanding equity awards, which are not issued or delivered by reason of, amongst others, the cancellation or forfeiture of such awards or the withholding of such ordinary shares to settle tax obligations, shall again be available under the AerCap Equity Plans.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**19. Share-based compensation (Continued)**

The following table presents movements in the outstanding restricted stock units and restricted stock under the AerCap Equity Plans during the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Number of service-based restricted stock units and restricted stock** | **Number of performance-based restricted stock units and restricted stock** | **Weighted average grant date fair value of service-based grants ($)** | **Weighted average grant date fair value of performance-based grants ($)** |
| **Number at beginning of period** | **2419993** | **4284948** | $**60.70** | $**56.81** |
| Granted (a) | 1503215 | 2071038 | 102.02 | 95.01 |
| Vested (b) | (1048621) | (2863296) | 80.33 | 52.58 |
| Forfeited | (43991) | (55217) | 75.10 | 74.18 |
| **Number at end of period** | **2830596** | **3437473** | $**75.15** | $**83.07** |

---

(a)Includes 2,806,828 shares of restricted stock granted under the AerCap Equity Plans, of which 1,886,835 shares of restricted stock were issued, with the remaining 919,993 ordinary shares being withheld and applied to pay the taxes involved. As part of the 919,993 ordinary shares withheld to pay for taxes, 501,687 ordinary shares were treated as granted and subsequently vested on the grant date under specific Irish tax legislation. As a result, we recognized an expense of $51 million on the grant dates associated with these ordinary shares.

(b)391,720 restricted stock units, which were previously granted under the AerCap Equity Plans, vested. In connection with the vesting of the restricted stock units, the Company issued, in full satisfaction of its obligations, 269,712 ordinary shares to the holders of these restricted stock units, with the remainder being withheld and applied to pay the taxes in respect of those awards. Restrictions on 3,018,510 shares of restricted stock (2,810,898 shares of restricted stock net of withholding for taxes) lapsed during the period. In addition, 501,687 ordinary shares were treated as granted and subsequently vested on the grant dates, as described in (a) above.

In general, the amount of share-based compensation expense is determined by reference to the fair value of the restricted stock units or restricted stock on the grant date, based on the trading price of the Company's shares on the grant date and reflective of the probability of vesting. The share-based compensation expense was $166 million and $111 million, and the related income tax benefit was $26 million and $19 million, for the years ended December 31, 2025 and 2024, respectively.

The following table presents our expected share-based compensation expense based on existing grants, assuming that the established performance criteria are met and that no forfeitures occur:

---

| | |
|:---|:---|
| | **Expected share-based compensation expense** |
| | **(U.S. Dollars in millions)** |
| 2026 | $106.1 |
| 2027 | 85.4 |
| 2028 | 73.9 |
| 2029 | 37.1 |
| 2030 | 7.9 |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**20. Post-retirement benefit plans**

We provide separate defined benefit pension plans covering a small number of our employees based on years of service and pensionable pay. These plans are funded through contributions by the Company and invested in trustee administered funds. These plans are now closed to new participants and ceased accruing benefits for existing participants after December 31, 2022. Other assets as of December 31, 2025 and 2024 included assets of $23 million and $13 million, respectively, related to the defined benefit position in respect of these pension plans.

We operate defined contribution pension plans for our employees. These plans do not have a material impact on our Consolidated Balance Sheets or Consolidated Income Statements.

**21. Geographic information**

The following table presents the percentage of lease revenue attributable to individual countries representing at least 10% of our total lease revenue in any year presented, based on each lessee's principal place of business, for the years ended December 31, 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| United States | $1130468 | 15.3% | $1101624 | 15.7% | $1087541 | 15.9% |
| China (a) | 1017437 | 13.8% | 1060443 | 15.1% | 1153435 | 16.8% |
| Other countries (b) | 5221565 | 70.9% | 4841930 | 69.2% | 4619344 | 67.3% |
| **Total** | $**7369470** | **100.0%** | $**7003997** | **100.0%** | $**6860320** | **100.0%** |

---

(a)Includes mainland China, Hong Kong and Macau.

(b)No individual country within this category, including Ireland, where our headquarters is located, accounts for more than 10% of our lease revenue.

The following table presents the percentage of long-lived assets, including flight equipment held for operating leases, flight equipment held for sale, investment in finance leases, net and maintenance rights assets, attributable to individual countries representing at least 10% of our total long-lived assets in any year presented, based on each lessee's principal place of business, as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Amount** | **%** | **Amount** | **%** |
| United States | $8606623 | 13.9% | $9419796 | 15.2% |
| China (a) | 7271504 | 11.7% | 8196116 | 13.3% |
| Other countries (b) | 46071206 | 74.4% | 44206728 | 71.5% |
| **Total** | $**61949333** | **100.0%** | $**61822640** | **100.0%** |

---

(a)Includes mainland China, Hong Kong and Macau.

(b)No individual country within this category, including Ireland, where our headquarters is located, accounts for more than 10% of our long-lived assets.

During the years ended December 31, 2025, 2024 and 2023, we had no lessees that represented more than 10% of total lease revenue.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**22. Other income**

Other income consisted of the following for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Interest and other income | $278135 | $304022 | $196663 |
| Management fees | 49581 | 37483 | 33815 |
|  | $**327716** | $**341505** | $**230478** |

---

**23. Selling, general and administrative expenses**

Selling, general and administrative expenses consisted of the following for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Personnel expenses | $231516 | $214073 | $208715 |
| Share-based compensation | 166239 | 111140 | 97058 |
| Professional services | 40178 | 44824 | 40251 |
| Travel expenses | 37284 | 33571 | 38700 |
| Office expenses | 31127 | 32150 | 25307 |
| Other expenses | 39589 | 53158 | 54097 |
|  | $**545933** | $**488916** | $**464128** |

---

**24. Lease revenue**

Our current operating lease agreements expire up to and over the next 14 years. The contracted minimum future lease payments receivable from lessees for flight equipment on non-cancelable operating leases for our owned aircraft, engines and helicopters as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
| | **Contracted minimum future lease payments receivable** |
| 2026 | $6599733 |
| 2027 | 6187029 |
| 2028 | 5650264 |
| 2029 | 5124589 |
| 2030 | 4618120 |
| Thereafter | 14928566 |
|  | $**43108301** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**25. Net (recoveries) charges related to Ukraine Conflict**

On February 24, 2022, Russia launched a large-scale military invasion of Ukraine and has since been engaged in a broad military conflict with Ukraine (the "Ukraine Conflict"). In response to the Ukraine Conflict and ongoing related hostilities, the United States, the European Union, the United Kingdom and other countries have imposed broad, far-reaching sanctions against Russia, certain Russian persons and certain activities involving Russia or Russian persons (the "Sanctions").

In compliance with all applicable sanctions in March 2022, we terminated the leasing of all of our aircraft and engines with Russian airlines.

The Ukraine Conflict, the Sanctions and the actions of our former Russian lessees and the Russian government together have represented an unusual and infrequent event and therefore the related net (recoveries) charges are classified separately on our Consolidated Income Statements.

During 2022, we recognized a pre-tax net charge of $2.7 billion to our earnings, comprised of write-offs and impairments of flight equipment of $3.2 billion, which were partially offset by the derecognition of lease-related assets and liabilities (including maintenance rights and lease premium intangible assets, maintenance liabilities, security deposits and other balances) and the collection of letter of credit proceeds. We recognized a total loss write-off with respect to our assets that remained in Russia and Ukraine at the time, and impairment losses with respect to the assets we recovered from Russian and Ukrainian airlines. The termination of the leasing of our leased fleet in Russia also resulted in reduced revenues and operating cash flows.

During the year ended December 31, 2025, we recognized recoveries of $1.5 billion, which primarily included recoveries of $973 million pursuant to the June 11, 2025 judgment from the London Commercial Court in respect of our claim against the insurers under our C&P Policy and the award of $234 million of interest on that judgment, as well as cash insurance settlement proceeds of $280 million pursuant to settlements in respect of the insurance policies of four Russian airlines covering 16 aircraft and one engine lost in Russia. Following recoveries of $1.3 billion in 2023 and $195 million in 2024, these recoveries bring our total pre-tax recoveries relating to the Ukraine Conflict since 2023 to approximately $3.0 billion. Certain claims against the insurers and reinsurers under our former Russian lessees' insurance and reinsurance policies remain ongoing in the London Commercial Court. Refer to Note 31—*Commitments and contingencies* for further details on these legal proceedings.

Net recoveries related to Ukraine Conflict consisted of the following for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended 31 December,** | **Year ended 31 December,** | **Year ended 31 December,** |
| | **2025** | **2024** | **2023** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| Insurance proceeds and interest | $(1488) | $(172) | $(1254) |
| Net recoveries of flight equipment | (2) | (23) | (15) |
| Letters of credit receipts and other collections |  |  | (19) |
| **Net recoveries related to Ukraine Conflict** | $**(1490)** | $**(195)** | $**(1288)** |

---

**26. Asset impairment**

During the years ended December 31, 2025, 2024 and 2023, we recognized impairment charges of $101 million, $50 million and $87 million, respectively, related to sales transactions, lease amendments or lease terminations which were partially offset by maintenance revenue recognized where we retained maintenance-related balances or received EOL compensation.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**27. Allowance for credit losses**

Movements in the allowance for credit losses during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Investment in finance leases** | **Notes receivable** | **Loans receivable** | **Total** |
| Allowance for credit losses at beginning of period | $10168 | $200343 | $478 | $210989 |
| Current period (decrease) increase in provision for expected credit losses | 2108 | (74757) | (149) | (72798) |
| Amounts charged against the allowance |  | (125586) |  | (125586) |
| **Allowance for credit losses at end of period** | $**12276** | $**—** | $**329** | $**12605** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Investment in finance leases** | **Notes receivable** | **Loans receivable** | **Total** |
| Allowance for credit losses at beginning of period | $8924 | $24274 | $689 | $33887 |
| Current period increase (decrease) in provision for expected credit losses | 1244 | 176069 | (211) | 177102 |
| Amounts charged against the allowance |  |  |  |  |
| **Allowance for credit losses at end of period** | $**10168** | $**200343** | $**478** | $**210989** |

---

During the year ended December 31, 2025, we decreased our allowance for credit losses by $73 million, net, and recognized amounts charged against the allowance of $126 million with respect to one of our lessees. During the year ended December 31, 2024, we increased our allowance for credit losses by $177 million, net, primarily reflecting an increase in our provision with respect to notes receivable.

Substantially all our Financing Receivables portfolio is secured lending and we assess the overall quality of the portfolio based on Financing Receivables by airline customer risk rating as defined below. Our internal risk ratings process is an important source of information in determining our allowance for credit losses and represents a comprehensive approach to evaluating risk in our Financing Receivables portfolio. We stratify our Financing Receivables portfolio into three categories: A, B and C. Category A is considered an excellent or high-credit-quality airline customer; Category B is considered a good-credit-quality airline customer; and those airline customers in Category C are considered marginal. An internal risk rating is developed for our airline customers, which is based upon our proprietary model using data derived from the airline customer financial statements and other relevant data points that may impact our airline customer's ability to honor its financial commitments. The frequency of rating updates is established by our credit risk policy, which requires periodic monitoring and at least an annual review. The latest credit rating review was performed as of December 31, 2025.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**27. Allowance for credit losses (Continued)**

The tables below present Financing Receivables carried at amortized cost basis, gross of allowance for credit losses, grouped into the three credit risk categories for the years ended December 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Category A** | **Category B** | **Category C** | **Total** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| Investment in finance leases | $590 | $520 | $710 | $1820 |
| Notes receivable |  | 2 | 85 | 87 |
| Loans receivable |  | 29 | 485 | 514 |
| **Total** | $**590** | $**551** | $**1280** | $**2421** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Category A** | **Category B** | **Category C** | **Total** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| Investment in finance leases | $214 | $562 | $443 | $1219 |
| Notes receivable |  | 53 | 549 | 602 |
| Loans receivable | 10 | 18 | 568 | 596 |
| **Total** | $**224** | $**633** | $**1560** | $**2417** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**28. Earnings per share**

Basic EPS is calculated by dividing net income (loss) by the weighted average number of our ordinary shares outstanding, which excludes 4,135,620, 5,072,382 and 4,561,249 shares of unvested restricted stock as of December 31, 2025, 2024 and 2023, respectively. In general, for the calculation of diluted EPS, the weighted average of our ordinary shares outstanding for basic EPS is adjusted by the effect of dilutive securities provided under our equity compensation plans. The number of shares excluded from diluted shares outstanding was 139,781, 161,020 and 372,250 for the years ended December 31, 2025, 2024 and 2023, respectively, because the effect of including those shares in the calculation would have been anti-dilutive.

The computations of basic and diluted EPS for the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net income for the computation of basic EPS | $3750612 | $2098632 | $3136091 |
| Weighted average ordinary shares outstanding—basic | 172180968 | 189830813 | 224216801 |
| **Basic EPS** | $**21.78** | $**11.06** | $**13.99** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net income for the computation of diluted EPS | $3750612 | $2098632 | $3136091 |
| Weighted average ordinary shares outstanding—diluted | 176115641 | 194489171 | 227656343 |
| **Diluted EPS** | $**21.30** | $**10.79** | $**13.78** |

---

The computations of ordinary shares outstanding, excluding shares of unvested restricted stock, as of December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** | **2023** |
| | **Number of ordinary shares** | **Number of ordinary shares** | **Number of ordinary shares** |
| Ordinary shares issued | 179043739 | 204543739 | 215543739 |
| Treasury shares | (12167192) | (17760514) | (13050571) |
| **Ordinary shares outstanding** | **166876547** | **186783225** | **202493168** |
| Shares of unvested restricted stock | (4135620) | (5072382) | (4561249) |
| &nbsp;&nbsp;&nbsp;**Ordinary shares outstanding, excluding shares of unvested restricted** <br>**stock** | **162740927** | **181710843** | **197931919** |

---

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**29. Variable interest entities** 

We use many forms of entities to achieve our leasing and financing business objectives and we have participated to varying degrees in the design and formation of these entities. Our involvement in VIEs varies and includes being a passive investor in the VIE with involvement from other parties, managing and structuring all of the VIE's activities, or being the sole shareholder of the VIE.

During the year ended December 31, 2025, we did not provide any financial support to any of our VIEs that we were not contractually obligated to provide.

**Consolidated VIEs**

As of December 31, 2025 and 2024, substantially all assets and liabilities presented in our Consolidated Balance Sheets were held in consolidated VIEs.

We have determined that we are the PB of these entities because we control and manage all aspects of these entities, including directing the activities that most significantly affect the entities' economic performance, absorb the majority of the risks and rewards of these entities and guarantee the activities of these entities.

The assets of our consolidated VIEs that can only be used to settle obligations of these entities, and the liabilities of these VIEs for which creditors do not have recourse to our general credit, are disclosed in our Consolidated Balance Sheets under *Supplemental balance sheet information.* Further details of debt held by our consolidated VIEs are disclosed in Note 15—*Debt*.

***Wholly-owned ECA and Ex-Im financing vehicles***

We have created certain wholly-owned subsidiaries for the purpose of purchasing flight equipment and obtaining financing secured by such flight equipment. The secured debt is guaranteed by the European, Canadian and Brazilian ECAs and Ex-Im financing vehicles. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes.

***Other secured financings***

We have created a number of wholly-owned subsidiaries for the purpose of obtaining secured financings. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes.

***Wholly-owned leasing entities***

We have created wholly-owned subsidiaries for the purpose of facilitating aircraft leases with airlines. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes, which serve as equity.

***Limited recourse financing structures***

We have established entities to obtain secured financings for the purchase of aircraft in which we have variable interests. These entities meet the definition of a VIE because they do not have sufficient equity to operate without subordinated financial support from us in the form of intercompany notes. The loans of these entities are non-recourse to us except under limited circumstances.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**29. Variable interest entities (Continued)**

***AerFunding***

We hold a 5% equity investment and 100% of the subordinated notes ("AerFunding Class E-1 Notes") in AerFunding.

As of December 31, 2025, AerFunding had $803 million outstanding under a secured revolving credit facility and $2.3 billion of AerFunding Class E-1 Notes outstanding due to us.

**Non-consolidated VIEs**

Non-consolidated VIEs are investments in which we have determined that we do not have control and are not the PB. We do have significant influence and, accordingly, we account for our investments in non-consolidated VIEs under the equity method of accounting.

The following table presents our maximum exposure to loss in non-consolidated VIEs as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Carrying value of debt and equity investments | $94832 | $112193 |

---

The maximum exposure to loss represents the amount that would be absorbed by us in the event that all of our assets held in the VIEs, for which we are not the PB, had no value.

AerDragon and AerLift Leasing Limited and Subsidiaries ("AerLift") are investments that are VIEs in which we have determined that we do not have control and are not the PB. We do have significant influence and, accordingly, we account for our investments in AerDragon and AerLift under the equity method of accounting.

***Other variable interest entities***

We have variable interests in other entities in which we have determined we are not the PB because we do not have the power to direct the activities that most significantly affect the entities' economic performance.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**30. Related party transactions**

**Equity Method Investments**

***SES***

SES is a 50% joint venture between AerCap and Safran Aircraft Engines. During the years ended December 31, 2025, 2024 and 2023, we recognized lease rental income from SES of $213 million, $147 million, and $124 million, respectively.

***Other related parties***

Other related parties include our associated companies as detailed in Note 10—*Associated companies.* The following table presents amounts received from, or paid to, other related parties for management fees, dividends and contributions for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Management fees and other | $15217 | $11781 | $11074 |
| Dividends | 34786 | 13325 | 10933 |
| Contributions | (7349) | (12548) | (4509) |

---

*Einn Volant Aircraft Leasing Holdings Ltd. ("EVAL")*

During the year ended December 31, 2025, we entered into a portfolio sale agreement to sell 18 engines to EVAL. As of December 31, 2025, 17 of the engines sales had been completed. The remaining sale was completed in January 2026.

During the year ended December 31, 2024, we entered into a portfolio sale agreement to sell 16 engines to EVAL and completed the sale of 14 engines under this agreement. The remaining sales were completed in January 2025.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**31. Commitments and contingencies** 

**Flight equipment on order** 

As of December 31, 2025, we had commitments to purchase 283 new aircraft scheduled for delivery through 2031. These commitments are primarily based upon purchase agreements with Boeing, Airbus and Embraer S.A. ("Embraer"). These agreements establish the pricing formulas (including adjustments for certain contractual escalation provisions) and various other terms with respect to the purchase of aircraft. Under certain circumstances, we have the right to alter the mix of aircraft types ultimately acquired. As of December 31, 2025, we also had commitments to purchase 35 new engines and 12 new helicopters for delivery through 2027. As of December 31, 2025, we had made non-refundable deposits on these purchase commitments (exclusive of capitalized interest and fair value adjustments) of approximately $3.9 billion.

A portion of the aggregate purchase price for the acquisition of flight equipment will be funded by incurring additional debt. The amount of the indebtedness to be incurred will depend on the final purchase price of the asset, which can vary due to a number of factors, including inflation.

Prepayments on flight equipment include prepayments of our forward order flight equipment and other balances held by the flight equipment manufacturers. Movements in prepayments on flight equipment during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Prepayments on flight equipment at beginning of period | $3460296 | $3576187 |
| Prepayments and additions during the period, net | 2251405 | 1418813 |
| Interest paid and capitalized during the period, net | 145970 | 122467 |
| Prepayments and capitalized interest applied to the purchase of flight equipment | (1584905) | (1657171) |
| **Prepayments on flight equipment at end of period** | $**4272766** | $**3460296** |

---

During the year ended December 31, 2025, we incurred $146 million of interest expense, which was fully capitalized.

The following table presents our contractual commitments for the purchase of flight equipment as of December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** | **(U.S. Dollars in millions)** |
| Purchase obligations (a) | $5249.1 | $4252.5 | $2116.1 | $1713.3 | $978.5 | $1154.8 | $15464.3 |

---

(a)As of December 31, 2025, we had commitments to purchase 283 aircraft (including six purchase-and-leaseback transactions), 35 engines and 12 helicopters through 2031. The timing of our purchase obligations is based on current estimates and incorporates expected delivery delays into the table above. In addition, we have the right to reschedule the delivery dates of certain of our aircraft to future dates. In addition to the contractual commitments presented above, we have options to purchase up to 45 A320neo Family aircraft from Airbus. As these are options and not contractual commitments, they are not included in the table above.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**31. Commitments and contingencies (Continued)**

**Legal proceedings**

***General***

In the ordinary course of our business, we are a party to various legal actions, which we believe are incidental to the operations of our business. The Company regularly reviews the possible outcome of such legal actions, and accrues for such legal actions at the time a loss is probable and the amount of the loss can be estimated. In addition, the Company also reviews indemnities and insurance coverage, where applicable. Based on information currently available, we believe the potential outcome of those cases where we are able to estimate reasonably possible losses, and our estimate of the reasonably possible losses exceeding amounts already recognized, on an aggregated basis, is immaterial to our Consolidated Financial Statements.

***Contingent and possessed insurance policy litigation and operator insurance and reinsurance policies litigation***

On June 9, 2022, AerCap Ireland (as representative claimant on its own behalf and on behalf of all other insureds under its C&P Policy) commenced a claim in the Commercial Court in London, England against the insurers under its C&P Policy in respect of aircraft and spare engines owned by AerCap Ireland and its affiliates (including spare engines owned and managed by a related party) and three managed aircraft, all formerly leased to Russian airlines at the time of Russia's invasion of Ukraine. On June 11, 2025, the Commercial Court awarded AerCap Ireland approximately $1.0 billion under the Aviation "War and Allied Perils" Coverage section of its C&P Policy in respect of this claim. Following a hearing in September 2025, the Commercial Court in London also awarded AerCap Ireland interest on the judgment amount and denied the insurers under the "War and Allied Perils" Coverage section of our C&P Policy permission to appeal its decision of June 11, 2025. The insurers have since sought permission from the Court of Appeal of England and Wales to appeal the June 11, 2025 judgment in favor of AerCap and the subsequent interest award. We are awaiting a ruling on whether an appeal will be allowed to proceed and if so, on what grounds. If the insurers ultimately prevail upon appeal, we may be required to repay up to approximately $1.2 billion, plus applicable interest. Based on our current assessment, we do not consider this outcome to be probable. While the ultimate resolution of litigation is inherently uncertain, we believe our assessment reflects the most likely outcome based on the present facts and circumstances.

In parallel with the C&P Policy claim, in 2023 and 2024 AerCap Ireland and certain affiliates of AerCap Ireland commenced claims in the Commercial Court in London, England against various Russian insurers under the Russian airlines' insurance policies (the "Operator Insurance Policies") and against various reinsurers under reinsurance policies of the Russian airlines' insurance policies (the "Operator Reinsurance Policies") in respect of the aircraft and engines formerly leased to Russian airlines at the time of Russia's invasion of Ukraine (the "Operator Reinsurance Proceedings"). The claims were originally brought under the All Risks Operator (Re)insurance Policies and the War Risks Operator (Re)insurance Policies. Following the June 11, 2025 judgment (addressed above), AerCap Ireland's claims under the All Risk Operator (Re)insurance Policies were discontinued in 2025. Several of AerCap Ireland's claims in the Operator Reinsurance Proceedings were also discontinued between 2023 and 2025 following settlements with Russian insurers of several Russian airlines. As of December 31, 2025, the remaining pleaded claims of AerCap Ireland and its affiliates against the "War Risks" reinsurers in the Operator Reinsurance Proceedings were for an aggregate amount of approximately $1.1 billion plus interest, before allowances are made for any potential reductions arising from the June 11, 2025 judgment in the C&P Policy claim, the share of the limits eventually available to AerCap Ireland and its affiliates under the respective Operator Reinsurance Policies and any sums to which the relevant insurers under the C&P Policy may be entitled pursuant to subrogated or other rights. The Operator Reinsurance Proceedings are currently scheduled for a trial starting in October 2026.

We intend to continue to vigorously pursue our claims under the Operator Reinsurance Proceedings. However, the collection, timing and amount of any potential recoveries are uncertain and we have not recognized any claim receivables as of December 31, 2025, in respect of these Operator Reinsurance Proceedings.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**31. Commitments and contingencies (Continued)**

***VASP litigation***

We are party to a group of related cases arising from the leasing of 13 aircraft and three spare engines to Viação Aerea de São Paulo ("VASP"), a Brazilian airline. Following VASP's defaults on its lease obligations in 1992, we repossessed our aircraft and engines. VASP challenged this and, in 1996, the Appellate Court of the State of São Paulo ("TJSP") ruled that the aircraft and engines should be returned or that VASP could recover proven damages arising from the repossession. Since then, we have defended this case in the Brazilian courts through various motions and appeals. In 2017, a Brazilian court decided that VASP had suffered no damages as a result of the contested repossession of our equipment. VASP's subsequent appeals have been denied to date and we believe, and have been advised, that it is not probable that VASP will ultimately be able to recover damages from us even if VASP prevailed on the issue of liability. The outcome of the legal process is, however, uncertain. The ultimate amount of damages, if any, payable to VASP cannot reasonably be estimated at this time. We continue to actively pursue all courses of action that may reasonably be available to us and intend to defend our position vigorously.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**32. Fair value measurements** 

The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy as described below. Where limited or no observable market data exists, fair value measurements for assets and liabilities are primarily based on management's own estimates and are calculated based upon the economic and competitive environment, the characteristics of the asset or liability and other such factors. Therefore, the results may not be realized in actual sale or immediate settlement of the asset or liability.

The degree of judgment used in measuring the fair value of a financial and non-financial asset or liability generally correlates with the level of pricing observability. We classify our fair value measurements based on the observability and significance of the inputs used in making the measurement, as provided below:

Level 1—Quoted prices available in active markets for identical assets or liabilities as of the reported date.

Level 2—Observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined.

Level 3—Unobservable inputs from our own assumptions about market risk developed based on the best information available, subject to cost benefit analysis. Inputs may include our own data.

Fair value measurements are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

**Assets and liabilities measured at fair value on a recurring basis**

As of December 31, 2025 and 2024, our derivative portfolio consisted of interest rate derivatives. The fair value of derivatives is based on dealer quotes for identical instruments. We have also considered the credit rating and risk of the counterparty of the derivative contract based on quantitative and qualitative factors. As such, the valuation of these instruments was classified as Level 2.

As of December 31, 2025 and 2024, we held investments at fair value of $49 million and $75 million, respectively. The valuations of our investments were primarily classified as Level 3 as of December 31, 2025. The valuations of our investments were primarily classified as Level 1 as of December 31, 2024. There were no transfers between fair value hierarchy levels during the years ended December 31, 2025 and 2024. During the years ended December 31, 2025, 2024 and 2023, we recognized gains on investments at fair value of $13 million, $5 million and $2 million, respectively.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**32. Fair value measurements (Continued)**

The following tables present our financial assets and liabilities that we measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | |
| Derivative assets | $12247 | $— | $12247 | $— |
| Investments, at fair value | 49218 | 12996 |  | 36222 |
| **Liabilities** |  |  |  |  |
| Derivative liabilities | $72727 | $— | $72727 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | |
| Derivative assets | $81770 | $— | $81770 | $— |
| Investments, at fair value | 75496 | 75496 |  |  |
| **Liabilities** |  |  |  |  |
| Derivative liabilities | $15440 | $— | $15440 | $— |

---

**Assets and liabilities measured at fair value on a non-recurring basis**

We measure the fair value of certain definite-lived intangible assets and our flight equipment on a non-recurring basis, when U.S. GAAP requires the application of fair value, including when events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable.

Management develops the assumptions used in the fair value measurements. Therefore, the fair value measurements of definite-lived intangible assets and flight equipment are classified as Level 3 valuations.

***Flight equipment***

*Inputs to non-recurring fair value measurements categorized as Level 3*

We use the income approach to measure the fair value of flight equipment, which is based on the present value of estimated future cash flows. Key inputs to the income approach include the discount rate, current contractual lease cash flows, projected future non-contractual lease or sale cash flows, extended to the end of the aircraft's estimated holding period in its highest and best use, and a contractual or estimated disposition value.

The current contractual lease cash flows are based on the in-force lease rates. The projected future non-contractual lease cash flows are estimated based on the aircraft type, age, and the airframe and engine configuration of the aircraft. The projected non-contractual lease cash flows are applied to follow-on lease terms, which are estimated based on the age of the aircraft at the time of re-lease and are assumed through the estimated holding period of the aircraft. The estimated holding period is the period over which future cash flows are assumed to be generated. Shorter holding periods can result when a potential sale or future disassembly of an aircraft for the sale of its parts ("part-out") of an individual aircraft has been contracted for, or is likely. In instances of a potential sale or part-out, the holding period is based on the estimated sale or part-out date. The disposition value is generally estimated based on aircraft type. In situations where the aircraft will be disposed of, the disposition value assumed is based on an estimated part-out value or the contracted sale price.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**32. Fair value measurements (Continued)**

The estimated future cash flows, as described above, are then discounted to present value. The discount rate used is based on the aircraft type and incorporates assumptions market participants would use regarding the likely debt and equity financing components, and the required returns of those financing components.

For flight equipment that we measured at fair value on a non-recurring basis, as a result of aircraft that were impaired, during the year ended December 31, 2025, the following table presents the fair value of such flight equipment that were impaired as of the measurement date, the valuation technique and the related unobservable inputs:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair value** | **Valuation technique** | **Unobservable input** | **Weighted average** |
| Flight equipment | $329008 | Income approach | Discount rate | 7.5% |
|  |  |  | Non-contractual cash flows as a % of total cash flows | 84% |

---

The significant unobservable inputs utilized in the fair value measurement of flight equipment are the discount rate and the non-contractual cash flows. The discount rate is affected by movements in the aircraft funding markets, including fluctuations in required rates of return in debt and equity, and loan to value ratios. The non-contractual cash flows represent management's estimate of the non-contractual cash flows over the remaining life of the aircraft. An increase in the discount rate would decrease the fair value measurement of the aircraft, while an increase in the estimated non-contractual cash flows would increase the fair value measurement of the aircraft.

**Fair value disclosures of financial instruments**

The fair value of restricted cash and cash and cash equivalents approximates their carrying value because of their short-term nature (Level 1). The fair value of our long-term unsecured debt is estimated using quoted market prices for similar or identical instruments, depending on the frequency and volume of activity in the market. The fair value of our long-term secured debt is estimated using a discounted cash flow analysis based on current market interest rates and spreads for debt with similar characteristics (Level 2). Derivatives are recognized in our Consolidated Balance Sheets at their fair value. The fair value of derivatives is based on dealer quotes for identical instruments. We have also considered the credit rating and risk of the counterparties of the derivative contracts based on quantitative and qualitative factors (Level 2).

As of December 31, 2025 and 2024, we held investments at fair value of $49 million and $75 million, respectively. The valuations of our investments were primarily classified as Level 3 as of December 31, 2025. The valuations of our investments were primarily classified as Level 1 as of December 31, 2024. There were no transfers between fair value hierarchy levels during the years ended December 31, 2025 and 2024.

As of December 31, 2025 and 2024, loans receivable carried at amortized cost had estimated fair values of $544 million and $625 million, respectively, and were classified as Level 3.

As of December 31, 2025 and 2024, notes receivable carried at amortized cost had estimated fair values of $80 million, and $402 million respectively, and were classified as Level 3.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**32. Fair value measurements (Continued)**

All of our financial instruments are carried at amortized cost, other than our derivatives and investments which are measured at fair value on a recurring basis. The carrying amounts and fair values of our most significant financial instruments as of December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying value** | | **Fair value** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | | | |
| Cash and cash equivalents | $1379180 |  | $1379180 | $1379180 | $— | $— |
| Restricted cash | 100564 |  | 100564 | 100564 |  |  |
| Loans receivable | 513689 |  | 544440 |  |  | 544440 |
| Notes receivable | 86846 |  | 79637 |  |  | 79637 |
| Derivative assets | 12247 |  | 12247 |  | 12247 |  |
| Investments, at fair value | 49218 |  | 49218 | 12996 |  | 36222 |
|  | $**2141744** |  | $**2165286** | $**1492740** | $**12247** | $**660299** |
| **Liabilities** |  |  |  |  |  |  |
| Debt | $43806304 | (a) | $43045384 | $— | $43045384 | $— |
| Derivative liabilities | 72727 |  | 72727 |  | 72727 |  |
|  | $**43879031** |  | $**43118111** | $**—** | $**43118111** | $**—** |

---

(a)Excludes debt issuance costs, debt discounts and debt premium.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying value** | | **Fair value** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | | | |
| Cash and cash equivalents | $1209226 |  | $1209226 | $1209226 | $— | $— |
| Restricted cash | 192356 |  | 192356 | 192356 |  |  |
| Loans receivable | 595640 |  | 625191 |  |  | 625191 |
| Notes receivable | 401989 |  | 401989 |  |  | 401989 |
| Derivative assets | 81770 |  | 81770 |  | 81770 |  |
| Investments, at fair value | 75496 |  | 75496 | 75496 |  |  |
|  | $**2556477** |  | $**2586028** | $**1477078** | $**81770** | $**1027180** |
| **Liabilities** |  |  |  |  |  |  |
| Debt | $45537495 | (a) | $43770740 | $— | $43770740 | $— |
| Derivative liabilities | 15440 |  | 15440 |  | 15440 |  |
|  | $**45552935** |  | $**43786180** | $**—** | $**43786180** | $**—** |

---

(a)Excludes debt issuance costs, debt discounts and debt premium.

------

**AerCap Holdings N.V. and Subsidiaries**

**Notes to the Consolidated Financial Statements (Continued)**

**(U.S. Dollars in thousands or as otherwise stated, except share and per share data)**

**33. Subsequent events**

In January 2026, AerCap Trust and AICDC co-issued $900 million aggregate principal amount of 4.125% Senior Notes due 2029 and $850 million aggregate principal amount of 4.750% Senior Notes due 2033.

In February 2026, AerCap Trust and AICDC redeemed all of the then-outstanding $500 million aggregate principal amount of their 4.450% Senior Notes due 2026.

## Exhibit 2.3

**Exhibit 2.3**

*EXECUTION VERSION*

**FIRST AMENDMENT AGREEMENT**

This **FIRST AMENDMENT AGREEMENT**, dated as of December 12, 2025 (this "<u>Agreement</u>"), is by and among AERFUNDING 1 LIMITED (the "<u>Borrower</u>"), the Lenders that are signatories hereto, and Bank of America, N.A. ("<u>BofA</u>"), as agent for the Lenders and the Conduit Lenders (BofA in such capacity, the "<u>Administrative Agent</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed thereto in the Credit Agreement (as defined below).

WHEREAS, the Borrower, AerCap Ireland Limited ("<u>AerCap</u>"), individually and as primary servicer under the Servicing Agreement (AerCap in such capacity, the "<u>Servicer</u>"), AerCap Administrative Services Limited ("<u>AASL</u>"), individually and as primary administrative agent under the Service Provider Administrative Agency Agreement (AASL in such capacity, the "<u>Service Provider Administrative Agent</u>"), Cash Manager Limited ("<u>CML</u>"), individually and as financial administrative agent under the Service Provider Administrative Agency Agreement (CML in such capacity, the "<u>Financial Administrative Agent</u>"), and as cash manager under the Cash Management Agreement (CML in such capacity, the "<u>Cash Manager</u>"), and as insurance servicer under the Servicing Agreement (CML in such capacity, the "<u>Insurance Servicer</u>"), the financial institutions parties thereto from time to time as lenders (together with any permitted successors and assigns, the "<u>Lenders</u>"), the financial institutions parties thereto from time to time as conduit lenders, (together with any permitted successors and assigns, the "<u>Conduit Lenders</u>"), the Administrative Agent and Deutsche Bank Trust Company Americas, in its capacity as Collateral Agent (as defined therein) and in its capacity as Account Bank (as defined therein) entered into that certain Eighth Amended and Restated Credit Agreement, dated as of July 1, 2024 (as amended, restated, supplemented and/or otherwise modified from time to time pursuant to the terms thereof, the "<u>Credit Agreement</u>").

WHEREAS, the parties hereto have agreed to amend the Credit Agreement on the First Amendment Effective Date (as defined below) on the terms and subject to the conditions herein set forth;

WHEREAS, the outstanding "Advances" under, and as defined in, the Credit Agreement, and all accrued "Yield," "Fees" and other "Obligations" payable under, and as defined in, the Credit Agreement shall be refinanced on January 12, 2026 (the "<u>First Amendment Effective Date</u>") from the proceeds of Advances made under the Credit Agreement pursuant hereto on the First Amendment Effective Date for such purpose (such Advances, collectively, the "<u>First Amendment Refinancing Advance</u>");

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and subject to the fulfillment of the conditions set forth below, the parties hereto agree as follows:

------

**SECTION 1.AMENDMENTS TO THE CREDIT AGREEMENT**

Effective as of the First Amendment Effective Date, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as marked in the conformed copy of the Credit Agreement set out in <u>Exhibit A</u>.

**SECTION 2.CONDITIONS TO EFFECTIVENESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.The effectiveness of this Agreement on the First Amendment Effective Date is subject to the fulfillment or waiver by the Administrative Agent of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Administrative Agent shall have received executed counterparts of this Agreement and confirmation reasonably satisfactory to the Administrative Agent that it and each Lender has received an executed copy of the Fee Letter to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)payment of (i) all Fees payable on the First Amendment Effective Date and (ii) all costs and expenses (including legal fees) accrued on or prior to the First Amendment Effective Date in accordance with <u>Section 17.4</u> of the Credit Agreement to the extent invoiced or otherwise notified to the Borrower in writing and in a manner and at such time as the Administrative Agent and the Borrower may have agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Administrative Agent shall have received certified resolutions of the Boards of Directors of the Borrower approving and adopting this Agreement and the amendments contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)as of the First Amendment Effective Date, and after giving effect to the transactions contemplated under this Agreement on the First Amendment Effective Date, the representations and warranties of the Borrower contained in <u>Article IX</u> are true and correct (provided that if the information set forth on any Schedule referenced in any provision of Article IX shall not be correct as of the First Amendment Effective Date in any material respect, the Borrower shall have delivered a certificate attaching each such Schedule that requires updating, duly updated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Borrower shall have delivered the prepayment notice in accordance with Section 4.2(a) of the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Borrower shall have delivered the Initial Advance Request in accordance with Section 2.2(a) of the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the Administrative Agent shall have received favorable opinions of (A) special New York counsel to the Borrower with respect to this Agreement, the Fee Letter and any Notes issued being the legal, valid, binding obligations of the Borrower, enforceable in accordance with its terms, and (B) special Bermuda counsel to the Borrower with respect to general corporate matters and the due authorization, execution and delivery of the Agreement, the Fee Letter and any Notes issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)an amendment and restatement of the AerCap Sub Note.

------

**SECTION 3.MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.The Borrower makes the representations and warranties set forth in Article IX of the Credit Agreement, in each case to the extent that such representations and warranties are deemed repeated on each Payment Date pursuant to the terms of the Credit Agreement, are true and correct on the date hereof with the same force and effect as if made on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.The Borrower hereby certifies that as of the date hereof there does not exist any Default, Event of Default, Early Amortization Event (including a Servicer Termination Event), or event that would constitute a Servicer Termination Event or Early Amortization Event but for the passage of time or the giving of notice or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.The Borrower represents and warrants as of the date hereof that (a) it has the corporate power and authority to execute and deliver this Agreement and has taken or caused to be taken all necessary corporate actions to authorize the execution and delivery of this Agreement, and (b) no consent of any other person (including, without limitation, shareholders of the Borrower), and no action of, or filing with any governmental or public body or authority is required to authorize, or is otherwise required in connection with the execution and performance by it of this Agreement other than such that have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.The Credit Agreement, as amended hereby, is hereby ratified and confirmed in all respects and remains in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.From and after the First Amendment Effective Date, all references in the Credit Agreement to "this Agreement" and "herein" and all references to the Credit Agreement in the documents executed in connection with the Credit Agreement shall mean the Credit Agreement as amended hereby, and this Agreement is deemed to be a "Credit Document".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.This Agreement may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which shall be an original and all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by email in portable document format (pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.By its signature hereto, the Administrative Agent hereby directs the Collateral Agent and Account Bank to execute and deliver this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.Sections 17.6, 17.7, 17.8, 17.10, 17.11, 17.14, 17.15, and 17.21 of the Credit Agreement are hereby incorporated by reference and shall apply *mutatis mutandis* to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.The Administrative Agent and the Lenders consent to an amendment to the AerCap Sub Note in order to implement this Agreement and the amendments contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.Notwithstanding anything herein to the contrary, on and after the date hereof until the occurrence of the First Amendment Effective Date, the Credit Agreement shall remain in full force and effect and unamended by this Agreement. In the event that any of the conditions set forth in Section 2 have not been satisfied on or prior to the First Amendment Effective Date, this Agreement shall terminate and be of no further force and effect and the Credit Agreement shall remain in full force and effect and unamended by this Agreement.

------

[Signature pages follow]

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

AERFUNDING 1 LIMITED, as Borrower

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Jonathan Law&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Jonathan Law&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

BANK OF AMERICA, N.A., as <br>Administrative Agent

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Andrew Cantillon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Andrew Cantillon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

&nbsp;&nbsp;&nbsp;&nbsp;

BANK OF AMERICA, N.A., as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Andrew Cantillon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Andrew Cantillon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

FIFTH THIRD BANK, NATIONAL ASSOCIATION, as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Clayton Ochs &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Clayton Ochs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

ROYAL BANK OF CANADA, as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Lisa Wang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Lisa Wang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Irina Snyder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Irina Snyder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

SOCIETE GENERALE, as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Bachar Khemir&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Bachar Khemir&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Associate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

MORGAN STANLEY BANK. N.A., as a <br>Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Ross Shaiman &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Ross Shaiman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

DBS BANK LTD., as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Cheng Yu Hua&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Cheng Yu Hua&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Attorney-in-fact&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

NATIONAL WESTMINISTER BANK <br>PLC, as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Shaun Pickering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Shaun Pickering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

PNC BANK, NATIONAL ASSOCIATION <br>as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Nina Austin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Nina Austin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Senior Vice President&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

ING BANK, A BRANCH OF ING-DIBA <br>AG, as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Brett Clark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Brett Clark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Simone Schmidt &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Simone Schmidt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Managing Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

KEYBANK, N.A., as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Alma Thaxton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Alma Thaxton &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>VP, Account Executive&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

BNP PARIBAS, N.A., as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Crochart&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Adrien Crochart&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Aviation EMEA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Pierre Frachon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Pierre Frachon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>BNP Paribas&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

BANK OF MONTREAL, as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Jacqueline M Lentz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Jacqueline M Lentz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Director &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

FAIRWAY FINANCE COMPANY, LLC, <br>as a Conduit Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Lina Khaimaie&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ David R Nunez &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>David R Nunez&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Managing Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Leo Burrell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Leo Burrell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Managing Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

LA FAYETTE ASSET<br>SECURITIZATION LLC, as Conduit Lender

By: Credit Agricole Corporate and Investment Bank, as attorney-in-fact

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ David R Nunez&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>David R Nunez&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Managing Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Leo Burrell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Leo Burrell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Managing Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

WELLS FARGO BANK, N.A., as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Bryan Lahey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Bryan Lahey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Executive Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

COMMONWEALTH BANK OF<br>AUSTRALIA (EUROPE) N.V., as a<br>as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Lachlan Evans &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Lachlan Evans&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Executive Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Damien Podagiel &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Damien Podagiel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Head of Natural Resources,<br> Energy & Carbon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

COMMONWEALTH BANK OF<br>AUSTRALIA (EUROPE) N.V., as a<br>as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Wang Hao Yang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Wang Hao Yang&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

**Acknowledged and Consented to by:**

AERCAP IRELAND LIMITED,

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Amy Patricia Smyth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Amy Patricia Smyth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Attorney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

AERCAP ADMINISTRATIVE<br>SERVICES LIMITED

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Amy Patricia Smyth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Amy Patricia Smyth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Attorney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

CASH MANAGER LIMITED

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Amy Patricia Smyth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Amy Patricia Smyth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Attorney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent and <br>Account Bank

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Rodney Gaughan &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Rodney Gaughan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

<br> By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Jacqueline Bartnick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp; <u>Jacqueline Bartnick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp; <u>Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

<br> Deutsche Bank Trust Company Americas <br>c/o Deutsche Bank National Trust Company 1761 E. Saint Andrew Place<br>Santa Ana, CA 92705-4934<br>Attention: ABS Client Service - UBSAFL Email: ABSClientServices@list.db.com

Signature Page - First Amendment Agreement to 8<sup>th</sup> AR Credit Agreement

------

**<u>EXHIBIT A</u>**

[CONFORMED CREDIT AGREEMENT]

------

*Conformed Version*

*Through the First Amendment* 

EIGHTH AMENDED AND RESTATED CREDIT AGREEMENT<br>dated as of July 1, 2024<br><u>among<br></u><br> AERFUNDING 1 LIMITED,<br><u>as Borrower</u>,<br>AERCAP IRELAND LIMITED <br><u>individually and as Servicer</u>,

THE OTHER SERVICE PROVIDERS NAMED HEREIN, <br>THE FINANCIAL INSTITUTIONS NAMED HEREIN AS LENDERS,<br><u>as Lenders</u>,<br>THE FINANCIAL INSTITUTIONS NAMED HEREIN AS CONDUIT LENDERS,

as <u>Conduit Lenders</u>,

BANK OF AMERICA, N.A.,<br><u>as Administrative Agent</u>,<br>and

DEUTSCHE BANK TRUST COMPANY AMERICAS,<br><u>as Collateral Agent and Account Bank</u>,

*BANK OF AMERICA, N.A., and FIFTH THIRD BANK, NATIONAL ASSOCIATION,<br>as Joint Lead Arrangers*

------

**TABLE OF CONTENTS**

<u>Page</u>

ARTICLE I DEFINITIONS&nbsp;&nbsp;&nbsp;&nbsp;2

SECTION 1.1 Defined Terms&nbsp;&nbsp;&nbsp;&nbsp;2

SECTION 1.2 Other Definitional Provisions&nbsp;&nbsp;&nbsp;&nbsp;64

SECTION 1.3 Signing Date&nbsp;&nbsp;&nbsp;&nbsp;64

ARTICLE II THE FACILITY, ADVANCE PROCEDURES AND NOTES&nbsp;&nbsp;&nbsp;&nbsp;65

SECTION 2.1 Facility&nbsp;&nbsp;&nbsp;&nbsp;65

SECTION 2.2 Advance Procedures&nbsp;&nbsp;&nbsp;&nbsp;66

SECTION 2.3 Funding&nbsp;&nbsp;&nbsp;&nbsp;67

SECTION 2.4 Representation and Warranty&nbsp;&nbsp;&nbsp;&nbsp;70

SECTION 2.5 Notes&nbsp;&nbsp;&nbsp;&nbsp;70

SECTION 2.6 [Intentionally omitted.]&nbsp;&nbsp;&nbsp;&nbsp;71

SECTION 2.7 Optional Increase of Commitments&nbsp;&nbsp;&nbsp;&nbsp;71

SECTION 2.8 Conduit Lenders&nbsp;&nbsp;&nbsp;&nbsp;71

ARTICLE III YIELD, FEES, ETC.&nbsp;&nbsp;&nbsp;&nbsp;73

SECTION 3.1 Yield&nbsp;&nbsp;&nbsp;&nbsp;73

SECTION 3.2 Yield Payment Dates&nbsp;&nbsp;&nbsp;&nbsp;73

SECTION 3.3 Market Disruption Event&nbsp;&nbsp;&nbsp;&nbsp;73

SECTION 3.4 Fees&nbsp;&nbsp;&nbsp;&nbsp;74

SECTION 3.5 Computation of Yield&nbsp;&nbsp;&nbsp;&nbsp;74

SECTION 3.6 Payments Generally&nbsp;&nbsp;&nbsp;&nbsp;74

SECTION 3.7 Benchmark Replacement Setting.&nbsp;&nbsp;&nbsp;&nbsp;74

SECTION 3.8 Collateral Agent&nbsp;&nbsp;&nbsp;&nbsp;75

ARTICLE IV REPAYMENTS, PREPAYMENTS AND PAYMENTS&nbsp;&nbsp;&nbsp;&nbsp;76

SECTION 4.1 Required Principal Repayments&nbsp;&nbsp;&nbsp;&nbsp;76

SECTION 4.2 Principal Prepayments&nbsp;&nbsp;&nbsp;&nbsp;76

SECTION 4.3 Payments Generally&nbsp;&nbsp;&nbsp;&nbsp;77

SECTION 4.4 Sharing of Set-Off&nbsp;&nbsp;&nbsp;&nbsp;77

ARTICLE V LIQUIDITY RESERVE&nbsp;&nbsp;&nbsp;&nbsp;78

SECTION 5.1 Establishment of Liquidity Reserve Account&nbsp;&nbsp;&nbsp;&nbsp;78

ARTICLE VI INCREASED COSTS, ETC.&nbsp;&nbsp;&nbsp;&nbsp;81

SECTION 6.1 Illegality&nbsp;&nbsp;&nbsp;&nbsp;81

SECTION 6.2 Increased Costs&nbsp;&nbsp;&nbsp;&nbsp;81

SECTION 6.3 Taxes&nbsp;&nbsp;&nbsp;&nbsp;83

SECTION 6.4 Indemnity Regarding Breakage Costs&nbsp;&nbsp;&nbsp;&nbsp;87

SECTION 6.5 Notice of Amounts Payable&nbsp;&nbsp;&nbsp;&nbsp;87

SECTION 6.6 Mitigation Obligations; Replacement&nbsp;&nbsp;&nbsp;&nbsp;87

i

------

ARTICLE VII CONDITIONS PRECEDENT&nbsp;&nbsp;&nbsp;&nbsp;88

SECTION 7.1A Conditions to Signing&nbsp;&nbsp;&nbsp;&nbsp;88

SECTION 7.1B Conditions to Effectiveness&nbsp;&nbsp;&nbsp;&nbsp;89

SECTION 7.1C Conditions to Release of Initial Advances&nbsp;&nbsp;&nbsp;&nbsp;91

SECTION 7.2 Additional Advances&nbsp;&nbsp;&nbsp;&nbsp;91

SECTION 7.3 Improvement Advances&nbsp;&nbsp;&nbsp;&nbsp;98

SECTION 7.4 Critical Mass Event Advance; Increased Availability Advance&nbsp;&nbsp;&nbsp;&nbsp;99

SECTION 7.5 All Advances&nbsp;&nbsp;&nbsp;&nbsp;100

ARTICLE VIII ADMINISTRATION AND SERVICING OF AIRCRAFT AND LEASES&nbsp;&nbsp;&nbsp;&nbsp;100

SECTION 8.1 Collection Procedures&nbsp;&nbsp;&nbsp;&nbsp;100

SECTION 8.2 Investments&nbsp;&nbsp;&nbsp;&nbsp;108

SECTION 8.3 Covenants, Representations and Warranties of Service Providers&nbsp;&nbsp;&nbsp;&nbsp;108

ARTICLE IX REPRESENTATIONS AND WARRANTIES OF THE BORROWER&nbsp;&nbsp;&nbsp;&nbsp;116

SECTION 9.1 Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;116

SECTION 9.2 Organization and Good Standing&nbsp;&nbsp;&nbsp;&nbsp;116

SECTION 9.3 Due Qualification&nbsp;&nbsp;&nbsp;&nbsp;117

SECTION 9.4 Enforceability&nbsp;&nbsp;&nbsp;&nbsp;117

SECTION 9.5 Security Interest&nbsp;&nbsp;&nbsp;&nbsp;117

SECTION 9.6 No Violation&nbsp;&nbsp;&nbsp;&nbsp;117

SECTION 9.7 No Proceedings&nbsp;&nbsp;&nbsp;&nbsp;118

SECTION 9.8 Approvals&nbsp;&nbsp;&nbsp;&nbsp;118

SECTION 9.9 Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;118

SECTION 9.10 Solvency&nbsp;&nbsp;&nbsp;&nbsp;119

SECTION 9.11 Compliance with Laws&nbsp;&nbsp;&nbsp;&nbsp;119

SECTION 9.12 Taxes&nbsp;&nbsp;&nbsp;&nbsp;119

SECTION 9.13 Monthly Report&nbsp;&nbsp;&nbsp;&nbsp;119

SECTION 9.14 No Liens, Etc.&nbsp;&nbsp;&nbsp;&nbsp;119

SECTION 9.15 Purchase and Sale&nbsp;&nbsp;&nbsp;&nbsp;120

SECTION 9.16 Securities Act of 1933&nbsp;&nbsp;&nbsp;&nbsp;120

SECTION 9.17 Information True and Correct&nbsp;&nbsp;&nbsp;&nbsp;120

SECTION 9.18 Environmental Laws&nbsp;&nbsp;&nbsp;&nbsp;120

SECTION 9.19 Employment Matters&nbsp;&nbsp;&nbsp;&nbsp;121

SECTION 9.20 RICO&nbsp;&nbsp;&nbsp;&nbsp;121

SECTION 9.21 Anti-Terrorism Law&nbsp;&nbsp;&nbsp;&nbsp;121

SECTION 9.22 Depositary Banks&nbsp;&nbsp;&nbsp;&nbsp;122

SECTION 9.23 Financial Condition&nbsp;&nbsp;&nbsp;&nbsp;122

SECTION 9.24 Investment Company Status&nbsp;&nbsp;&nbsp;&nbsp;122

SECTION 9.25 [Reserved]&nbsp;&nbsp;&nbsp;&nbsp;123

SECTION 9.26 Representations and Warranties True and Accurate&nbsp;&nbsp;&nbsp;&nbsp;123

ii

------

SECTION 9.27 No Event of Loss&nbsp;&nbsp;&nbsp;&nbsp;123

SECTION 9.28 Description of Aircraft and Leases&nbsp;&nbsp;&nbsp;&nbsp;123

SECTION 9.29 No Default, Etc.&nbsp;&nbsp;&nbsp;&nbsp;123

SECTION 9.30 Subsidiary Constituent Documents&nbsp;&nbsp;&nbsp;&nbsp;123

ARTICLE X COVENANTS&nbsp;&nbsp;&nbsp;&nbsp;123

SECTION 10.1 Legal Existence and Good Standing&nbsp;&nbsp;&nbsp;&nbsp;123

SECTION 10.2 Protection of Security Interest of the Lenders&nbsp;&nbsp;&nbsp;&nbsp;124

SECTION 10.3 Records&nbsp;&nbsp;&nbsp;&nbsp;125

SECTION 10.4 Other Liens or Interests&nbsp;&nbsp;&nbsp;&nbsp;126

SECTION 10.5 Negative Pledge Clause&nbsp;&nbsp;&nbsp;&nbsp;126

SECTION 10.6 Maintain Properties&nbsp;&nbsp;&nbsp;&nbsp;126

SECTION 10.7 Ownership, Operation and Leasing of Funded Aircraft&nbsp;&nbsp;&nbsp;&nbsp;127

SECTION 10.8 Limitation on Disposition of Aircraft&nbsp;&nbsp;&nbsp;&nbsp;128

SECTION 10.9 Extension, Amendment or Replacement of Leases&nbsp;&nbsp;&nbsp;&nbsp;130

SECTION 10.10 Acquisitions of Aircraft&nbsp;&nbsp;&nbsp;&nbsp;131

SECTION 10.11 Servicing Agreement&nbsp;&nbsp;&nbsp;&nbsp;131

SECTION 10.12 Representations Regarding Operation&nbsp;&nbsp;&nbsp;&nbsp;132

SECTION 10.13 Costs and Expenses&nbsp;&nbsp;&nbsp;&nbsp;132

SECTION 10.14 Compliance with Laws, Etc.&nbsp;&nbsp;&nbsp;&nbsp;132

SECTION 10.15 Environmental Compliance&nbsp;&nbsp;&nbsp;&nbsp;133

SECTION 10.16 Employee Benefit Plans; Employees&nbsp;&nbsp;&nbsp;&nbsp;133

SECTION 10.17 Change in Business&nbsp;&nbsp;&nbsp;&nbsp;133

SECTION 10.18 Notice of Adverse Claim or Loss&nbsp;&nbsp;&nbsp;&nbsp;133

SECTION 10.19 Reporting Requirements&nbsp;&nbsp;&nbsp;&nbsp;134

SECTION 10.20 Corporate Separateness&nbsp;&nbsp;&nbsp;&nbsp;135

SECTION 10.21 Purchase Agreement&nbsp;&nbsp;&nbsp;&nbsp;139

SECTION 10.22 Limitation on Certain Restrictions on Borrower Subsidiaries&nbsp;&nbsp;&nbsp;&nbsp;139

SECTION 10.23 Mergers, Etc.&nbsp;&nbsp;&nbsp;&nbsp;139

SECTION 10.24 Distributions, Etc.&nbsp;&nbsp;&nbsp;&nbsp;140

SECTION 10.25 Subsidiaries; Investments&nbsp;&nbsp;&nbsp;&nbsp;140

SECTION 10.26 Guarantees&nbsp;&nbsp;&nbsp;&nbsp;140

SECTION 10.27 Indebtedness&nbsp;&nbsp;&nbsp;&nbsp;140

SECTION 10.28 Organizational Documents&nbsp;&nbsp;&nbsp;&nbsp;140

SECTION 10.29 Audits; Inspections&nbsp;&nbsp;&nbsp;&nbsp;141

SECTION 10.30 Use of Proceeds; Margin Regulations&nbsp;&nbsp;&nbsp;&nbsp;141

SECTION 10.31 Accounting; Irish Tax Residency&nbsp;&nbsp;&nbsp;&nbsp;142

SECTION 10.32 Hedging Policy; Currency Risks&nbsp;&nbsp;&nbsp;&nbsp;142

SECTION 10.33 Maintenance Reserves Deficiency&nbsp;&nbsp;&nbsp;&nbsp;142

SECTION 10.34 Insurance&nbsp;&nbsp;&nbsp;&nbsp;142

SECTION 10.35 Anti<u>-</u>Terrorism Law; Anti<u>-</u>Money Laundering&nbsp;&nbsp;&nbsp;&nbsp;143

SECTION 10.36 Embargoed Person and Use of Proceeds&nbsp;&nbsp;&nbsp;&nbsp;143

SECTION 10.37 Rating&nbsp;&nbsp;&nbsp;&nbsp;144

iii

------

SECTION 10.38 LTV&nbsp;&nbsp;&nbsp;&nbsp;144

ARTICLE XI THE SERVICE PROVIDERS&nbsp;&nbsp;&nbsp;&nbsp;145

SECTION 11.1 CRR&nbsp;&nbsp;&nbsp;&nbsp;145

SECTION 11.2 Service Providers Not to Resign&nbsp;&nbsp;&nbsp;&nbsp;145

ARTICLE XII SERVICE PROVIDER TERMINATION EVENTS&nbsp;&nbsp;&nbsp;&nbsp;146

SECTION 12.1 Servicer Termination Event&nbsp;&nbsp;&nbsp;&nbsp;146

SECTION 12.2 Consequences of a Servicer Termination Event&nbsp;&nbsp;&nbsp;&nbsp;147

SECTION 12.3 Appointment of Successor Service Provider; New Service Provider Agreement&nbsp;&nbsp;&nbsp;&nbsp;148

ARTICLE XIII EVENTS OF DEFAULT&nbsp;&nbsp;&nbsp;&nbsp;149

SECTION 13.1 Events of Default&nbsp;&nbsp;&nbsp;&nbsp;149

SECTION 13.2 Effect of Event of Default&nbsp;&nbsp;&nbsp;&nbsp;151

SECTION 13.3 Rights Upon the Facility Termination Date&nbsp;&nbsp;&nbsp;&nbsp;151

ARTICLE XIV THE ADMINISTRATIVE AGENT&nbsp;&nbsp;&nbsp;&nbsp;153

SECTION 14.1 Authorization and Action&nbsp;&nbsp;&nbsp;&nbsp;153

SECTION 14.2 Exculpation&nbsp;&nbsp;&nbsp;&nbsp;153

SECTION 14.3 Administrative Agent and Affiliates&nbsp;&nbsp;&nbsp;&nbsp;154

SECTION 14.4 Lender's Credit Decision&nbsp;&nbsp;&nbsp;&nbsp;154

SECTION 14.5 Certain Matters Affecting the Administrative Agent&nbsp;&nbsp;&nbsp;&nbsp;154

SECTION 14.6 Administrative Agent Not Liable&nbsp;&nbsp;&nbsp;&nbsp;156

SECTION 14.7 Agent May Own Notes&nbsp;&nbsp;&nbsp;&nbsp;156

SECTION 14.8 Resignation or Removal of Agent&nbsp;&nbsp;&nbsp;&nbsp;157

SECTION 14.9 Successor Administrative Agent&nbsp;&nbsp;&nbsp;&nbsp;157

SECTION 14.10 Eligibility Requirements for Successor Agent&nbsp;&nbsp;&nbsp;&nbsp;158

SECTION 14.11 Merger or Consolidation of Agent&nbsp;&nbsp;&nbsp;&nbsp;158

SECTION 14.12 Administrative Agent May Enforce Claims Without Possession of Notes&nbsp;&nbsp;&nbsp;&nbsp;159

SECTION 14.13 Suit for Enforcement&nbsp;&nbsp;&nbsp;&nbsp;159

SECTION 14.14 Indemnification of Agent&nbsp;&nbsp;&nbsp;&nbsp;159

SECTION 14.15 Erroneous Payment&nbsp;&nbsp;&nbsp;&nbsp;159

ARTICLE XV ASSIGNMENTS&nbsp;&nbsp;&nbsp;&nbsp;162

SECTION 15.1 Assignments&nbsp;&nbsp;&nbsp;&nbsp;162

SECTION 15.2 Documentation&nbsp;&nbsp;&nbsp;&nbsp;163

SECTION 15.3 Rights of Assignee&nbsp;&nbsp;&nbsp;&nbsp;163

SECTION 15.4 Endorsement&nbsp;&nbsp;&nbsp;&nbsp;163

SECTION 15.5 Registration; Registration of Transfer and Exchange&nbsp;&nbsp;&nbsp;&nbsp;163

SECTION 15.6 Mutilated, Destroyed, Lost and Stolen Notes&nbsp;&nbsp;&nbsp;&nbsp;165

SECTION 15.7 Cancellation&nbsp;&nbsp;&nbsp;&nbsp;165

iv

------

ARTICLE XVI INDEMNIFICATION&nbsp;&nbsp;&nbsp;&nbsp;165

SECTION 16.1 General Indemnity of the Borrower&nbsp;&nbsp;&nbsp;&nbsp;165

SECTION 16.2 Waiver of Consequential Damages, Etc.&nbsp;&nbsp;&nbsp;&nbsp;167

ARTICLE XVII MISCELLANEOUS&nbsp;&nbsp;&nbsp;&nbsp;167

SECTION 17.1 No Waiver; Remedies&nbsp;&nbsp;&nbsp;&nbsp;167

SECTION 17.2 Amendments, Waivers&nbsp;&nbsp;&nbsp;&nbsp;168

SECTION 17.3 Notices, Etc.&nbsp;&nbsp;&nbsp;&nbsp;170

SECTION 17.4 Costs and Expenses&nbsp;&nbsp;&nbsp;&nbsp;172

SECTION 17.5 Binding Effect; Survival&nbsp;&nbsp;&nbsp;&nbsp;173

SECTION 17.6 Captions and Cross References&nbsp;&nbsp;&nbsp;&nbsp;173

SECTION 17.7 Severability&nbsp;&nbsp;&nbsp;&nbsp;173

SECTION 17.8 Governing Law; Venue&nbsp;&nbsp;&nbsp;&nbsp;173

SECTION 17.9 Counterparts&nbsp;&nbsp;&nbsp;&nbsp;174

SECTION 17.10 WAIVER OF JURY TRIAL&nbsp;&nbsp;&nbsp;&nbsp;175

SECTION 17.11 Third Party Beneficiary&nbsp;&nbsp;&nbsp;&nbsp;175

SECTION 17.12 No Proceedings&nbsp;&nbsp;&nbsp;&nbsp;175

SECTION 17.13 ENTIRE AGREEMENT&nbsp;&nbsp;&nbsp;&nbsp;175

SECTION 17.14 Resolution of Drafting Ambiguities&nbsp;&nbsp;&nbsp;&nbsp;176

SECTION 17.15 Confidentiality&nbsp;&nbsp;&nbsp;&nbsp;176

SECTION 17.16 USA Patriot Act Notice&nbsp;&nbsp;&nbsp;&nbsp;177

SECTION 17.17 Compliance with Applicable Law&nbsp;&nbsp;&nbsp;&nbsp;177

SECTION 17.18 Collateral Agent/Account Bank Protections&nbsp;&nbsp;&nbsp;&nbsp;177

SECTION 17.19 Termination&nbsp;&nbsp;&nbsp;&nbsp;177

SECTION 17.20 Judgment Currency&nbsp;&nbsp;&nbsp;&nbsp;178

SECTION 17.21 Limited Recourse to Conduit Lenders&nbsp;&nbsp;&nbsp;&nbsp;178

SECTION 17.22 Continuing Liens&nbsp;&nbsp;&nbsp;&nbsp;179

SECTION 17.23 Direction to Execute&nbsp;&nbsp;&nbsp;&nbsp;179

SECTION 17.24 Acknowledgement and Consent to Bail-In of Affected Financial Institutions&nbsp;&nbsp;&nbsp;&nbsp;179

SECTION 17.25 Acknowledgement Regarding any Supported QFCs&nbsp;&nbsp;&nbsp;&nbsp;180

SECTION 17.26 Specified Aircraft&nbsp;&nbsp;&nbsp;&nbsp;182

v

------

<u>APPENDICES</u><br> APPENDIX I&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Concentration Limitations and Eligible Aircraft

APPENDIX II&nbsp;&nbsp;&nbsp;&nbsp;Lender Commitments

<u>EXHIBITS</u><br> EXHIBIT A&nbsp;&nbsp;&nbsp;&nbsp;Form of Advance Request<br>EXHIBIT A-1&nbsp;&nbsp;&nbsp;&nbsp;Form of Initial Advance Request

EXHIBIT B&nbsp;&nbsp;&nbsp;&nbsp;Form of Note<br>EXHIBIT C&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Assumption<br>EXHIBIT D&nbsp;&nbsp;&nbsp;&nbsp;Form of Quarterly Report<br>EXHIBIT E&nbsp;&nbsp;&nbsp;&nbsp;Form of AerCap Sub Note<br>EXHIBIT F&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT G&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT H&nbsp;&nbsp;&nbsp;&nbsp;Form of Monthly Report<br>EXHIBIT I&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT J&nbsp;&nbsp;&nbsp;&nbsp;Form of Accession Agreement<br>EXHIBIT K&nbsp;&nbsp;&nbsp;&nbsp;Forms of Opinion of Counsel to Borrower Group/AerCap<br>EXHIBIT L&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT M&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT N&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT O&nbsp;&nbsp;&nbsp;&nbsp;Hedging Policy

EXHIBIT P&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT Q&nbsp;&nbsp;&nbsp;&nbsp;Forms of limited liability company agreement, trust agreement and &nbsp;&nbsp;&nbsp;&nbsp;corporate constituent documents

<u>SCHEDULES</u><br> SCHEDULE I&nbsp;&nbsp;&nbsp;&nbsp;List of Aircraft<br>SCHEDULE II&nbsp;&nbsp;&nbsp;&nbsp;List of Aircraft Owning Entities, the Aircraft Owned by Such Aircraft &nbsp;&nbsp;&nbsp;&nbsp;Owning Entities and the associated Owner Participants and Owner &nbsp;&nbsp;&nbsp;&nbsp;Trustees<br>SCHEDULE III&nbsp;&nbsp;&nbsp;&nbsp;List of Leases<br>SCHEDULE IV&nbsp;&nbsp;&nbsp;&nbsp;List of Approved Countries<br>SCHEDULE V&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>SCHEDULE VI&nbsp;&nbsp;&nbsp;&nbsp;Account Details<br>SCHEDULE VII&nbsp;&nbsp;&nbsp;&nbsp;Amounts Relating to Aircraft Financed With Proceeds of Initial Advance<br>SCHEDULE VIII&nbsp;&nbsp;&nbsp;&nbsp;Capitalization and Subsidiaries

vi

------

EIGHTH AMENDED AND RESTATED CREDIT AGREEMENT

THIS EIGHTH AMENDED AND RESTATED CREDIT AGREEMENT is made and entered into as of July 1, 2024 among AERFUNDING 1 LIMITED, an exempted company organized and existing under the laws of Bermuda (the "<u>Borrower</u>"), AERCAP IRELAND LIMITED, a private company limited by shares, incorporated and existing under the laws of Ireland under registered number 51950 ("<u>AerCap</u>"), as primary servicer under the Servicing Agreement (AerCap in such capacity, or any successor servicer appointed pursuant to <u>Section 12.3</u> hereof, the "<u>Servicer</u>"), AERCAP ADMINISTRATIVE SERVICES LIMITED, a private company limited by shares, incorporated and existing under the laws of Ireland under registered number 281757 ("<u>AASL</u>"), individually and as primary administrative agent under the Service Provider Administrative Agency Agreement (AASL in such capacity, or any successor primary administrative agent appointed pursuant to <u>Section 12.3</u> hereof, the "<u>Service Provider Administrative Agent</u>"), CASH MANAGER LIMITED, a private company limited by shares, incorporated and existing under the laws of Ireland under registered number 281755 ("<u>CML</u>"), individually and as financial administrative agent under the Service Provider Administrative Agency Agreement (CML in such capacity, or any successor financial administrative agent appointed pursuant to <u>Section 12.3</u> hereof, the "<u>Financial Administrative Agent</u>"), and as cash manager under the Cash Management Agreement (CML in such capacity, or any successor cash manager appointed pursuant to <u>Section 12.3</u> hereof, the "<u>Cash Manager</u>"), and as insurance servicer under the Servicing Agreement (CML in such capacity, or any successor insurance servicer appointed pursuant to <u>Section 12.3</u> hereof, the "<u>Insurance Servicer</u>"), the financial institutions identified as Lenders on the signature pages hereof and the other financial institutions that become parties hereto as Lenders (together with any permitted successors and assigns, the "<u>Lenders</u>"), the financial institutions identified as Conduit Lenders on the signature pages hereof and the other financial institutions that become parties hereto as Conduit Lenders (as defined herein), BANK OF AMERICA, N.A. ("<u>BofA</u>"), as agent (BofA in such capacity, the "<u>Administrative Agent</u>") for the Lenders and the Conduit Lenders and DEUTSCHE BANK TRUST COMPANY AMERICAS, in its capacity as Collateral Agent (as defined below) and in its capacity as Account Bank (as defined below).

<u>W I T N E S S E T H</u> :

WHEREAS, certain parties hereto entered into, or otherwise became parties to, the Seventh Amended and Restated Credit Agreement, dated as of February 25, 2022, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the Original Agreement), UBS AG New York (Eleven Madison Avenue) Branch (as successor in interest to Credit Suisse AG, New York Branch) (the "<u>Outgoing Administrative Agent</u>"), as administrative agent, and Deutsche Bank Trust Company Americas (as amended, supplemented and otherwise modified prior to the date hereof, the "<u>Original Agreement</u>");

------

WHEREAS, the outstanding "Advances" under, and as defined in, the Original Agreement, and all accrued "Yield," "Fees" and other "Obligations" payable under, and as defined in, the Original Agreement shall be refinanced on the Effective Date (as defined below) from the proceeds of Advances made hereunder on the Effective Date for such purpose (such Advances, collectively, the "<u>Original Agreement Refinancing Advance</u>");

WHEREAS, the parties hereto desire that BofA replace the Outgoing Administrative Agent as administrative agent; and

WHEREAS, the parties hereto hereby intend to amend and restate the Original Agreement on the terms and conditions specified herein, but only effective from and as of the Effective Date (and the Original Agreement shall continue to be in full force and effect until the Effective Date notwithstanding the execution and delivery hereof);

NOW THEREFORE, for good and valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that, subject only to the execution and delivery of this Agreement by the parties hereto and the occurrence of the Effective Date, the Original Agreement is hereby amended and restated in its entirety to read as follows:

**ARTICLE I<br>DEFINITIONS**

SECTION 1.1 <u>Defined Terms</u>. As used in this Agreement, the following terms have the following meanings:

"<u>AASL</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Accession Agreement</u>" means an accession agreement entered into by a New Lender and acknowledged and agreed to by the Administrative Agent and the Borrower, substantially in the form of <u>Exhibit J</u> hereto.

"<u>Account Bank</u>" means initially Deutsche Bank Trust Company Americas and any successor or replacement thereof.

"<u>Account Register</u>" has the meaning set forth in <u>Section 15.5(a)</u>.

"<u>Additional Advance Commitment Period</u>" means the period commencing on the <u>First Amendment</u> Effective Date and ending on the Conversion Date.

"<u>Additional Advance Date</u>" has the meaning set forth in

<u>Section 2.1(g)(i)</u> <u>means the date on which an Additional Advance occurs.</u>

"<u>Additional Advance Request</u>" has the meaning set forth in <u>Section 2.2(b)</u>.

"<u>Additional Advances</u>" has the meaning set forth in <u>Section 2.1(d)</u>.

------

"<u>Additional Lease</u>" means a Lease of an Additionally Financed Aircraft that is listed as an "Additional Lease" on <u>Schedule III</u> hereto, as such schedule is required, pursuant to the terms hereof, to be amended, restated or otherwise modified from time to time.

"<u>Additionally Financed Aircraft</u>" means an Aircraft with respect to which an Advance (other than an Improvement Advance) is made subsequent to the Initial Advance <u>First Amendment Effective</u> Date (or is otherwise an Additionally Financed Aircraft as described in Section 10.38(d)) and which is listed on <u>Schedule I</u> hereto, as such schedule is required, pursuant to the terms hereof, to be amended, restated or otherwise modified from time to time.

"<u>Adjusted Appraised Base Value</u>" means, as of any date of determination, with respect to an individual Aircraft, its adjusted appraised base value determined as follows:

AIBV - **[**OBV x 0.00375 x N**]** – **[**OBV x 0.00583333 x M**]**

where:

AIBV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Applicable Initial Appraised Base Value of such Aircraft;

M&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;if such Aircraft has an Aircraft Age of 60 months or more, the number of months elapsed since the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the date on which the Initial Advance with respect to such Aircraft was made hereunder (or, if applicable, the date on which an Improvement Advance was made with respect to such Aircraft) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the date on which such aircraft reached an age of 60 months,

to the date of determination; or

if such aircraft is less than 60 months old, M = 0; and

N&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of months elapsed since the date on which the Initial Advance with respect to such Aircraft was made hereunder (or, if applicable, the date on which an Improvement Advance was made with respect to such Aircraft) to (a) if such Aircraft had an Aircraft Age of less than 60 months, the date of determination or (b) otherwise, to the date on which such Aircraft reached an Aircraft Age of 60 months; and

OBV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Original Base Value of such Aircraft;

"<u>Adjusted Appraised Market Value</u>" means, as of any date of determination, with respect to an individual Aircraft, its adjusted appraised market value determined as follows:

------

AICMV - **[**OMV x 0.00375 x N**]** – **[**OMV x 0.00583333 x M**]**

where:

AICMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Applicable Initial Current Market Value of such Aircraft;

M&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;if such Aircraft has an Aircraft Age of 60 months or more, the number of months elapsed since the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the date on which the Initial Advance with respect to such Aircraft was made hereunder (or, if applicable, the date on which an Improvement Advance was made with respect to such Aircraft) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the date on which such aircraft reached an age of 60 months,

to the date of determination; or

if such aircraft is less than 60 months old, M = 0; and

N&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of months elapsed since the date on which the Initial Advance with respect to such Aircraft was made hereunder (or, if applicable, the date on which an Improvement Advance was made with respect to such Aircraft) to (a) if such Aircraft had an Aircraft Age of less than 60 months, the date of determination or (b) otherwise, to the date on which such Aircraft reached an Aircraft Age of 60 months; and

OMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Original Market Value of such Aircraft;

------

"<u>Adjusted Book Value</u>" means, as of any date of determination, with respect to an individual Aircraft, its adjusted book value determined as follows:

AIBKV - **[**OBKV x 0.00375 x N**]** – **[**OBKV x 0.00583333 x M**]**

where:

AIBKV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Applicable Initial Book Value of such Aircraft;

M&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;if such Aircraft has an Aircraft Age of 60 months or more, the number of months elapsed since the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the date on which the Initial Advance with respect to such Aircraft was made hereunder (or, if applicable, the date on which an Improvement Advance was made with respect to such Aircraft) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the date on which such aircraft reached an age of 60 months,

to the date of determination; or

if such aircraft is less than 60 months old, M = 0; and

------

N&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of months elapsed since the date on which the Initial Advance with respect to such Aircraft was made hereunder (or, if applicable, the date on which an Improvement Advance was made with respect to such Aircraft) to (a) if such Aircraft had an Aircraft Age of less than 60 months, the date of determination or (b) otherwise, to the date on which such Aircraft reached an Aircraft Age of 60 months; and

OBKV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Original Book Value of such Aircraft;

"<u>Adjusted Borrowing Value</u>" means, (a) with respect to an Eligible Aircraft financed with an Initial Advance, (A) on the Initial Advance <u>First Amendment Effective</u> Date, the amount specified as the "Adjusted Borrowing Value" on Schedule VII and (B) as of any other date of determination, its Adjusted Appraised Base Value, and (b) with respect to any Eligible Aircraft not financed with an Initial Advance, and as of any date of determination, the Approved Value as of such date. The Adjusted Borrowing Value of an Aircraft that is not an Eligible Aircraft as of the related date of determination, or as to which an Event of Loss has occurred as of the related date of determination, shall be zero. Also, while Critical Mass exists, to the extent that inclusion of the Adjusted Borrowing Value of a particular Aircraft under clause (b) of the definition of Facility Limit Percentage causes the Facility Limit Percentage to exceed an Aircraft Type Concentration Limit, Country/Region Concentration Limit or Widebody Maximum Percentage, as applicable, such Adjusted Borrowing Value, when used in calculating any Borrowing Base, will be reduced to the highest amount which, if included under such clause (b), would not cause such an excess.

In connection with the issuance of an Additional Advance Request for any Eligible Aircraft not financed with an Initial Advance the Borrower shall compute the lowest of (x) the applicable Advance Rate multiplied by such Eligible Aircraft's Adjusted Book Value, (y) the applicable Advance Rate multiplied by such Eligible Aircraft's Adjusted Appraised Base Value and (z) the applicable Advance Rate multiplied by such Eligible Aircraft's Adjusted Appraised Market Value. The "<u>Approved Value</u>" for such Eligible Aircraft as of any date of determination will be its Adjusted Book Value, Adjusted Appraised Base Value or Adjusted Appraised Market Value, whichever amount resulted in the lowest computation among clauses (x), (y) and (z) made pursuant to the preceding sentence in connection with such initial Additional Advance Request.

"<u>Administrative Agent</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Advance</u>" means any amount disbursed by any Lender (or, if applicable, such Lender's Conduit Lender) to the Borrower under this Agreement.

"<u>Advance Date</u>" means the Initial Advance Date, <u>the First Amendment Effective Date</u> or an Additional Advance Date.

------

"<u>Advance Rate</u>" means, for each Aircraft of a particular Type as of any date of determination, the applicable Base Advance Rate (whether before or after Critical Mass exists), as adjusted by each applicable Advance Rate Adjustment.

"<u>Advance Rate Adjustment</u>" means, with respect to any Aircraft, an adjustment to the Base Advance Rates for an Aircraft of that Type, attributable to a Critical Mass Advance Rate Adjustment, Lessee Diversity Score Advance Rate Adjustment, Deferral Advance Rate Adjustment or Portfolio Test Advance Rate Adjustment. Such Advance Rate Adjustments will apply to the determination of the applicable Advance Rates against Adjusted Borrowing Value, and be re-determined with all applicable adjustments being given current effect, as of each Payment Date or any other date as of which a Borrowing Base is being determined. All applicable Advance Rate Adjustments as of any particular date of determination will apply on a cumulative basis to reduce (or restore, if applicable) the otherwise applicable Base Advance Rate.

"<u>Adverse Claim</u>" means any Lien or any title retention, trust, or other type of preferential arrangement having the effect or purpose of creating a Lien or any claim of ownership, other than Permitted Liens.

"<u>AerCap</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>AerCap-Borrower Purchase Agreement</u>" means the Purchase Agreement, substantially in the form of <u>Exhibit M</u> hereto, dated as of April 26, 2006, by and among the Borrower, AerCap and other vendors, as amended, restated, supplemented or otherwise modified from time to time pursuant to the terms thereof.

"<u>AerCap Group</u>" means AerCap Holdings N.V. (or, in the event that AerCap Holdings N.V. is replaced as parent entity of the AerCap Group and as the Supporting Party in accordance with Section 12.1(f), such successor entity to AerCap Holdings N.V.) and its consolidated Subsidiaries.

"<u>AerCap Liquidity Facility</u>" means the liquidity loan agreement, dated April 26, 2006, from AerCap as lender in favor of the Borrower, established for the purpose of funding the portion of Approved Asset Improvement Costs of the Borrower expected to be repaid with the proceeds of an Improvement Advance hereunder (with the remaining portion of such costs to be funded through advances under the AerCap Sub Note).

------

"<u>AerCap Sub Notes</u>" means, collectively, (i) that certain subordinated note of the Borrower, dated April 26, 2006 (and as amended and restated May 8, 2007, as further amended and restated June 9, 2011, as further amended and restated May 10, 2013, as further amended and restated December 10, 2014, as further amended and restated August 10, 2017, as further amended and restated December 10, 2020, as further amended and restated March 10, 2022, as further amended December 14, 2023 and as further amended and restated on the Effective Date), issued to AerCap, the principal of and interest on which are repayable on a subordinated basis to the Borrower's obligations to the Lenders, pursuant to the Flow of Funds and/or (ii) any other subordinated note of the Borrower, in form and substance identical to the subordinated note described in clause (i), issued to AerCap Holdings N.V. or any wholly owned Subsidiary of AerCap Holdings N.V., the principal of and interest on which are repayable on a subordinated basis to the Borrower's obligations to the Lenders, pursuant to the Flow of Funds.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affected Lender</u>" has the meaning set forth in <u>Section 6.6(a)</u>.

"<u>Affected Party</u>" has the meaning set forth in <u>Section 6.2(a)</u>.

"<u>Affiliate</u>" of any Person means any other Person that (i) directly or indirectly controls, is controlled by or is under common control with such Person (excluding any trustee under, or any committee with responsibility for administering, any employee benefit plan), or (ii) is an officer, trustee or director of such person. Without limiting the foregoing, a Person shall be deemed to be "controlled by" any other Person if such other Person possesses, directly or indirectly, power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to vote greater than 50% or more of the securities, membership interests or similar ownership interests (on a fully diluted basis) having ordinary voting power for the election of directors, members, managing partners or similar Persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

The word "Affiliated" has a correlative meaning. Notwithstanding the foregoing, in relation to any member of NatWest Group plc and its subsidiaries and subsidiary undertakings, the term "Affiliate" shall not include (i) the UK government or any member or instrumentality thereof, including His Majesty's Treasury and UK Financial Investments Limited (or any directors, officers, employees or entities thereof) or (ii) any persons or entities controlled by or under common control with the UK government or any member or instrumentality thereof (including His Majesty's Treasury and UK Financial Investments Limited) and which are not part of NatWest Group plc and its subsidiaries or subsidiary undertakings.

"<u>Agreement</u>" means this Eighth Amended and Restated Credit Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.

------

"<u>Aircraft</u>" means one or more of the commercial aircraft (including, without limitation, the airframe and all engines and parts with respect thereto) listed on <u>Schedule I</u> hereto, as such schedule is required, pursuant to the terms hereof, to be amended, restated or otherwise modified from time to time.

"<u>Aircraft Acquisition Documents</u>" means in respect of any Aircraft to become a Funded Aircraft, any of the related Lease, a bill of sale, a lease assignment and assumption agreement, the purchase agreement pursuant to which AerCap or an Aircraft Owning Entity acquires the Aircraft for on-sale to the Borrower under the AerCap-Borrower Purchase Agreement, and any invoice or other documentation evidencing the purchase price paid for such assets (to the extent not evidenced by any of the foregoing other documents).

"<u>Aircraft Age</u>" means the age in integral numbers of completed elapsed months of an Aircraft since its date of manufacture.

"<u>Aircraft Age Limit</u>" means, with respect to each Additionally Financed Aircraft, 90 months from the date of manufacture.

"<u>Aircraft Asset Expenses</u>" has the meaning set forth in the Servicing Agreement; <u>provided</u> that, when such term is used in the Flow of Funds, Aircraft Asset Expenses shall not be deemed to include expenses that have been paid with funds withdrawn from the Maintenance Reserve Account or the Security Deposit Account, and also shall not include expenses and costs attributable to Approved Asset Improvements.

"<u>Aircraft Assets</u>" means one or more Aircraft, together with the related assets with respect thereto, including, without limitation, the Leases with respect to such Aircraft (and the Related Security with respect thereto) and any related Security Deposits, Maintenance Reserves or other cash reserves.

"<u>Aircraft Limitation Event</u>" means that at any time that a Critical Mass exists, and immediately after giving effect to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;an acquisition into the Borrower's Portfolio of an Aircraft, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the sale and consequent removal from the Borrower's Portfolio of an Aircraft,

any of the following is true: (i) any Aircraft Type Concentration Percentage will exceed the related Aircraft Type Concentration Limit or (ii) the Widebody Percentage will exceed the Widebody Maximum Percentage.

------

"<u>Aircraft Owning Entity</u>" means a Person that is (i) an entity with Organizational Documents and Operating Documents substantially in the forms attached hereto as <u>Exhibit Q</u> (or in such other form as shall be reasonably satisfactory to the Administrative Agent), (ii) is identified on <u>Schedule II</u> hereto, as such schedule is required, pursuant to the terms hereof, to be amended, restated or otherwise modified from time to time, (iii) the sole legal owner (including, without limitation, an Owner Trust but excluding an Owner Participant) of the Aircraft listed to the right of such Person's name on such <u>Schedule II</u> hereto (as such schedule is required, pursuant to the terms hereof, to be amended, restated or otherwise modified from time to time), and (iv) a Person in which the Borrower owns, whether directly or indirectly, all of the Equity Interests.

"<u>Aircraft Sale</u>" has the meaning set forth in <u>Section 7.2(f)(v)</u>.

"<u>Aircraft Type Concentration Adjustment</u>" means, for all Types, to the extent the Aircraft Type Concentration Percentage exceeds the relevant Aircraft Type Concentration Limit, the Adjusted Borrowing Value attributable to Aircraft of such Type that is used in calculating any Borrowing Base will be reduced to the highest amount which, if used in the calculation of Aircraft Type Concentration Percentage, would not cause such an excess.

"<u>Aircraft Type Concentration Limit</u>" means, for each Type of Aircraft listed on Table 1 to Appendix I hereto, the percentage set forth under the category "Maximum Aircraft Type Concentration Percentage" on Table 1 of Appendix I.

"<u>Aircraft Type Concentration Percentage</u>" means, for any date of determination and any particular Type of Aircraft, the Facility Limit Percentage of Aircraft of that Type in the Borrower's Portfolio as of such date.

"<u>Allocable Advance Amount</u>" means, with respect to any Aircraft and as of any date of determination, an amount equal to the product of (i) the Outstanding Principal Amount as of such date and (ii) a fraction, the numerator of which is equal to the Adjusted Borrowing Value of such Aircraft as of such date and the denominator of which is equal to the sum of the Adjusted Borrowing Values of all Aircraft in the Borrower's Portfolio at such time.

"<u>Alternate Base Rate</u>" means, as of any date, a fluctuating rate of interest per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal to (i) the greater of (a) the rate of interest established by BofA as its prime rate (such rate not necessarily being the lowest or best rate charged by BofA) as of such date of determination, (b) the Federal Funds Rate most recently determined by the Administrative Agent plus 0.50% per annum, (c) Term SOFR for a one-month tenor in effect on such day plus 1.00% per annum and (d) the Floor *minus* if subclauses (a) through (c) are used to determine the "Alternate Base Rate" (ii) 1.00%.

"<u>Alternate Base Rate Advance</u>" means an Advance that bears interest based on the Alternate Base Rate.

------

"<u>Alternate Base Rate Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Amendments</u>" has the meaning set forth in <u>Section 7.1A(c)</u>.

"<u>Amortization Period</u>" means the period beginning on the Conversion Date and ending on the Stated Maturity Date.

"<u>Anti-Money Laundering Laws</u>" means any and all Requirements of Law relating to money laundering or terrorist financing.

"<u>Anti-Terrorism Laws</u>" means any and all Requirements of Law relating to terrorism and terrorist financing, including, without limitation, the Executive Order and the Patriot Act.

"<u>Applicable Carrier</u>" means, as of any date, with respect to any Aircraft, the Eligible Carrier that is leasing such Aircraft from the applicable Aircraft Owning Entity or an Applicable Intermediary, on such date.

"<u>Applicable Foreign Aviation Law</u>" means, with respect to any Aircraft, any applicable law, rule or regulation (other than the FAA Act) of any Government Entity of any jurisdiction not included in the United States, governing the registration, ownership, operation, or leasing of all or any part of such Aircraft, or the creation, recordation, maintenance, perfection or priority of Liens on all or any part of such Aircraft.

"<u>Applicable Initial Appraised Base Value</u>" means, with respect to any individual Aircraft,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an initial Advance was or is being made in respect of such Aircraft but no Improvement Advance has been made in respect thereof, the Applicable Initial Appraised Base Value for such Aircraft shall be equal to the Base Value of such Aircraft set forth in its Initial Base Value Appraisal (provided that for any Aircraft financed with the proceeds of the Initial Advance, its Applicable Initial Appraised Base Value determined pursuant to this clause (a) shall be the amount specified as the "Adjusted Borrowing Value" for such Aircraft on Schedule VII); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If an Improvement Advance was or is being made in respect of such Aircraft, the Applicable Initial Appraised Base Value for such Aircraft shall be equal to the Base Value of such Aircraft set forth in its Improvement Base Value Appraisal.

"<u>Applicable Initial Book Value</u>" means, with respect to any individual Aircraft,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an initial Advance was or is being made in respect of such Aircraft but no Improvement Advance has been or is being made in respect thereof, the Applicable Initial Book Value for such Aircraft shall be equal to the Book Value of such Aircraft as of the date on which the initial Advance with respect to such Aircraft was made hereunder; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If an Improvement Advance was or is being made in respect of such Aircraft, the Applicable Initial Book Value for such Aircraft shall be equal to the sum of (i) the amount of Approved Asset Improvement Cost for such Aircraft, plus (ii) the Adjusted Book Value&nbsp;&nbsp;&nbsp;&nbsp;of such Aircraft as of the date such Approved Asset Improvement Costs are incurred, determined using clause (a) immediately above as the Applicable Initial Book Value.

"<u>Applicable Initial Current Market Value</u>" means, with respect to any individual Aircraft,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If an initial Advance was or is being made in respect of such Aircraft but no Improvement Advance has been or is being made in respect thereof, the Applicable Initial Current Market Value for such Aircraft shall be equal to the Current Market Value of such Aircraft set forth in its Initial Current Market Value Appraisal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If an Improvement Advance was or is being made in respect of such Aircraft, the Applicable Initial Current Market Value for such Aircraft shall be equal to the Current Market Value of such Aircraft set forth in the Improvement Current Market Value Appraisal.

"<u>Applicable Intermediary</u>" means, with respect to any Aircraft, the Eligible Intermediary that has leased such Aircraft from the applicable Aircraft Owning Entity or Owner Trustee, and has subleased such Aircraft to an Applicable Carrier.

"<u>Applicable Margin</u>" means: (a) from the <u>First Amendment</u> Effective Date to and including the Conversion Date, 1.70 <u>1.45</u>%, (b) after the Conversion Date to and including the first anniversary of the Conversion Date, 2.45 <u>2.20</u>% and (c) after the first anniversary of the Conversion Date, 3.45 <u>3.20</u>%.

"<u>Approved Appraiser</u>" means each of Ascend Worldwide Limited, BK Associates, Inc. and IBA Group Limited; <u>provided</u> that in the event that any such entity ceases to exist, such appraiser shall be replaced with any other ISTAT commercial aircraft appraiser which is selected by the Borrower and reasonably acceptable to the Administrative Agent.

"<u>Approved Asset Improvement</u>" means, in respect of an Aircraft in the Borrower's Portfolio against which an Advance has been previously made, the Borrower's procurement (using funds derived from advances made to it under the AerCap Liquidity Facility, the AerCap Sub Notes, and/or retained cash flow distributed to it pursuant to the Flow of Funds) of a value-enhancing improvement or upgrade as to such Aircraft (including but not limited to airframe heavy checks, engine refurbishment, landing gear overhaul, APU overhaul, and aircraft reconfiguration) but excluding the conversion of an aircraft from passenger to freighter configuration.

------

"<u>Approved Asset Improvement Cost</u>" means the amount of the Borrower's (or applicable Borrower Subsidiary's) cost for an Approved Asset Improvement, following the Other Improvement Effective Date in respect of such Approved Asset Improvement, and the Borrower's procurement and delivery to the Administrative Agent of an Improvement Base Value Appraisal and Improvement Current Market Value Appraisal of the related Aircraft.

"<u>Approved Country List</u>" means the list of countries set forth on <u>Schedule IV</u> attached hereto, as such list may be modified and supplemented from time to time in accordance with the following provisions (it being understood that no country which is a Prohibited Country shall be on the Approved Country List):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if the Administrative Agent advises the Borrower in writing of (i) a change in law or regulation or in the interpretation thereof by a Government Entity after the Signing Date, or (ii) the implementation or initial application by a Government Entity after the Signing Date of law or regulation in a particular country then on the Approved Country List, that in either case, in the good faith, reasonable judgment of the Administrative Agent makes the financing of Aircraft registered in such country or leased by a Lessee organized under the laws of or domiciled in such country, subject to a material increase in legal risk as to creditor's or lessor's rights, rights of repossession or enforcement, or other material legal risks making it undesirable for a lender to finance such Aircraft (any of the foregoing, an "<u>Adverse Legal Risk Change</u>"), then the Approved Country List shall upon delivery of such written advice be deemed amended and changed to remove such adversely affected country, <u>provided</u> that no such removal shall be effective as to any Additional Advance for an Additionally Financed Aircraft related to the affected jurisdiction that occurs within 30 days of the delivery of such written advice, unless such Adverse Legal Risk Change itself occurred within such 30 day period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to (i) any adversely affected country described in clause (a) above which has been removed from the Approved Country List, or (ii) any other country which is otherwise not on the current Approved Country List, the Borrower may nonetheless provide that such country be treated for all purposes hereunder as if it were named on the list by either (1) obtaining the written agreement of the Administrative Agent to so treat such country as if on the list (or to actually add the country to an amended version of such list, if mutually agreed with the Borrower), or (2) procuring and maintaining Political Risk/Repossession Insurance in respect of Aircraft either registered in such country or that are leased under a Lease with a Lessee domiciled in or organized under the laws of such country (or both, if such is the case), in an amount not less than the Required Coverage Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any country (other than a Prohibited Country) that has become or becomes a "contracting state" by ratification/accession to the Cape Town Convention and related Aviation Protocol shall be deemed automatically added to the Approved Country List at the time it becomes such a contracting state.

------

"<u>Approved Restructuring</u>" means a series of transactions (including the making of inter-company loans and capital contributions, share issuances, share redemptions (which may occur at a premium) and the amendment of the Operating Documents of certain Borrower Subsidiaries to permit such capital contributions, share issuances and share redemptions (which may occur at a premium)) that may occur over a period of time, to transfer the Borrower's ownership interests in certain Borrower Subsidiaries to one or more newly formed Borrower Subsidiaries (each such newly formed Borrower Subsidiary, a "<u>Holdco Subsidiary</u>") each of which shall (i) be wholly owned by the Borrower, (ii) otherwise meet all requirements for all other Borrower Subsidiaries under the Credit Agreement, (iii) become a party to the Security Trust Agreement and, pursuant to the terms thereof, pledge its ownership interests in each of the Borrower Subsidiaries that it owns and (iv) have its ownership interests pledged by the Borrower pursuant to the terms of the Security Trust Agreement; <u>provided</u> that the Administrative Agent shall have received one or more Opinions of Counsel with respect to such transactions addressing substantive consolidation and compliance with Irish corporate law.

"<u>Assignment and Assumption</u>" means an assignment and assumption agreement entered into by a Lender or a Conduit Lender and an assignee of such Lender or Conduit Lender, as the case may be, and acknowledged and agreed to by the Administrative Agent, and, if the assignee thereunder is not an Eligible Assignee and such assignment and assumption agreement is executed prior to the occurrence of an Event of Default, acknowledged and agreed to by the Borrower, substantially in the form of <u>Exhibit C</u> hereto.

"<u>Available Collections</u>" means in respect of any Payment Date, the sum of (a) all Collections on deposit in the Collection Account as of the last day of the calendar month preceding such Payment Date and (b) the Maintenance Reserves Surplus Amount transferred from the Maintenance Reserve Account to the Collection Account on such Payment Date; *provided* that with respect to Leases with rental payments payable by the Lessee less frequently than monthly that are deposited therein during such calendar month, a <u>pro</u> <u>rata</u> portion (based on the frequency of payment in months) of such rental payments that have been so received and are held in the Collection Account will be treated as Available Collections received during that and each succeeding calendar month, and in each case applied on the related Payment Date pursuant to the Flow of Funds, with the balance not so applied on a Payment Date being retained in the Collection Account for <u>pro</u> <u>rata</u> application on future monthly Payment Dates as aforesaid.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 3.7(d).

------

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Base Advance Rate</u>" means, (a) with respect to each Aircraft financed with the proceeds of the Initial Advance, as of any date of determination while Critical Mass exists, the amount set forth on Schedule VII as the Base Advance Rate for such Aircraft, (b) with respect to each Additionally Financed Aircraft, as of any date of determination while Critical Mass exists, any of the percentages (based on such Aircraft's Adjusted Borrowing Value) set forth on Table 2 of Appendix I for each Type of Aircraft listed on such Table 2, under the headings "Base Advance Rate while Critical Mass exists," (c) and with respect to each Aircraft on any date of determination when Critical Mass no longer exists, the percentages set forth on Table 2 of Appendix I for each Type of Aircraft listed on such Table 2, under the heading "Base Advance Rate while Critical Mass does not exist."

"<u>Base Value</u>" means, with respect to any Aircraft and the definitions of Initial Base Value Appraisal and Improvement Base Value Appraisal used herein, the "Base Value" of such Aircraft which, in any case, represents an appraiser's opinion of the underlying economic value of an aircraft in an open, unrestricted, stable market environment with a reasonable balance of supply and demand, and assumes full consideration of its "highest and best use", founded in the historical trend of values and in the projection of future value trends and presuming an arm's length, cash transaction between willing, able and knowledge parties acting prudently, with an absence of duress and with a reasonable period of time available for marketing.

"<u>Basel III</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.7(a).

"<u>Benchmark Date</u>" means (a) for any Lender party to the Initial Agreement, April 26, 2006, (b) for any Lender not party to the Initial Agreement but party to the First Amended Agreement, May 8, 2007, (c) for any Lender not party to the Initial Agreement or the First Amended Agreement, but party to the Second Amended Agreement, June 9, 2011, (d) for any Lender not party to the Initial Agreement, the First Amended Agreement or the Second Amended Agreement, but party to the Third Amended Agreement, May 10, 2013, (e) for any Lender not party to the Initial Agreement, the First Amended Agreement, the Second Amended Agreement or the Third Amended Agreement, but party to the Fourth Amended Agreement, December 10, 2014, (f) for any Lender not party to the Initial Agreement, the First Amended Agreement, the Second Amended Agreement, the Third Amended Agreement or the Fourth Amended Agreement, but party to the Fifth Amended Agreement, August 10, 2017, (g) for any Lender not party to the Initial Agreement, the First Amended Agreement, the Second Amended Agreement, the Third Amended Agreement, the Fourth Amended Agreement or the Fifth Amended Agreement, but party to the Sixth Amended Agreement, December 4, 2020, (h) for any Lender not party to the Initial Agreement, the First Amended Agreement, the Second Amended Agreement, the Third Amended Agreement, the Fourth Amended Agreement, the Fifth Amended Agreement or the Sixth Amended Agreement, but party to the Original Agreement, February 25, 2022 and (i) for any Lender not a party to any of the Initial Agreement, the First Amended Agreement, the Second Amended Agreement, the Third Amended Agreement, the Fourth Amended Agreement, the Fifth Amended Agreement, the Sixth Amended Agreement or the Original Agreement, the later of the Signing Date and the date such Lender becomes a party hereto; <u>provided</u> that with respect to any Conduit Lender, each foregoing reference to "Lender" shall be deemed a reference to such Conduit Lender's Granting Lender; <u>provided</u>, <u>however</u>, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) the New Accord, and, with respect to clause (i) and (ii), all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith shall be deemed to have been enacted, adopted or issued subsequent to the Signing Date, regardless of the date actually enacted, adopted or issued.

------

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

------

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>" means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 3.7 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 3.7.

------

"<u>BIS</u>" means the Bureau of Industry and Security of the U.S. Department of Commerce.

"<u>Board of Directors</u>" means, with respect to any Person, (i) in the case of any company or corporation, the board of directors of such person, (ii) in the case of any limited liability company, the board of managers of such person, (iii) in the case of any limited partnership with a corporate general partner, the Board of Directors of the general partner of such person and (iv) in any other case, the functional equivalent of the foregoing.

"<u>BofA</u>" means Bank of America, N.A.

"<u>Bond Amount</u>" has the meaning set forth in <u>Section 8.1(g)(i)</u>.

"<u>Book Value</u>" means with respect to an Aircraft, (a) if such Aircraft was financed with the proceeds of an Initial Advance, the amount specified on Schedule VII as the "Book Value" for such Aircraft, (b) if such Aircraft or related Aircraft Owning Entity was purchased by AerCap not earlier than 45 days prior to its related Initial Advance Date or <u>the First Amendment Effective Date or its related</u> Additional Advance Date, as applicable, an amount equal to the cash purchase price of such Aircraft (or related Aircraft Owning Entity), or (c) if such Aircraft or Aircraft Owning Entity was purchased by AerCap more than 45 days prior to its related Initial Advance Date or <u>the First Amendment Effective Date or its related</u> Additional Advance Date, as applicable, an amount equal to the net book value for such asset as such value would be carried on the records of AerCap Group, consistent with GAAP, at the time of the related Initial Advance Date or <u>First Amendment Effective Date or its related</u> Additional Advance Date, as applicable.

"<u>Borrower</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Borrower Acquisition</u>" has the meaning set forth in <u>Section 10.30(a)</u>.

"<u>Borrower Acquisition Documents</u>" means, in respect of any Funded Aircraft, the documents executed in connection with a Borrower Acquisition thereof, including without limitation, any related Aircraft Acquisition Document and the AerCap-Borrower Purchase Agreement.

"<u>Borrower Collateral</u>" has the meaning set forth for the term "Collateral" as defined in the Security Trust Agreement.

------

"<u>Borrower Expenses</u>" means, for purposes of the use of such term in the Flow of Funds, Aircraft Asset Expenses, Operating Expenses and Related Expenses; <u>provided</u> that Borrower Expenses as used in the Flow of Funds shall not include (a) Borrower Income Tax Expenses (to the extent a separate allocation is provided therefor in the Flow of Funds), (b) expenses that have been or are properly payable or reimbursable with funds withdrawn from the Maintenance Reserve Account or the Security Deposit Account, or with the application of funds received from an insurance payment or other third party payment relating to casualty or condemnation (and in either such case such funds are actually available to the Borrower for such purposes and, for the avoidance of doubt, such expenses shall be Borrower Expenses to the extent such funds are not actually available to the Borrower for such purpose), (c) any expenses and costs attributable to Approved Asset Improvements, which costs (assuming satisfaction of all applicable conditions precedent and other requirements of this Agreement) could properly be the subject of reimbursement through an Improvement Advance, or (d) Overhead Expenses (as defined in the Servicing Agreement).

"<u>Borrower Funding Account</u>" means an account (number UBSAFL.5) in the name of the Borrower and maintained with the Account Bank.

"<u>Borrower Group Member</u>" means the Borrower or a Borrower Subsidiary.

"<u>Borrower Income Tax Expenses</u>" means, for purposes of the use of such term in the Flow of Funds, Taxes based upon, attributable to or otherwise determinable by relation to income or net income of the Borrower or any Borrower Group Member.

"<u>Borrower's Portfolio</u>" means, when used with respect to Aircraft, all Aircraft then Owned directly or indirectly by any Borrower Group Member or Owner Trust.

"<u>Borrower Subsidiary</u>" means any direct or indirect Subsidiary of the Borrower (including, without limitation, any Holdco Subsidiary), each of which shall be reasonably satisfactory to the Administrative Agent, including, without limitation, any Aircraft Owning Entity, any Owner Participant and any Applicable Intermediary.

"<u>Borrowing Base</u>" means, (A) as of the <u>First Amendment</u> Effective Date and with respect to the Aircraft financed with the proceeds of the Initial Advance, the amount specified as the "Borrowing Base" on Schedule VII, and (B) as of any other date of determination, the amount equal to (a) the aggregate sum of the products of (x) the applicable Advance Rate for each Aircraft then in the Borrower's Portfolio and (y) the Adjusted Borrowing Value of such Aircraft (after giving effect to any Aircraft Type Concentration Adjustment) as of such date, plus (b) all unreleased Advance proceeds held in the Borrower Funding Account pending release to the Borrower during the Holding Period, or repayment to the Lenders immediately following the Holding Period.

"<u>Borrowing Base Deficiency</u>" means, as of any Payment Date, the amount by which the Outstanding Principal Amount on such Payment Date exceeds the Borrowing Base on such Payment Date.

------

"<u>Business Day</u>" means any day on which commercial banks in Paris, France, London, England, New York, New York, United States, Amsterdam, The Netherlands, Dublin, Ireland, Seoul, South Korea,Singapore or Frankfurt am Main, Germany are not authorized or required to be closed.

"<u>CAAC</u>" means the Civil Aviation Administration of China.

"<u>Cape Town Convention</u>" means, collectively, the official English language texts of the Convention on International Interests in Mobile Equipment and the protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, adopted on 16 November 2001, at a diplomatic conference in Cape Town, South Africa.

"<u>Cash Management Agreement</u>" means the Cash Management Agreement, dated as of April 26, 2006, among the Cash Manager, the Collateral Agent, the Borrower, the Aircraft Owning Entities, the Owner Participants, the Applicable Intermediaries and the Administrative Agent, as amended and modified from time to time pursuant to the terms thereof.

"<u>Cash Manager</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Chattel Paper Original</u>" means, when used in the provisions of Article VII in connection with delivery requirements and in related provisions in Article X, that the applicable original Lease and any related lease amendment or supplement being delivered shall have been designated the sole original copy thereof by the applicable Lessor (1) adding substantially the following language to the cover page of such Lease: "To the extent, if any, that this Lease Agreement or any lease amendment or supplement hereunder constitutes chattel paper (as such term is defined in the Uniform Commercial Code as in effect in any applicable jurisdiction), this copy shall constitute the sole original thereof and no security interest in this Lease Agreement or lease amendment or supplement may be created through the transfer or possession of any counterpart other than this counterpart"; and (2) marking each other original executed counterpart of such Lease Agreement or lease amendment or supplement in its possession with the words "DUPLICATE ORIGINAL."

"<u>CML</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder. Section references to the Code are to the Code as in effect at the date of this Agreement and any subsequent provisions of the Code amendatory thereof, supplemental thereto or substituted therefor.

"<u>Collateral</u>" has the meaning set forth in the Security Trust Agreement.

"<u>Collateral Agent</u>" means, for purposes of this Agreement and the other Transaction Documents and any related agreements or instruments, Deutsche Bank Trust Company Americas in its capacity as collateral agent under the Security Trust Agreement, together with any of its permitted successors and assigns.

------

"<u>Collateral Agent Fees and Expenses</u>" means the fees and expenses payable to the Collateral Agent and Account Bank pursuant to this Agreement or the Security Trust Agreement together with any other fees, payments and amounts owed to the Collateral Agent or the Account Bank under the Security Trust Agreement or this Agreement, including, without limitation, amounts payable pursuant to any indemnification provisions thereunder

"<u>Collection Account</u>" means the Collection Trust Account together with the Collection DDA Account (it being understood that any provision herein providing for or requiring a deposit of funds to the Collection Account shall be deemed to refer to a deposit to the Collection DDA Account, with all amounts on deposit in the Collection DDA Account to be automatically transferred on a daily basis to the Collection Trust Account).

"<u>Collection DDA Account</u>" means an account (number 01-474-339) in the name of the Borrower and maintained with the Account Bank.

"<u>Collection Trust Account</u>" means an account (number UBSAFL.1) in the name of the Borrower and maintained with the Account Bank.

"<u>Collections</u>" means (i) any and all rent or lease payments, fees, and other income or payments in respect of any and all Aircraft due or collected under the Leases of such Aircraft excluding Maintenance Reserves payments and Security Deposit payments made by the applicable lessees, (ii) any and all proceeds from the sale, transfer, assignment or other disposition of any Aircraft, (iii) the portion of Security Deposits applied against rent or lease payments, (iv) any and all payments received by the Borrower as indemnification payments in respect of (A) any Aircraft Assets or (B) any Aircraft Owning Entity, Owner Participant or other Borrower Subsidiary, pursuant to the AerCap-Borrower Purchase Agreement, an Aircraft Acquisition Document or otherwise, (v) any proceeds from any guarantees, letters of credit or similar arrangements related to any and all Leases with respect to any and all Aircraft supporting the obligations described in clauses (i) through (iv) above, (vi) payments received by the Borrower under any Hedge Agreement, (vii) the amount of any Servicer Advances funded by the Servicer into the Collection Account, and (viii) any proceeds from any insurance (other than liability insurance) with respect to any and all Aircraft; <u>provided</u> that Collections shall not include any Excluded Payments.

"<u>Commitment</u>" of any Lender means (a) with respect to each Lender and Advances, the amount set forth opposite such Lender's name on Appendix II as such Lender's "Commitment", or such amount as reduced or increased pursuant to <u>Section 2.7</u> or by any Assignment and Assumption entered into by such Lender in compliance with <u>Section 15.1</u>, (b) with respect to a Lender (other than a Lender described in clause (a) above) that has entered into an Assignment and Assumption in compliance with <u>Section 15.1</u>, the amount set forth therein as such Lender's Commitment and (c) with respect to a New Lender, the amount set forth as such Lender's Commitment in an Accession Agreement entered into by such New Lender, in each case as such amount may be reduced or increased pursuant to <u>Section 2.7</u> or an Assignment and Assumption entered into by such Lender in compliance with <u>Section 15.1</u>. As of the <u>First Amendment</u> Effective Date, the total Commitments for all Lenders will be $2,250,000,000 <u>$1,750,000,000</u>.

"<u>Commitment Fee</u>" has the meaning set forth in the Fee Letter.

------

"<u>Communications</u>" has the meaning set forth in <u>Section 17.3(c)</u>.

"<u>Conduit Lender</u>" means a special purpose financing entity designated as a Conduit Lender by a Granting Lender pursuant to <u>Section 2.8</u>.

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).

"<u>Contingent Liabilities</u>" means, with respect to any Person, (a) any agreement, undertaking or arrangement by which such Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person (the amount of obligation under any Contingent Liabilities shall be deemed to be the maximum outstanding amount of the debt, obligation or other liability guaranteed) and/or (b) liabilities that are contingent in nature which would be included as liabilities on the face of the balance sheet of such Person in accordance with GAAP.

"<u>Contingent Policy</u>" means (i) the insurance policy MK 51244 provided by Willis Limited for the benefit of the Borrower as in effect on the Original Closing Date, in the form provided and certified as a true and correct copy by the Borrower to the Administrative Agent for review prior to the Original Closing Date, with such amendments, addendums, endorsements, extensions or replacements as may have been entered into consistent with the provisions of <u>Section 10.34</u> hereof, or (ii) one or more aviation hull, liability and/or other insurance policies in replacement of the foregoing as the Administrative Agent shall have reasonably approved.

------

"<u>Control</u>" shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms "Controlling" and "Controlled" and "Controlled by" shall have meanings correlative thereto.

"<u>Conversion Date</u>" means the Payment Date occurring in July 2027 <u>January 2029</u>; provided that, if an Event of Default or an Early Amortization Event occurs prior to the then scheduled Conversion Date, the Conversion Date shall be accelerated to the date on which such Event of Default or Early Amortization Event shall occur.

"<u>Country/Region Concentration</u>" means, for Aircraft within the Borrower's Portfolio that are subject to a Lease, and for any date of determination, the Facility Limit Percentage of all Aircraft in the Borrower's Portfolio that are under Lease to a Lessee within a specified Lessee Location (or an Affiliate thereof).

"<u>Country/Region Concentration Limits</u>" means, for Aircraft within the Borrower's Portfolio which are subject to a Lease, the percentage assigned for each particular category of Lessee Location as set forth in the table on Appendix I hereto headed "Geographical Diversification". To the extent any Country/Region Concentration Limit refers to specific credit ratings and the applicable Rating Agencies do not both assign equivalent ratings to a country, the lower rating will be used for purposes of determining compliance with the applicable Country/Region Concentration Limits.

"<u>Credit Documents</u>" means this Credit Agreement, any Notes, the Fee Letter, the AerCap-Borrower Purchase Agreement, the Deed of Tax Indemnity, each Service Provider Agreement, the Indemnification Agreement, the Purchase Agreement Guaranty, the Security Trust Agreement, the Irish Pledges, the Pledge of Borrower Equity, the Expenses Apportionment Agreement, any Maintenance Reserves Eligible Letter of Credit, Liquidity Reserve Eligible Letter of Credit and any Hedge Agreement.

"<u>Credit Parties</u>" has the meaning set forth in <u>Section 17.4</u>.

"<u>Critical Mass</u>" means as of any date of determination, the existence of an Outstanding Principal Amount of not less than $400,000,000.

"<u>Critical Mass Advance Rate Adjustment</u>" means any change within the Base Advance Rates set forth on Table 2 of Appendix I hereto, that occurs as a result of the existence of Critical Mass, as noted in the Base Advance Rate columns set forth within such Table 2 by the designations "Base Advance Rate while Critical Mass does not exist" and "Base Advance Rate while Critical Mass exists".

"<u>Critical Mass Event Advance</u>" means an Additional Advance following the initial existence of Critical Mass, not constituting an Improvement Advance or for the purpose of financing the acquisition of an Additionally Financed Aircraft into the Borrower's Portfolio, but utilizing any increase in availability of Advances due to an increase in Base Advance Rate attributable to a Critical Mass Advance Rate Adjustment.

------

"<u>Current Market Value</u>" means, with respect to an Aircraft and in connection with the definitions of Initial Current Market Value Appraisal and Improvement Current Market Value Appraisal herein, the amount, expressed in terms of currency, that may reasonably be expected for property exchanged between a willing buyer and a willing seller with equity to both, neither under any compulsion to buy or sell and both fully aware of all relevant, reasonably ascertainable facts.

"<u>Deed of Tax Indemnity</u>" means the Deed, dated 26 April 2006, between AerCap and the Borrower, relating to the AerCap-Borrower Purchase Agreement.

"<u>Default</u>" means any event that, if it continues uncured, will, with lapse of time or the giving of notice or both, constitute an Event of Default.

"<u>Defaulting Lender</u>" means any Lender that (a) has failed to (i) fund (or cause its Conduit Lender to fund) all or any portion of its Advances within two (2) Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund an Advance hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent, the Borrower, or to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of an Event of Bankruptcy, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Government Entity so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Government Entity) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower and each Lender.

------

"<u>Default Rate</u>" means, with respect to any Advance (or portion thereof) on any date of determination, a rate per annum equal to the Lender Rate that would otherwise be in effect with respect to such Advance as of such date of determination <u>plus</u> 2%.

"<u>Deferral Advance Rate Adjustment</u>" means an adjustment to the Base Advance Rate of an Additionally Financed Aircraft as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if, on the Advance Date for such Additionally Financed Aircraft, the Lessee's obligation to pay all or a portion of basic rent under the Lease of such Additionally Financed Aircraft has been deferred for a specified period pursuant to an agreement amending or waiving provisions of such Lease (or will be deferred pursuant to any such agreement to be entered into immediately after the making of the relevant Advance, where the sole condition to the execution and delivery thereof is the successful receipt of such Advance), and such deferral is continuing on the Advance Date (or the date of the agreement referenced in the prior parenthetical, if applicable), the applicable Base Advance Rate is reduced by 5 percentage points (subject to clause (c) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if, on the Advance Date for such Additionally Financed Aircraft, the Lessee is (or will be for a specified future period) obligated to pay all or a portion of basic rentals calculated based on usage (*i.e.* a power-by-the-hour arrangement) under the Lease of such Additionally Financed Aircraft (or will be, pursuant to an agreement to be entered into immediately after the making of the relevant Advance, where the sole condition to the execution and delivery thereof is the successful receipt of such Advance), the applicable Base Advance Rate is reduced by 5 percentage points (subject to clause (d) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Additionally Financed Aircraft with a Deferral Advance Rate Adjustment arising under clause (a) above, if at any date after the initial Advance Date for such Additionally Financed Aircraft (i) the basic rent deferral period referred to in clause (a) shall have elapsed (after giving effect to any extensions of such deferral period) and (ii) as of such date of determination, there is no Lease Event of Default under such Lease and the relevant Lessee has commenced paying the full contracted amount of rental payments under such Lease, then the Base Advance Rate reduction shall no longer be applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Additionally Financed Aircraft with a Deferral Advance Rate Adjustment arising under clause (b) above, if at any date after the initial Advance Date for such Additionally Financed Aircraft (i) the Lease of such Additionally Financed Aircraft provides for basic rental payments not primarily calculated based on usage and (ii) as of such date of determination, there is no Lease Event of Default under such Lease and the relevant Lessee has commenced paying the full contracted amount of rental payments under such Lease, then the Base Advance Rate reduction shall no longer be applicable.

"<u>Determination Date</u>" means, with respect to any Payment Date, the third Business Day immediately preceding such Payment Date.

------

"<u>Disposition Payment Amount</u>" has the meaning set forth in <u>Section 4.2(b)(i)</u>.

"<u>Dollar(s)</u>" and the sign "<u>$</u>" mean lawful money of the United States of America.

"<u>Early Amortization Event</u>" means any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of a Servicer Termination Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any Borrowing Base Deficiency exists as of any Payment Date and is not cured with a payment by the Borrower within five Business Days of such Payment Date.

"<u>EASA</u>" means the European Union Aviation Safety Agency.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Date</u>" means July 10, 2024.

"<u>Effectively Bonded</u>" means, when such term is used in connection with a Lien, judgment or order for the payment of money, that (A) (x) the amount of such Lien, judgment or order is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof and (y) such insurer, which shall be rated at least "A" by A.M. Best Company or any similar successor entity, has been notified of, and has not disputed the claim made for payment of, the amount of such judgment or order, or (B) cash collateral, a letter of credit or other security in form and substance reasonably acceptable to the Administrative Agent has been posted (which may be a Bond Amount), in a manner reasonably satisfactory to the Administrative Agent, in an amount sufficient to discharge the applicable judgment or Lien, it being understood and agreed that depositing any such cash collateral, letter of credit or other security with the Collateral Agent shall be deemed a satisfactory manner of posting for the purposes of the preceding sentence.

"<u>Eligible Aircraft</u>" means any Aircraft that satisfies each of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) such Aircraft (immediately after giving effect to the related purchase by a Borrower Group Member pursuant to the AerCap-Borrower Purchase Agreement and thereafter) is Owned by an Aircraft Owning Entity, (ii) such Ownership is free and clear

------

of any Adverse Claim, and (iii) the Equity Interest with respect to the Aircraft Owning Entity that owns such Aircraft (immediately after giving effect to the related purchase by the Borrower under the AerCap-Borrower Purchase Agreement and thereafter) is owned, directly or indirectly, by the Borrower free and clear of any Adverse Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;such Aircraft is of a Type set forth on Table 1 to Appendix I hereto; <u>provided</u> further that as of the initial Advance Date for such Aircraft, such Type is not subject to grounding orders or similar directives issued by either (1) all three of the FAA, EASA and CAAC or (2) the aviation authority with which the Aircraft is, or will be, registered on the initial Advance Date for such Aircraft, that, in any case, prohibit all aircraft of such Type subject to its jurisdiction from all commercial flight on such date, in any case, prohibit all aircraft of such Type subject to its jurisdiction from all commercial flight on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;such Aircraft (i) if under Lease, is the subject of an Eligible Lease or (ii) if not the subject of an Eligible Lease, is being (or, after acquisition of such Aircraft by a Borrower Group Member, will be) serviced and managed, including as to efforts to currently, or eventually after completion of any applicable maintenance and/or improvements, market such Aircraft for placement under an Eligible Lease, in each case in accordance with the requirements of the Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such Aircraft is covered by (A) all of the insurance required to be provided by the lessee thereof described on Schedule 2.02(a) to the Servicing Agreement or (B) if such Aircraft is not the subject of an effective Lease, or the lessee with respect to such Aircraft has failed to maintain the insurance described on Schedule 2.02(a) to the Servicing Agreement with respect to such Aircraft (provided that the Servicer is taking all actions necessary under the Servicer Standard of Performance in connection with such lessee's failure to obtain such insurance), the Contingent Policy; and the Administrative Agent has received with respect to such Aircraft, certificates of insurance from qualified brokers of aircraft insurance or other evidence reasonably satisfactory to the Administrative Agent, evidencing all such insurance, in each case, together with all endorsements required under the Transaction Documents and/or the applicable Notice and Acknowledgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;neither the Aircraft Owning Entity, nor, if applicable, the Owner Participant, the Applicable Intermediary or the Owner Trustee, with respect to such Aircraft is organized under the laws of, or domiciled in, any Prohibited Country, nor is the Aircraft registered in any Prohibited Country, <u>provided</u> <u>that</u>, for purposes of this clause (e), "Prohibited Country" shall include (i) Belarus and Ukraine so long as war (either an actual declaration of war or *de facto* state of war) exists between Ukraine and Russia in the opinion of the Administrative Agent acting reasonably and (ii) Russia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral Agent (on behalf of the Administrative Agent and the Lenders) has a duly perfected, first priority Lien and security interest on (i) the Aircraft Objects (as defined in the Security Trust Agreement), and the other collateral described in Section 2.01 of the Security Trust Agreement, relating to such Aircraft, in each case,

------

consistent with the Perfection Standards, (ii) the Lease relating to such Aircraft, as applicable and (iii) the Equity Interests of the Aircraft Owning Entity which Owns such Aircraft and, if applicable, the Owner Participant with respect to such Aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; the Administrative Agent has received each of an Initial Base Value Appraisal and an Initial Current Market Value Appraisal with respect to such Aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Loss has occurred with respect to such Aircraft; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;at the time of its addition to the Borrower's Portfolio as a Funded Aircraft, its Aircraft Age does not exceed the Aircraft Age Limit.

In addition, if the provisions of clause (b)(2) of the definition of Approved Country List apply to a country, an Aircraft otherwise constituting an Eligible Aircraft under this definition that is registered in such country, or leased by a Lessee organized under the laws of or domiciled in such country, shall cease to be an Eligible Aircraft if the Borrower fails to maintain the Required Coverage Amount for such country as contemplated in <u>Section 10.34(d)</u> and such failure is not remedied within 30 days.

"<u>Eligible Assignee</u>" has the meaning assigned such term in <u>Section 15.1</u>.

"<u>Eligible Carrier</u>" means any air carrier, or an Affiliate of any air carrier with whom such air carrier has undertaken to maintain, repair and operate an Aircraft in compliance with the terms of the applicable Eligible Lease (provided that the foregoing requirement will be satisfied if the air carrier is the sublessee under a sublease that is subject and subordinate to the Eligible Lease or the air carrier guarantees the obligations of the Lessee under the Eligible Lease), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;at the time of the entering into of an Eligible Lease and on the date that the related Aircraft becomes a Funded Aircraft, is duly licensed to carry passengers or cargo (as such may be contemplated under the Lease related to the applicable Aircraft) under all Requirements of Law, whether foreign or domestic,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;is not an Embargoed Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;is organized under the laws of or domiciled in a country or jurisdiction whose laws provide for (x) the recognition of the rights of the relevant Aircraft Owning Entity (and any relevant Applicable Intermediary), as owner and lessor of such Aircraft, and (y) the entitlement or ability of such Aircraft Owning Entity (and any relevant Applicable Intermediary) to recover possession of such Aircraft in accordance with the terms of such Lease, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;on the date that the Aircraft becomes a Funded Aircraft within the Borrower's Portfolio under Lease to such air carrier or, if later, on the date that the Lease of the Aircraft to such air carrier commences, has had no continuing Event of Bankruptcy occur with respect to such air carrier unless (i) in the case of a Lease to a carrier domiciled in or organized under the laws of the United States, each Aircraft Owning

------

Entity leasing any Aircraft to such air carrier is entitled, pursuant to an order of the relevant bankruptcy court or under the relevant bankruptcy or insolvency law, to enforce such Aircraft Owning Entity's rights against such air carrier, including, without limitation, the right to require the performance of such air carrier's obligations under such Lease or the return of such Aircraft during such air carrier's bankruptcy or insolvency, and (ii) in the case of a Lease to a carrier domiciled in or organized under the laws of a jurisdiction other than the United States, either (x) the Servicer has received, and found satisfactory, legal advice from Local Aircraft Counsel to the effect that the country in which such air carrier is organized has laws, with respect to bankruptcy, insolvency, protection of creditors, administration of receivership or reorganization applicable to such air carrier that provide for the lessor to have rights in the applicable proceeding with respect to its claims under such Lease similar to the rights of the creditor of a debtor in a proceeding under chapter 11 of title 11 of the United States Code with respect to such creditor's claims under a post-petition agreement (or, in the event the Lease was entered into prior to the commencement of the case or other proceeding constituting such Event of Bankruptcy, similar to the rights of the creditor or debtor in a proceeding under chapter 11 of title 11 of the United States Code with respect to such creditor's claims under a pre-petition agreement that the debtor has agreed to assume), or (y) the Administrative Agent has otherwise approved the entering into of such Lease.

"<u>Eligible Conduit Lender</u>" means, with respect to any Lender, a special purpose financing entity (i) administered or sponsored by such Lender or (ii) with respect to which such Lender acts as a Support Party, in each case which is a Qualifying Lender.

"<u>Eligible Counterparty</u>" means, in respect of any Hedge Agreement with the Borrower, any other counterparty that, at the time of execution and delivery of the related Hedge Agreement, (a) has a long term unsecured debt rating of at least A from S&P or A2 from Moody's, and has a short-term unsecured debt rating of a least A-1 from S&P or "P-1" from Moody's, (b) is a Lender that is a party to this Agreement at such time, or an Affiliate thereof, or (c) is any other entity that has otherwise been approved by the Borrower and the Lenders.

"<u>Eligible Hedge Agreement</u>" means an ISDA interest rate swap or cap agreement, collar or other interest rate or currency hedging instrument between the Borrower and the Eligible Counterparty named therein, including any schedules and confirmations prepared and delivered in connection therewith, pursuant to which the Borrower will receive payments from, or make payments to, the Eligible Counterparty as provided therein, and which (a) limits recourse by the Eligible Counterparty to the Borrower, to distributions in accordance with the Flow of Funds and (b) is otherwise consistent with the requirements of <u>Section 10.32</u> hereof.

"<u>Eligible Intermediary</u>" means, with respect to any Aircraft, a Person that is a direct or indirect, wholly-owned subsidiary of the Borrower.

"<u>Eligible Investments</u>" means book-entry securities entered on the books of the registrar of such securities and held in the name or on behalf of the Account Bank, negotiable instruments, or securities represented by instruments in bearer or registered form (registered in the name of the Account Bank or its nominee) which evidence:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the United States (which mature within 90 days of the date of purchase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;insured demand deposits, time deposits or certificates of deposit of any commercial bank (which mature within 90 days of the date of purchase) that (i) is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated, at the time of the investment or contractual commitment to invest therein, as described in clause (d), (iii) is organized under the laws of the United States or any state thereof and (iv) has combined capital and surplus of at least $500,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;money market deposit accounts, time deposits (having a maturity of not more than 90 days from the date of purchase) or savings deposits, in each case as defined by Regulation D of the Board of Governors of the Federal Reserve System and issued or offered by any domestic office of any commercial bank organized under the laws of the United States of America or any state thereof, which institution has a combined capital and surplus and undivided profits of not less than $250,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;repurchase obligations with a term of not more than ten days for underlying securities of the types described in clauses (a) and (b) above entered into with any bank of the type described in clause (b) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;commercial paper having, at the time of the investment or contractual commitment to invest therein, a short-term rating of at least A-1/P-1 from S&P and Moody's, respectively and maturities of not more than 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;investments in no-load money market funds having a rating from each of S&P and Moody's in its highest investment category (including such funds for which the Account Bank or any of its affiliates is investment manager or advisor); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;other securities or instruments approved in writing by the Administrative Agent.

------

"<u>Eligible Lease</u>" means a fully-executed, valid and enforceable Lease of an Eligible Aircraft, between an Aircraft Owning Entity that Owns such Aircraft or any Applicable Intermediary, as Lessor, and an Eligible Carrier, as Lessee, which Lease satisfies each of the following requirements (unless the Administrative Agent acting at the direction of the Majority Lenders otherwise consents in writing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;no prepayment shall have been made under such Lease, and no Lease payment obligation shall have been accelerated, <u>provided</u> that it is understood that a scheduled rental payment that is paid at the beginning of a rental period in accordance with the applicable Lease terms is not deemed to be a prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent shall have received a Notice and Acknowledgment executed by the Lessee with respect to such Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;rent or lease payments under such Lease are payable no less frequently than semiannually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all monetary obligations of the Lessee pursuant to such Lease are payable solely in Dollars or Euros (and with respect to Euros, subject to the restrictions of <u>Section 10.32</u>), and, in the case of such obligations payable in Euros, a currency hedge agreement that is an Eligible Hedge Agreement is in effect with respect to payments to be made under such Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Lessee has delivered to the Lessor formal notice of such Lessee's acceptance of the relevant Aircraft executed at the time the term of such Lease commenced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Security Deposit or Maintenance Reserves required of the Lessee under the Lease, if the Lease provides for the Lessee to procure a letter of credit in lieu of cash funding of such amounts, any such letter of credit that the Lessee has procured names (or will name, pursuant to an amendment, assignment or replacement of a previously issued letter of credit that named AerCap or an affiliate thereof as beneficiary, that such Lessee has undertaken to effect in due course within 90 days or such longer period as is commercially reasonable consistent with Leasing Company Practice, so long as an applicable Borrower Group Member has the right to direct a drawing thereon if the conditions to drawing occur during such period) the Borrower and/or the applicable Aircraft Owning Entity as beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the insurance required to be maintained by the Lessee under the terms of such Lease together with the insurance maintained under the Contingent Policy and any other insurance maintained by a Borrower Group Member shall provide coverages, limits and other terms with respect to the Aircraft that are in every respect the same in substance as, or more favorable to the Administrative Agent and the Lenders than, the applicable provisions of Annex 1 of the Servicing Agreement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;such Lease contains:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;provisions requiring the Lessee not to create any Lien in respect of such Aircraft or any part thereof except for permitted liens consistent with Leasing Company Practice, including Liens not affecting the applicable Aircraft Owning Entity's Ownership interest in such Aircraft or the use or operation of the Aircraft arising in the ordinary course of such Lessee's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;provisions prohibiting the Lessee from flying or locating such Aircraft in any country in violation of applicable Requirements of Law or any insurance coverage required to be maintained by the Lessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;representations and warranties as to, without limitation, the due execution of such Lease by the Lessee and the validity of the Lessee's obligations thereunder, due authorization of such Lease and procurement of relevant licenses and permits in connection therewith (or a legal opinion confirming such matters has been delivered to the relevant Lessor on behalf of the Lessee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;provisions stipulating that such Lease will terminate (or such Lease is capable of being terminated) upon the occurrence of an Event of Loss with respect to such Aircraft (other than with respect to an engine) and the satisfaction of the Lessee's obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;provisions setting forth the conditions under which the Lessor may terminate such Lease and repossess the relevant Aircraft, at any time after the expiration of any agreed grace period or remedy period, in each case consistent with Leasing Company Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;provisions prohibiting the assignment by the Lessee of any benefits or obligations under the Lease to any Person, except (A) in the case of a merger, consolidation or transfer of all or substantially all assets by the Lessee, provided the successor assumes all of the Lessee's obligations under the Lease, or (B) otherwise consistent with Leasing Company Practice (<u>provided</u> that, in respect of any assignment under this clause (B) exception that involves an assumption of the existing Lessee's obligations and a corresponding release of the Lessee therefrom, the assuming lessee must be an Eligible Carrier);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;provisions acknowledging that when the Lessee gives formal notice of acceptance of the relevant Aircraft, it takes delivery of such Aircraft with no condition, warranty or representation of any kind having been given by or on behalf of the Lessor in respect of such Aircraft, except as to matters expressly set forth in such Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;provisions stating that payments are to be made by the Lessee without set-off, counterclaim, withholding or any similar reduction, in each case with exceptions consistent with Leasing Company Practice;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;provisions requiring the Lessee to maintain the relevant Aircraft in accordance with and pursuant to applicable governmental and regulatory requirements, and consistent with Leasing Company Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;provisions permitting the Lessee to sublease the Aircraft only if the Lessee remains obligated to make payments on such Lease, except as permitted under specific conditions included in a Precedent Lease or with respect to specific classes of sublessees agreed by the applicable Lessor consistent with Leasing Company Practice (and *provided* that in respect of any sublease under this exception, the sublessee must be an Eligible Carrier);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;provisions prohibiting the Lessee from selling the Aircraft except upon exercise of a purchase option, any which purchase option must be a Qualifying Purchase Option as of the applicable Advance Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;provisions making the Lessee's obligation to make rental payments absolute and unconditional under any and all circumstances and regardless of the occurrence of any events, with only such exceptions as are consistent with Leasing Company Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;provisions requiring the Lessee to bear the cost of complying with all Lease covenants including those pertaining to operation, insurance, maintenance and return, except that the Lessor may agree in the Lease to a formula for sharing the cost of compliance with airworthiness directives and manufacturer service bulletins, and to other concessions in respect of such costs, in each case consistent with Leasing Company Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;provisions requiring the Lessee to maintain insurance with respect to the Aircraft, consistent with Leasing Company Practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;provisions requiring the Lessee to redeliver the Aircraft, including, if applicable, replacement engines and parts, on expiry or termination of the Lease (other than any expiration or termination coincident with the purchase of the Aircraft pursuant to the exercise of a purchase option by the Lessee), specifying the required return condition and any obligation of the Lessee to remedy or compensate the Aircraft Owning Entity that is the Lessor thereunder, directly or indirectly, for any material deviations from such return condition, in each case considering the other terms of the relevant Lease and to the extent consistent with Leasing Company Practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;with respect to Additionally Financed Aircraft, if such Lease is the Lease in effect for such Aircraft as of the initial Advance Date for such Aircraft, as of the initial Advance Date for such Aircraft, no Lease Event of Default has occurred and is continuing under such Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;if such Lease is a Future Lease, as of the date such Future Lease is entered into, no Lease Event of Default has occurred and is continuing under such Lease;

------

<u>provided</u>, <u>however</u>, that "Eligible Lease" also means, individually and collectively, (x) a fully executed fully-executed lease by an Aircraft Owning Entity (as Lessor) to an Applicable Intermediary (as Lessee) of an Aircraft, which Lease satisfies each of the requirements for an "Eligible Lease" set forth in clauses (a) through (h) above except that the Lessee is not an Eligible Carrier, and (y) a fully executed fully-executed sublease by such Applicable Intermediary (as sublessor) to an Eligible Carrier (as sublessee) of such Aircraft, and which sublease satisfies all the requirements for an "Eligible Lease" set forth in clauses (a) through (h) above, except that the sublessor is such Applicable Intermediary and the Eligible Carrier is a sublessee.

In addition, if any Lessee of an Aircraft otherwise constituting an Eligible Lease under this definition shall be in violation of any OFAC Laws or Anti-Terrorism Laws, such Lease shall cease to be an Eligible Lease due to such status of the Lessee until such violation is cured or the relevant Lease is otherwise terminated.

"<u>Eligible Service Provider</u>" means any member of the AerCap Group or another Person which, at the time of its appointment as a Service Provider, (i) is servicing a portfolio of aircraft leases, (ii) is legally qualified and has the capacity to service the Aircraft and the Leases, (iii) has demonstrated the ability professionally and competently to service a portfolio of aircraft leases similar to the Leases with reasonable skill and care, (iv) is qualified and entitled to use, pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which the applicable Service Provider uses in connection with performing its duties and responsibilities under this Agreement and the applicable Service Provider Agreement or otherwise has available software which is adequate in the judgment of the Administrative Agent to perform its duties and responsibilities under this Agreement and the applicable Service Provider Agreement and (v) is otherwise satisfactory to the Administrative Agent.

"<u>Embargoed Person</u>" means (a) any and all Persons or aircraft named, listed or described from time to time on (i) the OFAC SDN List, (ii) the Foreign Sanctions Evadors list (FSE) maintained by OFAC, (iii) any sanctions list published by the United Nations Security Council or any committee thereof, http://www.un.org/sc/committees/list_compend.shtml, (iv) any sanctions list of Persons published by any Sanctions Authority broadly restricting dealings with such listed Persons, (v) the EU Consolidated List of Persons, Groups and Entities Subject to Common Foreign Security Policy Financial Sanctions, http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm, (vi) the Consolidated List of Financial Sanctions Targets in the UK, as published by HM Treasury, http://www.hm-treasury.gov.uk/fin_sanctions_index.htm, and/or (vii) the denied persons list, unverified list, entities list or other list maintained by BIS, (b) any Person or aircraft publicly identified as prohibited from doing business in the United States under any OFAC Law or other Requirement of Law, (c) any Person that resides, is organized or chartered, or has a place of business, in a Prohibited Country, (d) any agency or instrumentality of, or Person owned or controlled by any Prohibited Country or any Government Entity of a Prohibited Country, and/or (e) any Person that is owned or controlled by the foregoing, whether or not identified by any list.

------

"<u>Employee Benefit Plan</u>" means, with respect to any Person, any employee benefit plan within the meaning of Section 3(3) of ERISA which (i) is maintained for employees of a Person or any of its ERISA Affiliates or is assumed by such Person or any of its ERISA Affiliates in connection with any acquisition or (ii) has at any time been maintained for the employees of such Person or any current or former ERISA Affiliate.

"<u>Entry Point Action</u>" means a filing in respect of the security interest on an Aircraft with the FAA (with respect to an Aircraft registered with the FAA) or other filing or registration that is required in order to properly complete a registration with the International Registry that is required hereunder.

"<u>Environmental Laws</u>" means any federal, state, local or foreign statute, law, ordinance, code, rule, regulation, order, decree, permit or license regulating, relating to, or imposing liability or standards of conduct concerning, any environmental matters or conditions, environmental protection or conservation, including without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended; the Superfund Amendments and Reauthorization Act of 1986, as amended; the Resource Conservation and Recovery Act, as amended; the Toxic Substances Control Act, as amended; the Clean Air Act, as amended; the Clean Water Act, as amended; together with all regulations promulgated thereunder, and any other "Superfund" or "Superlien" law.

"<u>Equity Interest</u>" means, with respect to any Person, all of the issued and outstanding shares, interests or other equivalents of capital stock of such Person, whether voting or non voting non-voting and whether common or preferred, all partnership, joint venture, limited liability company, beneficial interests in a trust (statutory or common law) or other equity interests in or other indicia of ownership of such Person, all options, warrants and other rights to acquire, and all securities convertible into, any of the foregoing, all rights to receive interest, income, dividends, distributions, returns of capital and other amounts of such Person (whether in cash, securities, property, or a combination thereof), and all additional stock, warrants, options, securities, interests and other property of such Person, from time to time paid or payable or distributed or distributable in respect of any of the foregoing, including all rights to receive amounts due and to become due under or in respect of any Investment Agreement or upon the termination thereof, all rights of access to the books and records of any such Person, and all other rights, powers, privileges, interests, claims and other property in any manner arising out of or relating to any of the foregoing, of whatever kind or character (including any tangible or intangible property or interests therein), and whether provided by contract or granted or available under applicable law in connection therewith, including the right to vote and to manage and administer the business of any such Person pursuant to any applicable Investment Agreement, together with all certificates, instruments and entries upon the books of financial intermediaries at any time evidencing any of the foregoing, in each case whether now owned or existing or hereafter acquired or arising.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time.

------

"<u>ERISA Affiliate</u>", as applied to any Person, means any other Person or trade or business which is a member of a group which is under common control with such Person, who together with such Person, is treated as a single employer within the meaning of <u>Section 414(b)</u> and (<u>c</u>) of the Code.

"<u>Erroneous Payment</u>" has the meaning specified in Section 14.15(a) of this Agreement.

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning specified in Section 14.15(d) of this Agreement.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Euro</u>" means the basic unit of currency among participating European Union countries.

"<u>Eurocurrency Liabilities</u>" has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.

"<u>Event of Bankruptcy</u>" shall be deemed to have occurred with respect to a Person if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation, examinership, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of all or substantially all of the debts of such Person, the appointment of a trustee, receiver, examiner, conservator, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;such Person shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, examiner, conservator, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or other entity, its Board of Directors shall vote to implement any of the foregoing.

"<u>Event of Default</u>" has the meaning set forth in <u>Section 13.1</u>.

------

"<u>Event of Loss</u>" means with respect to any Aircraft (a) if the same is subject to a Lease, a "Total Loss," "Casualty Occurrence" or "Event of Loss" or the like (however so defined in the applicable Lease); or (b) if the same is not subject to a Lease, (i) its actual, constructive, compromised, arranged or agreed total loss, (ii) its destruction, damage beyond repair or being rendered permanently unfit for normal use for any reason whatsoever, (iii) requisition of title of such Aircraft, or its confiscation, restraint, detention, forfeiture or any compulsory acquisition or seizure or requisition for hire by or under the order of any government (whether civil, military or de facto) or public or local authority or (iv) its hijacking, theft or disappearance, resulting in loss of possession by the owner or operator thereof for a period of 30 consecutive days or longer. An Event of Loss with respect to any Aircraft shall be deemed to occur on the date on which such Event of Loss is deemed pursuant to the relevant Lease to have occurred or, if such Lease does not so deem or if the relevant Aircraft is not subject to a Lease, (A) in the case of an actual total loss or destruction, damage beyond repair or being rendered permanently unfit, the date on which such loss, destruction, damage or rendering occurs (or, if the date of loss or destruction is not known, the date on which the relevant Aircraft was last heard of); (B) in the case of a constructive, compromised, arranged or agreed total loss, the earlier of (1) the date 30 days after the date on which notice claiming such total loss is issued to the insurers or brokers and (2) the date on which such loss is agreed or compromised by the insurers; (C) in the case of requisition of title, confiscation, restraint, detention, forfeiture, compulsory acquisition or seizure, the date on which the same takes effect; (D) in the case of a requisition for hire, the expiration of a period of 180 days from the date on which such requisition commenced (or, if earlier, the date upon which insurers make payment on the basis of such requisition); or (E) in the case of clause (iv) above, the final day of the period of 30 consecutive days referred to therein.

"<u>Excess LTV Cure Amounts</u>" has the meaning set forth in <u>Section 10.38(c)</u>.

"<u>Excluded Payments</u>" has the meaning assigned to such term in the Security Trust Agreement.

"<u>Executive Order</u>" means Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001.

"<u>Executive Orders</u>" means Executive Orders issued by the President of the United States from time to time, inclusive of the Executive Order.

"<u>Expenses Apportionment Agreement</u>" means the Loan, Expense Apportionment and Guarantee Agreement, dated as of April 26, 2006, among the borrower named therein, and the Borrower.

"<u>FAA</u>" means the United States Federal Aviation Administration.

"<u>FAA Act</u>" means 49 U.S.C. Subtitle VII, §§ 40101 <u>et</u> <u>seq.</u>, as amended from time to time, any regulations promulgated thereunder and any successor provision.

------

"<u>FAA Counsel</u>" means a law firm having nationally recognized expertise in FAA matters that is reasonably satisfactory to the Administrative Agent, it being understood that as of the Signing Date, the firms of Debee Gilchrist, Daugherty, Fowler, Peregrin, Haught & Jensen, Crowe and Dunlevy, or McAfee & Taft, are each satisfactory to the Administrative Agent.

"<u>Facility Limit</u>" means the sum of (a) $2,250,000,000 $1,750,000,000 and (b) the aggregate of all New Commitments effectuated pursuant to <u>Section 2.7</u>.

"<u>Facility Limit Percentage</u>" means, with respect to any percentage determination relating to Aircraft Type Concentration Percentage, Country/Region Concentrations or Widebody Maximum Percentage, and as of any date of determination, the percentage represented by the product of (a) the Advance Rate applicable to Aircraft falling within the category being measured (and giving effect to all applicable Advance Rate Adjustments), times (b) the sum of the Adjusted Borrowing Values of all Aircraft falling within the category being measured, divided by (c) the amount of the Facility Limit.

"<u>Facility Termination Date</u>" means the earliest to occur of (i) the Stated Maturity Date or (ii) the date of the declaration, or automatic occurrence, of the Facility Termination Date pursuant to <u>Section 13.2</u>, and (iii) the date on which both of the following conditions exist: (A) the aggregate outstanding Advances and all other Obligations have been indefeasibly paid in full, and (B) the commitment of each Lender to make any Advances hereunder shall have expired or been terminated.

"<u>FATCA</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;sections 1471 to 1474 of the Code or any associated regulations (or any amended or successor version that is substantively comparable and not materially more onerous to comply with);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the United States Internal Revenue Service, the United States government or any governmental or taxation authority in any other jurisdiction.

"<u>FATCA Deduction</u>" means a deduction or withholding from a payment under any Credit Document required by or under FATCA;

"<u>FATCA Exempt Party</u>" means a party that is entitled under FATCA to receive payments free from any FATCA Deduction;

"<u>FATCA Non-Exempt Party</u>" means any party who is not a FATCA Exempt Party;

------

"<u>Federal Funds Rate</u>" means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the applicable Administrative Agent from three Federal funds brokers of recognized standing selected by it.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Fee Letter</u>" has the meaning set forth in <u>Section 3.4</u>.

"<u>Fees</u>" means all fees and other amounts payable by the Borrower to the Administrative Agent under the Fee Letter.

"<u>Fifth Amended Agreement</u>" means that certain Fifth Amended and Restated Credit Agreement, dated as of August 10, 2017, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the Fifth Amended Agreement), the Outgoing Administrative Agent and Deutsche Bank Trust Company Americas.

"<u>Financial Administrative Agent</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>First Amendment</u>" means that certain First Amendment Agreement, dated as of December 12, 2025, among the Borrower, AerCap, AASL, CML, the Lenders party thereto, the Administrative Agent and Deutsche Bank Trust Company Americas.

"<u>First Amendment Effective Date</u>" means January 12, 2026.

"<u>First Amendment Refinancing Advance</u>" has the meaning set forth in the First Amendment.

"<u>First Amended Agreement</u>" means that certain First Amended and Restated Credit Agreement, dated as of May 8, 2007, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the First Amended Agreement), UBSS and Deutsche Bank Trust Company Americas.

"<u>Fiscal Year</u>" means a fiscal year for financial accounting purposes commencing on January 1 and ending on December 31.

"<u>Floor</u>" means a rate of interest equal to 0%.

"<u>Flow of Funds</u>" means the cash flow allocation and distribution provisions set forth at <u>Section 8.1(e)</u> of this Agreement.

------

"<u>Fourth Amended Agreement</u>" means that certain Fourth Amended and Restated Credit Agreement, dated as of December 10, 2014, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the Fourth Amended Agreement), the Outgoing Administrative Agent and Deutsche Bank Trust Company Americas.

"<u>Funded Aircraft</u>" means any Aircraft with respect to which Advances have been made hereunder (or which is otherwise an Additionally Financed Aircraft) (and excluding any Specified Aircraft).

"<u>Future Lease</u>" means, with respect to each Aircraft, any Eligible Lease as may be in effect at any time after the date on which the initial Advance with respect to such Aircraft was made hereunder between a Borrower Group Member (as Lessor) and an Eligible Carrier (as Lessee), in each case other than any Initial Lease or Additional Lease.

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America in effect from time to time.

"<u>Government Entity</u>" means: (a) any national government, political sub-division thereof, or local jurisdiction therein; (b) any instrumentality, board, commission, department, division, organ, court, exchange control authority, or agency of any thereof, however constituted; or (c) any association, organization, or institution of which any of the above is a member or to whose jurisdiction any thereof is subject or in whose activities any thereof is a participant.

"<u>Granting Lender</u>" has the meaning set forth in <u>Section 2.8</u>.

"<u>Hazardous Material</u>" means and includes any pollutant, contaminant, or hazardous, toxic or dangerous waste, substance or material (including without limitation petroleum products, asbestos-containing materials and lead), the generation, handling, storage, transportation, disposal, treatment, release, discharge or emission of which is subject to any Environmental Law.

"<u>Hedge Agreement</u>" means one of the hedge agreements entered into by the Borrower pursuant to the terms of <u>Section 10.32</u> hereof.

"<u>Hedging Policy</u>" has the meaning set forth in <u>Section 10.32(a)</u>.

"<u>Holdco Subsidiary</u>" has the meaning set forth in the definition of Approved Restructuring.

"<u>Holding Period</u>" has the meaning set forth in <u>Section 2.3(c)(i)</u>.

"<u>Holding Period Release Request</u>" has the meaning set forth in <u>Section 2.3(c)(iv)</u>.

"<u>Improvement Advance</u>" means an Additional Advance in respect of Approved Asset Improvement Costs (and, if applicable, the use of a portion of the related Advance to increase the amounts in the Liquidity Reserve Account) rather than for the purpose of adding Additionally Financed Aircraft to the Borrower's Portfolio.

------

"<u>Improvement Base Value Appraisal</u>" means in connection with an Improvement Advance in respect of an Aircraft, the average of the appraisals of the Base Value (adjusted for actual maintenance status) of such Aircraft from three Approved Appraisers, delivered after the completion of the related Approved Asset Improvement but not earlier than 45 days prior to the date of the related Improvement Advance.

"<u>Improvement Current Market Value Appraisal</u>" means in connection with an Improvement Advance in respect of an Aircraft, the average of the appraisals of the Current Market Value (adjusted for actual maintenance status) of such Aircraft from three Approved Appraisers, delivered after the completion of the related Approved Asset Improvement but not earlier than 45 days prior to the date of the related Improvement Advance.

"<u>Increased Amount Date</u>" has the meaning set forth in <u>Section 2.7</u>.

"<u>Increased Availability Advance</u>" means an Additional Advance following the initial existence of Critical Mass, not constituting an Improvement Advance or a Critical Mass Event Advance, and not for the purpose of financing the acquisition of an Additionally Financed Aircraft into the Borrower's Portfolio, but utilizing any increase in availability of Advances due to an increase in Base Advance Rate attributable to a change in an Advance Rate Adjustment.

"<u>Increasing Lender</u>" has the meaning set forth in <u>Section 2.7</u>.

"<u>Indebtedness</u>" of any Person means, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all obligations, contingent or otherwise, relative to the face amount of all letters of credit, whether or not drawn, and banker's acceptances issued for the account of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person as lessee under leases that have been or should be, in accordance with GAAP, recorded as capitalized lease liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all obligations of such Person to pay the deferred purchase price of property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all obligations secured by an Adverse Claim upon property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all Contingent Liabilities of such Person in respect of any of the foregoing.

"<u>Indemnification Agreement</u>" means the Indemnification Agreement dated as of November 6, 2006 by AerCap Holdings N.V. in favor of the Borrower, the Collateral Agent and the Administrative Agent, or any successor or replacement to such agreement contemplated by <u>Section 12.1(f)</u> hereof and the terms thereof.

------

"<u>Indemnified Amounts</u>" has the meaning set forth in <u>Section 16.1</u>.

"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 16.1</u>.

"<u>Individual Lessee Score</u>" means, for purposes of determining Lessee Diversity Score and with respect to any particular Lessee of an Aircraft within the Borrower's Portfolio, the percentage represented by the quotient of one divided by the number of Aircraft in the Borrower's Portfolio under Lease to such Lessee (or any Affiliate thereof).

"<u>Initial Advance Date</u>" has the meaning set forth in <u>Section 2.1(g)(i)</u> means the date of the Initial Advance related to the Original Agreement Refinancing Advance.

"<u>Initial Advance Request</u>" has the meaning set forth in <u>Section 2.2(a)</u>.

"<u>Initial Advances</u>" has the meaning set forth in <u>Section 2.1(</u><u>a</u><u>b</u><u>)</u>.

"<u>Initial Advance Schedule</u>" means a schedule which shall replace <u>Schedule VII</u>, which shall identify (1) the amount of the Initial Advance to be made on the First Amendment Effective Date in respect of each Aircraft in the portfolio on the First Amendment Effective Date, calculated as (a) 70.0% multiplied by (b) the sum of (x) the Initial Base Value Appraisal of each Aircraft, determined as of May 2024 October 31, 2025 and (y) the aggregate amount of the Maintenance Reserves balance for each Aircraft (including any amounts paid by the Lessee whether held in cash or for which a Maintenance Reserves Eligible Letter of Credit has been provided and any amounts available under any letter of credit provided pursuant to a Lease in respect of a Lessee's maintenance obligations); <u>provided</u> that the aggregate amount of the Initial Advance shall not exceed the amount of the advances outstanding pursuant to the Original Agreement immediately prior to the making of the Initial Advance; and (2) each of the amounts required hereby to be determined by reference to <u>Schedule VII</u>, including the Adjusted Borrowing Value, the Book Value, the Borrowing Base, the Original Base Value and the Maintenance Reserves balance for each such Aircraft as of the First Amendment Effective Date, calculated on the basis of the Initial Advance amount calculation.

"<u>Initial Agreement</u>" means that certain Credit Agreement, dated as of April 26, 2006, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the Initial Agreement), UBSS and Deutsche Bank Trust Company Americas.

"<u>Initial Base Value Appraisal</u>" means with respect to any individual Aircraft, the average of three appraisals of the Base Value (adjusted for actual maintenance status) of such Aircraft from three Approved Appraisers delivered not earlier than 45 days prior to the date of the initial Advance against such Aircraft.

"<u>Initial Current Market Value Appraisal</u>" means with respect to any individual Aircraft, the average of three appraisals of the Current Market Value (adjusted for actual maintenance status) of such Aircraft from three Approved Appraisers delivered not earlier than 45 days prior to the date of the initial Advance against such Aircraft.

------

"<u>Initial Financed Aircraft</u>" means an Aircraft with respect to which an Advance is made on the Initial Advance First Amendment Effective Date and which is listed on <u>Schedule I</u> hereto on the date hereof of the First Amendment (as revised by the First Amendment).

"<u>Initial Lease</u>" means a Lease of an Initial Financed Aircraft which is listed as an "Initial Lease" on <u>Schedule III</u> hereto, as such schedule is required, pursuant to the terms hereof, to be amended, restated or otherwise modified from time to time.

"<u>Insufficiency</u>" has the meaning set forth in <u>Section 5.1(d)</u>.

"<u>Insurance Servicer</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Interest Period</u>" means, as to any Advance (or portion thereof), the period commencing on the funding date of such Advance, and concluding on but excluding the next succeeding Payment Date, and each period thereafter commencing on a Payment Date and concluding on but excluding the next succeeding Payment Date; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if any Interest Period for any Advance commencing before the Facility Termination Date would otherwise end on a date after the Facility Termination Date, such Interest Period shall be deemed to and shall end on the Facility Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the duration of each such Interest Period that commences on or after the Facility Termination Date, if any, shall be of such duration as shall be selected by the Administrative Agent.

"<u>International Registry</u>" means the international registry located in Dublin, Ireland, established pursuant to the Cape Town Convention.

"<u>International Registry Procedures</u>" means the official English language text of the Procedures for the International Registry issued by the supervisory authority thereof pursuant to the Cape Town Convention.

"<u>Investment Agreement</u>" means, with respect to any Person, any Operating Document or Organizational Document, joint venture agreement, limited liability company operating agreement, stockholders agreement or other agreement creating, governing or evidencing any Equity Interests and to which such Person is now or hereafter becomes a party, as any such agreement may be amended, modified, supplemented, restated or replaced from time to time pursuant to the terms thereof.

"<u>Irish Bank</u>" means any bank organized under the laws of the Republic of Ireland.

"<u>Irish Pledge</u>" means each Equitable Charge on Shares granted or to be granted by the applicable Borrower Group Member in favor of the Collateral Agent relating to each of its Irish incorporated Subsidiaries.

------

"<u>Irish VAT Refund Account</u>" means an account in the name of the Borrower and maintained with an Irish Bank.

"<u>ISDA</u>" means a 1992 ISDA Master Agreement (Multicurrency-Cross Border) or 2002 ISDA Master Agreement, both as published by the International Swaps and Derivatives Association, Inc. (including a long-form confirmation by which the parties agree that any transactions thereunder shall be treated as if the parties had executed any such ISDA Master Agreement in such form).

"<u>Lease</u>" means a lease agreement, which is listed on <u>Schedule III</u> hereto, as such schedule is supplemented (or, if not so supplemented, required to be supplemented) pursuant to the terms hereof from time to time, between an Aircraft Owning Entity or an Applicable Intermediary, as lessor of an Aircraft, and an airline, air freight company or similar entity, as lessee of such Aircraft, in each case together with all schedules, supplements and amendments thereto, and each other document, agreement and instrument related thereto.

"<u>Lease Event of Default</u>" has the meaning set forth in the AerCap-Borrower Purchase Agreement.

"<u>Leasing Company Practice</u>" means the reasonable commercial practices of leading international aircraft operating lessors, which, so long as AerCap or its Affiliate is the Servicer, shall mean, in relation to an Aircraft and any particular issue or matter, the customary commercial practice that the AerCap Group applies under similar circumstances in respect of other aircraft owned by the AerCap Group, as such practice may be required to be adjusted by the requirements of this Agreement and the other Transaction Documents, including the requirements in respect of Collateral.

"<u>Lender Rate</u>" means, with respect to any Advance made and held by a Lender (or, if applicable, such Lender's Conduit Lender), and the Interest Period related thereto, an interest rate per annum equal to Term SOFR applicable to such Interest Period plus the Applicable Margin; <u>provided</u>, <u>however</u>, that if the Administrative Agent determines that (x) funding such Advance at Term SOFR would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or (y) adequate and reasonable means do not exist for ascertaining Term SOFR, then, in any such case, the Administrative Agent shall suspend the availability of Term SOFR for such Lender and such Advance for such Lender shall accrue Yield during such Interest Period at the Alternate Base Rate plus the Applicable Margin.

"<u>Lenders</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Lessee</u>" means the lessee under the applicable Lease.

------

"<u>Lessee Diversity Score</u>" means, with respect to the Borrower's Portfolio and as of any date of determination, the aggregate sum of the individual percentages, calculated for each individual Lessee of an Aircraft under Lease to such Lessee (a "<u>Specified Lessee</u>") or an Affiliate thereof, with such individual percentages determined pursuant to the following formula:

(ABVL / AABV) x ILS

where:

ABVL&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Adjusted Borrowing Value of Funded Aircraft under Lease to the Specified Lessee (or an Affiliate thereof);

AABV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the aggregate Adjusted Borrowing Value of all Funded Aircraft in the Borrower's Portfolio; and

ILS&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Individual Lessee Score for the Specified Lessee.

"<u>Lessee Diversity Score Advance Rate Adjustment</u>" means an adjustment to the Base Advance Rates based on the Lessee Diversity Score as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;for any date of determination, if the Lessee Diversity Score as of such date is equal to or below 30%, the applicable Base Advance Rate is reduced by 10 percentage points so long as Critical Mass does not exist, and by 5 percentage points while Critical Mass exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;for any date of determination, (i) if the Lessee Diversity Score as of such date is lower than or equal to 39% but greater than 38%, the applicable Base Advance Rate will decrease by 6/10ths of a percentage point so long as Critical Mass does not exist, and by 3/10ths of a percentage point while Critical Mass exists, and (ii) for each additional integral percentage point from 38% down to 30% as to which the Lessee Diversity Score as of such date is lower than or equal to the higher integer and greater than the next lower integer, the applicable Base Advance Rate will decrease by an additional 6/10ths of a percentage point, so long as Critical Mass does not exist, and by 3/10ths of a percentage point while Critical Mass exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;for any date of determination, (i) if the Lessee Diversity Score as of such date is lower than or equal to 49% but greater than 48%, the applicable Base Advance Rate will decrease by 4/10ths of a percentage point so long as Critical Mass does not exist, and by 2/10ths of a percentage point while Critical Mass exists, and (ii) for each additional integral percentage point from 48% down to 39% as to which the Lessee Diversity Score as of such date is lower than or equal to the higher integer and greater than the next lower integer, the applicable Base Advance Rate will decrease by an additional 4/10ths of a percentage point, so long as Critical Mass does not exist, and by 2/10ths of a percentage point while Critical Mass exists; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;for any date of determination as of which the Lessee Diversity Score as of such date is equal to or greater than 49%, the applicable Base Advance Rates will have no adjustment.

------

"<u>Lessee Limitation Event</u>" means that at any time after the Borrower initially achieves Critical Mass, and immediately after giving effect to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;an acquisition into the Borrower's Portfolio of an Aircraft subject to a Lease, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the sale and consequent removal from the Borrower's Portfolio of an Aircraft subject to a Lease, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the leasing of an Aircraft within the Borrower's Portfolio (other than an extension or renewal with the same Lessee of a then-existing Lease),

any Country/Region Concentration applicable to a Lessee exceeds a Country/Region Concentration Limit.

"<u>Lessee Location</u>" means, where such term is used in connection with Country/Region Concentration, the country or geographical region (within the designated categories of same set forth in the table on Appendix I hereto headed "Geographical Diversification") in which the applicable Lessee is domiciled.

"<u>Lessor</u>" means the lessor under the applicable Lease.

"<u>Lien</u>" means any security interest, lien, mortgage, charge, pledge, preference, equity or encumbrance of any kind, including tax liens, mechanics' liens, conditional sale and any liens that attach by operation of law.

"<u>Liquidity Reserve Account</u>" has the meaning set forth in <u>Section 5.1(a)(i)</u>.

"<u>Liquidity Reserve Eligible Letter of Credit</u>" means an irrevocable standby letter of credit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which is issued by a U.S. banking institution (or a non-U.S. banking institution but confirmed by a U.S. banking institution) with a short term credit rating of at least A-1 and P-1 from S&P and Moody's, respectively; <u>provided</u> that, in the event that the short-term credit rating of the banking institution which issued such letter of credit falls below the credit rating set forth above, such letter of credit shall no longer be a Liquidity Reserve Eligible Letter of Credit only after 30 calendar days have elapsed since the date of such downgrade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the account party of which is the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the beneficiary of which is the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) which has a stated maturity date that is not earlier than 364 days after the date of issuance of such letter of credit;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) which provides that if (v) such letter of credit is not renewed or replaced on or before 30 calendar days prior to its stated expiry, (w) an Event of Bankruptcy shall have occurred with respect to the Servicer, (x) the credit rating of the banking institution which issued such letter of credit falls below the minimum credit rating specified above, (y) an Event of Default has occurred or (z) the Collateral Agent is otherwise entitled to draw on such letter of credit pursuant to the terms of this Agreement, the Collateral Agent shall be entitled to immediately or at any time thereafter, without prior notice, make a demand under such letter of credit in an amount equal to its face value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any ongoing fees with respect to which are not the obligation of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) which is (and with respect to which all related documents and agreements are) in form and substance, reasonably satisfactory to the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) the original of which has been delivered to the Collateral Agent or the Administrative Agent.

"<u>Liquidity Reserve Initial Required Amount</u>" means, in respect of Advances against Aircraft occurring on the Initial Advance First Amendment Effective Date as referred to in <u>Section 5.1(a)</u> hereof, an amount equal to the Liquidity Reserve Maximum Amount as of the Effective Date.

"<u>Liquidity Reserve Maximum Amount</u>" means as of any date of determination from the Effective Date an amount equal to the greater of (i) an amount equal to the interest amount projected (based on the Term SOFR Reference Rate as of such date of determination) to be payable on each of the next six Payment Dates occurring after such date of determination but reduced by the amount received by the Borrower during such period pursuant to any Hedge Agreement, assuming no new Advances (provided that an Advance will be deemed to have been made on such date of determination solely for purposes of the calculation of the Liquidity Reserve Maximum Amount if the Initial Advance Request or an Additional Advance Request was sent on or prior to such date of determination and the related Advance Date has not yet occurred) and (ii) $15,000,000.

"<u>Liquidity Top-Up Amount</u>" means, as of any date of determination, an amount equal to the excess of the Liquidity Reserve Maximum Amount (after giving effect to any Advances being made on such date) over the amount on deposit in the Liquidity Reserve Account (prior to giving effect to any Advances being made on such date).

"<u>Local Aircraft Counsel</u>" means any law firm having expertise in Applicable Foreign Aviation Law matters that is reasonably satisfactory to the Administrative Agent.

"<u>LTV</u>" means, as of any date of determination, the following, expressed as a percentage:

(A – B) / (C + D)

Where

------

A = the aggregate Outstanding Principal Amount of the Advances, taking into account any payment or prepayment of the Advances made or to be made on or before such date and giving effect to the application of any Sale Deposit Amount received but not yet applied;

B = the sum of the amounts on deposit in the Liquidity Reserve Account and the amounts available under the Liquidity Reserve Eligible Letter of Credit (taking into account any deposits therein made on such date of determination);

C = the sum of the Maintenance Adjusted Base Values for each Aircraft in the Borrower's Portfolio as of the date of determination; and

D = the sum of all amounts on deposit in the Maintenance Reserve Account and the amounts available under the Maintenance Reserve Eligible Letter of Credit, together with amounts available under all letters of credit provided to a Borrower Group Member pursuant to a Lease in respect of the maintenance obligations of a Lessee under a Lease, including any letters of credit supporting end-of-lease payments (in each case taking into account any deposits therein made on such date of determination).

"<u>LTV Certificate</u>" means a certificate of the Borrower dated as of an LTV Determination Date or an LTV Cure Date, setting forth the LTV as of such date, in substantially the form of Exhibit F, and attaching copies of the applicable appraisals used to determine the LTV if not previously provided to the Administrative Agent.

"<u>LTV Cure</u>" means that one or more of the following actions have been taken to cure an LTV Trigger (or an anticipated LTV Trigger): payment of principal, addition or replacement of Aircraft, deposit of amounts (including from amounts received from Servicer Advances, advances under an AerCap Sub Note or otherwise) into the Liquidity Reserve Account or the Maintenance Reserve Account, or receipt of, or increase of the amounts available under, one or more letters of credit (subject to any requirements applicable for such letter of credit hereunder, if any).

"<u>LTV Cure Date</u>" means a date, following the occurrence of an LTV Trigger, as of which (i) the LTV is not greater than the Maximum LTV and (ii) the Borrower has delivered an LTV Certificate to the Administrative Agent certifying the foregoing.

"<u>LTV Determination Date</u>" means the Conversion Date and the Second LTV Determination Date.

"<u>LTV Trigger</u>" means, as of an LTV Determination Date, the LTV is greater than the Maximum LTV applicable to such date of determination.

------

"<u>Maintenance Adjusted Base Value</u>" means, for each Aircraft in the Borrower's Portfolio at the applicable LTV Determination Date or LTV Cure Date, the average of three appraisals of the Base Value (each adjusted for actual maintenance status) from three Approved Appraisers with respect to such Aircraft (i) in the case of an LTV Determination Date, which are the appraisals delivered on such LTV Determination Date pursuant to Section 10.38(a) or (ii) in the case of an LTV Cure Date, which are the appraisals delivered on the related LTV Determination Date pursuant to Section 10.38(a) or, with respect to an Additionally Financed Aircraft added after such LTV Determination Date, appraisals dated as of a date no earlier than such appraisals.

"<u>Maintenance Reserve Account</u>" means the Maintenance Reserve Trust Account together with the Maintenance Reserve DDA Account (it being understood that any provision herein providing for or requiring a deposit of funds to the Maintenance Reserve Account shall be deemed to refer to a deposit to the Maintenance Reserve DDA Account, with all amounts on deposit in the Maintenance Reserve DDA Account to be automatically transferred on a daily basis to the Maintenance Reserve Trust Account).

"<u>Maintenance Reserve DDA Account</u>" means an account (number 01474611) in the name of the Borrower and maintained with the Account Bank.

"<u>Maintenance Reserve Trust Account</u>" means an account (number UBSAFL.2) in the name of the Borrower and maintained with the Account Bank.

"<u>Maintenance Reserves</u>" means maintenance reserves or other supplemental rent payments based on usage of the Aircraft payable by the lessee under any Lease for purposes of reserving for the payments with respect to the future maintenance and repair of the related Aircraft.

"<u>Maintenance Reserves Deficiency</u>" means if, as of any date of determination (a) the sum of (x) the cash and Eligible Investments on deposit in the Maintenance Reserve Account and any Non-Trustee Account established for the purpose of collecting Maintenance Reserves, as of such date of determination and (y) the aggregate undrawn portion of any Maintenance Reserves Eligible Letters of Credit as of such date of determination is less than (b) the Maintenance Reserves Required Amount for all Funded Aircraft as of such date of determination.

"<u>Maintenance Reserves Eligible Letter of Credit</u>" means an irrevocable standby letter of credit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which is issued by a U.S. banking institution (or a non-U.S. banking institution but confirmed by a U.S. banking institution) with a short-term credit rating of at least A-1 and P-1 from S&P and Moody's, respectively; <u>provided</u> that, in the event that the short-term credit rating of the banking institution which issued such letter of credit falls below the credit rating set forth above, such letter of credit shall no longer be a Maintenance Reserves Eligible Letter of Credit only after 30 calendar days have elapsed since the date of such downgrade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the account party of which is the Servicer;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the beneficiary of which is the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) which has a stated maturity date that is not earlier than 364 days after the date of issuance of such letter of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) which provides that if (w) such letter of credit is not renewed or replaced on or before 30 calendar days prior to its stated expiry, (x) an Event of Bankruptcy shall have occurred with respect to the Servicer, (y) the credit rating of the banking institution which issued such Maintenance Reserves Eligible Letter of Credit falls below the minimum credit rating specified above, or (z) an Event of Default has occurred, the Collateral Agent shall be entitled to immediately or at any time thereafter, without prior notice, make a demand under such letter of credit in an amount equal to its face value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any ongoing fees with respect to which are not the obligation of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) which is (and with respect to which all related documents and agreements are) in form and substance, reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) the original of which has been delivered to the Collateral Agent or the Administrative Agent.

"<u>Maintenance Reserves Required Amount</u>" means, (A) with respect to each Aircraft, the excess of (a) all Maintenance Reserves paid by Eligible Carriers under the Eligible Lease for such Aircraft during the period such Eligible Aircraft was a Funded Aircraft (or was a Funded Aircraft under, and as defined in, the Original Agreement) over (b) all amounts withdrawn from the Maintenance Reserves Account pursuant to <u>Sections 8.1(h)</u> and <u>(i)</u> of this Agreement with respect to such Aircraft and (B) with respect to all Aircraft, the sum of the Maintenance Reserves Required Amount computed pursuant to clause (A) for all Funded Aircraft (the "<u>Maintenance Reserves Required Amount for all Funded Aircraft</u>").

"<u>Maintenance Reserves Surplus Amount</u>" means, as of any date of determination, the excess, if any of (a) the sum of (x) the cash and Eligible Investments on deposit in the Maintenance Reserves Account and any Non-Trustee Account established for the purpose of collecting Maintenance Reserves, as of such date of determination and (y) the aggregate undrawn portion of the Maintenance Reserves Eligible Letters of Credit as of such date of determination over (b) the Maintenance Reserves Required Amount for all Funded Aircraft as of such date of determination.

"<u>Majority Lenders</u>" means, at any time, Lenders who are not Affiliated with AerCap which have advanced (or with respect to which Lenders that are Granting Lenders, whose Conduit Lenders have advanced) more than 66 <sup>2/3</sup>% of the Outstanding Principal Amount of all Advances held by Lenders who are not affiliated with AerCap; provided that the Outstanding Principal Amount of any Defaulting Lender shall be disregarded in determining the Majority Lenders at any time.

"<u>Market Disruption Event</u>" has the meaning set forth in Section 3.3(b).

------

"<u>Material Adverse Effect</u>" means a material adverse effect on (i) the interests, taken as a whole, of the Borrower, any Borrower Subsidiary, AerCap, the Collateral Agent, or the Lenders in the Aircraft, the Leases, the Related Security or any other Borrower Collateral, (ii) the Borrower's, any Borrower Subsidiary's, AerCap's, or any Service Provider's ability to perform its obligations under this Agreement or any other Transaction Document, as applicable, (iii) the validity or enforceability of this Agreement or any of the Credit Documents or (iv) the validity or enforceability of a substantial portion of the Leases.

"<u>Maximum Aggregate Principal Amount</u>" means, as of any date of determination, the lesser of (a) the Borrowing Base and (b) the Facility Limit.

"<u>Maximum LTV</u>" means (a) in respect of the Conversion Date or the LTV Cure Date relating to an LTV Trigger on the Conversion Date, 72.5% and (b) in respect of the Second LTV Determination Date or the LTV Cure Date relating to an LTV Trigger on the Second LTV Determination Date, 71.5%.

"<u>Monthly Report</u>" has the meaning set forth in <u>Section 10.19(a)(i)</u>.

"<u>Moody's</u>" means Moody's Investors Service, Inc., and its successors and assigns.

"<u>Multiemployer Plan</u>" means, as to any Person, a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which such Person or any ERISA Affiliate is making, or is accruing an obligation to make, contributions or has made, or been obligated to make, contributions within the preceding six (6) Fiscal Years.

"<u>Narrowbody Aircraft</u>" means Aircraft of the following Types (from the list of Types shown on Table 1 of Appendix I hereto): any Type with a designation using "A320", "A321", "E190", "E195" or "B737".

"<u>New Accord</u>" has the meaning set forth in <u>Section 6.2(b)</u>.

"<u>New Commitment Notice</u>" has the meaning set forth in <u>Section 2.7</u>.

"<u>New Commitments</u>" has the meaning set forth in <u>Section 2.7</u>.

"<u>New Lender</u>" has the meaning set forth in <u>Section 2.7</u>.

"<u>New Rules</u>" has the meaning set forth in <u>Section 6.2(b)</u>.

"<u>New Transaction Documents</u>" has the meaning set forth in <u>Section 7.1B(b)(ii)</u>.

"<u>Non-Consenting Lender</u>" means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected Lenders in accordance with the terms of Section 17.2 and (b) has been approved by the Majority Lenders.

"Non Excluded <u>Non-Excluded</u> <u>Taxes</u>" has the meaning set forth in <u>Section 6.3(a)</u>.

------

"<u>Non-Licensed Lessee</u>" means a Lessee that is not duly licensed to carry passengers or cargo (as such may be contemplated under the Lease related to the applicable Aircraft) under all Requirements of Law, whether foreign or domestic, unless the Aircraft leased by such Lessee is sub-leased to a Person who is duly licensed to carry passengers or cargo (as such may be contemplated under the sublease related to the applicable Aircraft) under all Requirements of Law, whether foreign or domestic.

"<u>Non-Trustee Account</u>" means any account in the name of the Borrower or a Borrower Subsidiary and maintained with a Non-Trustee Account Bank.

"<u>Non-Trustee Account Bank</u>" means a bank (other than the Account Bank) with which a Non-Trustee Account is maintained.

"<u>Note</u>" means any promissory grid note, in the form of <u>Exhibit B</u>, made payable to the order of a Lender, or any replacement of such Note.

"<u>Notice and Acknowledgment</u>" means a Notice and Acknowledgment in form and substance reasonably acceptable to the Administrative Agent, provided that a notice and acknowledgment substantially in the form attached as Exhibit D to the Security Trust Agreement (but with changes from such form as determined by the Servicer in its sole discretion to address the comments or requests made by, and negotiations of the Servicer with, the Lessee as to the Lessee's representations and coverage of indemnitees therein, but in all cases to include the Lessee representation set forth in clause (a) of paragraph 8 of the form at such Exhibit D) shall be deemed acceptable to the Administrative Agent.

"<u>Obligations</u>" means all obligations of the Borrower, AerCap, any Service Provider, or any Borrower Subsidiary to the Lenders, the Administrative Agent and the Collateral Agent arising under or in connection with this Agreement, the Notes, if any, and each other Transaction Document to which the Borrower, AerCap, such Service Provider, or any Borrower Subsidiary is a party.

"<u>Obligor</u>" means a Person obligated to make payments with respect to a Lease.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

"<u>OFAC Laws</u>" means any and all laws, regulations and Executive Orders relating to the economic sanctions programs administered by OFAC, including, without limitation, the International Emergency Economic Powers Act, 50 U.S.C. sections 1701-1705, as amended, the Trading with the Enemy Act, 50 U.S.C. App. Sections 1-44, as amended, and the Office of Foreign Assets Control, Department of the Treasury Regulations, 31 C.F.R. Parts 500 *et seq.*

"<u>OFAC SDN List</u>" means the list of "Specially Designated Nationals and Blocked Persons" maintained from time to time by OFAC.

------

"<u>Off-Lease</u>" means an Aircraft that is, as of any date of determination, not subject to an existing Lease. "<u>Off-Lease Aircraft</u>" has a correlative meaning.

"<u>Operating Documents</u>" means with respect to any corporation, limited liability company, partnership, limited partnership, limited liability partnership, trust or other legally authorized incorporated or unincorporated entity, the bylaws, memorandum and articles of association, operating agreement, partnership agreement, limited partnership agreement, trust agreement or other applicable documents relating to the operation, governance or management of such entity.

"<u>Operating Expenses</u>" means amounts due by any Borrower Group Member with respect to (i) owner trustee fees and expenses, (ii) Taxes (other than Borrower Income Tax Expenses), and (iii) all other operating and administrative expenses payable or reimbursable by the Borrower.

"<u>Opinion of Counsel</u>" means a written opinion of independent counsel reasonably acceptable to the Administrative Agent, which opinion, if such opinion or a copy thereof is required by the provisions of this Agreement to be delivered to the Administrative Agent, is acceptable in form and substance to the Administrative Agent.

"<u>Organizational Documents</u>" means with respect to any corporation, limited liability company, partnership, limited partnership, limited liability partnership, trust or other legally authorized incorporated or unincorporated entity, the articles of incorporation, certificate of incorporation, constitution, articles of organization, certificate of limited partnership, certificate of trust or other applicable organizational or charter documents relating to the creation of such entity.

"<u>Original Agreement</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Original Agreement Refinancing Advance</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Original Agreement Refinancing Amount</u>" means the amount of the Advances requested by the Borrower in the Initial Advance Request.

"<u>Original Base Value</u>" means, with respect to any individual Aircraft, (a) with respect to each Aircraft financed with the proceeds of the Initial Advance, the amount set forth as the Original Base Value or OBV on Schedule VII and (b) in any other case, an amount equal to AIBV / (1 – X), where:

AIBV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Applicable Initial Appraised Base Value of such Aircraft; and

X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;Y / 300; and

Y&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Aircraft Age of such Aircraft at the applicable Advance Date with respect to such Aircraft.

------

For the avoidance of doubt, the Original Base Value for any Aircraft shall not change with the passage of time after the Advance Date with respect to such Aircraft.

"<u>Original Book Value</u>" means, with respect to any individual Aircraft, an amount equal to AIBKV / (1 – X), where:

AIBKV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Applicable Initial Book Value of such Aircraft; and

X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;Y / 300; and

Y&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Aircraft Age of such Aircraft at the applicable Advance Date with respect to such Aircraft.

For the avoidance of doubt, the Original Book Value for any Aircraft shall not change with the passage of time after the Advance Date with respect to such Aircraft.

"<u>Original Closing Date</u>" means April 26, 2006.

"<u>Original Market Value</u>" means, with respect to any individual Aircraft, an amount equal to AICMV / (1 – X), where:

AICMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Applicable Initial Current Market Value of such Aircraft; and

X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;Y / 300; and

Y&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Aircraft Age of such Aircraft at the applicable Advance Date with respect to such Aircraft.

For the avoidance of doubt, the Original Market Value for any Aircraft shall not change with the passage of time after the Advance Date with respect to such Aircraft.

"<u>Other Improvement Effective Date</u>" means, in respect of an Approved Asset Improvement, the date by which each of the following has occurred: (a) the completion of such Approved Asset Improvement, (b) the delivery of appropriate completion and/or airworthiness certificates associated therewith to the Administrative Agent, in form and substance reasonably acceptable thereto, and (c) the placing of such Aircraft back into service following such improvement.

"<u>Outgoing Administrative Agent</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Outstanding Principal Amount</u>" means, as of any date of determination, the sum of all outstanding Advances.

"<u>Own</u>" means, with respect to an Aircraft, to hold legal, direct and sole ownership of such Aircraft. The terms "<u>Ownership</u>" and "<u>Owned by</u>" have a correlative meaning.

------

"<u>Owner Participant</u>" means a Borrower Subsidiary which is the sole beneficial owner of one or more Aircraft by means of owning, pursuant to an Owner Trust Agreement, all of the beneficial interest in the Owner Trust which Owns such Aircraft.

"<u>Owner Trust</u>" means an owner trust, reasonably satisfactory to the Administrative Agent, (i) that is the legal owner of an Aircraft and (ii) all of the beneficial interest in which is owned by an Owner Participant pursuant to an Owner Trust Agreement.

"<u>Owner Trust Agreement</u>" means a trust agreement, reasonably satisfactory to the Administrative Agent, between an Owner Participant and an Owner Trustee.

"<u>Owner Trustee</u>" means a Person, not in its individual capacity, but solely in its capacity as the owner trustee of an Owner Trust under an Owner Trust Agreement, which such Person shall be (i) a bank or trust company having a combined capital and surplus of at least One Hundred Million Dollars ($100,000,000) and that is reasonably satisfactory to the Administrative Agent, or (ii) any other Person that is reasonably satisfactory to the Administrative Agent, it being understood that as of the Signing Date each of UMB Bank, National Association, Bank of Utah, Wells Fargo Bank, National Association, Wells Fargo Trust Company, National Association, Wilmington Trust Company, Wilmington Trust SP Services (Dublin) Limited, and U.S. Bank, National Association are satisfactory to the Administrative Agent.

"<u>Patriot Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56, as amended, and all Requirements of Law relating thereto.

"<u>Payment Date</u>" means the 10th day of each calendar month (commencing August 10, 2024), or if such 10th day is not a Business Day, the next succeeding Business Day.

"<u>Payment Recipient</u>" has the meaning specified in Section 14.15(a) of this Agreement.

"<u>Pension Plan</u>" means, with respect to any Person, any employee pension benefit plan within the meaning of Section 3(2) of ERISA, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (i) is maintained for employees of such Person or any of its ERISA Affiliates or is assumed by such Person or any of its ERISA Affiliates in connection with any acquisition or (ii) has at any time been maintained for the employees of such Person or any current or former ERISA Affiliate.

------

"<u>Perfection Standards</u>" means, the satisfactions of all conditions in order to perfect the Collateral in accordance with, but subject to the limitations of, the terms and conditions of the Security Trust Agreement.

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Permitted Lien</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any Lien for Taxes if (a) such Taxes shall not be due and payable, or (b) the obligation to pay such Taxes is being contested in good faith by appropriate proceedings and as to which reserves have been established and, in accordance with GAAP, are reflected in the relevant financial statements, <u>provided</u> that any proceedings related thereto, or the continued existence of such Lien, does not give rise to any reasonable likelihood of the sale, forfeiture or other loss of the affected asset or of criminal liability on the part of any Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in respect of any Aircraft, any repairer's, carrier's or hangar keeper's, warehousemen's, mechanic's or materialmen's Lien or employee and other like Liens arising in the ordinary course of business by operation of law or any engine or parts-pooling arrangements or other similar Lien if such Liens (a) have not been due and payable for more than sixty (60) days, or (b) have been due and payable for more than sixty (60) days, but are being contested in good faith and as to which reserves, reasonably satisfactory to the Administrative Agent, have been established and in accordance with GAAP are reflected in the relevant financial statements, <u>provided</u> that any proceedings related thereto, or the continued existence of the Lien, do not give rise to any reasonable likelihood of the sale, forfeiture or other loss of the affected assets or of criminal liability on the part of any Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any Lien for any air navigation authority, airport tending, gate or handling (or similar) charges or levies arising in the ordinary course of business unless such Lien gives rise to a reasonable likelihood of the sale, forfeiture or other loss of the affected assets or of criminal liability on the part of any Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;any Lien created in favor of the Collateral Agent, the Administrative Agent or the Lenders pursuant to the Transaction Documents;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the respective rights of the Aircraft Owning Entity, any Applicable Intermediary and the lessee under any applicable Lease (and the rights of any sublessee under any permitted sublease relating to such Lease) and the documents related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of any judgment or amount with respect to which an appeal or proceeding for review is being prosecuted in good faith by appropriate proceedings diligently conducted and with respect to which a stay of execution is in effect, and such stay is Effectively Bonded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;any Lien (other than any Lien intentionally granted by a Borrower Group Member or otherwise described in clauses (i) through (viii) above) if (x) the Borrower has caused to be deposited with the Collateral Agent cash or a letter of credit in a form reasonably acceptable to the Administrative Agent and the Collateral Agent in an amount equal to the lesser of the amount required to discharge such Lien and the Allocable Advance Amount for the Aircraft to which the Lien relates, (y) any proceedings related thereto, or the continued existence of the Lien, do not give rise to any reasonable likelihood of the sale, forfeiture or other loss of the affected assets or of criminal liability on the part of any Borrower Group Member and (z) the Borrower is contesting or seeking to discharge such Lien in good faith by appropriate proceedings.

"<u>Person</u>" means an individual, partnership, corporation, business trust, limited liability company, joint stock company, trust, unincorporated association, joint venture, government or any agency or political subdivision thereof or any other entity.

"<u>Platform</u>" has the meaning set forth in <u>Section 17.3(c)</u>.

"<u>Pledge of Borrower Equity</u>" means a pledge, assignment, grant, charge, security agreement or other similar instrument, entered into by Codan Trust Company Limited as holder of 95% of the entire Equity Interest in the Borrower, encumbering in favor of the Collateral Agent such 95% Equity Interest in the Borrower.

"<u>Political Risk/Repossession Insurance</u>" means coverage under such insurance policy or policies selected by the Servicer and approved by the Administrative Agent, acting reasonably.

"<u>Portfolio Test Advance Rate Adjustment</u>" means an adjustment to the Base Advance Rate of an Additionally Financed Aircraft as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if, as of the date of the Additional Advance Request for such Additionally Financed Aircraft, there is a Portfolio Test Event, the applicable Base Advance Rate is reduced by 12.5 percentage points (subject to clause (b) below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if, as of any date of determination after such Advance Date, there is no Portfolio Test Event (without regard to a Portfolio Test Event that may occur after such date of determination), the Base Advance Rate reduction shall no longer be applicable.

------

"<u>Portfolio Test Event</u>" means, as of a date of determination, the percentage determined by the following formula is greater than 45%:

A / B

where

A = the sum of the Allocable Advance Amount of each Aircraft (excluding any Specified Aircraft) that is, as of such date of determination, (i) subject to a Lease with a Lessee with respect to which an Event of Bankruptcy has occurred and is continuing, unless the circumstances described in clause (d)(i) or (d)(ii) of the definition of Eligible Carrier applies with respect thereto, (ii) subject to a Lease, in respect of which there is an agreement amending or waiving provisions thereof such that all of the basic rent payable under the Lease is deferred for a period that is, as of the relevant date of determination (and excluding any portion of such period elapsing prior to the date of determination), six months or greater, (iii) subject to a Lease, pursuant to which all rental payments payable thereunder are calculated based on usage (*i.e.* a power-by-the-hour arrangement) with no minimum usage or other minimum payment floor for a period that is, as of the relevant date of determination (and excluding any portion of such period elapsing prior to the date of determination), 12 months or greater or (iv) Off-Lease; and

B = the sum of the Allocable Advance Amount of each Aircraft (excluding any Specified Aircraft).

"<u>Portfolio Transaction</u>" means any transaction entered into in connection with the refinancing of more than 74% of the outstanding principal amount of the Advances pursuant to which the Aircraft Assets, and/or beneficial interests in any Borrower Subsidiaries shall have been transferred out of this facility and will be used to secure the loans advanced with respect to such transaction; <u>provided</u> that any agreements executed by a Borrower Group Member related to such transaction shall be in form and substance reasonably satisfactory to the Administrative Agent.

"<u>Precedent Lease</u>" means (i) the lease under which an Aircraft is leased at the time such Aircraft becomes subject to the financing provided herein; or (ii) in connection with the leasing of an Aircraft to a Person that is or has been a lessee of aircraft from any Borrower Subsidiary, a form of lease substantially similar to the prior or pre-existing lease to such lessee from such lessor.

"<u>Prohibited Countries</u>" means those countries, territories and regimes which are the subject of any Sanctions broadly prohibiting dealings with such country, territory or regime. For the avoidance of doubt, the Prohibited Countries as of the Signing Date are Cuba, Iran, North Korea, Syria and the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, and the Crimea region of Ukraine.

------

"<u>Purchase Agreement Guaranty</u>" means the Guaranty Agreement of AerCap Holdings N.V., dated as of November 6, 2006, securing the obligations of AerCap under the AerCap Borrower AerCap-Borrower Purchase Agreement, or any successor or replacement to such agreement contemplated by <u>Section 12.1(f)</u> hereof and the terms thereof.

"<u>Qualifying Lender</u>" means a Person, which Person, if it is a Lender or Conduit Lender, or participant of a Lender or may become a Lender, Conduit Lender or participant of a Lender, is (or will be when it is a Lender, Conduit Lender or participant of a Lender) beneficially entitled to the interest payable to that Lender or Conduit Lender in respect of an Advance under this Agreement and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;which is a bank within the meaning of Section 246 of the TCA which is carrying on a bona fide banking business in Ireland for the purposes of Section 246(3)(a) of the TCA and whose lending office is located in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;which is a body corporate (within the meaning of Section 246 TCA 1997) which by virtue of the law of a Relevant Territory is resident in a Relevant Territory for the purposes of tax and that Relevant Territory imposes a tax that generally applies to interest receivable in that territory by companies from sources outside that Relevant Territory, and provided that such person does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;which is a body corporate and where such interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is exempted from the charge to Irish income tax under a Treaty having the force of law under the procedures set out in section 826 (1) of the TCA on the date interest is paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;would be exempted from the charge to Irish income tax under a Treaty entered into on or before the payment date of that interest if that Treaty (which does not yet have force of law by virtue of Section 826 (1) of the TCA) had force of law under the procedures set out in section 826 (1) of the TCA on that date;

and provided, in the case of both (i) and (ii), that such person does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;which is a U.S. company that is incorporated in the U.S.A. and is subject to U.S. Federal income tax on its worldwide income provided that such U.S. company does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;which is a U.S. LLC, where the ultimate recipients of the interest payable to that LLC satisfy the requirements set out in (b), (c) or (d) above and the business conducted through the LLC is so structured for non-tax commercial reasons and not for tax avoidance purposes, provided that such LLC and the ultimate recipients of the relevant interest do not provide their commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;which is a body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;which advances money in the ordinary course of a trade which includes the lending of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in whose hands any interest payable in respect of money so advanced is taken into account in computing the trading income of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;which has complied with the notification requirements set out in Section 246(5)(a) of the TCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;whose applicable lending office is located in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;which is a qualifying company (within the meaning of section 110 of the TCA) whose applicable lending office is located in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;which is an investment undertaking (within the meaning of Section 739B of the TCA) whose applicable lending office is located in Ireland; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;which is a body corporate which, by virtue of the law of a Relevant Territory, is resident in a Relevant Territory for the purpose of tax and that Relevant Territory imposes a tax that generally applies to interest remitted to that Relevant Territory from sources outside that Relevant Territory and the interest is payable into a bank account held by the body corporate located in that Relevant Territory, provided that such person does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland.

"<u>Qualifying Purchase Option</u>" means, with respect to a Lease that has a purchase option exercisable by the Lessee in respect of the Aircraft leased thereunder, that the expected purchase price of such option (as determined as of the Advance Date with respect to such Aircraft) will not be less than 95% of the Adjusted Borrowing Value of such Aircraft on the date of purchase pursuant to the option.

"<u>Quarterly Report</u>" means a report in substantially the form of <u>Exhibit D</u> hereto.

"<u>Rating Agency</u>" means S&P and Moody's, or either of them.

------

"<u>Records</u>" means all Leases and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, data processing software (to the extent permitted by any applicable licenses) and related property and rights) directly related to the Leases and the other Aircraft Assets related to the Aircraft, and the servicing thereof, whether maintained by the Servicer or any other Person, and including without limitation with respect to each Lease: records including the lease number; Obligor name; Obligor address; Obligor business phone number; original term; rent; stated termination date; origination date; date of most recent payment; days (if any) currently delinquent; number of contract extensions (months) to date; expiration date of any current insurance policies; and past due late charges (if any).

"<u>Related Expenses</u>" means amounts due by any Borrower Group Member to an Obligor under a Lease or related document that are not funded out of the Maintenance Reserve Account or the Security Deposit Account.

"<u>Related Security</u>" means with respect to any Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any and all security interests or Liens and property subject thereto from time to time purporting to secure payment of such Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all guarantees, indemnities, warranties, letters of credit, escrow accounts, insurance policies and proceeds and premium refunds thereof and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Lease whether pursuant to such Lease or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Records relating to such Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;all proceeds of the foregoing.

"<u>Relevant Governmental Body</u>" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Relevant Territory</u>" means (i) a member state of the European Union (other than Ireland) or (ii) to the extent not a member state of the European Union, a jurisdiction with which Ireland has entered into a double taxation treaty that either has the force of law by virtue of section 826(1) of the TCA or which will have the force of law on completion of the procedures set out in section 826(1) of the TCA.

"<u>Replaced Lender</u>" has the meaning set forth in <u>Section 6.6(b)</u>.

"<u>Replacement Lender</u>" has the meaning set forth in <u>Section 6.6(b)</u>.

------

"<u>Required Coverage Amount</u>" means, with respect to any country described in clause (b)(2) of the definition of Approved Country List, an amount of available coverage under Political Risk/Repossession Insurance with respect to covered events affecting the related Funded Aircraft, which amount results in net proceeds available under such coverage at least equal to 105% of the aggregate Allocable Advance Amounts of Funded Aircraft registered in such country or leased by a Lessee organized or domiciled in such country (with such Allocable Advance Amount measured as of the date the Aircraft became a Funded Aircraft hereunder).

"<u>Requirement of Law</u>" means, as to any Person, any law, treaty, rule, order or regulation or determination of a regulatory authority or arbitrator or a court or other Government Entity, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject, including, without limitation, each Applicable Foreign Aviation Law applicable to such Person or the Aircraft Owned or operated by it or as to which it has a contractual responsibility.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>S&P</u>" means S&P Global Ratings, a division of S&P Global Inc., and its successor and assigns.

"<u>Sale Deposit Amount</u>" has the meaning set forth in <u>Section 4.2(b)(i)</u>.

"<u>Sanctions</u>" means any economic or trade sanctions, laws, regulations, embargoes, freezing provisions, prohibitions or restrictive measures administered, enacted, enforced or imposed by the United States Government, the United Nations Security Council, the European Union or its Member States (including, without limitation, the French Republic), the United Kingdom, Switzerland (or, for purposes of the representations and warranties of the Borrower and any Borrower Subsidiary in Section 9.21 (Anti-Terrorism Law) and the covenants of the Borrower and any Borrower Subsidiary in Section 10.35 (Anti-Terrorism Law; Anti-Money Laundering) and Section 10.36 (Embargoed Person and Use of Proceeds) only, Canada) or the respective governmental institutions and agencies of any of the foregoing, including without limitation, OFAC, the United States Department of State, and His Majesty's Treasury (HMT), the Parliament or Council of the European Union and the State Secretariat for Economic Affairs of Switzerland (SECO) (or, for purposes of the representations and warranties of the Borrower and any Borrower Subsidiary in Section 9.21 (Anti-Terrorism Law) and the covenants of the Borrower and any Borrower Subsidiary in Section 10.35 (Anti-Terrorism Law; Anti-Money Laundering) and Section 10.36 (Embargoed Person and Use of Proceeds) only, Canada) (together, the "<u>Sanctions Authorities</u>").

------

"<u>SD Reserve Lease</u>" means a Lease (a) in respect of which there is an agreement amending or waiving provisions thereof such that all or a portion of the basic rent payable under the Lease is deferred or (b) pursuant to which all or a portion of basic rental payments payable thereunder as of such date are (or will be for a specified future period) calculated based on usage (*i.e.* a power-by-the-hour arrangement), in each case as of the relevant Advance Date (or will be, pursuant to any such agreement to be entered into immediately after the making of the relevant Advance, where the sole condition to the execution and delivery thereof is the successful receipt of such Advance).

"<u>Second Amended Agreement</u>" means that certain Second Amended and Restated Credit Agreement, dated as of June 9, 2011, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the Second Amended Agreement), UBSS and Deutsche Bank Trust Company Americas.

"<u>Second LTV Determination Date</u>" means the Payment Date occurring in July 2028 January 2030.

"<u>Section 6.3 Indemnitee</u>" has the meaning set forth in <u>Section 6.3(a)</u>.

"<u>Secured Party</u>" has the meaning set forth for the term "Secured Party" as defined in the Security Trust Agreement.

"<u>Security Deposit</u>" means any security deposits, commitment fees, consultant fees and any other supplemental rent payments in respect thereof payable by any Lessee under a Lease.

"<u>Security Deposit Account</u>" means an account (number UBSAFL.3) in the name of the Borrower and maintained with the Account Bank.

"<u>Security Trust Agreement</u>" means the Security Trust Agreement, dated as of April 26, 2006, among the Collateral Agent, the Borrower and each of the Borrower Subsidiaries from time to time, as such agreement may be amended, modified and/or restated from time to time pursuant to the terms thereof.

"<u>Seller</u>" means any seller or transferor of an Aircraft or Aircraft Owning Entity under a related Aircraft Acquisition Document.

"<u>Service Provider Administrative Agency Agreement</u>" means the Administrative Agency Agreement, dated as of April 26, 2006, among the Service Provider Administrative Agent, the Financial Administrative Agent, the Borrower, the Aircraft Owning Entities, the Owner Participants, the Applicable Intermediaries and the Administrative Agent, as such agreement may be amended, modified and/or restated from time to time pursuant to the terms thereof.

"<u>Service Provider Administrative Agent</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Service Provider Agreements</u>" means, collectively, the Servicing Agreement, the Service Provider Administrative Agency Agreement, and the Cash Management Agreement.

------

"<u>Service Provider Fees</u>" means, with respect to any Payment Date, (a) a fee for the services of the Servicer under the Servicing Agreement, equal to 3.00%, (b) a fee for the services of the Administrative Agent under the Service Provider Administrative Agency Agreement, equal to 0.40%, (c) a fee for the services of the Cash Manager under the Cash Management Agreement, equal to 0.40%, (d) a fee for the services of the Insurance Servicer under the Servicing Agreement, equal to 0.10%, and (e) a fee for the services of the Financial Administrative Agent under the Service Provider Administrative Agency Agreement, equal to 0.10%, in each case of the total amount of lease rental payments (excluding any Maintenance Reserves or Security Deposits, unless and until applied to Lease obligations, and/or any payments reimbursable to any Obligor) paid by Obligors and deposited into the Collection Account during the monthly period commencing with a Determination Date through the day preceding the next Determination Date.

"<u>Service Providers</u>" means, collectively, the Servicer, Service Provider Administrative Agent, Insurance Servicer, Cash Manager and Financial Administrative Agent.

"<u>Servicer</u>" has the meaning set forth in the <u>Preamble</u>.

"<u>Servicer Advance</u>" has the meaning assigned such term in <u>Section 8.1(g)</u>.

"<u>Servicer Advance Reimbursement</u>" means the amount of a Servicer Advance, to which the Servicer shall be entitled to reimbursement under the Flow of Funds.

"<u>Servicer Standard of Performance</u>" means, collectively, the Standard of Care and the Conflicts Standard, in each case as such terms are defined in the Servicing Agreement.

"<u>Servicer Termination Event</u>" has the meaning set forth in <u>Section 12.1</u>.

"<u>Servicing Agreement</u>" means the Amended and Restated Servicing Agreement, dated as of August 10, 2017, among the Servicer, the Insurance Servicer, the Service Provider Administrative Agent, the Financial Administrative Agent, the Borrower, the Aircraft Owning Entities, the Owner Participants, the Applicable Intermediaries and the Administrative Agent, as such agreement may be amended, modified and/or restated from time to time pursuant to the terms thereof.

"<u>Settlement Date</u>" means, with respect to any Advance, (x) each Payment Date, or (y) the date on which the Borrower shall repay or prepay Advances pursuant to <u>Section 4.1</u> or <u>Section 4.2</u>.

"<u>Signing Date</u>" means July 1, 2024.

"<u>Simple Majority</u>" has the meaning set forth in <u>Section 14.5(j)</u>.

------

"<u>Sixth Amended Agreement</u>" means that certain Sixth Amended and Restated Credit Agreement, dated as of December 4, 2020, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the Sixth Amended Agreement), the Outgoing Administrative Agent, as administrative agent and Deutsche Bank Trust Company Americas.

"<u>Solvent</u>" means, when used with respect to any Person, that at the time of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the fair value of its assets (both at fair valuation and at present fair saleable value on an orderly basis) is in excess of the total amount of its liabilities, including Contingent Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;it is then able and expects to be able to pay its debts as they mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;it is neither unable nor deemed to be unable to pay its debts within the meaning of Section 570 and/or Section 509 (3) of the Companies Act 2014; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;it has capital sufficient to carry on its business as conducted and as proposed to be conducted.

"<u>SOFR</u>" means a rate equal to the offered rate which appears on the Bloomberg ticker (or successor ticker or page determined by the Administrative Agent and consented to by the Borrower, acting reasonably) that displays the one month term SOFR as determined by the SOFR Administrator (such ticker currently being Bloomberg ticker SR1M and currently listed on the website of the SOFR Administrator at https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html).

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Advance</u>" means an Advance that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of "Alternate Base Rate".

"<u>Specified Aircraft</u>" means (a) each Aircraft described on Schedule VII as having a Base Advance Rate of 0% and Borrowing Base of $0 and (b) any other Aircraft which the Borrower has notified the Administrative Agent shall be a "Specified Aircraft", <u>provided</u> that, if such Aircraft is a Funded Aircraft, the conversion of such Aircraft into a Specified Aircraft shall be subject to compliance with the Borrower's obligation to pay the Disposition Payment Amount pursuant to Section 4.2(b)(i).

"<u>Specified Aircraft Proceeds</u>" has the meaning set forth in <u>Section 17.26(c)</u>.

"<u>State</u>" means a State in the United States of America.

"<u>Stated Maturity Date</u>" means the Payment Date occurring in July 2029 January 2031.

------

"<u>Subsidiary</u>" means, with respect to any Person (for purposes of this definition only, the "Parent") at any date, (i) any person the accounts of which would be consolidated with those of the Parent in the Parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, (ii) any other corporation, limited liability company, association, trust or other business entity of which securities or other ownership interests representing more than 50% of the voting power of all Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof are, as of such date, owned, controlled or held by the Parent and/or one or more subsidiaries of the Parent, (iii) any partnership (a) the sole general partner or the managing general partner of which is the Parent and/or one or more subsidiaries of the Parent or (b) the only general partners of which are the Parent and/or one or more subsidiaries of the Parent and (iv) any other person that is otherwise Controlled by the Parent and/or one or more subsidiaries of the Parent.

"<u>Support Facility</u>" means any liquidity or credit support agreement or other facility with a Conduit Lender which relates, either generally or specifically, to this Agreement (including any agreement to purchase an assignment of or participation in, or to make loans or other advances in respect of Advances).

"<u>Support Party</u>" means any bank, insurance company or other entity extending or having a commitment to extend funds to or for the account of a Conduit Lender (including by agreement to purchase an assignment of or participation in, or to make loans or other advances in respect of Advances) under a Support Facility.

"<u>Supporting Party</u>" means AerCap Holdings N.V., in its capacity as signatory to the Purchase Agreement Guaranty and the Indemnity Agreement, or any successor or replacement thereto in such capacity as contemplated by <u>Section 12.1(f)</u> hereof and the terms thereof.

"<u>Taxes</u>" means all taxes, levies, imposts, duties, charges, fees, deductions or withholdings imposed, levied, collected, withheld or assessed by any Government Entity.

"<u>Tax Return</u>" means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

"<u>TCA</u>" means the Taxes Consolidation Act 1997 of Ireland.

"<u>Term SOFR</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to a SOFR Advance, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to an Alternate Base Rate Advance on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "<u>Alternate Base Rate Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator;

<u>provided</u> that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion with the consent of the Borrower, not to be unreasonably withheld).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Termination</u>" has the meaning set forth in <u>Section 17.19</u>.

"<u>Termination Payment</u>" has the meaning set forth in <u>Section 17.19</u>.

"<u>Third Amended Agreement</u>" means that certain Third Amended and Restated Credit Agreement, dated as of May 10, 2013, among the Borrower, AerCap, AASL, CML, the Lenders (as defined under the Third Amended Agreement), the Outgoing Administrative Agent and Deutsche Bank Trust Company Americas.

"<u>Third Party Event</u>" has the meaning set forth in <u>Section 10.14</u>.

"<u>Transaction Documents</u>" means the Credit Documents, any Aircraft Acquisition Document, and any other documents executed or to be executed and delivered by the Borrower, AerCap, any Service Provider or any Borrower Subsidiary in connection therewith.

"<u>Treaty</u>" means an arrangement for relief from double taxation entered into by Ireland.

"<u>Type</u>" means with respect to an Aircraft, the designation of Aircraft type or model which designation is set forth on Table 1 and Table 2 in Appendix I hereto.

"<u>UBSS</u>" means UBS Securities LLC.

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction or jurisdictions.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

------

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>Widebody Aircraft</u>" means Aircraft of the following Types (from the list of Types shown on Table 1 of Appendix I hereto): any Type with a designation using "787", "A330" or "A350".

"<u>Widebody Maximum Percentage</u>" means 40%.

"<u>Widebody Percentage</u>" means, as of any date of determination, the Facility Limit Percentage of Funded Aircraft constituting Widebody Aircraft.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

"<u>Yield</u>" means, with respect to any period and any Advance, the sum of the daily interest accrued on such Advances on each day during such period equal, for any such day, to the product of (x) the outstanding principal amount of such Advances on such day, (y) the applicable Lender Rate and (z) the applicable computation period determined in accordance with <u>Section 3.5</u> of this Agreement, <u>provided</u> that after the occurrence of an Event of Default, Yield shall accrue at the Default Rate with respect to all Advances.

SECTION 1.2 <u>Other Definitional Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified therein, all terms defined in this Agreement have the meanings as so defined herein when used in any Note or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each term defined in the singular form in <u>Section 1.1</u> or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement, any Note or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto, and each term defined in the plural form in <u>Section 1.1</u> shall mean the singular thereof when the singular form of such term is used herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The words "hereof," "herein," "hereunder" and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9 or any other article of the UCC in the State of New York.

SECTION 1.3 <u>Signing Date</u>.

Notwithstanding anything herein to the contrary, on and after the Signing Date until the occurrence of the Effective Date, the Original Agreement shall remain in full force and effect and the only effective provisions of this Agreement shall be Sections 1.1, 1.2, 1.3, 6.2, 6.4 (only in respect of the Initial Advance to be made on the Initial Advance Date), 7.1A, 7.1B, 14.1, 15.1 and 16.1 and Article XVII (in each case only to the extent relating to this Agreement and not as an amendment to the Original Agreement so long as the Original Agreement remains in effect). In the event that any of the conditions set forth in Sections 7.1A or 7.1B has not been satisfied on or prior to the Effective Date, this Agreement shall terminate and be of no further force and effect and the Original Agreement shall remain in full force and effect.

**ARTICLE II<br>THE FACILITY, ADVANCE PROCEDURES AND NOTES**

SECTION 2.1 <u>Facility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Advances</u>. Subject to the terms and conditions of this Agreement, each Conduit Lender may, in its sole discretion, and if the Conduit Lender does not, the applicable Granting Lender shall, and each of the other Lenders shall, ratably, make an initial Advance to the Borrower in such amounts as may be requested by the Borrower pursuant to <u>Section 2.2</u> (the "<u>Original</u> <u>Initial Advances</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally omitted] <u>First Amendment Refinancing Advances</u>. Subject to the terms and conditions of this Agreement and the First Amendment, each Conduit Lender may, in its sole discretion, and if the Conduit Lender does not, the applicable Granting Lender shall, and each of the other Lenders shall, ratably, make the First Amendment Refinancing Advance to the Borrower in such amounts as may be requested by the Borrower pursuant to <u>Section 2.2</u> (together with the Original Initial Advances, the "<u>Initial Advances</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally omitted.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Advances</u>. Subject to the terms and conditions of this Agreement, each Conduit Lender may, in its sole discretion, and if the Conduit Lender does not, the applicable Granting Lender shall, and each of the other Lenders shall, during the Additional Advance Commitment Period, ratably make Advances to the Borrower in such amounts as may be requested by the Borrower pursuant to <u>Section 2.2</u> (the "<u>Additional Advances</u>", and, together with the Initial Advances, the "<u>Advances</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally omitted.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;[Intentionally omitted.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Advance Limits, etc</u>. Advances pursuant to clauses (a) and (d) above are subject to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Initial Advances, and Additional Advances, relating to the same Aircraft (or the same Original Agreement Refinancing Advance or First Amendment Refinancing Advance, Critical Mass Event Advance or Increased Availability Advance or Improvement Advance, as the case may be), in each case shall be made on the same date (the "<u>Initial Advance Date</u>" or an "<u>Additional Advance Date</u>", as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Initial Advance shall be in an amount not greater than the Original Agreement Refinancing Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to such Advances, the Outstanding Principal Amount outstanding hereunder shall not exceed the Maximum Aggregate Principal Amount and the Outstanding Principal Amount advanced by any Lender (including, with respect to any Lender that is a Granting Lender, by such Lender's Conduit Lender) shall not exceed the Commitment of such Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Outstanding Principal Amount attributable to each Funded Aircraft shall not exceed the Borrowing Base attributable to such Funded Aircraft.

------

Each Advance by a Lender (including, with respect to any Lender that is a Granting Lender, by such Lender's Conduit Lender) shall be made on a <u>pro</u> <u>rata</u> basis based as a percentage of the aggregate Commitments of all Lenders. Payments or prepayments of the Advances may be reborrowed from time to time prior to the Conversion Date as Additional Advances, but only to finance a portion of the acquisition cost for acquiring an Additionally Financed Aircraft into the Borrower's Portfolio, or to finance the reimbursement of Approved Asset Improvement Costs with an Improvement Advance, or in a single drawdown on a Payment Date as a Critical Mass Event Advance, or in a drawdown on a Payment Date as an Increased Availability Advance, and in each case otherwise subject to the terms and conditions applicable to such Advances herein.

The obligations of the Lenders to fund Advances hereunder are several and not joint; <u>provided</u>, <u>however</u>, that if a Lender shall fail to fund (or fail to cause its Conduit Lender to fund) an Advance pursuant to the terms hereof (or shall otherwise be deemed to be a Defaulting Lender), any other Lender may, in its sole discretion, fund (or cause its Conduit Lender to fund) all or any portion of such Advance without regard to the <u>pro</u> <u>rata</u> provisions of this Agreement which shall be deemed adjusted to reflect any such funding without any other act by any Person being necessary.

SECTION 2.2 <u>Advance Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Advances</u>. At least three (3) Business Days prior to the Initial Advance Date or the First Amendment Effective Date, as the case may be (or such shorter period as shall have been agreed by the Administrative Agent), the Borrower may request Initial Advances hereunder, by giving notice (herein called an "<u>Initial Advance Request</u>") to the Administrative Agent, each Lender and each Conduit Lender. The Initial Advance Request shall be substantially in the form of <u>Exhibit A-1</u>, and shall include the date and amount of the such Initial Advance, and shall attach the Initial Advance Schedule. The Initial Advance shall be the Original Agreement Refinancing Advance or First Amendment Refinancing Advance and shall be in an amount equal to (and no greater than) the Original Agreement Refinancing Amount. The Borrower's Initial Advance Request shall be irrevocable unless and to the extent otherwise agreed among the parties in connection with closing the Initial Advances.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Advances</u>. During the Additional Advance Commitment Period, the Borrower may request Additional Advances from time to time hereunder, by giving notice (herein called an "<u>Additional Advance Request</u>") to the Administrative Agent, each Lender, each Conduit Lender and the Collateral Agent and Account Bank, of the proposed Additional Advances not later than 11:00 a.m 11:00 a.m., New York time, three (3) Business Days prior to the proposed date of such Advances. The Additional Advance Request shall be substantially in the form of <u>Exhibit A</u> and shall include (i) the date and amount of such Additional Advances, (ii) whether and to what extent such Additional Advance constitutes an Additional Advance for the purpose of the Borrower's directly or indirectly acquiring Additionally Financed Aircraft, a Critical Mass Event Advance, an Improvement Advance or an Increased Availability Advance and (iii) a borrowing base certification satisfactory to the Administrative Agent, setting forth the information required therein. Each Additional Advance Request (i) shall be for an aggregate principal amount of at least $5,000,000 (except that the final Additional Advance Request preceding the Conversion Date may be for a lesser amount), and (ii) shall be made against, and in connection with (unless constituting an Improvement Advance, a Critical Mass Event Advance or an Increased Availability Advance) the anticipated acquisition into the Borrower's Portfolio of an aggregate Adjusted Borrowing Value of Aircraft as specified on the related Additional Advance Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Funding Procedures; Monthly Interest Determination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall, after receiving an Additional Advance Request with respect to an Interest Period during which the Advances will bear interest based upon Term SOFR, two (2) U.S. Government Securities Business Days before the applicable proposed date of such Advances, determine the rate of interest for such Interest Period for each Lender's ratable share of the outstanding Advances, as contemplated in the definition of Term SOFR. The Administrative Agent shall thereupon promptly notify the Borrower and the Lenders of Term SOFR it so determines, which will then constitute the Term SOFR applicable to each Lender's ratable share of the Advances for the upcoming monthly Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall, two (2) U.S. Government Securities Business Days before the first day of each full monthly Interest Period during which the Advances will continue to bear interest based upon Term SOFR, determine the rate of interest for the upcoming one month Interest Period for each Lender's ratable share of the outstanding Advances, as contemplated in the definition of Term SOFR. The Administrative Agent shall thereupon promptly notify the Borrower and the Lenders of Term SOFR it so determines, which will then constitute Term SOFR applicable to each Lender's ratable share of the Advances for the upcoming monthly Interest Period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Term SOFR Conforming Changes. In connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document but subject to Section 3.8, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.

SECTION 2.3 <u>Funding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the satisfaction of the conditions precedent set forth in <u>Section 7.1C</u>, as well as the conditions precedent in <u>Section 7.5</u> with respect to the an Initial Advance (and, with respect to the First Amendment Refinancing Advance, the conditions precedent set forth in the First Amendment), or the conditions in <u>Section 7.3</u> and <u>Section 7.5</u> with respect to an Additional Advance constituting an Improvement Advance, or the conditions in <u>Section 7.4</u> and <u>Section 7.5</u> with respect to an Additional Advance constituting a Critical Mass Event Advance or an Increased Availability Advance, as well as (in each case) the limitations set forth in <u>Section 2.1</u> and <u>Section 2.2</u>, each Lender, shall (or shall cause its Conduit Lender to), by wire transfer, make the proceeds of such requested Advance available in the Deutsche Bank "Corporate Trust and Agency Account" (following which the Collateral Agent/Account Bank shall immediately transfer such funds to the Borrower Funding Account) in same day funds no later than 12:30 p.m 12:30 p.m., New York time, on the proposed date of the Advance other than the an Initial Advance (and no later than 11:00 a.m., New York time, on the proposed date of the an Initial Advance). The Account Bank shall (i) not release any funds in the Borrower Funding Account to, or at the direction of, the Borrower unless the Account Bank shall have received written instructions (which written instructions may be provided by e-mail) to do so from the Administrative Agent, and also shall have received written directions (which written directions may be provided by e-mail) from the Borrower of the amounts to disburse and payment instructions, and (ii) if an Advance is not to be made on the proposed date for such Advance because any condition precedent with respect to such Advance has not been satisfied, return to each Lender, the funds made available in the Borrower Funding Account by such Lender or its Conduit Lender upon receipt of a written request of such Lender. Notwithstanding the foregoing, the funding and release procedures applicable to Additional Advances requested to finance the acquisition of one or more anticipated Additionally Financed Aircraft, as described on the related Additional Advance Request, shall be as set forth in subsection (c) of this Section below (including the provisions in such subsection relevant to satisfaction of the conditions in <u>Section 7.2</u> and <u>Section 7.5</u> with respect to any such Additional Advance).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, (x) a Lender shall not be obligated to make an Advance under this <u>Section 2.3</u> at any time in an amount which would exceed such Lender's Commitment, less the amount of any prior Advances still outstanding made by such Lender. Each Lender's obligation shall be several, such that the failure of any Lender to make available to the Borrower any funds in connection with any Advance shall not relieve any other Lender of its obligation, if any, hereunder to make funds available on the date of such Advance, but no Lender shall be responsible for the failure of any other Lender to make funds available in connection with any Advance; <u>provided</u>, <u>however</u>, that if a Lender shall fail to make available any funds in connection with any Advance, any other Lender may, in its sole discretion, make available to the Administrative Agent any such funds without regard to the <u>pro</u> <u>rata</u> provisions of this Agreement and without regard to the Commitment of such Lender, each of which shall be deemed to be adjusted to reflect such Advance without any act of any Person being necessary therefore; <u>provided</u> <u>further</u>, however, that, for the avoidance of doubt, any such failure of a Lender to make funds available shall not delay making the funds of the other Lenders available to the Borrower in connection with an Advance in accordance with this Agreement and at the request of the Borrower, regardless of whether the full amount of the requested Advance will be made available as a result of such failure of a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of subsection (a) of this <u>Section 2.3</u> above, the following funding and funds release procedures shall apply to Additional Advances requested to finance the Borrower's acquisition, directly or indirectly, of one or more anticipated Additionally Financed Aircraft, as described on the related Additional Advance Request (and references below to such acquisitions, shall be deemed to refer to the Borrower indirect acquisition through one or more Borrower Subsidiaries of such Aircraft).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower's Additional Advance Request, in addition to containing the other information required for Additional Advance Requests described in <u>Section 2.2(b)</u> shall identify, with the greatest specificity feasible, the date or dates (any of which shall be a Business Day), not less than three, and not more than eight, Business Days from the date that the Borrower delivers such Additional Advance Request (such period, the "<u>Holding Period</u>"), that the Borrower anticipates that the conditions precedent to funding against each proposed Additionally Financed Aircraft set forth in <u>Sections 7.2</u> and <u>7.5</u> shall be satisfied as to each such requested Aircraft. Advances made by the Lenders pursuant to this <u>Section 2.3(c)</u> shall constitute Advances for all purposes hereunder on and as of the date made, notwithstanding that any one or more of the proposed Aircraft may not become Additionally Financed Aircraft during the Holding Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;On any Business Day during the Holding Period, and while funds from the above-described Advances remain within the Borrower Funding Account, the Borrower may request a release of funds from such account to it or at its direction, for the purpose of financing a portion of the acquisition cost of one or more of the Aircraft described in the Additional Advance Request. The Borrower shall make such request by giving notice (herein called a "<u>Holding Period Release Request</u>") to the Administrative Agent for the requested release of funds not later than 10:00 a.m., New York time, on the requested date of funding, which (A) shall be a Business Day, and (B) shall be a day within the Holding Period. The Holding Period Release Request (1) shall include the date and amount of such desired release of funds, (2) shall specify the applicable account or accounts from which such release shall occur, (3) shall specify wire transfer instructions for the delivery of released funds to their intended recipient, (4) shall specify a time for such release to occur (or otherwise indicate a manner for communicating such time of release mutually acceptable to the Borrower and the Administrative Agent), subject to the limitations of clause (v) immediately below, (5) shall indicate that such release is for the purpose of funding a direct acquisition of one or more of the Additionally Financed Aircraft identified in the related Additional Advance Request (and specifically identify the Aircraft to be funded with each requested release), and (6) shall contain a borrowing base certification satisfactory to the Administrative Agent, setting forth the information required therein. Each Holding Period Release Request shall be for an aggregate amount of at least $1,000,000, but not exceeding the proceeds of the related Advances held on deposit in the applicable account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Assuming compliance with the foregoing notice procedures and the satisfaction of each of the conditions precedent to an Additional Advance for the purpose of acquiring an Additionally Financed Aircraft under <u>Section 7.2</u> and the conditions set forth in <u>Section 7.5</u>, the Administrative Agent shall instruct the Account Bank to transfer the requested funds to the specified recipient account, at the time the Borrower has requested that such transfer be made pursuant to the Holding Period Release Request (but in no event later than 4 p.m., New York time, on the requested date), and the Account Bank hereby agrees to comply with such instruction; <u>provided</u>, <u>however</u>, that each of the parties hereto understands and agrees that in the event that the Administrative Agent does not provide written notification to the Collateral Agent and Account Bank by 2 p.m. New York time stating that no such transfer instructions shall be delivered on that date, any funds in the Borrower Funding Account may remain uninvested until the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may at any time and, if the Borrower fails to do so after the Holding Period ends, the Administrative Agent shall direct the Account Bank to transfer all funds remaining in the Borrower Funding Account after the Holding Period ends to the account of each Lender in repayment of the related Advances not invested in an Aircraft acquisition, <u>pro</u> <u>rata</u> based on the respective proportionate amount of such Advances initially funded. Any outstanding accrued interest on such repaid Advances, together with breakage amounts, if any, that may be owing in respect of such repayment pursuant to <u>Section 6.4</u>, will be payable by the Borrower on the next Payment Date following the calendar month in which such repayment occurs, pursuant to the Flow of Funds, and need not be paid by the Borrower concurrently with such repayments.

------

SECTION 2.4 <u>Representation and Warranty</u>. Each request for an Advance pursuant to <u>Section 2.2</u> or delivery of a Holding Period Release Request shall automatically constitute a representation and warranty by the Borrower to the Administrative Agent and the Lenders that, on the date of such Advance or the date of release of funds contemplated in the Holding Period Release Request, and after giving effect to such Advance or release and the consummation of the transactions contemplated in the making of such Advance or release, (a) the representations and warranties contained in <u>Article IX</u> will be true and correct as of the date of such Advance and such release, as applicable, as though made on such date (except, that any such representations or warranties expressly stated by their terms to be made only at or as of one or more particular dates or times, shall be made only at or as of such specified dates or times and are not so automatically repeated), (b) no Default, Event of Default, Early Amortization Event, or event that would constitute an Event of Default or Early Amortization Event but for the passage of time or the giving of notice or both has occurred and is continuing or will result from the making of such Advance and such release, as applicable, and (c) after giving effect to such requested Advance and such release the aggregate Outstanding Principal Amount hereunder shall not exceed the Maximum Aggregate Principal Amount.

SECTION 2.5 <u>Notes</u>. (a) The Borrower shall, on or after the Initial Advance First Amendment Effective Date, execute and deliver a Note to each Lender if and to the extent requested to do so by such Lender. The Borrower shall promptly execute and deliver a Note to each new Lender that requests a Note after the Effective Date. All Notes (under and as defined in the Original Agreement) delivered by the Borrower prior to the Effective Date shall be returned to the Borrower, or its designee, on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Advances and Yield on any Note shall at all times (including after assignment pursuant to <u>Section 15.1</u>), to the extent a Note has been requested by a Lender, be represented by such Note and/or a replacement Note therefor, payable to the order of the applicable Lender. The Borrower hereby irrevocably authorizes the Lender to make (or cause to be made) appropriate notations on the grid attached to its Note (or on any continuation of such grid, or at the Lender's option, in its records), which notations, if made, shall evidence, <u>inter</u> <u>alia</u>, the date of, the outstanding principal of, and the Lender Rate and Interest Period applicable to, the Advances evidenced thereby. Failure to make any such notations shall not limit or otherwise affect any Obligations of the Borrower. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Advance by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. Notwithstanding the notation on any Note, the register maintained by the Administrative Agent shall be conclusive and binding absent manifest error in accordance with the terms of <u>Section 15.5(a)</u>.

SECTION 2.6 [Intentionally omitted.]

------

SECTION 2.7 <u>Optional Increase of Commitments</u>. To the extent that the total Commitments for all Lenders is less than $2,500,000,000 $2,250,000,000 on the First Amendment Effective Date, the Borrower may, by written notice to the Administrative Agent and the Lenders (a "<u>New Commitment Notice</u>"), elect to request an increase to the existing Commitments (any such increase, the "<u>New Commitments</u>") in a minimum amount of $5,000,000 and up to an amount equal to the difference between $2,500,000,000 $2,250,000,000 and the Commitments as of the date prior to the making of such New Commitments. Each Lender shall have 5 Business Days from receipt of such New Commitment Notice to elect to provide all or a portion of the New Commitments; <u>provided</u> that, in the event that the total New Commitments requested to be provided by the Lenders exceeds the maximum amount of the New Commitments requested by the Borrower, each Lender's portion of the New Commitments shall be reduced <u>pro</u> <u>rata</u> based on the percentage that such Lender's proposed commitments bears to the total amount of New Commitments requested by all Lenders. Each such New Commitment Notice shall specify the date (each, an "<u>Increased Amount Date</u>") on which the Borrower proposes that the New Commitments shall be effective, which shall be a Payment Date that is not less than 10 Business Days after the date on which such New Commitment Notice is delivered to the Administrative Agent and the Lenders. Following the expiration of the Lenders exclusivity period the Borrower shall be entitled to solicit New Commitments for other Persons that are not existing Lenders that are Eligible Assignees (each, a "<u>New Lender</u>"). No later than 2 Business Days prior to the Increased Amount Date the Borrower shall notify the Administrative Agent and each Lender of (i) the identity of each existing Lender (each, an "<u>Increasing Lender</u>") and each New Lender and (ii) the portion of such New Commitments to be allocated to such New Lenders and Increasing Lenders; <u>provided</u> that, for the avoidance of doubt, any existing Lender approached to provide all or a portion of the New Commitments may elect or decline, in its sole discretion, to provide a New Commitment; <u>provided</u> <u>further</u> that (x) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Commitments and (y) the New Commitments shall be effected pursuant to one or more Accession Agreements executed and delivered by the Borrower, the New Lender or Increasing Lender, as applicable, and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;On any Increased Amount Date on which New Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, the Borrower shall borrow from the New Lenders and Increasing Lenders an amount of new Advances the proceeds of which will be applied to prepay the outstanding Advances of the existing Lenders, in each case so that after giving pro forma effect to the New Commitments, such Advances and such prepayments, each Lender holds Advances on a <u>pro</u> <u>rata</u> basis based on the new amount of total Commitments.

------

SECTION 2.8 <u>Conduit Lenders</u>. (a) Notwithstanding anything to the contrary contained herein, any Lender (a "<u>Granting Lender</u>") may grant to its Eligible Conduit Lender, identified in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (together with any applicable notice information and any other reasonably detailed information required by the Borrower or the Administrative Agent to perform their obligations hereunder, and an agreement by which such Conduit Lender became a party hereto), the option to provide to the Borrower all or any part of any Advances that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to <u>Section 2.1</u>; <u>provided</u> that (i) no Conduit Lender shall be committed to provide any Advance or have any obligation to pay any amount in excess of amounts available to such Conduit Lender after paying or making provision for the payment of its commercial paper or its other senior indebtedness and nothing herein shall constitute a commitment to make an Advance or pay any other obligation by any Conduit Lender, and (ii) if a Conduit Lender elects not to exercise such option or otherwise fails to provide all or any part of such Advance or any other obligation, the Granting Lender shall be obligated to make such Advance or pay such other obligation pursuant to the terms hereof on the date such Advance is to be made or other obligations paid, without notice or demand from Borrower. For the avoidance of doubt, no action or inaction by any Conduit Lender will excuse any of the obligations of any Lender as provided herein, including, but not limited to, the obligations to make timely Advances, as provided in <u>Section 2.1</u> and <u>Section 2.3</u>. The making of an Advance by a Conduit Lender hereunder shall (i) utilize the Commitment of the related Granting Lender to the same extent, and as if, such Advance were made by such Granting Lender and (ii) constitute an Advance by such Granting Lender to the extent context may require where this Agreement references Advances made by such Lender, including for the calculation of Yield and other relevant calculations hereunder. No Conduit Lender shall have a Commitment hereunder. Each Granting Lender listed in <u>Appendix II</u> under the heading "Granting Lender" hereby designates each entity listed opposite such Granting Lender's name in such <u>Appendix II</u> as its Conduit Lenders, each of which is, as of the date hereof, an Eligible Conduit Lender with respect to such Granting Lender.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;Each Granting Lender shall cause each of its Conduit Lenders (whether or not such Conduit Lender elects to exercise such option), other than any Conduit Lender designated as of the Effective Date, to execute an agreement pursuant to which it becomes a party to this Agreement and makes agreements substantially similar to those made by an assignee in the form of Assignment and Assumption attached as Exhibit C to this Agreement; provided that notwithstanding whether any Conduit Lender executes any such agreement, such Conduit Lender shall be deemed to have agreed to all of the terms and conditions of this Agreement by acceptance of the option to be a Conduit Lender (whether or not such Conduit Lender elects to exercise such option). Each Conduit Lender hereby authorizes the applicable Granting Lender to take any and all actions with respect to this Agreement and the Advances made by such Conduit Lender as deemed necessary by such Granting Lender. In furtherance of the foregoing, each Conduit Lender hereby appoints the applicable Granting Lender the true and lawful attorney of such Conduit Lender, to act in the name of such Granting Lender but on behalf of and for the benefit of the applicable Conduit Lender to collect for the account of such Conduit Lender all amounts due under this Agreement, to institute and prosecute, in the name of such Conduit Lender or otherwise, all proceedings that such Granting Lender may deem proper to collect, assert or enforce any claim, right or title of any kind in or to; to defend and compromise any and all actions, suits or proceedings as to all such acts and things in relation thereto. As between each Conduit Lender and the applicable Granting Lender, such Granting Lender's record of Advances between it and such Conduit Lender shall be conclusive. Each Conduit Lender acknowledges that the foregoing appointment is coupled with an interest and is irrevocable by such Conduit Lender. All payments due to any Conduit Lender hereunder or with respect to any Advances made by any Conduit Lender hereunder shall be made to the applicable Granting Lender for the account of such Conduit Lender. Unless the parties hereto are notified in accordance with the terms hereof of alternate notice information for a Conduit Lender by the applicable Granting Lender, all notices and requests delivered to a Granting Lender shall be deemed to have been delivered to each of its Conduit Lenders. To the extent any Conduit Lender has any right under any Credit Document to notify, direct, instruct, certify, provide information or provide approval in respect of any matter to the Borrower, the Administrative Agent or the Collateral Agent, then to the extent the applicable Granting Lender has provided any notice, direction, instruction, certification, information or approval with respect to such matter, it shall be deemed to also be notification, direction, instruction, certification, information or approval from such Conduit Lender.

------

**ARTICLE III<br>YIELD, FEES, ETC.**

SECTION 3.1 <u>Yield</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment</u>. The Borrower hereby promises to pay Yield on the unpaid principal amount of each Advance (or each portion thereof) for the period commencing on the date of such Advance until the date such Advance is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maximum Yield</u>. No provision of this Agreement or any Note shall require the payment or permit the collection of Yield in excess of the maximum permitted by applicable law.

SECTION 3.2 <u>Yield Payment Dates</u>. Yield accrued on (i) each Advance shall be payable on each Payment Date and (ii) the amount of Advances being repaid or prepaid on any other Settlement Date shall be paid on such Settlement Date.

SECTION 3.3 <u>Market Disruption Event</u>. (a) If a Market Disruption Event occurs in relation to any Interest Period for the Advances, then the rate of interest on each Lender's share of the Advances for that Interest Period shall be the rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the rate notified by that Lender to the Borrower and the Administrative Agent, as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its Advances from whatever source it may reasonably select (such cost to be substantiated in reasonable detail from a source reasonably selected by that Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement, "<u>Market Disruption Event</u>" means that at or about 11:00 a.m. (New York city time) on the second Business Day before the first day of such Interest Period, the Borrower and the Administrative Agent receive notification from a Lender or Lenders whose share of the Advances exceed fifty per cent (50%) that, as a result of circumstances affecting Term SOFR generally and not due to the individual status of that Lender or Lenders, the cost to it or them of obtaining matching deposits in the market would be in excess of Term SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Market Disruption Event occurs and the Administrative Agent or the Borrower so requests, the Administrative Agent and the Borrower shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest.

Any alternative basis agreed pursuant to this Section 3.3 shall, with the prior written consent of all the Lenders and the Borrower, be binding on all parties hereto.

------

SECTION 3.4 <u>Fees</u>. The Borrower agrees to pay to the Administrative Agent and the Lenders certain Fees in the amounts and on the dates set forth in certain letter agreements between the Administrative Agent and/or a Lender and the Borrower dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified pursuant to its terms, collectively, the "<u>Fee Letter</u>").

SECTION 3.5 <u>Computation of Yield</u>. All Yield hereunder shall be computed on the basis of a year of 360 days, except that Yield computed by reference to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Yield shall be determined by the Administrative Agent in accordance with the provisions of this Agreement and such determination shall be conclusive absent manifest error.

SECTION 3.6 <u>Payments Generally</u>. All payments to be made by the Borrower to any Lender, any Conduit Lender, the Administrative Agent or the Collateral Agent pursuant to any Credit Document shall be made without setoff, deduction (except in respect of Taxes, which are addressed in <u>Section 6.3</u>) or counterclaim.

SECTION 3.7 <u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document but subject to Section 3.8, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5<sup>th</sup>) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Majority Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 3.7(a) will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document but subject to Section 3.8, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.7(d) and (y) the commencement of any Benchmark Unavailability Period.

------

Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.7, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and, subject to Section 3.8, without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 3.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Unavailability Period. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for an Advance of or conversion to Alternate Base Rate Advances. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Alternate Base Rate.

SECTION 3.8 <u>Collateral Agent</u>. Notwithstanding anything contained herein to the contrary, the Collateral Agent shall have no responsibility or liability for the selection or determination of SOFR, Term SOFR, the Benchmark Replacement, the Benchmark Replacement Adjustment, the Alternate Base Rate or any reference rate in connection therewith or for any determinations, decisions or elections in connection with the foregoing.

------

**ARTICLE IV<br>REPAYMENTS, PREPAYMENTS AND PAYMENTS**

SECTION 4.1 <u>Required Principal Repayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Dates</u>. On each Payment Date, the Borrower shall be required to make the principal payments required under the Flow of Funds (including as a result of the allocation and application of Collections derived from the sale or other disposition, voluntary or involuntary, of an Aircraft or Aircraft Owning Entity to a Person that is not a Borrower Group Member) in reduction of the aggregate Outstanding Principal Amount to the extent of funds available to make such payments pursuant to the Flow of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Facility Termination Date</u>. The aggregate Outstanding Principal Amount shall be due and payable in full on the Facility Termination Date.

SECTION 4.2 <u>Principal Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voluntary Prepayment</u>. The Borrower may voluntarily prepay the outstanding principal amount of the Advances, in whole or in part; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all such voluntary prepayments shall require at least three (3) Business Days' prior written notice to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;all such voluntary partial prepayments shall be in a minimum amount of $1,000,000 (unless such payment results in a repayment in full); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all such voluntary prepayments shall be paid (x) prior to the Conversion Date, <u>pro</u> <u>rata</u> to the Lenders based upon the respective outstanding Advances funded by such Lenders and (y) on and after the Conversion Date, subject to prior payment in full of all accrued Collateral Agent Fees and Expenses, <u>pro</u> <u>rata</u> to the Lenders based upon the respective outstanding Advances funded by such Lenders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;Upon the sale, transfer or other disposition of any Aircraft, or any Equity Interest in any Aircraft Owning Entity or Owner Participant to a Person that is not a Borrower Group Member, by the Borrower or any Borrower Subsidiary (including, without limitation, in connection with the consummation of any Portfolio Transaction or any other refinancing by the Borrower, but excluding a sale, transfer or disposition of a Specified Aircraft or of an Aircraft as a result of an Event of Loss), or notification to the Administrative Agent that such Aircraft shall become a Specified Aircraft, the Borrower shall forthwith deposit or cause to be deposited into the Collection Account an amount (collectively, the "<u>Sale Deposit Amount</u>") equal to at least the sum of (A) 105% of the Allocable Advance Amount of such Aircraft plus unpaid Yield accrued thereon to the date of prepayment (after giving effect to the payment of Yield pursuant to Section 8.1(e)(I)(i) on such date, if applicable) (the "<u>Disposition Payment Amount</u>") and (B) any other applicable amounts described in clause (A) or (C)(ii) of Section 8.1(e)(II), which Sale Deposit Amount shall include all net proceeds of such sale or disposition and all amounts maintained in the Maintenance Reserve Account and the Security Deposit Account attributable to such Aircraft or Equity Interest that are not payable to the applicable Lessee or buyer of such Aircraft or Equity Interest, together with other amounts available in the Collection Account to the extent necessary for the Sale Deposit Amount to be at least equal to the Disposition Payment Amount. A portion of the Sale Deposit Amount equal to the Disposition Payment Amount of such Aircraft shall be applied to prepay the outstanding principal amount of the Advances, together with accrued and unpaid Yield on such prepaid amount (after giving effect to the payment of Yield pursuant to Section 8.1(e)(I)(i) on such date, if applicable), <u>pro</u> <u>rata</u> to the Lenders based upon the respective outstanding Advances funded by such Lenders, which prepayment shall be effected on such disposition date or, at the Borrower's election, a date no later than the Payment Date following the deposit of such funds, in accordance with the Flow of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of an Event of Loss with respect to any Aircraft, the Borrower shall, on the first Payment Date following the receipt of any insurance, condemnation or other proceeds (including any Lessee or other third party payments and all amounts maintained in the Maintenance Reserve Account and the Security Deposit Account attributable to such Aircraft that are not required to be returned to the Lessee in accordance with the terms of the Lease) in respect of such Event of Loss, deposit into the Collection Account an amount equal to the then Allocable Advance Amount of such Aircraft (determined as of the date of such Event of Loss), which amount shall be applied in accordance with the Flow of Funds on the next Payment Date after such deposit.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Breakage</u>. Each prepayment under this <u>Section 4.2</u> shall be subject to the payment of any breakage cost amounts required by <u>Section 6.4</u> resulting from such prepayment; <u>provided</u> that there shall be no breakage costs for prepayments occurring on any Payment Date.

SECTION 4.3 <u>Payments Generally</u>. Subject to, and in accordance with, the provisions of this Agreement, all payments of principal of, or Yield on, the Advances shall be made (whether pursuant to the Flow of Funds or otherwise) no later than 2:00 p.m 2:00 p.m., New York time, on the day when due in lawful money of the United States of America in same day funds to the applicable Lenders, to one or more accounts designated by the applicable Lenders in writing to the Borrower and the Administrative Agent not fewer than three (3) Business Days prior to the intended effective date of any such designation. Funds received by a Lender after 2:00 p.m 2:00 p.m., New York time, on the date when due, will be deemed to have been received by such Lender on its next following Business Day.

SECTION 4.4 <u>Sharing of Set-Off</u>. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain, at any time, payment in respect of any principal of, or Yield on, any of its Advances or other Obligations resulting in such Lender receiving payment of a proportion of the aggregate amount of its Advances and accrued Yield thereon or other Obligations greater than it would have been entitled to receive as provided herein, then such Lender shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Advances and such other Obligations of the other Lenders or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by such Lenders, respectively, ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Advances and other amounts owing them as provided herein, <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Advances to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall apply).

The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under any applicable Requirement of Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. If under applicable bankruptcy, insolvency or any similar law any Lender receives a secured claim in lieu of a setoff or counterclaim to which this paragraph applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights to which the Lender is entitled under this paragraph to share in the benefits of the recovery of such secured claim.

------

**ARTICLE V<br>LIQUIDITY RESERVE**

SECTION 5.1 <u>Establishment of Liquidity Reserve Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidity Reserve</u>. On or prior to the Initial Advance First Amendment Effective Date, the Borrower shall have opened an account (number UBSAFL.6) in the name of the Borrower maintained with the Account Bank (the "<u>Liquidity Reserve Account</u>") and deposited into such Liquidity Reserve Account an amount at least equal to the Liquidity Reserve Initial Required Amount as of such Initial Advance the First Amendment Effective Date (and after giving effect to the Initial Advances to be funded on such date) less the aggregate available amount under each Liquidity Reserve Eligible Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Reserves</u>. The Collateral Agent shall take all actions as shall be reasonably necessary to preserve, protect, maintain or enforce its rights with respect to the Liquidity Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Provisions Applicable to Reserve Accounts</u>. The following provisions will apply to the Liquidity Reserve Account established pursuant to <u>Section 5.1(a)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Liquidity Reserve Account shall be subject to the control provisions of the Security Trust Agreement, and neither the Borrower nor any Affiliate, agent, employee or officer of the Borrower shall have any right to withdraw any amount from the Liquidity Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The taxpayer identification number associated with the Liquidity Reserve Account shall be that of the Borrower and the Borrower will report for United States federal, state and local income tax purposes the income, if any, earned on funds in the Liquidity Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;All funds on deposit in the Liquidity Reserve Account shall be invested in Eligible Investments as specified by the Borrower in writing to the Account Bank from time to time; <u>provided</u> that if the Borrower shall fail to specify such Eligible Investments in a timely manner, the Collateral Agent, at the direction of the Administrative Agent, may specify such Eligible Investments. All investments of funds on deposit in the Liquidity Reserve Account shall mature, or may be sold or withdrawn without loss, not later than the Business Day preceding the next Payment Date. Income earned on funds deposited to the Liquidity Reserve Account, if any, shall be transferred by the Account Bank to the Collection Account on the Business Day prior to each Payment Date for distribution pursuant to the Flow of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall at all times be entitled to have one or more Liquidity Reserve Eligible Letters of Credit issued in favor of the Collateral Agent. In the event that one or more Liquidity Reserve Eligible Letters of Credit are so issued, on each Payment Date, the Collateral Agent shall, at the direction (and at the election) of the Borrower, transfer from the Liquidity Reserve Account to the Collection Account up to an amount equal to the amounts available under any such Liquidity Reserve Eligible Letters of Credit.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Borrower and the Administrative Agent hereby agree and acknowledge, notwithstanding the agreements of the Collateral Agent described in this <u>Section 5.1(c)</u>, that the Collateral Agent shall retain exclusive dominion and control of the Liquidity Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidity Reserve Draws</u>. (i) To the extent that Available Collections on deposit in the Collection Account on any Payment Date shall be insufficient to pay any of the amounts set forth immediately below which are due or payable on such Payment Date in accordance with the Flow of Funds (the amount by which such funds shall be so insufficient is herein referred to as an "<u>Insufficiency</u>"), the Borrower or, if the Borrower fails to do so, the Collateral Agent (at the written direction of the Administrative Agent), shall make a draw upon the Liquidity Reserve Account and, if amounts on deposit therein are less than the Insufficiency or if the Borrower otherwise elects to draw thereon, any Liquidity Reserve Eligible Letter of Credit in an aggregate amount equal to the lesser of (x) the aggregate amount then available to be drawn under the Liquidity Reserve Account and each Liquidity Reserve Eligible Letter of Credit and (y) the applicable Insufficiency. If the Borrower has made such draw, it shall deposit the proceeds thereof into the Collection Account and (whether the Borrower or the Collateral Agent has made such draw) the Collateral Agent shall apply, to the extent possible, the proceeds of such draw to the amounts set forth below which shall be due or payable on such Payment Date but are not as a result of the Insufficiency being otherwise paid, in the order of priority set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp; to the Collateral Agent in payment in full of all accrued Collateral Agent Fees and Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> (1) to the counterparties on any Hedge Agreements for the hedge payments due from the Borrower thereunder (other than termination payments), if any, and (2) to the Lenders on a <u>pro</u> <u>rata</u> basis based upon the outstanding principal amount of Advances funded by such Lenders, any Yield due under this Agreement in respect of outstanding Advances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u>, (1) to the Lenders on a <u>pro</u> <u>rata</u> basis based upon the outstanding principal amount of Advances funded by such Lenders, in the amount of the Borrowing Base Deficiency on such Payment Date, and (2) to the counterparties on any Hedge Agreements for the hedge termination payments due from the Borrower thereunder (unless a default by the non-Borrower counterparty has caused the early termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of an Event of Default, the Collateral Agent (at the direction of the Administrative Agent) shall promptly and, if the Collateral Agent fails to do so, the Administrative Agent may, draw upon the Liquidity Reserve Account or any Liquidity Reserve Eligible Letters of Credit in full and immediately deposit into the Collection Account for distribution pursuant to the Flow of Funds on the next Payment Date, an amount equal to the proceeds of such draw minus a holdback amount, if any, specified by the Administrative Agent. To the extent that an Insufficiency shall exist on any Payment Date after the initial holdback (if any) described above, the Collateral Agent (at the direction of the Administrative Agent) shall draw on the

------

remaining funds in the Liquidity Reserve Account or (after drawing all funds available in the Liquidity Reserve Account) any Liquidity Reserve Eligible Letters of Credit in an aggregate amount equal to the lesser of (x) the amount then available to be withdrawn from the Liquidity Reserve Account plus the amount available to be drawn under any Liquidity Reserve Eligible Letter of Credit, (y) the Liquidity Reserve Maximum Amount and (z) the amount which, if treated as Available Collections and applied pursuant to the Flow of Funds on such Payment Date, would eliminate the applicable Insufficiency, and shall so apply, to the extent possible, the funds so withdrawn or drawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the funds available in the Liquidity Reserve Account as of any Payment Date prior to the occurrence of an Event of Default (and after giving effect to all allocations under the Flow of Funds and other transactions, if any, to occur on such Payment Date) will exceed the Liquidity Reserve Maximum Amount, such excess may (at the election of the Borrower) be released and applied as part of the Available Collections on such Payment Date as set forth in the Flow of Funds.

------

**ARTICLE VI<br>INCREASED COSTS, ETC.**

SECTION 6.1 <u>Illegality</u>. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain SOFR Advances, such Lender shall give notice thereof to the Administrative Agent and the Borrower describing the relevant provisions of such Requirement of Law, following which (a) the Commitment of a Lender hereunder to make SOFR Advances, and the agreement of any Lender to continue SOFR Advances as such, as applicable, shall forthwith be cancelled and (b) such Lender's Advances then outstanding as SOFR Advances, if any, shall accrue Yield at the Alternate Base Rate (i) from the next succeeding Payment Date or (ii) on any earlier date as required by law. If any such conversion of any SOFR Advance occurs on a day that is not a Payment Date, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to <u>Section 6.4</u>.

SECTION 6.2 <u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If (i) there shall be any increase in the cost to any Lender or any of its Affiliates, Conduit Lenders, assignees or participants (and any further assignees or participants thereof) or any Person providing such Lender with a liquidity or credit enhancement arrangement (each of the foregoing an "<u>Affected Party</u>") of agreeing to make or making, funding or maintaining any Advance hereunder or (ii) any reduction in any amount receivable in respect thereof or otherwise under this Agreement, and such increased cost or reduced amount receivable is due to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;the introduction of or any change (including, without limitation, any change by way of imposition or increase of any reserve requirements, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by an Affected Party) in or in the interpretation of any law, regulation or accounting principle after the Benchmark Date (other than in respect of Taxes and other amounts addressed by (including those expressly excluded by) <u>Section 6.3</u>); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;the compliance with any guideline or request from any central bank or other Government Entity (whether or not having the force of law),

then the Borrower shall from time to time, on the first Payment Date occurring at least five (5) Business Days after the Borrower's receipt of written demand by such Affected Party, pay such Affected Party additional amounts sufficient to compensate such Affected Party for such increased cost or reduced amount receivable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any Affected Party shall have reasonably determined that (i) the applicability of any law, rule, regulation or guideline adopted after the Benchmark Date, or the initial implementation after the Benchmark Date of any such law, rule, regulation or guideline adopted but not initially implemented prior to the Benchmark Date, pursuant to or arising out of (A) the July 1988 paper of the Basel Committee on Banking Regulations and Supervisory Practices entitled "International Convergence of Capital Measurement and Capital Standards," or (B) the proposal for New Basel Capital Accord issued by the Basel Committee on Banking Supervision (including Basel III) (as revised from time to time, the "<u>New Accord</u>"), or (ii) the adoption of any other law, rule, regulation or guideline after the Benchmark Date regarding capital adequacy, liquidity or the initial implementation after the Benchmark Date of any such law, rule, regulation or guideline adopted but not initially implemented prior to the Benchmark Date, and in either case affecting such Affected Party (including, but not limited to, any rule to be so adopted or so implemented with respect to recourse, residuals, liquidity commitments or direct credit substitutes, referred to hereinafter as the "<u>New Rules</u>"), or (iii) any change arising in the foregoing or in the interpretation or administration of any of the foregoing by any Government Entity, central bank or comparable agency charged with the interpretation or administration thereof, or (iv) compliance by such Affected Party (or any lending office of such Affected Party), or any holding company for such Affected Party which is subject to any of the capital requirements described above, with any request or directive of general application issued regarding capital adequacy, liquidity (whether or not having the force of law) of any such Government Entity, central bank or comparable agency has or would have the effect of reducing the rate of return on such Affected Party's capital or on the capital of any such holding company as a direct consequence of such Affected Party's obligations hereunder or arising in connection herewith to a level below that which such Affected Party or any such holding company could have achieved but for such adoption, change or compliance (taking into consideration such Affected Party's policies and the policies of such holding company with respect to capital adequacy and liquidity) by an amount deemed by such Affected Party to be material, then from time to time such Affected Party may request the Borrower to pay to such Affected Party such additional amounts as will compensate such Affected Party or any such holding company for any such reduction suffered.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If as a result of any event or circumstance similar to those described in <u>Section 6.2(a)</u> or <u>Section 6.2(b)</u>, any Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support to such Affected Party (whether directly or through a participation) with respect to amounts similar to those described in <u>Section 6.2(a)</u> or <u>Section 6.2(b)</u> in connection with this Agreement or the funding or maintenance of Advances hereunder, then within ten days after demand by such Affected Party, the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any amounts paid by it. The Borrower acknowledges to each Lender that such Lender is providing no assurance that the committed liquidity support provided with respect to this Agreement will be assigned a zero percent credit-conversion factor under risk-based capital guidelines adopted by applicable bank regulatory authorities in response to the framework therefor announced in July 1988 by the Basel Committee on Banking Regulations and Supervisory Practices or in response to the New Accord or under the New Rules. Notwithstanding the foregoing, no amount shall be payable under this subsection (c) except to the extent the affected bank or other financial institution providing the aforementioned support is a party to this Agreement as a Lender and is accordingly subject to the same provisions and restrictions applicable herein to a Lender party hereto (including without limitation, the provisions of <u>Sections 6.2</u>, <u>6.5</u> and <u>6.6</u> with respect to any claims made under this subsection (c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any failure or delay on the part of any Affected Party to demand compensation pursuant to clause <u>(a)</u>, <u>(b)</u> or <u>(c)</u> of this <u>Section 6.2</u> shall not constitute a waiver of such Affected Party's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate an Affected Party pursuant to such clauses of this <u>Section 6.2</u> for any increased costs incurred or reductions suffered more than 120 days prior to the date that such Affected Party notifies the Borrower of the event or events giving rise to such increased costs or reductions and of such Affected Party's intention to claim compensation therefor (except that, if such event or events have a retroactive effect, then the 120 day period referred to above shall be extended to include the period of retroactive effect thereof).

------

SECTION 6.3 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All payments made by the Borrower under this Agreement (including, for purposes of this Section 6.3, the Notes) shall be made free and clear of, and without deduction or withholding for or on account of, any present or future Taxes now or hereafter imposed, levied, collected, withheld or assessed by any Government Entity, excluding income, gross receipts, franchise, net worth, doing business and similar Taxes imposed on, respectively, the Administrative Agent, the Collateral Agent, any Lender or any Conduit Lender as a result of a present or former connection between, respectively, the Administrative Agent, the Collateral Agent, such Lender or such Conduit Lender and the jurisdiction of the Government Entity imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the respective Administrative Agent, Collateral Agent or Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement). If any such non-excluded Taxes ("Non Excluded <u>Non-Excluded</u> <u>Taxes</u>") are required to be withheld from any amounts payable to the Administrative Agent, the Collateral Agent or any Lender or Conduit Lender hereunder, respectively (each a "<u>Section 6.3 Indemnitee</u>"), the amounts so payable to such Section 6.3 Indemnitee shall be increased to the extent necessary to yield to such respective Section 6.3 Indemnitee (after payment of all Non Excluded <u>Non-Excluded</u> Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in or pursuant to this Agreement; <u>provided</u>, <u>however</u>, that the Borrower shall not be required to increase any such amounts payable to any Section 6.3 Indemnitee to the extent imposed as a result of the failure of any such Section 6.3 Indemnitee to comply with the requirements of paragraph (b) of this <u>Section 6.3</u> or as a result of such Lender or Conduit Lender failing to be a Qualifying Lender; <u>provided</u> <u>further</u> that the immediately preceding proviso shall not apply, and the Borrower's obligations to make increased payments to any Section 6.3 Indemnitee pursuant to this Section 6.3(a) shall continue to apply, to the extent that any such noncompliance or the failure to be a Qualifying Lender is attributable to a change in applicable law or regulation or in the interpretation thereof, or the introduction of any law or regulation, in either case that occurs after the Benchmark Date. Whenever any Non Excluded <u>Non-Excluded</u> Taxes are payable by the Borrower, as promptly as possible thereafter, the Borrower shall send to the applicable Section 6.3 Indemnitee, a certified copy of an original official receipt (or other evidence reasonably satisfactory to such Person) received by the Borrower showing payment thereof. If the Borrower fails to pay any Non Excluded <u>Non-Excluded</u> Taxes when due to the appropriate taxing authority or fails to remit to any Section 6.3 Indemnitee the required receipts or other required documentary evidence, the Borrower shall indemnify the applicable Section 6.3 Indemnitee for any incremental Taxes, interest or penalties (and related costs) that may become payable by the applicable Section 6.3 Indemnitee as a result of any such failure. The agreements in this <u>Section 6.3</u> shall survive the termination of this Agreement and the payment of all other amounts payable hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each Section 6.3 Indemnitee shall, to the extent it may lawfully do so, deliver to the Borrower, or to the Administrative Agent in the case of any Lender or any Conduit Lender (in such number of copies as shall be requested by the recipient), on or prior to the date on which such Person becomes a Lender, Conduit Lender, Collateral Agent or Administrative Agent under this Agreement (and from time to time thereafter upon the request of Borrower and the Administrative Agent), but only if such Person is legally entitled to do so**,** any form or information prescribed by applicable Requirements of Law as a basis for claiming exemption from or a reduction in withholding tax duly completed together with such supplementary documentation as may be prescribed by any applicable Requirement of Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. Each Lender and each Conduit Lender further represents that it is a Qualifying Lender as of the Benchmark Date or other date as of which it becomes a Lender or Conduit Lender hereunder, and agrees to advise the Borrower reasonably promptly following its becoming aware that it is no longer a Qualifying Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event, after taking into account any "grandfathering dates" under FATCA, the Borrower reasonably determines in good faith that any payment to be made under this Agreement is a "withholdable payment" under FATCA, the Borrower shall promptly provide written notice to the Administrative Agent and each affected Lender or Conduit Lender and, subject to paragraph (iv) below, each such Lender or Conduit Lender shall, within 20 Business Days of the receipt of such written notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;confirm to the Borrower and the Administrative Agent whether it is a FATCA Exempt Party or a FATCA Non-Exempt Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;supply to the Borrower (with a copy to the Administrative Agent) such form or forms and any other documentation and other information prescribed by applicable law (including information required under FATCA or other official guidance, including any intergovernmental agreements) relating to its status under FATCA to the extent available as the Borrower reasonably requests for the purpose of determining such Lender's or Conduit Lender's compliance with FATCA's documentation and reporting requirements and whether any payment to the Lender or Conduit Lender may be subject to any FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;If a Lender or Conduit Lender had previously confirmed to the Borrower that it is a FATCA Exempt Party under clause (ii) above and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, such Lender or Conduit Lender shall so notify the Borrower reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this <u>Section 6.3(b)</u> shall oblige a Lender or Conduit Lender to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of such Lender or Conduit Lender, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;In the event that clause (ii) above is applicable, if a Lender or Conduit Lender fails to confirm its status or to supply forms, documentation or other information requested in accordance with Section 6.3(b)(ii), then such Lender or Conduit Lender shall be treated as if it were a FATCA Non-Exempt Party until such time as such Lender or Conduit Lender provides sufficient confirmation, forms, documentation or other information in accordance with the provisions of Section 6.3(b)(ii) to establish the relevant facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;In the case of any payment made under this Agreement which is a "withholdable payment" under FATCA, the Borrower in making such payment to a FATCA Non-Exempt Party shall make such FATCA Deduction and shall render payment to the IRS within the time allowed and in the amount required by FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;If a FATCA Deduction is required to be made by the Borrower to a FATCA Non-Exempt Party, the amount of the payment due from the Borrower shall be reduced by the amount of the FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in <u>Section 6.3</u> to the contrary, neither the Borrower nor any other party shall be required to make any additional payment pursuant to <u>Section 6.3(a)</u> of this Agreement, or otherwise compensate the recipient of the payment for such FATCA Deduction but otherwise such FATCA Deduction shall constitute a Tax and <u>Section 6.3</u> of this Agreement shall continue to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Within 30 days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Borrower shall deliver to the applicable Lender or Conduit Lender evidence reasonably satisfactory to such Lender or Conduit Lender that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the IRS or other applicable Government Entity.

Without limiting the foregoing, each Person that is an assignee pursuant to <u>Article XV</u> shall, upon the effectiveness of the related transfer, be required to provide all of the forms and statements required pursuant to this <u>Section 6.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay any present or future stamp, sales, documentary, filing, registration, excise or property Taxes or any other Taxes, fees, charges or other levies payable, or determined to be payable, in connection with the execution, delivery, filing recording or registration of this Agreement and any other Transaction Documents and agrees to indemnify any Section 6.3 Indemnitee against any liabilities (including related costs) with respect to or resulting from any delay in paying or the omission to pay such Taxes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall indemnify any Section 6.3 Indemnitee, within ten (10) Business Days after written demand therefor, for the full amount of any Non-Excluded Taxes (including Non-Excluded Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by any such Section 6.3 Indemnitee, and any penalties, interest and reasonable expenses (including costs of contesting such Non-Excluded Taxes) arising therefrom or with respect thereto. A certificate as to the amount of such payment or liability delivered to the Borrower by any Lender or Conduit Lender (or Granting Lender with respect thereto) (with a copy to the Administrative Agent), by the Collateral Agent or by the Administrative Agent on its own behalf or on behalf of any Lender, setting forth in reasonable detail the manner in which such amount was determined, shall be conclusive absent manifest error. The Borrower shall indemnify the Administrative Agent, within ten (10) Business Days after written demand therefor, for any Taxes imposed on the Administrative Agent as a result of the failure by Borrower to comply with its obligations under FATCA or the failure by Borrower to make any FATCA Deduction as contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If any Section 6.3 Indemnitee receives a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this <u>Section 6.3</u>, such Section 6.3 Indemnitee shall pay over such refund (net of all out-of-pocket expenses of such Section 6.3 Indemnitee and without interest, other than any interest paid to it with respect to such refund) to the Borrower (but only to the extent of the amounts paid by the Borrower under this <u>Section 6.3</u> with respect to the Taxes giving rise to such refund, plus any interest received with respect to such refund); <u>provided</u> that the Borrower, upon the request of any such Section 6.3 Indemnitee, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed) to the Section 6.3 Indemnitee in the event such Section 6.3 Indemnitee is required to repay such refund to any Government Entity. Notwithstanding anything to the contrary in this <u>Section 6.3(e)</u>, in no event shall any Section 6.3 Indemnitee be required to pay any amount to the Borrower pursuant to this <u>Section 6.3(e)</u> to the extent such payment would place such Section 6.3 Indemnitee in a less favorable net after-Tax position than such Section 6.3 Indemnitee would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Taxes had never been paid. This subsection (e) shall not be construed to require any Section 6.3 Indemnitee to make available its Tax Returns (or any other information relating to its Taxes which it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each Section 6.3 Indemnitee agrees to take such actions as the Borrower shall reasonably request and as are consistent with applicable requirements of law to claim any available reductions or exemptions from Taxes and to otherwise cooperate with the Borrower to minimize any amounts payable by the Borrower under this Section 6.3; provided that in each case, any cost resulting from such action or cooperation (including attorney's fees) shall be borne by the Borrower and the Section 6.3 Indemnitee shall not be required to take any action that it determines in its reasonable judgment would result in any material unreimbursed cost or expense or would materially prejudice its legal or commercial positions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender and each Conduit Lender further agrees that upon written request from the Borrower, each such Lender or Conduit Lender shall promptly provide such information as may be reasonably requested by the Borrower to enable the Borrower to comply with the provision of sections 891A, 891E, 891F and 891G of the TCA (and any regulations made thereunder). The Borrower shall keep any information provided by a Lender or Conduit Lender to it solely pursuant to this clause (g) (excluding information that is publicly available or disclosed to the recipient on a nonconfidential basis from a source other than such Lender or Conduit Lender) confidential and shall not disclose such information other than to such directors, officers, employees and other individuals representing the Borrower, the Service Providers and their respective legal counsel, auditors and other professional advisors, in each case to the extent disclosure to such individual is reasonably necessary or appropriate in connection with the preparation and completion of applicable forms, filings, payments or similar, or communications with applicable tax authorities and advisors regarding the foregoing, or other compliance with any applicable Requirement of Law, subpoena or similar legal process; <u>provided</u> that such information may be disclosed to the extent requested or required by any regulatory authority having jurisdiction over the recipient of such information, or to the extent required by applicable Requirements of Law or by any subpoena or similar legal process.

SECTION 6.4 <u>Indemnity Regarding Breakage Costs</u>. The Borrower hereby agrees to indemnify each Lender and Conduit Lender and to hold each Lender or Conduit Lender harmless from any loss (other than loss of Applicable Margin) or reasonable expense which such Lender may sustain or incur as a consequence of (a) default or rescission, as applicable, by the Borrower in making a borrowing of, conversion into or continuation of any Advance hereunder on the date requested after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment on the date requested after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of Advances on a day which is not the last day of an Interest Period with respect thereto. Such indemnification shall be in an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid, or not so borrowed, for the period from the date of such prepayment or of such failure to borrow to the last day of such Interest Period (or, in the case of a failure to borrow, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Advances provided for herein (minus the Applicable Margin) over (ii) the amount of interest (as determined by such Lender or Conduit Lender) which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks. This covenant shall survive the termination of this Agreement and the payment of all other amounts payable hereunder.

SECTION 6.5 <u>Notice of Amounts Payable</u>. In the event that any Lender or Conduit Lender becomes aware that any amounts are or will be owed to it pursuant to <u>Section 6.1</u>, <u>6.2</u> or <u>6.3(a)</u>, then it shall promptly notify the Borrower thereof; <u>provided</u> that any failure to provide such notice shall not affect the Borrower's obligations hereunder or under the other Transaction Documents or result in any liability of or on the part of such Lender or Conduit Lender. The amounts set forth in such notice shall be conclusive and binding for all purposes absent manifest error.

------

SECTION 6.6 <u>Mitigation Obligations; Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender or Conduit Lender or any of their Affiliates requests compensation under <u>Section 6.2</u>, or requires the Borrower to pay any additional amount to such Lender or Conduit Lender, any of their Affiliates or any Government Entity for the account of such Lender or Conduit Lender or any of its Affiliates pursuant to <u>Section 6.3</u>, then the applicable Lender or Granting Lender (an "<u>Affected Lender</u>") shall use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Affected Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 6.2</u> or <u>6.3</u>, as the case may be, in the future and (ii) would not subject such Affected Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Affected Lender (other than in a *de minimus* manner). The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Affected Lender in connection with any such designation or assignment. A certificate setting forth such costs and expenses submitted by such Affected Lender to the Borrower shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, prior to the occurrence of any Event of Default or Early Amortization Event hereunder, the Borrower shall have the right to replace an Affected Lender which has not completed one of the mitigating actions described in subsection (a) of this <u>Section 6.6</u> resulting in the elimination of any amounts payable pursuant to <u>Section 6.2</u> or <u>6.3</u> within 60 days of becoming an Affected Lender hereunder, and the Borrower shall have the right at any time to replace a Non-Consenting Lender or Defaulting Lender (each such Affected Lender, Non-Consenting Lender or Defaulting Lender being so replaced, a "<u>Replaced Lender</u>"), in each case with one or more other lending institutions (which may, but need not be, existing Lenders hereunder) reasonably acceptable to the Administrative Agent (any, a "<u>Replacement Lender</u>") that have agreed to purchase the outstanding Advances held by and (as applicable) Commitments maintained by such Affected Lender, pursuant to Article XV and one or more Assignment and Assumptions; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;each such assignment shall be arranged by the Borrower in coordination with the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;no Replaced Lender shall be obligated to make any such assignment pursuant to this subsection (b) unless and until such Replaced Lender shall have received one or more payments from the Replacement Lender in an aggregate amount equal to the aggregate outstanding principal amount of the Advances owing to such Replaced Lender, and from the Borrower an aggregate amount equal to all accrued and unpaid interest and fees thereon (including, in any event, any breakage indemnities of the type described in <u>Section 6.4</u>) to the date of such payment and all other amounts payable to such Replaced Lender under this Agreement, including without limitation all amounts which, by virtue of its making claims against the Borrower therefor, caused the Lender to become an Affected Lender hereunder.

------

Upon the effectiveness of such assignment, the Replacement Lender shall become a Lender hereunder and (except with respect to any indemnities or other amounts payable under this Agreement with respect to events or circumstances arising prior to the replacement of such Replaced Lender, which shall survive as to such Replaced Lender) the Replaced Lender shall cease to constitute a Lender hereunder.

**ARTICLE VII<br>CONDITIONS PRECEDENT**

SECTION 7.1A <u>Conditions to Signing</u>. The effectiveness of this Agreement on the Signing Date is subject to the fulfillment of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Documents</u>. The Administrative Agent shall have received executed counterparts of this Agreement and confirmation reasonably satisfactory to the Administrative Agent that it and each Lender has received an executed copy of the Fee Letter to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resolutions</u>. Certified resolutions of the Boards of Directors of the Borrower and each Service Provider, approving and adopting the New Transaction Documents and the Amendments (each as defined below) to be executed by such Person, and authorizing the execution and delivery thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. Amendments (the "<u>Amendments</u>") to the Service Provider Agreements and the Security Trust Agreement addressing changes to evidence the transactions hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Fees, Costs and Expenses</u>. Payment of (i) all Fees payable on the Signing Date and (ii) all costs and expenses (including legal fees) accrued on or prior to the Signing Date in accordance with Section 17.4 hereof to the extent invoiced or otherwise notified to the Borrower in writing and in a manner and at such time as the Administrative Agent and the Borrower may have agreed.

SECTION 7.1B <u>Conditions to Effectiveness</u>. The effectiveness of this Agreement on the Effective Date is subject to the fulfillment of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Signing Date</u>. The Signing Date shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Deliveries</u>. The Administrative Agent shall have received all of the following, each duly executed, dated the Effective Date (or such later date as specified below, or such earlier date as shall be reasonably satisfactory to the Administrative Agent) and otherwise satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Advance Request</u>. The Borrower shall have delivered the Initial Advance Request in accordance with Section 2.2(a);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Documents</u>. Executed copies of each Note requested by a Lender reasonably prior to the Effective Date (collectively with the documents described in Section 7.1A(a), the "<u>New Transaction Documents</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Opinions</u>. Favorable opinions of (A) special New York counsel to the Borrower and the Service Providers with respect to (1) the New Transaction Documents and Amendments being the legal, valid, binding obligations of the Borrower and the Service Providers, enforceable in accordance with their terms, (2) non-contravention, (3) no consents, approvals, authorizations or filings needed, and (4) perfection of the Collateral to the extent so opined in the opinion of special New York Counsel issued in connection with the execution of the Initial Agreement, (B) special Irish counsel with respect to (1) due incorporation, corporate capacity and due authorization and execution of the New Transaction Documents and the Amendments and (2) certain bankruptcy matters, and (C) special Bermuda counsel to the Borrower with respect to general corporate matters, the due authorization, execution and delivery of the New Transaction Documents and the Amendments by the Borrower and such other matters with respect to Bermuda law as the Administrative Agent may reasonably request, in the case of each of the opinions described in clauses (A) through (C), substantially in the form set forth in Exhibit K; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of AerCap Sub Note</u>. An amendment and restatement of the AerCap Sub Note in the form attached as Exhibit E;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule Amendments</u>. If the information set forth on any Schedule referenced in any provision of Article IX shall not be correct as of the Effective Date in any material respect, the Borrower shall have delivered a certificate attaching each such Schedule that requires updating, duly updated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation</u>. A copy of a letter from the Outgoing Administrative Agent, in which the Outgoing Administrative Agent resigns as administrative agent effective as of the refinancing of the Original Agreement Refinancing Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance Reserves</u>. The Administrative Agent shall have received evidence that the Maintenance Reserve Account shall have been funded in an amount equal to the Maintenance Reserves Required Amount for all Funded Aircraft less the aggregate available amount under each Maintenance Reserves Eligible Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Event of Default.</u> No Default, Event of Default, Early Amortization Event (including a Servicer Termination Event), or event that would constitute a Servicer Termination Event or Early Amortization Event but for the passage of time or the giving of notice or both, has occurred and is continuing under the Original Agreement or will result from the effectiveness of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties.</u> As of the Effective Date, and after giving effect to the transactions contemplated under this Agreement on the Effective Date, the representations and warranties of the Borrower contained in <u>Article IX</u> and of the Service Providers contained in <u>Section 8.3</u> are true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Fees, Costs and Expenses</u>. Payment of (i) all Fees payable on the Effective Date and (ii) all costs and expenses (including legal fees) accrued on or prior to the Effective Date in accordance with <u>Section 17.4</u> hereof to the extent invoiced or otherwise notified to the Borrower in writing and in a manner and at such time as the Administrative Agent and the Borrower may have agreed.

By the delivery of the Initial Advance Request attaching the Initial Advance Schedule, and the Schedule amendments described in Section 7.1B(a)(v), this Agreement shall be thereby amended to replace Schedule VII with the Initial Advance Schedule and to replace each applicable corresponding Schedule hereto with each applicable schedule attached to such Initial Advance Request. Each reference to Schedule VII herein and each representation and warranty made on the Effective Date by reference to a Schedule shall be by reference to such Schedule as so amended.

SECTION 7.1C <u>Conditions to Release of Initial Advances</u>. The availability of the Initial Advance hereunder is subject to the fulfillment of the following conditions precedent (in addition to the conditions precedent specified in <u>Section 7.5</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Original Agreement Refinancing Advance</u>. The Initial Advance shall be an Original Agreement Refinancing Advance or First Amendment Refinancing Advance and, after giving effect to the Initial Advance, no Borrowing Base Deficiency will exist (and the Administrative Agent shall have received an Initial Advance Request attaching a certification demonstrating the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidity Reserve Initial Required Amount</u>. The Liquidity Reserve Account shall have on deposit an amount at least equal to the Liquidity Reserve Initial Required Amount less the aggregate available amount under each Liquidity Reserve Eligible Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Deposit Account</u>. The Security Deposit Account shall have on deposit an amount equal to the outstanding balance of the aggregate amount of Security Deposits then required under the Leases of each Funded Aircraft that is a Widebody Aircraft and each Funded Aircraft that is a Narrowbody Aircraft subject to an SD Reserve Lease, in each case as of the Initial Advance First Amendment Effective Date.

------

SECTION 7.2 <u>Additional Advances</u>. The release of funds to the Borrower from the making of any Additional Advance under this Agreement in connection with the acquisition of an Additionally Financed Aircraft (*i.e.*, not an Improvement Advance, a Critical Mass Event Advance or an Increased Availability Advance) is, in addition to the conditions precedent specified in <u>Section 7.1C</u> and <u>Section 7.5</u>, and subject to the funding and release procedures described in <u>Section 2.3(c)</u>, subject to the fulfillment of the following conditions precedent to the satisfaction of the Administrative Agent (<u>provided</u> that in no event shall the conditions precedent set forth in Section <u>7.2 (b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)(vi)</u>, <u>(e)(vii)</u>, <u>(e)(viii)</u>, <u>(e)(xii)</u>, <u>(e)(xiv)</u> or <u>(l)</u> be waived without the consent of the Majority Lenders except that, without the consent of the Majority Lenders the Administrative Agent may agree to accept delivery of opinions included in such conditions precedent within a reasonable period following such Advance (i) to accommodate the delivery of opinions following the satisfaction of the events or circumstances that are conditioned upon the delivery of such opinion or (ii) in respect of ministerial closing procedures to address the realities of the closing logistics applicable to such Advance and <u>provided</u> <u>further</u> that in no event shall the conditions precedent set forth in Section 7.2(a) be waived without the consent of all Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Borrowing Base Deficiency</u>. After giving effect to the Additional Advance and to the related release of funds (and for the avoidance of doubt, determining each Borrowing Base for this purpose giving effect to the inclusion of the incipient Additionally Financed Aircraft within the Borrower's Portfolio and to the application of all applicable Advance Rate Adjustments), no Borrowing Base Deficiency will exist (and the Administrative Agent shall have received an Additional Advance Request and a Holding Period Release Request, as applicable, containing a borrowing base certification demonstrating the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Aircraft and Lessee Limitations</u>. If Critical Mass will exist after giving effect to the Additional Advances or has previously been achieved, the acquisition of the related Additionally Financed Aircraft into the Borrower's Portfolio does not constitute either an Aircraft Limitation Event or a Lessee Limitation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Aircraft Age</u>. Each Additionally Financed Aircraft has an Aircraft Age of less than the Aircraft Age Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Off-Lease Aircraft; Other Lease Requirements</u>. As of the relevant Advance Date, each such Additionally Financed Aircraft shall be subject to an Eligible Lease (i) with an Eligible Carrier, (ii) in respect of which there is not an agreement amending or waiving provisions thereof such that all of the basic rent payable under the Lease is deferred for a period that is, as of the relevant Advance Date (and excluding any portion of such period elapsing prior to the Advance Date), six months or greater, and (iii) in respect of which there is not an agreement pursuant to which all rental payments payable thereunder are calculated based on usage (*i.e.* a power-by-the-hour arrangement) with no minimum usage or other minimum payment floor for a period that is, as of the relevant Advance Date (and excluding any portion of such period elapsing prior to the Advance Date), 12 months or greater.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Deliveries</u>. The Administrative Agent shall have received all of the following, each duly executed and dated the related Additional Advance Date or, if later, the date of release of related funds to the Borrower (or such earlier date as shall be satisfactory to the Administrative Agent), and otherwise as indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Incumbency</u>. Certified specimen signatures of officers of each Borrower Subsidiary that is becoming a Borrower Group Member in connection with such Additional Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Good Standing</u>. Certificates issued as of a recent date by the Secretaries of State or comparable officials of the respective jurisdiction of formation of each Borrower Subsidiary that is becoming a Borrower Group Member in connection with such Additional Advance, as to the due existence and good standing (to the extent such concept is applicable) of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Aircraft Acquisition Documents</u>. Copies of the Aircraft Acquisition Documents in respect of the Additionally Financed Aircraft (which shall have been delivered in final, if available, or in draft form to the Administrative Agent at least five (5) Business Days prior to the applicable Additional Advance Date, except that delivery of a related Lessee insurance certificate shall be governed by the covenant of the Borrower at <u>Section 10.34</u> hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organizational Documents</u>. The Organizational Documents of each Borrower Subsidiary that is becoming a Borrower Group Member in connection with such Additional Advance, certified as of a recent date, and which shall, if permitted under applicable law, contain limitations on purpose and other bankruptcy remoteness provisions reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Operating Documents</u>. Operating Documents of each Borrower Subsidiary that is becoming a Borrower Group Member in connection with such Additional Advance, certified as of the related Additional Advance Date as true and correct, and which shall contain limitations on purpose and other bankruptcy remoteness provisions reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;<u>FAA Counsel Opinions</u>. With respect to each Additionally Financed Aircraft registered in the United States, the favorable written opinion of FAA Counsel that the applicable Aircraft Owning Entity is the registered owner of such Aircraft, that such Aircraft is free and clear of recorded liens, and as to such other matters as the Administrative Agent may reasonably request;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Local Counsel Opinions</u>. With respect to each Additionally Financed Aircraft that is registered in, or which is under Lease to a Lessee organized under the laws of or domiciled in, a country other than the United States, the favorable written opinion of Local Aircraft Counsel with respect to each Applicable Foreign Aviation Law applicable to such Additionally Financed Aircraft as to (A) the due registration of such Aircraft, and (B) that such Aircraft is free and clear of recorded liens to the extent that liens may be recorded under Applicable Foreign Aviation Law, and (C) as to such other matters as the Administrative Agent may reasonably request (which request may include, with respect to jurisdictions of concern to the Lenders, an opinion satisfactory to the Administrative Agent advising as to creditor's rights, including rights of recovery and repossession of aircraft), <u>provided</u> that the Administrative Agent may not exercise such clause (C) right with respect to Applicable Foreign Aviation Law of the countries listed on the current version of the Approved Country List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cape Town Registration Opinions</u>. With respect to each Additionally Financed Aircraft or related Aircraft Asset as to which any of the transactions contemplated in the release of the Additional Advance are creating or assigning international interests that may be registered in the International Registry, a legal opinion addressing the effectiveness and effect of such registrations under the Cape Town Convention in form and substance satisfactory to the Administrative Agent, <u>provided</u> that (A) if delivery of such opinion concurrently upon or prior to the release to the Borrower of funds under an Additional Advance is not feasible after the Borrower's using commercially reasonable efforts to comply with this condition, such delivery shall not be a condition precedent and instead shall be the subject of the Borrower's covenant obligation set forth at <u>Section 10.2</u>, and (B) if the provisions of clause (A) apply to the delivery condition, it shall nonetheless be a condition precedent to the release of funds that the Borrower deliver to the Administrative Agent a draft form of such opinion, substantially in the form to be eventually delivered pursuant to <u>Section 10.2</u>, which draft is in form and substance reasonably satisfactory to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Interest Granted by Non-Irish or Non-U.S. Lessor</u>. With respect to each Additionally Financed Aircraft the Lessor of which is domiciled or otherwise connected with a country other than the United States or Ireland, such that the laws of such country would or could, in the reasonable judgment of the Administrative Agent, govern or establish the perfection and effect of perfection and/or priority of the Collateral Agent's security interest in such Lease granted by the Lessor under the Security Trust Agreement, a legal opinion, in form and substance reasonably satisfactory to the Administrative Agent, addressing and confirming the taking of such actions or making of such filings in such country as would or could govern or establish the perfection and effect of perfection and/or priority of the Collateral Agent's security interest (or confirming that such actions will be taken or filings will be made, to the extent that such actions or filings cannot under applicable law be taken or made prior to the release of funds associated with the related Additional Advance to the Borrower), or the Borrower shall have otherwise confirmed or established, in a manner reasonably satisfactory to the Administrative Agent, that the taking of such actions or making of such filings as are specified in the legal opinion shall have occurred or will occur;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice and Acknowledgment</u>. A Notice and Acknowledgment, executed by the applicable Borrower Subsidiary for each Additionally Financed Aircraft and the applicable Lessee, with respect to each of the related Additional Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;<u>Aircraft Insurance</u>. (A) With respect to each of the Additionally Financed Aircraft, certificates of insurance from qualified brokers of aircraft insurance or other evidence reasonably satisfactory to the Administrative Agent, evidencing all insurance required to be maintained by the applicable Obligor under the Lease and/or the applicable Notice and Acknowledgment, in each case, together with all endorsements required under the Transaction Documents and/or the applicable Notice and Acknowledgment, and (B) certificates of insurance from qualified brokers of aircraft insurance or other evidence satisfactory to the Administrative Agent with respect to the Contingent Policy, together with all endorsements required under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lien/Registration Searches</u>. To the extent available under the applicable law, the Administrative Agent shall have received searches of the applicable title and/or lien registration records, in the jurisdiction(s) of registration of the applicable Aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Appraisals</u>. The Administrative Agent shall have received Initial Base Value Appraisals and Initial Current Market Value Appraisal in respect of the Additionally Financed Aircraft; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;<u>NY Counsel Opinion</u>. With respect to each Borrower Group Member entering into or becoming party to a Credit Document in respect of or relating to an Additionally Financed Aircraft, a legal opinion of special New York counsel to such Borrower Group Member (which may be the same special New York counsel as delivered the legal opinion referred to in <u>Section 7.1(g)(vi)</u> of the Original Agreement on the Initial Advance Date), addressing substantially the same matters, as to the relevant additional Borrower Group Member(s), as were addressed in respect of Borrower Group Members in the opinion of special New York counsel delivered on the Initial Advance Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financing Statements, Other Registrations, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received Uniform Commercial Code financing statements appropriate for filing in all places required by applicable law to perfect the Liens of the Collateral Agent for the benefit of the Lenders under the Transaction Documents as first priority Liens as to the interests in any Borrower Subsidiary that is becoming a Borrower Group Member in connection with such Additional Advance, in which a security interest may be perfected by the filing of financing statements, and such other documents and/or evidence of other actions or registrations as may be necessary under applicable law (including Irish law and the Cape Town Convention) to perfect, within the time period provided for in the Security Trust Agreement, or otherwise ensure the effectiveness of the related Liens of the Collateral Agent for the benefit of the Lenders under the Transaction Documents as first priority Liens (and, in the case of the pledge of equity interests in Borrower Group Members that are incorporated under the laws of Ireland, the entry into an Irish Pledge with respect to such interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have delivered to the Collateral Agent all stock certificates and other certificates, if any, evidencing ownership of any Equity Interests in any Borrower Subsidiary that is becoming a Borrower Group Member in connection with such Additional Advance, accompanied in each case by duly executed stock or transfer powers (or other appropriate transfer documents) in blank affixed thereto, in each case if customary under the law of the jurisdiction governing the pledges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have delivered to the Collateral Agent fully executed "control agreements" that have been executed by the respective issuers (and consented to by the Borrower) with respect to any uncertificated Equity Interests of any Borrower Subsidiary that is becoming a Borrower Group Member in connection with such Additional Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Aircraft Owning Entities and Owner Participants shall have delivered to the Collateral Agent fully executed "control agreements" with respect to any uncertificated Equity Interests in any Owner Trust, Applicable Intermediary or other Subsidiary, that is becoming a Borrower Group Member in connection with such Additional Advance;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisos below, there shall have been delivered evidence satisfactory to the Administrative Agent of the taking of such actions (including without limitation becoming a "transacting user entity" with the International Registry) and the making of such registrations (including prospective registrations) in the International Registry pursuant to the Cape Town Convention and the International Registry Procedures to obtain the benefits and protections of the Cape Town Convention as may be applicable and available to the transactions contemplated by the Credit Documents as the same relate to the Borrower Acquisition Documents that are the subject of an Advance (which transactions include, without limitation, any sale of the applicable Aircraft on or prior to the Additional Advance Date to AerCap or an Aircraft Owning Entity (any such sale, an "<u>Aircraft Sale</u>")), <u>provided</u> that it is understood that (A) to the extent applicable, only filings with the International Registry (to the extent permitted to be made) are being made in respect of any security interest on any Aircraft and in no event shall any other filings or registrations be made in respect of the security interest on any Aircraft (other than any Entry Point Action), (B) if a related Lease is not, at the time of the release of proceeds of the Advance to the Borrower, an "international interest" then (without limiting the terms of the second proviso of this clause (v)) it is not a condition precedent to such release of proceeds to undertake the search or any of the registrations described in clause (D) below, (C) except to the extent provided in the second proviso of this clause (v), it shall not be a condition precedent to any funding that any Aircraft Sale be registered as a sale or prospective sale with respect to the applicable Aircraft on the International Registry and (D) where the related Lease is or has become, at the time of the release of such proceeds, an "international interest", it is a condition to the release of such proceeds to the Borrower in respect of the related Advance that (i) a search of the registry with respect to the relevant Aircraft reveals no prior registration of an international interest or sale or prospective international interest or prospective sale with respect to such Aircraft other than the Aircraft Sale to AerCap or the applicable Aircraft Owning Entity (or a sale of the applicable Aircraft to the Person selling such Aircraft to AerCap or the applicable Aircraft Owning Entity or to such Person or to a prior owner of such Aircraft), (ii) the Lessor's interest in the Lease be registered (including as a prospective interest) as and to the extent necessary to permit timely compliance with the condition in the immediately succeeding clause (iii), and (iii) the Lessor's security assignment of the Lease to the Collateral Agent shall have been registered (including as a prospective interest); and; <u>provided</u> <u>further</u> that if an Aircraft Sale constitutes a sale or prospective sale under the Cape Town Convention, it is a condition to the release of such proceeds to the Borrower in respect of the related Advance that (i) a search of the International Registry with respect to the relevant Aircraft reveals no prior registration of an international interest or sale or prospective interest or prospective sale with respect to such Aircraft (other than (i) the Lease if an international interest with respect thereto is registrable under the Cape Town Convention or (ii) the Aircraft Sale to AerCap or the applicable Aircraft Owning Entity (or a sale of the applicable Aircraft to the Person selling such Aircraft to AerCap or the applicable Aircraft Owning Entity or to such Person or to a prior owner of such Aircraft)) and (ii) AerCap shall have used commercially reasonable efforts to cause such Aircraft Sale to be registered as a sale or prospective sale with respect to the Aircraft on the International Registry.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;For each Additional Lease with a Lessor that is organized under the laws of a State (or the District of Columbia) within the United States (within the meaning of Article 9 of the UCC), (A) if such Lease was originated by the Lessor prior to the Original Closing Date, the Borrower shall have delivered to the Collateral Agent, if available, a Chattel Paper Original of the applicable Lease and any related lease amendment or supplement, in each case signed by the Lessee (and complied with the other requirements set forth in the definition of Chattel Paper Original herein), and in any case, if available, a duplicate "hard copy" original thereof signed by the Lessee if available, and (B) if such Lease was originated by the Lessor after the Original Closing Date, the Borrower shall have delivered to the Collateral Agent a Chattel Paper Original of the applicable Lease (together with any related lease amendment or supplement constituting an extension or renewal thereof), in each case signed by the Lessee (and complied with the other requirements set forth in the definition of Chattel Paper Original herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The applicable Borrower Subsidiary owning or to become the owner of the related Funded Aircraft, shall have duly authorized, executed and delivered a "Grantor Supplement" or a "Collateral Supplement" in each case, as applicable and as defined in and as contemplated under the Security Trust Agreement, and, if applicable, the Borrower shall have duly authorized, executed and delivered a related Collateral Supplement as contemplated under the Security Trust Agreement, and such Collateral Supplement shall have been registered in the "Register of Charges" of Bermuda (with a search of such Register of Charges revealing no prior registration with respect to the Collateral that is the subject matter of such Collateral Supplement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Proceedings</u>. There exist no proceedings or investigations pending or, to the Borrower's knowledge, threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Borrower or any Borrower Subsidiaries or any of their respective properties (A) asserting the invalidity of this Agreement or any of the other Credit Documents, as the same relate to the Aircraft Acquisition Documents associated with the relevant Additionally Financed Aircraft, (B) seeking to prevent the consummation or performance of any of the transactions contemplated by this Agreement or any of the other Credit Documents, as the same specifically relate to the rights of the Collateral Agent in the Aircraft Acquisition Documents associated with the relevant Additionally Financed Aircraft, or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Borrower or any Borrower Subsidiaries of its obligations under any of the Credit Documents, as the same specifically relate to the rights of the Collateral Agent in the Aircraft Acquisition Documents associated with the relevant Additionally Financed Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers and Consents</u>. All necessary waivers, consents, approvals and authorizations required in connection with the Transaction Documents dated as of the Additional Advance Date and the transactions contemplated therein shall have been delivered.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Events</u>. None of the following events has occurred: (i) any information submitted to the Administrative Agent or any Lender by or on behalf of the Borrower, any Borrower Subsidiary, AerCap or any Service Provider in connection with such Additional Advance or related proposed Additionally Financed Aircraft proves to have been inaccurate or incomplete in any material respect; and (ii) there shall be any pending or threatened litigation or other proceeding (private or governmental) with respect to the Borrower Acquisition Documents relating to the proposed Additionally Financed Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Description of Additionally Financed Aircraft, etc.</u> The Administrative Agent shall have received amended and restated copies of <u>Schedule I</u>, <u>Schedule II</u> and <u>Schedule III</u> incorporating all information required thereunder regarding (i) the Additionally Financed Aircraft or interests therein acquired with such Additional Advances, (ii) each Aircraft Owning Entity and, if applicable, Owner Participant and Owner Trustee related to any such Additionally Financed Aircraft, and (iii) the Lease with respect to each Additionally Financed Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Event of Loss.</u> No Event of Loss has occurred with respect to any such Additionally Financed Aircraft as of the Additional Advance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Deposits</u>. The Administrative Agent shall have received evidence reasonably satisfactory to it that the Borrower is complying with the covenants applicable to funding of amounts in respect of Security Deposits set forth at <u>Section 8.1(c)(i)</u>, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Violation of Law</u>. The consummation of the transactions contemplated by this Agreement and the other Credit Documents and the Borrower Acquisition Documents, as the same relate to the relevant Additionally Financed Aircraft, do not (A) violate in any material respect any law (including, without limitation, any Environmental Law), rule or regulation applicable to the Borrower or any Borrower Subsidiaries or to such Borrower Acquisition Documents or relevant Additionally Financed Aircraft, or (B) violate any writ, order, judgment or decree binding on or affecting the Borrower or any Borrower Subsidiaries of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Borrower or any Borrower Subsidiaries and relating to such Borrower Acquisition Documents or relevant Additionally Financed Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Non-Licensed Lessee Limitation</u>. Immediately after giving effect to such Additional Advance, no more than one (1) Lessee of a Funded Aircraft will be a Non-Licensed Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Single Lessee Limitation</u>. Immediately after giving effect to such Additional Advance, no more than ten (10) Aircraft will be leased to any one Lessee or any Affiliates thereof; <u>provided</u> that, in the case of a merger of two Lessees or Affiliates thereof, such Lessees or Affiliates will be deemed to be one Lessee or an Affiliate thereof only in the case where (i) any such Lessee or Affiliate (or any of their respective Affiliates) are providing any guarantees of any of the other's Indebtedness and six months have passed since the date of the first such guaranty or (ii) any two or more of such Lessees or Affiliates actually become one legal entity.

------

&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Top Three Lessee Limitation</u>. Immediately after giving effect to such Additional Advance, no more than seventeen (17) Aircraft will be leased to any three Lessees or any Affiliates thereof; <u>provided</u> that, in the case of a merger of two Lessees or Affiliates thereof, such Lessees or Affiliates will be deemed to be one Lessee or an Affiliate thereof only in the case where (i) any such Lessee or Affiliate (or any of their respective Affiliates) are providing any guarantees of any of the other's Indebtedness and six months have passed since the date of the first such guaranty or (ii) any two or more of such Lessees or Affiliates actually become one legal entity.

SECTION 7.3 <u>Improvement Advances</u>. The making of any Additional Advance under this Agreement constituting an Improvement Advance is, in addition to the conditions precedent specified in Section 7.1C and Section 7.5, subject to the fulfillment or waiver of the following conditions precedent (provided that such conditions may only be waived with the consent of the Majority Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Borrowing Base Deficiency</u>. After giving effect to any Improvement Advance (and for the avoidance of doubt, determining each Borrowing Base for this purpose giving effect to the inclusion of the Aircraft as so improved within the Borrower's Portfolio), no Borrowing Base Deficiency will exist (and the Administrative Agent shall have received an Additional Advance Request containing a borrowing base certification demonstrating the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Occurrence of Other Improvement Effective Date</u>. The Other Improvement Effective Date shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. Evidence that applicable insurance coverages have been increased to account for the increase in value attributable to the improved Aircraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Mechanics Liens, etc.</u> Evidence reasonably satisfactory to the Administrative Agent that all mechanics, materialmen and other providers of services in connection with the improvement, shall have been paid in full and that no Liens relating to or attributable to such services exist (or any such Liens have been discharged by payment in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Update Lien Filings, etc.</u> Evidence that any necessary amendments of filings in any public or aviation Lien records have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Date</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Improvement Advance shall be funded only on a Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Deliveries</u>. The Administrative Agent shall have received all of the following, in form and substance satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Improvement Effective Date Deliveries</u>. The documentation contemplated in the definition of Other Improvement Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Appraisals</u>. A related Improvement Base Value Appraisal and Improvement Current Market Value Appraisal.

------

SECTION 7.4 <u>Critical Mass Event Advance; Increased Availability Advance</u>. The making of any Additional Advance under this Agreement constituting a Critical Mass Event Advance or an Increased Availability Advance is, in addition to the conditions precedent specified in Section 7.1C and Section 7.5, subject to the fulfillment or waiver (provided that such conditions may only be waived with the consent of the Majority Lenders) of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Borrowing Base Deficiency</u>. After giving effect to any Critical Mass Event Advance or Increased Availability Advance, no Borrowing Base Deficiency will exist (and where an Increased Availability Advance is requested, the amount of such Increased Availability Advance requested shall be no greater than the product of (x) the increase to the Advance Rate resulting from the applicable Advance Rate Adjustment and (y) the Adjusted Borrowing Value of the Aircraft subject of such Increased Availability Advance (after giving effect to any Aircraft Type Concentration Adjustment) as of such date (and the Administrative Agent shall have received an Additional Advance Request and a Monthly Report demonstrating the foregoing)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Number</u>. In the case of a Critical Mass Event Advance, no Critical Mass Event Advance has previously been requested and funded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing</u>. The related Advances are to be funded on a Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Critical Mass or Advance Rate Adjustment</u>. Critical Mass or other conditions shall exist, with the result that availability of the Borrowing Base has increased due to a Critical Mass Advance Rate Adjustment or other change in an Advance Rate Adjustment.

SECTION 7.5 <u>All Advances</u>. The making of the Initial Advance and any Additional Advance under this Agreement is, in addition to the conditions precedent specified in <u>Section 7.1C</u>, <u>Section 7.2</u>, <u>Section 7.3</u> and <u>Section 7.4</u> (in each case as applicable), subject to the fulfillment or waiver (provided that such conditions may only be waived with the consent of the Majority Lenders) of conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Event of Default.</u> No Default, Event of Default, Early Amortization Event (including a Servicer Termination Event), or event that would constitute a Servicer Termination Event or Early Amortization Event but for the passage of time or the giving of notice or both, has occurred and is continuing or will result from the effectiveness of this Agreement or the making of the applicable Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties.</u> As of the date of such Advance, and after giving effect to such Advance and the consummation of the transactions contemplated in the making of such Advance, the representations and warranties of the Borrower contained in <u>Article IX</u> and of the Service Providers contained in <u>Section 8.3</u> are true and correct as of the date of such requested Advance, with the same effect as though made on the date of such Advance (except, that any such representations or warranties expressly stated by their terms to be made only at or as of one or more particular dates or times, shall be made only at or as of such specified dates or times and are not so deemed to be a condition to Advance).

------

**ARTICLE VIII<br>ADMINISTRATION AND SERVICING OF AIRCRAFT AND LEASES**

SECTION 8.1 <u>Collection Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein or in any other Transaction Documents, the Collections shall be administered by the Service Providers, in accordance with the terms of this Agreement and the terms of the Service Provider Agreements. The Borrower shall provide to the Service Providers on a timely basis all information needed for such administration. The Borrower hereby appoints the Service Providers (to the extent so appointed under the relevant Service Provider Agreement) as its agent to administer the Aircraft, the Leases and the Related Security and collect the Collections in accordance with this Agreement and the Service Provider Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;AerCap hereby covenants and agrees to act as Servicer under this Agreement and the Servicing Agreement for a term, commencing on the Effective Date and ending on the date of receipt by the Servicer of a notice of termination from the Administrative Agent in accordance with <u>Section 13.2</u>. AerCap hereby agrees that, as of the Effective Date, it shall become bound to continue as the Servicer subject to and in accordance with the other provisions of this Agreement and the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider agrees that its servicing of the Aircraft Assets shall be conducted in conformance with the applicable Servicer Standard of Performance and otherwise in accordance with this Agreement and the relevant Service Provider Agreement. Each Service Provider's duties shall be set forth in the relevant Service Provider Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Payment Instructions to Obligors</u>. Neither the Service Providers nor the Borrower will add or terminate any bank or bank account as an Account Bank, Non-Trustee Account Bank, Collection Account, Security Deposit Account, Maintenance Reserve Account, or Liquidity Reserve Account from those listed in <u>Schedule VI</u> to this Agreement, or make any change in its instructions to Obligors regarding payments to be made under any Lease related to any Aircraft to the Collection Account, a Non-Trustee Account or the Maintenance Reserve Account, unless (i) except in the case of the addition of the Irish VAT Refund Account, the Administrative Agent shall have consented thereto in writing and (ii) the Administrative Agent and the Collateral Agent shall have received notice of such addition, termination or change (including an updated <u>Schedule VI</u>) and a fully executed account control agreement with respect to such bank and/or bank account, in each case, in form and substance satisfactory to the Administrative Agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Deposits to Accounts</u>. The Borrower will, or will cause the applicable Service Provider to, (x) direct all Obligors related to Leases of Funded Aircraft to remit all Collections and all payments in respect of Security Deposits with respect to such Aircraft to the Collection Account or a Non-Trustee Account, and (y) direct all Obligors related to Leases of Funded Aircraft to remit all payments in respect of Maintenance Reserves with respect to such Aircraft to the Maintenance Reserve Account or a Non-Trustee Account and (z) direct all Non-Trustee Account Banks, if any, to transfer all available funds (other than a nominal amount consented to by the Administrative Agent) in each Non-Trustee Account (1) in the case of all such funds representing payments in respect of Maintenance Reserves, the Maintenance Reserve Account and (2) in the case of all other available funds, to the Collection Account, in each case, at such times and in such a manner as shall be satisfactory to the Administrative Agent. Further, and without limiting the immediately preceding sentence, the Borrower will, or will cause the applicable Service Provider to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to each related Advance Date (A) with respect to a Widebody Aircraft, transfer or otherwise deposit, into the Security Deposit Account, an amount equal to the outstanding balance of the amount of Security Deposit then required under the Lease applicable to such Aircraft, and (B) with respect to a Narrowbody Aircraft, only if such Aircraft is subject to an SD Reserve Lease as of such Advance Date or if the Borrower shall elect to do so in its sole discretion, transfer or otherwise deposit, into the Security Deposit Account, an amount equal to the outstanding balance of the amount of Security Deposit then required under the Lease applicable to such Aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;at any time after the Advance Date on which an Advance is made with respect to an Aircraft, promptly, and in any event on the Business Day of receipt of any Security Deposit with respect to such Aircraft (x) directly from any Obligor or (y) in the Collection Account, deposit all such Security Deposits to the Security Deposit Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;at any time after the Advance Date on which an Advance is made with respect to an Aircraft, promptly, and in any event on the Business Day of the receipt of any Maintenance Reserves with respect to such Aircraft (x) directly from any Obligor or (y) in the Collection Account (and the Borrower's or the Servicer's determination that such funds constitute Maintenance Reserves), deposit all such Maintenance Reserves to the Maintenance Reserve Account.

If the Borrower or any Service Provider shall receive any funds constituting Collections (other than Security Deposits and Maintenance Reserves) directly, it shall promptly (and, in any event, on the Business Day of the Borrower's or the Servicer's receipt of such funds) deposit the same to the Collection Account.

Neither the Borrower nor any Service Provider will deposit or otherwise credit, or cause to be so deposited or credited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;to the Collection Account, cash or cash proceeds other than Collections and Security Deposits relating to the Aircraft;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;to the Security Deposit Account, cash or cash proceeds other than Security Deposits relating to the Aircraft (or the related payment amount in respect of Aircraft described in subsection (c)(i) of this Section); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;to the Maintenance Reserve Account, cash or cash proceeds other than Maintenance Reserves.

The Borrower and the Service Providers will use commercially reasonable efforts to direct the Collateral Agent to withdraw and transfer to an appropriate account any cash or cash proceeds deposited or otherwise credited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;to the Collection Account, other than Collections and Security Deposits relating to the Aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;to the Security Deposit Account, other than Security Deposits relating to the Aircraft; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;to the Maintenance Reserve Account, other than Maintenance Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Letters of Credit</u>. In the event a Lessee in accordance with its applicable Lease has procured a letter of credit in lieu of cash funding of its obligations regarding Maintenance Reserves or Security Deposits, (x) the Borrower and the Servicer will maintain access to such letter of credit, and (y) following the occurrence of an Event of Default, and upon request by the Administrative Agent, the Borrower and the Servicer will each use reasonable commercial efforts to cause the issuing bank to make the Collateral Agent an additional beneficiary of such letter of credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement Date Distributions</u>. (I) On each Payment Date, (a) the Cash Manager shall, at the direction of the Borrower, transfer from the Maintenance Reserves Account into the Collection Account up to an amount equal to the Maintenance Reserves Surplus Amount and (b) after giving effect to such deposit all Available Collections will be applied by the Collateral Agent (x) in the case of clause (i) below, in accordance with instructions and directions to the Collateral Agent set forth on the Monthly Report to be delivered by the Service Providers to the Collateral Agent on the related Determination Date (or, if the Collateral Agent fails to do so, by the Administrative Agent), and (y) in the case of clause (ii) below, in accordance with a written direction received by the Collateral Agent from the Administrative Agent, and in each case as follows directly from the Collection Account to the applicable payees below (and in the order of priority listed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Event of Default has occurred and, in any case, prior to the declaration, or automatic occurrence, of the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;to the Collateral Agent in payment in full of all accrued Collateral Agent Fees and Expenses;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u>, to each Lender, the fees payable pursuant to the Fee Letter in respect of the unused portion of such Lender's Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u>, to the applicable payees, for payment or reimbursement of Borrower Expenses and, during the Amortization Period, for Borrower Income Tax Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;to the applicable Service Providers, in payment in full of their Service Provider Fees with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> (1) to the counterparties on any Hedge Agreements for the hedge payments due thereunder (other than termination payments), if any, and (2) to each Lender, any Yield due under this Agreement in respect of outstanding Advances to such Lender based upon the outstanding principal amount of Advances funded by such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;ratably to the Administrative Agent and the Lenders for all costs and expenses and other similar amounts (including, without limitation, any amounts payable under <u>Sections 6.1</u> through <u>6.4</u> hereof and under <u>Section 17.4</u> hereof) payable to the Administrative Agent or a Lender pursuant to the terms of any of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> (1) to each Lender, the amount of the Borrowing Base Deficiency, if any, on such Payment Date, based upon the outstanding principal amount of Advances funded by such Lender, and (2) to the counterparties on any Hedge Agreements for the hedge termination payments, if any, until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;to fund the Liquidity Reserve Account the amount equal to the lesser of (i) an amount equal to 15% of Available Collections (calculated as of such Payment Date prior to any applications in accordance with this clause (e), and excluding any Sale Deposit Amounts) and (ii) the Liquidity Top-Up Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;during the Amortization Period, <u>pro</u> <u>rata</u> to each Lender, in reduction of the Outstanding Principal Amount to zero, based upon the outstanding principal amount of Advances funded by such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;&nbsp;to the Service Providers in payment in full of any expenses and/or indemnification payments payable thereto under the Service Provider Agreements as of the last day of the prior calendar month, to the extent not previously paid under clause (D) above or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;&nbsp;&nbsp;prior to the Amortization Period, to or at the direction of the Borrower, for Borrower Income Tax Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;&nbsp;&nbsp;to the Servicer, for Servicer Advance Reimbursements (together with accrued and unpaid interest thereon); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M)&nbsp;&nbsp;&nbsp;&nbsp;to or at the direction of the Borrower (including to cure a Maintenance Reserves Deficiency or to make payments of interest, principal and premium, if any, on one or more AerCap Sub Notes and of accrued interest on the AerCap Liquidity Facility), the remaining portion of such funds, <u>provided</u> that the Borrower may elect, in its sole discretion, to retain all or a portion of such funds in the Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if an Event of Default has occurred and is continuing or, in any case, after the declaration, or automatic occurrence, of the Facility Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;to the Collateral Agent in payment in full of all accrued Collateral Agent Fees and Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u>, to each Lender, the fees payable pursuant to the Fee Letter in respect of the unused portion of such Lender's Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u>, to the applicable payee, for payment or reimbursement of Borrower Expenses and Borrower Income Tax Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;to the applicable Service Providers in payment in full of their Service Provider Fees with respect to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> (1) to the counterparties on any Hedge Agreements for the hedge payments due thereunder (other than termination payments), if any, and (2) to each Lender, any Yield due under this Agreement in respect of outstanding Advances, including Yield payable at the Default Rate, to such Lender based upon the outstanding principal amount of Advances funded by such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;ratably to the Administrative Agent and the Lenders for all costs and expenses and other similar amounts (including, without limitation, any amounts payable under <u>Sections 6.1</u> through <u>6.4</u> hereof and under <u>Section 17.4</u> hereof) payable to the Administrative Agent or a Lender pursuant to the terms of any of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> (1) to each Lender, the amount of the Borrowing Base Deficiency, if any, on such Payment Date, based upon the outstanding principal amount of Advances funded by such Lender, and (2) to the counterparties on any Hedge Agreements for the hedge termination payments, if any, until paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> to each Lender, in reduction of the Outstanding Principal Amount to zero, based upon the outstanding principal amount of Advances funded by such Lender;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;to the Servicer, for Servicer Advance Reimbursements (together with accrued and unpaid interest thereon);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;&nbsp;to the Service Providers in payment in full of any expenses and/or indemnification payments payable thereto under the Servicing Agreement as of the last day of the prior calendar month, to the extent not previously paid under clause (D) above or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;&nbsp;&nbsp;to or at the direction of the Borrower (including to cure a Maintenance Reserves Deficiency or to make payments of interest, principal and premium, if any, on one or more AerCap Sub Notes and of accrued interest on the AerCap Liquidity Facility), the remaining portion of such funds, <u>provided</u> that the Borrower may elect, in its sole discretion, to retain all or a portion of such funds in the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;If a mandatory prepayment is due pursuant to Section 4.2(b)(i) in respect of a disposition of an Aircraft (or related Equity Interest), on the applicable Settlement Date (and, if a Payment Date, prior to the applicable transfers and payments referred to in Section 8.1(e)(I) above), and unless the payment priorities in Section 8.1(e)(I)(ii) apply, (a) the Cash Manager shall, at the direction of the Borrower, transfer from the Maintenance Reserves Account and the Security Deposit Account amounts attributable to the applicable Aircraft, that are not payable to the applicable Lessee or buyer of the applicable disposed Aircraft or Equity Interest and (b) after giving effect to such deposit the Sale Deposit Amount will be applied by the Collateral Agent (in accordance with instructions and directions to the Collateral Agent, if such Settlement Date is a Payment Date, as set forth on the Monthly Report on the related Determination Date, or if such Settlement Date is not a Payment Date, to be delivered in writing no later than the third Business Day immediately preceding the applicable Settlement Date, by the Service Providers to the Collateral Agent) directly from the Collection Account to the applicable payees below (and in the order of priority listed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u>, to the applicable payees, for payment or reimbursement of Borrower Expenses and Collateral Agent Fees and Expenses relating to the applicable disposition, to the extent due and not separately paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> to each Lender, any Yield due pursuant to Section 4.2(b)(i) relating to the applicable disposition (after giving effect to the payment of Yield pursuant to Section 8.1(e)(I)(i) on such date, if applicable), based upon the outstanding principal amount of Advances funded by such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;<u>pro</u> <u>rata</u> (1) <u>pro</u> <u>rata</u> to each Lender, the other amounts due pursuant to Section 4.2(b)(i) relating to the applicable disposition, based upon the outstanding principal amount of Advances funded by such Lender, and (2) to the counterparties on any Hedge Agreements for the hedge termination payments relating to such disposition, if any, until paid in full;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;to each Lender, any breakage amounts, if any, owing to such Lender in respect of such repayment pursuant to <u>Section 6.4</u>, to the extent invoiced at least three Business Days prior to such date of prepayment (with any other such breakage amounts payable by the Borrower on the applicable Payment Date following receipt of the applicable invoice therefor, pursuant to the Flow of Funds); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;the remaining amounts shall be retained in the Collection Account and applied on the next applicable Payment Date (or, if such Settlement Date is a Payment Date, on such Payment Date pursuant to, and in accordance with, Section 8.1(e)(I) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Returned Collections</u>. For the purposes of this <u>Section 8.1</u>, if and to the extent the Administrative Agent, the Collateral Agent or any Lender shall be required for any reason to pay over to an Obligor any amount received on its behalf hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly, the Administrative Agent, the Collateral Agent or such Lender, as the case may be, shall have a claim against the Borrower for such amount, payable pursuant to the Flow of Funds above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicer Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall be entitled, but is not obliged, to make one or more advances (any of which, a "<u>Servicer Advance</u>"), <u>provided</u> that the Servicer may not make Servicer Advances during the period between the Effective Date and the Facility Termination Date in an aggregate outstanding amount (excluding amounts repaid) exceeding $200,000,000 at any one time. The proceeds of Servicer Advances will, at the election of the Borrower (x) be deposited into the Maintenance Reserves Account to cure a Maintenance Reserves Deficiency or (y) to the Collection Account for application as if they were Available Collections for the Payment Date relating to the monthly collection period in respect of which made. The Servicer shall be entitled to reimbursement for such Servicer Advances, payable under the Flow of Funds as a Servicer Advance Reimbursement (together with interest accrued thereon as provided in clause (ii) of this subsection (g)). In addition, the Servicer shall be entitled, but is not obligated, to provide cash collateral, a letter of credit or other security as contemplated in clause (B) of the definition of Effectively Bonded (a "<u>Bond Amount</u>"), and any amount of such cash or letter of credit that is drawn or applied shall be treated as a Servicer Advance, without regard to the limitation on the permitted amount of Servicer Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The outstanding unpaid principal balance of Servicer Advances shall bear interest, at a rate per annum equal to Term SOFR (determined as set forth in the definition of Term SOFR) plus a rate of 1.70 1.45% plus an additional rate of 0.85% per annum, payable monthly on each Payment Date (to the extent of Available Collections) pursuant to an allocation thereto in the Flow of Funds.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withdrawals From Accounts; Maintenance Reserves Eligible Letter of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower, Borrower Subsidiaries and the Service Providers at all times shall be entitled to withdraw funds from the Maintenance Reserve Account and the Security Deposit Account to the extent such parties are required to pay amounts in respect of Maintenance Reserves or Security Deposits to Lessees or other third parties pursuant to the terms of any Lease or the Service Provider Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall at all times be entitled to have one or more Maintenance Reserves Eligible Letters of Credit issued in favor of the Collateral Agent. In the event that one or more Maintenance Reserves Eligible Letters of Credit are so issued, on each Payment Date, the Cash Manager shall, at the direction of the Borrower, transfer from the Maintenance Reserve Account to the Collection Account up to an amount equal to the Maintenance Reserves Surplus Amount.

&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; In the event (A) that on any Payment Date (after giving effect to the flow of funds set forth in <u>Section 8.1(e)</u>) there exists a Maintenance Reserves Deficiency or (B) of the occurrence and continuance of an Event of Default, the Collateral Agent shall, at the direction of the Majority Lenders, make a drawing under one or more Maintenance Reserves Eligible Letter of Credit and shall deposit the proceeds thereof into the Maintenance Reserves Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance Reserves Payments</u>. Following the termination of a Lease, the Borrower, Borrower Subsidiaries and the Service Providers shall be entitled to withdraw from the Maintenance Reserve Account any balances contained therein attributable to the related Aircraft for the payment of any expenses incurred in maintaining, repairing, remarketing, storing, insuring or getting the applicable Off-Lease Aircraft generally in a condition for Lease, to another Eligible Carrier. The Borrower shall transfer any surplus remaining after the completion of such repair or remarketing to the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. Notwithstanding anything to the contrary herein or in any other Transaction Document, the Cash Manager may, from time to time on any Business Day, upon written request to the Account Bank, withdraw from the Collection Account such amounts as are needed to discharge any Borrower Expense or, except during periods when such expenses would not be payable at the level of the third allocation under <u>Section 8.1(e)(i)</u>, Borrower Income Tax Expense. The Borrower agrees to cause the amount of such non-Payment Date withdrawals to be disclosed and set forth on the Monthly Report relating to the month in which such withdrawals occur.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Irish VAT Refund Account</u>. All payments of refunds with respect to Irish value-added tax and any other amounts related to Irish tax payments payable to any Borrower Group Member shall be, when received, deposited in the Irish VAT Refund Account. Funds held in the Irish VAT Refund Account shall be converted into Dollars with a recognized foreign exchange dealer or foreign commercial bank (which may be the bank where the Irish VAT Refund Account is located or the Account Bank or an affiliate). Upon conversion and receipt of Dollars, the Collateral Agent shall cause such amounts to be deposited from the Irish VAT Refund Account to the Collection Account as soon as administratively practicable. The cost and expense of any such conversion shall be added to and reflected in the rate obtained for conversion and in no event shall the Borrower, the Collateral Agent or any of their respective affiliates be liable in respect of the exchange rate obtained for any such conversion or any related cost or expense.

All amounts held in the Irish VAT Refund Account from time to time shall remain uninvested pending conversion to Dollars and transfer to the Collection Account.

The Service Provider Administrative Agent shall promptly notify the Collateral Agent in writing of the expected payment of any such refund and the anticipated amount thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>AerCap Sub Notes Advance</u>. If on any Advance Date there are Lenders who do not make available their ratable share of the Advance to be made on such Advance Date and no other Lenders (or the Administrative Agent) have made available such shortfall in accordance with <u>Section 2.3(b)</u> of this Agreement, then the holders of the AerCap Sub Notes, ratably, may advance any such shortfall to the Borrower on such Advance Date so that the Borrower has sufficient funds available to purchase the subject Aircraft Asset or Aircraft Owning Entity on such Advance Date and to satisfy its obligations under the AerCap-Borrower Purchase Agreement. In the event that the holders of the AerCap Sub Notes elect to advance the Borrower such shortfall, then any amounts recovered from the failing Lenders shall be paid directly to the holders of the AerCap Sub Notes, ratably, and such funds shall not constitute Collections to be applied under <u>Section 8.1(e)</u>.

------

SECTION 8.2 <u>Investments</u>. All funds on deposit in the Collection Account, the Maintenance Reserve Account, the Security Deposit Account and the Liquidity Reserve Account shall be invested only in Eligible Investments as specified by the Borrower in writing to the Account Bank from time to time; <u>provided</u> that, if the Borrower shall fail to specify such Eligible Investments in a timely manner, the Collateral Agent, at the direction of the Administrative Agent, may specify such Eligible Investments. All investments of funds on deposit in the Collection Account, the Maintenance Reserve Account, the Security Deposit Account and the Liquidity Reserve Account shall mature, or may be sold or withdrawn without loss, not later than the Business Day preceding the next Payment Date. Income earned on funds deposited to the Collection Account, the Maintenance Reserve Account, the Security Deposit Account and the Liquidity Reserve Account shall be transferred by the Account Bank to the Collection Account on the Business Day prior to each Payment Date for distribution pursuant to the Flow of Funds; <u>provided</u> that the Servicer shall notify the Account Bank of any income earned on funds deposited to the Maintenance Reserve Account or the Security Deposit Account which must be retained in such accounts pursuant to the terms of any applicable Leases (and such income shall not be so transferred).

SECTION 8.3 <u>Covenants, Representations and Warranties of Service Providers</u>. In addition to the covenants of the applicable Service Provider set forth in the applicable Service Provider Agreement, each Service Provider hereby makes the following applicable representations, warranties and covenants to the other parties hereto on which the Lenders shall rely in making the Advances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants</u>. The applicable Service Provider covenants to the Borrower, the Administrative Agent and the Lenders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;No Service Provider shall do anything to impair the rights of the Borrower, the Administrative Agent or the Lenders in the Aircraft Assets, including, without limitation, in the Related Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider shall at all times maintain its principal executive office within Ireland and will not at any time be organized or domiciled in Germany.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Insurance Servicer shall maintain customary amounts of insurance coverage with respect to the Service Providers under the Service Provider Agreements, including, without limitation, coverage for errors and omissions (but not , employee fidelity bond), fire, theft, workers compensation and servicer liability arising from the collection or remarketing, as applicable, of the Leases, provided that the coverage for errors and omissions applicable to the Service Providers as a whole shall in all cases be maintained at a level of coverage at least equal to $10,000,000 (subject to customary deductibles and co-payments, if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall, on every third Determination Date occurring following the Original Closing Date, prepare and forward a Quarterly Report to the Administrative Agent and the Lenders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider shall, consistent with the scope and area of its duties and responsibilities set forth in the applicable Service Provider Agreements to which it is a party, provide services to the Borrower and the Borrower Subsidiaries so as to enable them to comply with their respective obligations under this Agreement, including without limitation in respect of their covenant obligations set forth in <u>Article X</u>. Each Service Provider further agrees to refrain from taking actions that are inconsistent with such obligations of the Borrower and Borrower Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider shall maintain (a) its legal existence and, if applicable, good standing in the jurisdiction of its formation, incorporation, or organization and (b) its qualification and, if applicable, good standing in all other jurisdictions in which the failure to maintain such qualification and good standing could reasonably be expected to cause a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall furnish to the Collateral Agent and the Administrative Agent from time to time such statements and schedules further identifying and describing the Borrower Collateral as the Collateral Agent or the Administrative Agent may reasonably request, all in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer will not maintain, nor permit a Lessor to maintain, for any purposes related to perfection or the effect of perfection in the applicable jurisdiction, the possession of any executed original counterparts of the Leases that would be deemed a Chattel Paper Original, in a jurisdiction other than Ireland, unless such Lease is a Chattel Paper Original deposited with the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider shall maintain its computer systems so that, from and after the time of the Initial Advance under this Agreement, its Records indicate clearly that the Borrower Collateral is directly or indirectly owned by the Borrower or another Borrower Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer on behalf of the Borrower shall maintain records of the Aircraft and the Leases, consistent with Leasing Company Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;With respect to technical and maintenance Records relating to a Funded Aircraft, the Servicer agrees on behalf of the Borrower to provide the Collateral Agent and the Administrative Agent, promptly upon request, access to (i) while the Aircraft is under Lease, such Records of the Lessee that the Lessor is entitled itself to access under, and subject to the restrictions of, the related Lease and the cooperation of the Lessee (which cooperation the Servicer will pursue consistent with the Servicer Standard of Performance), and (ii) in any case, such Records that the Borrower or the Lessor maintains on its own account through the Servicer. The Servicer agrees to maintain and update such Records consistent with the Servicer Standard of Performance.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider shall advise the Lenders, the Collateral Agent and the Administrative Agent promptly, in reasonable detail, (i) of any Adverse Claim known to it made or asserted against any of the Borrower Collateral (other than Permitted Liens), (ii) of the occurrence of any event (other than a change in general market conditions) which would have a material adverse effect on the assignments and security interests granted by the Borrower or AerCap under any Credit Document, and (iii) as soon as such Service Provider becomes aware, of any loss, theft, damage, or destruction to any Aircraft if the potential cost of repair or replacement of such asset (without regard to any insurance claim related thereto) may exceed $10,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;No Service Provider shall directly or indirectly, (i) knowingly conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in <u>Section 9.21</u>, in each case, in violation of any Anti-Terrorism Law, Anti-Money Laundering Law, OFAC Law or Sanctions, (ii) knowingly deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti Terrorism Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Money Laundering Law, OFAC Law or Anti Terrorism Anti-Terrorism Law (and the Service Provider shall deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming their compliance with this section). No Service Provider shall directly or indirectly use the proceeds of any Advance or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or any other Person, to fund any activities or business of or with any Embargoed Person, or in any Prohibited Country, or in a manner that will constitute a violation of Sanctions by any Person (including any Person participating in any Advance hereunder, whether as underwriter, advisor, investor, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the availability to the respective Service Provider of adequate funding to comply with its obligations under this section and the Service Provider Agreement to which it is a party, each Service Provider shall keep the Borrower in compliance with its obligations and covenants herein and under any other Transaction Documents provided to such Service Provider by the Borrower, to the extent that such obligations and covenants specifically relate to the "Services" as defined in the Service Provider Agreement to which such Service Provider is a party. Nothing in this section or in the Service Provider Agreement to which such Service Provider is a party shall be deemed to constitute or be construed as (i) a delegation or other transfer to, or an assumption by, such Service Provider or any of its Affiliates of any obligations of any Borrower Group Member to make any payment to any Lessee, any Lender (without limiting any express obligation of the Service Provider under the applicable Service Provider Agreement) or other Person, or to comply with any other monetary obligation, under any Lease or any other Transaction Document, or (ii) a transfer to such Service Provider or any of its Affiliates of any right, title or interest in any Lease or related agreement or any Aircraft Asset covered thereby.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;The Service Providers agree to procure and deliver to the Borrower, so as to allow the Borrower to comply with its corresponding reporting obligation under <u>Section 10.19(a)</u>, as soon as available and in any event within 120 days after the end of each Fiscal Year, a copy of the audited consolidated financial statements, prepared in accordance with GAAP, for such year of the AerCap Group, certified by any firm of nationally recognized independent certified public accountants acceptable to the Administrative Agent, accompanied by a certificate of the officer in charge of financial matters of AerCap Group, confirming that AerCap Group is in compliance with the net worth requirement in <u>Section 12.1(f)</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;The Service Providers agree to procure and deliver to the Borrower, so as to allow the Borrower to comply with its corresponding reporting obligation under <u>Section 10.19(a)</u>, as soon as available and in any event within 75 days after the end of each of the first three quarters of each Fiscal Year, with respect to the AerCap Group, unaudited consolidated balance sheets as of the end of such quarter and as at the end of the previous Fiscal Year, and consolidated statements of income for such quarter and for the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter prepared in accordance with GAAP, certified by the officer in charge of financial matters of the AerCap Group, identifying such balance sheets or statements as being the balance sheets or statements of such Person described in this paragraph (xvi) and stating that the information set forth therein fairly presents the financial condition of the AerCap Group as of and for the periods then ended, subject to year-end adjustments consisting only of normal, recurring accruals and omissions of footnotes and subject to the auditors' year end report, and accompanied by a certificate of the officer in charge of financial matters of AerCap Group confirming that AerCap Group is in compliance with the net worth requirements in <u>Section 12.1(f)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Each Service Provider represents and warrants to the Borrower, the Administrative Agent and the Lenders, as of (unless otherwise explicitly set forth below) the Effective Date, the Initial Advance Date, the First Amendment Effective Date, the date of each Additional Advance and each Payment Date (provided that the representation and warranty in Section 8.3(b)(vii)(E) is made only as of the Initial Advance Date and the First Amendment Effective Date), as to itself that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Such Service Provider has been duly incorporated and is validly existing under the laws of the Republic of Ireland, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;There is no existing default under any Operating or Organizational Document of such Service Provider or any event which, with the giving of notice or the passage of time or both, would have a Material Adverse Effect;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider is duly qualified to do business as a foreign corporation, and has obtained all necessary licenses and approvals, in all jurisdictions in which the conduct of its business (including, as applicable, the servicing of the Aircraft, the Leases and the Related Security as required by this Agreement) requires such qualification and where the failure to be so qualified would have a material adverse effect on its business and assets taken as a whole or on its ability to perform the applicable services provided for in the related Service Provider Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Such Service Provider has the power and authority to execute and deliver this Agreement and the other Credit Documents to which it is a party and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the other Credit Documents to which it is a party have been duly authorized by such Service Provider by all necessary corporate action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the other Credit Documents to which such Service Provider is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, examinership, moratorium, reorganization, or other similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The consummation of the transactions contemplated by this Agreement and the other Credit Documents to which such Service Provider is a party, and the fulfillment of the terms of this Agreement and the other Transaction Documents to which it is a party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, any Operating Documents or Organizational Document of such Service Provider, or any indenture, agreement, mortgage, deed of trust or other instrument to which such Service Provider is a party or by which it is bound or any of its properties are subject, or result in the creation or imposition of any Lien (other than a Permitted Lien) upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust on other instrument, other than this Agreement, or violate any law (including, without limitation, any Environmental Laws), order, rule or regulation applicable to the Service Provider of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Service Provider or any of its properties, except where any such conflict or violation would not have a Material Adverse Effect;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;There are no proceedings or investigations pending against such Service Provider, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over such Service Provider or its properties (A) asserting the invalidity of this Agreement or any of the Credit Documents, (B) seeking to prevent the consummation or performance of any of the transactions contemplated by this Agreement or any of the Credit Documents to which such Service Provider is a party, (C) seeking any determination or ruling that might materially and adversely affect the performance by such Service Provider of its obligations under, or the validity or enforceability of, this Agreement or any of the Credit Documents to which such Service Provider is a party, (D) that could otherwise have a Material Adverse Effect (but without giving effect to clause (ii) of the definition thereof), or (E) as of the Effective Date only, that could otherwise have a Material Adverse Effect (but giving effect to the entire definition of such term);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;All approvals, authorizations, consents, licenses, registrations, declarations, orders or other actions of any Person, corporation or other organization, or of any court, governmental agency or body or official, required in connection with the execution and delivery by such Service Provider of this Agreement and the other Credit Documents to which it is a party and the consummation of the transactions contemplated thereby have been or will be taken, made or obtained on or prior to respective dates of execution and delivery of this Agreement and such other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Service Provider has complied in all material respects with all applicable laws (including, without limitation, any Environmental Law), rules, regulations, judgments (unless such judgment has been properly appealed and such appeal is being diligently prosecuted by such Person), agreements, decrees and orders, as any of the same relate to performance by it of its services under the applicable Service Provider Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;In each case, to the extent that the failure of such representation to be true would have a material adverse effect on its ability to perform its obligations under the applicable Service Provider Agreements, (A) the Service Provider has filed on a timely basis all Tax Returns (including, without limitation, foreign, federal, state, local and otherwise) required to be filed, (B) the Service Provider is not liable for Taxes payable by any other Person, (C) the Service Provider has paid, or made adequate provisions for the payment in accordance with GAAP of, all Taxes, assessments and other governmental charges due from the Service Provider, (D) all such Tax Returns are true and correct in all material respects, (E) no tax lien or similar Adverse Claim has been filed, and no claim is being asserted, with respect to any such Tax, assessment or other governmental charge, (F) any Taxes, fees and other governmental charges payable by the Service Provider in connection with the execution and delivery of this Agreement and the other Credit Documents and the transactions contemplated hereby or thereby, have been paid or will be paid when due, and (G) the Service Provider is unaware of any proposed or pending tax assessments, deficiencies or audits that could be reasonably expected to, individually or in the aggregate, result in such a material adverse effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;All written information furnished by or on behalf of the Service Provider to any Lender, the Collateral Agent or the Administrative Agent in connection with this Agreement or any transaction contemplated hereby, when taken together with all reports, statements, schedules and other information included in filings made by AerCap Holdings N.V. with the Securities and Exchange Commission, taken as a whole, is true and complete in all material respects on and as of the date of delivery of such written information, and does not omit to state a material fact necessary to make the statements contained therein not misleading on and as of such date of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;In each case, to the extent that the failure of such representation to be true would have a material adverse effect on its ability to perform its obligations under the applicable Service Provider Agreements, (A) the Service Provider is in compliance in all material respects with all, and has no liability under any, applicable Environmental Laws and has been issued and currently maintains all required foreign, federal, state and local permits, licenses, certificates and approvals, and (B) the Service Provider has not been notified of any pending action, suit, proceeding or investigation, and is not aware of any facts, which (1) calls into question, or could reasonably be expected to call into question, compliance by it with any Environmental Laws, (2) seeks, or could reasonably be expected to form the basis of a meritorious proceeding, to suspend, revoke or terminate any license, permit or approval necessary for the operation of its business, assets or facilities or for the generation, handling, storage, treatment or disposal of any Hazardous Materials, or (3) seeks to cause, or could reasonably be expected to form the basis of a meritorious proceeding to cause, any of its property to be subject to any restrictions on ownership, use, occupancy or transferability under any Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Each Service Provider is not engaged in nor has it engaged in any course of conduct that could subject any of its properties to any Adverse Claim, seizure or other forfeiture under any criminal law, racketeer influenced and corrupt organizations law, civil or criminal, or other similar laws, whether foreign or domestic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;No Service Provider nor any of their Subsidiaries, nor any of their respective directors or officers (nor to the knowledge of such Service Provider, any of their affiliates, agents or employees) has engaged in any activity or conduct which would violate any Anti-Money Laundering Laws, any Anti-Terrorism Laws, including the Executive Order, and the Patriot Act or any anti-bribery or anti-corruption laws or regulations, in each case applicable to such Person, in any applicable jurisdiction and each Service Provider has instituted and maintains policies and procedures designed to prevent violation of such laws, regulations and rules.

No Service Provider nor any of their Subsidiaries, nor any of their respective directors or officers, nor any of their brokers or other agents acting in any capacity in connection with the Advances is any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;an Embargoed Person, including a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;(to the knowledge of such Service Provider, with respect to any brokers or agents or any of their affiliates or employees, in each case acting in any capacity in connection with the Advances) a Person owned or controlled by, or acting directly or indirectly for or on behalf of, any Embargoed Person or any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;(to the knowledge of such Service Provider, with respect to any brokers or agents or any of their affiliates or employees, in each case acting in any capacity in connection with the Advances) a Person that is subject to or the target of Sanctions;

No Service Provider, nor (to the knowledge of such Service Provider) any broker or other agent of any of them acting in any capacity in connection with the Advances (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in the preceding paragraph, in each case, in violation of any Anti-Terrorism Law, Anti-Money Laundering Law, OFAC Law or Sanctions, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any Sanctions or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, Anti-Money Laundering Law or OFAC Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Each of the representations and warranties of the Service Provider set forth in the applicable Service Provider Agreements to which it is a party, each of which is hereby incorporated in this subsection (xv) by reference, is true and correct in all material respects (it being understood that a representation or warranty that by its express terms is expressed to be made as of, and only as of, a particular date or time, is only represented to be true and correct at and as of such time), and the Administrative Agent and the Lenders shall be entitled to rely on each of them as if they were fully set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;On and as of each Advance Date (and after giving effect to the transactions contemplated to occur on such Advance Date), there does not exist any Servicer Termination Event or event that would constitute a Servicer Termination Event but for the passage of time or the giving of notice or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer represents and warrants that each Monthly Report and Quarterly Report delivered hereunder is accurate in all material respects as of the date thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;On the Effective Date, the Servicer represents and warrants that the consolidated balance sheets of the AerCap Group as at December 31, 2023, and the related statements of income and retained earnings of the AerCap Group for the Fiscal Year then ended, copies of which have been furnished to the Administrative Agent, fairly present the financial condition of the AerCap Group as at such date and the results of the operations of the AerCap Group for the period ended on such date, all in accordance with GAAP consistently applied.

------

**ARTICLE IX<br>REPRESENTATIONS AND WARRANTIES OF THE BORROWER**

In order to induce the other parties hereto to enter into this Agreement and, in the case of the Lenders, to make Advances hereunder, the Borrower hereby represents and warrants to the Administrative Agent, the Collateral Agent and the Lenders, as of (unless otherwise explicitly set forth below) the Effective Date, the Initial Advance Date, the First Amendment Effective Date, the date of each Additional Advance and each Payment Date, as follows:

SECTION 9.1 <u>Subsidiaries</u>. The Borrower has no Subsidiaries other than the Aircraft Owning Entities, Applicable Intermediaries, Holdco Subsidiaries and Owner Participants and any Persons owning beneficial interests therein or which were or are expected to become one of the foregoing.

SECTION 9.2 <u>Organization and Good Standing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower</u>. The Borrower has been duly organized and is validly existing as an exempted company under the laws of Bermuda, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times and now has, power and authority and legal right to acquire and own the Aircraft, Leases and Related Security, the other Aircraft Assets and the Equity Interests of the Borrower Subsidiaries and to grant to the Collateral Agent, for the benefit of the Lenders, a first priority security interest in the Borrower Collateral and to enter into and perform its obligations under this Agreement and each of the other Transaction Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries</u>. Each of the Borrower Subsidiaries has been duly formed, incorporated or organized and is validly existing as a corporation, private company limited by shares, limited liability company, partnership, limited partnership, business or statutory trust, owner trust or other business entity in good standing under the laws of the jurisdiction of its formation (to the extent such concept is recognized in such jurisdiction), incorporation or organization as set forth in <u>Schedule VIII</u>, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times and now has, power and authority and legal right to acquire and own Aircraft, Leases, Related Security, other Aircraft Assets and, if applicable, Equity Interests of other Borrower Subsidiaries and perform its obligations under each of the Transaction Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Constitutive Documents</u>. There is no existing material default under any Operating or Organizational Document of the Borrower or any Borrower Subsidiaries or any event which, with the giving of notice or passage of time or both, would constitute a default by any party thereunder.

------

SECTION 9.3 <u>Due Qualification</u>.

The Borrower and each of the Borrower Subsidiaries is duly qualified to do business as a foreign entity in good standing (to the extent such concept is applicable), and has obtained all necessary licenses and approvals, in all jurisdictions in which the failure to so qualify, or obtain such license or approval, would result in a Material Adverse Effect.

SECTION 9.4 <u>Enforceability</u>. This Agreement and the other Transaction Documents to which the Borrower or any of the Borrower Subsidiaries are a party constitute legal, valid and binding obligations of the Borrower and such Borrower Subsidiaries, as applicable, enforceable in accordance with their respective terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization or other similar law, and (ii) general principles of equity.

SECTION 9.5 <u>Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Security Trust Agreement creates or shall create upon registration where registration is required to secure priority, a first priority valid security interest in the Borrower Collateral in favor of the Collateral Agent subject to the terms and conditions of the Perfection Standards, enforceable against the Borrower and the Borrower Subsidiary grantors thereunder, and creditors of and purchasers from such grantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the Borrower Collateral has been pledged, assigned, sold or otherwise encumbered other than pursuant to the terms of AerCap-Borrower Purchase Agreement or any applicable Borrower Acquisition Document or the terms hereof or of the Security Trust Agreement and except for Permitted Liens, and no Borrower Collateral is described in (i) any UCC financing statements filed against AerCap, any Seller or the Borrower other than UCC financing statements which have been terminated and the UCC financing statements filed in connection with the Security Trust Agreement, each of which name the Collateral Agent as secured party or the AerCap-Borrower Purchase Agreement, which names the Borrower as purchaser/secured party, or (ii) any other registries or filing records that may be applicable to the Borrower Collateral in any other relevant jurisdiction, other than such filings or registrations made in connection with the Security Trust Agreement or any other security document in favor of the Collateral Agent.

------

SECTION 9.6 <u>No Violation</u>. The consummation of the transactions contemplated by this Agreement and the other Credit Documents to which the Borrower or any Borrower Subsidiaries are a party, and the fulfillment of the terms of this Agreement and the other Credit Documents to which the Borrower or any Borrower Subsidiaries are a party, shall not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the Operating Documents or Organizational Documents of the Borrower or any Borrower Subsidiaries, or any material indenture, agreement, mortgage, deed of trust or other instrument to which the Borrower or any Borrower Subsidiary is a party or by which it is bound or any of its properties are subject, or (B) result in the creation or imposition of any Adverse Claim upon any of the properties of the Borrower or any Borrower Subsidiaries pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than the Security Trust Agreement, and/or AerCap-Borrower Purchase Agreement, or (C) violate in any material respect any law (including, without limitation, any Environmental Law), rule or regulation applicable to the Borrower or any Borrower Subsidiaries or with respect to any Borrower Collateral, except (but only with respect to the remaking of this representation on each Payment Date and each Advance Date, when applicable) to the extent that the failure so to comply would not materially adversely affect the Borrower Collateral, the collectibility of a substantial portion of the Leases or the ability of the Borrower, any Service Provider or such Borrower Subsidiary to perform its obligations under the Credit Documents, or (D) violate any writ, order, judgment or decree binding on or affecting the Borrower or any Borrower Subsidiaries of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Borrower or any Borrower Subsidiaries or any of their respective properties.

SECTION 9.7 <u>No Proceedings</u>. There are no proceedings or investigations pending against the Borrower or any Borrower Subsidiaries, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Borrower or any Borrower Subsidiaries or any of their respective properties (A) asserting the invalidity or unenforceability of this Agreement or any of the other Credit Documents, (B) seeking to prevent the consummation or performance of any of the transactions contemplated by this Agreement or any of the other Credit Documents, (C) as of the Effective Date only, seeking any determination or ruling that might materially and adversely affect the performance by the Borrower or any Borrower Subsidiaries of its obligations under any of the Credit Documents or (D) as of the Effective Date only, that could have a material adverse effect on the Borrower or any Borrower Subsidiaries, the Aircraft, the Leases, or any other Borrower Collateral.

SECTION 9.8 <u>Approvals</u>. As of each Advance Date, with respect to the Transaction Documents that specifically relate to the Advance occurring on that date, all approvals, authorizations, consents, licenses, registrations, declarations, orders or other actions of any Person, corporation or other organization, or of any court, governmental agency or body or official, required in connection with the execution and delivery by the Borrower or any Borrower Subsidiaries of any such Transaction Document to which it is a party and the consummation of the transactions contemplated thereby have been or will be taken or obtained on or prior to the respective dates of execution and delivery of such Transaction Documents.

------

SECTION 9.9 <u>Subsidiaries</u>. As of the Effective Date, <u>Schedule VIII</u> sets forth (a) a correct and complete list of the relationship of the Borrower and the Borrower Subsidiaries and all of their respective Subsidiaries, (b) the location of the registered office or chief executive office (as applicable) of each of them, (c) the jurisdiction of formation, incorporation or organization of each of them, (d) a true and complete listing of each class of the Equity Interests of each of them, of which all of such issued Equity Interests are validly issued, outstanding, fully paid and non assessable non-assessable, and owned beneficially and of record by the Persons identified in <u>Schedule VIII</u>, (e) the type of entity of each of them, and (f) if applicable, the employer or taxpayer identification number of each of them and the organizational identification number issued by each of their respective jurisdictions of formation, incorporation, or organization. Each of the Borrower and each Borrower Subsidiary has only one jurisdiction of formation, incorporation, or organization, except that the Borrower is a resident of Ireland for tax purposes.

SECTION 9.10 <u>Solvency</u>. As of the Effective Date and each Advance Date, each of the Borrower and each of the Borrower Subsidiaries is Solvent and will not become insolvent after giving effect to the transactions contemplated by this Agreement and the other Transaction Documents. None of the Borrower or any Borrower Subsidiaries has any Indebtedness to any Person other than as permitted pursuant to <u>Section 10.27</u> hereof.

SECTION 9.11 <u>Compliance with Laws</u>. The Borrower and each Borrower Subsidiary, (a) as of each Advance Date, has complied in all material respects with all applicable laws (including, without limitation, any Environmental Law), rules, regulations, judgments (unless such judgment has been properly appealed and such appeal is being diligently prosecuted by such Person), agreements, decrees and orders with respect to, as of any Advance Date, the Aircraft, Leases and other Aircraft Assets that are the subject of funding on such Advance Date, and (b) as of each Advance Date and each Payment Date, has complied in all material respects with all applicable laws (including, without limitation, any Environmental Law), rules, regulations, judgments (unless such judgment has been properly appealed and such appeal is being diligently prosecuted by such Person), agreements, decrees and orders with respect to its the Aircraft, Leases and other Aircraft Assets generally, except, in the case of this clause (b), where non-compliance could not reasonably be expected to have a Material Adverse Effect.

------

SECTION 9.12 <u>Taxes</u>. The Borrower and each Borrower Subsidiary has filed on a timely basis all Tax Returns (including, without limitation, foreign, United States federal, state, local and otherwise) required to be filed for which failure to file would have a Material Adverse Effect, and has paid, or in accordance with GAAP made adequate provisions for the payment of, all Taxes due from the Borrower and each of the Borrower Subsidiaries, as applicable. All such Tax Returns are true and correct in all material respects. No tax lien or similar Adverse Claim has been filed, and no claim is being asserted, with respect to any such Taxes. Any Taxes, fees and other governmental charges payable by the Borrower or any Borrower Subsidiaries in connection with the execution and delivery of this Agreement and the other Transaction Documents and the transactions contemplated hereby or thereby including the transfer of the Aircraft and the Leases and Related Security, if any, and the transfer of the Equity Interests of the Borrower Subsidiaries to the Borrower have been paid or will be paid when due. The Borrower is unaware of any proposed or pending tax assessments, deficiencies or audits that could be reasonably expected to, individually or in the aggregate, result in a material adverse change in the business, operations, property, prospects or financial or other condition of the Borrower and each of the Borrower Subsidiaries.

SECTION 9.13 <u>Monthly Report</u>. Each Monthly Report and Quarterly Report is accurate in all material respects as of the date thereof.

SECTION 9.14 No Liens, Etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower Collateral and each part thereof is owned by the Borrower free and clear of any Adverse Claim other than Permitted Liens, and the Borrower has the full right, corporate power and lawful authority to assign, transfer and pledge the same and interests therein, and upon the making of the Initial Advances, the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, will have, upon registration if required, acquired a perfected, first priority and valid security interest in such Borrower Collateral, free and clear of any Adverse Claim other than Permitted Liens. No effective control agreement, financing statement or other instrument similar in effect covering all or any part of the Borrower Collateral has been executed or is on file in any recording office, except such as may have been filed in favor of the Collateral Agent for the benefit of the Administrative Agent and the Lenders pursuant to <u>Article VII</u> of this Agreement or, with respect to the Leases, in favor of the Borrower pursuant to the AerCap-Borrower Purchase Agreement. The use by the Borrower of the Borrower Collateral and all rights with respect thereto do not infringe on the rights of any person.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of the Borrower Group Members as Lessors under the Leases with respect to the Aircraft, and any Equity Interests in any other Person held by such Borrower Group Members, are, in each case, held free and clear of any Adverse Claim other than Permitted Liens, or prohibition with respect to transferability and each such Borrower Group Member has the full right, corporate power and lawful authority to assign, transfer and pledge the same and interests therein, and upon the making of the Initial Advances or Additional Advance relating thereto, the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, will have, upon registration if required, acquired a perfected, first priority and valid security interest in such rights, obligations and Equity Interests, free and clear of any Adverse Claim (other than Permitted Liens).

SECTION 9.15 <u>Purchase and Sale</u>. The Equity Interests of each Borrower Subsidiary, was purchased by the Borrower on the Initial Advance Date, the First Amendment Effective Date or on the date of an Additional Advance, <u>provided</u> that for the Initial Advance Dates Date, the First Amendment Effective Date or Additional Advance Dates involving the financing of the acquisition of an Aircraft not effected by the acquisition of such Equity Interests, the Borrower or an existing Borrower Subsidiary purchases such assets directly.

SECTION 9.16 <u>Securities Act of 1933</u>. Each of the sales and purchases under the Borrower Acquisition Documents and the purchase of the Equity Interests under AerCap-Borrower Purchase Agreement is exempt from the registration requirements of the Securities Act of 1933, as amended.

SECTION 9.17 <u>Information True and Correct</u>. All written information furnished by or on behalf of the Borrower or any Borrower Subsidiaries to any Lender, the Collateral Agent or the Administrative Agent in connection with this Agreement or any transaction contemplated hereby, when delivered (and when taken in connection with previous information so furnished for the purpose of completeness and when taken together with all reports, statements, schedules and other information included in filings made by AerCap Holdings N.V. with the Securities and Exchange Commission) is true and, when taken as a whole, complete in all material respects and does not omit to state a material fact necessary to make the statements contained therein not misleading.

------

SECTION 9.18 <u>Environmental Laws</u>. The Borrower and each Borrower Subsidiary is in compliance in all material respects with all, and has no liability under any, applicable Environmental Laws and has been issued and currently maintains all required foreign, federal, state and local permits, licenses, certificates and approvals, except in each case where the failure to so comply or maintain would not have a material adverse effect on the Borrower or the Borrower Subsidiaries or their assets or property, taken as a whole. None of the Borrower or any Borrower Subsidiaries has been notified of any pending or threatened action, suit, proceeding or investigation, and none of the Borrower or any Borrower Subsidiary is aware of any facts, which (a) calls into question, or could reasonably be expected to call into question, compliance by the Borrower or any Borrower Subsidiaries with any Environmental Laws, (b) seeks, or could reasonably be expected to form the basis of a meritorious proceeding, to suspend, revoke or terminate any license, permit or approval necessary for the operation of any the Borrower's or any Borrower Subsidiaries' business, assets or facilities or for the generation, handling, storage, treatment or disposal of any Hazardous Materials, or (c) seeks to cause, or could reasonably be expected to form the basis of a meritorious proceeding to cause, any property of the Borrower or any Borrower Subsidiaries to be subject to any restrictions on ownership, use, occupancy or transferability under any Environmental Law.

SECTION 9.19 <u>Employment Matters</u>. None of the Borrower or any Borrower Subsidiary has or has ever had (i) any Employee Benefit Plan, any Multiemployer Plan or any Pension Plan, or any obligation to fund any such plan or (ii) any employee other than officers thereof.

SECTION 9.20 <u>RICO</u>. None of the Borrower or any Borrower Subsidiary is engaged in or has engaged in any course of conduct that could subject any of their respective properties to any Adverse Claim, seizure or other forfeiture under any criminal law, racketeer influenced and corrupt organizations law, civil or criminal, or other similar laws, whether foreign or domestic.

SECTION 9.21 <u>Anti-Terrorism Law</u>. None of the Borrower, any Borrower Subsidiary, nor any of their respective directors or officers (nor to the knowledge of the Borrower or such Borrower Subsidiary, any of their affiliates, agents or employees) nor, to the knowledge of the Borrower as of the Advance Date relating to a Lessee, any such Lessee, has engaged in any activity or conduct which would violate any Anti-Terrorism Law, OFAC Law, Anti-Money Laundering Law or any anti-bribery or anti-corruption laws or regulations, in each case applicable to such Person, in any applicable jurisdiction.

None of the Borrower, any Borrower Subsidiary, nor any of their respective directors or officers nor any of their brokers or other agents acting in any capacity in connection with the Advances is any of the following

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;an Embargoed Person, including a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(to the knowledge of the Borrower or any Borrower Subsidiary, with respect to any brokers or agents or any of their affiliates or employees, in each case acting in any capacity in connection with the Advances) a Person owned or controlled by, or acting directly or indirectly for or on behalf of, any Embargoed Person or any Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(to the knowledge of the Borrower or any Borrower Subsidiary, with respect to any brokers or agents or any of their affiliates or employees, in each case acting in any capacity in connection with the Advances) a Person that is subject to or the target of Sanctions;

None of the Borrower or any Borrower Subsidiaries nor, to the knowledge of the Borrower or any Borrower Subsidiary, any broker or other agent of any of them acting in any capacity in connection with the Advances (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in the preceding paragraph, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or Sanctions, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, Anti-Money Laundering Law or OFAC Law.

SECTION 9.22 <u>Depositary Banks</u>. The names and addresses of the Account Bank and each Non-Trustee Account Bank and the Irish Bank, together with the account numbers of the Collection Account, the Security Deposit Account, the Maintenance Reserve Account, the Liquidity Reserve Account, the Irish VAT Refund Account and each Non-Trustee Account are as specified in <u>Schedule VI</u> hereto, as such <u>Schedule VI</u> may be updated from time to time pursuant to <u>Section 8.1(b)</u>. The Collection Account, Security Deposit Account, Non-Trustee Accounts, the Liquidity Reserve Account, the Irish VAT Refund Account and the Maintenance Reserve Account are the only accounts into which Collections are deposited or remitted. There are no lock-boxes or lockbox accounts associated with any of the Collection Account, the Security Deposit Account, the Maintenance Reserve Account, the Liquidity Reserve Account, the Irish VAT Refund Account or any Non-Trustee Account.

SECTION 9.23 <u>Financial Condition</u>. The actual balance sheet of the Borrower as of the Initial Advance Date or the First Amendment Effective Date, as the case may be, giving effect to the Borrower Acquisition, the initial Advances to be made under this Agreement and the transactions contemplated by this Agreement, the AerCap-Borrower Purchase Agreement and the other Transaction Documents, a copy of which shall have been furnished to the Administrative Agent on or before the Initial Advance Date or the First Amendment Effective Date, as the case may be, shall fairly present the financial condition of the Borrower as at such date, in accordance with GAAP.

------

SECTION 9.24 <u>Investment Company Status</u>. None of the Borrower or any Borrower Subsidiary is an "investment company" or an "affiliated person" of, or "promoter" or "principal underwriter" for, an "investment company," as such terms are defined in the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). The Borrower will not be required to register as an "investment company" as such term is defined in the 1940 Act in reliance on an exemption or exclusion available under Section 3(b)(1) of the 1940 Act, although there may be other exemptions or exclusions available to the Borrower. The making of the Advances by the Lenders, the application of the proceeds and repayment thereof by the Borrower and the consummation of the transactions contemplated by this Agreement and the other Transaction Documents to which the Borrower or any Borrower Subsidiary is a party will not violate any provision of such 1940 Act or any rule, regulation or order issued by the Securities and Exchange Commission thereunder.

SECTION 9.25 [<u>Reserved</u>].

SECTION 9.26 <u>Representations and Warranties True and Accurate</u>. Each of the representations and warranties of the Borrower and each Borrower Subsidiary contained in this Agreement and the other Credit Documents was true and accurate as and when deemed made.

SECTION 9.27 <u>No Event of Loss</u>. No Event of Loss has occurred with respect to any Initial Financed Aircraft as of the Initial Advance Date or the First Amendment Effective Date, as the case may be, or any Additionally Financed Aircraft as of the related Additional Advance Date.

SECTION 9.28 <u>Description of Aircraft and Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule I</u> attached hereto, as supplemented from time to time pursuant to <u>Section 7.2(l)</u>, or <u>Section 10.8</u> hereof is a true and correct list of all Aircraft acquired under the AerCap-Borrower Purchase Agreement from time to time and owned by Borrower Group Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule II</u> attached hereto, as supplemented from time to time pursuant to <u>Section 7.2(l)</u>, or <u>Section 10.8</u> hereof, is a true and correct list of all Borrower Group Members and the Aircraft Owned thereby from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Schedule III</u> attached hereto, as supplemented from time to time pursuant to <u>Section 7.2(l)</u>, <u>Section 10.8</u> or <u>Section 10.9</u> hereof, is a true and correct list of all Leases (including, without limitation, any head leases and sub-leases) in effect with respect to the Aircraft Owned by Borrower Group Members.

------

SECTION 9.29 No Default, Etc.

There does not exist (as of the Effective Date, the Initial Advance Date, the First Amendment Effective Date and any Additional Advance Date), any Default, Event of Default, Early Amortization Event (including a Servicer Termination Event), or event that would constitute a Servicer Termination Event or Early Amortization Event but for the passage of time or the giving of notice or both.

SECTION 9.30 <u>Subsidiary Constituent Documents</u>. There is in full force and effect with respect to each Borrower Subsidiary, as applicable, a constitution, a limited liability company agreement, trust agreement or other corporate constituent document substantially in the form of one of the documents attached hereto as <u>Exhibit Q</u> or otherwise reasonably acceptable to Administrative Agent.

**ARTICLE X<br>COVENANTS**

From the Effective Date until the later of the Facility Termination Date or the day thereafter on which all Obligations shall have been finally and fully paid and performed, the Borrower hereby covenants and agrees as follows:

SECTION 10.1 <u>Legal Existence and Good Standing</u>. The Borrower shall, and the Borrower shall cause each of the Borrower Subsidiaries to, maintain (a) its legal existence and, if applicable, good standing in the jurisdiction of its formation, incorporation, or organization; (b) its qualification and, if applicable, good standing in all other jurisdictions in which the failure to maintain such qualification and good standing could reasonably be expected to cause a Material Adverse Effect; and (c) its state of organization and domicile outside of Germany.

SECTION 10.2 <u>Protection of Security Interest of the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the Initial Advance Date, the Borrower shall have filed or caused to be filed, with respect to itself and each other Borrower Group Member that is a grantor of security interests under the Security Trust Agreement, UCC 1-1 financing statements and amendments thereto, naming such Borrower Group Member as debtor, naming the Collateral Agent (for the benefit of the Lenders and the Administrative Agent) as secured party and describing the applicable Borrower Collateral (such UCC 1-1 financing statements and amendments to be satisfactory to the Administrative Agent and the Collateral Agent), with the Washington, D.C. Office of Registry and in such other jurisdictions and locations as may be required to perfect the security interests in the Borrower Collateral granted under the Security Trust Agreement and/or as the Collateral Agent or the Administrative Agent shall have reasonably required. From time to time, on or after the Initial Advance Date, the Borrower shall execute and file (or cause to be executed and filed) such financing statements and cause to be executed and filed such continuation statements, and shall make such registrations of international interests and assignments thereof existing or arising under the Cape Town Convention, including without limitation any prospective filings or other filings necessary or

------

advisable under the Cape Town Convention (<u>provided</u> that if a Lessee's cooperation is necessary to effectuate any such registrations, the Borrower shall only be required to make such registration to the extent feasible using commercially reasonable efforts), all to the extent required by the Perfection Standards and in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Administrative Agent, the Collateral Agent and the Lenders under this Agreement and the Security Trust Agreement in the Borrower Collateral, and in the proceeds thereof. In addition, with respect to the delivery of any legal opinion in respect of the Cape Town Convention, stated to be a condition precedent to Advances under <u>Section 7.1C</u> or <u>Section 7.2</u> hereof, but the execution and delivery of which is relegated to an undertaking of the Borrower under this subsection (a)(i), the Borrower agrees to obtain the relevant legal opinion as soon as feasible but in no event later than ten (10) Business Days following the date of the related release of funds to the Borrower in respect of the Advance. The Borrower shall in any case deliver (or cause to be delivered) to the Administrative Agent file-stamped copies of, or filing receipts for, any document filed or registration effected as provided above, as soon as available following such filing or registration. In the event that the Borrower fails to perform its obligations under this subsection, the Collateral Agent and the Administrative Agent may do so at the expense of the Borrower, to the extent that they are legally entitled to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein or in any other Credit Document to the contrary, the Collateral Agent shall be under no obligation to file or prepare any financing statement or continuation statement or to take any action or to execute any further documents or instruments in order to create, preserve or perfect the security interest granted hereunder, such obligations being solely the obligations of the Borrower (or, as applicable, a Service Provider).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not, and shall not permit any other Borrower Group Member that is a grantor of a security interest under the Security Trust Agreement to, change its name, identity, or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of § 9-402(7) of the UCC, unless the Borrower shall have given the Administrative Agent at least thirty (30) days prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall give the Administrative Agent at least sixty (60) days' prior written notice of any change of the Borrower's, or any other Borrower Group Member's, jurisdiction of formation, incorporation or organization. The Borrower shall at all times maintain its registered office within Bermuda, provided that the Borrower may be an Irish tax resident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall furnish to the Collateral Agent, the Administrative Agent from time to time such statements and schedules further identifying and describing the Borrower Collateral and such other reports in connection with the Borrower Collateral as the Collateral Agent or the Administrative Agent may reasonably request, all in reasonable detail.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not maintain, nor permit a Lessor to maintain, for purposes of determining perfection by possession under applicable law, possession of any executed original counterparts of the Leases that would be deemed the Chattel Paper Original in a jurisdiction other than Ireland, unless such Lease is an executed original or Chattel Paper Original deposited with the Collateral Agent.

SECTION 10.3 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall maintain its computer systems so that, from and after the time of the Initial Advance under this Agreement, its Records indicate clearly that the Borrower Collateral is directly or indirectly owned by Borrower or another Borrower Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall, at its own cost and expense, maintain complete records of the Aircraft, the Leases and the other Aircraft Assets, consistent with Leasing Company Practice. Upon request of the Collateral Agent, the Borrower shall, and shall cause the Borrower Subsidiaries to, deliver and turn over to the Collateral Agent or to its representatives, or upon the request of the Administrative Agent, shall provide the Administrative Agent or its representatives with access to, during ordinary business hours, upon reasonable notice by the Administrative Agent, which shall in no event be less than three (3) Business Days (except if an Event of Default shall have occurred), all of the Borrower's and the Borrower Subsidiaries' facilities, appropriate supervisory personnel and Records pertaining to the Aircraft and Aircraft Assets. Promptly upon request therefor, the Borrower shall, and shall cause the Borrower Subsidiaries to, provide access to the Administrative Agent to Records reflecting activity relating to the Aircraft and Aircraft Assets through the close of business on the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;With respect to technical and maintenance Records relating to a Funded Aircraft, the Borrower agrees (and agree to cause the applicable Lessor) to provide the Collateral Agent and the Administrative Agent, promptly upon request, access to (i) while the Aircraft is under Lease, such Records of the Lessee that the Lessor is entitled itself to access under, and subject to the restrictions of, the related Lease, and (ii) in any case, such Records that the Borrower or the Lessor maintains on its own account. The Borrower agrees to maintain and update such Records consistent with the Servicer Standard of Performance.

SECTION 10.4 <u>Other Liens or Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except for the security interest granted under the Security Trust Agreement, and as otherwise permitted under the Transaction Documents, the Borrower will not sell, assign or transfer (other than as permitted hereunder) or pledge to any other Person, or grant, create, incur, assume or suffer to exist any Adverse Claim (other than Permitted Liens) on any of the Borrower's assets, including without limitation, any Aircraft or other Aircraft Assets, the Borrower Collateral or any interest therein, and the Borrower shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Administrative Agent and the Lenders) in and to the Borrower Collateral against all claims of third parties claiming through or under the Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except for the security interest granted under the Security Trust Agreement, and as otherwise permitted under the Transaction Documents, the Borrower shall cause each Borrower Subsidiary not to sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Adverse Claim (other than Permitted Liens) on any of their assets, including any Aircraft or other Aircraft Assets, or any Lease, Related Security or other Borrower Collateral owned by, entered into by or related to such Borrower Subsidiary, or any interest therein. Without limiting the foregoing, the Borrower will not, and will not cause or permit any Borrower Subsidiary to, do anything to impair the rights of the Administrative Agent or the Lenders in any Aircraft or other Aircraft Assets, or any Leases, Related Security or other Borrower Collateral owned by, entered into by or related to such Borrower Subsidiary, or any interest therein other than to the extent expressly permitted under the Transaction Documents.

SECTION 10.5 <u>Negative Pledge Clause</u>. The Borrower shall not, and the Borrower shall not cause or permit any Borrower Subsidiary to enter into or cause, suffer or permit to exist, any agreement with any Person other than the Collateral Agent, Administrative Agent and the Lenders pursuant to this Agreement or any other Transaction Documents which prohibits or limits the ability of the Borrower or any Borrower Subsidiary to create, incur, assume or suffer to exist any Adverse Claim upon any of its property, assets or revenues, whether now owned or hereafter acquired.

SECTION 10.6 <u>Maintain Properties</u>. The Borrower shall (i) with respect to each Aircraft that is subject to a Lease, but in any case subject to all applicable legal and contractual restraints on performing such obligation including such Lease (and subject to the cooperation of the applicable Lessee, which the Borrower agrees to direct the Servicer to pursue, consistent with the Servicer Standard of Performance), cause, directly or indirectly, through any Borrower Subsidiary, such Aircraft to be maintained in a state of repair and condition consistent with Leasing Company Practice with respect to similar aircraft under lease, taking into consideration, among other things, the age and condition of the Aircraft and the jurisdiction in which such Aircraft will be operated or registered under any Lease, and (ii) with respect to each Aircraft that is not subject to a Lease, maintain, and cause each Borrower Subsidiary to maintain, such Aircraft in a state of repair and condition consistent with Leasing Company Practice with respect to aircraft not under lease. The Borrower shall and shall cause each Borrower Subsidiary to maintain all other properties (*i.e.*, other than Funded Aircraft) necessary to its operations in good working order and condition, make all needed repairs, replacements and renewals to such properties, and maintain free from Adverse Claims all trademarks, trade names, patents, copyrights, trade secrets, know-how, and other intellectual property and proprietary information (or adequate licenses thereto), in each case as are reasonably necessary to conduct its business as currently conducted or as contemplated hereby, all in accordance with Leasing Company Practice.

SECTION 10.7 <u>Ownership, Operation and Leasing of Funded Aircraft</u>. The Borrower shall not, and shall not permit any Borrower Subsidiary to:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Other than in connection with a sale, transfer or other disposition permitted under <u>Section 10.8</u>, permit any Person other than the applicable Aircraft Owning Entity (or an Owner Participant as the Owner of all of the beneficial interest in an Owner Trust) to own beneficially or of record any Aircraft (except to the extent required by applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Enforce any Lease with respect to any Aircraft in a manner other than the manner in which the Servicer is required to enforce such Lease under the Servicing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Enter into a Lease with respect to an Aircraft after the Initial Advance Date unless such Lease is an Eligible Lease and, while Critical Mass exists, such action does not constitute a Lessee Limitation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Enter into a Future Lease with a Lessee that is domiciled in or organized under the laws of a country that is not, at the time of entry into such Future Lease, either (i) on the Approved Country List, (ii) a country as to which the Borrower shall have procured the Required Coverage Amount (with such Required Coverage Amount being determined after giving effect to the origination of such Future Lease), or (iii) unless the Borrower shall have first given the Administrative Agent at least ten (10) Business Days' written notice of its intent to enter into such Lease. Following such written notice, and before the Borrower may enter into such Lease, the Administrative Agent shall have up to ten (10) Business Days to determine whether it will request an additional legal opinion of the type it would be able to request, under <u>Section 7.2(e)(vii)(C)</u> hereof, if an Aircraft leased to such Lessee were to be the subject of an Additional Advance Request as a proposed Additionally Financed Aircraft hereunder. If the Administrative Agent makes such a request prior to the end of such ten Business Day period, the Borrower may not enter into such Lease until it has first delivered such a legal opinion to the Administrative Agent. If the Administrative Agent notifies the Borrower during such ten Business Day period that it is not requesting delivery of such a legal opinion, or if the Administrative Agent fails to notify the Borrower of its intent by the end of such ten Business Day period, then the Borrower may proceed to enter into such Lease (subject to any other applicable conditions or requirements herein or in any other Credit Document). It is understood that the foregoing provisions and conditions concerning a request for an additional legal opinion shall only apply to proposed or incipient Future Leases with a Lessee not currently the Lessee of the applicable Funded Aircraft, *i.e.*, such provisions and conditions shall not apply to Future Leases that are renewals or extensions of a Lease of the applicable Funded Aircraft with its existing Lessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Enter into a Future Lease if, after giving effect to such Future Lease, more than ten (10) Aircraft in the Borrower's Portfolio will be leased to such Lessee or any Affiliate thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Enter into a Future Lease if, after giving effect to such Future Lease, more than seventeen (17) Aircraft in the Borrower's Portfolio will be leased to such Lessee and any two other Lessees or any of their respective Affiliates.

------

SECTION 10.8 <u>Limitation on Disposition of Aircraft</u>. Without the prior written consent of the Administrative Agent acting at the direction of the Majority Lenders, which such consent shall be granted or withheld in their sole and absolute discretion, the Borrower shall not sell, transfer or otherwise dispose of any Aircraft or any Equity Interest in any Borrower Subsidiary, including, without limitation, in connection with a Portfolio Transaction, or allow any Borrower Subsidiary to sell, transfer or otherwise dispose of any Aircraft or any Equity Interest in any Borrower Subsidiary, including, without limitation, in connection with a Portfolio Transaction, except (x) in connection with transfers wholly among the Borrower Group Members (including, without limitation, transfers by the Borrower of Equity Interest in Aircraft Owning Entities to one or more newly formed Borrower Subsidiaries in connection with any Approved Restructuring), (y) pursuant to a Qualifying Purchase Option, or (z) pursuant to any such other sale, transfer or other disposition in which the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;such sale, transfer or other disposition is not structured as a sale and leaseback transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the price for such sale, transfer or other disposition (net of closing costs, broker fees and other related expenses, and net of Tax liabilities payable by the Borrower or any Borrower Subsidiary attributable to such sale, transfer or disposition), together with the amount of any concurrent repayments to the Borrower of inter-company loans by any Holdco Subsidiary being sold, and/or by any Borrower Subsidiaries which such Holdco Subsidiary owns, equals or exceeds an amount equal to the Allocable Advance Amount with respect to the related Aircraft as of the date of such sale, transfer or other disposition (if the date of such sale, transfer or other disposition is a Payment Date) or as of the immediately preceding Payment Date (if the date of such sale, transfer or other disposition is not a Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;such sale, transfer or other disposition (i) does not constitute an Aircraft Limitation Event or a Lessee Limitation Event, and (ii) does not have as its immediate effect causing Critical Mass to no longer exist, and (iii) occurs at a time when Critical Mass exists, and (iv) does not have as its immediate effect, that after giving effect to such sale, transfer or other disposition, that the outstanding Advances allocable to Aircraft that are Off-Lease are not more than 7.5% of the outstanding Advances allocable to all Aircraft in the Borrower's Portfolio; <u>provided</u> that, during the Amortization Period, such sale, transfer or other disposition may occur even if any of the foregoing conditions in clause (i), (ii) or (iii) is not met, so long as the price for such sale, transfer or other disposition (net of closing costs, broker fees and other related expenses, and net of Tax liabilities payable by the Borrower or any Borrower Subsidiary attributable to such sale, transfer or disposition) equals or exceeds an amount equal to at least 125% of the Allocable Advance Amount with respect to the affected Aircraft as of the date of such sale, transfer or other disposition (if the date of such sale, transfer or other disposition is a Payment Date) or as of the immediately preceding Payment Date (if the date of such sale, transfer or other disposition is not a Payment Date), and <u>provided</u> <u>further</u> that, during either the Amortization Period or the period prior to the Amortization Period, such sale, transfer or other disposition may occur even if any of the foregoing conditions in

------

clause (i), (ii) or (iii) is not met, so long as (A) such sale is occurring in connection with a Portfolio Transaction, and (B) after giving effect to the sale, no Borrowing Base Deficiency will then exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default or Early Amortization Event shall have occurred at or prior to the time of, or shall occur as a result of, such sale, transfer or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; after giving effect to such sale, transfer or other disposition, and after giving effect to the mandatory prepayment pursuant to Section 4.2(b)(i) with respect thereto as if made at the time of such sale, transfer or other disposition, no Borrowing Base Deficiency will exist; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the board of directors of the Borrower shall have authorized the sale, transfer or other disposition.

The Borrower shall deposit, and shall cause the Borrower Subsidiaries to immediately deposit, in each case with written notice to the Collateral Agent, the proceeds of any such sale, transfer or other disposition, including, without limitation any such sale, transfer or other disposition of any Aircraft or any Equity Interests in any Borrower Subsidiary in connection with any Portfolio Transaction, into the Collection Account for application in accordance with Section 4.2 in the order of priority set forth in the Flow of Funds with such holdbacks with respect to applications of funds (other than applications to the repayment of Advances) as the Administrative Agent deems desirable in accordance with the Flow of Funds. On the date of any such sale, transfer or other disposition, the Borrower shall deliver to the Administrative Agent, amended and restated copies of <u>Schedule I</u>, <u>Schedule II</u>, and <u>Schedule III</u> hereto containing information that is correct after giving effect to such sale, transfer or other disposition.

In addition, and notwithstanding any provision of the Servicing Agreement, the Borrower agrees that it shall (1) cause each Borrower Subsidiary to only sell, transfer or otherwise dispose of, directly or indirectly, (a) any engine or part relating to an Aircraft (i) on the date that such Aircraft is sold, transferred or otherwise disposed of, or (ii) in connection with the replacement of such engine or part, and (b) an Aircraft to the extent permitted under the related Lease or any other Transaction Document, and (2) provide prior written notification of the sale, transfer or disposition of any Aircraft to the Administrative Agent.

Notwithstanding the foregoing, an Aircraft that has suffered an Event of Loss may be disposed of at the direction of an insurer that provided insurance covering such Event of Loss and has paid into the Collection Account all insurance proceeds to which the Collateral Agent, the Borrower and/or the applicable Borrower Subsidiary are entitled to receive in connection with such Event of Loss.

The provisions of this <u>Section 10.8</u> shall not apply to or prohibit any repurchase or purchase in accordance with the remedial provisions of the AerCap-Borrower Purchase Agreement.

------

Each of the Administrative Agent and the Collateral Agent hereby consents to, and shall execute and deliver any document provided and reasonably requested (in writing, with respect to the Collateral Agent) by the Borrower in connection with, the liquidation, dissolution, termination or similar process (including any relevant releases of security) of any Borrower Subsidiary which at such time does not directly or indirectly own any Aircraft and is not party to a Lease (other than any Lease that has expired or been terminated), including as a result of a disposition permitted pursuant to this <u>Section 10.8</u>.

SECTION 10.9 <u>Extension, Amendment or Replacement of Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided by this <u>Section 10.9</u> (and in any case subject to the limitations of <u>Section 10.7</u>), the Borrower shall not allow any Borrower Subsidiary to transfer, assign, extend, amend, replace, or waive any term of, or otherwise modify any Lease, in any way that may cause such Lease to no longer constitute an Eligible Lease, or that would have a material adverse effect on the validity, perfection or priority of the security interest of the Collateral Agent therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon the termination of any Lease with respect to any Aircraft, the Borrower shall cause the applicable Borrower Subsidiary to use its reasonable commercial efforts to renew such Lease or lease such Aircraft to another Eligible Carrier pursuant to an Eligible Lease and otherwise in compliance with the terms of the Servicing Agreement. No such renewal or additional Lease shall be permitted if it would constitute a Lessee Limitation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon execution of any renewal or replacement Lease, the Borrower or the applicable Borrower Subsidiary shall deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the Collateral Agent, and only if the Lease is with a Lessor organized under the laws of a State (or the District of Columbia) within the United States within the meaning of Article 9 of the UCC, the Chattel Paper Original of such renewal or replacement Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;to the Collateral Agent, a Notice and Acknowledgment with respect to such Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;to the Collateral Agent and the Administrative Agent, certificates of insurance from qualified brokers of aircraft insurance or other evidence satisfactory to the Administrative Agent, evidencing all insurance required to be maintained by the applicable Obligor together with endorsements naming (i) the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, as a "contract party" and listing the relevant Transaction Documents as "contracts" for purposes of certificates incorporating Lloyd's AVN67B endorsements or similar language or as "loss payee" or as an "additional insured", if applicable and (ii) each of the Borrower, the Borrower Subsidiary that is the owner, or lessor, of such Aircraft, the Collateral Agent and the Administrative Agent, on behalf of the Lenders, as an additional insured;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;to the Administrative Agent, promptly and in any case within 15 days, a copy of such Lease, and an amended and restated <u>Schedule III</u> hereto incorporating all information required under such schedule with respect to such renewed or replacement Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;to the Collateral Agent, with respect to any renewal or replacement Lease, copies of such legal opinions with regard to compliance with the registration requirements of the relevant jurisdiction, enforceability of such Lease and such other matters customary for such transactions to the extent that receiving such legal opinions is consistent with Leasing Company Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall, and shall cause each applicable Borrower Subsidiary to, in each case, whether directly or through the Servicer, commence the negotiation of any commitment for an Eligible Lease or Leases in a manner consistent with the practices employed by the Servicer with respect to its aircraft operating leasing services business generally and in accordance with the terms of the Servicing Agreement.

SECTION 10.10 <u>Acquisitions of Aircraft</u>. The Borrower shall not acquire, and shall not cause or permit any Borrower Subsidiary to acquire, any aircraft other than an Aircraft and aircraft that are anticipated to become Additionally Financed Aircraft upon satisfaction of the applicable conditions.

SECTION 10.11 <u>Servicing Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Modifications</u>. The Borrower shall not amend, terminate, restate, supplement or otherwise modify any Service Provider Agreement in any respect without the consent of the Administrative Agent, <u>provided</u> that, with respect to any amendment, supplement or modification to be entered into for the purposes of adding additional terms and conditions to any Service Provider Agreement or in order to comply with applicable law, such consent may not be unreasonably withheld or delayed; <u>provided further</u> that no such consent shall be required to add parties via an applicable accession agreement as contemplated in the Service Provider Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Service Provider Agreements</u>. The Borrower shall take all actions as are necessary to be in compliance with the Service Provider Agreements and to cause the applicable Service Provider to be in compliance with the applicable Service Provider Agreement to which it is party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. The Borrower shall not, and shall not cause or permit any Borrower Subsidiary to, pay any management or other fee to AerCap or any Affiliate thereof other than payment of Service Provider Fees to the extent contemplated by this Agreement and the Service Provider Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Breaches</u>. The Borrower shall not commit or permit any material breach of any Service Provider Agreement.

------

SECTION 10.12 <u>Representations Regarding Operation</u>. The Borrower shall not, and shall not cause or permit any Borrower Subsidiary to represent or hold out, or permit any Applicable Carrier or Owner Trustee to represent or hold out, the Collateral Agent, the Administrative Agent or any Lender as (i) the owner or lessor of any Aircraft, (ii) carrying goods or passengers on any Aircraft, or (iii) being in any way responsible for any operation of carriage (whether for hire or reward or gratuitously) with respect to any Aircraft.

SECTION 10.13 <u>Costs and Expenses</u>. The Borrower shall pay all of its and its Subsidiaries' reasonable costs and disbursements in connection with the performance of its obligations hereunder and under the Transaction Documents.

SECTION 10.14 <u>Compliance with Laws, Etc.</u> The Borrower will, and the Borrower will cause each Borrower Subsidiary to, comply in all material respects with all Requirements of Law (including, without limitation, any Environmental Law), rules, regulations and orders and preserve and maintain its corporate existence, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply with such laws, rules and regulations or the failure so to preserve and maintain such existence, rights, franchises, qualifications, and privileges would not materially adversely affect the Borrower Collateral, the collectibility of the Leases or the ability of the Borrower, any Service Provider or such Borrower Subsidiary to perform its obligations under the Transaction Documents.

Without limiting the foregoing, the Borrower shall, and shall cause the Aircraft Owning Entities and Owner Participants to, obtain all material governmental (including regulatory) registrations, certificates, licenses, permits and authorizations required for the use and operation of the Aircraft Owned by it, including, without limitation, a current certificate of airworthiness for each Aircraft (issued by the applicable aviation authority and in the appropriate category for the nature of operations of such Aircraft), except that (A) no certificate of airworthiness will be required for any Aircraft (x) during any period when such Aircraft is undergoing maintenance, modification or repair or (y) following the withdrawal or suspension by such applicable aviation authority of certificates of airworthiness in respect of all aircraft of the same model or period of manufacture as such Aircraft (in which case the Borrower and any applicable Borrower Subsidiary will comply, and cause each of its subsidiaries to comply, with all directions of such applicable aviation authority in connection with such withdrawal or suspension), or (z) with respect to a Lessee in any individual case, so long as the Servicer is enforcing, in accordance with the Servicer Standard of Performance, the applicable provisions of the Lease requiring the Lessee to cure such lapse and obtain a reinstatement of the applicable lapsed certificate of airworthiness, (B) no registrations, certificates, licenses, permits or authorizations required for the use or operation of any Aircraft need be obtained with respect to any period when such Aircraft is not being operated and (C) no such registrations, certificates, licenses, permits or authorizations will be required to be maintained for any Aircraft that is not the subject of a Lease, except to the extent required under Requirements of Law.

------

Notwithstanding the foregoing, no breach of this <u>Section 10.14</u> shall be deemed to have occurred by virtue of any act or omission of a lessee or sub-lessee, or of any Person which has possession of the Aircraft or any engine for the purpose of repairs, maintenance, modification or storage, or by virtue of any requisition, seizure, or confiscation of the Aircraft (other than seizure or confiscation arising from a breach by the Borrower or a Borrower Subsidiary of this <u>Section 10.14</u>) (each, a "<u>Third Party Event</u>"); <u>provided</u> that (i) neither the Borrower nor any Borrower Subsidiary consents or has consented to such Third Party Event; and (ii) the Borrower or Borrower Subsidiary which is the lessor or owner (or beneficial owner) of such Aircraft promptly and diligently takes actions consistent with Leasing Company Practice in respect of such Third Party Event, including, without limitation, as deemed appropriate (taking into account, inter alia, the laws of the jurisdictions in which the Aircraft are located), seeking to compel any applicable Obligor or any other relevant Person to remedy such Third Party Event or seeking to repossess the relevant Aircraft or engine.

SECTION 10.15 <u>Environmental Compliance</u>. If the Borrower or any of the Borrower Subsidiaries shall receive any letter, notice, complaint, order, directive, claim or citation alleging that the Borrower, any Service Provider or any of the Borrower Subsidiaries has violated any Environmental Law, has released any Hazardous Material, or is liable for the costs of cleaning up, removing, remediating or responding to a release of Hazardous Materials, the Borrower shall, and shall cause any such Borrower Subsidiary to, within the time period permitted and to the extent required by the applicable Environmental Law or the Government Entity responsible for enforcing such Environmental Law, remove or remedy such violation or release or satisfy such liability.

SECTION 10.16 <u>Employee Benefit Plans; Employees</u>. None of the Borrower or any Borrower Subsidiary shall have (i) any Employee Benefit Plan, any Multiemployer Plan or any Pension Plan, or any obligation to fund any such plan, or (ii) any employees other than as required by any provisions of local law, <u>provided</u> that trustees and directors shall not be deemed to be employees for purposes of this covenant.

SECTION 10.17 <u>Change in Business</u>. The Borrower will not, nor will it permit or cause any of the Borrower Subsidiaries to, alter its policies and procedures relating to the operation of its aircraft leasing business in a manner which would materially adversely affect the collectibility of a substantial portion of the Leases or the ability of the Borrower to perform its obligations under this Agreement or any Transaction Document, without the prior written consent of the Administrative Agent.

------

SECTION 10.18 <u>Notice of Adverse Claim or Loss</u>. The Borrower shall notify the Lenders, the Collateral Agent and the Administrative Agent promptly, in writing and in reasonable detail, (i) of any Adverse Claim known to it made or asserted against any of the Borrower Collateral (other than Permitted Liens), (ii) of the occurrence of any event (other than a change in general market conditions) which would have a material adverse effect on the assignments and security interests granted by the Borrower or AerCap under any Transaction Document, and (iii) as soon as the Borrower or any Borrower Subsidiary becomes aware, of any loss, theft, damage, or destruction to any Aircraft if the potential cost of repair or replacement of such asset (without regard to any insurance claim related thereto) may exceed $10,000,000.

SECTION 10.19 <u>Reporting Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower (through itself or any applicable Service Provider) shall furnish to the Administrative Agent, each Lender and, in the case of clauses (i) and (vi) below, to the Collateral Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;on each Determination Date, a certificate in substantially the form of <u>Exhibit H</u> to the Administrative Agent (the "<u>Monthly Report</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;as soon as available and in any event within 120 days after the end of each Fiscal Year, a copy of the audited consolidated financial statements, prepared in accordance with GAAP, for such year of each of the AerCap Group and the Borrower and their respective consolidated Subsidiaries, certified by any firm of nationally recognized independent certified public accountants acceptable to the Administrative Agent, accompanied by a certificate of the officer in charge of financial matters of AerCap Group, confirming that AerCap Group is in compliance with the net worth requirement in <u>Section 12.1(f)</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;as soon as available and in any event within 75 days after the end of each of the first three quarters of each Fiscal Year, with respect to (x) the AerCap Group and (y) the Borrower and its consolidated Subsidiaries, unaudited consolidated balance sheets as of the end of such quarter and as at the end of the previous Fiscal Year, and consolidated statements of income for such quarter and for the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter prepared in accordance with GAAP, certified by the officer in charge of financial matters of the AerCap Group or the Borrower, as applicable, identifying such balance sheets or statements as being the balance sheets or statements of such Person described in this paragraph (iii) and stating that the information set forth therein fairly presents the financial condition of the AerCap Group or the Borrower, as applicable, and its consolidated Subsidiaries as of and for the periods then ended, subject to year-end adjustments consisting only of normal, recurring accruals and omissions of footnotes and subject to the auditors' year end report, and accompanied by a certificate of the officer in charge of financial matters of AerCap Group confirming that AerCap Group is in compliance with the net worth requirements in <u>Section 12.1(f)</u> hereof;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;promptly after receipt thereof, a copy of any "management letter" received by the Borrower from its certified public accountants and the management's response thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;on every third Determination Date following the Original Closing Date, a Quarterly Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;as soon as possible and in any event within five (5) days after the occurrence of a Default, an Event of Default, a Servicer Termination Event, an Early Amortization Event, an event that would constitute a Servicer Termination Event or Early Amortization Event but for the passage of time or the giving of notice or both, a written statement of an officer in charge of financial matters of the Borrower setting forth complete details of such Default, Event of Default, Servicer Termination Event, Early Amortization Event or any such other event, and the action, if any, which the Borrower has taken, is taking and proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;promptly after the Borrower obtains knowledge thereof, notice of any default that has occurred and is continuing under the AerCap-Borrower Purchase Agreement or any Borrower Acquisition Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;promptly after receipt thereof, copies of all formal notices (other than an inconsequential notices) received by the Borrower or the Servicer from the seller under the AerCap-Borrower Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;promptly, from time to time, such other information, documents, Records or reports respecting the Aircraft, the Leases, the Equity Interests of the Borrower Subsidiaries, the Related Security or the condition or operations, financial or otherwise, of the Borrower, the Borrower Subsidiaries or any of their respective Subsidiaries which the Collateral Agent or the Administrative Agent may, from time to time, reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;promptly, from time to time, such information and documents as any Lender, the Administrative Agent or the Collateral Agent may reasonably request in order to satisfy its "know your customer" or regulatory compliance requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;prompt written notice of the issuance by any court or governmental agency or authority of any injunction, order, decision or other restraint prohibiting, or having the effect of prohibiting, the making of the Advances hereunder, or invalidating, or having the effect of invalidating, any provision of this Agreement, or any other Transaction Document, or the initiation of any litigation or similar proceeding seeking any such injunction, order, decision or other restraint, in each case, of which it has knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall provide each Service Provider with any and all information reasonably necessary or appropriate for such Service Provider in connection with its duties hereunder and under the applicable Service Provider Agreements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and the Lenders are hereby authorized to deliver a copy of any such financial or other information delivered hereunder to the Lenders (or any affiliate of any Lender) or to the Administrative Agent, to any Government Entity having jurisdiction over any such Person pursuant to any written request therefor or in the ordinary course of examination of loan files, to any rating agency in connection with their respective ratings of commercial paper issued by any Lender or to any other Person who shall acquire or consider the assignment of, or acquisition of any participation interest in, any Obligation permitted by this Agreement; <u>provided</u> that such Person agrees in writing to the confidentiality provisions set forth in <u>Section 17.15</u>.

SECTION 10.20 <u>Corporate Separateness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall at all times maintain independent directors (which must constitute a majority of all directors), each of which (i) does not have any direct financial interest or any material indirect financial interest in AerCap, the Borrower, or in any Affiliate of the Borrower, (ii) is not, and has not been, connected with AerCap, the Borrower, or any Affiliate of the Borrower as an officer, employee, promoter, underwriter, trustee, partner or Person performing similar functions and is not a member of the immediate family of any such person and (iii) is not, and has not been, a director, member or a trustee (other than as an independent director, member or trustee for an Affiliate which is a special purpose entity) or stockholder of AerCap, the Borrower, or any Affiliate of the Borrower and is not a member of the immediate family of any such person. The Borrower shall cause each Borrower Subsidiary (other than an Owner Trust) to at all times maintain independent directors, members or trustees (which must constitute a majority of all such positions), as applicable, each of which (i) does not have any direct financial interest or any material indirect financial interest in AerCap, the Borrower, or any Affiliate of the Borrower, (ii) is not, and has not been, connected with AerCap, the Borrower, or any Affiliate of the Borrower as an officer, employee, promoter, underwriter, trustee, partner or Person performing similar functions and is not a member of the immediate family of any such person and (iii) is not, and has not been, a director, member or a trustee (other than as an independent director, member or trustee for an Affiliate which is a special purpose entity) or stockholder of AerCap, the Borrower, or any Affiliate of the Borrower and is not a member of the immediate family of any such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not direct or participate in the management of any other Person's operations other than in its capacity as owner of Equity Interests in the Borrower Subsidiaries, and (except to the extent permitted under the Service Provider Agreements) no other Person, other than the officers, trustees and owner of the Borrower, shall be permitted to direct or participate in the management of the Borrower. The Borrower shall cause each Borrower Subsidiary to (i) not direct or participate in the management of any other Person's operations other than in its capacity as owner of Equity Interests in any other Borrower Subsidiaries and (ii) (except to the extent permitted under the Service Provider Agreements) prevent any other Person, other than the officers, trustees and owners of such Borrower Subsidiary, from directing or participating in the management of such Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall limit its business and activities to (i) the acquisition and ownership of the Borrower Subsidiaries and/or Aircraft, (ii) effectuating any Approved Restructuring, (iii) the sale of the Borrower Subsidiaries and/or Aircraft as and when permitted hereunder, (iv) entering into and performing under the Transaction Documents, (v) entering into and performing under the documents relating to, and taking other actions related to, any Portfolio Transaction or Lease, and (vi) business incidental to such activities. The Borrower will be permitted to guarantee the obligations under Leases of the Aircraft Owning Entities and the Applicable Intermediaries. The Borrower shall cause each Borrower Subsidiary to limit its business and activities to (i) the acquisition and ownership (or beneficial ownership) and lease of the Aircraft and/or the ownership of other Borrower Subsidiaries, (ii) the sale of the Aircraft as and when permitted hereunder, (iii) entering into and performing under the Transaction Documents, (iv) entering into and performing under the documents relating to, and taking other actions related to, any Portfolio Transaction (including any Approved Restructuring) or Lease, and (v) business incidental to such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have stationery and other business forms separate from that of any other Person. The Borrower shall cause each Borrower Subsidiary to have stationery and other business forms separate from that of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall ensure that, to the extent that it, or any Borrower Subsidiary, jointly contracts with any of its equity holders or Affiliates to do business with vendors or service providers or to share overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities and that each such entity shall bear its fair share of such costs and shall ensure that, to the extent that the Borrower, or any Borrower Subsidiary, contracts or does business with vendors or service providers where the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided and that each such entity shall bear its fair share of such costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall at all times provide for its own operating expenses and liabilities from its own funds, shall not allow its funds to be diverted to any other Person or for any use other than the use of the Borrower and any Borrower Subsidiary, and shall not, except as may be expressly permitted by the Transaction Documents, allow its funds to be commingled with those of any other Person other than any Borrower Subsidiary. The Borrower shall cause each Borrower Subsidiary to at all times provide for its own operating expenses and liabilities from its own funds, not allow its funds to be diverted to any other Person or for other than the corporate use of such Borrower Subsidiary, and shall not, except as may be expressly permitted by the Transaction Documents, allow its funds to be commingled with those of any other Person, other than with the Borrower and any other Borrower Subsidiary.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise required to effectuate an Approved Restructuring, the Borrower shall maintain its assets and transactions separately from those of any other Person, and evidence such assets and transactions by appropriate entries in books and records separate and distinct from those of any other Person. Except as otherwise required to effectuate an Approved Restructuring, the Borrower shall cause each Borrower Subsidiary to maintain its assets and transactions separately from those of any other Person and evidence such assets and transactions by appropriate entries in books and records separate and distinct from those of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall ensure that all transactions between the Borrower and any of its Affiliates shall be only on an arm's-length basis (it being understood and agreed that the foregoing shall not prohibit transfers by the Borrower of Equity Interest in Aircraft Owning Entities to one or more newly formed Borrower Subsidiaries, or any related transactions, in connection with any Approved Restructuring). The Borrower shall cause each Borrower Subsidiary to ensure that all transactions between such Borrower Subsidiary and any of its Affiliates shall be only on an arm's-length basis (it being understood and agreed that the foregoing shall not prohibit transfers by the Borrower of Equity Interest in Aircraft Owning Entities to one or more newly formed Borrower Subsidiaries, or any related transactions, in connection with any Approved Restructuring).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall hold itself out to the public under its own name as a legal entity separate and distinct from any other Person, shall act solely in its own name and through its own authorized officers and agents, and no Affiliate of the Borrower shall be appointed to act as agent by the Borrower, except as may be expressly permitted by any agreements of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not hold itself out as having agreed to pay, or as being liable, primarily or secondarily, for any obligations of any other Person other than it may guaranty the obligations of a Borrower Subsidiary. The Borrower shall cause each Borrower Subsidiary to not hold itself out as having agreed to pay, or as being liable, primarily or secondarily, for any obligations of any other Person, except as contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided herein, the Borrower shall not maintain, or allow any Borrower Subsidiary to maintain, any joint account with any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not make any payment or distribution of assets with respect to any obligation of any other Person, except the Borrower Subsidiaries, or grant any Lien on any of its assets to secure any obligation of any other Person. The Borrower shall not allow any Borrower Subsidiary to make any payment or distribution of assets with respect to any obligation of any other Person or grant any Lien on any of its assets to secure any obligation of any other Person other than the Obligations of the Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not make loans, advances or otherwise extend credit to any other Person (provided that the Borrower may guaranty obligations of its Subsidiaries), except on an arm's-length basis, and shall not permit any Affiliate of the Borrower to advance funds to the Borrower or otherwise supply funds to, or guaranty debts of, the Borrower (provided that nothing in this clause (n) shall be construed as prohibiting Servicer Advances and advances under the AerCap Liquidity Facility to fund Approved Asset Improvements, and advances under the AerCap Sub Notes or as otherwise permitted under this Agreement), it being understood and agreed that the foregoing shall not prohibit any loans or advances made in connection with any Approved Restructuring or the repayment of such loans and advances in connection with a Portfolio Transaction, nor the provision of any Maintenance Reserves Eligible Letter of Credit, Liquidity Reserve Eligible Letter of Credit or Bond Amount. The Borrower shall not allow any Borrower Subsidiary to make loans, advances or otherwise extend credit to any other Person, except on an arm's-length basis, and shall not permit any Affiliate of such Borrower Subsidiary, other than the Borrower, to advance funds to such Borrower Subsidiary or otherwise supply funds to, or guaranty debts of, such Borrower Subsidiary, it being understood and agreed that the foregoing shall not prohibit any loans or advances made in connection with any Approved Restructuring or the repayment of such loans and advances in connection with a Portfolio Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall hold regular duly noticed meetings of the holders of its Equity Interests, no less than once annually, and make and retain minutes of such meetings. The Borrower shall cause each Borrower Subsidiary to hold regular duly noticed meetings of the holders of its Equity Interests, no less than once annually, and make and retain minutes of such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall file its own Tax Returns or, if it is a member of a consolidated group, will join in the consolidated return of such group as a separate member thereof and shall ensure that any financial reports required of the Borrower shall comply with GAAP and shall be issued separately from, but may be consolidated with, any reports prepared for any of its Affiliates. The Borrower shall cause each Borrower Subsidiary to file its own Tax Returns or, if such Borrower Subsidiary is a member of a consolidated group, will join in the consolidated return of such group as a separate member thereof and shall ensure that any financial reports required of such Borrower Subsidiary shall comply with GAAP and shall be issued separately from, but may be consolidated with, any reports prepared for any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person. The Borrower shall cause each Borrower Subsidiary to maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall comply with and exercise its rights under all provisions of the Operating Documents and Organizational Documents. The Borrower shall cause each Borrower Subsidiary to comply with all provisions of its Operating Documents and Organizational Documents.

------

SECTION 10.21 <u>Purchase Agreement</u>. The Borrower will not amend, waive or modify any provision of the AerCap-Borrower Purchase Agreement (other than any such amendment, waiver or modification which shall not affect, directly or indirectly, the rights, benefits and privileges of the Borrower or any Lender thereunder or the obligations and duties of AerCap thereunder) or waive the occurrence of any default under the AerCap-Borrower Purchase Agreement, without in each case the prior written consent of the Administrative Agent. The Borrower will perform all of its obligations under the AerCap-Borrower Purchase Agreement in all respects and will enforce all of its rights under the AerCap-Borrower Purchase Agreement (including without limitation, its rights to require a repurchase thereunder pursuant to Article 4.5 thereof), in accordance with its terms in all respects.

SECTION 10.22 <u>Limitation on Certain Restrictions on Borrower Subsidiaries</u>. The Borrower shall not, and shall not cause or permit any Borrower Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Borrower Subsidiary to (i) pay dividends or make any other distributions on its Equity Interests owned by the Borrower or any other Borrower Subsidiary or pay any Indebtedness owed to the Borrower or any other Borrower Subsidiary, (ii) make loans or advances to the Borrower or any other Borrower Subsidiary or (iii) transfer any of its properties to the Borrower or any other Borrower Subsidiary, except for such encumbrances or restrictions existing under or by reason of (x) a Requirement of Law, (y) this Agreement or any other Transaction Documents or (z) any Lease or any agreement regarding the sale of an Aircraft or a Borrower Subsidiary to be made in compliance with <u>Section 10.8</u> hereof.

SECTION 10.23 Mergers, Etc.

Other than to the extent permitted by <u>Section 10.8</u> hereof, the Borrower will not, and shall not cause or permit any Borrower Subsidiary to, amalgamate, merge with or into or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all of the assets or capital stock or other ownership interest of, or enter into any joint venture or partnership agreement with, any Person.

SECTION 10.24 <u>Distributions, Etc.</u> The Borrower will not declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any Equity Interests of the Borrower, or return any capital to its equity holders as such, or purchase, retire, defease, redeem or otherwise acquire for value or make any payment in respect of any of the Equity Interests of the Borrower or any warrants, rights or options to acquire any such Equity Interests, now or hereafter outstanding; <u>provided</u>, <u>however</u>, that the Borrower may declare and pay cash or other dividends on its Equity Interests to its equity holders from funds distributed to the Borrower pursuant to the Flow of Funds so long as (a) no Event of Default shall then exist or would occur as a result thereof, (b) such dividends are in compliance with all applicable law, and (c) such dividends have been approved by all necessary and appropriate entity action of the Borrower.

------

SECTION 10.25 <u>Subsidiaries; Investments</u>. The Borrower shall not, and shall not cause or permit any Borrower Subsidiary to, own, create or permit to exist any Subsidiary (except for Borrower Subsidiaries in existence as of the Initial Advance Date or Applicable Intermediaries or other Borrower Subsidiaries created after the Initial Advance Date provided that (i) such Applicable Intermediaries and other Borrower Subsidiaries comply with all representations, warranties and covenants hereunder regarding Borrower Subsidiaries and (ii) the beneficial interests in such Applicable Intermediaries have been pledged under the Security Trust Agreement), or otherwise purchase, own, invest in or otherwise acquire, directly or indirectly, any stock or other securities, or make or permit to exist any interest whatsoever in any other Person or permit to exist any loans or advances to any Person (other than Eligible Investments), other than loans to the Borrower or any Borrower Subsidiary.

SECTION 10.26 <u>Guarantees</u>. The Borrower shall not, and shall cause each Borrower Subsidiary not to, make, issue, or become liable on any Contingent Liabilities, except (a) the Security Trust Agreement and the other Transaction Documents, (b) guarantees of the Indebtedness allowed under <u>Section 10.27</u>, (c) endorsement in the ordinary course of business of negotiable instruments for deposit or collection and (d) in the case of the Borrower, guarantees of the obligations of Aircraft Owning Entities and Applicable Intermediaries.

SECTION 10.27 <u>Indebtedness</u>. The Borrower shall not, and shall cause each Borrower Subsidiary not to, incur or maintain any Indebtedness, other than the (a) the Obligations, (b) Indebtedness permitted under <u>Section 10.25</u>, (c) Indebtedness among Borrower Group Members, (d) accounts payable in the ordinary course of business so long as the payment therefor is due within one year, and (e) Indebtedness for the purpose of funding the acquisition of Aircraft Assets or Aircraft Owning Entities or Approved Asset Improvements or for other purposes approved by the Administrative Agent; <u>provided</u> that such Indebtedness is evidenced by an AerCap Sub Note.

SECTION 10.28 <u>Organizational Documents</u>. Except as otherwise required to effectuate an Approved Restructuring, the Borrower shall not, and shall not cause or permit any Borrower Subsidiary to, modify, amend, or alter any of its Organizational Documents or its Operating Documents without the prior written consent of the Administrative Agent.

SECTION 10.29 <u>Audits; Inspections</u>. Until the date on which all Obligations are paid in full, and in any case not more frequently than four (4) times per calendar year (unless an Event of Default shall have occurred), each of the Borrower and the Servicer will, and the Borrower will cause the Borrower Subsidiaries to, at their respective expense from time to time during regular business hours as requested by the Administrative Agent, permit such Person or its agents or representatives (which shall not include independent public accountants) (i) subject to any limitations in a Lease, to conduct periodic inspections of the Aircraft, the Leases, the Related Security, the other Aircraft Assets and the related books and records and collections systems of the Borrower, the Servicer and any Borrower Subsidiary, as the case may be, (ii) to examine and make copies of and abstracts from all books, records and documents (including, without limitation, computer tapes and disks) in the possession or under the control of the Borrower, the Servicer and any Borrower Subsidiary, as the case may be, relating to the Aircraft, the Leases,

------

the Related Security and the other Aircraft Assets, and (iii) to visit the offices and properties of the Borrower, the Servicer and any Borrower Subsidiary, as the case may be, for the purpose of examining such materials described in clause (ii) above, and to discuss matters relating to Aircraft, the Leases, the Related Security, the other Aircraft Assets or the Borrower's, the Servicer's or any Borrower Subsidiary's performance under the Transaction Documents or under the Leases with any of the officers or employees of the Borrower, the Servicer or any Borrower Subsidiary, as the case may be, having knowledge of such matters. In addition, upon the request of the Administrative Agent, no more than once per year (with such limitation applicable only prior to the occurrence of an Event of Default), the Borrower will, at its expense (not to exceed $50,000 in any calendar year prior to the occurrence of an Event of Default, after which such expense limitation shall no longer apply), appoint an agent or representative of the Administrative Agent, including a consulting arm of an accounting firm of independent public accountants (but otherwise not an independent public accountant), or utilize the representatives or auditors of the Administrative Agent, to prepare and deliver to the Administrative Agent, a written report with respect to the Aircraft and the Leases (including, in each case, the systems, procedures and records relating thereto) on a scope and in a form reasonably requested by the Administrative Agent.

SECTION 10.30 <u>Use of Proceeds; Margin Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u>. The proceeds of the Advances are to be used solely: (i) to refinance the Original Agreement Refinancing Amount, (ii) to finance the purchase by the Borrower from AerCap, on a "true sale" basis, of Equity Interests in Aircraft Owning Entities and Owner Participants, pursuant to the AerCap-Borrower Purchase Agreement, which interests AerCap has acquired from the applicable Sellers pursuant to the related Aircraft Acquisition Documents (collectively, the "<u>Borrower Acquisition</u>"), (iii) in the case of Improvement Advances, to finance a reimbursement or otherwise in respect of Approved Asset Improvement Costs, (iv) in the case of Critical Mass Event Advances and Increased Availability Advances, to utilize availability arising under this Agreement due to Critical Mass Advance Rate Adjustments or other changes in Advance Rate Adjustments and (v) in the case of Initial Advances, to pay certain expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Margin Regulations</u>. The Borrower shall not permit the proceeds of any Advance to be used for any purpose which entails a violation of, or is inconsistent with, Regulation T, U or X of the Board of Governors of the Federal Reserve System of the United States.

SECTION 10.31 <u>Accounting; Irish Tax Residency</u>. The Borrower shall not, and shall not cause or permit any Borrower Subsidiary, to (i) change its Fiscal Year, or have any fiscal year other than the Fiscal Year or (ii) make or permit any change in accounting policies or reporting practices, without the consent of the Administrative Agent, except changes that are required by or in accordance with GAAP. In addition, the Borrower shall not take any affirmative action which would cause it to no longer be tax resident in Ireland.

------

SECTION 10.32 <u>Hedging Policy; Currency Risks</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall maintain, as of and after the Effective Date, a hedging policy ("<u>Hedging Policy</u>") consistent with the criteria and provisions set forth on <u>Exhibit O</u> hereto, and with any changes in such Hedging Policy to be made subject to the provisions set forth on <u>Exhibit O</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower further covenants and agrees to implement and comply with its Hedging Policy as in effect from time to time, by entering into Eligible Hedge Agreements with Eligible Counterparties as necessary to so comply. Notwithstanding anything to the contrary herein, the Borrower shall be permitted to amend any Hedge Agreement with a Lender (or its Affiliate) signing this Agreement as of the date hereof, or any assignee thereof (or its Affiliate), without the consent of the Administrative Agent or any Lender if such Hedge Agreement, as so amended, remains an Eligible Hedge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees that it will not maintain Leases payable in Euros, with respect to Leases on Aircraft that in the aggregate have an Allocable Advance Amount exceeding $50,000,000.

SECTION 10.33 <u>Maintenance Reserves Deficiency</u>. The Borrower shall ensure that no Maintenance Reserves Deficiency shall exist at any time.

SECTION 10.34 <u>Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall maintain in full force and effect the Contingent Policy and shall maintain, and shall cause the Insurance Servicer and each Borrower Subsidiary to, maintain or cause to be maintained with respect to each Aircraft and all other Borrower Collateral all other insurance required pursuant to the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Contingent Policy, nor any policy implementing the Required Coverage Amount as described in subsection (d) below, shall be amended without the prior written consent of the Administrative Agent, which consent with respect to any amendment that does not adversely affect the coverages or other terms or protections provided by the Contingent Policy or such other policy, will not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Aircraft that is subject to an Eligible Lease, the Borrower shall deliver to the Administrative Agent copies of Lessee insurance certificates evidencing the insurance coverages required under the applicable Lease upon the earlier of the date such Aircraft becomes a Funded Aircraft and the date such Funded Aircraft is delivered to the applicable Eligible Carrier (and at the time thereafter, if any, that such Funded Aircraft becomes subject to a different Eligible Lease) and, upon request, shall deliver to the Administrative Agent evidence of renewal of each insurance and, if applicable, reinsurance certificate; <u>provided</u> that, with respect to the Aircraft in the Borrower's Portfolio on the Effective Date, notwithstanding any other provision hereof, the parties hereto agree that the Borrower shall not be required to obtain or deliver until the next renewal date of the insurance policies for each such Aircraft (to the extent such Aircraft is in the Borrower's Portfolio on such date) a new insurance certificate, which new insurance certificate will name the Administrative Agent (rather than the prior administrative agent) to the extent the Administrative Agent is required to be named pursuant hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees that, to the extent that it shall have obtained the Required Coverage Amount in respect of a country to be included (or treated as if included) on the Approved Country List, that it will maintain such Required Coverage Amount in effect for so long as the Borrower's Portfolio has exposure to such country.

SECTION 10.35 Anti Terrorism; Anti Money <u>Anti-Terrorism Law; Anti-Money</u> <u>Laundering</u>. The Borrower shall not, nor shall it permit or cause any Borrower Subsidiary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Terrorism Law</u>. Directly or indirectly, (i) knowingly conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Person described in <u>Section 9.21</u>, (ii) knowingly deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the any OFAC Law or Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti Terrorism Anti-Terrorism Law, Anti-Money Laundering Law or OFAC Law (and the Borrower, the Aircraft Owning Entities and the Owner Participants shall, and shall cause any Borrower Subsidiary to, deliver to the Lenders any certification or other evidence requested from time to time by any Lender in its reasonable discretion, confirming their compliance with this <u>Section 10.35</u>). The Borrower shall, promptly upon becoming aware, provide to the Administrative Agent details of any claim, proceeding, formal notice or investigation with respect to Sanctions relating to the Borrower, any Borrower Subsidiary or any of their officers or directors in connection with the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Money Laundering</u>. Cause or permit any of the funds of any of them that are used to repay the Advances to be derived from any unlawful activity or dealings with any Embargoed Person with the result that the making of the Advances would be in violation of any Anti-Money Laundering Laws or Sanctions.

SECTION 10.36 <u>Embargoed Person and Use of Proceeds</u>. The Borrower and each Borrower Subsidiary, will not, directly or indirectly use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of any Advance or other transaction(s) contemplated by this Agreement to fund any trade, business or other activities (i) involving or for the benefit of any Embargoed Person or in any country or territory, that, at the time of such funding, is a Prohibited Country, (ii) in any other manner that would result in a violation of Sanctions by any Person (including a Person participating in any Advance hereunder, whether as underwriter, advisor, investor or otherwise) or (iii) for any purpose that would breach anti-bribery or anti-corruption laws and regulations. The Borrower shall not, nor shall it permit or cause any Borrower Subsidiary to, cause or permit (a) any of the funds or properties of any of them that are used to repay the Advances to constitute property of, or be beneficially owned directly or indirectly by, any Embargoed Person or (b) any Embargoed Person to have any direct or indirect interest of any nature whatsoever in any of the Borrower or any Borrower Subsidiary.

------

SECTION 10.37 <u>Rating</u>. If following the Conversion Date the outstanding principal amount of the Advances are in excess of $300,000,000, upon the request of the Majority Lenders, the Borrower shall use good faith efforts to obtain within 90 days of such request, and maintain at all times thereafter, a rating issued by Moody's and S&P with respect to the Advances so long as such ratings are at least BBB- from S&P and Baa3 from Moody's.

SECTION 10.38 <u>LTV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to each LTV Determination Date, the Borrower shall provide to the Administrative Agent and the Lenders an LTV Certificate attaching three appraisals of the Base Value and the Current Market Value (each adjusted for actual maintenance status) from three Approved Appraisers with respect to each Aircraft then in the Borrower's Portfolio, such appraisals to be as of a date within 45 days prior to the applicable LTV Determination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If, on an LTV Determination Date, an LTV Trigger exists, then the Borrower shall cause an LTV Cure Date to occur on or prior to the third Payment Date following such LTV Determination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may effect an LTV Cure in order to avoid an anticipated LTV Trigger or cure an existing LTV Trigger; <u>provided</u> that if any amount is deposited into the Liquidity Reserve Account or the Maintenance Reserve Account or if the amounts available under the Liquidity Reserve Eligible Letter of Credit or Maintenance Reserves Eligible Letter of Credit are increased, in each case for the purpose of effecting an LTV Cure, to the extent such amount deposited and/or increased would cause the aggregate amounts available in the Liquidity Reserve Account or the Maintenance Reserve Account, as applicable, and under such applicable letters of credit to be in excess of the Liquidity Reserve Maximum Amount or Maintenance Reserves Required Amount, respectively (the "<u>Excess LTV Cure Amount</u>"), then the Liquidity Reserve Maximum Amount or Maintenance Reserves Required Amount, as applicable, shall be deemed increased by the Excess LTV Cure Amount until an LTV Cure Date occurs on which the LTV does not exceed the Maximum LTV without regard to the amounts constituting the Excess LTV Cure Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the case of any addition of Aircraft, including to effect an LTV Cure, the Borrower may request an Advance in the amount of $0 with respect thereto, and the Advance Date therefore shall occur upon satisfaction or waiver of all of the conditions to the making of an Advance relating to an Additionally Financed Aircraft set forth in Section 7.2 (other than clauses (a), (d)(ii) and (d)(iii) of Section 7.2) with respect to such added Aircraft as if an Advance with respect thereto had been made (and the Administrative Agent shall confirm the occurrence of such Advance Date in writing to the Borrower, with a copy to the Collateral Agent, which may be by email). Upon such Advance Date having occurred in accordance with the foregoing sentence (which, in order to effect an LTV Cure, shall have occurred on or prior to the relevant LTV Determination Date or LTV Cure Date), such Aircraft shall be considered an Aircraft and an Additionally Financed Aircraft in all respects.

------

**ARTICLE XI<br>THE SERVICE PROVIDERS**

SECTION 11.1 <u>CRR</u>. AerCap Ireland, as originator, covenants that on any date that the Outstanding Principal Amount of the Advances is greater than zero (1) it shall own an aggregate principal amount of the AerCap Sub Notes equal to or greater than the Required Holding, (2) it shall not enter into any credit risk mitigation or any short positions or any other hedges (except as permitted by the CRR) with respect to its ownership of the Required Holding and (3) it shall provide all data and information to a Lender or Conduit Lender which such Lender or Conduit Lender may reasonably request to the extent required in order for such Lender or Conduit Lender to comply with its obligations under Article 406 of the CRR. By delivery of each Monthly Report, AerCap Ireland represents to each Lender or Conduit Lender that, as of the date of such Monthly Report, AerCap Ireland (a) owns an aggregate principal amount of the AerCap Sub Notes equal to or greater than the Required Holding and (b) is not a party to any credit risk mitigation or any short positions or any other hedges (except as permitted by the CRR) with respect to its ownership of the Required Holding.

"<u>CRR</u>" means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 and any related guidelines and regulatory technical standards or implementing technical standards published by the European Banking Authority and adopted by the European Commission.

"<u>Required Holding</u>" means the ownership of a principal amount of AerCap Sub Notes equal to a first loss position of 5% of the aggregate Adjusted Borrowing Value of the Aircraft (as most recently determined pursuant to this Agreement).

SECTION 11.2 <u>Service Providers Not to Resign</u>. No Service Provider shall resign from the obligations and duties imposed on it by this Agreement or the applicable Service Provider Agreements to which it is a party, except upon a determination that, by reason of a change in legal requirements, the performance of its duties under this Agreement or the applicable Service Provider Agreements, as the case may be, would cause it to be in violation of such legal requirements in a manner which would result in a material adverse effect on such Service Provider, and the Administrative Agent does not elect to waive the obligations of the Service Provider to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Service Provider shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Administrative Agent. No resignation of a Service Provider shall become effective until an entity acceptable to the Administrative Agent shall have assumed the responsibilities and obligations of such Service Provider.

------

**ARTICLE XII<br>SERVICE PROVIDER TERMINATION EVENTS**

<br> SECTION 12.1 <u>Servicer Termination Event</u>. For purposes of this Agreement, each of the following shall constitute a "<u>Servicer Termination Event</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) Any failure by any Service Provider to make any deposit of funds to the Security Deposit Account, the Maintenance Reserve Account, or the Collection Account required to be made by the applicable Service Provider by the later of (A) ten (10) Business Days after such deposit is required under this Agreement or any other Credit Document; or (B) if such funds were not identifiable, when received, as being a payment related to an Aircraft Owned by a Borrower Group Member, five (5) Business Days after the applicable Service Provider has determined that such funds were a payment related to an Aircraft Owned by a Borrower Group Member or (ii) any failure by the Servicer to (x) deliver a Quarterly Report within ten (10) Business Days after the due date thereof or (y) deliver a Monthly Report within two (2) Business Days after the due date thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Failure on the part of (i) the Insurance Servicer to maintain the insurance required by <u>Section 10.34</u> hereof or (ii) any Service Provider, to duly observe or perform any covenants or agreements of such Service Provider set forth in this Agreement or the applicable Service Provider Agreement (other than those described in clause (a) above), or any other Transaction Document on its part to be performed or observed and any such failure shall remain unremedied for thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any representation, warranty or statement of any Service Provider made in this Agreement or the applicable Service Provider Agreement, or any certificate, report or other writing delivered pursuant hereto or thereto shall prove to be untrue or incorrect in any material and adverse respect as of the time when the same shall have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Servicer shall cease to be otherwise engaged (*i.e.*, not solely due to the transactions financed hereby) in the aircraft leasing business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;An Event of Bankruptcy shall have occurred with respect to any Service Provider or the Supporting Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;AerCap Group shall fail to maintain a consolidated net worth calculated in accordance with GAAP equal to at least $2,000,000,000, or any Service Provider shall cease to be a direct or indirect Subsidiary of AerCap Holdings N.V. (or the successor parent entity described in the succeeding proviso in this sentence), <u>provided</u> that to the extent that AerCap Holdings N.V. is succeeded as the parent entity of AerCap Group and such successor entity issues a replacement supporting obligation, equivalent in form and substance, to both the Indemnification Agreement and the Purchase Agreement Guaranty, then the aforementioned consolidated net worth test will thereafter apply to such successor parent entity and its consolidated subsidiaries; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) The Indemnification Agreement shall, in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Supporting Party; or (ii) the Supporting Party shall, directly or indirectly, contest in writing the effectiveness, validity, binding nature or enforceability of the Indemnification Agreement, or (iii) the Supporting Party shall default in the performance of its obligations under the Indemnification Agreement.

------

successor Servicer shall process such payments in accordance with <u>Section 8.1</u>), or (y) to a lockbox established by the successor Servicer at the direction of the Administrative Agent, at the prior Servicer's expense. The terminated Service Provider shall grant the Collateral Agent, the Administrative Agent and the successor Service Provider reasonable access within one (1) Business Day's notice to the terminated Service Provider's premises at the terminated Service Provider's expense.

SECTION 12.3 <u>Appointment of Successor Service Provider; New Service Provider Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On and after the time a Service Provider receives a notice of termination pursuant to <u>Section 12.2</u> or <u>Section 13.2(c)</u>, the Administrative Agent, at the written direction of the Majority Lenders, shall appoint any Eligible Service Provider as a successor Service Provider for such services, and shall have no liability to the Administrative Agent, the Lenders, the Borrower, the Aircraft Owning Entities, the Owner Participants or AerCap in doing so, to be the successor in all respects to the terminated Service Provider in its capacity as service provider under this Agreement and the applicable Service Provider Agreement and the transactions set forth or provided for in this Agreement and the applicable Service Provider Agreement, and such successor Service Provider shall be subject to all the responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the prior applicable Service Provider by the terms and provisions of this Agreement; <u>provided</u>, <u>however</u>, that such successor Service Provider shall not be liable for any acts, omissions or obligations of the applicable Service Provider prior to such succession or for any breach by such prior Service Provider of any of its representations and warranties contained in this Agreement or the applicable Service Provider Agreement or in any related document or agreement. Such successor shall take such action, consistent with this Agreement, and the applicable Service Provider Agreement, as shall be necessary to effectuate any such succession. The Borrower, the Aircraft Owning Entities and the Owner Participants shall enter into a market standard servicing agreement (or administrative agency agreement or cash management agreement, as applicable) with any successor Service Provider with market acceptance for the servicing of a portfolio of aircraft and aircraft leases in form and substance satisfactory to the Administrative Agent. If a successor Service Provider is acting as Service Provider hereunder, it shall be subject to termination under <u>Section 12.2</u> or <u>Section 13.2(c)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any successor Service Provider appointed by the Administrative Agent shall be legally unable to act as a Service Provider and the Administrative Agent shall not have, at the written direction of the Majority Lenders, appointed a successor Service Provider that is legally able and willing to act as Service Provider, such successor Service Provider may petition a court of competent jurisdiction to appoint any Eligible Service Provider as its successor. Pending such appointment, the outgoing Service Provider shall continue to act as Service Provider under the applicable Service Provider Agreement until a successor has been appointed and accepted such appointment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any successor Service Provider shall be entitled to such compensation as the outgoing Service Provider would have been entitled to under the applicable Service Provider Agreement if the applicable Service Provider had not resigned or been terminated hereunder. If any successor Service Provider is appointed for any reason, the Administrative Agent and such successor Service Provider may agree on additional compensation to be paid by the Borrower to such successor Service Provider. In addition, any successor Service Provider shall be entitled to reimbursement by the Borrower of reasonable transition expenses incurred in acting as successor Service Provider under the relevant Service Provider Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of the termination of the rights and obligations of the a Service Provider (or any successor thereto) pursuant to <u>Section 12.2</u> or <u>Section 13.2(c)</u>, or a resignation by a Service Provider pursuant to this Agreement or the relevant Service Provider Agreement, such Service Provider shall be deemed to be the applicable Service Provider pending appointment of a successor Service Provider pursuant to this <u>Section 12.3</u>.

**ARTICLE XIII<br>EVENTS OF DEFAULT**

SECTION 13.1 <u>Events of Default</u>. Each of the following shall constitute an event of default (an "<u>Event of Default</u>") under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) Default by the Borrower in the payment of any principal of any Advance on the Stated Maturity Date, (ii) default by the Borrower in the payment within three (3) Business Days after the due date of any Yield on any Advance or any Commitment Fees payable to a Lender (including in each case, without limitation, due to the unavailability of funds to be distributed for such purpose on any Payment Date pursuant to the Flow of Funds); (iii) default by the Borrower in the payment within ten (10) Business Days after the due date of any Collateral Agent Fees and Expenses (including, without limitation, due to the unavailability of funds to be distributed for such purpose on any Payment Date pursuant to the Flow of Funds), or (iv) any failure by the Borrower to, or cause the Servicer to, make any deposit of funds to the Security Deposit Account, the Maintenance Reserve Account, the Liquidity Reserve Account or the Collection Account within three Business Days after receipt of notice thereof, provided that such three Business Days after notice grace period shall not apply to any such failure relating to the Liquidity Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower, AerCap (other than in its capacity as the Servicer under this Agreement or the Servicing Agreement), or any Borrower Subsidiary shall fail to perform or observe any other term, covenant or agreement contained in this Agreement (other than those described in clause (a) above), or any other Credit Document on its part to be performed or observed and any such failure shall remain unremedied for thirty (30) days after the earlier of (i) the receipt by the Borrower of notice of such failure from the Administrative Agent, and (ii) the Borrower's acquiring actual knowledge of such breach;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any representation or warranty of the Borrower, AerCap (other than in its capacity as the Servicer under this Agreement or the Servicing Agreement), or any Borrower Subsidiary (other than any representation or warranty of AerCap under the AerCap-Borrower Purchase Agreement the breach of which can be, and has been, cured by an indemnification payment under the AerCap-Borrower Purchase Agreement or under the Purchase Agreement Guaranty) made or deemed to have been made hereunder or in any other Credit Document or any written information or certificate furnished by or on behalf of the Borrower, AerCap, or any Borrower Subsidiary (other than any written information or certificate of AerCap furnished pursuant to the AerCap-Borrower Purchase Agreement the incorrectness of which can be, and has been, cured by an indemnification payment under the AerCap-Borrower Purchase Agreement or under the Purchase Agreement Guaranty) to the Collateral Agent, the Administrative Agent or any Lender for purposes of or in connection with this Agreement or any other Credit Document (including, without limitation, any certificates delivered pursuant to <u>Article VII</u> and any Quarterly Report or Monthly Report) shall prove to have been incorrect or untrue in any material respect when made, and, within thirty (30) days, the circumstances or condition in respect of which such representation, warranty or statement was untrue or incorrect (if capable of elimination or otherwise curable) shall not have been eliminated or otherwise cured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;An Event of Bankruptcy shall have occurred and remained continuing with respect to the Borrower or the Supporting Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;One or more judgments, orders or decrees for the payment of money in an aggregate amount at any one time outstanding in excess of the lesser of (x) an amount equal to (1) the Adjusted Borrowing Value of all Aircraft less (2) the Outstanding Principal Amount and (y) $50,000,000 shall be entered against the Borrower or any Borrower Subsidiary (excluding any portion thereof that is Effectively Bonded) and either (i) there is a period of sixty (60) consecutive days during which such judgments, orders or decrees in excess of such aggregate amount shall not be paid, vacated, discharged, effectively stayed or Effectively Bonded (or such longer period during which there is no reasonable risk of a judgment creditor attaching or levying upon any Collateral to enforce any such judgment to the extent not a Permitted Lien) or (ii) such judgment, order or decree is final and non-appealable and enforcement proceedings shall have been commenced by a judgment creditor to levy upon any Collateral of the Borrower or any Borrower Subsidiary to enforce any such judgment in excess of such aggregate amount on or after the date any payment thereof is due and payable under the terms of such judgment, order or decree and shall not have been stayed within five (5) consecutive Business Days after the later of the date such enforcement proceedings are commenced and the date the Borrower becomes aware of such proceedings; provided that such five Business Day period shall not apply unless the Borrower is actively procuring either to repay the Advances in an amount sufficient to release the applicable Collateral or to post additional Collateral reasonably acceptable to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower and such lien shall not have been released within thirty (30) days;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; (i) Any Credit Document shall (except in accordance with its terms, including under any termination rights), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower or any Borrower Subsidiary or the Supporting Party, as applicable; (ii) the Borrower, any Borrower Subsidiary, the Supporting Party shall, directly or indirectly, contest in writing the effectiveness, validity, binding nature or enforceability of any Credit Document; or (iii) any assignment or security interest granted by the Borrower or any Borrower Subsidiary under or in connection with any Credit Document or any of the transactions contemplated thereby shall, in whole or in part, cease to be a perfected, first priority assignment or security interest, as the case may be, against the Borrower or such Borrower Subsidiary or the Collateral Agent shall otherwise fail to have a first priority, perfected security interest in any Borrower Collateral, in each case in accordance with the Perfection Standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Any Hedge Agreement is terminated by the counterparty thereunder on account of a default thereunder by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Failure of the Borrower (or any Borrower Subsidiary, so long as it is an owner of Funded Aircraft) to maintain its legal existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower is required to register as an investment company under the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Supporting Party shall have defaulted on its obligations under the Purchase Agreement Guaranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;AerCap shall cease to be a direct or indirect Subsidiary of AerCap Holdings N.V. unless AerCap Holdings N.V. is succeeded as the parent entity of AerCap Group and such successor entity issues a replacement supporting obligation, equivalent in form and substance, to both the Indemnification Agreement and the Purchase Agreement Guaranty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Any breach of <u>Section 10.38(b)</u>.

SECTION 13.2 <u>Effect of Event of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Termination</u>. Upon the occurrence of an Event of Default and so long as such Event of Default continues unremedied (other than an Event of Default described in <u>Section 13.1(d))</u>, the Administrative Agent shall, upon the direction of the Majority Lenders, give a default notice and declare the Facility Termination Date to have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Automatic Termination</u>. Upon the occurrence of an Event of Default described in <u>Section 13.1(d)</u>, the Facility Termination Date shall be deemed to have occurred automatically.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Service Provider Termination</u>. Upon the occurrence of an Event of Default and so long as such Event of Default continues unremedied, if any member of the AerCap Group or any Affiliate of the Borrower is then serving as a Service Provider, the Administrative Agent shall, at the written direction of the Majority Lenders, by written notice to such Service Provider, terminate all of the Service Provider's rights and obligations as Service Provider under the applicable Service Provider Agreement, and the Administrative Agent shall, at the written direction of the Majority Lenders, appoint a successor Service Provider in accordance with <u>Section 12.3</u> (such termination to be effective as specified in this Agreement).

SECTION 13.3 <u>Rights Upon the Facility Termination Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. On the Facility Termination Date, all outstanding Advances under this Agreement, together with accrued Yield, and all other Obligations under this Agreement shall become immediately due and payable, without presentment, demand, protest, or notice of any kind. If the Borrower fails to pay in full all such accrued Yield, and all other Obligations on the Facility Termination Date, the Administrative Agent, shall, upon the direction of the Majority Lenders (and subject to <u>Section 13.3(c)</u>), exercise any of the following remedies (or direct the Collateral Agent in writing so to exercise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to any Obligors' rights under the Leases, immediately sell or otherwise dispose of the Borrower Collateral in a commercially reasonable manner, in a recognized market (if one exists) at such price or prices as the Administrative Agent (acting at the direction of the Majority Lenders), may reasonably deem satisfactory and apply the proceeds thereof to the Obligations in the order of priority set forth in the Flow of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The parties recognize that it may not be possible to purchase or sell all of the Borrower Collateral on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market therefor may not be liquid. Accordingly, the Administrative Agent (acting at the direction of the Majority Lenders), may elect, acting at the direction of the Majority Lenders, the time and manner of liquidating any item of Borrower Collateral and nothing contained herein shall (A) obligate the Collateral Agent to liquidate any Borrower Collateral on the occurrence of the Facility Termination Date or to liquidate all of the Borrower Collateral in the same manner or on the same Business Day or (B) constitute a waiver of any right or remedy of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and the Lenders shall have, in addition to all the rights and remedies provided herein and provided by applicable federal, state, foreign, and local laws (including, without limitation, the rights and remedies of a secured party under the Uniform Commercial Code of any applicable state, to the extent that the Uniform Commercial Code is applicable, and the right to offset any mutual debt and claim), all rights and remedies available to the Lenders in law, in equity, or under any other agreement between the Lenders and the Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Excess Proceeds</u>. Any amounts received from any sale or liquidation of the Borrower Collateral pursuant to this <u>Section 13.3</u> in excess of the Obligations will be returned to the Borrower, its successors or assigns, or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>AerCap Sub Note Buyout</u>. Prior to any sale or liquidation or other exercise of remedies against or in respect of the Borrower Collateral pursuant to this <u>Section 13.3</u>, the holder(s) of any AerCap Sub Note(s) may elect to purchase all, but not less than all, of the entire outstanding principal balance of the Advances, at a purchase price equal to the unpaid principal balance of such Advances, plus accrued interest thereon, together with any fees, indemnity amounts or other amounts owed the Lenders hereunder (and not including any amount in respect of expected but lost future benefit or profit). Such right shall be exercised by such holder(s) giving the Administrative Agent written notice of the intent to purchase such Advances within twenty (20) Business Days of the date that the Facility Termination Date has occurred or been declared, and the date on which such purchase is to be consummated, which shall be not more than ten (10) Business Days after delivery of such written notice. None of the Collateral Agent, the Administrative Agent nor any Lender may sell, liquidate or otherwise exercise remedies against or in respect of the Borrower Collateral prior to the end of such twenty and (if applicable) ten Business Day period.

The Administrative Agent shall promptly deliver a copy of each such purchase option notice that is timely given, to the Lenders and the Administrative Agent. On the date specified in the purchase option notice, the Lenders shall transfer, by an instrument of assignment suitable for such purpose, all of their right, title and interest in and to such Advances and any related Note, upon the tender to them of the purchase price specified above. If the applicable holder(s) of the AerCap Sub Note(s) fail to consummate the purchase of such Advances after giving a notice of intent, or fails to timely give a notice of intent, such holder(s) shall be deemed to have irrevocably waived the right to purchase such Advances.

**ARTICLE XIV<br>THE ADMINISTRATIVE AGENT**

SECTION 14.1 <u>Authorization and Action</u>. Each of the Lenders and the Conduit Lenders hereby appoints BofA as agent for purposes of the Transaction Documents and authorizes BofA, in such capacity, to take such action on its behalf under each Transaction Document and to exercise such powers, hereunder and thereunder as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Each party hereto hereby (a) acknowledges receipt of the resignation of the Outgoing Administrative Agent as administrative agent under the Original Agreement, effective as of the Effective Date, (b) waives the requirement for such notice to have been provided 30 days in advance of such resignation, (c) consents to the appointment hereunder of BofA as Administrative Agent as of the Effective Date and (d) waives the requirement for any additional notice of the appointment of BofA as successor Administrative Agent.

------

SECTION 14.2 <u>Exculpation</u>. Neither the Administrative Agent (acting in such capacity under the Transaction Documents) nor any of its directors, officers, agents or employees shall be liable to any Lender or any Conduit Lender for any action taken or omitted to be taken by it or them under or in connection with the Transaction Documents, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Administrative Agent: (a) may consult with legal counsel (including counsel for the Borrower and the Service Providers), independent certified public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Lender or any Conduit Lender, and shall not be responsible to any Lender or any Conduit Lender, for any statements, warranties or representations made by the Borrower or Service Providers, in or in connection with any Transaction Document; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any Transaction Document on the part of AerCap, the Borrower, any Service Provider or any of their respective Affiliates or to inspect the property (including the books and records) of AerCap, the Borrower, any Service Provider or any of their respective Affiliates; (d) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any Note, any other Transaction Document or any other instrument or document provided for herein or delivered or to be delivered hereunder or in connection herewith; and (e) shall incur no liability under or in respect of any Transaction Document by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by telex or facsimile transmission) believed by it to be genuine and signed or sent by the proper party or parties.

SECTION 14.3 <u>Administrative Agent and Affiliates</u>. The Administrative Agent, including, but not limited to, BofA and any of its Affiliates may generally engage in any kind of business with AerCap, the Borrower, the Service Providers, any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of AerCap, the Borrower, the Service Providers, any Obligor or any of their respective Affiliates, all as if the Administrative Agent were not the Administrative Agent hereunder and without any duty to account therefor to any Lender or any Conduit Lender.

SECTION 14.4 <u>Lender's Credit Decision</u>. Each Lender and Conduit Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any of its Affiliates or any other Lender or any Conduit Lender and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement. Each Lender and Conduit Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any of its Affiliates or any other Lender or Conduit Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement.

------

SECTION 14.5 <u>Certain Matters Affecting the Administrative Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent may rely and shall be protected in acting or refraining from acting upon any resolution, officer's certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent may consult with counsel, and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by the Administrative Agent under this Agreement in good faith and in accordance with such Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, the Administrative Agent shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of any Lender or any Conduit Lender pursuant to the provisions of this Agreement unless the Lender or Conduit Lender, as the case may be, shall have furnished to the Administrative Agent security or indemnity satisfactory to the Administrative Agent against the costs, expenses and liabilities that may be incurred therein or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument opinion, report, notice, request, consent, order, approval, bond or other paper or documents, unless requested in writing to do so by the Majority Lenders; <u>provided</u>, <u>however</u>, that if the payment within a reasonable time to the Administrative Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Administrative Agent, not reasonably assured to the Administrative Agent by the security afforded to it by the terms of this Agreement, the Administrative Agent may require indemnity satisfactory to it against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request or, if paid by the Administrative Agent, shall be reimbursed by the Person making such request upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent may execute any of the trusts or powers under this Agreement or any other Transaction Document or perform any duties under this Agreement or any other Transaction Document either directly or by or through agents or attorneys or custodians. The Administrative Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by the Administrative Agent. The Administrative Agent shall not be responsible for any misconduct or negligence attributable to the acts or omissions of any Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent may rely, as to factual matters relating to any Service Provider, on an officer's certificate of the applicable Service Provider.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall not be required to take any action or refrain from taking any action under this Agreement, or any Transaction Document referred to herein, nor shall any provision of this Agreement or any such Transaction Document be deemed to impose a duty on the Administrative Agent to take action, if the Administrative Agent shall have been advised by counsel that such action is contrary to the terms of this Agreement or any Transaction Document or is contrary to law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the Service Providers hereby (i) acknowledge that the Lenders and Conduit Lenders have the right, in certain instances, to require the Administrative Agent to take or refrain from taking certain actions under the terms of this Agreement and the other Transaction Documents and (ii) agree that the Administrative Agent has no liability to the Borrower, or the Service Providers, with respect to taking or refraining from taking any such actions at the request of any Lender or Conduit Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;When this Agreement or any other Credit Document provides that a right, consent, approval or duty is expressly stated to be exercisable or performable by the Administrative Agent, the parties hereto understand and agree that the Administrative Agent is entitled to exercise its rights under such provision without the consent of the Lenders or Conduit Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Agreement or the other Transaction Documents and without limitation of any provision requiring the Administrative Agent to obtain the instructions, consent or agreement of a percentage of the Lenders other than the Simple Majority prior to taking or refraining from any action, if the Administrative Agent shall request instructions from the Lenders with respect to any act or action (including the failure to take an action) under this Agreement or any of the other Transaction Documents, the Administrative Agent shall not be required to exercise any discretion or take any action (and shall be fully protected in so acting or refraining from acting) unless it has received instructions of the Lenders who are not affiliated with AerCap which have advanced (or whose Conduit Lenders have advanced) more than 50% of the Outstanding Principal Amount of all Advances held by Lenders who are not affiliated with AerCap (the "**Simple Majority**"), and the Administrative Agent shall follow such instructions and such instructions shall be binding upon all Lenders, Conduit Lenders and all holders of Notes; <u>provided</u> that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Agreement, any other Transaction Document or applicable law.

------

SECTION 14.6 <u>Administrative Agent Not Liable</u>. The Administrative Agent makes no representations as to the validity or sufficiency of this Agreement, any Note or any other Transaction Document. The Administrative Agent shall at no time have any responsibility or liability for or with respect to the legality, validity or enforceability of any security interest in any Borrower Collateral, or the perfection and priority of such a security interest or the maintenance of any such perfection and priority or its ability to generate the payments to be distributed to Lenders or Conduit Lenders under this Agreement, including, without limitation, the existence, condition, location and ownership of any property; the performance or enforcement of any Lease; the compliance by the Borrower, AerCap, any Service Provider, or the Collateral Agent with any covenant or the breach by the Borrower, AerCap, any Service Provider or the Collateral Agent, of any warranty or representation made under this Agreement or any other Transaction Document or in any related document and the accuracy of any such warranty or representation prior to the Administrative Agent's receipt of notice or other discovery of any noncompliance therewith or any breach thereof, any investment of monies by or at the direction of the Borrower or the applicable Service Provider, or any loss resulting therefrom (it being understood, however, that the Administrative Agent shall remain otherwise responsible for any Borrower Collateral that it may hold directly); the acts or omissions of the Borrower, any Service Provider, the Collateral Agent, AerCap or any Obligor, any action of a Service Provider taken in the name of AerCap, the Borrower or the Administrative Agent, the Lenders and/or the Conduit Lenders which are authorized to provide such instruction in accordance with this Agreement or any of the other Transaction Documents; <u>provided</u>, <u>however</u>, that the foregoing shall not relieve the Administrative Agent of its obligations to perform its duties under this Agreement. The Administrative Agent shall not be accountable for the use or application by the Borrower of any proceeds of the Advances, or for the use or application of any funds paid to a Service Provider in respect of the Leases or any other Aircraft Assets related to the Aircraft.

SECTION 14.7 <u>Agent May Own Notes</u>. The Administrative Agent in its individual or any other capacity may become the owner or pledgee of Notes or any rights evidenced by <u>Section 15.5(a)</u> with the same rights as it would have if it were not the Administrative Agent and may deal with the Service Providers in banking transactions with the same rights as it would have if it were not the Administrative Agent.

------

SECTION 14.8 <u>Resignation or Removal of Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of subsection (c) of this <u>Section 14.8</u>, any Person acting as Administrative Agent may at any time resign as Administrative Agent under this Agreement and the other Transaction Documents by giving thirty (30) days' written notice thereof to the Service Providers, the Borrower and the Lenders. Upon receiving such notice of resignation, the Majority Lenders (with, so long as no Event of Default has occurred and is continuing, approval of the Borrower and, so long as no Servicer Termination Event has occurred and is continuing, the Service Providers, not to be unreasonably withheld or delayed) shall promptly appoint a successor Administrative Agent by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Administrative Agent and the other copy of which instrument shall be delivered to the successor Administrative Agent. If no successor Administrative Agent shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Administrative Agent may petition any court of competent jurisdiction for the appointment of a successor Administrative Agent. The Borrower shall reimburse the resigning Administrative Agent pursuant to the Flow of Funds for all expenses that shall have been incurred by such resigning Administrative Agent in accordance with this Agreement and the other Transaction Documents prior to the effective date of resignation of such resigning Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Administrative Agent shall be legally unable to act, or shall be adjudged a bankrupt or insolvent or a receiver of the Administrative Agent or of its property shall be appointed or any public officer shall take charge or control of the Administrative Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Majority Lenders may remove the Administrative Agent. If the Administrative Agent shall have been removed under the authority of the immediately preceding sentence, the Majority Lenders (with approval of the Borrower and the Service Providers, not to be unreasonably withheld or delayed) shall promptly appoint a successor Administrative Agent by written instrument, in duplicate, one copy of which instrument shall be delivered to the Administrative Agent so removed and the other copy of which instrument shall be delivered to the successor Administrative Agent. The Borrower shall reimburse the removed Administrative Agent pursuant to the Flow of Funds for all expenses which shall have been incurred by such removed Administrative Agent in accordance with this Agreement and the other Transaction Documents prior to the effective date of removal of such removed Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any resignation or removal of the Administrative Agent and appointment of a successor Administrative Agent pursuant to any of the provisions of this <u>Section 14.8</u> shall not become effective until acceptance of appointment by the successor agent as provided in <u>Section 14.9</u>.

------

SECTION 14.9 <u>Successor Administrative Agent</u>. Any successor Administrative Agent appointed as provided in this <u>Article XIV</u> shall execute, acknowledge and deliver to the Borrower, the Service Providers and to its predecessor Administrative Agent an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Administrative Agent shall become effective and such successor Administrative Agent, without any further act, deed or conveyance (except as provided below), shall become fully vested with all the rights, power, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Administrative Agent; but, on request of the Borrower or any Service Provider, or the successor Administrative Agent, such predecessor Administrative Agent shall, upon payment of its expenses then unpaid, execute and deliver an instrument transferring to such successor Administrative Agent all of the rights, powers and trusts of the Administrative Agent so ceasing to act, and shall duly assign, transfer and deliver to such successor Administrative Agent all property and money held by such Administrative Agent so ceasing to act hereunder. Upon request of any such successor Administrative Agent, the Borrower shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Administrative Agent all such rights, powers and trusts. The predecessor Administrative Agent shall deliver to the successor Administrative Agent all documents and statements held by it under this Agreement or any Transaction Document; and the predecessor Administrative Agent and the other parties to the Transaction Documents shall amend any Transaction Document to make the successor Administrative Agent the successor to the predecessor Administrative Agent thereunder; and the applicable Service Provider and the predecessor Administrative Agent shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Administrative Agent all such rights, powers, duties and obligations. No successor Administrative Agent shall accept its appointment as provided in this <u>Section 14.9</u> unless at the time of such acceptance such successor Administrative Agent shall be eligible under the provisions of <u>Section 14.10</u>. Upon acceptance of appointment by a successor Administrative Agent as provided in this <u>Section 14.9</u>, the Borrower shall mail notice by first-class mail of the appointment of the successor of such Administrative Agent and the address of the successor Administrative Agent's corporate trust office under this Agreement to all Lenders and Conduit Lenders at their addresses as shown in the Account Register or such other address or such other address as shall be maintained for such Lender or Conduit Lender by the Administrative Agent. If the Borrower fails to mail such notice within ten (10) days after acceptance of appointment by the successor Administrative Agent, the successor Administrative Agent shall cause such notice to be mailed at the expense of the Borrower.

------

SECTION 14.10 <u>Eligibility Requirements for Successor Agent</u>. Any successor Administrative Agent under this Agreement shall be a corporation duly organized and validly existing under the laws of its jurisdiction of incorporation authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $500,000,000 and subject to supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this <u>Section 14.10</u>, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time any successor Administrative Agent shall cease to be eligible in accordance with the provisions of this <u>Section 14.10</u>, such successor Administrative Agent shall resign immediately in the manner and with the effect specified in <u>Section 14.8</u>.

SECTION 14.11 <u>Merger or Consolidation of Agent</u>. Any corporation into which the Administrative Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Administrative Agent shall be a party, or any corporation succeeding to the corporate trust business of the Administrative Agent, shall be the successor of the Administrative Agent under this Agreement, provided such corporation shall be eligible under the provisions of <u>Section 14.10</u>, without the execution or filing of any instrument or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding.

SECTION 14.12 <u>Administrative Agent May Enforce Claims Without Possession of Notes</u>. All rights of action and claims under this Agreement and/or the Notes may be prosecuted and enforced by the Administrative Agent, any Lender or any Conduit Lender without the possession of any Note or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Administrative Agent shall be brought in its own name as agent.

SECTION 14.13 <u>Suit for Enforcement</u>. If a Servicer Termination Event shall occur and be continuing, the Administrative Agent, in its discretion may (but shall have no duty or obligation so to proceed) proceed to protect and enforce its rights and the rights of the Lenders and the Conduit Lenders under this Agreement by a suit, action or proceeding in equity or at law or otherwise, whether for the specific performance of any covenant or agreement contained in this Agreement or in aid of the execution of any power granted in this Agreement or for the enforcement of any other legal, equitable or other remedy as the Administrative Agent, being advised by counsel, shall deem most effectual to protect and enforce any of the rights of the Administrative Agent, the Lenders or the Conduit Lenders.

------

SECTION 14.14 <u>Indemnification of Agent</u>. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without relieving the Borrower of its obligation to do so), ratably according to the amount of the such Lender's Commitment, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any other Transaction Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Transaction Document; <u>provided</u>, <u>however</u>, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent's gross negligence or willful misconduct. Each party hereto hereby agrees that no Conduit Lender shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the relevant Granting Lender).

SECTION 14.15 <u>Erroneous Payment</u>. (a) If the Administrative Agent or the Collateral Agent (x) notifies a Lender or Secured Party (as defined in the Security Trust Agreement), or any Person who has received funds on behalf of a Lender or Secured Party (any such Lender, Secured Party or other recipient (and each of their respective successors and assigns), a "<u>Payment Recipient</u>") that the Administrative Agent or the Collateral Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent or the Collateral Agent) received by such Payment Recipient from the Administrative Agent or the Collateral Agent were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent or the Collateral Agent, as applicable, pending its return or repayment as contemplated below in this Section 14.15 and held in trust for the benefit of the Administrative Agent or the Collateral Agent, as applicable, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter (or such later date as the Administrative Agent or the Collateral Agent, as applicable, may, in its sole discretion, specify in writing), return to the Administrative Agent or the Collateral Agent, as applicable, the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent or the Collateral Agent, as applicable) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent or the Collateral Agent, as applicable, in same day funds at a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative

------

Agent or the Collateral Agent, as applicable, to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the immediately preceding clause (a), each Lender, Secured Party or any Person who has received funds on behalf of a Lender or Secured Party (and each of their respective successors and assigns), agrees that if it (or a Payment Recipient on its behalf) receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent or the Collateral Agent, as applicable (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent or the Collateral Agent, as applicable (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent or the Collateral Agent, as applicable (or any of its Affiliates), or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent or the Collateral Agent, as applicable, to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one (1) Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent or the Collateral Agent, as applicable, of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent or the Collateral Agent, as applicable, pursuant to this Section 14.15(b).

For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent or the Collateral Agent, as applicable, pursuant to this Section 14.15(b) shall not have any effect on a Payment Recipient's obligations pursuant to Section 14.15(a) or on whether or not an Erroneous Payment has been made

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender or other Secured Party hereby authorizes the Administrative Agent or the Collateral Agent, as applicable, to set off, net and apply any and all amounts at any time owing to such Lender or Secured Party under any Credit Document, or otherwise payable or distributable by the Administrative Agent or the Collateral Agent, as applicable, to such Lender or Secured Party under any Credit Document or from any other source against any amount that the Administrative Agent or the Collateral Agent, as applicable, has demanded to be returned under the immediately preceding clause (a).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that (x) irrespective of whether the Administrative Agent or the Collateral Agent, as applicable, may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent or the Collateral Agent, as applicable, shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Secured Party, to the rights and interests of such Lender or Secured Party, as the case may be) under the Transaction Documents with respect to such amount (the "<u>Erroneous Payment Subrogation Rights</u>") and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by the Borrower or any other Secured Party; provided that this Section 14.15 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent or the Collateral Agent, as applicable; <u>provided</u> further that, for the avoidance of doubt, the immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent or the Collateral Agent, as applicable, from the Borrower for the purpose of making such Erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, and for the avoidance of doubt, in no event shall the occurrence of an Erroneous Payment (or the existence of any Erroneous Payment Subrogation Rights or other rights of the Administrative Agent or the Collateral Agent, as applicable, in respect of an Erroneous Payment) result in the Administrative Agent or the Collateral Agent, as applicable, becoming, or being deemed to be, a Lender hereunder or the holder of any Advance hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent or the Collateral Agent, as applicable, for the return of any Erroneous Payment received, including, without limitation, any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations, agreements and waivers under this Section 14.15 shall survive the resignation or replacement of the Administrative Agent or the Collateral Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all obligations (or any portion thereof) under any Credit Document.

------

**ARTICLE XV<br>ASSIGNMENTS**

SECTION 15.1 <u>Assignments</u>. The Borrower may not assign its rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent. The Lenders shall have the right to assign and/or participate their respective Commitments and Advances with prior notice to the Borrower, but without the consent of the Borrower; <u>provided</u>, <u>however</u>, that, at any time prior to the occurrence of an Event of Default, (a) any assignee or participant shall not be an entity which, at the time of assignment or participation, competes with AerCap in a material manner in the leasing of commercial aircraft unless the Borrower has otherwise consented to such assignee or participant (an assignee or participant meeting such criteria, an "<u>Eligible Assignee</u>"), (b) the indemnities to which any such assignee or participant shall be entitled under <u>Section 6.2</u> or <u>6.3</u> hereof shall not be greater at and as of the time of assignment or participation than the indemnity to which the assignor or participant grantor would have been entitled under <u>Section 6.2</u> or <u>6.3</u> hereof had such assignment or participation not occurred, (c) any assignee or participant shall be a Qualifying Lender and (d) any assignor shall only be released from its Commitments to the extent provided in the immediately succeeding sentence. Upon the issuance of a Commitment to provide a portion of the Advances by any assignee of such Commitment of Lender, which assignee either (A) has a long term debt rating of at least "A" from S&P and/or "A2" from Moody's, or a short term debt rating of at least "A-1" from S&P and/or "P-1" from Moody's, or (B) has otherwise been consented to by the Borrower (such consent not to be unreasonably withheld or delayed), such Lender shall be released from the portion of its Commitment in an aggregate amount equal to the Commitment of such assignee. In addition, any Lender or any of its Affiliates may pledge or assign any of its rights under this Agreement and under the Transaction Documents to any federal reserve or central bank, including any Federal Reserve Bank within the United States, or if a Qualifying Lender at the time of such pledge or assignment, to any liquidity or credit support provider or any commercial paper conduit collateral trustee without notice to or consent of the Borrower or the Administrative Agent. In the case of any Lender that is a fund that invests in bank loans, such Lender may, without the consent of Borrower or the Administrative Agent, collaterally assign or pledge all or any portion of its rights under this Agreement and under the Transaction Documents, to any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued, by such fund, as security for such obligations or securities, in each case provided that each such holder is a Qualifying Lender. Upon the assignment by any Granting Lender of any of its rights and obligations under this Agreement, its Conduit Lender shall no longer (without any further action) have any rights hereunder arising after the time of such assignment relating to such assigned rights.

------

Notwithstanding the foregoing, any Conduit Lender shall have the right, at any time, to (and if so directed by its Granting Lender, shall) assign its rights hereunder to (x) any other Person who meets the requirements of a Conduit Lender, (y) to its Granting Lender or (z) to any Support Party therefore, in each case with consent of its Granting Lender and with prompt notice (but no later than the next Business Day) to the Borrower (which notice shall include any applicable notice information and any other reasonably detailed information required by the Borrower or the Administrative Agent to perform their obligations hereunder), but without the consent of the Borrower. Each Conduit Lender may disclose any non-public information relating to its Advances to any rating agency, commercial paper dealer or Support Party (any of which shall be informed of the confidential nature of the information). The identity and obligations of the Granting Lender with respect to the rights assigned by such Conduit Lender shall not be limited or otherwise affected by any such assignment by the Conduit Lender.

If the Borrower delivers a notice, request or payment to a Lender or Conduit Lender prior to receiving notice of an assignment by such Lender or Conduit Lender under this Section 15.1 (together with any applicable information required to be delivered by such assignor or assignee relating to such assignment), the Borrower shall be deemed to have delivered such notice, request or payment to such assignee to the extent such assignee would otherwise be required to have received such notice, request or payment at a time earlier than the Borrower received such notice of the assignment (and related information).

SECTION 15.2 <u>Documentation</u>. The assignor and the assignee involved in an assignment referred to in <u>Section 15.1</u> shall execute and deliver to the Administrative Agent an Assignment and Assumption, duly executed by each such party, and the assigning Lender shall promptly execute and deliver all further instruments and documents, and take all further action, that the assignee may reasonably request, in order to perfect, protect or more fully evidence the assignee's right, title and interest in, and to enable the assignee to exercise or enforce any rights hereunder or under any applicable Note. The Administrative Agent shall promptly deliver to the Borrower a copy of each Assignment and Assumption that it receives pursuant to the terms of this <u>Section 15.2</u>.

SECTION 15.3 <u>Rights of Assignee</u>. The respective assignee receiving such assignment shall have all of the rights of such Lender hereunder and all references to the Lenders in <u>Section 16.1</u> shall be deemed to apply to such assignee.

SECTION 15.4 <u>Endorsement</u>. Each Lender authorizes the Administrative Agent to, and the Administrative Agent agrees that it shall, endorse any applicable Note to reflect any assignments made pursuant to this <u>Article XV</u> or otherwise (but failure to endorse such Note shall not affect the right of any Lender hereunder).

------

SECTION 15.5 <u>Registration; Registration of Transfer and Exchange</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall maintain an account or accounts evidencing the indebtedness of the Borrower to each Lender resulting from each Advance made by such Lender hereunder, including the name and address of, and amounts of principal and Yield (including stated interest) payable and paid to such Lender from time to time hereunder (the "<u>Account Register</u>"). The entries made in such accounts shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any Lender has requested a Note pursuant to <u>Section 2.5</u>, the Administrative Agent shall provide for the registration of Notes in the Account Register and of transfer of such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Lender, the transfer of any commitment of any Lender and the rights to principal of, and interest on, any such commitment shall not be effective until such transfer is recorded on the Account Register maintained by the Administrative Agent with respect to ownership of such commitments prior to such recordation all amounts owing to the transferor with respect to such commitments shall remain owing to the transferor, notwithstanding the transfer of any Note or any notation on any Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each Person who has or who acquired a Note, any Advances and/or any Commitment shall be deemed by the acceptance or acquisition thereof to have (i) agreed to be bound by the provisions of this <u>Section 15.5</u> and (ii) represented to the Administrative Agent that the transfer of such Advance and/or Commitment to such Person is exempt from registration or qualification under the Securities Act of 1933, as amended, and all applicable state securities laws and that such transfer does not constitute a "prohibited transaction" under ERISA (and agreed to deliver to the Administrative Agent evidence of the foregoing upon request the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;At the option of the holder thereof, any Note may be exchanged for one or more new Notes of any authorized denominations and of a like aggregate principal amount at an office or agency of the Administrative Agent. Whenever any Notes are so surrendered for exchange, the Borrower shall execute the new Notes which the holder making the exchange is entitled to receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of transfer of any Note at an office or agency of the Administrative Agent, the Borrower shall, at the request of the applicable Lender, execute and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and aggregate principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;All Notes issued upon any registration of transfer or exchange of any Note in accordance with the provisions of this Agreement shall be the valid obligations of the Borrower, evidencing the same debt, and entitled to the same benefits under this Agreement, as the Note(s) surrendered upon such registration of transfer or exchange.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Borrower or the Administrative Agent) be fully endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Administrative Agent, duly executed by the holder thereof or his attorney duly authorized in writing. Each such Note shall be accompanied by a statement providing the name of the transferee and indicating whether the transferee is subject to income tax backup withholding requirements and whether the transferee is the sole beneficial owner of such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any registration of transfer or exchange of Notes, but the Borrower may require payment from the transferee holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer of exchange of Notes, other than exchanges pursuant to this <u>Section 15.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The holders of the Notes shall be bound by the terms and conditions of this Agreement.

SECTION 15.6 <u>Mutilated, Destroyed, Lost and Stolen Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If any mutilated Note is surrendered to the Administrative Agent, the Borrower shall, at the request of the Administrative Agent, execute and deliver in exchange therefor a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If there shall be delivered to the Borrower and the Administrative Agent prior to the payment of any Note (i) evidence to its satisfaction of the destruction, loss or theft of such Note and (ii) such security or indemnity as may be required by them to save each of them and any of its agents harmless, then the Borrower shall, at the request of the Administrative Agent, execute and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any new Note under this <u>Section 15.6</u>, the Borrower may require the payment from the transferor holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Administrative Agent) connected therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 15.6</u> are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

SECTION 15.7 <u>Cancellation</u>. All Notes surrendered for payment or registration of transfer or exchange shall be delivered to the Administrative Agent, and shall be promptly canceled by it and may be destroyed pursuant to the Administrative Agent's securities retention policies. The Borrower shall promptly deliver to the Administrative Agent for cancellation any Notes previously delivered hereunder which the Borrower may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Administrative Agent.

------

No Notes shall be executed in lieu of or in exchange for any Notes canceled as provided in this <u>Section 15.7</u>, except as expressly permitted by this Agreement.

**ARTICLE XVI<br>INDEMNIFICATION**

SECTION 16.1 <u>General Indemnity of the Borrower</u>. Without limiting any other rights which any such Person may have hereunder or under applicable law, the Borrower hereby agrees to indemnify the Administrative Agent, the Collateral Agent, each Lender, each Conduit Lender and each of their respective Affiliates, and each of their respective successors, transferees, participants and assigns (and successors, transferees, participants and assigns thereof) and all officers, directors, shareholders, controlling Persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an "<u>Indemnified Party</u>"), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys' fees and disbursements (all of the foregoing being collectively called "<u>Indemnified Amounts</u>") awarded against or incurred by any of them arising out of or relating to any Transaction Document (or the Original Agreement or the Initial Agreement) or the transactions contemplated thereby or the use of proceeds therefrom by the Borrower, including (without limitation) in respect of the funding of any Advance or in respect of any Aircraft, <u>excluding</u>, <u>however</u>, (a) Indemnified Amounts to the extent determined by a final non-appealable decision of a court of competent jurisdiction to have resulted from gross negligence or willful misconduct on the part of any Indemnified Party or its Affiliate, (b) any Taxes, loss of Tax benefits, or costs incurred in contesting any Taxes or loss of Tax benefits (the related indemnities for which are set out solely in <u>Section 6.3</u> of this Agreement), (c) any Indemnified Amounts the liabilities for which are explicitly set out in another provision of this Agreement or the Transaction Documents, including costs and expenses covered by <u>Section 17.4</u> of this Agreement, and (d) any Indemnified Amounts that constitute a cost or expense that is required to be borne by any Indemnitee pursuant to any other explicit provision of the Transaction Documents. Without limiting the foregoing, but subject to the exclusions described in clauses (a), (b), (c) and (d) above, the Borrower agrees to indemnify each Indemnified Party for Indemnified Amounts arising out of or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the grant of a security interest to the Collateral Agent (for the benefit of the Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the breach of any representation or warranty made by the Borrower, any Service Provider, any Borrower Subsidiary (or any of their respective officers) under or in connection with this Agreement or the other Transaction Documents, any Quarterly Report, Monthly Report, officer's certificate or any other information, report or certificate delivered by the Borrower or any Service Provider pursuant hereto or thereto, which shall have been false or incorrect in any material respect when made or deemed made;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the failure by the Borrower, any Service Provider or any Borrower Subsidiary to comply in any material way with any applicable law, rule or regulation with respect to any Aircraft or Lease, or the nonconformity of any Aircraft or Lease with any such applicable law, rule or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the failure to vest and maintain vested in the Collateral Agent, for the benefit of the Lenders, a first priority first-priority security interest in all the Borrower Collateral, free and clear of any Adverse Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Borrower Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;any dispute, claim, offset or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Lease (including, without limitation, a defense based on such Lease not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the commingling of the proceeds of the Aircraft, the Leases or any other Borrower Collateral at any time with other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;any investigation, litigation or proceeding related to this Agreement or the use of proceeds of Advances or the Ownership of the Aircraft, the Leases or any other Borrower Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;any failure of the Borrower, any Service Provider, or any Borrower Subsidiary to comply with its covenants contained in this Agreement or any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;any claim brought by any Person other than an Indemnified Party arising from any activity by the Borrower, any Service Provider, or any Borrower Subsidiary or any Affiliate of any of them in servicing, administering or collecting any Aircraft or Lease.

SECTION 16.2 <u>Waiver of Consequential Damages, Etc.</u> To the fullest extent permitted by any applicable Requirement of Law, none of the Borrower, the Service Providers, or any Borrower Subsidiary shall assert, and each of them hereby waives, any claim against any Indemnified Party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Transaction Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof. No Indemnified Party shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby.

------

**ARTICLE XVII<br>MISCELLANEOUS**

SECTION 17.1 <u>No Waiver; Remedies</u>. Neither the execution and delivery of this Agreement nor any failure on the part of any Lender, the Administrative Agent, the Collateral Agent, any Indemnified Party or any Affected Party to exercise, nor any delay by any such Person in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any such Person of any right, power or remedy hereunder preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Without limiting the foregoing, each Lender is hereby authorized by the Borrower at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower against any and all obligations of the Borrower, now or hereafter existing under this Agreement, to the Administrative Agent, any Affected Party, any Indemnified Party or any Lender or their respective successors and assigns.

SECTION 17.2 <u>Amendments, Waivers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;Neither this Agreement nor any other Transaction Document, nor any provision hereof or thereof, may be waived, amended, supplemented or modified except, in each case, with the written consent of the Majority Lenders and Administrative Agent; <u>provided</u>, <u>however</u>, that no such waiver, amendment, supplement or modification shall be effective if the effect thereof would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;waive, amend, supplement or modify any provision set forth in any of the following definitions without the consent of each of the Lenders: Additional Advance Commitment Period, Advance Rate, Amortization Period, Applicable Margin, Facility Limit, Base Advance Rate, Borrowing Base, Borrowing Base Deficiency, Conversion Date, Facility Termination Date, Liquidity Reserve Initial Required Amount, Liquidity Reserve Maximum Amount and Maximum Aggregate Principal Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;reduce the principal amount of any Advance or reduce the Yield payable in respect thereof, or reduce any fee payable hereunder, or change the form or currency of payment of any Obligation, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;(A) change the Stated Maturity Date or any scheduled date of payment of any principal, (B) postpone the date for payment of any Obligation hereunder or (C) change the amount of, waive or excuse any such payment, without the written consent of each Lender affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;increase the maximum duration of Interest Periods hereunder, without the written consent of each Lender affected thereby;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;permit the assignment or delegation by AerCap, the Borrower or any of the Borrower Subsidiaries of any of its respective rights or obligations under any Transaction Document (except as delegated pursuant to the Service Provider Agreements), without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;release any material portion of the Collateral from the Lien of the Security Trust Agreement (other than in connection with a transfer, sale or other disposition permitted under <u>Section 10.8</u> hereof or as otherwise provided in or contemplated by the Transaction Documents), or alter the relative priorities of the Obligations entitled to the Liens of the Security Trust Agreement, without the consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;change the amount of, or order of priority in which, payments of funds on deposit in the Collection Account, or the proceeds of draws from the Liquidity Reserve Account, are to be applied in accordance with the terms hereof, without the written consent of each Lender affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;change any provision in <u>Section 4.4</u> or any other provision hereof in any manner which would alter the <u>pro</u> <u>rata</u> allocation among the Lenders of Advances to be made hereunder or repayments in respect thereof, in each case without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;change any provision of this <u>Section 17.2</u>, without the consent of each Lender affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;change the percentage set forth in the definition of Majority Lenders without the written consent of each Lender affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;change or waive any provision of <u>Article XIV</u> as the same applies to the Administrative Agent, or any other provision hereof as the same applies to the rights or obligations of the Administrative Agent, in each case without the written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;change or waive any provision hereof as the same applies to the rights or obligations of the Administrative Agent, in each case without the written consent of the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;change or waive any provision hereof as the same applies to the rights, protections or obligations of the Collateral Agent or the Account Bank, in each case, without the written consent of the Collateral Agent or the Account Bank, respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;change any provision of <u>Sections 2.8</u>, <u>15.1</u>, <u>17.12</u>, <u>17.15</u> or <u>17.21</u> without the consent of each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the Service Providers agree to make such amendments to this Agreement from time to time as may be necessary to evidence the addition of a new Lender hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent that by its terms requires the consent of all the Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended, or the maturity of any of its Advances may not be extended, the rate of interest on any of its Advances may not be reduced and the principal amount of any of its Advances may not be forgiven, in each case without the consent of such Defaulting Lender and (y) any amendment, waiver or consent requiring the consent of all the Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than the other affected Lenders shall require the consent of such Defaulting Lender.

Any Defaulting Lender's right to approve or disapprove any amendment, waiver or consent pursuant to a Transaction Document shall be restricted as set forth in the definition of Majority Lenders and this Section 17.2.

SECTION 17.3 Notices, Etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Generally</u>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service or sent by telecopier, to the intended party at the address or telecopier number of such party set forth under its name on the signature pages hereof or at such other address or telecopier number as shall be designated by such party in a written notice to the other parties hereto. Notices sent by hand or overnight courier service shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Communications</u>. Notices and other communications to the Lenders hereunder may (subject to <u>Section 17.3(c)</u>) be delivered or furnished by electronic communication (including e mail and Internet or intranet websites); <u>provided</u> that the foregoing shall not apply to notices to any Lender pursuant to <u>Article II</u> if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the Collateral Agent, the Account Bank, the Borrower or the Servicer may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it (including as set forth in this <u>Section 17.3(b)</u> or <u>Section 17.3(c)</u>); <u>provided</u> that approval of such procedures may be limited to particular notices or communications; and <u>provided</u> <u>further</u> that any notices or other communications to be delivered to the Collateral Agent or the Account Bank shall, if delivered by electronic means, be delivered as a .PDF (Portable Document Format) or other attachment to email, unless otherwise agreed by the applicable parties.

------

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgment); <u>provided</u> that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

Facsimile, documents executed, scanned and transmitted electronically and electronic signatures, including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes of this Agreement and all other Transaction Documents and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Agreement or any other Transaction Document or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Agreement or the other Transaction Documents or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the wire transfer of funds or other communications) ("<u>Executed Documentation</u>") may be accepted, executed or agreed to through the use of an electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto or thereto. When the Collateral Agent or the Account Bank acts on any Executed Documentation sent by electronic transmission, the Collateral Agent or the Account Bank will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication; it being understood and agreed that the Collateral Agent and the Account Bank shall conclusively presume that Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods, including, without limitation, the risk of the Collateral Agent or the Account Bank acting on unauthorized instructions and the risk of interception and misuse by third parties.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Posting</u>. Each of the Borrower and the Service Providers hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to such Person pursuant to this Agreement and any other Transaction Document, including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for an Advance, (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default under this Agreement or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non excluded non-excluded communications, collectively, the "<u>Communications</u>"), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to such Person at the e-mail address of such party set forth under its name on the signature pages hereof or at such other e mail e-mail address(es) provided to the Service Providers or the Borrower from time to time or in such other form, including hard copy delivery thereof, as such Person shall require. In addition, each of the Borrower and the Service Providers agrees to continue to provide the Communications to such Person in the manner specified in this Agreement or any other Transaction Document or in such other form, including hard copy delivery thereof, as such Person shall require. Nothing in this <u>Section 17.3</u> shall prejudice the right of any party hereto to give any notice or other communication pursuant to this Agreement or any other Transaction Document in any other manner specified in this Agreement or any other Transaction Document or as any such party shall require. Also, nothing in this <u>Section 17.3</u> shall be interpreted as requiring any Borrower Group Member or the Servicer to provide copies of Leases in a manner that would disclose Lease rentals thereon, although copies of Leases with rental redacted, and other portfolio information may be provided.

Each of the Borrower and the Service Providers further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the "<u>Platform</u>"). The Platform is provided "as is" and "as available." The Administrative Agent does not warrant the accuracy or completeness of the Communications, or the adequacy of the Platform and it expressly disclaims liability for errors or omissions in the communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non infringement non-infringement of third party rights or freedom from viruses or other code defects, is made by the Administrative Agent in connection with the Communications or the Platform. In no event shall the Administrative Agent have any liability to the Borrower, any Service Provider, or any of their Affiliates, any Lender or any other person for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any transmission of communications through the Internet, except to the extent such liability is found in a final non appealable non-appealable judgment by a court of competent jurisdiction to have resulted from the Administrative Agent's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conduit Lenders</u>. Any Person delivering any notice to a Conduit Lender hereunder shall also deliver a copy of such notice to the applicable Granting Lender.

------

SECTION 17.4 <u>Costs and Expenses</u>. In addition to the rights of indemnification granted under <u>Section 16.1</u>, the Borrower agrees to pay on demand, at any time on or after the Effective Date, all costs and expenses (other than with respect to Taxes, the indemnities for which are set out solely in <u>Section 6.3</u> of this Agreement) in connection with the preparation, execution, delivery and administration of this Agreement, the other Transaction Documents, and the other documents and agreements to be delivered hereunder, and any amendments, waivers or consents executed in connection with this Agreement and/or the other Transaction Documents, including, without limitation, (i) the reasonable legal fees and disbursements of Vedder Price P.C., counsel to the Administrative Agent hereunder, and McCann FitzGerald and Conyers, Dill & Pearman Limited, (ii) the other reasonable out of pocket out-of-pocket costs and expenses of the Administrative Agent and the Lenders (the "<u>Credit Parties</u>"), including, without limitation, due diligence expenses, and printing, reproduction, document delivery and communication costs, each as incurred in connection with the transactions contemplated hereunder, or the preparation, review, negotiation, execution and delivery and/or enforcement of the Transaction Documents (but excluding legal fees and disbursements for any counsel other than the counsel described in clause (i) above and a single counsel in each applicable jurisdiction that is not a country listed on the current version of the Approved Country List), (iii) any amendments, waivers and consents (but not any assignments or participation agreements) executed in connection with the Transaction Documents, (iv) all costs and expenses, if any (including counsel fees and expenses), of the Credit Parties, in connection with the enforcement of the Transaction Documents, and (v) all costs and expenses (including counsel fees and expenses) of the Collateral Agent and the Account Bank. The Borrower shall pay all amounts under this <u>Section 17.4</u> from time to time upon demand pursuant to the Flow of Funds and after the Borrower and the Service Providers have been furnished with reasonably detailed evidence thereof. The Borrower's obligations under this paragraph shall survive any termination of this Agreement.

SECTION 17.5 <u>Binding Effect; Survival</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, and the provisions of <u>Article VI</u>, <u>Article XI</u> and <u>Article XVI</u> shall inure to the benefit of the Indemnified Parties, respectively, and their respective successors and assigns; <u>provided</u>, <u>however</u>, nothing in the foregoing shall be deemed to authorize any assignment not permitted by <u>Article XV</u>. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time, after the Facility Termination Date when all Obligations have been finally and fully paid and performed. The rights and remedies with respect to any breach of any representation and warranty made by the Borrower pursuant to <u>Article IX</u> and the indemnification and payment provisions of <u>Article VI</u> and <u>Article XVI</u> and <u>Section 17.4</u> shall be continuing and shall survive any termination of this Agreement, the payment of all amounts payable hereunder and any termination of any member of the AerCap Group's rights to act as a Service Provider hereunder or under any other Transaction Document.

------

SECTION 17.6 <u>Captions and Cross References</u>. The various captions (including, without limitation, the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section of or Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.

SECTION 17.7 <u>Severability</u>. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 17.8 <u>Governing Law; Venue</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**THIS AGREEMENT SHALL IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION, EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE INTERESTS OF THE COLLATERAL AGENT FOR THE BENEFIT OF THE LENDERS IN THE BORROWER COLLATERAL, THE PARENT COLLATERAL, OR REMEDIES HEREUNDER, IN RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK SATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, LEGAL ACTION OR PROCEEDING ARISING DIRECTLY OR INDIRECTLY UNDER OR RELATING TO THIS AGREEMENT IN ANY SUCH COURT AND HEREBY FURTHER WAIVES ANY CLAIM THAT ANY SUCH COURT IS NOT A CONVENIENT FORUM FOR ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING.**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**EACH OF THE BORROWER AND THE SERVICE PROVIDERS AGREES THAT THE PROCESS BY WHICH ANY SUIT, ACTION OR PROCEEDING IS BEGUN MAY BE SERVED ON IT BY BEING DELIVERED IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING IN THE CITY OF NEW YORK TO AERCAP INC., WITH AN OFFICE ON THE DATE HEREOF AT 801 BRICKELL AVE, 11**<sup>th</sup> **FLOOR, MIAMI, FL 33131, AND EACH OF THEM HEREBY APPOINTS AERCAP INC. ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF SUCH SERVICE OF LEGAL PROCESS.**

SECTION 17.9 <u>Counterparts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts; Effectiveness</u>. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or electronic means, including by email with a pdf copy thereof attached, shall be effective as delivery of an original executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Execution of Assignments</u>. The words "execution," "signed," "signature," and words of like import in any Transaction Document shall be deemed to include electronic signatures 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 or the use of a paper based paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Requirement of Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

------

SECTION 17.10 <u>WAIVER OF JURY TRIAL</u>. **EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE BORROWER, THE ADMINISTRATIVE AGENT, THE LENDERS OR ANY OTHER AFFECTED PERSON OR INDEMNIFIED PARTY. THE BORROWER ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT AND THE LENDERS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT.**

SECTION 17.11 <u>Third Party Beneficiary</u>. This Agreement shall only inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns and no third party is entitled to benefit from this Agreement or the terms hereof.

SECTION 17.12 <u>No Proceedings</u>. (a) Each of the Service Providers and the Collateral Agent agrees that it will not institute against the Borrower or any Borrower Subsidiary, or join any other Person in instituting against the Borrower or any Borrower Subsidiary, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Event of Bankruptcy) so long as any Advances or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year <u>plus</u> one day since the last day on which any such Advances or other amounts shall be outstanding. The foregoing shall not limit such Person's right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted by any Person other than such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto agrees that it will not institute against any Conduit Lender, or join any other Person in instituting against any Conduit Lender, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Event of Bankruptcy) so long as any commercial paper issued or other senior indebtedness by such any Conduit Lender shall be outstanding or there shall not have elapsed one year <u>plus</u> one day since the last day on which any commercial paper issued or other senior indebtedness by such Conduit Lender shall have been outstanding. The foregoing shall not limit a Person's right to file any claim in or otherwise participate in any such proceedings instituted by any Person other than such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section 17.12 shall survive the termination of this Agreement.

------

SECTION 17.13 <u>ENTIRE AGREEMENT</u>. **THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.**

SECTION 17.14 <u>Resolution of Drafting Ambiguities</u>. Each of the Borrower and the Service Providers acknowledges and agrees that it was represented by counsel in connection with the execution and delivery of the Transaction Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

SECTION 17.15 Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by applicable law, the Borrower and the Service Providers each agrees to maintain the confidentiality of the financial terms and conditions of this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby and the identity of the parties hereto, to the other Transaction Documents and otherwise participating in such transactions; <u>provided</u> that this Agreement may be disclosed to (i) third parties to the extent such disclosure is made pursuant to a written agreement of confidentiality in form and substance reasonably satisfactory to the Administrative Agent, (ii) the Borrower's legal counsel and auditors and (iii) any Government Entity if required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Administrative Agent, the Collateral Agent, the Account Bank (in each case, for itself and not on behalf of any Lender or other party hereto) and each of the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates or as required by the rules of any stock exchange on which its shares or those of its Affiliates are listed (including the Japanese central bank, in the case of a Lender organized under the laws of Japan, or any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Requirements of Law or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Transaction Document or any action or proceeding relating to this Agreement or any other Transaction Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this <u>Section 17.15(b)</u>, to (i) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) any rating agency for the purpose of obtaining a credit rating applicable to any Lender or affiliate

------

thereof, commercial paper dealer or Support Party (any of which shall be informed of the confidential nature of the information), (h) to the Borrower, any member of the AerCap Group or any of their respective Subsidiaries or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this <u>Section 17.15(b)</u> or (y) becomes available to the Administrative Agent, the Collateral Agent, the Account Bank, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than a member of the AerCap Group, the Borrower, a Service Provider or any of their respective Subsidiaries. For purposes of this Section, "Information" means all information received from AerCap or any member of the AerCap Group, the Borrower or any of their respective Subsidiaries relating to AerCap, the AerCap Group, the Borrower or any of their respective Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, the Collateral Agent, the Account Bank or any Lender on a nonconfidential basis prior to disclosure by AerCap, any member of the AerCap Group, the Borrower or any of their respective Affiliates. Any person required to maintain the confidentiality of Information as provided in this <u>Section 17.15(b)</u> shall be considered to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of such Information as such person would accord to its own confidential information.

SECTION 17.16 USA Patriot Act Notice

The Administrative Agent (for itself and not on behalf of any Lender) and each Lender hereby notifies the Borrower and AerCap that pursuant to the requirements of the Patriot Act, such Person is required to obtain, verify, and record information that identifies the Borrower and AerCap, which information includes the name and address of the Borrower and AerCap and other information that will allow such Person to identify the Borrower and AerCap in accordance with the Patriot Act.

SECTION 17.17 Compliance with Applicable Law

&nbsp;&nbsp;&nbsp;&nbsp;In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions including but not limited to those relating to the funding of terrorist activities and money laundering, including without limitation , Section 326 of the USA PATRIOT Act of the United States ("<u>Applicable Laws</u>"), the Collateral Agent and the Account Bank are required to obtain, verify and record and update certain information relating to individuals and entities which maintain a business relationship with the Collateral Agent or the Account Bank. Accordingly, each of the parties hereto agrees to provide the Collateral Agent and the Account Bank, upon its request from time to time, such identifying information or documentation as may be available for such party in order to enable the Collateral Agent and the Account Bank to comply with Applicable Laws.

SECTION 17.18 <u>Collateral Agent/Account Bank Protections</u>. The rights, protections and indemnities of the Collateral Agent as set forth in the Security Trust Agreement shall be incorporated in this <u>Section 17.18</u> for the benefit of the Collateral Agent and the Account Bank, as applicable, as though explicitly set forth in this <u>Section 17.18</u>.

------

SECTION 17.19 Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. The Borrower may, at its option, terminate this Agreement and the other Credit Documents (collectively, the "<u>Termination</u>"); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower has prepaid the Outstanding Principal Amount and paid all Yield accrued thereon, all accrued Fees and all other Obligations (collectively, the "<u>Termination Payment</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have provided to the Administrative Agent and each Lender at least five Business Days' prior written notice of the Termination Payment and Termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;either (x) the Termination Payment and Termination shall occur after the first anniversary of the Effective Date or (y) the Borrower shall have paid to the Lenders (on a <u>pro</u> <u>rata</u> basis), a fee equal to the aggregate Commitment Fees that, but for the occurrence of the Termination, would have been payable under the Fee Letter with respect to the period commencing on the date of the Termination and ending on the first anniversary of the Effective Date (such Commitment Fees to be calculated assuming that the Outstanding Principal Amount shall be zero during such period).

SECTION 17.20 Judgment Currency

&nbsp;&nbsp;&nbsp;&nbsp;In respect of any judgment or order given or made for any amount due under this Agreement or any other Credit Document that is expressed and paid in a currency (the "judgment currency") other than United States dollars, the Obligors will indemnify the Administrative Agent and any Lender against any loss incurred by them as a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii) the rate of exchange, as quoted by the Administrative Agent or by a known dealer in the judgment currency that is designated by the Administrative Agent, at which the Administrative Agent or such Lender is able to purchase United States dollars with the amount of the judgment currency actually received by the Administrative Agent or such Lender. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into United States dollars.

------

SECTION 17.21 Limited Recourse to Conduit Lenders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No recourse under any obligation, covenant or agreement of a Conduit Lender as contained in any Credit Document shall be had against any incorporator, stockholder, member, affiliate, officer, employee or director of a Conduit Lender (other than the related Granting Lender), by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of each Conduit Lender contained in any Credit Document are solely corporate or limited liability company obligations of such Conduit Lender and that no personal liability whatsoever shall attach to or be incurred by the incorporators, stockholders, members, affiliates, officers, employees or directors of such Conduit Lender, under or by reason of any of the respective obligations, covenants or agreements of such Conduit Lender (other than the related Granting Lender) contained in any Credit Document, or implied therefrom, and that any and all personal liability of every such incorporator, stockholder, member, affiliate, officer, employee or director of such Conduit Lender (other than the related Granting Lender) with respect to any such obligation, covenant or agreement (including arising out of any breach thereof by such Conduit Lender), which liability may arise either at common law or in equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties to this Agreement hereby (i) acknowledges and agrees that the Conduit Lenders shall have no obligation to pay any amounts under this Agreement unless and until such Conduit Lender shall have received such amounts pursuant to this Agreement and (ii) agrees that the Conduit Lender shall have no obligation to pay any amounts constituting fees, a reimbursement for expenses, or indemnities (collectively, "Expense Claims"), and such Expense Claims shall not constitute a claim (as defined in Section 101 of Title 11 of the United States Bankruptcy Code or any similar law in another jurisdiction) against the Conduit Lender, unless or until the Conduit Lender has received amounts sufficient to pay such Expense Claims pursuant to this Agreement and such amounts are not required to pay the indebtedness of the Conduit Lender; provided in each case that the Granting Lender relating to such Conduit Lender shall have all obligations that a Conduit Lender would have but for this clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 17.21</u> shall survive the termination of this Agreement.

SECTION 17.22 Continuing Liens

&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the refinancing of the Original Agreement Refinancing Amount pursuant hereto, the parties hereto hereby agree that the Liens created pursuant to the Security Trust Agreement and the other Credit Documents prior to such refinancing shall continue in full force and effect and shall not be terminated or released as a result of such refinancing.

------

SECTION 17.23 <u>Direction to Execute</u>.

&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and each of the undersigned Lenders hereby irrevocably requests and directs the Collateral Agent to execute and deliver this Agreement and the Eighth Omnibus Amendment to Security Trust Agreement and Service Provider Agreements, dated as of July 1, 2024 among the Borrower, the Borrower Subsidiaries party thereto, AerCap, AASL, CML, the Administrative Agent and the Collateral Agent, and to take any and all further action necessary or appropriate to give effect to the transactions contemplated hereby and thereby, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 17.24 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>.

Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

------

By its making of a portion of the Advances, each Lender (including the respective successors and permitted assignees of each Lender), to the extent permitted by law, waives any and all claims against the Collateral Agent and the Account Bank for, agrees not to initiate a suit against the Administrative Agent, the Collateral Agent or the Account Bank in respect of, and agrees that none of the Administrative Agent, the Collateral Agent or the Account Bank shall be liable for, any action that the Administrative Agent, the Collateral Agent or the Account Bank takes, or abstains from taking, in either case in accordance with the exercise of the Write-Down and Conversion Powers by the applicable Resolution Authority with respect to the Advances.

By its making of a portion of the Advances, each Lender (including the respective successors and permitted assignees of each Lender), acknowledges and agrees that, upon the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority, (a) none of the Administrative Agent, the Collateral Agent or the Account Bank shall be required to take any further directions from the Administrative Agent (in the case of the Collateral Agent and the Account Bank) and/or the Lenders under the terms of this Agreement or any other Transaction Document unless secured or indemnified to its satisfaction, and that they may not direct the Administrative Agent, the Collateral Agent or the Account Bank to take any action whatsoever, including without limitation, any challenge to the exercise of Write-Down and Conversion Powers or a request to call a meeting or take any other action under this Agreement or the other Transaction Documents in connection with the exercise of Write-Down and Conversion Powers unless secured or indemnified to its satisfaction and (b) this Agreement and the other Transaction Documents shall not impose any duties upon the Administrative Agent, the Collateral Agent or the Account Bank whatsoever with respect to the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority.

The Borrower's obligations to indemnify the Administrative Agent, the Collateral Agent and the Account Bank in accordance with the terms of this Agreement and the other Transaction Documents shall survive the exercise of the Write-Down and Conversion Powers by the applicable Resolution Authority (but, for the avoidance of doubt, the foregoing shall not constitute any increase or addition to the Borrower's indemnity obligations as set forth in the Transaction Documents).

The parties hereto agree that they will not amend, change or modify this <u>Section 17.24</u> and the related rights, immunities, indemnities and protections of the Administrative Agent, the Collateral Agent and the Account Bank without the Administrative Agent's, the Collateral Agent's or the Account Bank's written consent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;

------

SECTION 17.25 <u>Acknowledgement Regarding any Supported QFCs</u>.

To the extent that the Credit Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Lender that fails to make an Advance when required pursuant to the terms of this Agreement shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

As used in this Section 17.25, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Covered Entity</u>" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable.

------

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

&nbsp;&nbsp;&nbsp;&nbsp;SECTION 17.26 <u>Specified Aircraft</u>. Notwithstanding anything to the contrary herein or in any other Transaction Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Base Advance Rate, Borrowing Base and Base Value for each Specified Aircraft shall be 0%, $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No provision herein or in any other Transaction Document shall prohibit, restrict or require conditions to any acquisition, sale, transfer or other disposition of any Specified Aircraft (or part thereof) or the Equity Interest in any Borrower Subsidiary owning such Specified Aircraft (and not directly or indirectly owning or leasing any other Aircraft). The parties hereto (in the case of the Collateral Agent, at the Administrative Agent's direction, which the Administrative Agent shall provide) shall cooperate at the cost of the Borrower with any actions or documentation releasing the Collateral Agent's security interests in such Specified Aircraft, such Equity Interest, and the related Lease (and other related Collateral) to the extent reasonably requested by a Borrower Group Member or Service Provider in connection with such sale, transfer or other disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Unless an Event of Default has occurred and is continuing, all amounts ("<u>Specified Aircraft Proceeds</u>") received and whether or not on deposit in an account maintained with the Account Bank in connection with, derived from or otherwise relating to a Specified Aircraft (including, without limitation, all Lease payments, indemnity payments, drawings under letters of credit, guarantees and other collateral security relating to a Lease, payments relating to a Lease restructuring, claim recoveries, sale proceeds, insurance proceeds, and amounts maintained in the Maintenance Reserve Account and the Security Deposit Account, in each case attributable to such Aircraft), shall be paid and applied to or at the direction of the Borrower (including to cure a Maintenance Reserves Deficiency or to make payments of interest, principal and premium, if any, on one or more AerCap Sub Notes and of accrued interest on the AerCap Liquidity Facility), <u>provided</u> that the Borrower may elect, in its sole discretion, to retain all or a portion of such funds in the Collection Account; <u>provided</u> <u>further</u> that the Borrower shall direct any indemnity payment or insurance proceeds received by a Borrower Group Member and on deposit in an account maintained with the Account Bank but payable to an indemnified or insured person other than a Borrower Group Member be paid to such other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No Specified Aircraft Proceeds (whether or not retained in the Collection Account) shall constitute Collections or Available Collections unless the Borrower shall so elect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may, and the parties hereto shall cooperate with any reasonable request by the Borrower to, establish one or more separate accounts of an applicable Borrower Group Member with a bank (other than the Account Bank) in which only Specified Aircraft Proceeds may be deposited (which may include a confirmation of consent to a Lessee as to changed payments instructions), which shall not be required to be subject to a security interest of the Collateral Agent, and neither the Collateral Agent nor the Account Bank shall have any obligation or liability in connection with such accounts or the funds on deposit therein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;To the extent a Borrower Group Member is required to make payments of costs or expenses attributable to a Specified Aircraft (including fees and expenses of the Servicer and other applicable advisors and service providers), such costs or expenses shall be paid solely out of Specified Aircraft Proceeds, amounts in the accounts referred to in clause (e) above (if any), amounts the Borrower received pursuant to the Flow of Funds, Servicer Advances or advances under an AerCap Sub Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Collateral Agent nor the Account Bank shall have any responsibility for, or liability in connection with, identifying, monitoring, segregating or maintaining the portion of the amounts on deposit in the Collection Account or other accounts maintained with the Account Bank that constitute Specified Aircraft Proceeds. Any instruction of the Borrower to the Collateral Agent or the Account Bank pursuant to Section 17.26(c), (d) or (f) shall specifically state that it is being delivered pursuant to Section 17.26(c), (d) or (f), as the case may be, and, by delivery thereof, the Borrower shall be deemed to have confirmed that such instruction has been given in compliance with the applicable terms and provisions of this Agreement; it being understood and agreed that the Collateral Agent and the Account Bank shall be entitled to conclusively rely on such deemed confirmation and the instruction received by it without independent inquiry, investigation or consent of the Administrative Agent or any other Person.

For the avoidance of doubt, the foregoing shall not prejudice the obligations of the Borrower under Section 4.2(b)(i) with respect to the conversion of a Funded Aircraft to a Specified Aircraft.

**[Signature pages follow.]**

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

AERFUNDING 1 LIMITED, as Borrower

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

AerFunding 1 Limited<br>Clarendon House<br>2 Church Street<br>Hamilton, HM 11<br>Bermuda<br>Attention: Company Secretary

Facsimile No.: 441-292-4720 / 295-1861<br>E-mail: contractualnotices@aercap.com

with a copy to:<br>AerCap Administrative Services Limited<br>Aviation House<br>Shannon, Co. Clare<br>Ireland<br>Attention: Legal Department

Tel: + 353-61-723-800<br>E-mail: contractualnotices@aercap.com

------

AERCAP IRELAND LIMITED

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

AerCap Ireland Limited<br>Aviation House<br>Shannon, Co. Clare<br>Ireland<br>Attention: Legal Department

Tel: + 353-61-723-800<br>E-mail: contractualnotices@aercap.com

AERCAP ADMINISTRATIVE SERVICES LIMITED

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

AerCap Administrative Services Limited<br>Aviation House<br>Shannon, Co. Clare<br>Ireland<br>Attention: Legal Department<br>Tel: + 353-61-723-800<br>E-mail: contractualnotices@aercap.com

------

CASH MANAGER LIMITED

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Cash Manager Limited<br>c/o AerCap Ireland Limited<br>Aviation House<br>Shannon, Co. Clare<br>Ireland<br>Attention: Legal Department<br>Tel: + 353-61-723-800<br>E-mail: contractualnotices@aercap.com

------

BANK OF AMERICA, N.A., as Administrative Agent

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Bank of America, N.A.<br>620 S. Tryon St.<br>NC1-030-21-01<br>Charlotte, NC 28255<br>Attention: Sean Walsh<br>Email: &nbsp;&nbsp;&nbsp;&nbsp;sean.c.walsh@bofa.com / dg.sfg-treasury@bofa.com<br>Tel: 980-386-0159

------

[LENDERS], as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent and as Account Bank

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Deutsche Bank Trust Company Americas<br>c/o Deutsche Bank National Trust Company<br>1761 E. Saint Andrew Place<br>Santa Ana, CA 92705-4934<br>Attention: ABS Client Service – UBSAFL<br>Email: ABSClientServices@list.db.com

## Exhibit 2.4

**Exhibit 2.4**

EXECUTION VERSION

Fifth Amended and Restated Revolving Credit Agreement

dated as of

December 17, 2025,

among

AERCAP HOLDINGS N.V.,

AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, <br>*as Borrower*,

the SUBSIDIARY GUARANTORS party hereto,

the LENDERS party hereto

and

CITIBANK, N.A., <br>*as Administrative Agent*

__________________________

CITIBANK, N.A., MIZUHO BANK, LTD., BANCO SANTANDER S.A. PARIS BRANCH, BOFA SECURITIES, INC., BARCLAYS BANK PLC, BNP PARIBAS, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., MORGAN STANLEY SENIOR FUNDING, INC., MORGAN STANLEY BANK, N.A., THE TORONTO DOMINION BANK, LONDON BRANCH, TRUIST BANK, WELLS FARGO BANK INTERNATIONAL UC, ING BANK, A BRANCH OF ING-DIBA AG AND RBC CAPITAL MARKETS<sup>1</sup>, <br>*as Joint Lead Arrangers and Joint Bookrunners*,

MIZUHO BANK, LTD., <br>*as Syndication Agent,*

and

BANCO SANTANDER S.A. PARIS BRANCH, BOFA SECURITIES, INC., BARCLAYS BANK PLC, BNP PARIBAS, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., MORGAN STANLEY SENIOR FUNDING, INC., MORGAN STANLEY BANK, N.A., THE TORONTO DOMINION BANK, LONDON BRANCH, TRUIST BANK, WELLS FARGO BANK INTERNATIONAL UC, ING BANK, A BRANCH OF ING-DIBA AG AND RBC CAPITAL MARKETS<br>*as Documentation Agents*

<sup>1</sup> RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates.

------

**TABLE OF CONTENTS**

<u>Page</u>

SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;CERTAIN DEFINITIONS

Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;Terms Generally&nbsp;&nbsp;&nbsp;&nbsp;[1](#i2af9698fd73241809a650f992d5f632d_84)

Section 1.2.&nbsp;&nbsp;&nbsp;&nbsp;Specific Terms&nbsp;&nbsp;&nbsp;&nbsp;[2](#i2af9698fd73241809a650f992d5f632d_84)

Section 1.3.&nbsp;&nbsp;&nbsp;&nbsp;Divisions&nbsp;&nbsp;&nbsp;&nbsp;[29](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;COMMITTED LOANS AND COMMITTED NOTES&nbsp;&nbsp;&nbsp;&nbsp;[29](#i2af9698fd73241809a650f992d5f632d_84)

Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;Agreement to Make Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[29](#i2af9698fd73241809a650f992d5f632d_84)

Section 2.2.&nbsp;&nbsp;&nbsp;&nbsp;Procedure for Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[30](#i2af9698fd73241809a650f992d5f632d_84)

Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp;Maturity of Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[31](#i2af9698fd73241809a650f992d5f632d_84)

Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp;Optional Conversion or Continuation of Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[31](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;INTEREST AND FEES&nbsp;&nbsp;&nbsp;&nbsp;[32](#i2af9698fd73241809a650f992d5f632d_84)

Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;Interest Rates&nbsp;&nbsp;&nbsp;&nbsp;[32](#i2af9698fd73241809a650f992d5f632d_84)

Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates&nbsp;&nbsp;&nbsp;&nbsp;[32](#i2af9698fd73241809a650f992d5f632d_84)

Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp;Setting and Notice of Committed Loan Rates&nbsp;&nbsp;&nbsp;&nbsp;[33](#i2af9698fd73241809a650f992d5f632d_84)

Section 3.4.&nbsp;&nbsp;&nbsp;&nbsp;Commitment Fee&nbsp;&nbsp;&nbsp;&nbsp;[33](#i2af9698fd73241809a650f992d5f632d_84)

Section 3.5.&nbsp;&nbsp;&nbsp;&nbsp;Agent's Fees&nbsp;&nbsp;&nbsp;&nbsp;[34](#i2af9698fd73241809a650f992d5f632d_84)

Section 3.6.&nbsp;&nbsp;&nbsp;&nbsp;Computation of Interest and Fees&nbsp;&nbsp;&nbsp;&nbsp;[34](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;REDUCTION OR TERMINATION OF THE COMMITMENTS; PREPAYMENTS; DEFAULTING LENDERS; INCREASE OF COMMITMENTS&nbsp;&nbsp;&nbsp;&nbsp;[34](#i2af9698fd73241809a650f992d5f632d_84)

Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Termination or Reduction of the Commitments&nbsp;&nbsp;&nbsp;&nbsp;[34](#i2af9698fd73241809a650f992d5f632d_84)

Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Prepayments&nbsp;&nbsp;&nbsp;&nbsp;[35](#i2af9698fd73241809a650f992d5f632d_84)

Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;Defaulting Lenders&nbsp;&nbsp;&nbsp;&nbsp;[35](#i2af9698fd73241809a650f992d5f632d_84)

Section 4.4.&nbsp;&nbsp;&nbsp;&nbsp;Increase of Commitments&nbsp;&nbsp;&nbsp;&nbsp;[36](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;MAKING AND PRORATION OF PAYMENTS; SET-OFF; TAXES&nbsp;&nbsp;&nbsp;&nbsp;[38](#i2af9698fd73241809a650f992d5f632d_84)

Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;Making of Payments&nbsp;&nbsp;&nbsp;&nbsp;[38](#i2af9698fd73241809a650f992d5f632d_84)

Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;Pro Rata Treatment; Sharing&nbsp;&nbsp;&nbsp;&nbsp;[38](#i2af9698fd73241809a650f992d5f632d_84)

Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;Set-off&nbsp;&nbsp;&nbsp;&nbsp;[38](#i2af9698fd73241809a650f992d5f632d_84)

Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;[39](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;INCREASED COSTS AND SPECIAL PROVISIONS FOR SOFR RATE LOANS&nbsp;&nbsp;&nbsp;&nbsp;[41](#i2af9698fd73241809a650f992d5f632d_84)

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;Increased Costs&nbsp;&nbsp;&nbsp;&nbsp;[41](#i2af9698fd73241809a650f992d5f632d_84)

Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Replacement Setting&nbsp;&nbsp;&nbsp;&nbsp;[43](#i2af9698fd73241809a650f992d5f632d_84)

Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;Changes in Law Rendering Certain Loans Unlawful&nbsp;&nbsp;&nbsp;&nbsp;[45](#i2af9698fd73241809a650f992d5f632d_84)

Section 6.4.&nbsp;&nbsp;&nbsp;&nbsp;Funding Losses&nbsp;&nbsp;&nbsp;&nbsp;[46](#i2af9698fd73241809a650f992d5f632d_84)

Section 6.5.&nbsp;&nbsp;&nbsp;&nbsp;Discretion of Lenders as to Manner of Funding&nbsp;&nbsp;&nbsp;&nbsp;[46](#i2af9698fd73241809a650f992d5f632d_84)

Section 6.6.&nbsp;&nbsp;&nbsp;&nbsp;Conclusiveness of Statements; Survival of Provisions&nbsp;&nbsp;&nbsp;&nbsp;[46](#i2af9698fd73241809a650f992d5f632d_84)

------

-ii-

SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES&nbsp;&nbsp;&nbsp;&nbsp;[46](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.1.&nbsp;&nbsp;&nbsp;&nbsp;Organization, etc.&nbsp;&nbsp;&nbsp;&nbsp;[47](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.2.&nbsp;&nbsp;&nbsp;&nbsp;Authorization; Consents; No Conflict&nbsp;&nbsp;&nbsp;&nbsp;[47](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.3.&nbsp;&nbsp;&nbsp;&nbsp;Validity and Binding Nature&nbsp;&nbsp;&nbsp;&nbsp;[48](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.4.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;[48](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.5.&nbsp;&nbsp;&nbsp;&nbsp;Litigation&nbsp;&nbsp;&nbsp;&nbsp;[48](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.6.&nbsp;&nbsp;&nbsp;&nbsp;Employee Benefit Plans&nbsp;&nbsp;&nbsp;&nbsp;[48](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.7.&nbsp;&nbsp;&nbsp;&nbsp;Investment Company Act&nbsp;&nbsp;&nbsp;&nbsp;[49](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.8.&nbsp;&nbsp;&nbsp;&nbsp;Regulation U&nbsp;&nbsp;&nbsp;&nbsp;[49](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.9.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure&nbsp;&nbsp;&nbsp;&nbsp;[49](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.10.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Applicable Laws, etc.&nbsp;&nbsp;&nbsp;&nbsp;[50](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.11.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[50](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.12.&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;[50](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.13.&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds&nbsp;&nbsp;&nbsp;&nbsp;[50](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.14.&nbsp;&nbsp;&nbsp;&nbsp;Pari Passu&nbsp;&nbsp;&nbsp;&nbsp;[50](#i2af9698fd73241809a650f992d5f632d_84)

Section 7.15.&nbsp;&nbsp;&nbsp;&nbsp;OFAC, Etc.&nbsp;&nbsp;&nbsp;&nbsp;[50](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;COVENANTS&nbsp;&nbsp;&nbsp;&nbsp;[50](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp;Reports, Certificates and Other Information&nbsp;&nbsp;&nbsp;&nbsp;[51](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp;Existence&nbsp;&nbsp;&nbsp;&nbsp;[52](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.3.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Business&nbsp;&nbsp;&nbsp;&nbsp;[52](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.4.&nbsp;&nbsp;&nbsp;&nbsp;Books, Records and Access&nbsp;&nbsp;&nbsp;&nbsp;[53](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.5.&nbsp;&nbsp;&nbsp;&nbsp;Insurance&nbsp;&nbsp;&nbsp;&nbsp;[53](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.6.&nbsp;&nbsp;&nbsp;&nbsp;Repair&nbsp;&nbsp;&nbsp;&nbsp;[53](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.7.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[53](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.8.&nbsp;&nbsp;&nbsp;&nbsp;Compliance&nbsp;&nbsp;&nbsp;&nbsp;[53](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.9.&nbsp;&nbsp;&nbsp;&nbsp;Sale of Assets&nbsp;&nbsp;&nbsp;&nbsp;[54](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.10.&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Indebtedness to Shareholder's Equity&nbsp;&nbsp;&nbsp;&nbsp;[54](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.11.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[54](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.12.&nbsp;&nbsp;&nbsp;&nbsp;Unencumbered Assets&nbsp;&nbsp;&nbsp;&nbsp;[54](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.13.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[54](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.14.&nbsp;&nbsp;&nbsp;&nbsp;Liens&nbsp;&nbsp;&nbsp;&nbsp;[54](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.15.&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds&nbsp;&nbsp;&nbsp;&nbsp;[56](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.16.&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates&nbsp;&nbsp;&nbsp;&nbsp;[56](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.17.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Issuances of Guarantees of Indebtedness&nbsp;&nbsp;&nbsp;&nbsp;[58](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.18.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[59](#i2af9698fd73241809a650f992d5f632d_84)

Section 8.19.&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Guarantors&nbsp;&nbsp;&nbsp;&nbsp;[59](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 9.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS TO LENDING&nbsp;&nbsp;&nbsp;&nbsp;[59](#i2af9698fd73241809a650f992d5f632d_84)

Section 9.1.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to All Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[59](#i2af9698fd73241809a650f992d5f632d_84)

Section 9.2.&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Effectiveness&nbsp;&nbsp;&nbsp;&nbsp;[59](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 10.&nbsp;&nbsp;&nbsp;&nbsp;EVENTS OF DEFAULT AND THEIR EFFECT&nbsp;&nbsp;&nbsp;&nbsp;[61](#i2af9698fd73241809a650f992d5f632d_84)

Section 10.1.&nbsp;&nbsp;&nbsp;&nbsp;Events of Default&nbsp;&nbsp;&nbsp;&nbsp;[61](#i2af9698fd73241809a650f992d5f632d_84)

Section 10.2.&nbsp;&nbsp;&nbsp;&nbsp;Effect of Event of Default&nbsp;&nbsp;&nbsp;&nbsp;[63](#i2af9698fd73241809a650f992d5f632d_84)

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

-iii-

SECTION 11.&nbsp;&nbsp;&nbsp;&nbsp;THE AGENT&nbsp;&nbsp;&nbsp;&nbsp;[64](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.1.&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Authority&nbsp;&nbsp;&nbsp;&nbsp;[64](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.2.&nbsp;&nbsp;&nbsp;&nbsp;Agent Individually&nbsp;&nbsp;&nbsp;&nbsp;[64](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.3.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[65](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.4.&nbsp;&nbsp;&nbsp;&nbsp;Action on Instructions of the Required Lenders&nbsp;&nbsp;&nbsp;&nbsp;[66](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.5.&nbsp;&nbsp;&nbsp;&nbsp;Payments&nbsp;&nbsp;&nbsp;&nbsp;[66](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.6.&nbsp;&nbsp;&nbsp;&nbsp;Duties of Agent; Exculpatory Provisions&nbsp;&nbsp;&nbsp;&nbsp;[68](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.7.&nbsp;&nbsp;&nbsp;&nbsp;Reliance by Agent&nbsp;&nbsp;&nbsp;&nbsp;[69](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.8.&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Duties&nbsp;&nbsp;&nbsp;&nbsp;[69](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.9.&nbsp;&nbsp;&nbsp;&nbsp;Resignation of Agent&nbsp;&nbsp;&nbsp;&nbsp;[69](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.10.&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance on Agent and Other Lenders&nbsp;&nbsp;&nbsp;&nbsp;[70](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.11.&nbsp;&nbsp;&nbsp;&nbsp;The Register; the Committed Notes&nbsp;&nbsp;&nbsp;&nbsp;[71](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.12.&nbsp;&nbsp;&nbsp;&nbsp;No Other Duties, etc.&nbsp;&nbsp;&nbsp;&nbsp;[72](#i2af9698fd73241809a650f992d5f632d_84)

Section 11.13.&nbsp;&nbsp;&nbsp;&nbsp;Certain ERISA Matters&nbsp;&nbsp;&nbsp;&nbsp;[72](#i2af9698fd73241809a650f992d5f632d_84)

SECTION 12.&nbsp;&nbsp;&nbsp;&nbsp;GENERAL&nbsp;&nbsp;&nbsp;&nbsp;[73](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.1.&nbsp;&nbsp;&nbsp;&nbsp;Waiver; Amendments&nbsp;&nbsp;&nbsp;&nbsp;[73](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.2.&nbsp;&nbsp;&nbsp;&nbsp;Notices&nbsp;&nbsp;&nbsp;&nbsp;[74](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.3.&nbsp;&nbsp;&nbsp;&nbsp;Computations&nbsp;&nbsp;&nbsp;&nbsp;[75](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.4.&nbsp;&nbsp;&nbsp;&nbsp;Assignments; Participations&nbsp;&nbsp;&nbsp;&nbsp;[76](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.5.&nbsp;&nbsp;&nbsp;&nbsp;Costs, Expenses and Taxes&nbsp;&nbsp;&nbsp;&nbsp;[80](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.6.&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality&nbsp;&nbsp;&nbsp;&nbsp;[81](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.7.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[82](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.8.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement and Consent to Bail-In of Affected Financial Institutions&nbsp;&nbsp;&nbsp;&nbsp;[83](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.9.&nbsp;&nbsp;&nbsp;&nbsp;Extension of Termination Dates; Removal of Lenders; Substitution of Lenders&nbsp;&nbsp;&nbsp;&nbsp;[83](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.10.&nbsp;&nbsp;&nbsp;&nbsp;Captions&nbsp;&nbsp;&nbsp;&nbsp;[85](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.11.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Severability&nbsp;&nbsp;&nbsp;&nbsp;[85](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.12.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts; Effectiveness&nbsp;&nbsp;&nbsp;&nbsp;[87](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.13.&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances&nbsp;&nbsp;&nbsp;&nbsp;[87](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.14.&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns&nbsp;&nbsp;&nbsp;&nbsp;[87](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.15.&nbsp;&nbsp;&nbsp;&nbsp;Judgment&nbsp;&nbsp;&nbsp;&nbsp;[87](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.16.&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial&nbsp;&nbsp;&nbsp;&nbsp;[88](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.17.&nbsp;&nbsp;&nbsp;&nbsp;No Fiduciary Relationship&nbsp;&nbsp;&nbsp;&nbsp;[88](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.18.&nbsp;&nbsp;&nbsp;&nbsp;USA Patriot Act&nbsp;&nbsp;&nbsp;&nbsp;[89](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.19.&nbsp;&nbsp;&nbsp;&nbsp;Existing Credit Agreement; Effect of Amendment and Restatement&nbsp;&nbsp;&nbsp;&nbsp;[89](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.20.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgment Regarding Any Supported QFCs&nbsp;&nbsp;&nbsp;&nbsp;[90](#i2af9698fd73241809a650f992d5f632d_84)

Section 12.21.&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Limitation&nbsp;&nbsp;&nbsp;&nbsp;[91](#i2af9698fd73241809a650f992d5f632d_84)

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

-iv-

SECTION 13.&nbsp;&nbsp;&nbsp;&nbsp;GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;[91](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.1.&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee&nbsp;&nbsp;&nbsp;&nbsp;[91](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.2.&nbsp;&nbsp;&nbsp;&nbsp;Obligations Unconditional&nbsp;&nbsp;&nbsp;&nbsp;[91](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.3.&nbsp;&nbsp;&nbsp;&nbsp;Reinstatement&nbsp;&nbsp;&nbsp;&nbsp;[92](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.4.&nbsp;&nbsp;&nbsp;&nbsp;Subrogation&nbsp;&nbsp;&nbsp;&nbsp;[93](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.5.&nbsp;&nbsp;&nbsp;&nbsp;Remedies&nbsp;&nbsp;&nbsp;&nbsp;[93](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.6.&nbsp;&nbsp;&nbsp;&nbsp;Continuing Guarantee&nbsp;&nbsp;&nbsp;&nbsp;[93](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.7.&nbsp;&nbsp;&nbsp;&nbsp;Indemnity and Rights of Contribution&nbsp;&nbsp;&nbsp;&nbsp;[93](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.8.&nbsp;&nbsp;&nbsp;&nbsp;General Limitation on Guarantee Obligations&nbsp;&nbsp;&nbsp;&nbsp;[94](#i2af9698fd73241809a650f992d5f632d_84)

Section 13.9.&nbsp;&nbsp;&nbsp;&nbsp;Releases&nbsp;&nbsp;&nbsp;&nbsp;[94](#i2af9698fd73241809a650f992d5f632d_84)

SCHEDULES AND EXHIBITS

Schedule I&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Lenders

Schedule II &nbsp;&nbsp;&nbsp;&nbsp;Fees and Margins

Schedule III &nbsp;&nbsp;&nbsp;&nbsp;Address for Notices

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Committed Loan Request

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Form of Committed Note

Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate

Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Assumption Agreement

Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Extension of Termination Date

Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;Form of Guarantee Assumption Agreement

Exhibit G&nbsp;&nbsp;&nbsp;&nbsp;Form of Secretary's Certificate

Exhibit H-1&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special New York Counsel

Exhibit H-2&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Irish Counsel

Exhibit H-3&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Dutch Counsel

Exhibit H-4&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special California Counsel

Exhibit H-5&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Delaware Counsel&nbsp;&nbsp;&nbsp;&nbsp;

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

FIFTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

FIFTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this "<u>Agreement</u>"), dated as of December 17, 2025, among AERCAP HOLDINGS N.V., a public limited liability company (*naamloze vennootschap*) organized under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands and registered in the Dutch Trade Register (*Handelsregister*) under number 34251954 (herein called the "<u>Company</u>"), AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company incorporated under the laws of Ireland with limited liability with registered number 535682 (herein called the "<u>Borrower</u>"), the SUBSIDIARY GUARANTORS party hereto from time to time, the LENDERS (as defined herein) party hereto from time to time and CITIBANK, N.A. (herein, in its individual corporate capacity, together with its successors and permitted assigns, called "<u>Citibank</u>"), as administrative agent for the Lenders (herein, in such capacity, together with its successors and permitted assigns in such capacity, called the "<u>Agent</u>" or "<u>Administrative Agent</u>").

<u>W I T N E S S E T H</u>:

WHEREAS, the Company, the Borrower, the Subsidiary Guarantors party thereto, certain of the Lenders and the Administrative Agent are party to the Existing Credit Agreement (as defined below).

WHEREAS, the Borrower has requested that the "Lenders" under the Existing Credit Agreement agree to amend and restate the Existing Credit Agreement in the form hereof. The Lenders party hereto are willing to amend and restate the Existing Credit Agreement in the form hereof and to lend up to $4,650,000,000 to the Borrower on a revolving basis for general corporate purposes, in each case on the terms and subject to the conditions herein set forth.

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows:

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

SECTION 1.CERTAIN DEFINITIONS

Section 1.1.<u>Terms Generally</u>. The definitions ascribed to terms in this Section 1 and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". Unless expressly provided for herein or the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, in each case in accordance with its terms and (b) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns. The words "hereby", "herein", "hereof", "hereunder" and words of similar import refer to this Agreement as a whole (including any exhibits and schedules hereto) and not merely to the specific Section, paragraph or clause in which such word appears. All references herein to Sections, Exhibits and Schedules shall be deemed references to Sections of and Exhibits and Schedules to this Agreement unless the context shall otherwise require. All references herein to "the date of this Agreement" or "the date hereof" or words of similar import shall be deemed to refer to the Closing Date.

Section 1.2.<u>Specific Terms</u>. When used herein, the following terms shall have the following meanings:

"<u>Acquisition</u>" means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the Company or any of its Subsidiaries (a) acquires all or substantially all of the assets of any firm, corporation, limited liability company or other Person, or business unit or division thereof, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes for the members of the board of directors) of the capital stock of a Person.

"<u>Act</u>" has the meaning set forth in Section 12.18.

"<u>Activities</u>" has the meaning set forth in Section 11.2(b).

"<u>Additional Lender</u>" has the meaning set forth in Section 4.4(a)(ii).

"<u>Administrative Agent</u>" has the meaning set forth in the Preamble.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through ownership of stock, by contract or otherwise.

"<u>Affiliate Transaction</u>" has the meaning set forth in Section 8.16.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Agent</u>" has the meaning set forth in the Preamble.

"<u>Agent's Group</u>" has the meaning set forth in Section 11.2(b).

"<u>Agent Parties</u>" has the meaning set forth in Section 12.2(f).

"<u>Aggregate Commitment</u>" means $4,650,000,000, as reduced by any reduction in the Commitments made from time to time pursuant to Section 4.1 or Section 12.9 or increased by any increase in the Commitments made from time to time pursuant to Section 4.4.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>Aircraft Assets</u>" means "Flight Equipment held for Operating Lease, net," plus "Net Investment in Direct Finance Leases," plus "Inventory" plus "Lease Premium" plus "End of Lease Assets", plus "Prepayments on Flight Equipment" (or such substantially similar terms for such substantially similar assets as may be used from time to time).

"<u>Anti-Corruption Laws</u>" means (a) the United States Foreign Corrupt Practices Act of 1977 and all other United States laws, rules and regulations applicable to the Company and its Subsidiaries concerning or relating to bribery or corruption and (b) the UK Bribery Act of 2010.

"<u>Arranger</u>" means each of Citibank, N.A., Mizuho Bank, Ltd., Banco Santander S.A. Paris Branch, BofA Securities, Inc., Barclays Bank plc, BNP Paribas, Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Morgan Stanley Bank, N.A., The Toronto Dominion Bank, London Branch, Truist Bank, Wells Fargo Bank International UC, ING Bank, a branch of ING-DiBa AG and RBC Capital Markets in their respective capacities as joint lead arrangers and joint bookrunners.

"<u>Assignee</u>" has the meaning set forth in Section 12.4.1.

"<u>Authorized Officer</u>" of the Company means any of the following: any director, any attorney-in-fact, the Chairman of the Board, the Chief Executive Officer, the Vice Chairman, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Chief Accounting Officer and the Secretary of the Company; <u>provided</u> that, for purposes of any certification of financial statements of the Company required to be delivered hereunder, the term "Authorized Officer" shall mean any of the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller and the Chief Accounting Officer of the Company.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Loan Period" pursuant to Section 6.2(d).

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Base Rate</u>" means for any day a fluctuating interest rate per annum equal to the applicable rate margin set forth for Base Rate Loans in the row entitled "Margins" on Schedule II <u>plus</u> the highest of (a) the Federal Funds Rate for such day <u>plus</u> 1/2 of 1.00%, (b) the Prime Rate and (c) the SOFR Rate that would be payable on such day for a SOFR Rate Loan with a one-month Loan Period <u>plus</u> 1.00% <u>less</u> the applicable rate margin set forth for SOFR Rate Loans in the row entitled "Margins" on Schedule II, <u>provided</u> that at no time shall "Base Rate" for any purposes hereunder (including in respect of Committed Loans) be deemed to be less than the Floor per annum.

"<u>Base Rate Loan</u>" means any Committed Loan which bears interest at the Base Rate.

"<u>Base Rate Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 6.2(a).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; <u>provided</u> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.2 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.2.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Board of Directors</u>" means (a) with respect to a corporation or company, as applicable, the board of directors of the corporation or company, as applicable, or any committee thereof duly authorized to act on behalf of such board, (b) with respect to a partnership, the board of directors of the general partner of the partnership, (c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof, and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

"<u>Business Day</u>" means any day of the year on which banks are not required or authorized by law to close in New York City, Dublin or Amsterdam.

"<u>Capital Markets Debt</u>" means any debt securities (other than (a) a Qualified Securitization Financing or (b) a debt issuance guaranteed by an export credit agency (including the Eximbank)) issued in the capital markets by the Company or any of its Subsidiaries, whether issued in a public offering or private placement, including pursuant to Section 4(2) of the Securities Act or Rule 144A, Regulation S or Regulation D under the Securities Act.

"<u>Capital Stock</u>" means (a) in the case of a corporation, corporate stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership, membership interests (whether general or limited) or shares in the capital of the company, and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Capitalized Lease</u>" means any lease under which any obligations of the lessee are, or are required to be, capitalized on a balance sheet of the lessee in accordance with GAAP; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, the treatment of Capitalized Leases shall be evaluated , and the amount of Capitalized Rentals shall be determined, in accordance with Sections 12.3(b) and (c) and without giving effect to any change to GAAP occurring after December 31, 2015 as a result of the adoption of any proposals set forth in the *Proposed Accounting Standards Update, Leases (Topic 840)*, issued by the Financial Accounting Standards Board on August 17, 2010, or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on December 31, 2015.

"<u>Capitalized Rentals</u>" means, as of the date of any determination, the amount at which the obligations of the lessee, due and to become due under all Capitalized Leases under which the Company or any Subsidiary is a lessee, are reflected as a liability on a consolidated balance sheet of the Company and its Subsidiaries.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Change of Control</u>" means (a) 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 the Company's Voting Stock, (b) (i) all or substantially all of the assets of the Company and the Subsidiaries, taken as a whole, are sold or otherwise transferred to any Person other than a Wholly-owned Subsidiary of the Company or one or more Permitted Holders or (ii) the Company amalgamates, consolidates or merges with or into another Person or any Person consolidates, amalgamates or merges with or into the Company, in either case under this clause (b), 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 the Company, 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 the Company, or the applicable surviving or transferee Person; <u>provided</u> that this clause shall not apply (A) 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 the Company, or the applicable surviving or transferee Person or (B) to an amalgamation or a merger of the Company with or into (x) a corporation, limited liability company or partnership or (y) a wholly-owned subsidiary of a corporation, limited liability company or partnership that, in either case, immediately following the transaction or series of transactions, has no Person or group (other than Permitted Holders), which beneficially owns Voting Stock representing 50% or more of the voting power of the total outstanding Voting Stock of such entity and, in the case of clause (y), the parent of such Wholly-owned Subsidiary guarantees the Borrower's obligations under this Agreement, (c) the Company shall adopt a plan of liquidation or dissolution or any such plan shall be approved by the shareholders of the Company or (d) the Borrower ceases to be a direct or indirect Wholly-owned Subsidiary of the Company.

"<u>Citibank</u>" has the meaning set forth in the Preamble.

"<u>Closing Date</u>" has the meaning set forth in Section 9.2. The Closing Date occurred on December 17, 2025.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Commitments</u>" means the Lenders' commitments to make Committed Loans hereunder; and "<u>Commitment</u>" as to any Lender means the amount set forth opposite such Lender's name on Schedule I (as reduced or increased, as applicable, in accordance with Section 4.1 or Section 4.4, or as periodically revised in accordance with Section 12.4 or Section 12.9).

"<u>Committed Loan</u>" means a loan in Dollars that is a Base Rate Loan or SOFR Rate Loan made pursuant to Section 2 (each of which shall be a "<u>Type</u>" of Committed Loan).

"<u>Committed Loan Request</u>" has the meaning set forth in Section 2.2(a).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Committed Note</u>" means a promissory note of the Borrower, substantially in the form of Exhibit B, duly completed, evidencing Committed Loans to the Borrower, as such note may be amended, modified or supplemented or supplanted pursuant to Section 12.4.1 from time to time.

"<u>Communications</u>" has the meaning set forth in Section 12.2(b).

"<u>Company</u>" has the meaning set forth in the Preamble.

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Loan Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, Conversion or Continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of "Benchmark Replacement", the formula, methodology or convention for applying the successor floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Consolidated Indebtedness</u>" means, as of the date of any determination, (a) the total amount of Indebtedness less the amount of current and deferred income taxes and rentals received in advance of the Company and its Subsidiaries (to the extent constituting Indebtedness) determined on a consolidated basis in accordance with GAAP (but without giving effect to any election to value any Indebtedness at "fair value", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of the Company to be reflected thereon in any amount other than the stated principal amount of such Indebtedness), and excluding (i) the amount that is (A) the aggregate amount outstanding of Hybrid Capital Securities <u>multiplied</u> by (B) the Hybrid Capital Securities Percentage, (ii) adjustments in relation to Indebtedness denominated in any currency other than Dollars and any related derivative liability, in each case to the extent arising from currency fluctuations (such exclusions to apply only to the extent the resulting liability is hedged by the Company or such Subsidiary), (iii) net obligations of any Person under any swap contracts that are not yet due and payable, and (iv) trade payables outstanding in the ordinary course of business, but not overdue by more than 90 days <u>less</u> (b) the aggregate amount of "cash and cash equivalents" or any line item of similar import (but in any event, excluding Restricted Cash) reflected on a consolidated balance sheet of the Company prepared as of such date of determination in accordance with GAAP.

"<u>Consolidated Interest Expense</u>" means for any measurement period, and without duplication, interest expense in respect of all Indebtedness for borrowed money accrued during such measurement period by the Company and its Subsidiaries on a consolidated basis, as determined under GAAP (but without giving effect to any adjustment to such interest expense resulting from any election to value any Indebtedness at "fair value", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of the Company to be reflected thereon in any amount other than the stated principal amount of such Indebtedness).

"<u>Continue</u>", "<u>Continuation</u>" and "<u>Continued</u>" each refers to a continuation of SOFR Rate Loans as SOFR Rate Loans for a new Loan Period pursuant to Section 2.4.

"<u>Convert</u>", "<u>Conversion</u>" and "<u>Converted</u>" each refers to a conversion of Committed Loans of one Type into Committed Loans of the other Type pursuant to Section 2.4.

"<u>Covered Entity</u>" means any of the following: (a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b) or (c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning set forth in Section 12.20.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Credit Facilities</u>" means one or more debt facilities, or commercial paper facilities with banks or other institutional lenders or investors or indentures providing for revolving credit loans, term loans, receivables financing, including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against receivables, letters of credit or other long-term indebtedness, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof.

"<u>Debtor Relief Law</u>" means title 11 of the United States Code, as in effect from time to time, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, examinership or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulted Commitments</u>" has the meaning set forth in Section 4.1(b).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Defaulting Lender</u>" means, subject to Section 4.3(b), at any time, any Lender that at such time (a) has failed to perform any of its funding obligations hereunder, including in respect of its Committed Loans within two Business Days of the date required to be funded by it hereunder unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Borrower or the Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or generally under other agreements in which it commits to extend credit (unless such notice or public statement relates to such Lender's <br>obligation to fund a Committed Loan hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such notice or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Agent or the Borrower (based on its reasonable belief that such Lender may not fulfill its funding obligations hereunder), to confirm in writing or a manner satisfactory to the Agent and the Borrower that it will comply with its funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, intervenor, sequestrator, assignee for the benefit of creditors or similar Person under any applicable Debtor Relief Law charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become the subject of a Bail-In Action; <u>provided</u>, that, a Lender shall not be a Defaulting Lender solely by virtue of the control, ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination that a Lender is a Defaulting Lender under clauses (a) through (d) above will be made by the Agent in its reasonable discretion acting in good faith. If the Borrower believes in good faith that a Lender should be determined by the Agent to be a Defaulting Lender and so notifies Agent, citing the reasons therefor, the Agent shall determine in its reasonable discretion acting in good faith whether or not such Lender is a Defaulting Lender. The Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided for in this definition.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Disqualified Lender</u>" means (a) any Person that (i) is an operating lessor of aircraft assets or an Affiliate of an operating lessor of aircraft assets if the business of leasing aircraft assets is a principal line of business of such Person or the Affiliates of such Person taken as a whole, (ii) has a business unit or an Affiliate that is an operating lessor of aircraft assets (regardless of whether the business of leasing aircraft assets is a principal line of business of such Person or the Affiliates of such Person taken as a whole) if such Person has not affirmed to the Borrower that such Person has in place procedures not to transmit or permit the transmission to such operating lessor of any information concerning the Company or any of its Subsidiaries obtained in connection with this Agreement or the transactions contemplated hereby, (iii) is a Defaulting Lender or, upon becoming a Lender under this Agreement, would be a Defaulting Lender or (iv) based on the law and circumstances existing at the time of any proposed transfer, would be entitled to claim additional amounts from the Borrower under Section 5.4 or 6.1 (as compared to any amounts able to be claimed by the proposed assignor) or whose acquisition of any Committed Loan or Commitments would conflict with applicable law or would impose on the Borrower any withholding obligation not applicable to the assignor at the time of the assignment; (b) [reserved]; and (c) Affiliates of the Persons identified pursuant to clause (a) that are either clearly identifiable as Affiliates solely on the basis of their name or identified in writing by the Company to the Administrative Agent (it being understood that, notwithstanding anything herein to the contrary, in no event shall any such identification apply retroactively to disqualify any parties that have previously acquired or have agreed to acquire an assignment or participation interest hereunder that is otherwise permitted hereunder, but upon the effectiveness of such designation, any such party may not acquire or agree to acquire any additional Commitments, Committed Loans or participations hereunder).

"<u>Disqualified Stock</u>" means with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than as a result of a change of control or asset sale, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each case prior to the date 91 days after the earlier of (a) the latest scheduled Termination Date in effect on the date of issuance of such Capital Stock and (b) the date which no Committed Loans or Commitments are then outstanding hereunder; <u>provided</u>, <u>however</u>, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

"<u>Dollar</u>" and "<u>$</u>" refer to the lawful money of the United States of America.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>EBITDA</u>" means for any period, (a) the sum, without duplication, of (i) net income (or net loss), (ii) Consolidated Interest Expense, (iii) income tax expense, (iv) depreciation and depletion expense, (v) amortization expense, (vi) extraordinary, unusual or nonrecurring losses to the extent the foregoing have been deducted in determining such net income, (vii) any non-cash items (including write-downs and impairment of property, plant, equipment and intangibles and other long-lived assets, including aircraft, and the impact of purchase accounting, including stock based compensation expense, derivative expense and fair value adjustments) to the extent deducted in determining net income, and (viii) the amount of any extraordinary, unusual or nonrecurring non-cash restructuring charges, less (b) the sum, without duplication, of (i) extraordinary, unusual or nonrecurring gains to the extent added in determining net income, and (ii) all non-cash items to the extent included in determining net income. For the purposes of calculating EBITDA for any four quarter period, such calculation shall be made (i) after giving effect to any Acquisition consummated during such period and (ii) assuming that such Acquisition occurred at the beginning of such period; <u>provided</u>, that any pro forma calculation made by the Company either (i) based on Regulation S-X or (ii) as calculated in good faith and set forth in an officer's certificate of the Company, in reasonable detail, (and in the case of this clause (ii), based on audited financials of the target company) shall be acceptable.

"<u>ECA Financing</u>" means any financing provided or supported by one or more government export credit agencies.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) above or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in clause (a) or (b) above and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Eligible Assignee</u>" means any financial institution; <u>provided</u>, <u>however</u>, that (a) neither the Borrower nor any Affiliate of the Borrower shall qualify as an Eligible Assignee, and (b) no natural person or Disqualified Lender shall qualify as an Eligible Assignee, whether or not an Event of Default has occurred and is continuing (unless otherwise agreed by the Borrower in its sole discretion).

"<u>Equity Interests</u>" means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any corporation, trade or business that is, along with the Company or any Subsidiary, a member of a controlled group of corporations or a controlled group of trades or businesses, as described in Sections 414(b) and 414(c), respectively, of the Code or Section 4001 of ERISA (and Sections 414(m) and 414(o) of the Code for purposes of provisions relating to Section 412 of the Code).

"<u>ERISA Event</u>" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard (as defined in Section 412 of the Code or Section 302 of ERISA), applicable to such Plan; (c) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (d) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice having the effect of terminating any Plan or Plans or appointing a trustee to administer any Plan; (e) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (f) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or in "endangered" or "critical" status, within the meaning of Section 305 of ERISA or Section 432 of the Code.

"<u>Erroneous Payment</u>" has the meaning set forth in Section 11.5(c).

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>Event of Default</u>" means any of the events described in Section 10.1.

"<u>Exchange Act</u>" means the United States Securities Exchange Act of 1934.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Excluded Subsidiary</u>" means (a) any dormant Subsidiary (it being understood and agreed that the provision by such Subsidiary of any Guarantees under any indenture, credit agreement or other agreement or instrument existing on the date hereof (or under any amendments, supplements (including in respect of supplemental issuances), modifications, upsizings, extensions, renewals, restatements, refundings or refinancings of any such indenture, credit agreement or other agreement or instrument from time to time) shall not cause such Subsidiary to be deemed not to be dormant) or (b) any other Subsidiary that (i) is not engaged in any material business activities (it being understood and agreed that the provision by such Subsidiary of any Guarantees under any indenture, credit agreement or other agreement or instrument existing on the date hereof (or under any amendments, supplements (including in respect of supplemental issuances), modifications, upsizings, extensions, renewals, restatements, refundings or refinancings of any such indenture, credit agreement or other agreement or instrument from time to time), shall be deemed not to be a material business activity) and (ii) does not hold any material assets. For the avoidance of doubt, no Significant Subsidiary shall be an "Excluded Subsidiary" for purposes of Section 8.17 of this Agreement.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal, Netherlands or Irish withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Committed Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Committed Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 12.9(c)) or (ii) such Lender changes its lending office (other than pursuant to Section 6.1(c)), its place of incorporation or its place of tax residence, except in each case to the extent that, (x) pursuant to Section 5.4, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in such Committed Loan or Commitment or to such Lender immediately before it changed its lending office, its place of incorporation or its place of tax residence or (y) in the case of Irish withholding Taxes, such Taxes are imposed on Lenders that are Qualifying Lenders, (c) Taxes attributable to such Recipient's failure to comply with Section 5.4(f), and (d) any withholding Taxes imposed under FATCA.

"<u>Eximbank</u>" means the Export-Import Bank of the United States.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Existing Credit Agreement</u>" means that certain Fourth Amended and Restated Revolving Credit Agreement dated as of February 15, 2023, as amended by Amendment No. 1 to the Fourth Amended and Restated Revolving Credit Agreement dated as of August 23, 2024, among the Company, the Borrower, the Subsidiary Guarantors party thereto, certain financial institutions party thereto and Citibank, as administrative agent, as further amended, supplemented or otherwise modified through the Closing Date (but shall not, for any purposes hereunder, include this Agreement).

"<u>Extension Request</u>" has the meaning set forth in Section 12.9(a).

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together in each case with any current or future regulations or official IRS interpretations thereof, any official agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; <u>provided</u> that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Financial Indebtedness</u>" of any Person means Indebtedness of the type that appears as "debt" upon a consolidated balance sheet (excluding the footnotes thereto) of such Person and its Subsidiaries prepared in accordance with GAAP (but without giving effect to any election to value any such Indebtedness at "fair value", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of such Person to be reflected thereon in any amount other than the stated principal amount of such Indebtedness), excluding, however, any such "debt" that is issued to any holder (or Affiliate of any such holder) of Equity Interests in such Person and is fully subordinated (including as to payment and liquidity preference) to the Committed Loans.

"<u>Financing Trust</u>" means AerCap Global Aviation Trust, a Delaware statutory trust. 

"<u>Floor</u>" means a rate of interest equal to 0%.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Foreign Benefit Event</u>" means, with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, <br>(b) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the termination of any such Foreign Plan or the appointment of a trustee or similar official to administer any such Foreign Plan, (d) the incurrence of any liability by the Company or any Subsidiary under any applicable law on account of the complete or partial termination of such Foreign Plan or the complete or partial withdrawal of any participating employer therein or (e) the occurrence of any transaction that is prohibited under any applicable law and that could reasonably be expected to result in the incurrence of any material liability by the Company or any Subsidiary.

"<u>Foreign Plan</u>" means each "employee benefit plan" (as defined in Section 3(3) of ERISA) maintained or contributed to by the Company or any of its Subsidiaries outside the United States with respect to which the Company or any of its Subsidiaries could have any actual or contingent liability, other than a Plan.

"<u>Funding Date</u>" means the date on which any Committed Loan is scheduled to be disbursed.

"<u>Funding Office</u>" means, with respect to any Lender, any office or offices of such Lender or Affiliate or Affiliates of such Lender through which such Lender shall fund or shall have funded any Committed Loan. A Funding Office may be, at such Lender's option, either a domestic or foreign office of such Lender or a domestic or foreign office of an Affiliate of such Lender.

"<u>GAAP</u>" means generally accepted accounting principles in the United States which are in effect from time to time. At any time after the Closing Date, the Company may elect to apply IFRS accounting principles in lieu of GAAP for reporting purposes and for purposes of calculations hereunder. The Company shall give notice of any such election made in accordance with this definition to the Agent. Upon receipt of such notice, the Agent and the Company shall negotiate in good faith to amend the financial covenants, requirements and other relevant provisions of this Agreement impacted by such change to preserve the original intent thereof in light of such change. The change from GAAP to IFRS accounting principles shall become effective once this Agreement has been so amended, and thereafter references herein to GAAP shall be construed to mean IFRS (except as otherwise provided herein); <u>provided</u> that any calculation or determination herein that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Governmental Authority</u>" means, as and to the extent applicable, the government of the United States of America, the Netherlands or any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any federal or other association of or with which any such nation may be a member or associated) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies, such as the European Union or the European Central Bank).

"<u>Granting Lender</u>" has the meaning set forth in Section 12.4.2.

"<u>Guarantee Assumption Agreement</u>" means a Guarantee Assumption Agreement substantially in the form of Exhibit F (or in such other form as may be agreed between the Company and the Administrative Agent) in favor of the Administrative Agent for the benefit of the Lenders and the Administrative Agent.

"<u>Guaranteed Obligations</u>" has the meaning set forth in Section 13.1.

"<u>Guarantees</u>" by any Person means, without duplication, all obligations (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend or other obligation of any other Person (the "<u>Primary Obligor</u>") in any manner, whether directly or indirectly, including all obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such Indebtedness or obligation or any property or assets constituting security therefor, (b) to advance or supply funds (i) for the purchase or payment of such Indebtedness or obligation or (ii) to maintain working capital or other balance sheet condition or otherwise to advance or make available funds for the purchase or payment of such Indebtedness or obligation, (c) to lease property or to purchase securities or other property or services primarily for the purpose of assuring the owner of such Indebtedness or obligation of the ability of the Primary Obligor to make payment of the Indebtedness or obligation or (d) otherwise to assure the owner of the Indebtedness or obligation of the Primary Obligor against loss in respect thereof; <u>provided</u>, <u>however</u>, that the obligation described in clause (c) shall not include (i) obligations of a buyer under an agreement with a seller to purchase goods or services entered into in the ordinary course of such buyer's and seller's businesses unless such agreement requires that such buyer make payment whether or not delivery is ever made of such goods or services and (ii) remarketing agreements where the remaining debt on an aircraft does not exceed the aircraft's net book value, determined in accordance with industry standards, except that clause (c) shall apply to the amount of remaining debt under a remarketing agreement that exceeds the net book value of the aircraft. For the purposes of all computations made under this Agreement, a Guarantee in respect of any Indebtedness for borrowed money shall be deemed to be Indebtedness equal to the principal amount of such Indebtedness for borrowed money which has been guaranteed, and a Guarantee in respect of any other obligation or liability or any dividend shall be deemed to be Indebtedness equal to the maximum aggregate amount of such obligation, liability or dividend.

"<u>Guarantor</u>" means the Company and each Subsidiary Guarantor.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Hybrid Capital Securities</u>" means any hybrid capital securities issued by the Company or any of its Subsidiaries from time to time whose proceeds are accorded a percentage of equity treatment by one or more Rating Organizations.

"<u>Hybrid Capital Securities Percentage</u>" means the greater of (a) 50% and (b) the lowest percentage accorded equity treatment for the Company's or any of its Subsidiaries' Hybrid Capital Securities among the Rating Organizations, as determined by such Rating Organizations from time to time.

"<u>ILFC</u>" means International Lease Finance Corporation, a California corporation.

"<u>Increasing Lender</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Indebtedness</u>" of any Person means and includes, without duplication, all obligations of such Person which in accordance with GAAP shall be classified upon a balance sheet of such Person as liabilities of such Person, and in any event shall include all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;obligations of such Person for borrowed money or which have been incurred in connection with the acquisition of property or assets (other than security and other deposits on flight equipment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of any other Person secured by any Lien or other charge upon property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;obligations created or arising under any conditional sale, or other title retention agreement with respect to property acquired by such Person, notwithstanding the fact that the rights and remedies of the seller, lender or lessor under such agreement in the event of default are limited to repossession or sale of property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Capitalized Rentals of such Person under any Capitalized Lease,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;obligations evidenced by bonds, debentures, notes or other similar instruments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Guarantees by such Person of Indebtedness of any other Person;

<u>provided</u>, <u>however</u>, that Indebtedness shall in no event include any security deposits, deferred overhaul rental or other customer deposits held by such Person.

"<u>Indemnified Liabilities</u>" has the meaning set forth in Section 12.7.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Obligor under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Independent Financial Advisor</u>" means an accounting, appraisal, investment banking firm or consultant to Persons engaged in similar businesses of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged.

"<u>Information</u>" has the meaning set forth in Section 12.6.

"<u>Information Memorandum</u>" means the November 2025 Confidential Information Memorandum relating to the credit facility provided for herein. 

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Lender Appointment Period</u>" has the meaning set forth in Section 11.9.

"<u>Lender Parties</u>" has the meaning set forth in Section 12.7.

"<u>Lenders</u>" means the financial institutions identified as Lenders on the signature pages hereto and their respective successors and permitted assignees.

"<u>Lien</u>" means any mortgage, pledge, lien, security interest or other charge, encumbrance or preferential arrangement, including the retained security title of a conditional vendor or lessor. For avoidance of doubt, the parties hereto acknowledge that the filing of a financing statement under the Uniform Commercial Code does not, in and of itself, give rise to a Lien.

"<u>Litigation Actions</u>" means all litigation, claims and arbitration proceedings, proceedings before any Governmental Authority or investigations which are pending or, to the knowledge of the Company, threatened in writing against or affecting, the Company or any Subsidiary.

"<u>Loan Documents</u>" means this Agreement, the Committed Notes, and any Guarantee Assumption Agreement.

"<u>Loan Period</u>" means with respect to any SOFR Rate Loan, the period commencing on such SOFR Rate Loan's Funding Date, the date of the Conversion of any Base Rate Loan into such SOFR Rate Loan or the date of the Continuation of such SOFR Rate Loan for a new Loan Period and ending one, three or six months thereafter as selected by the Borrower pursuant to Section 2.2(a); <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if a Loan Period would otherwise end on a day which is not a Business Day, such Loan Period shall end on the next succeeding Business Day (unless, in the case of a SOFR Rate Loan, such next succeeding Business Day would fall in the next succeeding calendar month, in which case such Loan Period shall end on the next preceding Business Day),

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Loan Period for any SOFR Rate Loan, if there exists no day numerically corresponding to the day such Committed Loan was made in the month in which the last day of such Loan Period would otherwise fall, such Loan Period shall end on the last Business Day of such month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;on the date of the making, Conversion or Continuation of any Committed Loan by a Lender, the Loan Period for such Committed Loan shall not extend beyond the then-scheduled Termination Date for such Lender; <u>provided</u>, that a Loan Period may be shortened by the Borrower to end on the then-scheduled Termination Date, regardless of the duration of such Loan Period.

"<u>Management Group</u>" means at any time, the Chairman of the Board of Directors, the Chief Executive Officer, any President, any Executive Vice President or Vice President, any Managing Director, any Treasurer and any Secretary or other executive officer of the Company or any subsidiary of the Company at such time.

"<u>Material Adverse Effect</u>" means (a) any material adverse effect on the business, properties, condition (financial or otherwise) or operations of the Company and its Subsidiaries, taken as a whole since any stated reference date or from and after the date of determination, as the case may be, (b) any material adverse effect on the ability of the Borrower or any Guarantor to perform its material obligations hereunder and under the Committed Notes or (c) any material adverse effect on the legality, validity, binding effect or enforceability of any material provision of this Agreement or any Committed Note.

"<u>Maximum Rate</u>" has the meaning set forth in Section 12.21.

"<u>Multiemployer Plan</u>" has the meaning assigned to such term in Section 3(37) of ERISA.

"<u>Non-Defaulting Lender</u>" means, at any time, a Lender that is not a Defaulting Lender.

"<u>Notice of Increase</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Notice Office</u>" means the office of Citibank which, as of the date hereof, is located at 1 Penns Way, Ops II, New Castle, DE 19720; attention of Bank Loan Syndications; telephone number 201-751-7566; e-mail address agencyabtfsupport@citi.com. 

"<u>Obligors</u>" means the Borrower and each Guarantor, and "Obligor" means any one of them.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Committed Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment other than an assignment made pursuant to Section 12.9(c).

"<u>Participant</u>" has the meaning set forth in Section 12.4.2.

"<u>Participant Register</u>" has the meaning set forth in Section 12.4.2.

"<u>Payment</u>" has the meaning set forth in Section 11.5(c).

"<u>Payment Notice</u>" has the meaning set forth in Section 11.5(d).

"<u>Payment Office</u>" means the office of the Agent which, as of the date hereof, is at 1 Penns Way, Ops II, New Castle, DE 19720, account number 31311565.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

"<u>Percentage</u>" means as to any Lender the ratio, expressed as a percentage, that such Lender's Commitment as set forth opposite such Lender's name on Schedule I, as periodically revised in accordance with Section 12.4 or 12.9 and, as applicable, from time to time in accordance with Section 4.3(b), bears to the Aggregate Commitment or, if the Commitments have been terminated, the ratio, expressed as a percentage, that the aggregate principal amount of such Lender's outstanding Committed Loans bears to the aggregate principal amount of all outstanding Committed Loans.

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Permitted Holders</u>" means the collective reference to the Management Group.

"<u>Person</u>" means an individual or a corporation, partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Plan</u>" means, at any date, any employee pension benefit plan (as defined in Section 3(2) of ERISA) which is subject to Title IV of ERISA (other than a Multiemployer Plan) and to which the Company or any ERISA Affiliate may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

"<u>Platform</u>" has the meaning set forth in Section 12.2(c).

"<u>Primary Currency</u>" has the meaning set forth in Section 12.15(c).

"<u>Primary Obligor</u>" has the meaning set forth in the definition of "Guarantees".

"<u>Prime Rate</u>" means the rate of interest last quoted by *The Wall Street Journal* as the "Prime Rate" in the U.S. or, if *The Wall Street Journal* ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Projections</u>" has the meaning set forth in Section 7.9.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Lender</u>" has the meaning set forth in Section 12.2(d).

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning set forth in Section 12.20.

"<u>Qualified Securitization Financing</u>" means any Securitization Financing of a Securitization Subsidiary, the financing terms, covenants, termination events and other provisions of which, including any Standard Securitization Undertakings, shall be market terms.

"<u>Qualifying Jurisdiction</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a member state of the European Union other than Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a jurisdiction with which Ireland has entered into a Tax Treaty that has the force of law by virtue of Section 826(1) of the TCA; or

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a jurisdiction with which Ireland has entered into a Tax Treaty which will (upon the completion of necessary procedures set out in Section 826(1) of the TCA) have the force of law.

"<u>Qualifying Lender</u>" means a Lender which is the beneficial owner of the interest payable to that Lender in respect of a Committed Loan under this Agreement and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)which is a bank within the meaning of Section 246 of the TCA which is carrying on a bona fide banking business in Ireland (for the purposes of Section 246(3) (a) of the TCA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)which is a body corporate which, by virtue of the law of a Qualifying Jurisdiction, is resident in the Qualifying Jurisdiction for the purposes of tax and that Qualifying Jurisdiction imposes a tax that generally applies to interest receivable in that Qualifying Jurisdiction by bodies corporate from sources outside that Qualifying Jurisdiction and provided that such person does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)which is a body corporate which, by virtue of the law of a Qualifying Jurisdiction, is resident in the Qualifying Jurisdiction for the purposes of tax and that Qualifying Jurisdiction imposes a tax that generally applies to interest remitted to that Qualifying Jurisdiction from sources outside that Qualifying Jurisdiction and the interest is payable into a bank account held by the body corporate located in that Qualifying Jurisdiction, and provided that such body corporate does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)which is a body corporate where the interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)is exempted from the charge to Irish income tax under a Tax Treaty having the force of law under the procedures set out in Section 826(1) of the TCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)would be exempted from the charge to Irish income tax under a Tax Treaty entered into on or before the payment date of that interest if that Tax Treaty (which does not yet have force of law by virtue of Section 826(1) of the TCA) has force of law under the procedures set out in Section 826(1) of the TCA at that date,

<u>provided</u>, in the case of both clauses (i) and (ii), that such body corporate does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)which is a U.S. company that is incorporated in the U.S. and taxed in the U.S. on its worldwide income; <u>provided</u> that such U.S. company does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)which is a U.S. limited liability company, where the ultimate recipients of the interest payable to that U.S. limited liability company would, if they were themselves lenders, satisfy the requirements set out in (b), (c), (d) or (e) above and the business conducted through the U.S. limited liability company is so structured for non-tax commercial reasons and not for tax avoidance purposes; <u>provided</u> that such U.S. limited liability company and the ultimate recipients of the relevant interest do not provide their commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)which is a body corporate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)which advances money in the ordinary course of a trade which includes the lending of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in whose hands any interest payable in respect of money so advanced is taken into account in computing the trading income of that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)which has complied with the notification requirements set out in Section 246(5)(a) of the TCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)which is a qualifying company (within the meaning of section 110 of the TCA); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)which is an investment undertaking (within the meaning of Section 739B of the TCA).

"<u>Rating Organizations</u>" means the following nationally recognized rating organizations: Moody's Investors Service, Inc., S&P Global Ratings, a division of S&P Global Inc., and Fitch Ratings, Inc. and, in each case, any successor to its rating agency business.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Register</u>" has the meaning set forth in Section 11.11(a).

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

"<u>Relevant Governmental Body</u>" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Replaced Lender</u>" has the meaning set forth in Section 12.19(b)(iii).

"<u>Reportable Event</u>" means an event described in Section 4043(c) of ERISA with respect to a Plan other than those events as to which the 30-day notice period is waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation Section 4043.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Requested Increase Amount</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Requested Increase Date</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Required Lenders</u>" means Non-Defaulting Lenders having an aggregate Percentage of more than 50%; <u>provided</u>, that the Committed Loans and Commitments of any Defaulting Lender shall be excluded from the determination of Required Lenders.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Restricted Cash</u>" means "restricted cash" or any line item of similar import and "cash and cash equivalents" or any line item of similar import subject to any Lien (other than (x) Liens arising by operation of law and (y) bankers' Liens arising in the ordinary course of business).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of specially designated nationals or designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. State Department, the U.S. Department of Commerce, the U.S. Department of the Treasury, the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom, or (b) any Person controlled by such a Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the United States government, including those administered by the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. State Department, the U.S. Department of Commerce or the U.S. Department of the Treasury, or (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom.

"<u>Securities Act</u>" means the United States Securities Act of 1933.

"<u>Securitization Assets</u>" means the accounts receivable, lease, royalty or other revenue streams and other rights to payment and all related assets (including contract rights, books and records, all collateral securing any and all of the foregoing, all contracts and all guarantees or other obligations in respect of any and all of the foregoing and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving any and all of the foregoing) and the proceeds thereof in each case pursuant to a Securitization Financing.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Securitization Financing</u>" means one or more transactions or series of transactions that may be entered into by the Company and/or any Subsidiary pursuant to which the Company or any Subsidiary may sell, convey or otherwise transfer Securitization Assets to (a) a Securitization Subsidiary (in the case of a transfer by the Company or any of the Subsidiaries that is not a Securitization Subsidiary) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Company or any Subsidiary.

"<u>Securitization Subsidiary</u>" means a Subsidiary (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Company or any Subsidiary makes an investment and to which the Company or any Subsidiary transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Company or a Subsidiary, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors of the Company or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any Subsidiary, other than another Securitization Subsidiary (excluding guarantees of obligations pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any Subsidiary, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Company or any Subsidiary, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings and (b) to which none of the Company or any other Subsidiary, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company or such other Person shall be evidenced by a resolution of the Board of Directors of the Company or such other Person giving effect to such designation.

"<u>Shareholder's Equity</u>" means, as of any date of determination for the Company and its Subsidiaries on a consolidated basis, (a) shareholders' equity (including (i) capital stock, (ii) additional paid-in capital, (iii) the amount that is (x) the aggregate amount outstanding of Hybrid Capital Securities <u>multiplied</u> by (y) the Hybrid Capital Securities Percentage, and (iv) retained earnings after deducting treasury stock) as of such date determined in accordance with GAAP, <u>plus</u> (b) to the extent not otherwise included in shareholders' equity of the Company, any outstanding market auction preferred stock of ILFC.

"<u>Significant Subsidiary</u>" means (a) any Obligor that is a Subsidiary of the Company and (b) any other Subsidiary which is so defined pursuant to Rule 1-02 of Regulation S-X promulgated by the Securities and Exchange Commission.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Rate</u>" means with respect to Committed Loans that are SOFR Rate Loans, Term SOFR <u>plus</u> the applicable rate margin set forth for SOFR Rate Loans in the row entitled "Margins" on Schedule II.

"<u>SOFR Rate Loan</u>" means any Committed Loan which bears interest at a SOFR Rate, other than pursuant to clause (c) of the definition of "Base Rate".

"<u>SPV</u>" has the meaning set forth in Section 12.4.2.

"<u>Standard Securitization Undertakings</u>" means representations, warranties, covenants and indemnities entered into by the Company or any of its Subsidiaries that are customary for a seller or servicer of assets in a Securitization Financing.

"<u>Subsidiary</u>" means any Person of which or in which the Company and its other Subsidiaries own directly or indirectly 50% or more of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the combined voting power of all classes of stock having general voting power under ordinary circumstances to elect a majority of the board of directors of such Person, if it is a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the capital interest or profits interest of such Person, if it is a partnership, limited liability company, joint venture or similar entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the beneficial interest of such Person, if it is a trust, association or other unincorporated organization.

"<u>Subsidiary Guarantor</u>" means each of the Subsidiaries of the Company identified under the caption "GUARANTORS" on the signature pages hereto and each Subsidiary of the Company that becomes a "Subsidiary Guarantor" after the date hereof pursuant to Section 8.19.

"<u>Successor Lender</u>" has the meaning set forth in Section 12.9(c).

"<u>Supported QFC</u>" has the meaning set forth in Section 12.20.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Tax Treaty</u>" means an arrangement for relief from double taxation entered into by Ireland.

"<u>TCA</u>" means the Irish Taxes Consolidation Act, 1997.

"<u>Term SOFR</u>" means,

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to a SOFR Rate Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Loan Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Loan Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day that is two (2) U.S. Government Securities Business Days prior to such day (such day, the "<u>Base Rate Term SOFR Determination Day</u>"), as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day;

<u>provided</u> that if Term SOFR as so determined would be less than the Floor, Term SOFR shall be deemed to be the Floor for purposes of this Agreement.

With respect to the terms "Term SOFR", "Term SOFR Administrator" and "Term SOFR Reference Rate", the market data is the property of Chicago Mercantile Exchange Inc. or its licensors as applicable. All rights reserved, or otherwise licensed by Chicago Mercantile Exchange Inc.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Terminating Lender</u>" has the meaning set forth in Section 12.9(c).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>Termination Date</u>" means, with respect to any Lender, the earliest to occur of (a) June 30, 2030, or such later date as may be agreed to by such Lender pursuant to Section 12.9(a), or if such day is not a Business Day, the next preceding Business Day, (b) the date on which the Commitments shall terminate pursuant to Section 10.2 or the Commitments shall be reduced to zero pursuant to Section 4.1 and (c) the date specified as such Lender's Termination Date pursuant to Section 12.9(b), or, if such day is not a Business Day, the next preceding Business Day; in all cases, subject to the provisions of Section 12.9(d).

"<u>Type</u>" has the meaning set forth in the definition of "Committed Loan".

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Unencumbered Assets</u>" means, as of the date of any determination, the sum, without duplication, of (a) the difference between (i) the book value (determined in accordance with GAAP) on such date of determination of the Aircraft Assets owned by the Company and its Subsidiaries and (ii) the aggregate outstanding principal amount on such date of determination of Financial Indebtedness of the Company and its Subsidiaries secured by Liens over such Aircraft Assets or the Equity Interests of the Subsidiary owning such Aircraft Assets, and (b) the aggregate amount of "cash and cash equivalents" or any line item of similar import (but in any event, excluding Restricted Cash) reflected on a consolidated balance sheet of the Company prepared as of such date of determination in accordance with GAAP.

"<u>Unintended Recipient</u>" has the meaning set forth in Section 11.5(c).

"<u>Unmatured Event of Default</u>" means any event which if it continues uncured will, with lapse of time or notice or lapse of time and notice, constitute an Event of Default.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Special Resolution Regimes</u>" has the meaning set forth in Section 12.20.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

"<u>USA PATRIOT Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

"<u>Voting Stock</u>" of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

"<u>Wholly-owned Subsidiary</u>" means any Person of which or in which the Company and its other Wholly-owned Subsidiaries own directly or indirectly 100% of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the issued and outstanding shares of stock (except shares required as directors' qualifying shares),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the capital interest or profits interest of such Person, if it is a partnership, limited liability company, joint venture or similar entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the beneficial interest of such Person, if it is a trust, association or other unincorporated organization.

"<u>Withdrawal Liability</u>" means "withdrawal liability" within the meaning of Section 4201 of ERISA.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.3.<u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Section 18-217 of the Delaware Limited Liability Company Act: (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

SECTION 2.COMMITTED LOANS AND COMMITTED NOTES

Section 2.1.<u>Agreement to Make Committed Loans</u>. On the terms and subject to the conditions of this Agreement, each Lender, severally and for itself alone, agrees to make Committed Loans on a revolving basis from time to time from the Closing Date until such Lender's Termination Date in such Lender's Percentage of such aggregate amounts as the Borrower may from time to time request as provided in Section 2.2; <u>provided</u>, that, (a) the aggregate principal amount of all outstanding Committed Loans of any Lender shall not at any time exceed the amount set forth opposite such Lender's name on Schedule I (as reduced in accordance with Section 4.1, Section 12.4 or Section 12.9), (b) the aggregate principal amount of all outstanding Committed Loans of all Lenders shall not at any time exceed the then Aggregate Commitment, and (c) at no time shall there be more than 15 Committed Loans outstanding. Within the limits of this Section 2.1, the Borrower may from time to time borrow, prepay and reborrow Committed Loans on the terms and conditions set forth in this Agreement.

Section 2.2.<u>Procedure for Committed Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Committed Loan Requests</u>. The Borrower shall give the Agent irrevocable telephonic notice at the Notice Office (promptly confirmed in writing on the same day), not later than (i) 1:00 p.m., New York City time, at least three U.S. Government Securities Business Days (or, if longer, three Business Days) prior to the applicable Funding Date in the case of SOFR Rate Loans or (ii) 10:00 a.m., New York City time, on the applicable Funding Date in the case of Base Rate Loans, of each requested Committed Loan, and the Agent shall promptly advise each Lender thereof. Each such notice to the Agent (a "<u>Committed Loan Request</u>") shall be substantially in the form of Exhibit A and shall specify (i) the Funding Date (which shall be a Business Day), (ii) the aggregate amount of the Committed Loans requested (in an amount permitted under clause (b) below), (iii) whether each Committed Loan shall be a SOFR Rate Loan or a Base Rate Loan and (iv) if a SOFR Rate Loan, the Loan Period therefor (subject to the limitations set forth in the definition of Loan Period). After giving effect to all Committed Loans, all Conversions of Committed Loans from one Type to the other and all Continuations of SOFR Rate Loans, there shall not be more than ten Loan Periods in effect with respect to Committed Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Amount and Increments of Committed Loans</u>. Each Committed Loan Request shall contemplate Committed Loans in a minimum aggregate amount of $10,000,000 or a higher integral multiple of $1,000,000, not to exceed in the aggregate (for all requested Committed Loans) the excess of the then Aggregate Commitment over the aggregate principal amount of all outstanding Committed Loans, calculated as of the relevant Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Funding of Committed Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Not later than 12:30 p.m., New York City time, on the applicable Funding Date of a Committed Loan, each Lender shall, subject to this Section 2.2(c), provide the Agent at its Notice Office with immediately available funds covering such Lender's Committed Loan and the Agent shall pay over such funds to the Borrower not later than 2:00 p.m., New York City time, on such day if the Agent shall have received the documents required under Section 9 with respect to such Committed Loan and the other conditions precedent to the making of such Committed Loan shall have been satisfied not later than 11:00 a.m., New York City time, on such day. If the Agent does not receive such documents or such other conditions precedent have not been satisfied prior to such time, then (A) the Agent shall not pay over such funds to the Borrower, (B) the Borrower's Committed Loan Request related to such Committed Loan shall be deemed cancelled in its entirety, (C) in the case of Committed Loan Requests relative to SOFR Rate Loans, the Borrower shall be liable to each Lender in accordance with Section 6.4 and (D) the Agent shall return the amount previously provided to the Agent by each Lender on the next following Business Day.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Borrower agrees, notwithstanding its previous delivery of any documents required under Section 9 with respect to a particular Committed Loan, to notify the Agent immediately of any failure by it to satisfy the conditions precedent to the making of such Committed Loan. The Agent shall be entitled to assume, after it has received each of the documents required under Section 9 with respect to a particular Committed Loan, that each of the conditions precedent to the making of such Committed Loan has been satisfied absent actual knowledge to the contrary received by the Agent prior to the time of the receipt of such documents. Unless the Agent shall have notified the Lenders prior to 11:30 a.m., New York City time, on the applicable Funding Date of any Committed Loan that the Agent has actual knowledge that the conditions precedent to the making of such Committed Loan have not been satisfied, the Lenders shall be entitled to assume that such conditions precedent have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Repayment of Committed Loans</u>. If any Lender is to make a Committed Loan hereunder on a day on which the Borrower is to repay (or has elected to prepay, pursuant to Section 4.2) all or any part of any outstanding Committed Loan held by such Lender, the proceeds of such new Committed Loan shall be applied to make such repayment and only an amount equal to the positive difference, if any, between the amount being borrowed and the amount being repaid shall be requested by the Agent to be made available by such Lender to the Agent as provided in Section 2.2(c).

Section 2.3.<u>Maturity of Committed Loans</u>. Except for a Base Rate Loan, which shall mature on the Termination Date, a Committed Loan made by a Lender shall mature on the last day of the Loan Period applicable to such Committed Loan, but in no event later than the Termination Date for such Lender; <u>provided</u>, that, a SOFR Rate Loan that would otherwise mature at the end of a Loan Period may instead be Converted to a Base Rate Loan or Continued as a SOFR Rate Loan for a new Loan Period pursuant to Section 2.4 or become a Base Rate Loan at the end of such Loan Period pursuant to Section 3.3(b).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 2.4.<u>Optional Conversion or Continuation of Committed Loans</u>. The Borrower may on any Business Day, upon notice given to the Agent not later than 1:00 p.m. (New York City time) on the third U.S. Government Securities Business Day (or, if longer, the third Business Day) prior to the date of the proposed Conversion or Continuation and subject to the provisions of Section 3.3, Convert all Committed Loans of one Type comprising the same borrowing hereunder into Committed Loans of the other Type or Continue all SOFR Rate Loans comprising the same borrowing hereunder for a new Loan Period; <u>provided</u>, <u>however</u>, that any Conversion of SOFR Rate Loans into Base Rate Loans and any Continuation of SOFR Rate Loans for a new Loan Period shall be made only (a) on the last day of a Loan Period for such SOFR Rate Loans or (b) on any day other than the last day of a Loan Period for such SOFR Rate Loans so long as the Borrower pays the amounts payable pursuant to Section 6.4(a), any Conversion of Base Rate Loans into SOFR Rate Loans or Continuation of SOFR Rate Loans shall be in an amount not less than the minimum amount specified in Section 2.2(b) and no Conversion or Continuation of any Committed Loans shall result in more separate Committed Loans than permitted under Section 2.2(a); <u>provided</u>, <u>further</u>, that upon the occurrence and during the continuance of any Event of Default no Conversion of Base Rate Loans into SOFR Rate Loans or Continuation of SOFR Rate Loans for a new Loan Period shall be permitted. Each such notice of a Conversion or Continuation shall, within the restrictions specified above, specify (i) the date of such Conversion or Continuation, (ii) the Committed Loans to be Converted or Continued, and (iii) if such Conversion is into SOFR Rate Loans or if such notice is of a Continuation of SOFR Rate Loans, the duration of the initial (or Continued) Loan Period for each such Committed Loan. Each notice of Conversion or Continuation shall be irrevocable and binding on the Borrower. If the Borrower does not deliver a timely notice of Continuation with respect to any SOFR Rate Loan prior to the end of the Loan Period applicable thereto, (x) unless an Event of Default has occurred and is continuing, then such SOFR Rate Loan shall be Continued as a SOFR Rate Loan with a Loan Period of one month's duration and (y) if an Event of Default has occurred and is continuing, then such SOFR Rate Loan shall be Converted into a Base Rate Loan, in each case unless such SOFR Rate Loan is repaid at the end of such Loan Period.

SECTION 3.INTEREST AND FEES

Section 3.1.<u>Interest Rates</u>. The Borrower hereby promises to pay interest on the unpaid principal amount of each Committed Loan for the period commencing on the applicable Funding Date for such Committed Loan until such Committed Loan is paid in full, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if such Committed Loan is a Base Rate Loan, at a rate per annum equal to the Base Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if such Committed Loan is a SOFR Rate Loan, at a rate per annum equal to the SOFR Rate applicable to the Loan Period for such Committed Loan;

<u>provided</u> that if all or a portion of the principal amount of any Committed Loan or any interest payable thereon or any fee payable hereunder shall not be paid when due, such overdue amount shall bear interest at a rate per annum that is equal to (x) in the case of overdue principal, the rate that would otherwise be applicable thereto as set forth above <u>plus</u> 2.00% per annum, (y) in the case of overdue interest on any Committed Loan, the rate that would otherwise be applicable to such Committed Loan as set forth above <u>plus</u> 2.00% per annum or (z) in the case of any overdue fee payable hereunder, the rate described in Section 3.1(a) <u>plus</u> 2.00% per annum, in each case, from the date of occurrence of an Event of Default as a result of such failure to pay to the date on which such amount is paid in full.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 3.2.<u>Interest Payment Dates</u>. Except for Base Rate Loans, as to which accrued interest shall be payable on the last day of each calendar quarter and on the Termination Date, accrued interest on each Committed Loan shall be payable in arrears on the last day of the one, three or six month, as applicable, Loan Period therefor and with respect to each SOFR Rate Loan with a Loan Period of six months, on the day that is three months after the first day of such Loan Period (or, if there is no day in such third month numerically corresponding to such first day of the Loan Period, on the last Business Day of such month). Upon the occurrence and during the continuance of any Event of Default, accrued interest on any Committed Loan shall be payable on demand. If any interest payment date falls on a day that is not a Business Day, such interest payment date shall be postponed to the next succeeding Business Day and the interest paid shall cover the period of postponement (except that if the Committed Loan is a SOFR Rate Loan and the next succeeding Business Day falls in the next succeeding calendar month, such interest payment date shall be the immediately preceding Business Day).

Section 3.3.<u>Setting and Notice of Committed Loan Rates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The applicable interest rate for each Committed Loan hereunder shall be determined by the Agent in accordance with this Agreement and notice thereof shall be given by the Agent promptly to the Borrower and to each Lender. Each determination of the applicable interest rate by the Agent shall be conclusive and binding upon the parties hereto in the absence of demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the case of SOFR Rate Loans, if as to any Loan Period Term SOFR is not available and the applicable substitute or successor pages or screens are also unavailable, then (i) the Agent shall promptly notify the other parties thereof and (ii) at the option of the Borrower the Committed Loan Request delivered by the Borrower pursuant to Section 2.2(a) with respect to such Funding Date shall be cancelled or shall be deemed to have specified a Base Rate Loan. For the avoidance of doubt, in the circumstances described in the immediately preceding sentence, the obligation of the Lenders to make or Continue SOFR Rate Loans or to Convert Base Rate Loans into SOFR Rate Loans shall be suspended until the Agent shall notify the Company and the Lenders that the circumstances causing such suspension no longer exist (which notice shall be provided by the Agent promptly upon such circumstances ceasing to exist).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Agent shall, upon written request of the Borrower or any Lender, deliver to the Borrower or such Lender a statement showing the computations used by the Agent in determining the interest rate applicable to any SOFR Rate Loan.

Section 3.4.<u>Commitment Fee</u>. The Borrower agrees to pay to the Agent for the accounts of the Lenders <u>pro</u> <u>rata</u> in accordance with their respective Percentages an annual commitment fee computed by multiplying the average daily amount of the unused Aggregate Commitment by the applicable percentage determined with respect to such commitment fee in accordance with Schedule II hereto. Such fee shall commence accruing from and including the Closing Date and shall be payable quarterly in arrears on the last Business Day of March, June, September and December of each year (beginning with the last Business Day of the first full calendar quarter ending after the Closing Date) until the Commitments have expired or have been terminated and on the date of such expiration or termination (and, in the case of any Terminating Lender, such Lender's Termination Date), in each case for the period then ending for which such commitment fee has not previously been paid; <u>provided</u>, that, no Defaulting Lender shall be entitled to receive any commitment fee in respect of its Commitment for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay such fee that otherwise would have been required to have been paid to that Defaulting Lender).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 3.5.<u>Agent's Fees</u>. The Borrower agrees promptly to pay to the Agent such fees as may be agreed from time to time by the Borrower, the Company and the Agent.

Section 3.6.<u>Computation of Interest and Fees</u>. All interest and commitment fees hereunder shall be computed for the actual number of days elapsed on the basis of a 360-day year; <u>provided</u> that, for any period when the Base Rate is determined based on clause (b) of the definition of Base Rate, all interest accruing at the Base Rate for such period shall be computed for the actual number of days elapsed on the basis of a 365/366 day year. The interest rate applicable to each SOFR Rate Loan and Base Rate Loan shall change simultaneously with each change in the SOFR Rate or the Base Rate, as applicable.

SECTION 4.REDUCTION OR TERMINATION OF THE COMMITMENTS; PREPAYMENTS; DEFAULTING LENDERS; INCREASE OF COMMITMENTS

Section 4.1.<u>Voluntary Termination or Reduction of the Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Voluntary Termination or Reduction of the Commitments</u>. The Borrower may at any time on at least three Business Days' prior notice received by the Agent (which shall promptly on the same day or on the next Business Day advise each Lender thereof) permanently reduce the amount of the Commitments (such reduction to be pro rata among the Lenders according to their respective Percentages) to an amount not less than the aggregate principal amount of all outstanding Committed Loans. Any such reduction shall be in the amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof. Concurrently with any such reduction, the Borrower shall prepay the principal of any Committed Loans outstanding to the extent that the aggregate amount of such Committed Loans outstanding shall then exceed the Aggregate Commitment, as so reduced. The Borrower may from time to time on like notice terminate the Commitments upon payment in full of all Committed Loans, all interest accrued thereon, all fees and all other obligations of the Borrower hereunder. Any notice of reduction or termination in full of the Commitments hereunder may state that such notice is conditioned upon the effectiveness of other credit facilities or capital raising, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Termination of Defaulting Lender</u>. The Borrower shall be entitled at any time to (i) terminate the unused Commitment of any Lender that is a Defaulting Lender (the "<u>Defaulted Commitments</u>") upon prior notice of not less than one Business Day to the Agent (which shall promptly notify the Lenders thereof), and/or (ii) replace all of the Commitments or the Defaulted Commitments of any Lender that is a Defaulting Lender with Commitments of a Successor Lender, <u>provided</u>, that, (x) each such assignment shall be either an assignment of all of the rights and obligations of the Defaulting Lender under this Agreement or an assignment of a portion of such rights and obligations made concurrently with another such assignment or other such assignments that together cover all of the rights and obligations of the Defaulting Lender under this Agreement with respect to all of the Commitments or the Defaulted Commitments, as the case may be, and (y) concurrently with such assignment, either the Borrower or one or more Successor Lenders shall pay for the account of such Defaulting Lender an aggregate amount at least equal to the aggregate outstanding principal amount of the Committed Loans owing to such Defaulting Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Defaulting Lender under this Agreement. In either such event, the provisions of Section 4.3 shall apply to all amounts thereafter paid by the Borrower or such Successor Lender for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, commitment fees or other amounts), <u>provided</u>, that, such termination or assignment shall not be deemed to be a waiver or release of any claim the Borrower, the Agent, or any Lender may have against such Defaulting Lender.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 4.2.<u>Voluntary Prepayments</u>. The Borrower may voluntarily prepay Committed Loans without premium or penalty, except as may be required pursuant to subsection (d) below, in whole or in part; <u>provided</u>, that, (a) each prepayment shall be in an aggregate principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, (b) the Borrower shall give the Agent at its Notice Office (which shall promptly advise each Lender), not later than (i) 1:00 p.m., New York City time, at least two U.S. Government Securities Business Days' (or, if longer, two Business Days') prior notice thereof for prepayments of SOFR Rate Loans or (ii) 11:00 a.m., New York City time, same day notice thereof for prepayments of Base Rate Loans, specifying the Committed Loans to be prepaid and the date and amount of prepayment, (c) any prepayment of principal of any Committed Loan shall include accrued interest to the date of prepayment on the principal amount being prepaid and (d) any prepayment of a SOFR Rate Loan shall be subject to the provisions of Section 6.4. Any notice of prepayment in full of all Committed Loans hereunder or reduction of Commitments in full may state that such notice is conditioned upon the effectiveness of other credit facilities or capital raising, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.

Section 4.3.<u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 4.3 or otherwise specifically provided herein, performance by the Borrower of its obligations shall not be excused or otherwise modified as a result of the operation of this Section 4.3. The rights and remedies against a Defaulting Lender under this Section 4.3 are in addition to any other rights and remedies which the Borrower, the Agent or any Lender may have against such Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Borrower and the Agent agree in writing in their reasonable determination that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Committed Loans of the other Lenders, assume Commitments on a pro rata basis or take such other actions as the Agent may determine to be necessary to cause the outstanding borrowings of Committed Loans or Commitments to be held on a pro rata basis by the Lenders in accordance with their respective Percentages, whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u>, that, no adjustments will be made retroactively or with duplication with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender's having been a Defaulting Lender.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding anything to the contrary contained in this Agreement, any payment of principal, interest, commitment fees or other amounts received by the Agent for the account of any Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity or otherwise) shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, as the Borrower may request (so long as no Event of Default shall have occurred and be continuing), to the funding of any Committed Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; fourth, so long as no Event of Default shall have occurred and be continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u>, that, if (x) such payment is a payment of the principal amount of any Committed Loan in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Committed Loans were made at a time when the applicable conditions set forth in Section 9 were satisfied or waived, such payment shall be applied solely to pay the Committed Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Committed Loans of such Defaulting Lender and <u>provided</u>, <u>further</u>, that any amounts held as cash collateral for funding obligations of a Defaulting Lender shall be returned to such Defaulting Lender upon the termination of this Agreement and the satisfaction of such Defaulting Lender's obligations hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 4.3 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

Section 4.4.<u>Increase of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower shall have the right at any time after the Closing Date to increase the aggregate Commitments hereunder in accordance with the following provisions and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower shall give the Administrative Agent, which shall promptly deliver a copy thereof to each of the Lenders, at least three Business Days' (or such lesser period as the Administrative Agent may reasonably agree) prior written notice (a "<u>Notice of Increase</u>") of any such requested increase specifying the aggregate amount by which the Commitments are to be increased (the "<u>Requested Increase Amount</u>"), which shall be at least $5,000,000 and in increments of $1,000,000 thereafter, and the requested date of increase (the "<u>Requested Increase Date</u>"). The Borrower may, but shall not be obligated to, offer to any Lender the right to provide all or any portion of the Requested Increase Amount. No Lender shall have any obligation whatsoever to offer to increase its Commitment by an amount specified by the Borrower or otherwise nor shall the Borrower be obligated to accept any offer by an existing Lender to provide all or any portion of the Requested Increase Amount. Any Lender that so offers to increase its Commitment, which increase is accepted by the Borrower, is herein called an "<u>Increasing Lender</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the aggregate amount of the increases offered and accepted pursuant to clause (i) above, if any, is less than the Requested Increase Amount, the Borrower may, through the Administrative Agent, offer the balance of the Requested Increase Amount to one or more Eligible Assignees; <u>provided</u> that the Commitment to be acquired hereunder by any such Eligible Assignee shall not be less than $1,000,000. Any such Eligible Assignee that agrees to acquire a Commitment pursuant hereto is herein called an "<u>Additional Lender</u>".

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Effective on the Requested Increase Date, subject to the terms and conditions hereof, (x) Schedule I shall be deemed amended to reflect the increases contemplated hereby, (y) the Commitment of each Increasing Lender shall be increased by the amount agreed by such Increasing Lender and the Borrower, and (z) each Additional Lender shall enter into an agreement in form and substance reasonably satisfactory to the Borrower and the Administrative Agent pursuant to which it shall undertake, as of such Requested Increase Date, a new Commitment in the amount determined pursuant to clause (ii) above, and such Additional Lender shall thereupon be deemed to be a Lender for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If on the Requested Increase Date there are borrowings of Committed Loans outstanding hereunder, appropriate adjustments shall be made (by the making of borrowings of Committed Loans by the Increasing Lenders and the Additional Lenders and/or the prepayment of outstanding borrowings of Committed Loans) as necessary to cause the outstanding borrowings of Committed Loans to be held ratably by all Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Anything in this Section 4.4 to the contrary notwithstanding, no increase in the aggregate Commitments hereunder pursuant to this Section shall be effective unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)on the relevant Requested Increase Date and after giving effect to such increase, (x) no Unmatured Event of Default under Section 10.1.1 or 10.1.3 or Event of Default shall have occurred and be continuing and (y) the representations and warranties contained in Section 7 (other than those contained in Section 7.5) shall be true and correct in all material respects as of the Requested Increase Date and after giving effect thereto, with the same effect as though made on the Requested Increase Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)after giving effect to any such increase, the aggregate amount of the Commitments shall not exceed $5,150,000,000.

SECTION 5.MAKING AND PRORATION OF PAYMENTS; SET-OFF; TAXES

Section 5.1.<u>Making of Payments</u>. Except as provided in Section 2.2(d), payments (including those made pursuant to Section 4.1) of principal of, or interest on, the Committed Loans and all payments of fees and any other payments required to be made by the Borrower to the Agent hereunder shall be made by the Borrower to the Agent in immediately available funds, without set-off or counterclaim, at its Payment Office not later than 12:00 Noon, New York City time, on the date due; and funds received after that hour shall be deemed to have been received by the Agent on the next following Business Day. Subject to Sections 3.4 and 4.3, the Agent shall promptly remit to each Lender its share (if any) of each such payment. All payments under Section 6 and all payments required to be made hereunder to any Person other than the Agent shall be made by the Borrower when due directly to the Persons entitled thereto in immediately available funds.

Section 5.2.<u>Pro Rata Treatment; Sharing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Except as required pursuant to Section 3.4, Section 4.3, Section 6 or Section 12.9, each payment or prepayment of principal of any Committed Loans, each payment of interest on the Committed Loans and each payment of the commitment fee shall be allocated <u>pro</u> <u>rata</u> among the Lenders in accordance with their respective Percentages.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any Lender or other holder of a Committed Loan shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise) on account of principal of, interest on or fees or other amounts with respect to any Committed Loan in excess of the share of payments and other recoveries (exclusive of payments or recoveries under Section 6 or pursuant to Section 12.9) such Lender or other holder would have received if such payment had been distributed pursuant to the provisions of Section 5.2(a), such Lender or other holder shall purchase from the other Lenders or holders, in a manner to be specified by the Agent, such participations in the Committed Loans held by them as shall be necessary so that all such payments of principal and interest with respect to the Committed Loans shall be shared by the Lenders and other holders <u>pro</u> <u>rata</u> in accordance with their respective Percentages; <u>provided</u>, <u>however</u>, that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender or holder, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

Section 5.3.<u>Set-off</u>. Each Obligor agrees that the Agent, each Lender and any of their respective branches or agencies, to the extent permitted by applicable law, has all rights of set-off and banker's lien provided by applicable law, and each Obligor further agrees that at any time, (i) any amount owing by any Obligor under this Agreement is due to any such Person or (ii) any Event of Default exists, each such Person, to the extent permitted by applicable law, may apply to the payment of any amount payable hereunder any and all balances, credits, deposits, accounts or moneys of such Obligor then or thereafter with such Person.

Section 5.4.<u>Taxes</u>. (a) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Obligor under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Evidence of Payment</u>. As soon as practicable after any payment of Taxes by any Obligor to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section, but without duplication of increased amounts the Borrower has paid in respect of Taxes pursuant to Section 5.4(a)), payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so) and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>Status of Lenders</u>. (i)(A) Each Lender shall certify in writing to the Borrower and the Administrative Agent on or before the date it becomes a Lender that it is a Qualifying Lender (specifying which category of Qualifying Lender it is) and (B) any Lender that is entitled to benefit from an exemption from or reduction of withholding Tax with respect to payments made under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation to the Borrower as will enable the Borrower to comply with the provisions of Sections 891A, 891E, 891F and 891G of the Taxes Consolidation Act 1997 of Ireland. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.4(f)(ii) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Without limiting the generality of the foregoing, if a payment made to a Lender under this Agreement would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (ii), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Lender agrees (A) that if any form, certification or representation it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form, certification or representation or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so; and (B) if it no longer qualifies as a Qualifying Lender after the date it becomes a Lender, it will promptly notify the Borrower and the Administrative Agent in writing.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)<u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)<u>Indemnification of Borrower</u>. Each Lender shall severally indemnify the Borrower within 10 Business Days after written demand with adequate supporting documentation for any Excluded Tax actually paid by the Borrower to a governmental entity solely and directly attributable to such Lender's failure to comply with Section 5.4(f)(i)(A) or Section 5.4(f)(iii)(B) as it relates to the certification provided in Section 5.4(f)(i)(A) to the extent that such amounts were also paid to the Lender in error pursuant to Section 5.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Survival</u>. Each party's obligations under this Section 5.4 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

SECTION 6.INCREASED COSTS AND SPECIAL PROVISIONS FOR SOFR RATE LOANS

Section 6.1.<u>Increased Costs</u>. (a) If after the date hereof, the adoption of any applicable law, rule or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the making or issuance of any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency and compliance by any Lender (or any Funding Office of such Lender) therewith, then, subject to the provisions of Section 5.4, which shall provide the sole source of additional amounts payable to any Lender with respect to the matters covered therein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)shall subject any Lender (or any Funding Office of such Lender) to any Taxes with respect to its SOFR Rate Loans (except for (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (iii) Connection Income Taxes);

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)shall impose, modify or deem applicable any reserve (including any reserve imposed by the Federal Reserve Board, but excluding any reserve included in the determination of interest pursuant to Section 3.1), special deposit, assessment (including any assessment for insurance of deposits) or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (or any Funding Office of such Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)shall impose on any Lender (or any Funding Office of such Lender) any other condition affecting its SOFR Rate Loans, its Committed Notes or its obligation to make or maintain SOFR Rate Loans;

and the result of any of the foregoing is to increase the cost to (or to impose an additional cost on) such Lender (or any Funding Office of such Lender) of making, converting to, continuing or maintaining any SOFR Rate Loan, or to reduce the amount of any sum received or receivable by such Lender (or such Lender's Funding Office) under this Agreement or under its Committed Notes with respect thereto, then within 10 days after demand by such Lender (which demand shall be accompanied by a statement setting forth the basis of such demand), the Borrower shall pay directly to such Lender such additional amount or amounts as will compensate such Lender for such increased cost or such reduction (without duplication of any amounts which have been paid or reimbursed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)If, after the date hereof, any Lender shall determine that the adoption, effectiveness or phase-in of any applicable law, rule, guideline or regulation regarding capital adequacy or liquidity requirements, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the making or issuance of any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) of any such authority, central bank or comparable agency and compliance by any Lender (or any Funding Office of such Lender or such Lender's holding company) therewith, has or would have the effect of reducing the rate of return on the capital of such Lender or such Lender's holding company as a consequence of its obligations hereunder to a level below that which such Lender or such Lender's holding company could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such Lender's holding company's policies with respect to capital adequacy or liquidity requirements), then, from time to time, within 10 days after demand by such Lender (which demand shall be accompanied by a statement setting forth the basis of such demand), the Borrower shall pay directly to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)Each Lender shall promptly notify the Borrower and the Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section 6.1 and will designate a different Funding Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in such Lender's sole judgment, be otherwise disadvantageous to such Lender. The Borrower shall not be required to compensate a Lender pursuant to this Section 6.1 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the change in law or other event occurring after the date hereof giving rise to such increased costs or reductions, and of such Lender's intention to claim compensation therefor (except that, if the change in law or other such event is retroactive, then the nine month period referred to above shall be extended to include the period of retroactive effect thereof).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)Notwithstanding anything to the contrary herein, it is understood and agreed that any changes resulting from requests, rules, guidelines or directives (x) issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, for the purposes of this Agreement, be deemed to be adopted subsequent to the date hereof; <u>provided</u>, <u>however</u>, that no Lender shall be entitled to receive any compensation or reimbursement hereunder with respect to any such changes unless such requirements are generally applicable to (and for which reimbursement is generally being sought by the applicable Lender in respect of) credit transactions similar to this transaction from borrowers similarly situated to the Borrower; provided, further, that no Lender shall be required to disclose any confidential or proprietary information in connection therewith.

Section 6.2.<u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 6.2(a) will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Benchmark Replacement Conforming Changes</u>. In connection with either the use or administration of Term SOFR (in consultation with the Company) or the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 6.2(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 6.2, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 6.2.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Loan Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Loan Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a borrowing of, Conversion to or Continuation of SOFR Rate Loans to be made, Converted or Continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request for a SOFR Rate Loan into a request for a Borrowing of or Conversion to a Base Rate Loan. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Market Disruption</u>. If with respect to the Loan Period for any SOFR Rate Loan, other than in the case of a Benchmark Transition Event, the Required Lenders advise the Agent that the SOFR Rate as determined by the Agent will not adequately and fairly reflect the cost to such Required Lenders of maintaining or funding SOFR Rate Loans for such Loan Period, or that the making or funding of SOFR Rate Loans has become impracticable, in each case, as a result of an event occurring after the date of this Agreement which in such Required Lenders' opinion materially affects SOFR Rate Loans, then (i) the Agent shall promptly notify the other parties thereof and (ii) so long as such circumstances shall continue, no Lender shall be under any obligation to make or Continue any SOFR Rate Loan or Convert any Base Rate Loan into a SOFR Rate Loan.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>Disclaimer and Exculpation With Respect to any Rate</u>. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or with respect to any alternative, successor or replacement rate thereof (including any Benchmark Replacement), or any calculation, component definition thereof or rate referenced in the definition thereof, including, without limitation, (i) any such alternative, successor or replacement rate (including any Benchmark Replacement) implemented pursuant to this Section 6.2, upon the occurrence of a Benchmark Transition Event, and (ii) the effect, implementation or composition of any Conforming Changes pursuant to this Section 6.2, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or have the same volume or liquidity as did the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark prior to its discontinuance or unavailability. In addition, the discontinuation of the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark and any alternative, successor or replacement reference rate may result in a mismatch between the reference rate referenced in this Agreement and your other financial instruments, including potentially those that are intended as hedges. The Administrative Agent and its Affiliates and/or other related entities may engage in transactions that affect the calculation of the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, with all determinations of such the Base Rate, Term SOFR Reference Rate, Term SOFR, any Benchmark or such alternative, successor or replacement rate by the Administrative Agent to be conclusive, absent manifest error. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, Term SOFR Reference Rate, Term SOFR, any Benchmark or any such alternative, successor or replacement rate, in each case pursuant to the terms of this Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time), and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

Section 6.3.<u>Changes in Law Rendering Certain Loans Unlawful</u>. In the event that any change in (including the adoption of any new) applicable laws or regulations, or in the interpretation of applicable laws or regulations by any Governmental Authority or other regulatory body charged with the administration thereof, should make it (or in the good faith judgment of such Lender raise a substantial question as to whether it is) unlawful for a Lender to make, maintain or fund any SOFR Rate Loan, then (a) such Lender shall promptly notify each of the other parties hereto, (b) upon the effectiveness of such event and so long as such unlawfulness shall continue, the obligation of such Lender to make or Continue SOFR Rate Loans shall be suspended and any request by the Borrower for SOFR Rate Loans shall, as to such Lender, be deemed to be a request for a Base Rate Loan, and (c) on the last day of the current Loan Period for such Lender's SOFR Rate Loans (or, in any event, if such Lender so requests on such earlier date as may be required by the relevant law, regulation or interpretation) such Lender's Committed Loans which are SOFR Rate Loans shall cease to be maintained as SOFR Rate Loans and shall thereafter bear interest at a floating rate per annum equal to the Base Rate. If at any time the event giving rise to such unlawfulness shall no longer exist, then such Lender shall promptly notify the Borrower and the Agent.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 6.4.<u>Funding Losses</u>. The Borrower hereby agrees that upon demand by any Lender (which demand shall be accompanied by a statement setting forth the basis for the calculations of the amount being claimed) the Borrower will indemnify such Lender against any net loss or expense which such Lender may sustain or incur (including any net loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain any SOFR Rate Loan), as reasonably determined by such Lender, as a result of (a) any payment or mandatory or voluntary prepayment (including any payment pursuant to Section 6.3 or 12.9(b) or any payment resulting from acceleration) or Conversion or Continuation of any SOFR Rate Loan of such Lender on a date other than the last day of the Loan Period for such SOFR Rate Loan or (b) any failure of the Borrower to borrow any Committed Loans on the originally scheduled Funding Date specified therefor pursuant to this Agreement (including any failure to borrow resulting from any failure to satisfy the conditions precedent to such borrowing) or to Convert to or Continue any SOFR Rate Loans on the date specified therefor pursuant to this Agreement. For this purpose, all notices to the Agent pursuant to this Agreement shall be deemed to be irrevocable.

Section 6.5.<u>Discretion of Lenders as to Manner of Funding</u>. Notwithstanding any provision of this Agreement to the contrary (but subject to Section 6.1(c)), each Lender shall be entitled to fund and maintain its funding of all or any part of its Committed Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if such Lender had actually funded and maintained each SOFR Rate Loan during the Loan Period for such SOFR Rate Loan through the purchase of deposits having a maturity corresponding to such Loan Period and bearing an interest rate equal to the rate borne by such SOFR Rate Loan for such Loan Period.

Section 6.6.<u>Conclusiveness of Statements; Survival of Provisions</u>. Determinations and statements of any Lender pursuant to this Section 6 shall be conclusive absent demonstrable error, and each Lender may use reasonable averaging and attribution methods in determining compensation pursuant to Section 6.1 or 6.4. The provisions of this Section 6 shall survive termination of this Agreement and payment of the Committed Loans.

SECTION 7.REPRESENTATIONS AND WARRANTIES

To induce the Lenders to enter into this Agreement and to make Committed Loans hereunder, each Obligor hereby makes the following representations and warranties to the Agent and the Lenders (a) as of the Closing Date, and (b) other than the representations and warranties in Section 7.5, as of each applicable Funding Date, which representations and warranties shall survive the execution and delivery of this Agreement and the Committed Notes and the disbursement of the initial Committed Loans hereunder:

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 7.1.<u>Organization, etc</u>. (a) The Company is duly organized or incorporated, as applicable, validly existing and in good standing, to the extent applicable, under the laws of the jurisdiction of its organization; (b) each corporate Significant Subsidiary is a company or corporation, as applicable, duly organized or incorporated, as applicable, validly existing and in good standing, to the extent applicable, under the laws of the jurisdiction of its incorporation; (c) each other Significant Subsidiary (if any) is an entity duly organized and validly existing under the laws of the jurisdiction of its organization; and (d) each of the Company and each Significant Subsidiary has the power to own its property and to carry on its business as now being conducted and is duly qualified and in good standing, to the extent applicable, as a foreign corporation or other entity authorized to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except, in each of cases (a), (b), (c) and (d) above, where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect.

Section 7.2.<u>Authorization; Consents; No Conflict</u>. The execution and delivery by (x) each Obligor party hereto of this Agreement and by the Borrower of the Committed Notes, the payment of any fees hereunder, the borrowings hereunder and the performance by each such Obligor of its obligations under this Agreement and by the Borrower of its obligations under the Committed Notes and (y) each Obligor of any Guarantee Assumption Agreement to which it is a party and the performance by each such Obligor of its obligations hereunder and thereunder (a) are within the corporate or similar powers of each such Obligor, (b) have been duly authorized by all necessary corporate or similar action on the part of each such Obligor, (c) have received all necessary approvals, authorizations, consents, registrations, notices, exemptions and licenses (if any shall be required) from Governmental Authorities and other Persons, except for any such approvals, authorizations, consents, registrations, notices, exemptions or licenses non-receipt of which could not reasonably be expected to have a Material Adverse Effect, (d) are, where it concerns an Obligor incorporated under the laws of the Netherlands, in such Obligor's corporate interest, (e) do not and will not contravene or conflict with any provision of (i) law, (ii) any judgment, decree or order to which such Obligor or any Significant Subsidiary is a party or by which such Obligor or any Significant Subsidiary is bound, (iii) the charter, by-laws, constitution, memorandum and articles of association or other organizational documents of such Obligor or any Significant Subsidiary or (iv) any provision of any agreement or instrument binding on such Obligor or any Significant Subsidiary, or any agreement or instrument of which such Obligor is aware affecting the properties of such Obligor or any Significant Subsidiary, except with respect to (i), (ii) and (iv) above, for any such contravention or conflict which could not reasonably be expected to have a Material Adverse Effect, and (f) do not and will not result in or require the creation or imposition of any Lien on any of such Obligor's or its Significant Subsidiaries' properties.

Section 7.3.<u>Validity and Binding Nature</u>. (a) This Agreement is, each Guarantee Assumption Agreement when duly executed and delivered will be, and the Committed Notes (if any) when duly executed and delivered will be, legal, valid and binding obligations of each Obligor party thereto, enforceable against each such Obligor in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, examinership and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)This Agreement is in proper legal form under the law of Ireland and each other jurisdiction under which any Obligor is incorporated or organized for the enforcement thereof against each Obligor under such law. All formalities required in Ireland and each other jurisdiction under which any Obligor is organized or incorporated for the validity and enforceability of this Agreement (including any necessary registration, recording or filing with any court or other authority in Ireland and each other jurisdiction under which any Obligor is organized or incorporated) have been accomplished, and no notarization is required, for the validity and enforceability thereof.

Section 7.4.<u>Financial Statements</u>. The Company's audited consolidated financial statements as at December 31, 2024, and unaudited consolidated financial statements as at September 30, 2025, a copy of each of which has been furnished to each Lender, have been prepared in conformity with GAAP applied on a basis consistent with that of the preceding fiscal year (other than as required or permitted by GAAP), subject, in the case of unaudited financial statements, to changes resulting from audit and year-end adjustments, and fairly present the financial condition of the Company and its Subsidiaries as at such dates and the results of their operations for the applicable time periods then ended. 

Section 7.5.<u>Litigation</u>. (a) As of the Closing Date, all Litigation Actions, taken as a whole, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)As of the Closing Date, there is no Litigation Action pending or, to the knowledge of the Company, threatened that could reasonably be expected to adversely affect the enforceability of the Loan Documents against the Obligors or the rights and remedies of the Agent or the Lenders thereunder.

Section 7.6.<u>Employee Benefit Plans</u>. Except as could not reasonably be expected to have a Material Adverse Effect, each employee benefit plan (as defined in Section 3(3) of ERISA) maintained or sponsored by the Company or any Subsidiary complies in all material respects with all applicable requirements of law and regulations. Except as could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate, during the term of this Agreement, (i) no steps have been taken to terminate any Plan and no contribution failure has occurred with respect to any Plan sufficient to give rise to a lien under Section 303(k) of ERISA, (ii) no Reportable Event has occurred with respect to any Plan, (iii) no determination has been made that any Plan is in "at risk" status (within the meaning of Section 303 of ERISA) and (iv) neither the Company nor any ERISA Affiliate has either withdrawn or instituted steps to withdraw from any Multiemployer Plan. Except as could not reasonably be expected to have a Material Adverse Effect, no condition exists or event or transaction has occurred in connection with any Plan which could reasonably be expected to result in the incurrence by the Company or any Subsidiary of any material liability, fine or penalty (imposed by Section 4975 of the Code or Section 502(i) of ERISA or otherwise). Neither the Company nor any ERISA Affiliate is a member of, or contributes to, any Multiemployer Plan as to which the potential Withdrawal Liability based upon the most recent actuarial report could reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be expected to have a Material Adverse Effect, neither the Company nor any Subsidiary has any contingent liability with respect to any post retirement benefit under an employee welfare benefit plan (as defined in Section 3(1) of ERISA), other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Section 7.7.<u>Investment Company Act</u>. Neither the Company nor the Borrower is an "investment company" or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 7.8.<u>Regulation U</u>. Neither the Company nor any Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board as amended from time to time). No part of the proceeds of any Committed Loan will be used to buy or carry any margin stock. Following the application of the proceeds of each Committed Loan, not more than 25% of the value of the assets of any of the Company and its Subsidiaries shall consist of margin stock.

Section 7.9.<u>Disclosure</u>. As of the Closing Date, (a) all written information (including the Information Memorandum), other than Projections (as defined below), forward looking information and information of a general economic or industry specific nature that has been made available to the Administrative Agent, any Arranger or any Lender by the Company or any of its officers, directors, employees, accountants or attorneys or, at the direction of the Company, its other advisors, agents or representatives in connection with the transactions contemplated hereby, other than independent third-party appraisals of aircraft and independent third party generated industry information and when taken together with all reports, statements, schedules and other information included in filings made by the Company with the Securities and Exchange Commission, taken as a whole, is complete and correct in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made (giving effect to any supplements thereto from time to time), (b) all financial projections, if any, that have been prepared by the Company in connection with the transactions contemplated hereby and made available to the Administrative Agent, any Lender or any potential Lender (the "<u>Projections</u>") have been prepared in good faith based upon assumptions believed by the Company to be reasonable as of the date of the preparation of such Projections (it being understood that projections by their nature are inherently uncertain and no assurances are being given that the results reflected in the Projections will be achieved) and (c) the information included in the Beneficial Ownership Certification (if any) is true and correct in all material respects.

Section 7.10.<u>Compliance with Applicable Laws, etc</u>. Each Obligor and each of its Subsidiaries is in compliance with the requirements of all applicable laws, rules, regulations and orders of all Governmental Authorities (including ERISA or any laws applicable to a Foreign Plan and all applicable environmental laws), except for noncompliance that could not reasonably be expected to have a Material Adverse Effect. None of the Obligors nor any of the Subsidiaries is in default under any agreement or instrument to which such Obligor or such Subsidiary is a party or by which it or any of its properties or assets is bound, which default could reasonably be expected to have a Material Adverse Effect on the business, credit, operations or financial condition of the Obligors and their Subsidiaries taken as a whole. No Event of Default or Unmatured Event of Default has occurred and is continuing.

Section 7.11.<u>[Reserved]</u>.

Section 7.12.<u>Taxes</u>. Each of the Obligors and each Subsidiary has filed all tax returns which are required to have been filed and has paid, or made adequate provisions for the payment of, all of its Taxes which are due and payable, other than Taxes, if any, as are being contested in good faith and by appropriate proceedings and as to which such reserves or other appropriate provisions as may be required by GAAP have been established, except where failure to pay such Taxes or file a tax return, individually or in the aggregate, cannot reasonably be expected to have a Material Adverse Effect.

Section 7.13.<u>Use of Proceeds</u>. The proceeds of the Committed Loans will be used for general corporate purposes of the Company and its Subsidiaries.

Section 7.14.<u>Pari Passu</u>. All obligations and liabilities of any Obligor hereunder or under any Guarantee Assumption Agreement to which it is a party shall rank at least equally and ratably (<u>pari</u> <u>passu</u>) in priority with all other unsubordinated, unsecured obligations of such Obligor to any other creditor.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 7.15.<u>OFAC, Etc</u>. The Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their directors, officers, employees and agents with applicable Anti-Corruption Laws and Sanctions, the USA PATRIOT Act and other applicable anti-terrorism and money laundering laws. None of the Company or any Subsidiary, director, officer, employee or, to the knowledge of the Company after due inquiry, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No borrowing hereunder will be made for any purpose that would constitute or result in a violation by any party hereto, including the Lenders, of any applicable Anti-Corruption Laws, Sanctions, the USA PATRIOT Act or other anti-terrorism and money laundering laws.

SECTION 8.COVENANTS

Until the expiration or termination of the Commitments, and thereafter until all obligations of the Obligors hereunder and under the Committed Notes are paid in full (other than unasserted contingent indemnification obligations), each Obligor agrees that, commencing on the Closing Date, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will:

Section 8.1.<u>Reports, Certificates and Other Information</u>. Furnish to the Agent with sufficient copies for each Lender which the Agent shall promptly make available to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Audited Financial Statements</u>. As soon as available, and in any event within 95 days after each fiscal year of the Company, a copy of the audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows and annual audit report of the Company and its subsidiaries for such fiscal year (setting forth in each case in comparative form the figures for the previous fiscal year) prepared on a consolidated basis and in conformity with GAAP and certified by PricewaterhouseCoopers or by another independent certified public accountant of recognized national standing selected by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Interim Reports</u>. As soon as available, and in any event within 50 days after each quarter (except the last quarter) of each fiscal year of the Company, a copy of the unaudited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows of the Company and its subsidiaries as of the end of and for such quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by an Authorized Officer of the Company as presenting fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year end audit adjustments, the auditors' year-end report and the absence of footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Certificates</u>. Contemporaneously with the furnishing of a copy of each annual audit report and of each set of quarterly statements provided for in this Section 8.1, deliver a certificate of the Company, in substantially the form of Exhibit C hereto, dated the date of delivery of such annual report or such quarterly statements and signed by an Authorized Officer, to the effect that no Event of Default or Unmatured Event of Default has occurred and is continuing, or, if there is any such event, describing it and the steps, if any, being taken to cure it and containing a computation of, and showing compliance with, each of the financial ratios and restrictions contained in this Section 8.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Default Notices</u>. Forthwith upon learning of the occurrence of an Event of Default or an Unmatured Event of Default, provide written notice thereof, describing the same and the steps being taken by the Company or the Subsidiary affected with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Reports</u>. Promptly from time to time after the occurrence of an event required to be therein reported by the Company, such other reports of the Company on Form 6-K, or any successor or comparable form, as the Company shall have filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Other Information</u>. From time to time provide such other information regarding the operations and financial condition of the Company and its Subsidiaries (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts) as any Lender or the Agent may reasonably request (not including reports and other materials to the extent filed with the Securities and Exchange Commission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Beneficial Ownership Certification</u>. To the extent reasonably requested by any Lender or the Agent following any change in the information provided in the Beneficial Ownership Certification (if any) that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification, an updated Beneficial Ownership Certification.

Financial and other information required to be delivered pursuant to Sections 8.1.1, 8.1.2 and 8.1.5 above shall be deemed to have been delivered if such information, or one or more annual or quarterly reports containing such information, shall have been posted by the Agent on any Platform (as defined herein) or similar site to which the Lenders have been granted access or such reports shall be available on the website of the Securities and Exchange Commission at http://www.sec.gov or the Company's website at http://www.aercap.com; <u>provided</u>, that the Company shall provide paper copies of such financial information if requested by the Agent or any Lender. Information, reports or certificates required to be delivered pursuant to this Section 8.1 may be delivered by electronic communications pursuant to procedures approved by the Administrative Agent.

Section 8.2.<u>Existence</u>. (a) Maintain and preserve, and, subject to the first proviso in Section 8.9, cause each Subsidiary to maintain and preserve, its respective existence as a corporation or other form of business organization, as the case may be (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts), and (b) take all reasonable action to maintain all rights, privileges, licenses, patents, patent rights, copyrights, trademarks, trade names, franchises and other authority, except in each case (other than with respect to the Company or the Borrower in connection with clause (a) above) to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Effect; <u>provided</u>, <u>however</u>, that notwithstanding anything to the contrary herein, (a) any Subsidiary may be merged or consolidated with or into (i) any other Subsidiary or (ii) into the Company (with the Company as the surviving corporation), <u>provided</u> that, in the case of clauses (a)(i) and (ii), if the Borrower shall be party to any such merger or consolidation the Borrower shall be the surviving entity of such merger or consolidation and (b) any Subsidiary may be converted from one form of business organization into any other form of business organization.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 8.3.<u>Nature of Business</u>. Subject to Section 8.2, engage on a consolidated basis with its Subsidiaries in substantially the same fields of business as it and its Subsidiaries on a consolidated basis are engaged in on the date hereof (or fields of business related or ancillary thereto).

Section 8.4.<u>Books, Records and Access</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Maintain, and cause each Subsidiary to (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts) maintain in all material respects complete and accurate books and records in which full and correct entries in all material respects and in conformity with GAAP shall be made of all dealings and transactions in relation to its respective business and activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Permit, and cause each Subsidiary to permit (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts), access by the Agent and each Lender to the books and records of the Company and such Subsidiary during normal business hours, and permit, and cause each Subsidiary to permit, the Agent and each Lender to make copies of such books and records upon reasonable notice and as often as may be reasonably requested.

Section 8.5.<u>Insurance</u>. Maintain, and cause each Subsidiary to maintain, or, in the case of any property owned by any Obligor or any Subsidiary and leased to lessees, contractually require such lessees to maintain, insurance with financially sound and reputable insurers to such extent and against such hazards and liabilities as is commonly maintained, or caused to be maintained, as the case may be, by companies similarly situated (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

Section 8.6.<u>Repair</u>. Maintain, preserve and keep, and cause each Subsidiary to maintain, preserve and keep, its properties in good repair, working order and condition, ordinary wear and tear excepted, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts). In the case of properties leased by any Obligor or any Subsidiary to lessees, such Obligor may satisfy its obligations related to such properties under the previous sentence by contractually requiring, or by causing each Subsidiary to contractually require, such lessees to perform such obligations (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

Section 8.7.<u>[Reserved]</u>.

Section 8.8.<u>Compliance</u>. (a) Comply, and cause each Subsidiary to comply with all statutes (including ERISA) and governmental rules and regulations applicable to it except to the extent noncompliance could not reasonably be expected to have a Material Adverse Effect (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Use the proceeds of any borrowing hereunder in compliance with any Anti-Corruption Laws, applicable anti-money laundering laws and any Sanctions applicable to any party hereto.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 8.9.<u>Sale of Assets</u>. Not, and not permit any Subsidiary to, transfer, convey, lease (except for in the ordinary course of business) or otherwise dispose of all or substantially all of the assets of the Obligors and their Subsidiaries taken as a whole; <u>provided</u>, <u>however</u>, that any Wholly-owned Subsidiary may sell, transfer, convey, lease or assign all or a substantial part of its assets to another Obligor or another Wholly-owned Subsidiary if immediately thereafter and after giving effect thereto no Event of Default or Unmatured Event of Default shall have occurred and be continuing; <u>provided</u>, <u>further</u> that this Section 8.9 shall not prohibit any transaction otherwise permitted by Section 8.2.

Section 8.10.<u>Consolidated Indebtedness to Shareholder's Equity</u>. Not permit the ratio of Consolidated Indebtedness to Shareholder's Equity to exceed at any time 3.75:1.00 (such ratio to be calculated in a manner consistent with the calculations set forth on Schedule 1 to Exhibit C).

Section 8.11.<u>[Reserved]</u>.

Section 8.12.<u>Unencumbered Assets</u>. Not permit the ratio of (A) Unencumbered Assets to (B) the aggregate outstanding principal amount of the Company's consolidated unsecured Financial Indebtedness minus, to the extent included in Financial Indebtedness, the aggregate amount outstanding of Hybrid Capital Securities, in each case on the last day of any quarter of any fiscal year of the Company to be less than 125%.

Section 8.13.<u>[Reserved]</u>.

Section 8.14.<u>Liens</u>. Not, and not permit any Subsidiary to, create or permit to exist any Lien upon or with respect to any of its properties or assets of any kind, now owned or hereafter acquired, or on any income or profits therefrom, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Liens existing on the Closing Date that are reflected in the consolidated financial statements of the Company dated prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Liens to secure the payment of all or any part of the purchase price of any property or assets or to secure any Indebtedness incurred by the Company or a Subsidiary to finance the acquisition of any property or asset. For the avoidance of doubt, Liens securing Indebtedness relating to ECA Financings or Eximbank financings shall be permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liens securing the Indebtedness of a Subsidiary owing to the Company or to a Wholly-owned Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Liens on property of a Person existing at the time such Person is merged into or consolidated with the Company or a Subsidiary or at the time of a purchase, lease or other acquisition of the properties of a Person as an entirety or substantially as an entirety by the Company or a Subsidiary; <u>provided</u>, that, any such Lien shall not extend to or cover any assets or properties of the Company or such Subsidiary owned by the Company or such Subsidiary prior to such merger, consolidation, purchase, lease or acquisition, unless otherwise permitted under this Section 8.14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)leases, subleases or licenses granted to others in the ordinary and usual course of the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)easements, rights of way, restrictions and other similar charges or encumbrances not interfering in any material respect with the ordinary conduct of the business of the Company or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)bankers' Liens arising by law or by contract in the ordinary and usual course of the Company's business;

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Liens incurred or deposits made in the ordinary course of business in connection with surety and appeal bonds, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); <u>provided</u>, <u>however</u>, that the obligation so secured is not overdue or is being contested in good faith and by appropriate proceedings diligently pursued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any replacement or successive replacement in whole or in part of any Lien referred to in the foregoing clauses (a) to (h), inclusive; <u>provided</u>, <u>however</u>, that the principal amount of any Indebtedness secured by the Lien shall not be increased and the principal repayment schedule and maturity of such Indebtedness shall not be extended and (i) such replacement shall be limited to all or a part of the property which secured the Lien so replaced (<u>plus</u> improvements and construction on such property) or (ii) if the property which secured the Lien so replaced has been destroyed, condemned or damaged and pursuant to the terms of the Lien other property has been substituted therefor, then such replacement shall be limited to all or part of such substituted property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)carrier's, warehouseman's, hangar keeper's, mechanic's, repairer's, landlord's and materialmen's Liens, Liens for Taxes, assessments and other governmental charges and other Liens arising in the ordinary course of business, by operation of law or under customary terms of repair or modification agreements or any engine or parts-pooling arrangements, in each case securing obligations that are not incurred in connection with the obtaining of any advance or credit and which are either not overdue or are being contested in good faith and by appropriate proceedings diligently pursued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)any guarantee, liability or indemnity provided under or for the purpose of any fiscal unity (*fiscale eenheid*) for Dutch corporate tax or VAT purposes consisting solely of Subsidiaries; and

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)other Liens securing Indebtedness of the Company or any Subsidiary; <u>provided</u> that at the time such Indebtedness is incurred (or, in the case of unsecured Indebtedness that is subsequently secured by Liens, at the time such Indebtedness becomes secured) the ratio of (A) Unencumbered Assets as of the end of the most recently ended fiscal period for which financial statements have been delivered pursuant to Section 8.1 (except that (i) "cash and cash equivalents" and Financial Indebtedness shall be measured on the applicable date of determination on a pro forma basis, (ii) any Aircraft Assets acquired subsequent to such date may, at the option of the Company, be included in the determination of Unencumbered Assets valued as of the date of acquisition and as determined by the Company in good faith and (iii) if the outstanding amount of Financial Indebtedness on the applicable date of determination has been reduced since the end of the most recently ended fiscal period for which financial statements have been delivered pursuant to Section 8.1 with the proceeds of any sale or other disposition of Aircraft Assets, the book value of such Aircraft Assets sold or otherwise disposed of shall be excluded) to (B) the aggregate outstanding principal amount of the Company's consolidated unsecured Financial Indebtedness on the date of determination on a pro forma basis minus, to the extent included in Financial Indebtedness as of such date, the aggregate amount outstanding of Hybrid Capital Securities, is not less than 135%.

Section 8.15.<u>Use of Proceeds</u>. Not permit any proceeds of the Committed Loans to be used, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any margin stock within the meaning of Regulation U of the Federal Reserve Board, as amended from time to time; or for the purpose, whether immediate, incidental or ultimate, of acquiring directly or indirectly any of the outstanding shares of voting stock of any corporation which (i) has announced that it will oppose such acquisition or (ii) has commenced any litigation which alleges that any such acquisition violates, or will violate, applicable law.

Section 8.16.<u>Transactions with Affiliates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Not, and not permit any Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an "<u>Affiliate Transaction</u>") involving aggregate payments or consideration in excess of $5,000,000, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Subsidiary with an unrelated Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Company delivers to the Administrative Agent with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $50,000,000, a resolution adopted by the disinterested members of the Board of Directors of the Company, if any, approving such Affiliate Transaction and set forth in a certificate of an Authorized Officer of the Company certifying that such Affiliate Transaction complies with Section 8.16(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 8.16(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)transactions between or among the Company and/or any of its Subsidiaries;

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)declaration or payment of dividends, the making of distributions on any Capital Stock of the Company and the making of payments to acquire or retire shares of Capital Stock of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the payment of reasonable and customary fees paid to, and indemnities provided on behalf of, officers, directors, employees or consultants of the Company or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)transactions in which the Company or any of its Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Subsidiary from a financial point of view or meets the requirements of 8.16(a)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)payments or loans (or cancellation of loans) to employees or consultants of the Company or any of its Subsidiaries which are approved by a majority of the Board of Directors of the Company in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any agreement as in effect as of the Closing Date, or any amendment thereto (so long as any such amendment, taken as a whole, is no less favorable to the Company and its Subsidiaries than the agreement in effect on the date hereof (as determined by the Board of Directors of the Company in good faith));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the existence of, or the performance by the Company or any of its Subsidiaries of its obligations under the terms of, any limited liability company, limited partnership or other organizational document or joint venture, investors or shareholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Closing Date and any similar agreements which it may enter into thereafter; <u>provided</u>, <u>however</u>, that the existence of, or the performance by the Company or any Subsidiary of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after the Closing Date shall only be permitted by this clause (vii) to the extent that the terms of any such amendment or new agreement, taken as a whole, is no less favorable to the Company and its Subsidiaries than the agreement in effect on the Closing Date (as determined by the Board of Directors of the Company in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)transactions with customers, clients, suppliers, trade creditors, lessors, lessees, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the issuance of Capital Stock (other than Disqualified Stock) of the Company to any Affiliate of the Company and other customary rights in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)transactions or payments pursuant to any employee, officer or director compensation (including bonuses) or benefit plans, employment agreements, severance agreement, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved by the Board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)transactions in the ordinary course with joint ventures in which the Company or a subsidiary of the Company holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions are no less favorable to the Company or subsidiary participating in such joint ventures than they are to other joint venture partners;

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)transactions with a Person that is an Affiliate of the Company solely because the Company owns, directly or through one or more of its Subsidiaries, Capital Stock in, or controls, such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)transactions involving Securitization Assets, or participations therein, in connection with any Qualified Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)services provided by the Company or any of its Subsidiaries to its Subsidiaries or Affiliates under an agreement in respect of (A) aircraft, airframe and engines, (B) all parts, including replacement parts, of whatever nature, which are from time to time included within the airframes or engines or owned separately by the Company or any of its subsidiaries, (C) aircraft documents, (D) leases to which the Company or any of its subsidiaries is or may from time to time be party with respect to an aircraft engine or part and (E) all asset backed securities or other instruments secured directly or indirectly by aircraft, airframe, engines or parts all in the ordinary course of business and consistent with past practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)any transaction with an Affiliate of the Company where the only consideration paid by the Company or any of its Subsidiaries is the issuance of Capital Stock (other than Disqualified Stock).

Section 8.17.<u>Limitation on Issuances of Guarantees of Indebtedness</u>. Not cause or permit any of its Subsidiaries (other than a Securitization Subsidiary, an Excluded Subsidiary or an Obligor), directly or indirectly, to guarantee any Capital Markets Debt or unsecured Credit Facility (other than Standard Securitization Undertakings in connection with a Qualified Securitization Financing) of the Company or any other Obligor (other than the Financing Trust or any of its subsidiaries) unless such Subsidiary, within five <br>Business Days of the date on which it guarantees Capital Markets Debt or an unsecured Credit Facility of the Company or any other Obligor (other than the Financing Trust or any of its subsidiaries), executes and delivers to the Administrative Agent a Guarantee Assumption Agreement.

Section 8.18.<u>[Reserved]</u>.

Section 8.19.<u>Subsidiary Guarantors</u>. In each case to the extent such Person is not a party to this Agreement on the date hereof, cause any Subsidiary that is required under Section 8.17 to become a Subsidiary Guarantor to (a) become a "Subsidiary Guarantor" hereunder pursuant to a Guarantee Assumption Agreement and (b) deliver such proof of corporate or similar action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Obligor pursuant to Section 9 on the Closing Date.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

SECTION 9.CONDITIONS TO LENDING

Section 9.1.<u>Conditions Precedent to All Committed Loans</u>. Each Lender's obligation to make each Committed Loan on the date of original borrowing thereof is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Default</u>. (a) No Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the making of such Committed Loan and (b) the representations and warranties contained in Section 7 (other than those contained in Section 7.5) are true and correct in all material respects as of the date of such requested Committed Loan, with the same effect as though made on the date of such Committed Loan, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date (it being understood that each request for a Committed Loan shall automatically constitute a representation and warranty by the Company that, as at the requested date of such Committed Loan, (x) all conditions under this Section 9.1.1 shall be satisfied and (y) after the making of such Committed Loan the aggregate principal amount of all outstanding Committed Loans will not exceed the Aggregate Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Documents</u>. The Agent shall have received (a) a certificate signed by an Authorized Officer of the Company as to compliance with Section 9.1.1, which requirement shall be deemed satisfied by the submission of a properly completed Committed Loan Request, and (b) a Committed Loan Request substantially in the form of Exhibit A hereto.

Section 9.2.<u>Conditions to Effectiveness</u>. This Agreement, and the obligations of each Lender hereunder to make Committed Loans pursuant to its Commitment shall not become effective until the date on which each of the following conditions precedent shall have been satisfied or, to the extent not so satisfied, waived in writing by the Required Lenders (the "<u>Closing Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Revolving Credit Agreement</u>. The Agent shall have received this Agreement duly executed and delivered by each of the Agent, the Lenders, the Company, the Borrower and each of the Subsidiary Guarantors identified under the caption "GUARANTORS" on the signature pages hereto and each of the Lenders shall have received a fully executed Committed Note, if such Committed Note is requested by any Lender pursuant to Section 11.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>KYC Documents</u>. (a) The Agent shall have received at least three Business Days prior to the Closing Date all documentation and other information reasonably requested by the Lenders through the Agent in writing at least ten Business Days in advance of the Closing Date, which documentation or other information is required by regulatory authorities under applicable "know your customer" requirements under applicable law, and (b) at least three Business Days prior to the Closing Date, to the extent requested by any Lender through the Agent in writing at least ten Business Days in advance of the Closing Date, if the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower shall deliver a Beneficial Ownership Certification in relation to it.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Closing Certificate</u>. The Agent shall have received a certificate of an Authorized Officer (a) confirming that since the date of the audited financial statements identified in Section 7.4 hereof, there shall not have occurred any material adverse change in the business, condition (financial or otherwise) or operations of the Company and its Subsidiaries taken as a whole, (b) as to the absence of any Unmatured Event of Default or Event of Default and (c) confirming that the representations and warranties contained in Section 7 are true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Fees</u>. The Agent shall have received (a) for the account of the Agent the Agent's fees payable on the Closing Date pursuant to Section 3.5 hereof and (b) all accrued fees and expenses payable on the Closing Date owing to the Agent, the Arrangers and the Lenders from the Company, in each case, pursuant to written agreements as in effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Existing Credit Agreement</u>. Prior to or substantially contemporaneously with the Closing Date, all outstanding "Committed Loans" of any Replaced Lenders and all accrued but unpaid interest and fees owing to any "Lender", in each case, under the Existing Credit Agreement shall have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Evidence of Corporate Action, Incumbency and Signatures</u>. The Agent shall have received a certificate of the Secretary or an Assistant Secretary or a director of each Obligor, in substantially the form of Exhibit G, certifying (a) copies of all corporate or similar actions taken by each Obligor to authorize this Agreement and, as applicable, the Committed Notes and (b) the names of the officer or officers or director or directors or other authorized signatories of such Obligor authorized to sign the Loan Documents to which it is a party and the other documents provided for in this Agreement to be executed by such Obligor, together with a sample of the true signature of each such officer or director or other authorized signatory (it being understood that the Agent and each Lender may conclusively rely on such certificate until formally advised by a like certificate of any changes therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Good Standing Certificates</u>. To the extent made available in the relevant jurisdiction, the Agent shall have received such good standing certificates of state officials (or analogous documents or certificates relating to valid existence and good standing) with respect to the incorporation or organization of each Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Opinions of Company Counsel</u>. The Agent shall have received favorable written opinions of (i) Cravath, Swaine & Moore LLP, special New York counsel for the Obligors, in substantially the form of Exhibit H-1, (ii) McCann FitzGerald LLP, special Irish counsel to the Company, in substantially the form of Exhibit H-2, (iii) NautaDutilh N.V., special Dutch counsel to the Company, in substantially the form of Exhibit H-3, (iv) Smith, Gambrell & Russell, LLP, special California counsel to ILFC, in substantially the form of Exhibit H-4, and (v) Morris, Nichols, Arsht & Tunnell LLP, special Delaware counsel to the Company, in substantially the form of Exhibit H-5. 

(i)The Agent shall promptly notify the Company and the Lenders of the occurrence of the Closing Date, and such notice shall be conclusive and binding.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

SECTION 10.EVENTS OF DEFAULT AND THEIR EFFECT

Section 10.1.<u>Events of Default</u>. Each of the following shall constitute an Event of Default under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Non-Payment of the Committed Loans, etc</u>. Default in the payment when due of any principal of any Committed Loan or default and continuance thereof for three Business Days in the payment when due of any interest on any Committed Loan, any fees or any other amounts payable by any Obligor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Non-Payment of Other Indebtedness for Borrowed Money</u>. (a) Default in the payment when due (subject to any applicable grace period), whether by acceleration or otherwise, of any principal of, interest on or fees incurred in connection with any other Indebtedness of, or Guaranteed by, the Company or any Significant Subsidiary beyond the period of grace, if any, provided in the instrument or agreement pursuant to which such Indebtedness was created (except (i) any such Indebtedness of any Subsidiary to the Company or to any other Subsidiary and (ii) any Indebtedness hereunder) or (b) default in the performance or observance of any obligation or condition with respect to any such other Indebtedness or (other than in respect of any Indebtedness secured by Liens over Aircraft Assets or the Equity Interests of a Subsidiary owning Aircraft Assets) any other event shall occur, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, (with or without the giving of notice, the lapse of time or both but in each case after any applicable period of grace, if any, shall have lapsed) such Indebtedness to become due prior to its stated maturity or the obligations under such Guarantee to become payable, <u>provided</u>, <u>however</u>, that the aggregate principal amount of all Indebtedness as to which there has occurred any default as described in clause (a) or (b) above shall equal or exceed $200,000,000; <u>provided</u> <u>further</u> <u>however</u>, that clause (b) above shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Bankruptcy, Insolvency, etc</u>. The Company or any Significant Subsidiary becomes insolvent (which term shall include any form of creditor protection and moratorium, including bankruptcy (*faillissement*) and suspension of payments (*surseance van betaling*) under Dutch law and the serving of a notice pursuant to section 36 of the Dutch Tax Collection Act (*Invorderingswet*)) or generally fails to pay, or admits in writing its inability or refusal to pay, debts as they become due; or the Company or any Significant Subsidiary applies for, consents to, or acquiesces in the appointment of a trustee, liquidator, examiner, receiver or other custodian (including a "curator" in a bankruptcy under Dutch law and a "bewindvoerder" in a suspension of payment (*surseance van betaling*) under Dutch law) for the Company or such Significant Subsidiary or a material portion of the property thereof, or makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee, liquidator, examiner, receiver or other custodian is appointed for the Company or any Significant Subsidiary or for a substantial part of the property of any thereof and is not discharged within 60 days; or any warrant of attachment (including a "*beslag*") or similar legal process is issued against any substantial part of the property of the Company or any of its Significant Subsidiaries which is not released within 60 days of service; or any bankruptcy, examinership, receivership, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding (except the voluntary dissolution, not under any bankruptcy or insolvency law, of a Significant Subsidiary), is commenced in respect of the Company or any Significant Subsidiary, and, if such case or proceeding is not commenced by the Company or such Significant Subsidiary it is consented to or acquiesced in by the Company or such Significant Subsidiary or remains for 60 days undismissed; or the Company or any Significant Subsidiary takes any corporate action to authorize, or in furtherance of, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Non-Compliance with this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Failure by any Obligor to comply with or to perform any of the covenants in Section 8.1.4, Sections 8.9 through Section 8.15 and Section 8.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Failure by any Obligor to comply with or to perform any of the covenants herein or any other provision of this Agreement (and not constituting an Event of Default under any of the other provisions of this Section 10.1) and continuance of such failure for 30 days after notice thereof to the Company from the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Representations and Warranties</u>. Any representation or warranty made by the Company herein or by any Guarantor in any Guarantee Assumption Agreement is untrue or misleading in any material respect when made or deemed made; or any schedule, statement, report, notice, or other writing furnished by the Company to the Agent or any Lender is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified; or any certification made or deemed made by the Company to the Agent or any Lender is untrue or misleading in any material respect on or as of the date made or deemed made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Employee Benefit Plans</u>. Any ERISA Event shall have occurred with respect to any Plan or any Foreign Benefit Event shall have occurred with respect to a Foreign Plan that, in each case, would reasonably be expected to result in a Material Adverse Effect.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Judgments</u>. There shall be entered against the Company or any Subsidiary one or more final, non-appealable judgments or decrees for the payment of money in excess of $200,000,000 in the aggregate at any one time outstanding for the Company or any Subsidiary (excluding any portion thereof that is paid or covered by insurance so long as coverage has not been denied in writing or is otherwise indemnified if the terms of such indemnification are satisfactory to the Required Lenders) and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgments or orders in excess of such aggregate amount on or after the date any payment is due and payable under the terms of such judgments or orders and shall not have been stayed within 60 days after such enforcement proceedings are commenced or (ii) there is a period of 60 consecutive days during which such judgments or orders in excess of such aggregate amount shall not have been paid, vacated, discharged, stayed or bonded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Invalidity of Loan Documents</u>. Any Loan Document shall cease to be, or shall be asserted by any Obligor not to be, in full force and effect, except in accordance with the terms of this Agreement, including, in the case of any guarantee by any Subsidiary Guarantor of the Guaranteed Obligations, as a result of the release of such guarantee as provided in Section 13.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Change of Control</u>. A Change of Control shall have occurred.

Section 10.2.<u>Effect of Event of Default</u>. If any Event of Default described in Section 10.1.3 shall occur, the Commitments (if they have not theretofore terminated) shall immediately terminate and all Committed Loans and all interest and other amounts due hereunder shall become immediately due and payable, all without presentment, demand or notice of any kind; and, in the case of any other Event of Default, the Agent may, and upon written request of the Required Lenders shall, declare the Commitments (if they have not theretofore terminated) to be terminated and all Committed Loans and all interest and other amounts due hereunder to be due and payable, whereupon the Commitments (if they have not theretofore terminated) shall immediately terminate and all Committed Loans and all interest and other amounts due hereunder shall become immediately due and payable, all without presentment, demand or notice of any kind. The Agent shall promptly advise the Company and each Lender of any such declaration, but failure to do so shall not impair the effect of such declaration.

SECTION 11.THE AGENT

Section 11.1.<u>Authorization and Authority</u>. Each Lender hereby irrevocably appoints Citibank, N.A. to act on its behalf as the Agent hereunder and under the Committed Notes and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Subject to the provisions of Section 11.4, the Agent will take such action permitted by any agreement delivered in connection with this Agreement as may be requested in writing by the Required Lenders or if required under Section 12.1, all of the Lenders. Other than as expressly set forth herein, the Agent shall promptly remit in immediately available funds to each Lender its share of all payments received by the Agent for the account of such Lender, and shall promptly transmit to each Lender (or share with each Lender the contents of) each notice it receives from the Company pursuant to this Agreement. Other than Section 11.9, the provisions of this Section 11 are solely for the benefit of the Agent and the Lenders, and the Company shall have no rights as a third party beneficiary of any of such provisions.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 11.2.<u>Agent Individually</u>. (a) The Person serving as the Agent, if a Lender hereunder, shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Lender understands that the Person serving as Agent, acting in its individual capacity, and its Affiliates (collectively, the "<u>Agent's Group</u>") are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) (such services and businesses are collectively referred to in this Section 11.2 as "<u>Activities</u>") and may engage in the Activities with or on behalf of the Company or its Affiliates. Furthermore, the Agent's Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including the Company and its Affiliates and including holding, for its own account or on behalf of others, equity, debt and similar positions in the Company or its Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products of one or more of the Company and its Affiliates. Each Lender understands and agrees that in engaging in the Activities, the Agent's Group may receive or otherwise obtain information concerning the Company and its Affiliates (including information concerning the ability of the Company to perform its obligations hereunder) which information may not be available to any of the Lenders that are not members of the Agent's Group. None of the Agent nor any member of the Agent's Group shall have any duty to disclose to any Lender or use on behalf of the Lenders, and shall not be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company) or to account for any revenue or profits obtained in connection with the Activities except that the Agent shall deliver or otherwise make available to each Lender such documents as are expressly required by this Agreement to be transmitted by the Agent to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Lender further understands that there may be situations where members of the Agent's Group or their respective customers (including the Company and its Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lenders (including the interests of the Lenders hereunder). Each Lender agrees that no member of the Agent's Group is or shall be required to restrict its activities as a result of the Person serving as Agent being a member of the Agent's Group, and that each member of the Agent's Group may undertake any Activities without further consultation with or notification to any Lender. None of (i) this Agreement, (ii) the receipt by the Agent's Group of information (including "<u>Information</u>" as defined in Section 12.6) concerning the Company or its Affiliates (including information concerning the ability of the Company to perform its obligations hereunder) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual (other than the administrative duties of the Agent expressly provided hereunder) duties (including any duty of trust or confidence) owing by the Agent or any member of the Agent's Group to any Lender including any such duty that would prevent or restrict the Agent's Group from acting on behalf of customers (including the Company or its Affiliates) or for its own account.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 11.3.<u>Indemnification</u>. The Lenders agree to indemnify the Agent in its capacity as such (to the extent not reimbursed by the Company and without releasing the Company from its obligation to do so, to the extent applicable), ratably according to their respective Percentages (determined at the time such indemnity is sought), from and against any and all actions, causes of action, suits, losses, liabilities, damages and expenses which may at any time (including at any time following the repayment of the Committed Loans) be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; <u>provided</u>, that, no Lender shall be liable for the payment to the Agent of any portion of such actions, causes of action, suits, losses, liabilities, damages and expenses resulting from the Agent's or its employees' or agents' gross negligence or willful misconduct. Without limiting the foregoing, subject to Section 12.5 each Lender agrees to reimburse the Agent promptly upon demand for its ratable share (determined at the time such reimbursement is sought) of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Agent in such capacity in connection with the preparation, execution or enforcement of, or legal advice in respect of rights or responsibilities under, this Agreement or any amendments or supplements hereto or thereto to the extent that the Agent is not reimbursed for such expenses by the Company. All obligations provided for in this Section 11.3 shall survive repayment of the Committed Loans, cancellation of the Committed Notes or any termination of this Agreement. For the purpose of this Section 11.3, Agent shall mean the Administrative Agent and its Affiliates, directors, officers and employees.

Section 11.4.<u>Action on Instructions of the Required Lenders</u>. As to any matters not expressly provided for by this Agreement (including enforcement or collection of the Committed Loans), the Agent shall not be required to exercise any discretion or take any action, but the Agent shall in all cases be fully protected in acting or refraining from acting upon the written instructions from (i) the Required Lenders, except for instructions which under the express provisions hereof must be received by the Agent from all Lenders and (ii) in the case of such instructions, from all Lenders. In no event will the Agent be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement or applicable law. The relationship between the Agent and the Lenders is and shall be that of agent and principal only and nothing herein contained shall be construed to constitute the Agent a trustee for any holder of a Committed Loan or of a participation therein nor to impose on the Agent duties and obligations other than those expressly provided for herein.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 11.5.<u>Payments</u>. (a) The Agent shall be entitled to assume that each Lender has made its Committed Loan available in accordance with Section 2.2(c) unless such Lender notifies the Agent at its Notice Office prior to 11:30 a.m., New York City time, on the Funding Date for such Committed Loan that it does not intend to make such Committed Loan available, it being understood that no such notice shall relieve such Lender of any of its obligations under this Agreement. If the Agent makes any payment to the Borrower on the assumption that a Lender has made the proceeds of such Committed Loan available to the Agent but such Lender has not in fact made the proceeds of such Committed Loan available to the Agent, such Lender shall pay to the Agent on demand an amount equal to the amount of such Lender's Committed Loan, together with interest thereon for each day that elapses from and including such Funding Date to but excluding the Business Day on which the proceeds of such Lender's Committed Loan become immediately available to the Agent at its Payment Office prior to 12:00 Noon, New York City time, at the Federal Funds Rate for each such day, based upon a year of 360 days. A certificate of the Agent submitted to any Lender with respect to any amounts owing under this Section 11.5(a) shall be conclusive absent demonstrable error. If the proceeds of such Lender's Committed Loan are not made available to the Agent at its Payment Office by such Lender within three Business Days of such Funding Date, the Agent shall be entitled to recover such amount upon two Business Days' demand from the Borrower, together with interest thereon for each day that elapses from and including such Funding Date to but excluding the Business Day on which such proceeds become immediately available to the Agent prior to 12:00 Noon, New York City time, at the rate per annum applicable to Base Rate Loans hereunder, based upon a year of 360 days. Nothing in this paragraph (a) shall relieve any Lender of any obligation it may have hereunder to make any Committed Loan or prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Agent shall be entitled to assume that the Borrower has made all payments due hereunder from the Borrower on the due date thereof unless it receives notification prior to any such due date from the Borrower that the Borrower does not intend to make any such payment, it being understood that no such notice shall relieve the Borrower of any of its obligations under this Agreement. If the Agent distributes any payment to a Lender hereunder in the belief that the Borrower has paid to the Agent the amount thereof but the Borrower has not in fact paid to the Agent such amount, such Lender shall pay to the Agent on demand (which shall be made by facsimile or personal delivery) an amount equal to the amount of the payment made by the Agent to such Lender, together with interest thereon for each day that elapses from and including the date on which the Agent made such payment to but excluding the Business Day on which the amount of such payment is returned to the Agent at its Payment Office in immediately available funds prior to 12:00 Noon, New York City time, at the Federal Funds Rate for each such day, based upon a year of 360 days. If the amount of such payment is not returned to the Agent in immediately available funds within three Business Days after demand by the Agent, such Lender shall pay to the Agent on demand an amount calculated in the manner specified in the preceding sentence after substituting the term "Base Rate" for the term "Federal Funds Rate". A certificate of the Agent submitted to any Lender with respect to amounts owing under this Section 11.5(b) shall be conclusive absent demonstrable error.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(i) If the Agent notifies a Lender or other recipient that the Agent has determined in its sole discretion that any funds received by such recipient from the Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient (whether or not known to such recipient) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts, a distribution or otherwise, an "<u>Erroneous Payment</u>", individually and collectively, a "<u>Payment</u>" and any such recipient, an "<u>Unintended Recipient</u>") and demands the return of such Payment (or a portion thereof), such Unintended Recipient shall promptly, but in no event later than two Business Days thereafter, return to the Agent the amount of any such Payment (or portion thereof) as to which such a demand was made, in immediately available funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Unintended Recipient to the date such amount is repaid to the Agent in immediately available funds at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent permitted by applicable law, each party hereto shall not assert any right or claim to the Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Agent for the return of any Payments received, including waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A notice of the Agent to any Unintended Recipient under this clause (c) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)If an Unintended Recipient receives a Payment from the Agent (or any of its Affiliates) (i) that is in a different amount than, or on a different date from, that specified in a notice of payment or calculation statement sent by the Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>"), (ii) that was not preceded or accompanied by a Payment Notice or (iii) that such Unintended Recipient otherwise becomes aware was transmitted, or received, in error or mistake (in whole or in part) or such Payment is otherwise inconsistent with such recipient's or market expectations, in each case, an error shall be presumed to have been made with respect to such Payment absent written confirmation from the Agent to the contrary. Upon demand from the Agent, such Unintended Recipient shall promptly, but in no event later than two Business Days thereafter, return to the Agent the amount of any such Payment (or portion thereof) as to which such a demand was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The Company, the Borrower and each other Obligor hereby agree that the receipt by Unintended Recipient of a Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed to such Unintended Recipient by the Company, the Borrower or any other Obligor.

Section 11.6.<u>Duties of Agent; Exculpatory Provisions</u>. (a) The Agent's duties hereunder are solely ministerial and administrative in nature and the Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written direction of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein), <u>provided</u>, that, the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent or any of its Affiliates to liability or that is contrary to this Agreement or applicable law.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 12.1, 11.1 or 10.1) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct. The Agent shall be deemed not to have knowledge of any Unmatured Event of Default or Event of Default or the event or events that give or may give rise to any Unmatured Event of Default or Event of Default unless and until the Company or any Lender shall have given notice to the Agent describing such Event of Default and such event or events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Neither the Agent nor any member of the Agent's Group shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty, representation or other information made or supplied by or on behalf of the Company or any of its Subsidiaries in or in connection with this Agreement or the Information Memorandum, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Unmatured Event of Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document or the perfection or priority of any Lien or security interest created or purported to be created hereby or (v) the satisfaction of any condition set forth in Section 9 or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Nothing in this Agreement shall require the Agent or any of its Related Parties to carry out any "know your customer" or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any of its Related Parties.

Section 11.7.<u>Reliance by Agent</u>. The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and correct and to have been signed, sent or otherwise authenticated by the proper Person or Persons. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Committed Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless an officer of the Agent responsible for the transactions contemplated hereby shall have received notice to the contrary from such Lender prior to the making of such Committed Loan, and such Lender shall not have made available to the Agent such Lender's ratable portion of the applicable Committed Loan. The Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 11.8.<u>Delegation of Duties</u>. The Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any one or more sub agents appointed by the Agent. The Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. Each such sub agent and the Related Parties of the Agent and each such sub agent shall be entitled to the benefits of all provisions of this Section 11 and Section 12.5 and subject to the duties and obligations of the Agent under the Agreement (as though such sub-agents were the "Agent" hereunder) as if set forth in full herein with respect thereto. The Agent shall not be responsible for the negligence or misconduct of any sub-agent that it selects in the absence of gross negligence, bad faith or willful misconduct.

Section 11.9.<u>Resignation of Agent</u>. The Agent may resign as Agent upon 30 days' notice to the Lenders and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor reasonably acceptable to the Company (such consent of the Company not to be unreasonably withheld or delayed and not required if an Event of Default under Section 10.1.1 or 10.1.3 has occurred and is continuing) from among the Lenders, which shall be a commercial bank organized under the laws of the United States of America or any State thereof or the District of Columbia or under the laws of another country which is doing business in the United States of America and having a combined capital, surplus and undivided profits of at least $1,000,000,000. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (such 30-day period, the "<u>Lender Appointment Period</u>"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above. In addition and without any obligation on the part of the retiring Agent to appoint, on behalf of the Lenders, a successor Agent, the retiring Agent may at any time upon or after the end of the Lender Appointment Period notify the Company and the Lenders that no qualifying Person has accepted appointment as successor Agent and the effective date of such retiring Agent's resignation. Upon the resignation effective date established in such notice and regardless of whether a successor Agent has been appointed and accepted such appointment, the retiring Agent's resignation shall nonetheless become effective and (i) the retiring Agent shall be discharged from its duties and obligations as Agent hereunder (other than with respect to its own gross negligence, bad faith or willful misconduct concerning any actions taken or omitted to be taken by it while it was Agent under this Agreement) and (ii) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph. Upon the acceptance of a successor's appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Agent of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations as Agent hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Company to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After any retiring Agent's resignation hereunder as Agent, the provisions of this Section 11 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 11.10.<u>Non-Reliance on Agent and Other Lenders</u>. (a) Each Lender confirms to the Agent, each other Lender and each of their respective Related Parties that it (i) possesses (individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on the Agent, any other Lender or any of their respective Related Parties, of evaluating the merits and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Committed Loans and other extensions of credit hereunder and (z) in taking or not taking actions hereunder and thereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Committed Loans and other extensions of credit hereunder is suitable and appropriate for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Each Lender acknowledges that (i) it is solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Agreement, (ii) that it has, independently and without reliance upon the Agent, any other Lender or any of their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into, this Agreement based on such documents and information, as it has deemed appropriate and (iii) it will, independently and without reliance upon the Agent, any other Lender or any of their respective Related Parties, continue to be solely responsible for making its own appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, this Agreement based on such documents and information as it shall from time to time deem appropriate, which may include, in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the financial condition, status and capitalization of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the legality, validity, effectiveness, adequacy or enforceability of this Agreement and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;determining compliance or non-compliance with any condition hereunder to the making of a Committed Loan and the form and substance of all evidence delivered in connection with establishing the satisfaction of each such condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the adequacy, accuracy and/or completeness of the Information Memorandum and any other information delivered by the Agent, any other Lender or by any of their respective Related Parties under or in connection with this Agreement, the transactions contemplated hereby and thereby or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement.

Section 11.11.<u>The Register; the Committed Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Agent, acting as a non-fiduciary agent on behalf of the Borrower, shall maintain at the Payment Office a register for the inscription of the names and addresses of Lenders and the Commitments and Committed Loans of, and principal amounts and interest owing to, each Lender from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Lenders, and the Agent may treat each Person whose name is inscribed in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company, the Borrower, the Agent, or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Agent shall inscribe in the Register the Commitments and the Committed Loans from time to time of each Lender, the amount of each Lender's participation in outstanding Committed Loans and each repayment or prepayment in respect of the principal amount of the Committed Loans of each Lender, the principal and other amounts owing from time to time by the Borrower in respect of each Committed Loan to each Lender of such Committed Loans and the dates on which the Loan Period for each such Committed Loan shall begin and end. Any such inscription shall be conclusive and binding on the Borrower and each Lender, absent manifest or demonstrable error; <u>provided</u>, that, failure to make any such inscription, or any error in such inscription, shall not affect any of the Borrower's obligations in respect of the applicable Committed Loans; and <u>provided</u> <u>further</u>, that, in such case, the Borrower and the Agent shall be entitled to continue to deal solely and directly with the Lender inscribed in the Register with respect to such Committed Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Lender shall record on its internal records the amount of each Committed Loan made by it and each payment in respect thereof; <u>provided</u>, that, in the event of any inconsistency between the Register and any Lender's records, the inscriptions in the Register shall govern, absent manifest or demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If so requested by any Lender by written notice to the Company (with a copy to Agent) at least two Business Days prior to the Closing Date or at any time thereafter, the Borrower shall execute and deliver to such Lender (and/or, if so specified in such notice, any Person who is an assignee of such Lender pursuant to Section 12.4.1 hereof) promptly after receipt of such notice, a Committed Note substantially in the form of Exhibit B hereto.

Section 11.12.<u>No Other Duties, etc</u>. Anything herein to the contrary notwithstanding, no Person acting as "Joint Bookrunner", "Joint Lead Arranger", "Documentation Agent" or "Syndication Agent" listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement, except in its capacity, as applicable, as the Administrative Agent or as a Lender hereunder.

Section 11.13.<u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement,

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)(A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Committed Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

SECTION 12.GENERAL

Section 12.1.<u>Waiver; Amendments</u>. No delay on the part of the Agent, any Lender, or the holder of any Committed Loan in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. Except as provided in Section 6.2, no amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the Committed Notes shall in any event be effective unless the same shall be in writing and signed and delivered by the Obligors (or, in the case of the Committed Notes, the Borrower), the Agent and by the Non-Defaulting Lenders having an aggregate Percentage of not less than the aggregate Percentage expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement or the Committed Notes, by the Required Lenders, and then any amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No amendment, modification, waiver or consent (i) shall change the definition of "Required Lenders" or "Percentage" in Section 1, amend, waive, change or otherwise modify the terms of Section 3.6, Section 5.2, Section 10.1.1, or this Section 12.1, release all or substantially all of the Guarantors (except the release of any Guarantor pursuant to a transaction otherwise permitted hereunder), or otherwise change the aggregate Percentage required to effect an amendment, modification, waiver or consent without the written consent of the Obligors and all Non-Defaulting Lenders, (ii) shall modify or waive any of the conditions precedent specified in Section 9.1 for the making of any Committed Loan without the written consent of the Obligors and the Lender which is to make such Committed Loan or (iii) shall (other than in accordance with Section 12.9(a)) extend the scheduled maturity, increase the amount of, or reduce the principal amount of, or rate of interest on, reduce or waive any fee hereunder or extend the due date for or waive any amount payable under, any Commitment or Committed Loan without the written consent of the Obligors and the applicable Lender holding the Commitment or Committed Loan adversely affected thereby. No provisions of Section 12 or any provision herein affecting the rights and duties of the Agent in its capacity as such shall be amended, modified or waived without the Agent's written consent.

Section 12.2.<u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to paragraphs (b) through (f) of this Section 12.2, all notices, requests and demands to or upon the respective parties hereto to be effective shall be either (x) in writing (including by telecopy, encrypted or unencrypted) or (y) as and to the extent set forth in Section 12.2(b) and in the proviso to this Section 12.2(a) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered or, in the case of telecopy or e-mail notice, when received, addressed to the Borrower, the Agent or such Lender (or other holder) at its address shown across from its name on Schedule III hereto or at such other address as it may, by written notice received by the other parties to this Agreement, have designated as its address for such purpose; <u>provided</u>, that any notice, request or demand to or upon the Agent or the Lenders pursuant to Section 2.2(a) or 4.2 shall not be effective until received.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Obligor hereby agrees that, unless otherwise requested by the Agent, it will provide to the Agent all information, documents and other materials that it is obligated to furnish to the Agent pursuant to this Agreement, including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Unmatured Event of Default or Event of Default under this Agreement, (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder or (v) initiates or responds to legal process (all such non-excluded information being referred to herein collectively as the "<u>Communications</u>") by transmitting the Communications in an electronic/soft medium (with such Communications to contain any required signatures) in a format acceptable to the Agent to agencyabtfsupport@citi.com (or such other e-mail address designated by the Agent from time to time); <u>provided</u>, that, if requested in writing by any Lender, the Company will provide to such Lender a hard copy of its financial statements required to be provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each party hereto agrees that the Agent may make the Communications available to the Lenders by posting the Communications on DebtDomain or another relevant website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent) (the "<u>Platform</u>"). Nothing in this Section 12.2 shall prejudice the right of the Agent to make the Communications available to the Lenders in any other manner specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Company hereby acknowledges that certain of the Lenders may be "public-side" Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Company or its securities) (each, a "<u>Public Lender</u>"). The Company hereby agrees that (i) Communications that are to be made available on the Platform to Public Lenders shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof, (ii) by marking Communications "PUBLIC", the Company shall be deemed to have authorized the Agent and the Lenders to treat such Communications as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Company or its securities for purposes of United States Federal and state securities laws, (iii) all Communications marked "PUBLIC" are permitted to be made available through a portion of the Platform designated "Public Lender" and (iv) the Agent shall be entitled to treat any Communications that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not designated "Public Lender".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Each Lender agrees that e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in the next paragraph) specifying that Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender for purposes of this Agreement. Each Lender agrees (i) to notify the Agent in writing (including by electronic communication) from time to time to ensure that the Agent has on record an effective e-mail address for such Lender to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Each party hereto acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided "as is" and "as available," (iii) none of the Agent, its affiliates nor any of their respective officers, directors, employees, agents, advisors or representatives (collectively, the "<u>Agent Parties</u>") warrants the adequacy, accuracy or completeness of the Communications or the Platform, and each Agent Party expressly disclaims liability for errors or omissions in any Communications or the Platform, and (iv) no warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with any Communications or the Platform.

Section 12.3.<u>Computations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to Section 12.3(b), where the character or amount of any asset or liability or item of income or expense is required to be determined, or any consolidation or other accounting computation is required to be made, for the purpose of this Agreement, such determination or calculation shall, at any time and to the extent applicable and except as otherwise specified in this Agreement, be made in accordance with GAAP. If (i) at any time any material change in GAAP or (ii) on the Closing Date any "End of Lease Assets" are reclassified as goodwill on such date, and in each case the application thereof or such reclassification would affect the computation or interpretation of any financial ratio, requirement or other provision set forth in this Agreement, and either the Company or the Agent shall so request, the Agent and the Company shall negotiate in good faith to amend such ratio, requirement or other provision to preserve the original intent thereof in light of such change in GAAP or the application thereof or such reclassification (it being understood, however, that such ratio, requirement or other provision shall remain in full force and effect in accordance with their existing terms pending the execution by the Company and the Required Lenders of any such amendment); <u>provided</u> that, until so amended, (A) such ratio, requirement or other provision shall continue to be computed or interpreted in accordance with GAAP or the application thereof prior to such change therein or such reclassification and (B) in the case of any relevant calculation, the Company shall provide to the Agent and the Lenders a written unaudited reconciliation in form and substance reasonably satisfactory to the Agent, between calculations of such ratio, requirement or other provision made before and after giving effect to such change in GAAP or the application thereof or such reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Notwithstanding the foregoing or any other provision of this Agreement, the adoption or issuance of any accounting standards after December 31, 2015 will not cause any rental obligation that was not or would not have been Capitalized Rentals prior to such adoption or issuance to be deemed Capitalized Rentals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In the event that (i) any accounting standard that is adopted or issued after December 31, 2015 would, but for the provisions of Section 12.3(b), cause any rental obligation that was not or would not have been Capitalized Rentals prior to such adoption or issuance to be deemed Capitalized Rentals and (ii) the effect of Section 12.3(b) shall materially impact the calculation of the financial covenants in this Agreement, then the Company thereafter shall provide, at the time of delivery of financial statements pursuant to Sections 8.1.1 and 8.1.2, to the Administrative Agent and the Lenders financial statements and other documents required or as reasonably requested under this Agreement to, as applicable, provide an unaudited estimated reconciliation of such financial covenant at the close of each quarterly period with respect to the treatment of Capitalized Leases and Capitalized Rentals, calculated using GAAP as in effect before such adoption or issuance and GAAP as in effect after such adoption or issuance.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 12.4.<u>Assignments; Participations</u>. Each Lender may assign, or sell participations in, its Committed Loans and its Commitment to one or more other Persons in accordance with this Section 12.4 (and, subject to compliance by the applicable Lender with Section 12.6, the Company consents to the disclosure of any information obtained by any Lender in connection herewith to any actual or prospective Assignee or Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Assignments</u>. Any Lender may with the written consents of the Company and the Agent (which consents will not be unreasonably withheld or delayed) at any time assign and delegate to one or more Eligible Assignees (any Person to whom an assignment and delegation is made being herein called an "<u>Assignee</u>") all or any fraction of such Lender's Committed Loans and Commitment; each such assignment of a Lender's Commitment shall be in the minimum amount of $10,000,000 or in integral multiples of $1,000,000 in excess thereof (or such lower minimum amount or lower integral multiple as the Company and the Agent may consent to); <u>provided</u> that, in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Committed Loans at the time owing to it, no minimum amount need be assigned; <u>provided</u>, <u>further</u>, that (a) no such consent from the Company shall be required if, at such time, an Event of Default under Section 10.1.1 or 10.1.3 has occurred and is continuing and (b) no such consent from the Company or the Agent shall be required for any assignment and delegation (i) among Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, Goldman Sachs International Bank and Goldman Sachs Bank Europe SE or (ii) among Morgan Stanley Senior Funding, Inc., Morgan Stanley Bank, N.A., Morgan Stanley Bank International, Ltd., Morgan Stanley Europe SE, Morgan Stanley Bank AG and Morgan Stanley Bank Aktiengesellschaft; <u>provided</u>, <u>further</u>, that, any such Assignee will comply, if applicable, with the provisions contained in Section 5.4; <u>provided</u>, <u>further</u>, the Company may withhold consent to the assignment of any Lender's Committed Loans and Commitment to an Assignee for whom it is illegal to make a SOFR Rate Loan described in Section 12.9(b)(iii) or that the Borrower would be required to compensate for any withholding or deductions described in clauses (i) or (ii) of Section 12.9(b) that are in excess of any such withholding or deductions the Borrower would be required to compensate to such assigning Lender, and any such withholding of consent by the Company is and hereby will be deemed to be reasonable; and <u>provided</u>, <u>further</u>, that the Borrower and the Agent shall be entitled to continue to deal solely and directly with such assigning Lender in connection with the interests so assigned and delegated to an Assignee until such assigning Lender and/or such Assignee shall have consummated such assignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)given written notice of such assignment and delegation, together with payment instructions, addresses and related information with respect to such Assignee, substantially in the form of Exhibit D, to the Company and the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)provided evidence satisfactory to the Company and the Agent that, as of the date of such assignment and delegation the Obligors will not be required to pay any costs, fees, taxes or other amounts of any kind or nature (including under Section 12.5) with respect to the interest assigned in excess of those payable by the Obligors with respect to such interest prior to such assignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)paid to the Agent for the account of the Agent a processing fee of $3,500; <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)provided to the Agent evidence reasonably satisfactory to the Agent that the assigning Lender has complied with the provisions of Section 11.10.

Upon receipt of the foregoing items and the consents of the Company and the Agent, and subject to the acceptance and recordation of the assignment by the Agent pursuant to Section 11.11,

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

(x) the Assignee shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned and delegated to such Assignee, such Assignee shall have the rights and obligations of a Lender hereunder and under the other instruments and documents executed in connection herewith and (y) the assigning Lender, to the extent that rights and obligations hereunder have been assigned and delegated by it, shall be released from its obligations hereunder, except as specified in the last sentence of Section 12.6. The Agent may from time to time (and upon the request of the Company or any Lender after any change therein shall) distribute a revised Schedule I indicating any changes in the Lenders party hereto or the respective Percentages of such Lenders and update the Register. Within five Business Days after the Company's receipt of notice from the Agent of the effectiveness of any such assignment and delegation, if requested by the Assignee in accordance with Section 11.11, the Borrower shall execute and deliver to the Agent (for delivery to the relevant Assignee) new Committed Notes in favor of such Assignee and, if the assigning Lender has retained Committed Loans and a Commitment hereunder and if so requested by such Lender in accordance with Section 11.11, replacement Committed Notes in favor of the assigning Lender (such Committed Notes to be in exchange for, but not in payment of, the Committed Notes previously held by such assigning Lender). Each such Committed Note shall be dated the date of the predecessor Committed Notes. The assigning Lender shall promptly mark the predecessor Committed Notes, if any, "exchanged" and deliver them to the Borrower. Any attempted assignment and delegation not made in accordance with this Section 12.4.1 shall be null and void.

The foregoing consent requirement shall not be applicable in the case of, and this Section 12.4.1 shall not restrict, any assignment or other transfer by any Lender of all or any portion of such Lender's Committed Loans or Commitment to any Federal Reserve Bank or the European Central Bank (<u>provided</u>, that, such Federal Reserve Bank or European Central Bank shall not be considered a "Lender" for purposes of this Agreement).

Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender to a Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Board or other similar central bank; <u>provided</u>, that, no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender party hereto.

The Company, each Lender, and each Assignee acknowledge and agree that after receipt by the Agent of the items and consents required by this Section 12.4.1 each Assignee shall be considered a Lender for all purposes of this Agreement (including Sections 5.4, 6.1, 6.4, 12.5 and 12.6) and by its acceptance of an assignment herein, each Assignee agrees to be bound by the provisions of this Agreement (including Section 5.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Participations</u>. Any Lender may at any time without the consent of the Company or the Agent sell to one or more Eligible Assignees or any Affiliate thereof which is not a Disqualified Lender and is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business (any such Eligible Assignee or Affiliate being herein called a "<u>Participant</u>") participating interests in any of its Committed Loans, its Commitment or any other interest of such Lender hereunder; <u>provided</u>, <u>however</u>, that

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)no participation contemplated in this Section 12.4.2 shall relieve such Lender from its Commitment or its other obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such Lender shall remain solely responsible for the performance of its Commitment and such other obligations hereunder and such Lender shall retain the sole right and responsibility to enforce the obligations of the Obligors hereunder, including the right to approve any amendment, modification or waiver of any provision of this Agreement (subject to Section 12.4.2(d) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)no Participant, unless such Participant is an Affiliate of such Lender, or is itself a Lender, shall be entitled to require such Lender to take or refrain from <br>taking any action hereunder, except that such Lender may agree with any Participant that such Lender will not, without such Participant's consent, take any actions of the type described in the third sentence of Section 12.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)no Obligor shall be required to pay any amount under Sections 3.1, 5.4 or 6.1 that is greater than the amount which such Obligor would have been required to pay had no participating interest been sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)no Participant may further participate any interest in any Committed Loan (and each participation agreement shall contain a restriction to such effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)to the extent permitted by applicable law, each Participant shall be considered a Lender for purposes of Section 5.4, Section 6.1, Section 6.4, Section 12.5 and Section 12.6 and by its acceptance of a participating interest in any Committed Loan, Commitment or any other interest of a Lender hereunder, each Participant agrees that it is bound by, and agrees to deliver all documentation required under, the provisions of Section 5.2(b) and Section 5.4 as if such Participant were a Lender (it being understood that the documentation required under Section 5.4 shall be delivered to the participating Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)such Lender shall have provided to the Agent evidence reasonably satisfactory to the Agent that such Lender has complied with the provisions of the last sentence of Section 11.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Committed Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle organized under the laws of the United States of America or any State thereof (a "<u>SPV</u>") of such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Agent, the Company and the Borrower, the option to provide to the Borrower all or any part of its Committed Loans that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; <u>provided</u>, that, (i) such SPV shall be deemed to be a Participant for purposes of this Section 12.4.2, (ii) nothing herein shall constitute a commitment by any SPV to make any Committed Loan, (iii) if a SPV elects not to exercise such option or otherwise fails to provide all or any part of such Committed Loan, the Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof and (iv) the Company shall not be required to pay any amount under Sections 12.5 or 12.7 that is greater than the amount which the Company would have been required to pay had such SPV not provided the Borrower with any part of any Committed Loan of such Granting Lender. The making of a Committed Loan by a SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Committed Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (any indemnity, liability or other payment obligation, including but not limited to any tax liabilities that occur by reason of such funding by the SPV, shall remain the obligation of the Granting Lender). In furtherance of the foregoing, each party hereto agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything contrary contained in this Section 12.4.2, any SPV may (i) with notice to, but without the prior written consent of, the Company and the Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Committed Loans to the Granting Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Committed Loans and (ii) disclose on a confidential basis any non-public information relating to its Committed Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This paragraph may not be amended without the written consent of any SPV at the time holding all or any part of any Committed Loans under this Agreement (which consent shall not be unreasonably withheld or delayed).

Section 12.5.<u>Costs, Expenses and Taxes</u>. The Company agrees to pay within 30 days of written demand (a) all reasonable and documented out-of-pocket costs and expenses of the Agent (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for the Agent (and, if reasonably required, of a single local counsel for the Agent in each appropriate jurisdiction)), in connection with the preparation, execution, delivery and administration of, and any amendment to, this Agreement, the Committed Notes and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith and (b) all reasonable and documented out-of-pocket costs and expenses (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for the Agent and the Lenders (and, if reasonably required, of a single local counsel for the Agent and the Lenders in each appropriate jurisdiction)) and, in the case of an actual or perceived conflict of interest, a single additional

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

firm of outside counsel (or, if reasonably required, a single additional local counsel in each appropriate jurisdiction), incurred by the Agent and each Lender in connection with the enforcement of this Agreement, the Committed Notes or any such other instruments or documents. Each Lender agrees to reimburse the Agent for such Lender's <u>pro</u> <u>rata</u> share (based upon its respective Percentage determined at the time such reimbursement is sought) of any such costs or expenses incurred by the Agent on behalf of all the Lenders and not paid by the Obligors other than any fees and out-of-pocket expenses of counsel for the Agent which exceed the amount which the Company or the Borrower has agreed with the Agent to reimburse. In addition, without duplication of the provisions of Section 5.4, each Obligor agrees to pay, and to hold the Agent and the Lenders harmless from all liability for, any stamp, court or documentary, intangible, recording, filing or similar Taxes which may be payable in connection with the execution, delivery and enforcement of this Agreement, the borrowings hereunder, the issuance of the Committed Notes (if any) or the execution, delivery and enforcement of any other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith, except, in each case, any such Taxes that are Other Connection Taxes imposed with respect to an assignment or participation other than an assignment made pursuant to Section 12.9(c). All obligations provided for in this Section 12.5 shall survive repayment of the Committed Loans, cancellation of the Committed Notes or any termination of this Agreement.

Section 12.6.<u>Confidentiality</u>. Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates' respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives (it being understood that (i) no disclosure of Information shall be made by the Agent or any Lender to an Affiliate and such Affiliate's respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives if such Affiliate is a Disqualified Lender and (ii) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any Committed Note or any action or proceeding relating to this Agreement or any Committed Note or the enforcement of rights hereunder or thereunder, (f) subject to a confidentiality agreement with or other contractual, legal, or fiduciary obligation of confidentiality to the Company containing provisions substantially the same as those of this Section 12.6, to (i) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap or derivative or similar transaction under which payments are to be made by reference to the Company and its obligations, this Agreement or payments hereunder, (iii) any rating agency, (iv) market data collectors, (v) credit insurance providers and brokers or (vi) the CUSIP Service Bureau or any similar organization, (g) with the prior written consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 12.6 or (y) becomes available to the Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. With respect to any disclosure under Section 12.6(c), each of the Agent and the Lenders, as applicable, shall use commercially reasonable efforts to promptly notify the Company, to the extent legally permissible and practicable under the circumstances, so as to permit the Company to obtain a protective order as to such disclosure, and each of the Agent and the Lenders will reasonably cooperate (to the extent practicable and permitted by their respective then existing policies) with the Company for such purpose.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

For purposes of this Section, "<u>Information</u>" means all information received from the Company or any of its Subsidiaries relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by the Company or any of its Subsidiaries, <u>provided</u>, that, in the case of information received from the Company or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. With respect to any Lender or Agent, the obligations of such Lender or Agent pursuant to this Section 12.6 shall terminate on the first anniversary of the earlier of the Termination Date and the date on which such Lender or Agent ceases to be a party hereto.

For the avoidance of doubt, nothing in this Section 12.6 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization to the extent that any such prohibition on disclosure set forth in this Section 12.6 shall be prohibited by the laws or regulations of, or applicable to, such organization.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 12.7.<u>Indemnification</u>. In consideration of the execution and delivery of this Agreement by the Agent and the Lenders, but without duplication of the provisions of Section 5.4, each Obligor hereby agrees to indemnify, exonerate and hold each of the Lenders, the Agent, the Arrangers, the Affiliates of each of the Lenders, the Arrangers and the Agent, and each of the officers, directors, employees, agents and advisors of the Lenders, the Arrangers, the Agent and the Affiliates of each of the Lenders, the Arrangers and the Agent (collectively herein called the "<u>Lender Parties</u>" and individually called a "<u>Lender Party</u>") free and harmless from and against any and all actions, causes of action, suits, losses, liabilities, damages and reasonable and documented out-of-pocket expenses (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for all Lender Parties, taken together (and, if reasonably required, of a single local counsel for all Lender Parties, taken together, in each appropriate jurisdiction), and, in the case of an actual or perceived conflict of interest, a single additional firm of outside counsel (or, if reasonably required, a single additional local counsel in each appropriate jurisdiction) for each group of similarly situated Lender Parties) (collectively herein called the "<u>Indemnified Liabilities</u>"), incurred by the Lender Parties or any of them as a result of, or arising out of, or relating to (i) this Agreement, the Committed Notes (if any) or the Committed Loans or (ii) the direct or indirect use of proceeds of any of the Committed Loans or any credit extended hereunder, except (x) for any such Indemnified Liabilities arising on account of such Lender Party's (or any of its Related Parties') gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction in a final and nonappealable judgment, (y) for any such Indemnified Liabilities resulting from a material breach of the obligations of such Lender Party (or any of its Related Parties) under the Loan Documents as determined by a court of competent jurisdiction in a final and nonappealable judgment or (z) to the extent such Indemnified Liabilities result from any dispute solely among Lender Parties other than any claims against the Agent or any Arranger in its capacity or in fulfilling its role as Agent or Arranger under this Agreement and other than any claims arising out of any act or omission on the part of the Company or any Obligor, and if and to the extent that the foregoing undertaking may be unenforceable for any reason, the Obligors hereby agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. Each Obligor agrees not to assert any claim against the Lender Parties on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement and the Committed Notes (if any) or any of the transactions contemplated hereby or thereby or the actual or proposed use of the proceeds of the Committed Loans. All obligations provided for in this Section 12.7 shall survive repayment of the Committed Loans, cancellation of the Committed Notes (if any) or any termination of this Agreement. This Section 12.7 shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages or similar items arising from any non-Tax claim. No indemnitee referred to in this Section 12.7 shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent arising from the gross negligence, bad faith or willful misconduct of such indemnitee (or any of its Related Parties) as determined by a court of competent jurisdiction in a final and nonappealable judgment.

Section 12.8.<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

Section 12.9.<u>Extension of Termination Dates; Removal of Lenders; Substitution of Lenders</u>. (a) At any time and from time to time after the Closing Date, the Borrower may, at its option, request all the Lenders then party to this Agreement to extend their scheduled Termination Dates by an additional one year period, or such shorter period as agreed upon by the Borrower and the Agent, by means of a letter substantially in the form of Exhibit E hereto (each, an "<u>Extension Request</u>"), addressed to the Agent (who shall promptly deliver such Extension Request to each Lender). Each Lender electing (in its sole discretion) to extend its scheduled Termination Date shall execute and deliver not later than the 10<sup>th</sup> Business Day after delivery of the Extension Request to Lenders, counterparts of such Extension Request to the Borrower and the Agent, who shall notify the Borrower, in writing, of the Lenders' decisions no later than the 15<sup>th</sup> Business Day after delivery of the Extension Request to the Lenders, whereupon (unless Lenders with an aggregate Percentage of 50% or more decline to extend their respective scheduled Termination Dates, in which event the Agent shall notify all the Lenders and the Borrower thereof and no such extension shall occur) such Lender's scheduled Termination Date shall be extended, effective only as of the date that is such Lender's then-current scheduled Termination Date, to the date that is one year, or such shorter period as agreed as provided above, after such Lender's then-current scheduled Termination Date. Any Lender that declines or fails to respond to the Borrower's request for such extension shall be deemed to have not extended its scheduled Termination Date. Notwithstanding anything to the contrary in this Agreement, the Borrower shall not effectuate any such extension of the Termination Date (i) more than two times during the term of this Agreement, (ii) more than once in any consecutive 12-month period and (iii) that would result in a scheduled Termination Date, after giving effect to such extension, that occurs more than five (5) years after the date of such extension.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In addition to its rights to remove any Defaulting Lender under Section 4.1(b), with respect to any Lender (i) on account of which the Borrower is required to make any deductions or withholdings or pay any additional amounts, as contemplated by Section 5.4, (ii) on account of which the Borrower is required to pay any additional amounts, as contemplated by Section 6.1, (iii) for which it is illegal to make a SOFR Rate Loan, as contemplated by Section 6.3, (iv) which has declined to (A) extend such Lender's scheduled Termination Date pursuant to subsection (a) above, or (B) consent to an amendment, modification or waiver and, in each case, Lenders with an aggregate Percentage in excess of 50% have elected to extend their respective Termination Dates or consent to such amendment, modification or waiver or (v) from which the Agent has received a written notice of objection pursuant to Section 6.2(a), the Borrower may, in its discretion, upon not less than five days' prior written notice to the Agent and each Lender, remove such Lender as a party hereto. Each such notice shall specify the date of such removal (which shall be a Business Day), which shall thereupon become the scheduled Termination Date for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)In the event that any Lender does not extend its scheduled Termination Date pursuant to subsection (a) above or is the subject of a notice of removal pursuant to subsection (b) above, then, at any time prior to the Termination Date for such Lender (a "<u>Terminating Lender</u>"), the Borrower may, at its option, arrange to have one or more other Eligible Assignees (which may be a Lender or Lenders, or if not a Lender, shall be reasonably acceptable to the Agent (such acceptance not to be unreasonably withheld or delayed), and each of which shall herein be called a "<u>Successor Lender</u>") with the approval of the Agent (such approval not to be unreasonably withheld or delayed) succeed to all or a percentage of the Terminating Lender's outstanding Committed Loans, if any, and rights under this Agreement and assume all or a like percentage (as the case may be) of such Terminating Lender's undertaking to make Committed Loans pursuant hereto and other obligations hereunder (as if (i) in the case of any Lender electing not to extend its scheduled Termination Date pursuant to subsection (a) above, such Successor Lender had extended its scheduled Termination Date pursuant to such subsection (a) and (ii) in the case of any Lender that is the subject of a notice of removal pursuant to subsection (b) above, no such notice of removal had been given by the Borrower). Such succession and assumption shall be effected by means of one or more agreements supplemental to this Agreement among the Terminating Lender, the Successor Lender, the Borrower and the Agent. On and as of the effective date of each such supplemental agreement (i) each Successor Lender party thereto shall be and become a Lender for all purposes of this Agreement and to the same extent as any other Lender hereunder and shall be bound by and entitled to the benefits of this Agreement in the same manner as any other Lender and (ii) the Borrower agrees to pay to the Agent for the account of the Agent a processing fee of $3,500 for each such Successor Lender which is not a Lender.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)On the Termination Date for any Terminating Lender, such Terminating Lender's Commitment shall terminate and the Borrower shall pay in full all of such Terminating Lender's Committed Loans (except to the extent assigned pursuant to subsection (c) above) and all other amounts payable to such Lender hereunder (including any amounts payable pursuant to Section 5.4 on account of such payment); <u>provided</u>, that, if an Event of Default or Unmatured Event of Default exists on the date scheduled as any Terminating Lender's Termination Date, payment of such Terminating Lender's Committed Loans shall be postponed to (and, for purposes of calculating commitment fees under Section 3.4 and determining the Required Lenders (except as provided below), but for no other purpose, such Terminating Lender's Commitment shall continue until) the first Business Day thereafter on which (i) no Event of Default or Unmatured Event of Default exists (without regard to any waiver or amendment that makes this Agreement less restrictive for the Borrower, other than as described in clause (ii) below) or (ii) the Required Lenders (which for purposes of this subsection (d) shall be determined based upon the respective Percentages and aggregate Commitments of all Lenders other than any Terminating Lender whose scheduled Termination Date has been extended pursuant to this proviso) waive or amend the provisions of this Agreement to cure all existing Events of Default or Unmatured Events of Default or agree to permit any borrowing hereunder notwithstanding the existence of any such event. In the event that Citibank or its Affiliates shall become a Terminating Lender, the provisions of Section 11.9 shall apply with respect to Citibank in its capacity as Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)To the extent that all or a portion of any Terminating Lender's obligations are not assumed pursuant to subsection (c) above, the Aggregate Commitment shall be reduced on the applicable Termination Date and each Lender's percentage of the reduced Aggregate Commitment shall be revised <u>pro</u> <u>rata</u> to reflect such Terminating Lender's absence. The Agent shall distribute a revised Schedule I indicating such revisions promptly after the applicable Termination Date and update the Register accordingly. Such revised Schedule I shall be deemed conclusive in the absence of demonstrable error.

Section 12.10.<u>Captions</u>. Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 12.11.<u>Governing Law; Jurisdiction; Severability</u>. THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN NEW YORK COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF SITTING IN NEW YORK COUNTY, IN ANY ACTION OR PROCEEDING (WHETHER IN TORT, CONTRACT, LAW OR EQUITY) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY OBLIGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. All obligations of the Obligors and the rights of the Agent, the Lenders and any other holders of the Committed Loans expressed herein or in the Committed Notes (if any) shall be in addition to and not in limitation of those provided by applicable law. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

Each Obligor agrees that service of all writs, process and summonses in any such action or proceeding brought in the courts of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof sitting in New York County, may be made upon AerCap Corporate Services Inc., presently located in the United States located at 830 Brickell Plaza, Suite 5000, Miami, Florida 33131 (the "<u>Process Agent</u>"), and each Obligor confirms and agrees that the Process Agent has been duly and irrevocably appointed as its agent and true and lawful attorney in fact in its name, place and stead to accept such service of any and all such writs, process and summonses, and agrees that the failure of the Process Agent to give any notice of any such service of process to any Obligor shall not impair or affect the validity of such service or of any judgment based thereon.

A party may appoint an attorney to represent it for purposes of signing this Agreement or any agreement or document it enters into in connection with this Agreement. If the power of attorney is expressed to be governed by Dutch law, each other party hereby accepts that choice of law, in accordance with Article 14 of the Hague Convention on the Law Applicable to Agency of 14 March 1978.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 12.12.<u>Counterparts; Effectiveness</u>. This Agreement may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or electronic transmission will be effective as delivery of a manually executed counterpart hereof. Any signature to this Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. When counterparts of this Agreement executed by each party shall have been lodged with the Agent (or, in the case of any Lender as to which an executed counterpart shall not have been so lodged, the Agent shall have received facsimile, electronic mail or other written confirmation of execution of a counterpart hereof by such Lender), this Agreement shall become effective as of the date hereof and the Agent shall so inform all of the parties hereto.

Section 12.13.<u>Further Assurances</u>. Each Obligor agrees to do such other acts and things, and to deliver to the Agent and each Lender such additional agreements, powers and instruments, as the Agent or any Lender may reasonably require or deem advisable to carry into effect the purposes of this Agreement or to better assure and confirm unto the Agent and each Lender their respective rights, powers and remedies hereunder.

Section 12.14.<u>Successors and Assigns</u>. This Agreement shall be binding upon the Obligors, the Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit of the Obligors, the Lenders and the Agent and the respective successors and assigns of the Lenders and the Agent. Except as expressly provided herein, the Borrower may not assign any of its rights or delegate any of its duties under this Agreement without the prior written consent of all of the Lenders.

Section 12.15.<u>Judgment</u>. (a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase Dollars with such other currency at the Agent's principal office in New York at 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in another currency into Dollars, the parties agree to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase such currency with Dollars at the Agent's principal office in New York at 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)The obligation of each Obligor in respect of any sum due from it in any currency (the "<u>Primary Currency</u>") to any Lender or the Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Agent (as the case may be), of any sum adjudged to be so due in such other currency, such Lender or the Agent (as the case may be) may in accordance with normal banking procedures purchase the applicable Primary Currency with such other currency; if the amount of the applicable Primary Currency so purchased is less than such sum due to such Lender or the Agent (as the case may be) in the applicable Primary Currency, each Obligor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any Lender or the Agent (as the case may be) in the applicable Primary Currency, such Lender or the Agent (as the case may be) agrees to remit to such Obligor such excess.

Section 12.16.<u>Waiver of Jury Trial</u>. EACH OBLIGOR, THE AGENT AND EACH LENDER HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY COMMITTED NOTE OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

Section 12.17.<u>No Fiduciary Relationship</u>. Each Obligor acknowledges that neither the Agent nor any Lender has any fiduciary relationship with, or fiduciary duty to, such Obligor arising out of or in connection with this Agreement, the Committed Notes (if any) or the transactions contemplated hereby, and the relationship between the Agent and the Lenders, on the one hand, and such Obligor, on the other, in connection herewith or therewith is solely that of creditor and debtor. This Agreement does not create a joint venture among the parties. Each Obligor understands that each Lender and its Affiliates (collectively referred to in this Section 12.17 as a "<u>group</u>") is engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) and that members of each group generally act independently of each other, both for their own account and for the account of clients. Accordingly, there may be situations where parts of a group and/or their clients either now have or may in the future have interests, or take actions, that may conflict with the interests of the Obligors. For example, a group may, in the ordinary course of business, engage in trading in financial products or undertake other investment businesses for their own account or on behalf of other clients, including trading in or holding long, short or derivative positions in securities, loans or other financial products of the Obligors or their Affiliates or other entities connected with the credit facility provided for herein or the transactions contemplated hereby. In recognition of the foregoing, each Obligor agrees that no group is required to restrict its activities as a result of this Agreement and that each group may undertake any business activity, including acts in relation to any matter for any other Person whose interests may be adverse to an Obligor or any of its Affiliates, without further consultation with or notification to any Obligor.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 12.18.<u>USA Patriot Act</u>. Each Lender and the Agent (for itself in such capacity and not on behalf of any Lender) hereby notifies each Obligor that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Act</u>"), it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender or the Agent, as applicable, to identify each Obligor in accordance with the Act. Each Obligor shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any Lenders in order to assist the Agent and the Lenders in maintaining compliance with the Act and the Beneficial Ownership Regulation.

Section 12.19.<u>Existing Credit Agreement; Effect of Amendment and Restatement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Prior to the Closing Date, the Existing Credit Agreement shall remain in full force and effect and nothing in this Agreement or the other Loan Documents shall be deemed to amend, modify or otherwise affect the Existing Credit Agreement and the other "Loan Documents" under the Existing Credit Agreement. On and after the Closing Date, (i) the Existing Credit Agreement shall be amended and restated in the form of this Agreement and the Existing Credit Agreement and the other "Loan Documents" thereunder shall be replaced in full by this Agreement and the other Loan Documents and have no further force and effect and (ii) the execution and delivery of this Agreement shall not constitute a novation of any obligation owing to the Agent or the "Lenders" under the Existing Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each of (v) Citibank, in its capacity as the "Agent" or the "Administrative Agent" under the Existing Credit Agreement, (w) the Lenders party hereto, in their capacities as "Lenders" under the Existing Credit Agreement, (x) the Company, in its capacity as the "Company" under the Existing Credit Agreement, (y) the Borrower, in its capacity as the "Borrower" under the Existing Credit Agreement, and (z) each Subsidiary Guarantor, in its capacity as a "Subsidiary Guarantor" under the Existing Credit Agreement, hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;consents, on the Closing Date, to (A) the amendment and restatement of the Existing Credit Agreement and the other "Loan Documents" thereunder and (B) the replacement in full of the Existing Credit Agreement and the other "Loan Documents" thereunder with this Agreement and the other Loan Documents on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;waives any requirement of prior notice in respect of the termination of any commitments under the Existing Credit Agreement on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;agrees that, with respect to each "Lender" under the Existing Credit Agreement that declines or fails to enter into this Agreement as a Lender hereunder on the Closing Date (other than any such "Lender" under the Existing Credit Agreement that becomes a Lender hereunder on or prior to the Closing Date pursuant to Section 4.4) (each, a "<u>Replaced Lender</u>"), effective as of the Closing Date, each such Replaced Lender's "Commitment" under the Existing Credit Agreement shall terminate, each such Replaced Lender shall be released from all obligations under the Existing Credit Agreement and the Borrower shall be required to prepay all of such Replaced Lender's "Committed Loans" outstanding under the Existing Credit Agreement and pay all interest, fees and other amounts owing, as of the Closing Date, to such Replaced Lender under the Existing Credit Agreement.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Lender party hereto that was a "Lender" under the Existing Credit Agreement, in its capacity as a "Lender" under the Existing Credit Agreement, hereby waives any right to receive any amounts that might be payable to it under Section 6.4 of the Existing Credit Agreement or Section 6.4 of this Agreement, in each case as a result of the transactions occurring on the Closing Date, including the transactions contemplated by this Section 12.19.

Section 12.20.<u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for hedging agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 12.21.<u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Committed Loan or other obligation owing under this Agreement, together with all fees, charges and other amounts that are treated as interest on such Loan or other Obligation under applicable law (collectively, "<u>charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") that may be contracted for, charged, taken, received or reserved by any Lender or other Person holding such Committed Loan or other obligation in accordance with applicable law, the rate of interest payable in respect of such Committed Loan or other obligation hereunder, together with all charges payable in respect thereof, shall be limited to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in respect of such Committed Loan or other obligation but were not paid as a result of the operation of this Section 12.21 shall be cumulated and the interest and charges payable to such Lender or other Person in respect of other Committed Loans or obligations or periods shall be increased (but not above the amount collectible at the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate for each day to the date of repayment, shall have been received by such Lender or other Person. Any amount collected by such Lender or other Person that exceeds the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal balance of such Committed Loan or other obligation or refunded to the Borrower so that at no time shall the interest and charges paid or payable in respect of such Committed Loan or other obligation exceed the maximum amount collectible at the Maximum Rate.

SECTION 13.GUARANTEE

Section 13.1.<u>The Guarantee</u>. The Guarantors hereby jointly and severally guarantee to each Lender and the Administrative Agent and their respective successors and assigns the prompt payment in full when due upon the expiration of any applicable remedial period (whether at stated maturity, by acceleration or otherwise) of the obligations, whether direct or indirect, absolute or contingent, now or hereafter from time to time owing to the Lenders or the Administrative Agent by the Borrower or any other Obligor under this Agreement or any of the other Loan Documents, in each case strictly in accordance with the terms hereof and thereof and including all monetary obligations incurred during the pendency of any bankruptcy, insolvency, examinership, receivership or other similar proceeding of the Borrower, regardless of whether allowed or allowable in such proceeding (such obligations being herein collectively called the "<u>Guaranteed Obligations</u>"). The Guarantors hereby further jointly and severally agree that if the Borrower shall fail to pay in full when due upon the expiration of any applicable remedial period (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 13.2.<u>Obligations Unconditional</u>. The obligations of the Guarantors under Section 13.1 are absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Borrower under this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 13 that the obligations of the Guarantors hereunder shall be primary obligations of payment and not of collection, absolute and unconditional, joint and several, under any and all circumstances (and any defenses thereto are hereby waived by the Guarantors). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder (and any such defense are hereby waived), which shall remain absolute and unconditional as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any law or regulation of any jurisdiction or any other event affecting any term of a Guaranteed Obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any lien or security interest granted to, or in favor of, the Administrative Agent or any Lender or Lenders as security for any of the Guaranteed Obligations shall fail to be perfected.

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Borrower under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors expressly confirm that they shall obtain substantial direct and indirect benefit from the giving of the Guarantee pursuant to this Agreement.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

Section 13.3.<u>Reinstatement</u>. The obligations of the Guarantors under this Section shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy, liquidation, examinership or reorganization or otherwise, and the Guarantors jointly and severally agree that they will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses (including fees of counsel) incurred by the Administrative Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, liquidation, examinership, insolvency or similar law.

Section 13.4.<u>Subrogation</u>. The Guarantors hereby jointly and severally agree that until the payment and satisfaction in full of all Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders under this Agreement they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in Section 13.1, whether by subrogation or otherwise, against the Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 13.5.<u>Remedies</u>. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrower under this Agreement may be declared to be forthwith due and payable as provided in Section 10 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 10) for purposes of Section 13.1 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 13.1.

Section 13.6.<u>Continuing Guarantee</u>. The guarantee in this Section 13 is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising. Each Guarantor agrees that the guarantee in this Section 13 is a guarantee of payment and not of collection.

Section 13.7.<u>Indemnity and Rights of Contribution</u>. The Borrower and the Guarantors hereby agree, as between themselves, that (a) if a payment of any Guaranteed Obligations shall be made by any Subsidiary Guarantor under this Agreement, the Borrower and the Company shall indemnify such Subsidiary Guarantor for the full amount of such payment and (b) if any Subsidiary Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations that shall not have been fully indemnified by the Borrower or the Company, then the other Subsidiary Guarantors shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Subsidiary Guarantor's Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of the Borrower or the Company to any Subsidiary Guarantor or of a Subsidiary Guarantor to any Excess Funding Guarantor under this Section shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Obligor under the other provisions of this Agreements, including this Section 13, and such Subsidiary Guarantor or Excess Funding Guarantor, as the case may be, shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

For purposes of this Section, (i) "<u>Excess Funding Guarantor</u>" means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) "<u>Excess Payment</u>" means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) "<u>Pro Rata Share</u>" means, for any Subsidiary Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock or other equity interest of any other Subsidiary Guarantor) exceeds the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of the other Subsidiary Guarantors that have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Subsidiary Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Subsidiary Guarantors hereunder) of all of the Subsidiary Guarantors, determined (A) with respect to any Subsidiary Guarantor that is a party hereto on the Closing Date, as of the Closing Date, and (B) with respect to any other Subsidiary Guarantor, as of the date such Subsidiary Guarantor becomes a Subsidiary Guarantor hereunder.

Section 13.8.<u>General Limitation on Guarantee Obligations</u>. In any action or proceeding involving any state corporate law, or any state or Federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 13.1 would otherwise, taking into account the provisions of Section 13.7, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 13.1, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Lender, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 13.9.<u>Releases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event of (i) a sale or other transfer or disposition of all of the Capital Stock in any Subsidiary Guarantor to any Person that is not an Affiliate of the Company in compliance with Section 8.9 or (ii) the sale or other transfer or disposition, by way of merger, consolidation or otherwise, of assets or Capital Stock of a Subsidiary Guarantor substantially as an entirety to a Person that is not an Affiliate of the Company in compliance with the terms of Section 8.9, then, without any further action on the part of the Administrative Agent or any Lender, such Subsidiary Guarantor (or the Person concurrently acquiring such assets of such Subsidiary Guarantor) shall be deemed automatically and unconditionally released and discharged of any obligations under the guarantee of such Subsidiary Guarantor of the Guaranteed Obligations, as evidenced by a written instrument or confirmation executed by the Administrative Agent, upon the request and at the expense of the Company. Upon delivery by the Company to the Administrative Agent of an officers' certificate stating that such sale or other disposition was made by the Company in accordance with the provisions of this Agreement, including Section 8.9, the Administrative Agent will execute any documents required in order to evidence the release of any Subsidiary Guarantor from its obligations under its guarantee of the Guaranteed Obligations.

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In addition, the guarantee of a Subsidiary Guarantor of the Guaranteed Obligations will be released:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if the Subsidiary Guarantor (other than ILFC or any Subsidiary that is or becomes a Subsidiary Guarantor on the Closing Date) ceases to be a guarantor under any Capital Markets Debt or unsecured Credit Facilities, including the guarantee that resulted in the obligation of such Subsidiary Guarantor to guarantee the Guaranteed Obligations, and is released or discharged from all obligations thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(ii)&nbsp;&nbsp;&nbsp;&nbsp;upon the expiration or termination of the Commitments and the payment in full of all obligations of the Obligors under this Agreement and under the Committed Notes (other than unasserted contingent indemnification and expense reimbursement obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any Subsidiary Guarantor not released from its obligations under its guarantee of the Guaranteed Obligations as provided in this Section 13.9 will remain liable for the full amount of the Guaranteed Obligations as provided in this Section 13.

*[Remainder of page intentionally left blank.*]

<u>Fifth Amended and Restated Revolving Credit Agreement</u>

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O'Malley&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Vilma O' Malley&nbsp;&nbsp;&nbsp;&nbsp;<br>Title: Attorney &nbsp;&nbsp;&nbsp;&nbsp;

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>GUARANTORS</u>

AERCAP HOLDINGS N.V.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Emma Hehir&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Emma Hehir <br>Title: Attorney &nbsp;&nbsp;&nbsp;&nbsp;

AERCAP GLOBAL AVIATION TRUST

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O'Malley&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Vilma O'Malley<br>Title: Attorney

AERCAP U.S. GLOBAL AVIATION LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O'Malley&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Vilma O'Malley&nbsp;&nbsp;&nbsp;&nbsp;<br>Title: Attorney&nbsp;&nbsp;&nbsp;&nbsp;

INTERNATIONAL LEASE FINANCE CORPORATION

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ John Scot Kennedy&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: John Scot Kennedy&nbsp;&nbsp;&nbsp;&nbsp;<br>Title: Vice President

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>GUARANTORS</u>

AERCAP IRELAND LIMITED

SIGNED AND DELIVERED AS A DEED

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O' Malley&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;As attorney of AERCAP IRELAND LIMITED

In the presence of:

Signature of witness: <u>/s/ Teresa Dalgarno&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name of witness: <u>Teresa Dalgarno&nbsp;&nbsp;&nbsp;&nbsp;</u>

Address of witness: <u>Aviation House. Shannon. Co Clare</u>

Occupation of witness: <u>Administer Corporate Secretary</u> 

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>AGENT</u>

CITIBANK, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maureen Maroney&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Maureen Maroney<br>Title: Vice President

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u> 

CITIBANK, N.A.

<u>By: /s/ Maureen Maroney&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Maureen Maroney<br>Title: Vice President

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Mizuho Bank, LTD.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Donna DeMagistris&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Donna DeMagistris<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

ING BANK, A BRANCH OF ING-DIBA AG

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Brett Clark&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Brett Clark<br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Simone Schmidt&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Simone Schmidt<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

BANCO SANTANDER, S.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maria Eugenia Martinez-Simancas</u> <br>Name: Maria Eugenia Martinez-Simancas<br>Title: Executive Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Isabel Pastor Gonzalez del Val</u><br>Name: Isabel Pastor Gonzalez del Val<br>Title: Executive Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BANK OF AMERICA, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Elliot Hartman&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Elliot Hartman<br>Title: Vice President

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BARCLAYS BANK PLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Edward Pan&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Edward Pan<br>Title: Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Julien Clamou&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Julien Clamou<br>Title: Executive Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Alfonso Pereda Revuelta&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Alfonso Pereda Revuelta<br>Title: Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Deutsche Bank AG New York Branch, Lenders

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ming K. Chu&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Ming K. Chu<br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Marko Lukin&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Marko Lukin<br>Title: Vice President

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

JPMORGAN CHASE BANK, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kody J. Nerios&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Kody J. Nerios <br>Title: Authorized Officer

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

MORGAN STANLEY BANK, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael King&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Michael King<br>Title: Authorized Signatory

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

MORGAN STANLEY SENIOR FUNDING, INC.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael King&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Michael King<br>Title: Vice President

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Royal Bank of Canada

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Scott Umbs&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Scott Umbs<br>Title: Authorized Signatory

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

THE TORONTO-DOMINION BANK, LONDON BRANCH

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Yatin Muthreja&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Yatin Muthreja<br>Title: Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

HSBC CONTINENTAL EUROPE

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Nigel Fallon&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Nigel Fallon <br>Title: Director, HSBC Corporate Banking

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Russell Williamson&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Russell Williamson <br>Title: Head of Large Corporates, HSBC Corporate Banking

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

GOLDMAN SACHS BANK USA

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joshua Ellis-Jones&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Joshua Ellis-Jones<br>Title: Authorized Signatory

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

TRUIST BANK

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael J. Landry&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Michael J. Landry<br>Title: Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Wells Fargo Bank International UC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Helen Goode&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Helen Goode<br>Title: Vice President

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BNP Paribas

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Pierre Franchon&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Pierre Franchon <br>Title:

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Romania Stilon&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Romania Stilon <br>Title:

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

SCOTIABANK (IRELAND) DAC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Carlos Ivan Duarte&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Carlos Ivan Duarte<br>Title: Associate Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maxime Comeau&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Maxime Comeau<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

SOCIETE GENERALE, LONDON BRANCH

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Tom Hill&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Tom Hill<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BANK OF MONTREAL

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Matt Brink&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Matt Brink<br>Title: Directors

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

MUFG BANK EUROPE N.V.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Pepijn Linker&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Pepijn Linker<br>Title: Director, Head of Corporate Coverage BeNeLux

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Pieter Rooswinkel&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Pieter Rooswinkel<br>Title: Director, Senior Relationship Manager, Corporate Banking BeNeLux

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

National Westminster Bank plc

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Adam Kirk&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Adam Kirk<br>Title: Director

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

------

FIFTH THIRD BANK, NATIONAL ASSOCIATION

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ira Allen&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Ira Allen <br>Title: Principal

<u>[</u>*<u>Signature Page to Fifth Amended and Restated Revolving Credit Agreement</u>*]

## Exhibit 2.5

**Exhibit 2.5**

EXECUTION VERSION

Second Amended and Restated Revolving Credit Agreement

dated as of

December 17, 2025,

among

AERCAP HOLDINGS N.V.,

AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, <br>*as Borrower*,

the SUBSIDIARY GUARANTORS party hereto,

the LENDERS party hereto

and

CITIBANK, N.A., <br>*as Administrative Agent*

___________________________

CITIBANK, N.A., MIZUHO BANK, LTD., BANCO SANTANDER, S.A., BOFA SECURITIES, INC., BARCLAYS BANK PLC, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., MORGAN STANLEY SENIOR FUNDING, INC., RBC CAPITAL MARKETS<sup>1</sup>, WELLS FARGO BANK N.A. AND BNP PARIBAS, <br>*as Joint Lead Arrangers and Joint Bookrunners*,

MIZUHO BANK, LTD.,

*as Syndication Agent*,

and

BANCO SANTANDER, S.A., BOFA SECURITIES, INC.,

BARCLAYS BANK PLC, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, DEUTSCHE BANK SECURITIES INC., GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., MORGAN STANLEY SENIOR FUNDING, INC.,

ROYAL BANK OF CANADA, WELLS FARGO BANK, N.A.,<br>BNP PARIBAS, MUFG BANK (EUROPE) N.V. AND TRUIST BANK,

*as Documentation Agents*

<sup>1</sup> RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates.

------

**TABLE OF CONTENTS**

<u>Page</u>

SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;CERTAIN DEFINITIONS

Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;Terms Generally&nbsp;&nbsp;&nbsp;&nbsp;[1](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 1.2.&nbsp;&nbsp;&nbsp;&nbsp;Specific Terms&nbsp;&nbsp;&nbsp;&nbsp;[2](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 1.3.&nbsp;&nbsp;&nbsp;&nbsp;Divisions&nbsp;&nbsp;&nbsp;&nbsp;[30](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;COMMITTED LOANS AND COMMITTED NOTES&nbsp;&nbsp;&nbsp;&nbsp;[30](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;Agreement to Make Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[30](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 2.2.&nbsp;&nbsp;&nbsp;&nbsp;Procedure for Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[30](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp;Maturity of Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[32](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp;Optional Conversion or Continuation of Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[32](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;INTEREST AND FEES&nbsp;&nbsp;&nbsp;&nbsp;[33](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;Interest Rates&nbsp;&nbsp;&nbsp;&nbsp;[33](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates&nbsp;&nbsp;&nbsp;&nbsp;[33](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp;Setting and Notice of Committed Loan Rates&nbsp;&nbsp;&nbsp;&nbsp;[33](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 3.4.&nbsp;&nbsp;&nbsp;&nbsp;Commitment Fee&nbsp;&nbsp;&nbsp;&nbsp;[34](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 3.5.&nbsp;&nbsp;&nbsp;&nbsp;Agent's Fees&nbsp;&nbsp;&nbsp;&nbsp;[34](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 3.6.&nbsp;&nbsp;&nbsp;&nbsp;Computation of Interest and Fees&nbsp;&nbsp;&nbsp;&nbsp;[34](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;REDUCTION OR TERMINATION OF THE COMMITMENTS; PREPAYMENTS; DEFAULTING LENDERS; INCREASE OF COMMITMENTS&nbsp;&nbsp;&nbsp;&nbsp;[35](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Termination or Reduction of the Commitments&nbsp;&nbsp;&nbsp;&nbsp;[35](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Prepayments&nbsp;&nbsp;&nbsp;&nbsp;[36](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;Defaulting Lenders&nbsp;&nbsp;&nbsp;&nbsp;[36](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 4.4.&nbsp;&nbsp;&nbsp;&nbsp;Increase of Commitments&nbsp;&nbsp;&nbsp;&nbsp;[37](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;MAKING AND PRORATION OF PAYMENTS; SET-OFF; TAXES&nbsp;&nbsp;&nbsp;&nbsp;[38](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;Making of Payments&nbsp;&nbsp;&nbsp;&nbsp;[38](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;Pro Rata Treatment; Sharing&nbsp;&nbsp;&nbsp;&nbsp;[39](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;Set-off&nbsp;&nbsp;&nbsp;&nbsp;[39](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;[39](#ic0d13b17d7c74c2fab17456b64194669_84)

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

-ii-

SECTION 6.&nbsp;&nbsp;&nbsp;&nbsp;INCREASED COSTS AND SPECIAL PROVISIONS FOR SOFR RATE LOANS&nbsp;&nbsp;&nbsp;&nbsp;[42](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;Increased Costs&nbsp;&nbsp;&nbsp;&nbsp;[42](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Replacement Setting&nbsp;&nbsp;&nbsp;&nbsp;[44](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;Changes in Law Rendering Certain Loans Unlawful&nbsp;&nbsp;&nbsp;&nbsp;[46](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 6.4.&nbsp;&nbsp;&nbsp;&nbsp;Funding Losses&nbsp;&nbsp;&nbsp;&nbsp;[47](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 6.5.&nbsp;&nbsp;&nbsp;&nbsp;Discretion of Lenders as to Manner of Funding&nbsp;&nbsp;&nbsp;&nbsp;[47](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 6.6.&nbsp;&nbsp;&nbsp;&nbsp;Conclusiveness of Statements; Survival of Provisions&nbsp;&nbsp;&nbsp;&nbsp;[47](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 7.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES&nbsp;&nbsp;&nbsp;&nbsp;[47](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.1.&nbsp;&nbsp;&nbsp;&nbsp;Organization, etc.&nbsp;&nbsp;&nbsp;&nbsp;[48](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.2.&nbsp;&nbsp;&nbsp;&nbsp;Authorization; Consents; No Conflict&nbsp;&nbsp;&nbsp;&nbsp;[48](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.3.&nbsp;&nbsp;&nbsp;&nbsp;Validity and Binding Nature&nbsp;&nbsp;&nbsp;&nbsp;[49](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.4.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;[49](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.5.&nbsp;&nbsp;&nbsp;&nbsp;Litigation&nbsp;&nbsp;&nbsp;&nbsp;[49](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.6.&nbsp;&nbsp;&nbsp;&nbsp;Employee Benefit Plans&nbsp;&nbsp;&nbsp;&nbsp;[49](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.7.&nbsp;&nbsp;&nbsp;&nbsp;Investment Company Act&nbsp;&nbsp;&nbsp;&nbsp;[50](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.8.&nbsp;&nbsp;&nbsp;&nbsp;Regulation U&nbsp;&nbsp;&nbsp;&nbsp;[50](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.9.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure&nbsp;&nbsp;&nbsp;&nbsp;[50](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.10.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Applicable Laws, etc&nbsp;&nbsp;&nbsp;&nbsp;[51](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.11.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[51](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.12.&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;[51](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.13.&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds&nbsp;&nbsp;&nbsp;&nbsp;[51](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.14.&nbsp;&nbsp;&nbsp;&nbsp;Pari Passu&nbsp;&nbsp;&nbsp;&nbsp;[51](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 7.15.&nbsp;&nbsp;&nbsp;&nbsp;OFAC, Etc.&nbsp;&nbsp;&nbsp;&nbsp;[51](#ic0d13b17d7c74c2fab17456b64194669_84)

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

-iii-

SECTION 8.&nbsp;&nbsp;&nbsp;&nbsp;COVENANTS&nbsp;&nbsp;&nbsp;&nbsp;[52](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp;Reports, Certificates and Other Information&nbsp;&nbsp;&nbsp;&nbsp;[52](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp;Existence&nbsp;&nbsp;&nbsp;&nbsp;[53](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.3.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Business&nbsp;&nbsp;&nbsp;&nbsp;[54](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.4.&nbsp;&nbsp;&nbsp;&nbsp;Books, Records and Access&nbsp;&nbsp;&nbsp;&nbsp;[54](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.5.&nbsp;&nbsp;&nbsp;&nbsp;Insurance&nbsp;&nbsp;&nbsp;&nbsp;[54](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.6.&nbsp;&nbsp;&nbsp;&nbsp;Repair&nbsp;&nbsp;&nbsp;&nbsp;[54](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.7.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[54](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.8.&nbsp;&nbsp;&nbsp;&nbsp;Compliance&nbsp;&nbsp;&nbsp;&nbsp;[55](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.9.&nbsp;&nbsp;&nbsp;&nbsp;Sale of Assets&nbsp;&nbsp;&nbsp;&nbsp;[55](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.10.&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Indebtedness to Shareholder's Equity&nbsp;&nbsp;&nbsp;&nbsp;[55](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.11.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[55](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.12.&nbsp;&nbsp;&nbsp;&nbsp;Unencumbered Assets&nbsp;&nbsp;&nbsp;&nbsp;[55](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.13.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[55](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.14.&nbsp;&nbsp;&nbsp;&nbsp;Liens&nbsp;&nbsp;&nbsp;&nbsp;[55](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.15.&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds&nbsp;&nbsp;&nbsp;&nbsp;[57](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.16.&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates&nbsp;&nbsp;&nbsp;&nbsp;[58](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.17.&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Issuances of Guarantees of Indebtedness&nbsp;&nbsp;&nbsp;&nbsp;[60](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.18.&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]&nbsp;&nbsp;&nbsp;&nbsp;[60](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 8.19.&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary Guarantors&nbsp;&nbsp;&nbsp;&nbsp;[60](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 9.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS TO LENDING&nbsp;&nbsp;&nbsp;&nbsp;[60](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 9.1.&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to All Committed Loans&nbsp;&nbsp;&nbsp;&nbsp;[60](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 9.2.&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Effectiveness&nbsp;&nbsp;&nbsp;&nbsp;[61](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 10.&nbsp;&nbsp;&nbsp;&nbsp;EVENTS OF DEFAULT AND THEIR EFFECT&nbsp;&nbsp;&nbsp;&nbsp;[62](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 10.1.&nbsp;&nbsp;&nbsp;&nbsp;Events of Default&nbsp;&nbsp;&nbsp;&nbsp;[62](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 10.2.&nbsp;&nbsp;&nbsp;&nbsp;Effect of Event of Default&nbsp;&nbsp;&nbsp;&nbsp;[65](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 11.&nbsp;&nbsp;&nbsp;&nbsp;THE AGENT&nbsp;&nbsp;&nbsp;&nbsp;[65](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.1.&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Authority&nbsp;&nbsp;&nbsp;&nbsp;[65](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.2.&nbsp;&nbsp;&nbsp;&nbsp;Agent Individually&nbsp;&nbsp;&nbsp;&nbsp;[65](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.3.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[66](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.4.&nbsp;&nbsp;&nbsp;&nbsp;Action on Instructions of the Required Lenders&nbsp;&nbsp;&nbsp;&nbsp;[67](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.5.&nbsp;&nbsp;&nbsp;&nbsp;Payments&nbsp;&nbsp;&nbsp;&nbsp;[67](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.6.&nbsp;&nbsp;&nbsp;&nbsp;Duties of Agent; Exculpatory Provisions&nbsp;&nbsp;&nbsp;&nbsp;[69](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.7.&nbsp;&nbsp;&nbsp;&nbsp;Reliance by Agent&nbsp;&nbsp;&nbsp;&nbsp;[70](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.8.&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Duties&nbsp;&nbsp;&nbsp;&nbsp;[70](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.9.&nbsp;&nbsp;&nbsp;&nbsp;Resignation of Agent&nbsp;&nbsp;&nbsp;&nbsp;[71](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.10.&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance on Agent and Other Lenders&nbsp;&nbsp;&nbsp;&nbsp;[72](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.11.&nbsp;&nbsp;&nbsp;&nbsp;The Register; the Committed Notes&nbsp;&nbsp;&nbsp;&nbsp;[72](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.12.&nbsp;&nbsp;&nbsp;&nbsp;No Other Duties, etc.&nbsp;&nbsp;&nbsp;&nbsp;[73](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 11.13.&nbsp;&nbsp;&nbsp;&nbsp;Certain ERISA Matters&nbsp;&nbsp;&nbsp;&nbsp;[73](#ic0d13b17d7c74c2fab17456b64194669_84)

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

-iv-

SECTION 12.&nbsp;&nbsp;&nbsp;&nbsp;GENERAL&nbsp;&nbsp;&nbsp;&nbsp;[75](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.1.&nbsp;&nbsp;&nbsp;&nbsp;Waiver; Amendments&nbsp;&nbsp;&nbsp;&nbsp;[75](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.2.&nbsp;&nbsp;&nbsp;&nbsp;Notices&nbsp;&nbsp;&nbsp;&nbsp;[75](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.3.&nbsp;&nbsp;&nbsp;&nbsp;Computations&nbsp;&nbsp;&nbsp;&nbsp;[77](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.4.&nbsp;&nbsp;&nbsp;&nbsp;Assignments; Participations&nbsp;&nbsp;&nbsp;&nbsp;[78](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.5.&nbsp;&nbsp;&nbsp;&nbsp;Costs, Expenses and Taxes&nbsp;&nbsp;&nbsp;&nbsp;[82](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.6.&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality&nbsp;&nbsp;&nbsp;&nbsp;[83](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.7.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[84](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.8.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement and Consent to Bail-In of Affected Financial Institutions&nbsp;&nbsp;&nbsp;&nbsp;[85](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.9.&nbsp;&nbsp;&nbsp;&nbsp;Extension of Termination Dates; Removal of Lenders; Substitution of Lenders&nbsp;&nbsp;&nbsp;&nbsp;[85](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.10.&nbsp;&nbsp;&nbsp;&nbsp;Captions&nbsp;&nbsp;&nbsp;&nbsp;[87](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.11.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Severability&nbsp;&nbsp;&nbsp;&nbsp;[88](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.12.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts; Effectiveness&nbsp;&nbsp;&nbsp;&nbsp;[89](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.13.&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances&nbsp;&nbsp;&nbsp;&nbsp;[89](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.14.&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns&nbsp;&nbsp;&nbsp;&nbsp;[89](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.15.&nbsp;&nbsp;&nbsp;&nbsp;Judgment&nbsp;&nbsp;&nbsp;&nbsp;[89](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.16.&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial&nbsp;&nbsp;&nbsp;&nbsp;[90](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.17.&nbsp;&nbsp;&nbsp;&nbsp;No Fiduciary Relationship&nbsp;&nbsp;&nbsp;&nbsp;[90](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.18.&nbsp;&nbsp;&nbsp;&nbsp;USA Patriot Act&nbsp;&nbsp;&nbsp;&nbsp;[91](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.19.&nbsp;&nbsp;&nbsp;&nbsp;Existing Credit Agreement; Effect of Amendment and Restatement&nbsp;&nbsp;&nbsp;&nbsp;[91](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.20.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgment Regarding Any Supported QFCs&nbsp;&nbsp;&nbsp;&nbsp;[92](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 12.21.&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Limitation&nbsp;&nbsp;&nbsp;&nbsp;[93](#ic0d13b17d7c74c2fab17456b64194669_84)

SECTION 13.&nbsp;&nbsp;&nbsp;&nbsp;GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;[93](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.1.&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee&nbsp;&nbsp;&nbsp;&nbsp;[93](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.2.&nbsp;&nbsp;&nbsp;&nbsp;Obligations Unconditional&nbsp;&nbsp;&nbsp;&nbsp;[94](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.3.&nbsp;&nbsp;&nbsp;&nbsp;Reinstatement&nbsp;&nbsp;&nbsp;&nbsp;[95](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.4.&nbsp;&nbsp;&nbsp;&nbsp;Subrogation&nbsp;&nbsp;&nbsp;&nbsp;[95](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.5.&nbsp;&nbsp;&nbsp;&nbsp;Remedies&nbsp;&nbsp;&nbsp;&nbsp;[95](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.6.&nbsp;&nbsp;&nbsp;&nbsp;Continuing Guarantee&nbsp;&nbsp;&nbsp;&nbsp;[95](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.7.&nbsp;&nbsp;&nbsp;&nbsp;Indemnity and Rights of Contribution&nbsp;&nbsp;&nbsp;&nbsp;[95](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.8.&nbsp;&nbsp;&nbsp;&nbsp;General Limitation on Guarantee Obligations&nbsp;&nbsp;&nbsp;&nbsp;[96](#ic0d13b17d7c74c2fab17456b64194669_84)

Section 13.9.&nbsp;&nbsp;&nbsp;&nbsp;Releases&nbsp;&nbsp;&nbsp;&nbsp;[96](#ic0d13b17d7c74c2fab17456b64194669_84)

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

-v-

SCHEDULES AND EXHIBITS

Schedule I&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Lenders

Schedule II &nbsp;&nbsp;&nbsp;&nbsp;Fees and Margins

Schedule III &nbsp;&nbsp;&nbsp;&nbsp;Address for Notices

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Committed Loan Request

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Form of Committed Note

Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate

Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Assumption Agreement

Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Extension of Termination Date

Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;Form of Guarantee Assumption Agreement

Exhibit G&nbsp;&nbsp;&nbsp;&nbsp;Form of Secretary's Certificate

Exhibit H-1&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special New York Counsel

Exhibit H-2&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Irish Counsel

Exhibit H-3&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Dutch Counsel

Exhibit H-4&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special California Counsel

Exhibit H-5&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Delaware Counsel

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this "<u>Agreement</u>"), dated as of December 17, 2025, among AERCAP HOLDINGS N.V., a public limited liability company (*naamloze vennootschap*) organized under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands and registered in the Dutch Trade Register (*Handelsregister*) under number 34251954 (herein called the "<u>Company</u>"), AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company incorporated under the laws of Ireland with limited liability with registered number 535682 (herein called the "<u>Borrower</u>"), the SUBSIDIARY GUARANTORS party hereto from time to time, the LENDERS (as defined herein) party hereto from time to time and CITIBANK, N.A. (herein, in its individual corporate capacity, together with its successors and permitted assigns, called "<u>Citibank</u>"), as administrative agent for the Lenders (herein, in such capacity, together with its successors and permitted assigns in such capacity, called the "<u>Agent</u>" or "<u>Administrative Agent</u>").

<u>W I T N E S S E T H</u>:

WHEREAS, the Company, the Borrower, the Subsidiary Guarantors party thereto, certain of the Lenders and the Administrative Agent are party to the Existing Credit Agreement (as defined below).

WHEREAS, the Borrower has requested that the "Lenders" under the Existing Credit Agreement agree to amend and restate the Existing Credit Agreement in the form hereof. The Lenders party hereto are willing to amend and restate the Existing Credit Agreement in the form hereof and to lend up to $4,350,000,000 to the Borrower on a revolving basis for general corporate purposes, in each case on the terms and subject to the conditions herein set forth.

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows:

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECTION 1.CERTAIN DEFINITIONS

Section 1.1.<u>Terms Generally</u>. The definitions ascribed to terms in this Section 1 and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". Unless expressly provided for herein or the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, in each case in accordance with its terms and (b) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns. The words "hereby", "herein", "hereof", "hereunder" and words of similar import refer to this Agreement as a whole (including any exhibits and schedules hereto) and not merely to the specific Section, paragraph or clause in which such word appears. All references herein to Sections, Exhibits and Schedules shall be deemed references to Sections of and Exhibits and Schedules to this Agreement unless the context shall otherwise require. All references herein to "the date of this Agreement" or "the date hereof" or words of similar import shall be deemed to refer to the Closing Date.

Section 1.2.<u>Specific Terms</u>. When used herein, the following terms shall have the following meanings:

"<u>Acquisition</u>" means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the Company or any of its Subsidiaries (a) acquires all or substantially all of the assets of any firm, corporation, limited liability company or other Person, or business unit or division thereof, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes for the members of the board of directors) of the capital stock of a Person.

"<u>Act</u>" has the meaning set forth in Section 12.18.

"<u>Activities</u>" has the meaning set forth in Section 11.2(b).

"<u>Additional Lender</u>" has the meaning set forth in Section 4.4(a)(ii).

"<u>Administrative Agent</u>" has the meaning set forth in the Preamble.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through ownership of stock, by contract or otherwise.

"<u>Affiliate Transaction</u>" has the meaning set forth in Section 8.16.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Agent</u>" has the meaning set forth in the Preamble.

"<u>Agent's Group</u>" has the meaning set forth in Section 11.2(b).

"<u>Agent Parties</u>" has the meaning set forth in Section 12.2(f).

"<u>Aggregate Commitment</u>" means $4,350,000,000, as reduced by any reduction in the Commitments made from time to time pursuant to Section 4.1 or Section 12.9 or increased by any increase in the Commitments made from time to time pursuant to Section 4.4.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>Aircraft Assets</u>" means "Flight Equipment held for Operating Lease, net," plus "Net Investment in Direct Finance Leases," plus "Inventory" plus "Lease Premium" plus "End of Lease Assets", plus "Prepayments on Flight Equipment" (or such substantially similar terms for such substantially similar assets as may be used from time to time).

"<u>Anti-Corruption Laws</u>" means (a) the United States Foreign Corrupt Practices Act of 1977 and all other United States laws, rules and regulations applicable to the Company and its Subsidiaries concerning or relating to bribery or corruption and (b) the UK Bribery Act of 2010.

"<u>Arranger</u>" means each of Citibank, N.A., Mizuho Bank, Ltd., Banco Santander, S.A., BofA Securities, Inc., Barclays Bank PLC, Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., RBC Capital Markets, Wells Fargo Bank, N.A. and BNP Paribas in their respective capacities as joint lead arrangers and joint bookrunners.

"<u>Assignee</u>" has the meaning set forth in Section 12.4.1.

"<u>Authorized Officer</u>" of the Company means any of the following: any director, any attorney-in-fact, the Chairman of the Board, the Chief Executive Officer, the Vice Chairman, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Chief Accounting Officer and the Secretary of the Company; <u>provided</u> that, for purposes of any certification of financial statements of the Company required to be delivered hereunder, the term "Authorized Officer" shall mean any of the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller and the Chief Accounting Officer of the Company.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Loan Period" pursuant to Section 6.2(d).

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Base Rate</u>" means for any day a fluctuating interest rate per annum equal to the applicable rate margin set forth for Base Rate Loans in the row entitled "Margins" on Schedule II <u>plus</u> the highest of (a) the Federal Funds Rate for such day <u>plus</u> 1/2 of 1.00%, (b) the Prime Rate and (c) the SOFR Rate that would be payable on such day for a SOFR Rate Loan with a one-month Loan Period <u>plus</u> 1.00% <u>less</u> the applicable rate margin set forth for SOFR Rate Loans in the row entitled "Margins" on Schedule II, <u>provided</u> that at no time shall "Base Rate" for any purposes hereunder (including in respect of Committed Loans) be deemed to be less than the Floor per annum.

"<u>Base Rate Loan</u>" means any Committed Loan which bears interest at the Base Rate.

"<u>Base Rate Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 6.2(a).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; <u>provided</u> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.2 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.2.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Board of Directors</u>" means (a) with respect to a corporation or company, as applicable, the board of directors of the corporation or company, as applicable, or any committee thereof duly authorized to act on behalf of such board, (b) with respect to a partnership, the board of directors of the general partner of the partnership, (c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof, and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

"<u>Business Day</u>" means any day of the year on which banks are not required or authorized by law to close in New York City, Dublin or Amsterdam.

"<u>Capital Markets Debt</u>" means any debt securities (other than (a) a Qualified Securitization Financing or (b) a debt issuance guaranteed by an export credit agency (including the Eximbank)) issued in the capital markets by the Company or any of its Subsidiaries, whether issued in a public offering or private placement, including pursuant to Section 4(2) of the Securities Act or Rule 144A, Regulation S or Regulation D under the Securities Act.

"<u>Capital Stock</u>" means (a) in the case of a corporation, corporate stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership, membership interests (whether general or limited) or shares in the capital of the company, and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Capitalized Lease</u>" means any lease under which any obligations of the lessee are, or are required to be, capitalized on a balance sheet of the lessee in accordance with GAAP; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, the treatment of Capitalized Leases shall be evaluated , and the amount of Capitalized Rentals shall be determined, in accordance with Sections 12.3(b) and (c) and without giving effect to any change to GAAP occurring after December 31, 2015 as a result of the adoption of any proposals set forth in the *Proposed Accounting Standards Update, Leases (Topic 840)*, issued by the Financial Accounting Standards Board on August 17, 2010, or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on December 31, 2015.

"<u>Capitalized Rentals</u>" means, as of the date of any determination, the amount at which the obligations of the lessee, due and to become due under all Capitalized Leases under which the Company or any Subsidiary is a lessee, are reflected as a liability on a consolidated balance sheet of the Company and its Subsidiaries.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Change of Control</u>" means (a) 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 the Company's Voting Stock, (b) (i) all or substantially all of the assets of the Company and the Subsidiaries, taken as a whole, are sold or otherwise transferred to any Person other than a Wholly-owned Subsidiary of the Company or one or more Permitted Holders or (ii) the Company amalgamates, consolidates or merges with or into another Person or any Person consolidates, amalgamates or merges with or into the Company, in either case under this clause (b), 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 the Company, 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 the Company, or the applicable surviving or transferee Person; <u>provided</u> that this clause shall not apply (A) 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 the Company, or the applicable surviving or transferee Person or (B) to an amalgamation or a merger of the Company with or into (x) a corporation, limited liability company or partnership or (y) a wholly-owned subsidiary of a corporation, limited liability company or partnership that, in either case, immediately following the transaction or series of transactions, has no Person or group (other than Permitted Holders), which beneficially owns Voting Stock representing 50% or more of the voting power of the total outstanding Voting Stock of such entity and, in the case of clause (y), the parent of such Wholly-owned Subsidiary guarantees the Borrower's obligations under this Agreement, (c) the Company shall adopt a plan of liquidation or dissolution or any such plan shall be approved by the shareholders of the Company or (d) the Borrower ceases to be a direct or indirect Wholly-owned Subsidiary of the Company.

"<u>Citibank</u>" has the meaning set forth in the Preamble.

"<u>Closing Date</u>" has the meaning set forth in Section 9.2. The Closing Date occurred on December 17, 2025.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Commitments</u>" means the Lenders' commitments to make Committed Loans hereunder; and "<u>Commitment</u>" as to any Lender means the amount set forth opposite such Lender's name on Schedule I (as reduced or increased, as applicable, in accordance with Section 4.1 or Section 4.4, or as periodically revised in accordance with Section 12.4 or Section 12.9).

"<u>Committed Loan</u>" means a loan in Dollars that is a Base Rate Loan or SOFR Rate Loan made pursuant to Section 2 (each of which shall be a "<u>Type</u>" of Committed Loan).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Committed Loan Request</u>" has the meaning set forth in Section 2.2(a).

"<u>Committed Note</u>" means a promissory note of the Borrower, substantially in the form of Exhibit B, duly completed, evidencing Committed Loans to the Borrower, as such note may be amended, modified or supplemented or supplanted pursuant to Section 12.4.1 from time to time.

"<u>Communications</u>" has the meaning set forth in Section 12.2(b).

"<u>Company</u>" has the meaning set forth in the Preamble.

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Loan Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, Conversion or Continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of "Benchmark Replacement", the formula, methodology or convention for applying the successor floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Consolidated Indebtedness</u>" means, as of the date of any determination, (a) the total amount of Indebtedness less the amount of current and deferred income taxes and rentals received in advance of the Company and its Subsidiaries (to the extent constituting Indebtedness) determined on a consolidated basis in accordance with GAAP (but without giving effect to any election to value any Indebtedness at "fair value", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of the Company to be reflected thereon in any amount other than the stated principal amount of such Indebtedness), and excluding (i) the amount that is (A) the aggregate amount outstanding of Hybrid Capital Securities <u>multiplied</u> by (B) the Hybrid Capital Securities Percentage, (ii) adjustments in relation to Indebtedness denominated in any currency other than Dollars and any related derivative liability, in each case to the extent arising from currency fluctuations (such exclusions to apply only to the extent the resulting liability is hedged by the Company or such Subsidiary), (iii) net obligations of any Person under any swap contracts that are not yet due and payable, and (iv) trade payables outstanding in the ordinary course of business, but not overdue by more than 90 days <u>less</u> (b) the aggregate amount of "cash and cash equivalents" or any line item of similar import (but in any event, excluding Restricted Cash) reflected on a consolidated balance sheet of the Company prepared as of such date of determination in accordance with GAAP.

"<u>Consolidated Interest Expense</u>" means for any measurement period, and without duplication, interest expense in respect of all Indebtedness for borrowed money accrued during such measurement period by the Company and its Subsidiaries on a consolidated basis, as determined under GAAP (but without giving effect to any adjustment to such interest expense resulting from any election to value any Indebtedness at "fair value", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of the Company to be reflected thereon in any amount other than the stated principal amount of such Indebtedness).

"<u>Continue</u>", "<u>Continuation</u>" and "<u>Continued</u>" each refers to a continuation of SOFR Rate Loans as SOFR Rate Loans for a new Loan Period pursuant to Section 2.4.

"<u>Convert</u>", "<u>Conversion</u>" and "<u>Converted</u>" each refers to a conversion of Committed Loans of one Type into Committed Loans of the other Type pursuant to Section 2.4.

"<u>Covered Entity</u>" means any of the following: (a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b) or (c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning set forth in Section 12.20.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Credit Facilities</u>" means one or more debt facilities, or commercial paper facilities with banks or other institutional lenders or investors or indentures providing for revolving credit loans, term loans, receivables financing, including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against receivables, letters of credit or other long-term indebtedness, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof.

"<u>Debtor Relief Law</u>" means title 11 of the United States Code, as in effect from time to time, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, examinership or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulted Commitments</u>" has the meaning set forth in Section 4.1(b).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Defaulting Lender</u>" means, subject to Section 4.3(b), at any time, any Lender that at such time (a) has failed to perform any of its funding obligations hereunder, including in respect of its Committed Loans within two Business Days of the date required to be funded by it hereunder unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Borrower or the Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or generally under other agreements in which it commits to extend credit (unless such notice or public statement relates to such Lender's obligation to fund a Committed Loan hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such notice or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Agent or the Borrower (based on its reasonable belief that such Lender may not fulfill its funding obligations hereunder), to confirm in writing or a manner satisfactory to the Agent and the Borrower that it will comply with its funding obligations hereunder (<u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, intervenor, sequestrator, assignee for the benefit of creditors or similar Person under any applicable Debtor Relief Law charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become the subject of a Bail-In Action; <u>provided</u>, that, a Lender shall not be a Defaulting Lender solely by virtue of the control, ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination that a Lender is a Defaulting Lender under clauses (a) through (d) above will be made by the Agent in its reasonable discretion acting in good faith. If the Borrower believes in good faith that a Lender should be determined by the Agent to be a Defaulting Lender and so notifies Agent, citing the reasons therefor, the Agent shall determine in its reasonable discretion acting in good faith whether or not such Lender is a Defaulting Lender. The Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided for in this definition.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Disqualified Lender</u>" means (a) any Person that (i) is an operating lessor of aircraft assets or an Affiliate of an operating lessor of aircraft assets if the business of leasing aircraft assets is a principal line of business of such Person or the Affiliates of such Person taken as a whole, (ii) has a business unit or an Affiliate that is an operating lessor of aircraft assets (regardless of whether the business of leasing aircraft assets is a principal line of business of such Person or the Affiliates of such Person taken as a whole) if such Person has not affirmed to the Borrower that such Person has in place procedures not to transmit or permit the transmission to such operating lessor of any information concerning the Company or any of its Subsidiaries obtained in connection with this Agreement or the transactions contemplated hereby, (iii) is a Defaulting Lender or, upon becoming a Lender under this Agreement, would be a Defaulting Lender or (iv) based on the law and circumstances existing at the time of any proposed transfer, would be entitled to claim additional amounts from the Borrower under Section 5.4 or 6.1 (as compared to any amounts able to be claimed by the proposed assignor) or whose acquisition of any Committed Loan or Commitments would conflict with applicable law or would impose on the Borrower any withholding obligation not applicable to the assignor at the time of the assignment; (b) [reserved]; and (c) Affiliates of the Persons identified pursuant to clause (a) that are either clearly identifiable as Affiliates solely on the basis of their name or identified in writing by the Company to the Administrative Agent (it being understood that, notwithstanding anything herein to the contrary, in no event shall any such identification apply retroactively to disqualify any parties that have previously acquired or have agreed to acquire an assignment or participation interest hereunder that is otherwise permitted hereunder, but upon the effectiveness of such designation, any such party may not acquire or agree to acquire any additional Commitments, Committed Loans or participations hereunder).

"<u>Disqualified Stock</u>" means with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than as a result of a change of control or asset sale, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each case prior to the date 91 days after the earlier of (a) the latest scheduled Termination Date in effect on the date of issuance of such Capital Stock and (b) the date which no Committed Loans or Commitments are then outstanding hereunder; <u>provided</u>, <u>however</u>, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

"<u>Dollar</u>" and "<u>$</u>" refer to the lawful money of the United States of America.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>EBITDA</u>" means for any period, (a) the sum, without duplication, of (i) net income (or net loss), (ii) Consolidated Interest Expense, (iii) income tax expense, (iv) depreciation and depletion expense, (v) amortization expense, (vi) extraordinary, unusual or nonrecurring losses to the extent the foregoing have been deducted in determining such net income, (vii) any non-cash items (including write-downs and impairment of property, plant, equipment and intangibles and other long-lived assets, including aircraft, and the impact of purchase accounting, including stock based compensation expense, derivative expense and fair value adjustments) to the extent deducted in determining net income, and (viii) the amount of any extraordinary, unusual or nonrecurring non-cash restructuring charges, less (b) the sum, without duplication, of (i) extraordinary, unusual or nonrecurring gains to the extent added in determining net income, and (ii) all non-cash items to the extent included in determining net income. For the purposes of calculating EBITDA for any four quarter period, such calculation shall be made (i) after giving effect to any Acquisition consummated during such period and (ii) assuming that such Acquisition occurred at the beginning of such period; <u>provided</u>, that any pro forma calculation made by the Company either (i) based on Regulation S-X or (ii) as calculated in good faith and set forth in an officer's certificate of the Company, in reasonable detail, (and in the case of this clause (ii), based on audited financials of the target company) shall be acceptable.

"<u>ECA Financing</u>" means any financing provided or supported by one or more government export credit agencies.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) above or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in clause (a) or (b) above and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Eligible Assignee</u>" means any financial institution; <u>provided</u>, <u>however</u>, that (a) neither the Borrower nor any Affiliate of the Borrower shall qualify as an Eligible Assignee, and (b) no natural person or Disqualified Lender shall qualify as an Eligible Assignee, whether or not an Event of Default has occurred and is continuing (unless otherwise agreed by the Borrower in its sole discretion).

"<u>Equity Interests</u>" means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any corporation, trade or business that is, along with the Company or any Subsidiary, a member of a controlled group of corporations or a controlled group of trades or businesses, as described in Sections 414(b) and 414(c), respectively, of the Code or Section 4001 of ERISA (and Sections 414(m) and 414(o) of the Code for purposes of provisions relating to Section 412 of the Code).

"<u>ERISA Event</u>" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard (as defined in Section 412 of the Code or Section 302 of ERISA), applicable to such Plan; (c) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (d) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice having the effect of terminating any Plan or Plans or appointing a trustee to administer any Plan; (e) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (f) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or in "endangered" or "critical" status, within the meaning of Section 305 of ERISA or Section 432 of the Code.

"<u>Erroneous Payment</u>" has the meaning set forth in Section 11.5(c).

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>Event of Default</u>" means any of the events described in Section 10.1.

"<u>Exchange Act</u>" means the United States Securities Exchange Act of 1934.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Excluded Subsidiary</u>" means (a) any dormant Subsidiary (it being understood and agreed that the provision by such Subsidiary of any Guarantees under any indenture, credit agreement or other agreement or instrument existing on the date hereof (or under any amendments, supplements (including in respect of supplemental issuances), modifications, upsizings, extensions, renewals, restatements, refundings or refinancings of any such indenture, credit agreement or other agreement or instrument from time to time) shall not cause such Subsidiary to be deemed not to be dormant) or (b) any other Subsidiary that (i) is not engaged in any material business activities (it being understood and agreed that the provision by such Subsidiary of any Guarantees under any indenture, credit agreement or other agreement or instrument existing on the date hereof (or under any amendments, supplements (including in respect of supplemental issuances), modifications, upsizings, extensions, renewals, restatements, refundings or refinancings of any such indenture, credit agreement or other agreement or instrument from time to time), shall be deemed not to be a material business activity) and (ii) does not hold any material assets. For the avoidance of doubt, no Significant Subsidiary shall be an "Excluded Subsidiary" for purposes of Section 8.17 of this Agreement.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal, Netherlands or Irish withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Committed Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Committed Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 12.9(c)) or (ii) such Lender changes its lending office (other than pursuant to Section 6.1(c)), its place of incorporation or its place of tax residence, except in each case to the extent that, (x) pursuant to Section 5.4, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in such Committed Loan or Commitment or to such Lender immediately before it changed its lending office, its place of incorporation or its place of tax residence or (y) in the case of Irish withholding Taxes, such Taxes are imposed on Lenders that are Qualifying Lenders, (c) Taxes attributable to such Recipient's failure to comply with Section 5.4(f), and (d) any withholding Taxes imposed under FATCA.

"<u>Eximbank</u>" means the Export-Import Bank of the United States.

"<u>Existing Credit Agreement</u>" means that certain First Amended and Restated Revolving Credit Agreement dated as of August 23, 2024, among the Company, the Borrower, the Subsidiary Guarantors party thereto, certain financial institutions party thereto and Citibank, as administrative agent, as further amended, supplemented or otherwise modified through the Closing Date (but shall not, for any purposes hereunder, include this Agreement).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Extension Request</u>" has the meaning set forth in Section 12.9(a).

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together in each case with any current or future regulations or official IRS interpretations thereof, any official agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; <u>provided</u> that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Financial Indebtedness</u>" of any Person means Indebtedness of the type that appears as "debt" upon a consolidated balance sheet (excluding the footnotes thereto) of such Person and its Subsidiaries prepared in accordance with GAAP (but without giving effect to any election to value any such Indebtedness at "fair value", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of such Person to be reflected thereon in any amount other than the stated principal amount of such Indebtedness), excluding, however, any such "debt" that is issued to any holder (or Affiliate of any such holder) of Equity Interests in such Person and is fully subordinated (including as to payment and liquidity preference) to the Committed Loans.

"<u>Financing Trust</u>" means AerCap Global Aviation Trust, a Delaware statutory trust.

"<u>Floor</u>" means a rate of interest equal to 0%.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Foreign Benefit Event</u>" means, with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, (b) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the termination of any such Foreign Plan or the appointment of a trustee or similar official to administer any such Foreign Plan, (d) the incurrence of any liability by the Company or any Subsidiary under any applicable law on account of the complete or partial termination of such Foreign Plan or the complete or partial withdrawal of any participating employer therein or (e) the occurrence of any transaction that is prohibited under any applicable law and that could reasonably be expected to result in the incurrence of any material liability by the Company or any Subsidiary.

"<u>Foreign Plan</u>" means each "employee benefit plan" (as defined in Section 3(3) of ERISA) maintained or contributed to by the Company or any of its Subsidiaries outside the United States with respect to which the Company or any of its Subsidiaries could have any actual or contingent liability, other than a Plan.

"<u>Funding Date</u>" means the date on which any Committed Loan is scheduled to be disbursed.

"<u>Funding Office</u>" means, with respect to any Lender, any office or offices of such Lender or Affiliate or Affiliates of such Lender through which such Lender shall fund or shall have funded any Committed Loan. A Funding Office may be, at such Lender's option, either a domestic or foreign office of such Lender or a domestic or foreign office of an Affiliate of such Lender.

"<u>GAAP</u>" means generally accepted accounting principles in the United States which are in effect from time to time. At any time after the Closing Date, the Company may elect to apply IFRS accounting principles in lieu of GAAP for reporting purposes and for purposes of calculations hereunder. The Company shall give notice of any such election made in accordance with this definition to the Agent. Upon receipt of such notice, the Agent and the Company shall negotiate in good faith to amend the financial covenants, requirements and other relevant provisions of this Agreement impacted by such change to preserve the original intent thereof in light of such change. The change from GAAP to IFRS accounting principles shall become effective once this Agreement has been so amended, and thereafter references herein to GAAP shall be construed to mean IFRS (except as otherwise provided herein); <u>provided</u> that any calculation or determination herein that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Governmental Authority</u>" means, as and to the extent applicable, the government of the United States of America, the Netherlands or any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any federal or other association of or with which any such nation may be a member or associated) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies, such as the European Union or the European Central Bank).

"<u>Granting Lender</u>" has the meaning set forth in Section 12.4.2.

"<u>Guarantee Assumption Agreement</u>" means a Guarantee Assumption Agreement substantially in the form of Exhibit F (or in such other form as may be agreed between the Company and the Administrative Agent) in favor of the Administrative Agent for the benefit of the Lenders and the Administrative Agent.

"<u>Guaranteed Obligations</u>" has the meaning set forth in Section 13.1.

"<u>Guarantees</u>" by any Person means, without duplication, all obligations (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend or other obligation of any other Person (the "<u>Primary Obligor</u>") in any manner, whether directly or indirectly, including all obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such Indebtedness or obligation or any property or assets constituting security therefor, (b) to advance or supply funds (i) for the purchase or payment of such Indebtedness or obligation or (ii) to maintain working capital or other balance sheet condition or otherwise to advance or make available funds for the purchase or payment of such Indebtedness or obligation, (c) to lease property or to purchase securities or other property or services primarily for the purpose of assuring the owner of such Indebtedness or obligation of the ability of the Primary Obligor to make payment of the Indebtedness or obligation or (d) otherwise to assure the owner of the Indebtedness or obligation of the Primary Obligor against loss in respect thereof; <u>provided</u>, <u>however</u>, that the obligation described in clause (c) shall not include (i) obligations of a buyer under an agreement with a seller to purchase goods or services entered into in the ordinary course of such buyer's and seller's businesses unless such agreement requires that such buyer make payment whether or not delivery is ever made of such goods or services and (ii) remarketing agreements where the remaining debt on an aircraft does not exceed the aircraft's net book value, determined in accordance with industry standards, except that clause (c) shall apply to the amount of remaining debt under a remarketing agreement that exceeds the net book value of the aircraft. For the purposes of all computations made under this Agreement, a Guarantee in respect of any Indebtedness for borrowed money shall be deemed to be Indebtedness equal to the principal amount of such Indebtedness for borrowed money which has been guaranteed, and a Guarantee in respect of any other obligation or liability or any dividend shall be deemed to be Indebtedness equal to the maximum aggregate amount of such obligation, liability or dividend.

"<u>Guarantor</u>" means the Company and each Subsidiary Guarantor.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Hybrid Capital Securities</u>" means any hybrid capital securities issued by the Company or any of its Subsidiaries from time to time whose proceeds are accorded a percentage of equity treatment by one or more Rating Organizations.

"<u>Hybrid Capital Securities Percentage</u>" means the greater of (a) 50% and (b) the lowest percentage accorded equity treatment for the Company's or any of its Subsidiaries' Hybrid Capital Securities among the Rating Organizations, as determined by such Rating Organizations from time to time.

"<u>ILFC</u>" means International Lease Finance Corporation, a California corporation.

"<u>Increasing Lender</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Indebtedness</u>" of any Person means and includes, without duplication, all obligations of such Person which in accordance with GAAP shall be classified upon a balance sheet of such Person as liabilities of such Person, and in any event shall include all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;obligations of such Person for borrowed money or which have been incurred in connection with the acquisition of property or assets (other than security and other deposits on flight equipment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of any other Person secured by any Lien or other charge upon property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;obligations created or arising under any conditional sale, or other title retention agreement with respect to property acquired by such Person, notwithstanding the fact that the rights and remedies of the seller, lender or lessor under such agreement in the event of default are limited to repossession or sale of property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Capitalized Rentals of such Person under any Capitalized Lease,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;obligations evidenced by bonds, debentures, notes or other similar instruments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Guarantees by such Person of Indebtedness of any other Person;

<u>provided</u>, <u>however</u>, that Indebtedness shall in no event include any security deposits, deferred overhaul rental or other customer deposits held by such Person.

"<u>Indemnified Liabilities</u>" has the meaning set forth in Section 12.7.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Obligor under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Independent Financial Advisor</u>" means an accounting, appraisal, investment banking firm or consultant to Persons engaged in similar businesses of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged.

"<u>Information</u>" has the meaning set forth in Section 12.6.

"<u>Information Memorandum</u>" means the November 2025 Confidential Information Memorandum relating to the credit facility provided for herein.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Lender Appointment Period</u>" has the meaning set forth in Section 11.9.

"<u>Lender Parties</u>" has the meaning set forth in Section 12.7.

"<u>Lenders</u>" means the financial institutions identified as Lenders on the signature pages hereto and their respective successors and permitted assignees.

"<u>Lien</u>" means any mortgage, pledge, lien, security interest or other charge, encumbrance or preferential arrangement, including the retained security title of a conditional vendor or lessor. For avoidance of doubt, the parties hereto acknowledge that the filing of a financing statement under the Uniform Commercial Code does not, in and of itself, give rise to a Lien.

"<u>Litigation Actions</u>" means all litigation, claims and arbitration proceedings, proceedings before any Governmental Authority or investigations which are pending or, to the knowledge of the Company, threatened in writing against or affecting, the Company or any Subsidiary.

"<u>Loan Documents</u>" means this Agreement, the Committed Notes, and any Guarantee Assumption Agreement.

"<u>Loan Period</u>" means with respect to any SOFR Rate Loan, the period commencing on such SOFR Rate Loan's Funding Date, the date of the Conversion of any Base Rate Loan into such SOFR Rate Loan or the date of the Continuation of such SOFR Rate Loan for a new Loan Period and ending one, three or six months thereafter as selected by the Borrower pursuant to Section 2.2(a); <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if a Loan Period would otherwise end on a day which is not a Business Day, such Loan Period shall end on the next succeeding Business Day (unless, in the case of a SOFR Rate Loan, such next succeeding Business Day would fall in the next succeeding calendar month, in which case such Loan Period shall end on the next preceding Business Day),

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Loan Period for any SOFR Rate Loan, if there exists no day numerically corresponding to the day such Committed Loan was made in the month in which the last day of such Loan Period would otherwise fall, such Loan Period shall end on the last Business Day of such month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;on the date of the making, Conversion or Continuation of any Committed Loan by a Lender, the Loan Period for such Committed Loan shall not extend beyond the then-scheduled Termination Date for such Lender; <u>provided</u>, that a Loan Period may be shortened by the Borrower to end on the then-scheduled Termination Date, regardless of the duration of such Loan Period.

"<u>Management Group</u>" means at any time, the Chairman of the Board of Directors, the Chief Executive Officer, any President, any Executive Vice President or Vice President, any Managing Director, any Treasurer and any Secretary or other executive officer of the Company or any subsidiary of the Company at such time.

"<u>Material Adverse Effect</u>" means (a) any material adverse effect on the business, properties, condition (financial or otherwise) or operations of the Company and its Subsidiaries, taken as a whole since any stated reference date or from and after the date of determination, as the case may be, (b) any material adverse effect on the ability of the Borrower or any Guarantor to perform its material obligations hereunder and under the Committed Notes or (c) any material adverse effect on the legality, validity, binding effect or enforceability of any material provision of this Agreement or any Committed Note.

"<u>Maximum Rate</u>" has the meaning set forth in Section 12.21.

"<u>Multiemployer Plan</u>" has the meaning assigned to such term in Section 3(37) of ERISA.

"<u>Non-Defaulting Lender</u>" means, at any time, a Lender that is not a Defaulting Lender.

"<u>Notice of Increase</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Notice Office</u>" means the office of Citibank which, as of the date hereof, is located at 1 Penns Way, Ops II, New Castle, DE 19720; attention of Bank Loan Syndications; telephone number 201-751-7566; e-mail address agencyabtfsupport@citi.com. 

"<u>Obligors</u>" means the Borrower and each Guarantor, and "Obligor" means any one of them.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Committed Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment other than an assignment made pursuant to Section 12.9(c).

"<u>Participant</u>" has the meaning set forth in Section 12.4.2.

"<u>Participant Register</u>" has the meaning set forth in Section 12.4.2.

"<u>Payment</u>" has the meaning set forth in Section 11.5(c).

"<u>Payment Notice</u>" has the meaning set forth in Section 11.5(d).

"<u>Payment Office</u>" means the office of the Agent which, as of the date hereof, is at 1 Penns Way, Ops II, New Castle, DE 19720, account number 31311565. 

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

"<u>Percentage</u>" means as to any Lender the ratio, expressed as a percentage, that such Lender's Commitment as set forth opposite such Lender's name on Schedule I, as periodically revised in accordance with Section 12.4 or 12.9 and, as applicable, from time to time in accordance with Section 4.3(b), bears to the Aggregate Commitment or, if the Commitments have been terminated, the ratio, expressed as a percentage, that the aggregate principal amount of such Lender's outstanding Committed Loans bears to the aggregate principal amount of all outstanding Committed Loans.

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Permitted Holders</u>" means the collective reference to the Management Group.

"<u>Person</u>" means an individual or a corporation, partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Plan</u>" means, at any date, any employee pension benefit plan (as defined in Section 3(2) of ERISA) which is subject to Title IV of ERISA (other than a Multiemployer Plan) and to which the Company or any ERISA Affiliate may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

"<u>Platform</u>" has the meaning set forth in Section 12.2(c).

"<u>Primary Currency</u>" has the meaning set forth in Section 12.15(c).

"<u>Primary Obligor</u>" has the meaning set forth in the definition of "Guarantees".

"<u>Prime Rate</u>" means the rate of interest last quoted by *The Wall Street Journal* as the "Prime Rate" in the U.S. or, if *The Wall Street Journal* ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"<u>Projections</u>" has the meaning set forth in Section 7.9.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Lender</u>" has the meaning set forth in Section 12.2(d).

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning set forth in Section 12.20.

"<u>Qualified Securitization Financing</u>" means any Securitization Financing of a Securitization Subsidiary, the financing terms, covenants, termination events and other provisions of which, including any Standard Securitization Undertakings, shall be market terms.

"<u>Qualifying Jurisdiction</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a member state of the European Union other than Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a jurisdiction with which Ireland has entered into a Tax Treaty that has the force of law by virtue of Section 826(1) of the TCA; or

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a jurisdiction with which Ireland has entered into a Tax Treaty which will (upon the completion of necessary procedures set out in Section 826(1) of the TCA) have the force of law.

"<u>Qualifying Lender</u>" means a Lender which is the beneficial owner of the interest payable to that Lender in respect of a Committed Loan under this Agreement and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)which is a bank within the meaning of Section 246 of the TCA which is carrying on a bona fide banking business in Ireland (for the purposes of Section 246(3) (a) of the TCA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)which is a body corporate which, by virtue of the law of a Qualifying Jurisdiction, is resident in the Qualifying Jurisdiction for the purposes of tax and that Qualifying Jurisdiction imposes a tax that generally applies to interest receivable in that Qualifying Jurisdiction by bodies corporate from sources outside that Qualifying Jurisdiction and provided that such person does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)which is a body corporate which, by virtue of the law of a Qualifying Jurisdiction, is resident in the Qualifying Jurisdiction for the purposes of tax and that Qualifying Jurisdiction imposes a tax that generally applies to interest remitted to that Qualifying Jurisdiction from sources outside that Qualifying Jurisdiction and the interest is payable into a bank account held by the body corporate located in that Qualifying Jurisdiction, and provided that such body corporate does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)which is a body corporate where the interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is exempted from the charge to Irish income tax under a Tax Treaty having the force of law under the procedures set out in Section 826(1) of the TCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;would be exempted from the charge to Irish income tax under a Tax Treaty entered into on or before the payment date of that interest if that Tax Treaty (which does not yet have force of law by virtue of Section 826(1) of the TCA) has force of law under the procedures set out in Section 826(1) of the TCA at that date,

<u>provided</u>, in the case of both clauses (i) and (ii), that such body corporate does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)which is a U.S. company that is incorporated in the U.S. and taxed in the U.S. on its worldwide income; provided that such U.S. company does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)which is a U.S. limited liability company, where the ultimate recipients of the interest payable to that U.S. limited liability company would, if they were themselves lenders, satisfy the requirements set out in (b), (c), (d) or (e) above and the business conducted through the U.S. limited liability company is so structured for non-tax commercial reasons and not for tax avoidance purposes; provided that such U.S. limited liability company and the ultimate recipients of the relevant interest do not provide their commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)which is a body corporate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;which advances money in the ordinary course of a trade which includes the lending of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in whose hands any interest payable in respect of money so advanced is taken into account in computing the trading income of that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;which has complied with the notification requirements set out in Section 246(5)(a) of the TCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)which is a qualifying company (within the meaning of section 110 of the TCA); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)which is an investment undertaking (within the meaning of Section 739B of the TCA).

"<u>Rating Organizations</u>" means the following nationally recognized rating organizations: Moody's Investors Service, Inc., S&P Global Ratings, a division of S&P Global Inc., and Fitch Ratings, Inc. and, in each case, any successor to its rating agency business.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Register</u>" has the meaning set forth in Section 11.11(a).

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

"<u>Relevant Governmental Body</u>" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Replaced Lender</u>" has the meaning set forth in Section 12.19(b)(iii).

"<u>Reportable Event</u>" means an event described in Section 4043(c) of ERISA with respect to a Plan other than those events as to which the 30-day notice period is waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation Section 4043.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Requested Increase Amount</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Requested Increase Date</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Required Lenders</u>" means Non-Defaulting Lenders having an aggregate Percentage of more than 50%; <u>provided</u>, that the Committed Loans and Commitments of any Defaulting Lender shall be excluded from the determination of Required Lenders.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Restricted Cash</u>" means "restricted cash" or any line item of similar import and "cash and cash equivalents" or any line item of similar import subject to any Lien (other than (x) Liens arising by operation of law and (y) bankers' Liens arising in the ordinary course of business).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of specially designated nationals or designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. State Department, the U.S. Department of Commerce, the U.S. Department of the Treasury, the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom, or (b) any Person controlled by such a Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the United States government, including those administered by the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. State Department, the U.S. Department of Commerce or the U.S. Department of the Treasury, or (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom.

"<u>Securities Act</u>" means the United States Securities Act of 1933.

"<u>Securitization Assets</u>" means the accounts receivable, lease, royalty or other revenue streams and other rights to payment and all related assets (including contract rights, books and records, all collateral securing any and all of the foregoing, all contracts and all guarantees or other obligations in respect of any and all of the foregoing and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving any and all of the foregoing) and the proceeds thereof in each case pursuant to a Securitization Financing.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Securitization Financing</u>" means one or more transactions or series of transactions that may be entered into by the Company and/or any Subsidiary pursuant to which the Company or any Subsidiary may sell, convey or otherwise transfer Securitization Assets to (a) a Securitization Subsidiary (in the case of a transfer by the Company or any of the Subsidiaries that is not a Securitization Subsidiary) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Company or any Subsidiary.

"<u>Securitization Subsidiary</u>" means a Subsidiary (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Company or any Subsidiary makes an investment and to which the Company or any Subsidiary transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Company or a Subsidiary, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors of the Company or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any Subsidiary, other than another Securitization Subsidiary (excluding guarantees of obligations pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any Subsidiary, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Company or any Subsidiary, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings and (b) to which none of the Company or any other Subsidiary, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company or such other Person shall be evidenced by a resolution of the Board of Directors of the Company or such other Person giving effect to such designation.

"<u>Shareholder's Equity</u>" means, as of any date of determination for the Company and its Subsidiaries on a consolidated basis, (a) shareholders' equity (including (i) capital stock, (ii) additional paid-in capital, (iii) the amount that is (x) the aggregate amount outstanding of Hybrid Capital Securities <u>multiplied</u> by (y) the Hybrid Capital Securities Percentage, and (iv) retained earnings after deducting treasury stock) as of such date determined in accordance with GAAP, <u>plus</u> (b) to the extent not otherwise included in shareholders' equity of the Company, any outstanding market auction preferred stock of ILFC.

"<u>Significant Subsidiary</u>" means (a) any Obligor that is a Subsidiary of the Company and (b) any other Subsidiary which is so defined pursuant to Rule 1-02 of Regulation S-X promulgated by the Securities and Exchange Commission.

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Rate</u>" means with respect to Committed Loans that are SOFR Rate Loans, Term SOFR <u>plus</u> the applicable rate margin set forth for SOFR Rate Loans in the row entitled "Margins" on Schedule II.

"<u>SOFR Rate Loan</u>" means any Committed Loan which bears interest at a SOFR Rate, other than pursuant to clause (c) of the definition of "Base Rate".

"<u>SPV</u>" has the meaning set forth in Section 12.4.2.

"<u>Standard Securitization Undertakings</u>" means representations, warranties, covenants and indemnities entered into by the Company or any of its Subsidiaries that are customary for a seller or servicer of assets in a Securitization Financing.

"<u>Subsidiary</u>" means any Person of which or in which the Company and its other Subsidiaries own directly or indirectly 50% or more of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the combined voting power of all classes of stock having general voting power under ordinary circumstances to elect a majority of the board of directors of such Person, if it is a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the capital interest or profits interest of such Person, if it is a partnership, limited liability company, joint venture or similar entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the beneficial interest of such Person, if it is a trust, association or other unincorporated organization.

"<u>Subsidiary Guarantor</u>" means each of the Subsidiaries of the Company identified under the caption "GUARANTORS" on the signature pages hereto and each Subsidiary of the Company that becomes a "Subsidiary Guarantor" after the date hereof pursuant to Section 8.19.

"<u>Successor Lender</u>" has the meaning set forth in Section 12.9(c).

"<u>Supported QFC</u>" has the meaning set forth in Section 12.20.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Tax Treaty</u>" means an arrangement for relief from double taxation entered into by Ireland.

"<u>TCA</u>" means the Irish Taxes Consolidation Act, 1997.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Term SOFR</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to a SOFR Rate Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Loan Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Loan Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day that is two (2) U.S. Government Securities Business Days prior to such day (such day, the "<u>Base Rate Term SOFR Determination Day</u>"), as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day;

<u>provided</u> that if Term SOFR as so determined would be less than the Floor, Term SOFR shall be deemed to be the Floor for purposes of this Agreement.

With respect to the terms "Term SOFR", "Term SOFR Administrator" and "Term SOFR Reference Rate", the market data is the property of Chicago Mercantile Exchange Inc. or its licensors as applicable. All rights reserved, or otherwise licensed by Chicago Mercantile Exchange Inc.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Terminating Lender</u>" has the meaning set forth in Section 12.9(c).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>Termination Date</u>" means, with respect to any Lender, the earliest to occur of (a) December 20, 2028, or such later date as may be agreed to by such Lender pursuant to Section 12.9(a), or if such day is not a Business Day, the next preceding Business Day, (b) the date on which the Commitments shall terminate pursuant to Section 10.2 or the Commitments shall be reduced to zero pursuant to Section 4.1 and (c) the date specified as such Lender's Termination Date pursuant to Section 12.9(b), or, if such day is not a Business Day, the next preceding Business Day; in all cases, subject to the provisions of Section 12.9(d).

"<u>Type</u>" has the meaning set forth in the definition of "Committed Loan".

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Unencumbered Assets</u>" means, as of the date of any determination, the sum, without duplication, of (a) the difference between (i) the book value (determined in accordance with GAAP) on such date of determination of the Aircraft Assets owned by the Company and its Subsidiaries and (ii) the aggregate outstanding principal amount on such date of determination of Financial Indebtedness of the Company and its Subsidiaries secured by Liens over such Aircraft Assets or the Equity Interests of the Subsidiary owning such Aircraft Assets, and (b) the aggregate amount of "cash and cash equivalents" or any line item of similar import (but in any event, excluding Restricted Cash) reflected on a consolidated balance sheet of the Company prepared as of such date of determination in accordance with GAAP.

"<u>Unintended Recipient</u>" has the meaning set forth in Section 11.5(c).

"<u>Unmatured Event of Default</u>" means any event which if it continues uncured will, with lapse of time or notice or lapse of time and notice, constitute an Event of Default.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Special Resolution Regimes</u>" has the meaning set forth in Section 12.20.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

"<u>USA PATRIOT Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

"<u>Voting Stock</u>" of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

"<u>Wholly-owned Subsidiary</u>" means any Person of which or in which the Company and its other Wholly-owned Subsidiaries own directly or indirectly 100% of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the issued and outstanding shares of stock (except shares required as directors' qualifying shares),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the capital interest or profits interest of such Person, if it is a partnership, limited liability company, joint venture or similar entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the beneficial interest of such Person, if it is a trust, association or other unincorporated organization.

"<u>Withdrawal Liability</u>" means "withdrawal liability" within the meaning of Section 4201 of ERISA.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.3.<u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Section 18-217 of the Delaware Limited Liability Company Act: (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECTION 2.COMMITTED LOANS AND COMMITTED NOTES

Section 2.1.<u>Agreement to Make Committed Loans</u>. On the terms and subject to the conditions of this Agreement, each Lender, severally and for itself alone, agrees to make Committed Loans on a revolving basis from time to time from the Closing Date until such Lender's Termination Date in such Lender's Percentage of such aggregate amounts as the Borrower may from time to time request as provided in Section 2.2; provided, that, (a) the aggregate principal amount of all outstanding Committed Loans of any Lender shall not at any time exceed the amount set forth opposite such Lender's name on Schedule I (as reduced in accordance with Section 4.1, Section 12.4 or Section 12.9), (b) the aggregate principal amount of all outstanding Committed Loans of all Lenders shall not at any time exceed the then Aggregate Commitment, and (c) at no time shall there be more than 15 Committed Loans outstanding. Within the limits of this Section 2.1, the Borrower may from time to time borrow, prepay and reborrow Committed Loans on the terms and conditions set forth in this Agreement.

Section 2.2.<u>Procedure for Committed Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Committed Loan Requests</u>. The Borrower shall give the Agent irrevocable telephonic notice at the Notice Office (promptly confirmed in writing on the same day), not later than (i) 1:00 p.m., New York City time, at least three U.S. Government Securities Business Days (or, if longer, three Business Days) prior to the applicable Funding Date in the case of SOFR Rate Loans or (ii) 10:00 a.m., New York City time, on the applicable Funding Date in the case of Base Rate Loans, of each requested Committed Loan, and the Agent shall promptly advise each Lender thereof. Each such notice to the Agent (a "<u>Committed Loan Request</u>") shall be substantially in the form of Exhibit A and shall specify (i) the Funding Date (which shall be a Business Day), (ii) the aggregate amount of the Committed Loans requested (in an amount permitted under clause (b) below), (iii) whether each Committed Loan shall be a SOFR Rate Loan or a Base Rate Loan and (iv) if a SOFR Rate Loan, the Loan Period therefor (subject to the limitations set forth in the definition of Loan Period). After giving effect to all Committed Loans, all Conversions of Committed Loans from one Type to the other and all Continuations of SOFR Rate Loans, there shall not be more than ten Loan Periods in effect with respect to Committed Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Amount and Increments of Committed Loans</u>. Each Committed Loan Request shall contemplate Committed Loans in a minimum aggregate amount of $10,000,000 or a higher integral multiple of $1,000,000, not to exceed in the aggregate (for all requested Committed Loans) the excess of the then Aggregate Commitment over the aggregate principal amount of all outstanding Committed Loans, calculated as of the relevant Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Funding of Committed Loans.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Not later than 12:30 p.m., New York City time, on the applicable Funding Date of a Committed Loan, each Lender shall, subject to this Section 2.2(c), provide the Agent at its Notice Office with immediately available funds covering such Lender's Committed Loan and the Agent shall pay over such funds to the Borrower not later than 2:00 p.m., New York City time, on such day if the Agent shall have received the documents required under Section 9 with respect to such Committed Loan and the other conditions precedent to the making of such Committed Loan shall have been satisfied not later than 11:00 a.m., New York City time, on such day. If the Agent does not receive such documents or such other conditions precedent have not been satisfied prior to such time, then (A) the Agent shall not pay over such funds to the Borrower, (B) the Borrower's Committed Loan Request related to such Committed Loan shall be deemed cancelled in its entirety, (C) in the case of Committed Loan Requests relative to SOFR Rate Loans, the Borrower shall be liable to each Lender in accordance with Section 6.4 and (D) the Agent shall return the amount previously provided to the Agent by each Lender on the next following Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Borrower agrees, notwithstanding its previous delivery of any documents required under Section 9 with respect to a particular Committed Loan, to notify the Agent immediately of any failure by it to satisfy the conditions precedent to the making of such Committed Loan. The Agent shall be entitled to assume, after it has received each of the documents required under Section 9 with respect to a particular Committed Loan, that each of the conditions precedent to the making of such Committed Loan has been satisfied absent actual knowledge to the contrary received by the Agent prior to the time of the receipt of such documents. Unless the Agent shall have notified the Lenders prior to 11:30 a.m., New York City time, on the applicable Funding Date of any Committed Loan that the Agent has actual knowledge that the conditions precedent to the making of such Committed Loan have not been satisfied, the Lenders shall be entitled to assume that such conditions precedent have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Repayment of Committed Loans</u>. If any Lender is to make a Committed Loan hereunder on a day on which the Borrower is to repay (or has elected to prepay, pursuant to Section 4.2) all or any part of any outstanding Committed Loan held by such Lender, the proceeds of such new Committed Loan shall be applied to make such repayment and only an amount equal to the positive difference, if any, between the amount being borrowed and the amount being repaid shall be requested by the Agent to be made available by such Lender to the Agent as provided in Section 2.2(c).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 2.3.<u>Maturity of Committed Loans</u>. Except for a Base Rate Loan, which shall mature on the Termination Date, a Committed Loan made by a Lender shall mature on the last day of the Loan Period applicable to such Committed Loan, but in no event later than the Termination Date for such Lender; provided, that, a SOFR Rate Loan that would otherwise mature at the end of a Loan Period may instead be Converted to a Base Rate Loan or Continued as a SOFR Rate Loan for a new Loan Period pursuant to Section 2.4 or become a Base Rate Loan at the end of such Loan Period pursuant to Section 3.3(b).

Section 2.4.<u>Optional Conversion or Continuation of Committed Loans</u>. The Borrower may on any Business Day, upon notice given to the Agent not later than 1:00 p.m. (New York City time) on the third U.S. Government Securities Business Day (or, if longer, the third Business Day) prior to the date of the proposed Conversion or Continuation and subject to the provisions of Section 3.3, Convert all Committed Loans of one Type comprising the same borrowing hereunder into Committed Loans of the other Type or Continue all SOFR Rate Loans comprising the same borrowing hereunder for a new Loan Period; provided, however, that any Conversion of SOFR Rate Loans into Base Rate Loans and any Continuation of SOFR Rate Loans for a new Loan Period shall be made only (a) on the last day of a Loan Period for such SOFR Rate Loans or (b) on any day other than the last day of a Loan Period for such SOFR Rate Loans so long as the Borrower pays the amounts payable pursuant to Section 6.4(a), any Conversion of Base Rate Loans into SOFR Rate Loans or Continuation of SOFR Rate Loans shall be in an amount not less than the minimum amount specified in Section 2.2(b) and no Conversion or Continuation of any Committed Loans shall result in more separate Committed Loans than permitted under Section 2.2(a); provided, further, that upon the occurrence and during the continuance of any Event of Default no Conversion of Base Rate Loans into SOFR Rate Loans or Continuation of SOFR Rate Loans for a new Loan Period shall be permitted. Each such notice of a Conversion or Continuation shall, within the restrictions specified above, specify (i) the date of such Conversion or Continuation, (ii) the Committed Loans to be Converted or Continued, and (iii) if such Conversion is into SOFR Rate Loans or if such notice is of a Continuation of SOFR Rate Loans, the duration of the initial (or Continued) Loan Period for each such Committed Loan. Each notice of Conversion or Continuation shall be irrevocable and binding on the Borrower. If the Borrower does not deliver a timely notice of Continuation with respect to any SOFR Rate Loan prior to the end of the Loan Period applicable thereto, (x) unless an Event of Default has occurred and is continuing, then such SOFR Rate Loan shall be Continued as a SOFR Rate Loan with a Loan Period of one month's duration and (y) if an Event of Default has occurred and is continuing, then such SOFR Rate Loan shall be Converted into a Base Rate Loan, in each case unless such SOFR Rate Loan is repaid at the end of such Loan Period.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECTION 3.INTEREST AND FEES

Section 3.1.<u>Interest Rates</u>. The Borrower hereby promises to pay interest on the unpaid principal amount of each Committed Loan for the period commencing on the applicable Funding Date for such Committed Loan until such Committed Loan is paid in full, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if such Committed Loan is a Base Rate Loan, at a rate per annum equal to the Base Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if such Committed Loan is a SOFR Rate Loan, at a rate per annum equal to the SOFR Rate applicable to the Loan Period for such Committed Loan;

<u>provided</u> that if all or a portion of the principal amount of any Committed Loan or any interest payable thereon or any fee payable hereunder shall not be paid when due, such overdue amount shall bear interest at a rate per annum that is equal to (x) in the case of overdue principal, the rate that would otherwise be applicable thereto as set forth above <u>plus</u> 2.00% per annum, (y) in the case of overdue interest on any Committed Loan, the rate that would otherwise be applicable to such Committed Loan as set forth above <u>plus</u> 2.00% per annum or (z) in the case of any overdue fee payable hereunder, the rate described in Section 3.1(a) <u>plus</u> 2.00% per annum, in each case, from the date of occurrence of an Event of Default as a result of such failure to pay to the date on which such amount is paid in full.

Section 3.2.<u>Interest Payment Dates</u>. Except for Base Rate Loans, as to which accrued interest shall be payable on the last day of each calendar quarter and on the Termination Date, accrued interest on each Committed Loan shall be payable in arrears on the last day of the one, three or six month, as applicable, Loan Period therefor and with respect to each SOFR Rate Loan with a Loan Period of six months, on the day that is three months after the first day of such Loan Period (or, if there is no day in such third month numerically corresponding to such first day of the Loan Period, on the last Business Day of such month). Upon the occurrence and during the continuance of any Event of Default, accrued interest on any Committed Loan shall be payable on demand. If any interest payment date falls on a day that is not a Business Day, such interest payment date shall be postponed to the next succeeding Business Day and the interest paid shall cover the period of postponement (except that if the Committed Loan is a SOFR Rate Loan and the next succeeding Business Day falls in the next succeeding calendar month, such interest payment date shall be the immediately preceding Business Day).

Section 3.3.<u>Setting and Notice of Committed Loan Rates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The applicable interest rate for each Committed Loan hereunder shall be determined by the Agent in accordance with this Agreement and notice thereof shall be given by the Agent promptly to the Borrower and to each Lender. Each determination of the applicable interest rate by the Agent shall be conclusive and binding upon the parties hereto in the absence of demonstrable error.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the case of SOFR Rate Loans, if as to any Loan Period Term SOFR is not available and the applicable substitute or successor pages or screens are also unavailable, then (i) the Agent shall promptly notify the other parties thereof and (ii) at the option of the Borrower the Committed Loan Request delivered by the Borrower pursuant to Section 2.2(a) with respect to such Funding Date shall be cancelled or shall be deemed to have specified a Base Rate Loan. For the avoidance of doubt, in the circumstances described in the immediately preceding sentence, the obligation of the Lenders to make or Continue SOFR Rate Loans or to Convert Base Rate Loans into SOFR Rate Loans shall be suspended until the Agent shall notify the Company and the Lenders that the circumstances causing such suspension no longer exist (which notice shall be provided by the Agent promptly upon such circumstances ceasing to exist).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Agent shall, upon written request of the Borrower or any Lender, deliver to the Borrower or such Lender a statement showing the computations used by the Agent in determining the interest rate applicable to any SOFR Rate Loan.

Section 3.4.<u>Commitment Fee</u>. The Borrower agrees to pay to the Agent for the accounts of the Lenders pro rata in accordance with their respective Percentages an annual commitment fee computed by multiplying the average daily amount of the unused Aggregate Commitment by the applicable percentage determined with respect to such commitment fee in accordance with Schedule II hereto. Such fee shall commence accruing from and including the Closing Date and shall be payable quarterly in arrears on the last Business Day of March, June, September and December of each year (beginning with the last Business Day of the first full calendar quarter ending after the Closing Date) until the Commitments have expired or have been terminated and on the date of such expiration or termination (and, in the case of any Terminating Lender, such Lender's Termination Date), in each case for the period then ending for which such commitment fee has not previously been paid; provided, that, no Defaulting Lender shall be entitled to receive any commitment fee in respect of its Commitment for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay such fee that otherwise would have been required to have been paid to that Defaulting Lender).

Section 3.5.<u>Agent's Fees</u>. The Borrower agrees promptly to pay to the Agent such fees as may be agreed from time to time by the Borrower, the Company and the Agent.

Section 3.6.<u>Computation of Interest and Fees</u>. All interest and commitment fees hereunder shall be computed for the actual number of days elapsed on the basis of a 360-day year; provided that, for any period when the Base Rate is determined based on clause (b) of the definition of Base Rate, all interest accruing at the Base Rate for such period shall be computed for the actual number of days elapsed on the basis of a 365/366 day year. The interest rate applicable to each SOFR Rate Loan and Base Rate Loan shall change simultaneously with each change in the SOFR Rate or the Base Rate, as applicable.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECTION 4.REDUCTION OR TERMINATION OF THE COMMITMENTS; PREPAYMENTS; DEFAULTING LENDERS; INCREASE OF COMMITMENTS

Section 4.1.<u>Voluntary Termination or Reduction of the Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Voluntary Termination or Reduction of the Commitments</u>. The Borrower may at any time on at least three Business Days' prior notice received by the Agent (which shall promptly on the same day or on the next Business Day advise each Lender thereof) permanently reduce the amount of the Commitments (such reduction to be pro rata among the Lenders according to their respective Percentages) to an amount not less than the aggregate principal amount of all outstanding Committed Loans. Any such reduction shall be in the amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof. Concurrently with any such reduction, the Borrower shall prepay the principal of any Committed Loans outstanding to the extent that the aggregate amount of such Committed Loans outstanding shall then exceed the Aggregate Commitment, as so reduced. The Borrower may from time to time on like notice terminate the Commitments upon payment in full of all Committed Loans, all interest accrued thereon, all fees and all other obligations of the Borrower hereunder. Any notice of reduction or termination in full of the Commitments hereunder may state that such notice is conditioned upon the effectiveness of other credit facilities or capital raising, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Termination of Defaulting Lender</u>. The Borrower shall be entitled at any time to (i) terminate the unused Commitment of any Lender that is a Defaulting Lender (the "<u>Defaulted Commitments</u>") upon prior notice of not less than one Business Day to the Agent (which shall promptly notify the Lenders thereof), and/or (ii) replace all of the Commitments or the Defaulted Commitments of any Lender that is a Defaulting Lender with Commitments of a Successor Lender, <u>provided</u>, that, (x) each such assignment shall be either an assignment of all of the rights and obligations of the Defaulting Lender under this Agreement or an assignment of a portion of such rights and obligations made concurrently with another such assignment or other such assignments that together cover all of the rights and obligations of the Defaulting Lender under this Agreement with respect to all of the Commitments or the Defaulted Commitments, as the case may be, and (y) concurrently with such assignment, either the Borrower or one or more Successor Lenders shall pay for the account of such Defaulting Lender an aggregate amount at least equal to the aggregate outstanding principal amount of the Committed Loans owing to such Defaulting Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Defaulting Lender under this Agreement. In either such event, the provisions of Section 4.3 shall apply to all amounts thereafter paid by the Borrower or such Successor Lender for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, commitment fees or other amounts), <u>provided</u>, that, such termination or assignment shall not be deemed to be a waiver or release of any claim the Borrower, the Agent, or any Lender may have against such Defaulting Lender.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 4.2.<u>Voluntary Prepayments</u>. The Borrower may voluntarily prepay Committed Loans without premium or penalty, except as may be required pursuant to subsection (d) below, in whole or in part; provided, that, (a) each prepayment shall be in an aggregate principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, (b) the Borrower shall give the Agent at its Notice Office (which shall promptly advise each Lender), not later than (i) 1:00 p.m., New York City time, at least two U.S. Government Securities Business Days' (or, if longer, two Business Days') prior notice thereof for prepayments of SOFR Rate Loans or (ii) 11:00 a.m., New York City time, same day notice thereof for prepayments of Base Rate Loans, specifying the Committed Loans to be prepaid and the date and amount of prepayment, (c) any prepayment of principal of any Committed Loan shall include accrued interest to the date of prepayment on the principal amount being prepaid and (d) any prepayment of a SOFR Rate Loan shall be subject to the provisions of Section 6.4. Any notice of prepayment in full of all Committed Loans hereunder or reduction of Commitments in full may state that such notice is conditioned upon the effectiveness of other credit facilities or capital raising, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.

Section 4.3.<u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 4.3 or otherwise specifically provided herein, performance by the Borrower of its obligations shall not be excused or otherwise modified as a result of the operation of this Section 4.3. The rights and remedies against a Defaulting Lender under this Section 4.3 are in addition to any other rights and remedies which the Borrower, the Agent or any Lender may have against such Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Borrower and the Agent agree in writing in their reasonable determination that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Committed Loans of the other Lenders, assume Commitments on a pro rata basis or take such other actions as the Agent may determine to be necessary to cause the outstanding borrowings of Committed Loans or Commitments to be held on a pro rata basis by the Lenders in accordance with their respective Percentages, whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u>, that, no adjustments will be made retroactively or with duplication with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender's having been a Defaulting Lender.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding anything to the contrary contained in this Agreement, any payment of principal, interest, commitment fees or other amounts received by the Agent for the account of any Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity or otherwise) shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, as the Borrower may request (so long as no Event of Default shall have occurred and be continuing), to the funding of any Committed Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; fourth, so long as no Event of Default shall have occurred and be continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u>, that, if (x) such payment is a payment of the principal amount of any Committed Loan in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Committed Loans were made at a time when the applicable conditions set forth in Section 9 were satisfied or waived, such payment shall be applied solely to pay the Committed Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Committed Loans of such Defaulting Lender and <u>provided</u>, <u>further</u>, that any amounts held as cash collateral for funding obligations of a Defaulting Lender shall be returned to such Defaulting Lender upon the termination of this Agreement and the satisfaction of such Defaulting Lender's obligations hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 4.3 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

Section 4.4.<u>Increase of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower shall have the right at any time after the Closing Date to increase the aggregate Commitments hereunder in accordance with the following provisions and subject to the following conditions:

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower shall give the Administrative Agent, which shall promptly deliver a copy thereof to each of the Lenders, at least three Business Days' (or such lesser period as the Administrative Agent may reasonably agree) prior written notice (a "<u>Notice of Increase</u>") of any such requested increase specifying the aggregate amount by which the Commitments are to be increased (the "<u>Requested Increase Amount</u>"), which shall be at least $5,000,000 and in increments of $1,000,000 thereafter, and the requested date of increase (the "<u>Requested Increase Date</u>"). The Borrower may, but shall not be obligated to, offer to any Lender the right to provide all or any portion of the Requested Increase Amount. No Lender shall have any obligation whatsoever to offer to increase its Commitment by an amount specified by the Borrower or otherwise nor shall the Borrower be obligated to accept any offer by an existing Lender to provide all or any portion of the Requested Increase Amount. Any Lender that so offers to increase its Commitment, which increase is accepted by the Borrower, is herein called an "<u>Increasing Lender</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the aggregate amount of the increases offered and accepted pursuant to clause (i) above, if any, is less than the Requested Increase Amount, the Borrower may, through the Administrative Agent, offer the balance of the Requested Increase Amount to one or more Eligible Assignees; <u>provided</u> that the Commitment to be acquired hereunder by any such Eligible Assignee shall not be less than $1,000,000. Any such Eligible Assignee that agrees to acquire a Commitment pursuant hereto is herein called an "<u>Additional Lender</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Effective on the Requested Increase Date, subject to the terms and conditions hereof, (x) Schedule I shall be deemed amended to reflect the increases contemplated hereby, (y) the Commitment of each Increasing Lender shall be increased by the amount agreed by such Increasing Lender and the Borrower, and (z) each Additional Lender shall enter into an agreement in form and substance reasonably satisfactory to the Borrower and the Administrative Agent pursuant to which it shall undertake, as of such Requested Increase Date, a new Commitment in the amount determined pursuant to clause (ii) above, and such Additional Lender shall thereupon be deemed to be a Lender for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If on the Requested Increase Date there are borrowings of Committed Loans outstanding hereunder, appropriate adjustments shall be made (by the making of borrowings of Committed Loans by the Increasing Lenders and the Additional Lenders and/or the prepayment of outstanding borrowings of Committed Loans) as necessary to cause the outstanding borrowings of Committed Loans to be held ratably by all Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Anything in this Section 4.4 to the contrary notwithstanding, no increase in the aggregate Commitments hereunder pursuant to this Section shall be effective unless:

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)on the relevant Requested Increase Date and after giving effect to such increase, (x) no Unmatured Event of Default under Section 10.1.1 or 10.1.3 or Event of Default shall have occurred and be continuing and (y) the representations and warranties contained in Section 7 (other than those contained in Section 7.5) shall be true and correct in all material respects as of the Requested Increase Date and after giving effect thereto, with the same effect as though made on the Requested Increase Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)after giving effect to any such increase, the aggregate amount of the Commitments shall not exceed $4,850,000,000.

SECTION 5.MAKING AND PRORATION OF PAYMENTS; SET-OFF; TAXES

Section 5.1.<u>Making of Payments</u>. Except as provided in Section 2.2(d), payments (including those made pursuant to Section 4.1) of principal of, or interest on, the Committed Loans and all payments of fees and any other payments required to be made by the Borrower to the Agent hereunder shall be made by the Borrower to the Agent in immediately available funds, without set-off or counterclaim, at its Payment Office not later than 12:00 Noon, New York City time, on the date due; and funds received after that hour shall be deemed to have been received by the Agent on the next following Business Day. Subject to Sections 3.4 and 4.3, the Agent shall promptly remit to each Lender its share (if any) of each such payment. All payments under Section 6 and all payments required to be made hereunder to any Person other than the Agent shall be made by the Borrower when due directly to the Persons entitled thereto in immediately available funds.

Section 5.2.<u>Pro Rata Treatment; Sharing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Except as required pursuant to Section 3.4, Section 4.3, Section 6 or Section 12.9, each payment or prepayment of principal of any Committed Loans, each payment of interest on the Committed Loans and each payment of the commitment fee shall be allocated <u>pro</u> <u>rata</u> among the Lenders in accordance with their respective Percentages.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any Lender or other holder of a Committed Loan shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise) on account of principal of, interest on or fees or other amounts with respect to any Committed Loan in excess of the share of payments and other recoveries (exclusive of payments or recoveries under Section 6 or pursuant to Section 12.9) such Lender or other holder would have received if such payment had been distributed pursuant to the provisions of Section 5.2(a), such Lender or other holder shall purchase from the other Lenders or holders, in a manner to be specified by the Agent, such participations in the Committed Loans held by them as shall be necessary so that all such payments of principal and interest with respect to the Committed Loans shall be shared by the Lenders and other holders <u>pro</u> <u>rata</u> in accordance with their respective Percentages; <u>provided</u>, <u>however</u>, that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender or holder, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

Section 5.3.<u>Set-off</u>. Each Obligor agrees that the Agent, each Lender and any of their respective branches or agencies, to the extent permitted by applicable law, has all rights of set-off and banker's lien provided by applicable law, and each Obligor further agrees that at any time, (i) any amount owing by any Obligor under this Agreement is due to any such Person or (ii) any Event of Default exists, each such Person, to the extent permitted by applicable law, may apply to the payment of any amount payable hereunder any and all balances, credits, deposits, accounts or moneys of such Obligor then or thereafter with such Person.

Section 5.4.<u>Taxes</u>. (a) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Obligor under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Payment of Other Taxes by the Borrower</u>. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Evidence of Payment</u>. As soon as practicable after any payment of Taxes by any Obligor to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Indemnification by the Borrower</u>. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section, but without duplication of increased amounts the Borrower has paid in respect of Taxes pursuant to Section 5.4(a)), payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Indemnification by the Lenders</u>. Each Lender shall severally indemnify the Administrative Agent within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so) and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>Status of Lenders</u>. (i)(A) Each Lender shall certify in writing to the Borrower and the Administrative Agent on or before the date it becomes a Lender that it is a Qualifying Lender (specifying which category of Qualifying Lender it is) and (B) any Lender that is entitled to benefit from an exemption from or reduction of withholding Tax with respect to payments made under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation to the Borrower as will enable the Borrower to comply with the provisions of Sections 891A, 891E, 891F and 891G of the Taxes Consolidation Act 1997 of Ireland. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.4(f)(ii) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Without limiting the generality of the foregoing, if a payment made to a Lender under this Agreement would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (ii), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Lender agrees (A) that if any form, certification or representation it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form, certification or representation or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so; and (B) if it no longer qualifies as a Qualifying Lender after the date it becomes a Lender, it will promptly notify the Borrower and the Administrative Agent in writing.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)<u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)<u>Indemnification of Borrower</u>. Each Lender shall severally indemnify the Borrower within 10 Business Days after written demand with adequate supporting documentation for any Excluded Tax actually paid by the Borrower to a governmental entity solely and directly attributable to such Lender's failure to comply with Section 5.4(f)(i)(A) or Section 5.4(f)(iii)(B) as it relates to the certification provided in Section 5.4(f)(i)(A) to the extent that such amounts were also paid to the Lender in error pursuant to Section 5.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Survival</u>. Each party's obligations under this Section 5.4 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECTION 6.INCREASED COSTS AND SPECIAL PROVISIONS FOR SOFR RATE LOANS

Section 6.1.<u>Increased Costs</u>. (a) If after the date hereof, the adoption of any applicable law, rule or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the making or issuance of any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency and compliance by any Lender (or any Funding Office of such Lender) therewith, then, subject to the provisions of Section 5.4, which shall provide the sole source of additional amounts payable to any Lender with respect to the matters covered therein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)shall subject any Lender (or any Funding Office of such Lender) to any Taxes with respect to its SOFR Rate Loans (except for (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (iii) Connection Income Taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)shall impose, modify or deem applicable any reserve (including any reserve imposed by the Federal Reserve Board, but excluding any reserve included in the determination of interest pursuant to Section 3.1), special deposit, assessment (including any assessment for insurance of deposits) or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (or any Funding Office of such Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)shall impose on any Lender (or any Funding Office of such Lender) any other condition affecting its SOFR Rate Loans, its Committed Notes or its obligation to make or maintain SOFR Rate Loans;

and the result of any of the foregoing is to increase the cost to (or to impose an additional cost on) such Lender (or any Funding Office of such Lender) of making, converting to, continuing or maintaining any SOFR Rate Loan, or to reduce the amount of any sum received or receivable by such Lender (or such Lender's Funding Office) under this Agreement or under its Committed Notes with respect thereto, then within 10 days after demand by such Lender (which demand shall be accompanied by a statement setting forth the basis of such demand), the Borrower shall pay directly to such Lender such additional amount or amounts as will compensate such Lender for such increased cost or such reduction (without duplication of any amounts which have been paid or reimbursed).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)If, after the date hereof, any Lender shall determine that the adoption, effectiveness or phase-in of any applicable law, rule, guideline or regulation regarding capital adequacy or liquidity requirements, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the making or issuance of any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) of any such authority, central bank or comparable agency and compliance by any Lender (or any Funding Office of such Lender or such Lender's holding company) therewith, has or would have the effect of reducing the rate of return on the capital of such Lender or such Lender's holding company as a consequence of its obligations hereunder to a level below that which such Lender or such Lender's holding company could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such Lender's holding company's policies with respect to capital adequacy or liquidity requirements), then, from time to time, within 10 days after demand by such Lender (which demand shall be accompanied by a statement setting forth the basis of such demand), the Borrower shall pay directly to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)Each Lender shall promptly notify the Borrower and the Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section 6.1 and will designate a different Funding Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in such Lender's sole judgment, be otherwise disadvantageous to such Lender. The Borrower shall not be required to compensate a Lender pursuant to this Section 6.1 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the change in law or other event occurring after the date hereof giving rise to such increased costs or reductions, and of such Lender's intention to claim compensation therefor (except that, if the change in law or other such event is retroactive, then the nine month period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)Notwithstanding anything to the contrary herein, it is understood and agreed that any changes resulting from requests, rules, guidelines or directives (x) issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, for the purposes of this Agreement, be deemed to be adopted subsequent to the date hereof; <u>provided</u>, <u>however</u>, that no Lender shall be entitled to receive any compensation or reimbursement hereunder with respect to any such changes unless such requirements are generally applicable to (and for which reimbursement is generally being sought by the applicable Lender in respect of) credit transactions similar to this transaction from borrowers similarly situated to the Borrower; <u>provided</u>, <u>further</u>, that no Lender shall be required to disclose any confidential or proprietary information in connection therewith.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 6.2.<u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 6.2(a) will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Benchmark Replacement Conforming Changes</u>. In connection with either the use or administration of Term SOFR (in consultation with the Company) or the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 6.2(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 6.2, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 6.2.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Loan Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Loan Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a borrowing of, Conversion to or Continuation of SOFR Rate Loans to be made, Converted or Continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request for a SOFR Rate Loan into a request for a Borrowing of or Conversion to a Base Rate Loan. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Market Disruption</u>. If with respect to the Loan Period for any SOFR Rate Loan, other than in the case of a Benchmark Transition Event, the Required Lenders advise the Agent that the SOFR Rate as determined by the Agent will not adequately and fairly reflect the cost to such Required Lenders of maintaining or funding SOFR Rate Loans for such Loan Period, or that the making or funding of SOFR Rate Loans has become impracticable, in each case, as a result of an event occurring after the date of this Agreement which in such Required Lenders' opinion materially affects SOFR Rate Loans, then (i) the Agent shall promptly notify the other parties thereof and (ii) so long as such circumstances shall continue, no Lender shall be under any obligation to make or Continue any SOFR Rate Loan or Convert any Base Rate Loan into a SOFR Rate Loan.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Disclaimer and Exculpation With Respect to any Rate</u>. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or with respect to any alternative, successor or replacement rate thereof (including any Benchmark Replacement), or any calculation, component definition thereof or rate referenced in the definition thereof, including, without limitation, (i) any such alternative, successor or replacement rate (including any Benchmark Replacement) implemented pursuant to this Section 6.2, upon the occurrence of a Benchmark Transition Event, and (ii) the effect, implementation or composition of any Conforming Changes pursuant to this Section 6.2, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or have the same volume or liquidity as did the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark prior to its discontinuance or unavailability. In addition, the discontinuation of the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark and any alternative, successor or replacement reference rate may result in a mismatch between the reference rate referenced in this Agreement and your other financial instruments, including potentially those that are intended as hedges. The Administrative Agent and its Affiliates and/or other related entities may engage in transactions that affect the calculation of the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, with all determinations of such the Base Rate, Term SOFR Reference Rate, Term SOFR, any Benchmark or such alternative, successor or replacement rate by the Administrative Agent to be conclusive, absent manifest error. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, Term SOFR Reference Rate, Term SOFR, any Benchmark or any such alternative, successor or replacement rate, in each case pursuant to the terms of this Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time), and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 6.3.<u>Changes in Law Rendering Certain Loans Unlawful</u>. In the event that any change in (including the adoption of any new) applicable laws or regulations, or in the interpretation of applicable laws or regulations by any Governmental Authority or other regulatory body charged with the administration thereof, should make it (or in the good faith judgment of such Lender raise a substantial question as to whether it is) unlawful for a Lender to make, maintain or fund any SOFR Rate Loan, then (a) such Lender shall promptly notify each of the other parties hereto, (b) upon the effectiveness of such event and so long as such unlawfulness shall continue, the obligation of such Lender to make or Continue SOFR Rate Loans shall be suspended and any request by the Borrower for SOFR Rate Loans shall, as to such Lender, be deemed to be a request for a Base Rate Loan, and (c) on the last day of the current Loan Period for such Lender's SOFR Rate Loans (or, in any event, if such Lender so requests on such earlier date as may be required by the relevant law, regulation or interpretation) such Lender's Committed Loans which are SOFR Rate Loans shall cease to be maintained as SOFR Rate Loans and shall thereafter bear interest at a floating rate per annum equal to the Base Rate. If at any time the event giving rise to such unlawfulness shall no longer exist, then such Lender shall promptly notify the Borrower and the Agent.

Section 6.4.<u>Funding Losses</u>. The Borrower hereby agrees that upon demand by any Lender (which demand shall be accompanied by a statement setting forth the basis for the calculations of the amount being claimed) the Borrower will indemnify such Lender against any net loss or expense which such Lender may sustain or incur (including any net loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain any SOFR Rate Loan), as reasonably determined by such Lender, as a result of (a) any payment or mandatory or voluntary prepayment (including any payment pursuant to Section 6.3 or 12.9(b) or any payment resulting from acceleration) or Conversion or Continuation of any SOFR Rate Loan of such Lender on a date other than the last day of the Loan Period for such SOFR Rate Loan or (b) any failure of the Borrower to borrow any Committed Loans on the originally scheduled Funding Date specified therefor pursuant to this Agreement (including any failure to borrow resulting from any failure to satisfy the conditions precedent to such borrowing) or to Convert to or Continue any SOFR Rate Loans on the date specified therefor pursuant to this Agreement. For this purpose, all notices to the Agent pursuant to this Agreement shall be deemed to be irrevocable.

Section 6.5.<u>Discretion of Lenders as to Manner of Funding</u>. Notwithstanding any provision of this Agreement to the contrary (but subject to Section 6.1(c)), each Lender shall be entitled to fund and maintain its funding of all or any part of its Committed Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if such Lender had actually funded and maintained each SOFR Rate Loan during the Loan Period for such SOFR Rate Loan through the purchase of deposits having a maturity corresponding to such Loan Period and bearing an interest rate equal to the rate borne by such SOFR Rate Loan for such Loan Period.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 6.6.<u>Conclusiveness of Statements; Survival of Provisions</u>. Determinations and statements of any Lender pursuant to this Section 6 shall be conclusive absent demonstrable error, and each Lender may use reasonable averaging and attribution methods in determining compensation pursuant to Section 6.1 or 6.4. The provisions of this Section 6 shall survive termination of this Agreement and payment of the Committed Loans.

SECTION 7.REPRESENTATIONS AND WARRANTIES

To induce the Lenders to enter into this Agreement and to make Committed Loans hereunder, each Obligor hereby makes the following representations and warranties to the Agent and the Lenders (a) as of the Closing Date, and (b) other than the representations and warranties in Section 7.5, as of each applicable Funding Date, which representations and warranties shall survive the execution and delivery of this Agreement and the Committed Notes and the disbursement of the initial Committed Loans hereunder:

Section 7.1.<u>Organization, etc</u>. (a) The Company is duly organized or incorporated, as applicable, validly existing and in good standing, to the extent applicable, under the laws of the jurisdiction of its organization; (b) each corporate Significant Subsidiary is a company or corporation, as applicable, duly organized or incorporated, as applicable, validly existing and in good standing, to the extent applicable, under the laws of the jurisdiction of its incorporation; (c) each other Significant Subsidiary (if any) is an entity duly organized and validly existing under the laws of the jurisdiction of its organization; and (d) each of the Company and each Significant Subsidiary has the power to own its property and to carry on its business as now being conducted and is duly qualified and in good standing, to the extent applicable, as a foreign corporation or other entity authorized to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except, in each of cases (a), (b), (c) and (d) above, where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 7.2.<u>Authorization; Consents; No Conflict</u>. The execution and delivery by (x) each Obligor party hereto of this Agreement and by the Borrower of the Committed Notes, the payment of any fees hereunder, the borrowings hereunder and the performance by each such Obligor of its obligations under this Agreement and by the Borrower of its obligations under the Committed Notes and (y) each Obligor of any Guarantee Assumption Agreement to which it is a party and the performance by each such Obligor of its obligations hereunder and thereunder (a) are within the corporate or similar powers of each such Obligor, (b) have been duly authorized by all necessary corporate or similar action on the part of each such Obligor, (c) have received all necessary approvals, authorizations, consents, registrations, notices, exemptions and licenses (if any shall be required) from Governmental Authorities and other Persons, except for any such approvals, authorizations, consents, registrations, notices, exemptions or licenses non-receipt of which could not reasonably be expected to have a Material Adverse Effect, (d) are, where it concerns an Obligor incorporated under the laws of the Netherlands, in such Obligor's corporate interest, (e) do not and will not contravene or conflict with any provision of (i) law, (ii) any judgment, decree or order to which such Obligor or any Significant Subsidiary is a party or by which such Obligor or any Significant Subsidiary is bound, (iii) the charter, by-laws, constitution, memorandum and articles of association or other organizational documents of such Obligor or any Significant Subsidiary or (iv) any provision of any agreement or instrument binding on such Obligor or any Significant Subsidiary, or any agreement or instrument of which such Obligor is aware affecting the properties of such Obligor or any Significant Subsidiary, except with respect to (i), (ii) and (iv) above, for any such contravention or conflict which could not reasonably be expected to have a Material Adverse Effect, and (f) do not and will not result in or require the creation or imposition of any Lien on any of such Obligor's or its Significant Subsidiaries' properties.

Section 7.3.<u>Validity and Binding Nature</u>. (a) This Agreement is, each Guarantee Assumption Agreement when duly executed and delivered will be, and the Committed Notes (if any) when duly executed and delivered will be, legal, valid and binding obligations of each Obligor party thereto, enforceable against each such Obligor in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, examinership and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)This Agreement is in proper legal form under the law of Ireland and each other jurisdiction under which any Obligor is incorporated or organized for the enforcement thereof against each Obligor under such law. All formalities required in Ireland and each other jurisdiction under which any Obligor is organized or incorporated for the validity and enforceability of this Agreement (including any necessary registration, recording or filing with any court or other authority in Ireland and each other jurisdiction under which any Obligor is organized or incorporated) have been accomplished, and no notarization is required, for the validity and enforceability thereof.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 7.4.<u>Financial Statements</u>. The Company's audited consolidated financial statements as at December 31, 2024, and unaudited consolidated financial statements as at September 30, 2025, a copy of each of which has been furnished to each Lender, have been prepared in conformity with GAAP applied on a basis consistent with that of the preceding fiscal year (other than as required or permitted by GAAP), subject, in the case of unaudited financial statements, to changes resulting from audit and year-end adjustments, and fairly present the financial condition of the Company and its Subsidiaries as at such dates and the results of their operations for the applicable time periods then ended.

Section 7.5.<u>Litigation</u>. (a) As of the Closing Date, all Litigation Actions, taken as a whole, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)As of the Closing Date, there is no Litigation Action pending or, to the knowledge of the Company, threatened that could reasonably be expected to adversely affect the enforceability of the Loan Documents against the Obligors or the rights and remedies of the Agent or the Lenders thereunder.

Section 7.6.<u>Employee Benefit Plans</u>. Except as could not reasonably be expected to have a Material Adverse Effect, each employee benefit plan (as defined in Section 3(3) of ERISA) maintained or sponsored by the Company or any Subsidiary complies in all material respects with all applicable requirements of law and regulations. Except as could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate, during the term of this Agreement, (i) no steps have been taken to terminate any Plan and no contribution failure has occurred with respect to any Plan sufficient to give rise to a lien under Section 303(k) of ERISA, (ii) no Reportable Event has occurred with respect to any Plan, (iii) no determination has been made that any Plan is in "at risk" status (within the meaning of Section 303 of ERISA) and (iv) neither the Company nor any ERISA Affiliate has either withdrawn or instituted steps to withdraw from any Multiemployer Plan. Except as could not reasonably be expected to have a Material Adverse Effect, no condition exists or event or transaction has occurred in connection with any Plan which could reasonably be expected to result in the incurrence by the Company or any Subsidiary of any material liability, fine or penalty (imposed by Section 4975 of the Code or Section 502(i) of ERISA or otherwise). Neither the Company nor any ERISA Affiliate is a member of, or contributes to, any Multiemployer Plan as to which the potential Withdrawal Liability based upon the most recent actuarial report could reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be expected to have a Material Adverse Effect, neither the Company nor any Subsidiary has any contingent liability with respect to any post retirement benefit under an employee welfare benefit plan (as defined in Section 3(1) of ERISA), other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Section 7.7.<u>Investment Company Act</u>. Neither the Company nor the Borrower is an "investment company" or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 7.8.<u>Regulation U</u>. Neither the Company nor any Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board as amended from time to time). No part of the proceeds of any Committed Loan will be used to buy or carry any margin stock. Following the application of the proceeds of each Committed Loan, not more than 25% of the value of the assets of any of the Company and its Subsidiaries shall consist of margin stock.

Section 7.9.<u>Disclosure</u>. As of the Closing Date, (a) all written information (including the Information Memorandum), other than Projections (as defined below), forward looking information and information of a general economic or industry specific nature that has been made available to the Administrative Agent, any Arranger or any Lender by the Company or any of its officers, directors, employees, accountants or attorneys or, at the direction of the Company, its other advisors, agents or representatives in connection with the transactions contemplated hereby, other than independent third-party appraisals of aircraft and independent third party generated industry information and when taken together with all reports, statements, schedules and other information included in filings made by the Company with the Securities and Exchange Commission, taken as a whole, is complete and correct in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made (giving effect to any supplements thereto from time to time), (b) all financial projections, if any, that have been prepared by the Company in connection with the transactions contemplated hereby and made available to the Administrative Agent, any Lender or any potential Lender (the "Projections") have been prepared in good faith based upon assumptions believed by the Company to be reasonable as of the date of the preparation of such Projections (it being understood that projections by their nature are inherently uncertain and no assurances are being given that the results reflected in the Projections will be achieved) and (c) the information included in the Beneficial Ownership Certification (if any) is true and correct in all material respects.

Section 7.10.<u>Compliance with Applicable Laws, etc</u>. Each Obligor and each of its Subsidiaries is in compliance with the requirements of all applicable laws, rules, regulations and orders of all Governmental Authorities (including ERISA or any laws applicable to a Foreign Plan and all applicable environmental laws), except for noncompliance that could not reasonably be expected to have a Material Adverse Effect. None of the Obligors nor any of the Subsidiaries is in default under any agreement or instrument to which such Obligor or such Subsidiary is a party or by which it or any of its properties or assets is bound, which default could reasonably be expected to have a Material Adverse Effect on the business, credit, operations or financial condition of the Obligors and their Subsidiaries taken as a whole. No Event of Default or Unmatured Event of Default has occurred and is continuing.

Section 7.11.<u>[Reserved]</u>.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 7.12.<u>Taxes</u>. Each of the Obligors and each Subsidiary has filed all tax returns which are required to have been filed and has paid, or made adequate provisions for the payment of, all of its Taxes which are due and payable, other than Taxes, if any, as are being contested in good faith and by appropriate proceedings and as to which such reserves or other appropriate provisions as may be required by GAAP have been established, except where failure to pay such Taxes or file a tax return, individually or in the aggregate, cannot reasonably be expected to have a Material Adverse Effect.

Section 7.13.<u>Use of Proceeds</u>. The proceeds of the Committed Loans will be used for general corporate purposes of the Company and its Subsidiaries.

Section 7.14.<u>Pari Passu</u>. All obligations and liabilities of any Obligor hereunder or under any Guarantee Assumption Agreement to which it is a party shall rank at least equally and ratably (pari passu) in priority with all other unsubordinated, unsecured obligations of such Obligor to any other creditor.

Section 7.15.<u>OFAC, Etc</u>. The Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their directors, officers, employees and agents with applicable Anti-Corruption Laws and Sanctions, the USA PATRIOT Act and other applicable anti-terrorism and money laundering laws. None of the Company or any Subsidiary, director, officer, employee or, to the knowledge of the Company after due inquiry, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No borrowing hereunder will be made for any purpose that would constitute or result in a violation by any party hereto, including the Lenders, of any applicable Anti-Corruption Laws, Sanctions, the USA PATRIOT Act or other anti-terrorism and money laundering laws.

SECTION 8.COVENANTS

Until the expiration or termination of the Commitments, and thereafter until all obligations of the Obligors hereunder and under the Committed Notes are paid in full (other than unasserted contingent indemnification obligations), each Obligor agrees that, commencing on the Closing Date, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will:

Section 8.1.<u>Reports, Certificates and Other Information</u>. Furnish to the Agent with sufficient copies for each Lender which the Agent shall promptly make available to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Audited Financial Statements</u>. As soon as available, and in any event within 95 days after each fiscal year of the Company, a copy of the audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows and annual audit report of the Company and its subsidiaries for such fiscal year (setting forth in each case in comparative form the figures for the previous fiscal year) prepared on a consolidated basis and in conformity with GAAP and certified by PricewaterhouseCoopers or by another independent certified public accountant of recognized national standing selected by the Company.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Interim Reports</u>. As soon as available, and in any event within 50 days after each quarter (except the last quarter) of each fiscal year of the Company, a copy of the unaudited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows of the Company and its subsidiaries as of the end of and for such quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by an Authorized Officer of the Company as presenting fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year end audit adjustments, the auditors' year-end report and the absence of footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Certificates</u>. Contemporaneously with the furnishing of a copy of each annual audit report and of each set of quarterly statements provided for in this Section 8.1, deliver a certificate of the Company, in substantially the form of Exhibit C hereto, dated the date of delivery of such annual report or such quarterly statements and signed by an Authorized Officer, to the effect that no Event of Default or Unmatured Event of Default has occurred and is continuing, or, if there is any such event, describing it and the steps, if any, being taken to cure it and containing a computation of, and showing compliance with, each of the financial ratios and restrictions contained in this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Default Notices</u>. Forthwith upon learning of the occurrence of an Event of Default or an Unmatured Event of Default, provide written notice thereof, describing the same and the steps being taken by the Company or the Subsidiary affected with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Reports</u>. Promptly from time to time after the occurrence of an event required to be therein reported by the Company, such other reports of the Company on Form 6-K, or any successor or comparable form, as the Company shall have filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Other Information</u>. From time to time provide such other information regarding the operations and financial condition of the Company and its Subsidiaries (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts) as any Lender or the Agent may reasonably request (not including reports and other materials to the extent filed with the Securities and Exchange Commission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Beneficial Ownership Certification</u>. To the extent reasonably requested by any Lender or the Agent following any change in the information provided in the Beneficial Ownership Certification (if any) that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification, an updated Beneficial Ownership Certification.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Financial and other information required to be delivered pursuant to Sections 8.1.1, 8.1.2 and 8.1.5 above shall be deemed to have been delivered if such information, or one or more annual or quarterly reports containing such information, shall have been posted by the Agent on any Platform (as defined herein) or similar site to which the Lenders have been granted access or such reports shall be available on the website of the Securities and Exchange Commission at http://www.sec.gov or the Company's website at http://www.aercap.com; <u>provided</u>, that the Company shall provide paper copies of such financial information if requested by the Agent or any Lender. Information, reports or certificates required to be delivered pursuant to this Section 8.1 may be delivered by electronic communications pursuant to procedures approved by the Administrative Agent.

Section 8.2.<u>Existence</u>. (a) Maintain and preserve, and, subject to the first proviso in Section 8.9, cause each Subsidiary to maintain and preserve, its respective existence as a corporation or other form of business organization, as the case may be (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts), and (b) take all reasonable action to maintain all rights, privileges, licenses, patents, patent rights, copyrights, trademarks, trade names, franchises and other authority, except in each case (other than with respect to the Company or the Borrower in connection with clause (a) above) to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided, however, that notwithstanding anything to the contrary herein, (a) any Subsidiary may be merged or consolidated with or into (i) any other Subsidiary or (ii) into the Company (with the Company as the surviving corporation), provided that, in the case of clauses (a)(i) and (ii), if the Borrower shall be party to any such merger or consolidation the Borrower shall be the surviving entity of such merger or consolidation and (b) any Subsidiary may be converted from one form of business organization into any other form of business organization.

Section 8.3.<u>Nature of Business</u>. Subject to Section 8.2, engage on a consolidated basis with its Subsidiaries in substantially the same fields of business as it and its Subsidiaries on a consolidated basis are engaged in on the date hereof (or fields of business related or ancillary thereto).

Section 8.4.<u>Books, Records and Access</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Maintain, and cause each Subsidiary to (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts) maintain in all material respects complete and accurate books and records in which full and correct entries in all material respects and in conformity with GAAP shall be made of all dealings and transactions in relation to its respective business and activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Permit, and cause each Subsidiary to permit (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts), access by the Agent and each Lender to the books and records of the Company and such Subsidiary during normal business hours, and permit, and cause each Subsidiary to permit, the Agent and each Lender to make copies of such books and records upon reasonable notice and as often as may be reasonably requested.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 8.5.<u>Insurance</u>. Maintain, and cause each Subsidiary to maintain, or, in the case of any property owned by any Obligor or any Subsidiary and leased to lessees, contractually require such lessees to maintain, insurance with financially sound and reputable insurers to such extent and against such hazards and liabilities as is commonly maintained, or caused to be maintained, as the case may be, by companies similarly situated (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

Section 8.6.<u>Repair</u>. Maintain, preserve and keep, and cause each Subsidiary to maintain, preserve and keep, its properties in good repair, working order and condition, ordinary wear and tear excepted, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts). In the case of properties leased by any Obligor or any Subsidiary to lessees, such Obligor may satisfy its obligations related to such properties under the previous sentence by contractually requiring, or by causing each Subsidiary to contractually require, such lessees to perform such obligations (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

Section 8.7.<u>[Reserved]</u>.

Section 8.8.<u>Compliance</u>. (a) Comply, and cause each Subsidiary to comply with all statutes (including ERISA) and governmental rules and regulations applicable to it except to the extent noncompliance could not reasonably be expected to have a Material Adverse Effect (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Use the proceeds of any borrowing hereunder in compliance with any Anti-Corruption Laws, applicable anti-money laundering laws and any Sanctions applicable to any party hereto.

Section 8.9.<u>Sale of Assets</u>. Not, and not permit any Subsidiary to, transfer, convey, lease (except for in the ordinary course of business) or otherwise dispose of all or substantially all of the assets of the Obligors and their Subsidiaries taken as a whole; provided, however, that any Wholly-owned Subsidiary may sell, transfer, convey, lease or assign all or a substantial part of its assets to another Obligor or another Wholly-owned Subsidiary if immediately thereafter and after giving effect thereto no Event of Default or Unmatured Event of Default shall have occurred and be continuing; provided, further that this Section 8.9 shall not prohibit any transaction otherwise permitted by Section 8.2.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 8.10.<u>Consolidated Indebtedness to Shareholder's Equity</u>. Not permit the ratio of Consolidated Indebtedness to Shareholder's Equity to exceed at any time 3.75:1.00 (such ratio to be calculated in a manner consistent with the calculations set forth on Schedule 1 to Exhibit C).

Section 8.11.<u>[Reserved]</u>.

Section 8.12.<u>Unencumbered Assets</u>. Not permit the ratio of (A) Unencumbered Assets to (B) the aggregate outstanding principal amount of the Company's consolidated unsecured Financial Indebtedness minus, to the extent included in Financial Indebtedness, the aggregate amount outstanding of Hybrid Capital Securities, in each case on the last day of any quarter of any fiscal year of the Company to be less than 125%.

Section 8.13.<u>[Reserved]</u>.

Section 8.14.<u>Liens</u>. Not, and not permit any Subsidiary to, create or permit to exist any Lien upon or with respect to any of its properties or assets of any kind, now owned or hereafter acquired, or on any income or profits therefrom, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Liens existing on the Closing Date that are reflected in the consolidated financial statements of the Company dated prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Liens to secure the payment of all or any part of the purchase price of any property or assets or to secure any Indebtedness incurred by the Company or a Subsidiary to finance the acquisition of any property or asset. For the avoidance of doubt, Liens securing Indebtedness relating to ECA Financings or Eximbank financings shall be permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liens securing the Indebtedness of a Subsidiary owing to the Company or to a Wholly-owned Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Liens on property of a Person existing at the time such Person is merged into or consolidated with the Company or a Subsidiary or at the time of a purchase, lease or other acquisition of the properties of a Person as an entirety or substantially as an entirety by the Company or a Subsidiary; <u>provided</u>, that, any such Lien shall not extend to or cover any assets or properties of the Company or such Subsidiary owned by the Company or such Subsidiary prior to such merger, consolidation, purchase, lease or acquisition, unless otherwise permitted under this Section 8.14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)leases, subleases or licenses granted to others in the ordinary and usual course of the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)easements, rights of way, restrictions and other similar charges or encumbrances not interfering in any material respect with the ordinary conduct of the business of the Company or any Subsidiary;

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)bankers' Liens arising by law or by contract in the ordinary and usual course of the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Liens incurred or deposits made in the ordinary course of business in connection with surety and appeal bonds, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); <u>provided</u>, <u>however</u>, that the obligation so secured is not overdue or is being contested in good faith and by appropriate proceedings diligently pursued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any replacement or successive replacement in whole or in part of any Lien referred to in the foregoing clauses (a) to (h), inclusive; <u>provided</u>, <u>however</u>, that the principal amount of any Indebtedness secured by the Lien shall not be increased and the principal repayment schedule and maturity of such Indebtedness shall not be extended and (i) such replacement shall be limited to all or a part of the property which secured the Lien so replaced (<u>plus</u> improvements and construction on such property) or (ii) if the property which secured the Lien so replaced has been destroyed, condemned or damaged and pursuant to the terms of the Lien other property has been substituted therefor, then such replacement shall be limited to all or part of such substituted property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)carrier's, warehouseman's, hangar keeper's, mechanic's, repairer's, landlord's and materialmen's Liens, Liens for Taxes, assessments and other governmental charges and other Liens arising in the ordinary course of business, by operation of law or under customary terms of repair or modification agreements or any engine or parts-pooling arrangements, in each case securing obligations that are not incurred in connection with the obtaining of any advance or credit and which are either not overdue or are being contested in good faith and by appropriate proceedings diligently pursued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)any guarantee, liability or indemnity provided under or for the purpose of any fiscal unity (*fiscale eenheid*) for Dutch corporate tax or VAT purposes consisting solely of Subsidiaries; and

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)other Liens securing Indebtedness of the Company or any Subsidiary; <u>provided</u> that at the time such Indebtedness is incurred (or, in the case of unsecured Indebtedness that is subsequently secured by Liens, at the time such Indebtedness becomes secured) the ratio of (A) Unencumbered Assets as of the end of the most recently ended fiscal period for which financial statements have been delivered pursuant to Section 8.1 (except that (i) "cash and cash equivalents" and Financial Indebtedness shall be measured on the applicable date of determination on a pro forma basis, (ii) any Aircraft Assets acquired subsequent to such date may, at the option of the Company, be included in the determination of Unencumbered Assets valued as of the date of acquisition and as determined by the Company in good faith and (iii) if the outstanding amount of Financial Indebtedness on the applicable date of determination has been reduced since the end of the most recently ended fiscal period for which financial statements have been delivered pursuant to Section 8.1 with the proceeds of any sale or other disposition of Aircraft Assets, the book value of such Aircraft Assets sold or otherwise disposed of shall be excluded) to (B) the aggregate outstanding principal amount of the Company's consolidated unsecured Financial Indebtedness on the date of determination on a pro forma basis minus, to the extent included in Financial Indebtedness as of such date, the aggregate amount outstanding of Hybrid Capital Securities, is not less than 135%.

Section 8.15.<u>Use of Proceeds</u>. Not permit any proceeds of the Committed Loans to be used, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any margin stock within the meaning of Regulation U of the Federal Reserve Board, as amended from time to time; or for the purpose, whether immediate, incidental or ultimate, of acquiring directly or indirectly any of the outstanding shares of voting stock of any corporation which (i) has announced that it will oppose such acquisition or (ii) has commenced any litigation which alleges that any such acquisition violates, or will violate, applicable law.

Section 8.16.<u>Transactions with Affiliates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Not, and not permit any Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an "<u>Affiliate Transaction</u>") involving aggregate payments or consideration in excess of $5,000,000, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Subsidiary with an unrelated Person; and

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Company delivers to the Administrative Agent with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $50,000,000, a resolution adopted by the disinterested members of the Board of Directors of the Company, if any, approving such Affiliate Transaction and set forth in a certificate of an Authorized Officer of the Company certifying that such Affiliate Transaction complies with Section 8.16(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 8.16(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)transactions between or among the Company and/or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)declaration or payment of dividends, the making of distributions on any Capital Stock of the Company and the making of payments to acquire or retire shares of Capital Stock of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the payment of reasonable and customary fees paid to, and indemnities provided on behalf of, officers, directors, employees or consultants of the Company or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)transactions in which the Company or any of its Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Subsidiary from a financial point of view or meets the requirements of 8.16(a)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)payments or loans (or cancellation of loans) to employees or consultants of the Company or any of its Subsidiaries which are approved by a majority of the Board of Directors of the Company in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any agreement as in effect as of the Closing Date, or any amendment thereto (so long as any such amendment, taken as a whole, is no less favorable to the Company and its Subsidiaries than the agreement in effect on the date hereof (as determined by the Board of Directors of the Company in good faith));

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the existence of, or the performance by the Company or any of its Subsidiaries of its obligations under the terms of, any limited liability company, limited partnership or other organizational document or joint venture, investors or shareholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Closing Date and any similar agreements which it may enter into thereafter; <u>provided</u>, <u>however</u>, that the existence of, or the performance by the Company or any Subsidiary of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after the Closing Date shall only be permitted by this clause (vii) to the extent that the terms of any such amendment or new agreement, taken as a whole, is no less favorable to the Company and its Subsidiaries than the agreement in effect on the Closing Date (as determined by the Board of Directors of the Company in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)transactions with customers, clients, suppliers, trade creditors, lessors, lessees, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the issuance of Capital Stock (other than Disqualified Stock) of the Company to any Affiliate of the Company and other customary rights in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)transactions or payments pursuant to any employee, officer or director compensation (including bonuses) or benefit plans, employment agreements, severance agreement, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved by the Board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)transactions in the ordinary course with joint ventures in which the Company or a subsidiary of the Company holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions are no less favorable to the Company or subsidiary participating in such joint ventures than they are to other joint venture partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)transactions with a Person that is an Affiliate of the Company solely because the Company owns, directly or through one or more of its Subsidiaries, Capital Stock in, or controls, such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)transactions involving Securitization Assets, or participations therein, in connection with any Qualified Securitization Financing;

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)services provided by the Company or any of its Subsidiaries to its Subsidiaries or Affiliates under an agreement in respect of (A) aircraft, airframe and engines, (B) all parts, including replacement parts, of whatever nature, which are from time to time included within the airframes or engines or owned separately by the Company or any of its subsidiaries, (C) aircraft documents, (D) leases to which the Company or any of its subsidiaries is or may from time to time be party with respect to an aircraft engine or part and (E) all asset backed securities or other instruments secured directly or indirectly by aircraft, airframe, engines or parts all in the ordinary course of business and consistent with past practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)any transaction with an Affiliate of the Company where the only consideration paid by the Company or any of its Subsidiaries is the issuance of Capital Stock (other than Disqualified Stock).

Section 8.17.<u>Limitation on Issuances of Guarantees of Indebtedness</u>. Not cause or permit any of its Subsidiaries (other than a Securitization Subsidiary, an Excluded Subsidiary or an Obligor), directly or indirectly, to guarantee any Capital Markets Debt or unsecured Credit Facility (other than Standard Securitization Undertakings in connection with a Qualified Securitization Financing) of the Company or any other Obligor (other than the Financing Trust or any of its subsidiaries) unless such Subsidiary, within five Business Days of the date on which it guarantees Capital Markets Debt or an unsecured Credit Facility of the Company or any other Obligor (other than the Financing Trust or any of its subsidiaries), executes and delivers to the Administrative Agent a Guarantee Assumption Agreement.

Section 8.18.<u>[Reserved]</u>.

Section 8.19.<u>Subsidiary Guarantors</u>. In each case to the extent such Person is not a party to this Agreement on the date hereof, cause any Subsidiary that is required under Section 8.17 to become a Subsidiary Guarantor to (a) become a "Subsidiary Guarantor" hereunder pursuant to a Guarantee Assumption Agreement and (b) deliver such proof of corporate or similar action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Obligor pursuant to Section 9 on the Closing Date.

SECTION 9.CONDITIONS TO LENDING

Section 9.1.<u>Conditions Precedent to All Committed Loans</u>. Each Lender's obligation to make each Committed Loan on the date of original borrowing thereof is subject to the following conditions precedent:

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Default</u>. (a) No Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the making of such Committed Loan and (b) the representations and warranties contained in Section 7 (other than those contained in Section 7.5) are true and correct in all material respects as of the date of such requested Committed Loan, with the same effect as though made on the date of such Committed Loan, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date (it being understood that each request for a Committed Loan shall automatically constitute a representation and warranty by the Company that, as at the requested date of such Committed Loan, (x) all conditions under this Section 9.1.1 shall be satisfied and (y) after the making of such Committed Loan the aggregate principal amount of all outstanding Committed Loans will not exceed the Aggregate Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Documents</u>. The Agent shall have received (a) a certificate signed by an Authorized Officer of the Company as to compliance with Section 9.1.1, which requirement shall be deemed satisfied by the submission of a properly completed Committed Loan Request, and (b) a Committed Loan Request substantially in the form of Exhibit A hereto.

Section 9.2.<u>Conditions to Effectiveness</u>. This Agreement, and the obligations of each Lender hereunder to make Committed Loans pursuant to its Commitment shall not become effective until the date on which each of the following conditions precedent shall have been satisfied or, to the extent not so satisfied, waived in writing by the Required Lenders (the "<u>Closing Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Revolving Credit Agreement</u>. The Agent shall have received this Agreement duly executed and delivered by each of the Agent, the Lenders, the Company, the Borrower and each of the Subsidiary Guarantors identified under the caption "GUARANTORS" on the signature pages hereto and each of the Lenders shall have received a fully executed Committed Note, if such Committed Note is requested by any Lender pursuant to Section 11.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>KYC Documents</u>. (a) The Agent shall have received at least three Business Days prior to the Closing Date all documentation and other information reasonably requested by the Lenders through the Agent in writing at least ten Business Days in advance of the Closing Date, which documentation or other information is required by regulatory authorities under applicable "know your customer" requirements under applicable law, and (b) at least three Business Days prior to the Closing Date, to the extent requested by any Lender through the Agent in writing at least ten Business Days in advance of the Closing Date, if the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower shall deliver a Beneficial Ownership Certification in relation to it.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Closing Certificate</u>. The Agent shall have received a certificate of an Authorized Officer (a) confirming that since the date of the audited financial statements identified in Section 7.4 hereof, there shall not have occurred any material adverse change in the business, condition (financial or otherwise) or operations of the Company and its Subsidiaries taken as a whole, (b) as to the absence of any Unmatured Event of Default or Event of Default and (c) confirming that the representations and warranties contained in Section 7 are true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Fees</u>. The Agent shall have received (a) for the account of the Agent the Agent's fees payable on the Closing Date pursuant to Section 3.5 hereof and (b) all accrued fees and expenses payable on the Closing Date owing to the Agent, the Arrangers and the Lenders from the Company, in each case, pursuant to written agreements as in effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Existing Credit Agreement</u>. Prior to or substantially contemporaneously with the Closing Date, all outstanding "Committed Loans" of any Replaced Lenders and all accrued but unpaid interest and fees owing to any "Lender", in each case, under the Existing Credit Agreement shall have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Evidence of Corporate Action, Incumbency and Signatures</u>. The Agent shall have received a certificate of the Secretary or an Assistant Secretary or a director of each Obligor, in substantially the form of Exhibit G, certifying (a) copies of all corporate or similar actions taken by each Obligor to authorize this Agreement and, as applicable, the Committed Notes and (b) the names of the officer or officers or director or directors or other authorized signatories of such Obligor authorized to sign the Loan Documents to which it is a party and the other documents provided for in this Agreement to be executed by such Obligor, together with a sample of the true signature of each such officer or director or other authorized signatory (it being understood that the Agent and each Lender may conclusively rely on such certificate until formally advised by a like certificate of any changes therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Good Standing Certificates</u>. To the extent made available in the relevant jurisdiction, the Agent shall have received such good standing certificates of state officials (or analogous documents or certificates relating to valid existence and good standing) with respect to the incorporation or organization of each Obligor.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Opinions of Company Counsel</u>. The Agent shall have received favorable written opinions of (i) Cravath, Swaine & Moore LLP, special New York counsel for the Obligors, in substantially the form of Exhibit H-1, (ii) McCann FitzGerald LLP, special Irish counsel to the Company, in substantially the form of Exhibit H-2, (iii) NautaDutilh N.V., special Dutch counsel to the Company, in substantially the form of Exhibit H-3, (iv) Smith, Gambrell & Russell, LLP, special California counsel to ILFC, in substantially the form of Exhibit H-4, and (v) Morris, Nichols, Arsht & Tunnell LLP, special Delaware counsel to the Company, in substantially the form of Exhibit H-5.

(i)The Agent shall promptly notify the Company and the Lenders of the occurrence of the Closing Date, and such notice shall be conclusive and binding.

SECTION 10.EVENTS OF DEFAULT AND THEIR EFFECT

Section 10.1.<u>Events of Default</u>. Each of the following shall constitute an Event of Default under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Non-Payment of the Committed Loans, etc</u>. Default in the payment when due of any principal of any Committed Loan or default and continuance thereof for three Business Days in the payment when due of any interest on any Committed Loan, any fees or any other amounts payable by any Obligor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Non-Payment of Other Indebtedness for Borrowed Money</u>. (a) Default in the payment when due (subject to any applicable grace period), whether by acceleration or otherwise, of any principal of, interest on or fees incurred in connection with any other Indebtedness of, or Guaranteed by, the Company or any Significant Subsidiary beyond the period of grace, if any, provided in the instrument or agreement pursuant to which such Indebtedness was created (except (i) any such Indebtedness of any Subsidiary to the Company or to any other Subsidiary and (ii) any Indebtedness hereunder) or (b) default in the performance or observance of any obligation or condition with respect to any such other Indebtedness or (other than in respect of any Indebtedness secured by Liens over Aircraft Assets or the Equity Interests of a Subsidiary owning Aircraft Assets) any other event shall occur, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, (with or without the giving of notice, the lapse of time or both but in each case after any applicable period of grace, if any, shall have lapsed) such Indebtedness to become due prior to its stated maturity or the obligations under such Guarantee to become payable, <u>provided</u>, <u>however</u>, that the aggregate principal amount of all Indebtedness as to which there has occurred any default as described in clause (a) or (b) above shall equal or exceed $200,000,000; <u>provided</u> <u>further</u> <u>however</u>, that clause (b) above shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Bankruptcy, Insolvency, etc</u>. The Company or any Significant Subsidiary becomes insolvent (which term shall include any form of creditor protection and moratorium, including bankruptcy (*faillissement*) and suspension of payments (*surseance van betaling*) under Dutch law and the serving of a notice pursuant to section 36 of the Dutch Tax Collection Act (*Invorderingswet*)) or generally fails to pay, or admits in writing its inability or refusal to pay, debts as they become due; or the Company or any Significant Subsidiary applies for, consents to, or acquiesces in the appointment of a trustee, liquidator, examiner, receiver or other custodian (including a "*curator*" in a bankruptcy under Dutch law and a "*bewindvoerder*" in a suspension of payment (*surseance van betaling*) under Dutch law) for the Company or such Significant Subsidiary or a material portion of the property thereof, or makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee, liquidator, examiner, receiver or other custodian is appointed for the Company or any Significant Subsidiary or for a substantial part of the property of any thereof and is not discharged within 60 days; or any warrant of attachment (including a "*beslag*") or similar legal process is issued against any substantial part of the property of the Company or any of its Significant Subsidiaries which is not released within 60 days of service; or any bankruptcy, examinership, receivership, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding (except the voluntary dissolution, not under any bankruptcy or insolvency law, of a Significant Subsidiary), is commenced in respect of the Company or any Significant Subsidiary, and, if such case or proceeding is not commenced by the Company or such Significant Subsidiary it is consented to or acquiesced in by the Company or such Significant Subsidiary or remains for 60 days undismissed; or the Company or any Significant Subsidiary takes any corporate action to authorize, or in furtherance of, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Non-Compliance with this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Failure by any Obligor to comply with or to perform any of the covenants in Section 8.1.4, Sections 8.9 through Section 8.15 and Section 8.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Failure by any Obligor to comply with or to perform any of the covenants herein or any other provision of this Agreement (and not constituting an Event of Default under any of the other provisions of this Section 10.1) and continuance of such failure for 30 days after notice thereof to the Company from the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Representations and Warranties</u>. Any representation or warranty made by the Company herein or by any Guarantor in any Guarantee Assumption Agreement is untrue or misleading in any material respect when made or deemed made; or any schedule, statement, report, notice, or other writing furnished by the Company to the Agent or any Lender is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified; or any certification made or deemed

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

made by the Company to the Agent or any Lender is untrue or misleading in any material respect on or as of the date made or deemed made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Employee Benefit Plans</u>. Any ERISA Event shall have occurred with respect to any Plan or any Foreign Benefit Event shall have occurred with respect to a Foreign Plan that, in each case, would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Judgments</u>. There shall be entered against the Company or any Subsidiary one or more final, non-appealable judgments or decrees for the payment of money in excess of $200,000,000 in the aggregate at any one time outstanding for the Company or any Subsidiary (excluding any portion thereof that is paid or covered by insurance so long as coverage has not been denied in writing or is otherwise indemnified if the terms of such indemnification are satisfactory to the Required Lenders) and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgments or orders in excess of such aggregate amount on or after the date any payment is due and payable under the terms of such judgments or orders and shall not have been stayed within 60 days after such enforcement proceedings are commenced or (ii) there is a period of 60 consecutive days during which such judgments or orders in excess of such aggregate amount shall not have been paid, vacated, discharged, stayed or bonded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Invalidity of Loan Documents</u>. Any Loan Document shall cease to be, or shall be asserted by any Obligor not to be, in full force and effect, except in accordance with the terms of this Agreement, including, in the case of any guarantee by any Subsidiary Guarantor of the Guaranteed Obligations, as a result of the release of such guarantee as provided in Section 13.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Change of Control</u>. A Change of Control shall have occurred.

Section 10.2.<u>Effect of Event of Default</u>. If any Event of Default described in Section 10.1.3 shall occur, the Commitments (if they have not theretofore terminated) shall immediately terminate and all Committed Loans and all interest and other amounts due hereunder shall become immediately due and payable, all without presentment, demand or notice of any kind; and, in the case of any other Event of Default, the Agent may, and upon written request of the Required Lenders shall, declare the Commitments (if they have not theretofore terminated) to be terminated and all Committed Loans and all interest and other amounts due hereunder to be due and payable, whereupon the Commitments (if they have not theretofore terminated) shall immediately terminate and all Committed Loans and all interest and other amounts due hereunder shall become immediately due and payable, all without presentment, demand or notice of any kind. The Agent shall promptly advise the Company and each Lender of any such declaration, but failure to do so shall not impair the effect of such declaration.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECTION 11.THE AGENT

Section 11.1.<u>Authorization and Authority</u>. Each Lender hereby irrevocably appoints Citibank, N.A. to act on its behalf as the Agent hereunder and under the Committed Notes and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Subject to the provisions of Section 11.4, the Agent will take such action permitted by any agreement delivered in connection with this Agreement as may be requested in writing by the Required Lenders or if required under Section 12.1, all of the Lenders. Other than as expressly set forth herein, the Agent shall promptly remit in immediately available funds to each Lender its share of all payments received by the Agent for the account of such Lender, and shall promptly transmit to each Lender (or share with each Lender the contents of) each notice it receives from the Company pursuant to this Agreement. Other than Section 11.9, the provisions of this Section 11 are solely for the benefit of the Agent and the Lenders, and the Company shall have no rights as a third party beneficiary of any of such provisions.

Section 11.2.<u>Agent Individually</u>. (a) The Person serving as the Agent, if a Lender hereunder, shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Lender understands that the Person serving as Agent, acting in its individual capacity, and its Affiliates (collectively, the "<u>Agent's Group</u>") are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) (such services and businesses are collectively referred to in this Section 11.2 as "<u>Activities</u>") and may engage in the Activities with or on behalf of the Company or its Affiliates. Furthermore, the Agent's Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including the Company and its Affiliates and including holding, for its own account or on behalf of others, equity, debt and similar positions in the Company or its Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products of one or more of the Company and its Affiliates. Each Lender understands and agrees that in engaging in the Activities, the Agent's Group may receive or otherwise obtain information concerning the Company and its Affiliates (including information concerning the ability of the Company to perform its obligations hereunder) which information may not be available to any of the Lenders that are not members of the Agent's Group. None of the Agent nor any member of the Agent's Group shall have any duty to disclose to any Lender or use on behalf of the Lenders, and shall not be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company) or to account for any revenue or profits obtained in connection with the Activities except that the Agent shall deliver or otherwise make available to each Lender such documents as are expressly required by this Agreement to be transmitted by the Agent to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Lender further understands that there may be situations where members of the Agent's Group or their respective customers (including the Company and its Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lenders (including the interests of the Lenders hereunder). Each Lender agrees that no member of the Agent's Group is or shall be required to restrict its activities as a result of the Person serving as Agent being a member of the Agent's Group, and that each member of the Agent's Group may undertake any Activities without further consultation with or notification to any Lender. None of (i) this Agreement, (ii) the receipt by the Agent's Group of information (including "<u>Information</u>" as defined in Section 12.6) concerning the Company or its Affiliates (including information concerning the ability of the Company to perform its obligations hereunder) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual (other than the administrative duties of the Agent expressly provided hereunder) duties (including any duty of trust or confidence) owing by the Agent or any member of the Agent's Group to any Lender including any such duty that would prevent or restrict the Agent's Group from acting on behalf of customers (including the Company or its Affiliates) or for its own account.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 11.3.<u>Indemnification</u>. The Lenders agree to indemnify the Agent in its capacity as such (to the extent not reimbursed by the Company and without releasing the Company from its obligation to do so, to the extent applicable), ratably according to their respective Percentages (determined at the time such indemnity is sought), from and against any and all actions, causes of action, suits, losses, liabilities, damages and expenses which may at any time (including at any time following the repayment of the Committed Loans) be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; provided, that, no Lender shall be liable for the payment to the Agent of any portion of such actions, causes of action, suits, losses, liabilities, damages and expenses resulting from the Agent's or its employees' or agents' gross negligence or willful misconduct. Without limiting the foregoing, subject to Section 12.5 each Lender agrees to reimburse the Agent promptly upon demand for its ratable share (determined at the time such reimbursement is sought) of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Agent in such capacity in connection with the preparation, execution or enforcement of, or legal advice in respect of rights or responsibilities under, this Agreement or any amendments or supplements hereto or thereto to the extent that the Agent is not reimbursed for such expenses by the Company. All obligations provided for in this Section 11.3 shall survive repayment of the Committed Loans, cancellation of the Committed Notes or any termination of this Agreement. For the purpose of this Section 11.3, Agent shall mean the Administrative Agent and its Affiliates, directors, officers and employees.

Section 11.4.<u>Action on Instructions of the Required Lenders</u>. As to any matters not expressly provided for by this Agreement (including enforcement or collection of the Committed Loans), the Agent shall not be required to exercise any discretion or take any action, but the Agent shall in all cases be fully protected in acting or refraining from acting upon the written instructions from (i) the Required Lenders, except for instructions which under the express provisions hereof must be received by the Agent from all Lenders and (ii) in the case of such instructions, from all Lenders. In no event will the Agent be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement or applicable law. The relationship between the Agent and the Lenders is and shall be that of agent and principal only and nothing herein contained shall be construed to constitute the Agent a trustee for any holder of a Committed Loan or of a participation therein nor to impose on the Agent duties and obligations other than those expressly provided for herein.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 11.5.<u>Payments</u>. (a) The Agent shall be entitled to assume that each Lender has made its Committed Loan available in accordance with Section 2.2(c) unless such Lender notifies the Agent at its Notice Office prior to 11:30 a.m., New York City time, on the Funding Date for such Committed Loan that it does not intend to make such Committed Loan available, it being understood that no such notice shall relieve such Lender of any of its obligations under this Agreement. If the Agent makes any payment to the Borrower on the assumption that a Lender has made the proceeds of such Committed Loan available to the Agent but such Lender has not in fact made the proceeds of such Committed Loan available to the Agent, such Lender shall pay to the Agent on demand an amount equal to the amount of such Lender's Committed Loan, together with interest thereon for each day that elapses from and including such Funding Date to but excluding the Business Day on which the proceeds of such Lender's Committed Loan become immediately available to the Agent at its Payment Office prior to 12:00 Noon, New York City time, at the Federal Funds Rate for each such day, based upon a year of 360 days. A certificate of the Agent submitted to any Lender with respect to any amounts owing under this Section 11.5(a) shall be conclusive absent demonstrable error. If the proceeds of such Lender's Committed Loan are not made available to the Agent at its Payment Office by such Lender within three Business Days of such Funding Date, the Agent shall be entitled to recover such amount upon two Business Days' demand from the Borrower, together with interest thereon for each day that elapses from and including such Funding Date to but excluding the Business Day on which such proceeds become immediately available to the Agent prior to 12:00 Noon, New York City time, at the rate per annum applicable to Base Rate Loans hereunder, based upon a year of 360 days. Nothing in this paragraph (a) shall relieve any Lender of any obligation it may have hereunder to make any Committed Loan or prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Agent shall be entitled to assume that the Borrower has made all payments due hereunder from the Borrower on the due date thereof unless it receives notification prior to any such due date from the Borrower that the Borrower does not intend to make any such payment, it being understood that no such notice shall relieve the Borrower of any of its obligations under this Agreement. If the Agent distributes any payment to a Lender hereunder in the belief that the Borrower has paid to the Agent the amount thereof but the Borrower has not in fact paid to the Agent such amount, such Lender shall pay to the Agent on demand (which shall be made by facsimile or personal delivery) an amount equal to the amount of the payment made by the Agent to such Lender, together with interest thereon for each day that elapses from and including the date on which the Agent made such payment to but excluding the Business Day on which the amount of such payment is returned to the Agent at its Payment Office in immediately available funds prior to 12:00 Noon, New York City time, at the Federal Funds Rate for each such day, based upon a year of 360 days. If the amount of such payment is not returned to the Agent in immediately available funds within three Business Days after demand by the Agent, such Lender shall pay to the Agent on demand an amount calculated in the manner specified in the preceding sentence after substituting the term "Base Rate" for the term "Federal Funds Rate".

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

A certificate of the Agent submitted to any Lender with respect to amounts owing under this Section 11.5(b) shall be conclusive absent demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(i) If the Agent notifies a Lender or other recipient that the Agent has determined in its sole discretion that any funds received by such recipient from the Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient (whether or not known to such recipient) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts, a distribution or otherwise, an "<u>Erroneous Payment</u>", individually and collectively, a "<u>Payment</u>" and any such recipient, an "<u>Unintended Recipient</u>") and demands the return of such Payment (or a portion thereof), such Unintended Recipient shall promptly, but in no event later than two Business Days thereafter, return to the Agent the amount of any such Payment (or portion thereof) as to which such a demand was made, in immediately available funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Unintended Recipient to the date such amount is repaid to the Agent in immediately available funds at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent permitted by applicable law, each party hereto shall not assert any right or claim to the Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Agent for the return of any Payments received, including waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A notice of the Agent to any Unintended Recipient under this clause (c) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)If an Unintended Recipient receives a Payment from the Agent (or any of its Affiliates) (i) that is in a different amount than, or on a different date from, that specified in a notice of payment or calculation statement sent by the Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>"), (ii) that was not preceded or accompanied by a Payment Notice or (iii) that such Unintended Recipient otherwise becomes aware was transmitted, or received, in error or mistake (in whole or in part) or such Payment is otherwise inconsistent with such recipient's or market expectations, in each case, an error shall be presumed to have been made with respect to such Payment absent written confirmation from the Agent to the contrary. Upon demand from the Agent, such Unintended Recipient shall promptly, but in no event later than two Business Days thereafter, return to the Agent the amount of any such Payment (or portion thereof) as to which such a demand was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The Company, the Borrower and each other Obligor hereby agree that the receipt by Unintended Recipient of a Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed to such Unintended Recipient by the Company, the Borrower or any other Obligor.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 11.6.<u>Duties of Agent; Exculpatory Provisions</u>. (a) The Agent's duties hereunder are solely ministerial and administrative in nature and the Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written direction of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein), provided, that, the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent or any of its Affiliates to liability or that is contrary to this Agreement or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 12.1, 11.1 or 10.1) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct. The Agent shall be deemed not to have knowledge of any Unmatured Event of Default or Event of Default or the event or events that give or may give rise to any Unmatured Event of Default or Event of Default unless and until the Company or any Lender shall have given notice to the Agent describing such Event of Default and such event or events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Neither the Agent nor any member of the Agent's Group shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty, representation or other information made or supplied by or on behalf of the Company or any of its Subsidiaries in or in connection with this Agreement or the Information Memorandum, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Unmatured Event of Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document or the perfection or priority of any Lien or security interest created or purported to be created hereby or (v) the satisfaction of any condition set forth in Section 9 or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Nothing in this Agreement shall require the Agent or any of its Related Parties to carry out any "know your customer" or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any of its Related Parties.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 11.7.<u>Reliance by Agent</u>. The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and correct and to have been signed, sent or otherwise authenticated by the proper Person or Persons. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Committed Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless an officer of the Agent responsible for the transactions contemplated hereby shall have received notice to the contrary from such Lender prior to the making of such Committed Loan, and such Lender shall not have made available to the Agent such Lender's ratable portion of the applicable Committed Loan. The Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 11.8.<u>Delegation of Duties</u>. The Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any one or more sub agents appointed by the Agent. The Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. Each such sub agent and the Related Parties of the Agent and each such sub agent shall be entitled to the benefits of all provisions of this Section 11 and Section 12.5 and subject to the duties and obligations of the Agent under the Agreement (as though such sub-agents were the "Agent" hereunder) as if set forth in full herein with respect thereto. The Agent shall not be responsible for the negligence or misconduct of any sub-agent that it selects in the absence of gross negligence, bad faith or willful misconduct.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 11.9.<u>Resignation of Agent</u>. The Agent may resign as Agent upon 30 days' notice to the Lenders and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor reasonably acceptable to the Company (such consent of the Company not to be unreasonably withheld or delayed and not required if an Event of Default under Section 10.1.1 or 10.1.3 has occurred and is continuing) from among the Lenders, which shall be a commercial bank organized under the laws of the United States of America or any State thereof or the District of Columbia or under the laws of another country which is doing business in the United States of America and having a combined capital, surplus and undivided profits of at least $1,000,000,000. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (such 30-day period, the "Lender Appointment Period"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above. In addition and without any obligation on the part of the retiring Agent to appoint, on behalf of the Lenders, a successor Agent, the retiring Agent may at any time upon or after the end of the Lender Appointment Period notify the Company and the Lenders that no qualifying Person has accepted appointment as successor Agent and the effective date of such retiring Agent's resignation. Upon the resignation effective date established in such notice and regardless of whether a successor Agent has been appointed and accepted such appointment, the retiring Agent's resignation shall nonetheless become effective and (i) the retiring Agent shall be discharged from its duties and obligations as Agent hereunder (other than with respect to its own gross negligence, bad faith or willful misconduct concerning any actions taken or omitted to be taken by it while it was Agent under this Agreement) and (ii) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph. Upon the acceptance of a successor's appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Agent of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations as Agent hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Company to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After any retiring Agent's resignation hereunder as Agent, the provisions of this Section 11 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 11.10.<u>Non-Reliance on Agent and Other Lenders</u>. (a) Each Lender confirms to the Agent, each other Lender and each of their respective Related Parties that it (i) possesses (individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on the Agent, any other Lender or any of their respective Related Parties, of evaluating the merits and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Committed Loans and other extensions of credit hereunder and (z) in taking or not taking actions hereunder and thereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Committed Loans and other extensions of credit hereunder is suitable and appropriate for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Each Lender acknowledges that (i) it is solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Agreement, (ii) that it has, independently and without reliance upon the Agent, any other Lender or any of their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into, this Agreement based on such documents and information, as it has deemed appropriate and (iii) it will, independently and without reliance upon the Agent, any other Lender or any of their respective Related Parties, continue to be solely responsible for making its own appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, this Agreement based on such documents and information as it shall from time to time deem appropriate, which may include, in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the financial condition, status and capitalization of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the legality, validity, effectiveness, adequacy or enforceability of this Agreement and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)determining compliance or non-compliance with any condition hereunder to the making of a Committed Loan and the form and substance of all evidence delivered in connection with establishing the satisfaction of each such condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the adequacy, accuracy and/or completeness of the Information Memorandum and any other information delivered by the Agent, any other Lender or by any of their respective Related Parties under or in connection with this Agreement, the transactions contemplated hereby and thereby or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement.

Section 11.11.<u>The Register; the Committed Notes</u>.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Agent, acting as a non-fiduciary agent on behalf of the Borrower, shall maintain at the Payment Office a register for the inscription of the names and addresses of Lenders and the Commitments and Committed Loans of, and principal amounts and interest owing to, each Lender from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Lenders, and the Agent may treat each Person whose name is inscribed in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company, the Borrower, the Agent, or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Agent shall inscribe in the Register the Commitments and the Committed Loans from time to time of each Lender, the amount of each Lender's participation in outstanding Committed Loans and each repayment or prepayment in respect of the principal amount of the Committed Loans of each Lender, the principal and other amounts owing from time to time by the Borrower in respect of each Committed Loan to each Lender of such Committed Loans and the dates on which the Loan Period for each such Committed Loan shall begin and end. Any such inscription shall be conclusive and binding on the Borrower and each Lender, absent manifest or demonstrable error; <u>provided</u>, that, failure to make any such inscription, or any error in such inscription, shall not affect any of the Borrower's obligations in respect of the applicable Committed Loans; and <u>provided</u> <u>further</u>, that, in such case, the Borrower and the Agent shall be entitled to continue to deal solely and directly with the Lender inscribed in the Register with respect to such Committed Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Lender shall record on its internal records the amount of each Committed Loan made by it and each payment in respect thereof; <u>provided</u>, that, in the event of any inconsistency between the Register and any Lender's records, the inscriptions in the Register shall govern, absent manifest or demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If so requested by any Lender by written notice to the Company (with a copy to Agent) at least two Business Days prior to the Closing Date or at any time thereafter, the Borrower shall execute and deliver to such Lender (and/or, if so specified in such notice, any Person who is an assignee of such Lender pursuant to Section 12.4.1 hereof) promptly after receipt of such notice, a Committed Note substantially in the form of Exhibit B hereto.

Section 11.12.<u>No Other Duties, etc</u>. Anything herein to the contrary notwithstanding, no Person acting as "Joint Bookrunner", "Joint Lead Arranger", "Documentation Agent" or "Syndication Agent" listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement, except in its capacity, as applicable, as the Administrative Agent or as a Lender hereunder.

Section 11.13.<u>Certain ERISA Matters</u>.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)(A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Committed Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Committed Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

SECTION 12.GENERAL

Section 12.1.<u>Waiver; Amendments</u>. No delay on the part of the Agent, any Lender, or the holder of any Committed Loan in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. Except as provided in Section 6.2, no amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the Committed Notes shall in any event be effective unless the same shall be in writing and signed and delivered by the Obligors (or, in the case of the Committed Notes, the Borrower), the Agent and by the Non-Defaulting Lenders having an aggregate Percentage of not less than the aggregate Percentage expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement or the Committed Notes, by the Required Lenders, and then any amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No amendment, modification, waiver or consent (i) shall change the definition of "Required Lenders" or "Percentage" in Section 1, amend, waive, change or otherwise modify the terms of Section 3.6, Section 5.2, Section 10.1.1, or this Section 12.1, release all or substantially all of the Guarantors (except the release of any Guarantor pursuant to a transaction otherwise permitted hereunder), or otherwise change the aggregate Percentage required to effect an amendment, modification, waiver or consent without the written consent of the Obligors and all Non-Defaulting Lenders, (ii) shall modify or waive any of the conditions precedent specified in Section 9.1 for the making of any Committed Loan without the written consent of the Obligors and the Lender which is to make such Committed Loan or (iii) shall (other than in accordance with Section 12.9(a)) extend the scheduled maturity, increase the amount of, or reduce the principal amount of, or rate of interest on, reduce or waive any fee hereunder or extend the due date for or waive any amount payable under, any Commitment or Committed Loan without the written consent of the Obligors and the applicable Lender holding the Commitment or Committed Loan adversely affected thereby. No provisions of Section 12 or any provision herein affecting the rights and duties of the Agent in its capacity as such shall be amended, modified or waived without the Agent's written consent.

Section 12.2.<u>Notices</u>.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to paragraphs (b) through (f) of this Section 12.2, all notices, requests and demands to or upon the respective parties hereto to be effective shall be either (x) in writing (including by telecopy, encrypted or unencrypted) or (y) as and to the extent set forth in Section 12.2(b) and in the proviso to this Section 12.2(a) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered or, in the case of telecopy or e-mail notice, when received, addressed to the Borrower, the Agent or such Lender (or other holder) at its address shown across from its name on Schedule III hereto or at such other address as it may, by written notice received by the other parties to this Agreement, have designated as its address for such purpose; <u>provided</u>, that any notice, request or demand to or upon the Agent or the Lenders pursuant to Section 2.2(a) or 4.2 shall not be effective until received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Obligor hereby agrees that, unless otherwise requested by the Agent, it will provide to the Agent all information, documents and other materials that it is obligated to furnish to the Agent pursuant to this Agreement, including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Unmatured Event of Default or Event of Default under this Agreement, (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder or (v) initiates or responds to legal process (all such non-excluded information being referred to herein collectively as the "<u>Communications</u>") by transmitting the Communications in an electronic/soft medium (with such Communications to contain any required signatures) in a format acceptable to the Agent to agencyabtfsupport@citi.com (or such other e-mail address designated by the Agent from time to time); <u>provided</u>, that, if requested in writing by any Lender, the Company will provide to such Lender a hard copy of its financial statements required to be provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each party hereto agrees that the Agent may make the Communications available to the Lenders by posting the Communications on DebtDomain or another relevant website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent) (the "<u>Platform</u>"). Nothing in this Section 12.2 shall prejudice the right of the Agent to make the Communications available to the Lenders in any other manner specified in this Agreement.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Company hereby acknowledges that certain of the Lenders may be "public-side" Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Company or its securities) (each, a "<u>Public Lender</u>"). The Company hereby agrees that (i) Communications that are to be made available on the Platform to Public Lenders shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof, (ii) by marking Communications "PUBLIC", the Company shall be deemed to have authorized the Agent and the Lenders to treat such Communications as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Company or its securities for purposes of United States Federal and state securities laws, (iii) all Communications marked "PUBLIC" are permitted to be made available through a portion of the Platform designated "Public Lender" and (iv) the Agent shall be entitled to treat any Communications that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not designated "Public Lender".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Each Lender agrees that e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in the next paragraph) specifying that Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender for purposes of this Agreement. Each Lender agrees (i) to notify the Agent in writing (including by electronic communication) from time to time to ensure that the Agent has on record an effective e-mail address for such Lender to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Each party hereto acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided "as is" and "as available," (iii) none of the Agent, its affiliates nor any of their respective officers, directors, employees, agents, advisors or representatives (collectively, the "<u>Agent Parties</u>") warrants the adequacy, accuracy or completeness of the Communications or the Platform, and each Agent Party expressly disclaims liability for errors or omissions in any Communications or the Platform, and (iv) no warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with any Communications or the Platform.

Section 12.3.<u>Computations</u>.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Subject to Section 12.3(b), where the character or amount of any asset or liability or item of income or expense is required to be determined, or any consolidation or other accounting computation is required to be made, for the purpose of this Agreement, such determination or calculation shall, at any time and to the extent applicable and except as otherwise specified in this Agreement, be made in accordance with GAAP. If (i) at any time any material change in GAAP or (ii) on the Closing Date any "End of Lease Assets" are reclassified as goodwill on such date, and in each case the application thereof or such reclassification would affect the computation or interpretation of any financial ratio, requirement or other provision set forth in this Agreement, and either the Company or the Agent shall so request, the Agent and the Company shall negotiate in good faith to amend such ratio, requirement or other provision to preserve the original intent thereof in light of such change in GAAP or the application thereof or such reclassification (it being understood, however, that such ratio, requirement or other provision shall remain in full force and effect in accordance with their existing terms pending the execution by the Company and the Required Lenders of any such amendment); <u>provided</u> that, until so amended, (A) such ratio, requirement or other provision shall continue to be computed or interpreted in accordance with GAAP or the application thereof prior to such change therein or such reclassification and (B) in the case of any relevant calculation, the Company shall provide to the Agent and the Lenders a written unaudited reconciliation in form and substance reasonably satisfactory to the Agent, between calculations of such ratio, requirement or other provision made before and after giving effect to such change in GAAP or the application thereof or such reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Notwithstanding the foregoing or any other provision of this Agreement, the adoption or issuance of any accounting standards after December 31, 2015 will not cause any rental obligation that was not or would not have been Capitalized Rentals prior to such adoption or issuance to be deemed Capitalized Rentals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In the event that (i) any accounting standard that is adopted or issued after December 31, 2015 would, but for the provisions of Section 12.3(b), cause any rental obligation that was not or would not have been Capitalized Rentals prior to such adoption or issuance to be deemed Capitalized Rentals and (ii) the effect of Section 12.3(b) shall materially impact the calculation of the financial covenants in this Agreement, then the Company thereafter shall provide, at the time of delivery of financial statements pursuant to Sections 8.1.1 and 8.1.2, to the Administrative Agent and the Lenders financial statements and other documents required or as reasonably requested under this Agreement to, as applicable, provide an unaudited estimated reconciliation of such financial covenant at the close of each quarterly period with respect to the treatment of Capitalized Leases and Capitalized Rentals, calculated using GAAP as in effect before such adoption or issuance and GAAP as in effect after such adoption or issuance.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 12.4.<u>Assignments; Participations</u>. Each Lender may assign, or sell participations in, its Committed Loans and its Commitment to one or more other Persons in accordance with this Section 12.4 (and, subject to compliance by the applicable Lender with Section 12.6, the Company consents to the disclosure of any information obtained by any Lender in connection herewith to any actual or prospective Assignee or Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Assignments</u>. Any Lender may with the written consents of the Company and the Agent (which consents will not be unreasonably withheld or delayed) at any time assign and delegate to one or more Eligible Assignees (any Person to whom an assignment and delegation is made being herein called an "<u>Assignee</u>") all or any fraction of such Lender's Committed Loans and Commitment; each such assignment of a Lender's Commitment shall be in the minimum amount of $10,000,000 or in integral multiples of $1,000,000 in excess thereof (or such lower minimum amount or lower integral multiple as the Company and the Agent may consent to); <u>provided</u> that, in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Committed Loans at the time owing to it, no minimum amount need be assigned; <u>provided</u>, <u>further</u>, that (a) no such consent from the Company shall be required if, at such time, an Event of Default under Section 10.1.1 or 10.1.3 has occurred and is continuing and (b) no such consent from the Company or the Agent shall be required for any assignment and delegation (i) among Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, Goldman Sachs International Bank and Goldman Sachs Bank Europe SE or (ii) among Morgan Stanley Senior Funding, Inc., Morgan Stanley Bank, N.A., Morgan Stanley Bank International, Ltd., Morgan Stanley Europe SE, Morgan Stanley Bank AG and Morgan Stanley Bank Aktiengesellschaft; <u>provided</u>, <u>further</u>, that, any such Assignee will comply, if applicable, with the provisions contained in Section 5.4; <u>provided</u>, <u>further</u>, the Company may withhold consent to the assignment of any Lender's Committed Loans and Commitment to an Assignee for whom it is illegal to make a SOFR Rate Loan described in Section 12.9(b)(iii) or that the Borrower would be required to compensate for any withholding or deductions described in clauses (i) or (ii) of Section 12.9(b) that are in excess of any such withholding or deductions the Borrower would be required to compensate to such assigning Lender, and any such withholding of consent by the Company is and hereby will be deemed to be reasonable; and <u>provided</u>, <u>further</u>, that the Borrower and the Agent shall be entitled to continue to deal solely and directly with such assigning Lender in connection with the interests so assigned and delegated to an Assignee until such assigning Lender and/or such Assignee shall have consummated such assignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)given written notice of such assignment and delegation, together with payment instructions, addresses and related information with respect to such Assignee, substantially in the form of Exhibit D, to the Company and the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)provided evidence satisfactory to the Company and the Agent that, as of the date of such assignment and delegation the Obligors will not be required to pay any costs, fees, taxes or other amounts of any kind or nature (including under Section 12.5) with respect to the interest assigned in excess of those payable by the Obligors with respect to such interest prior to such assignment;

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)paid to the Agent for the account of the Agent a processing fee of $3,500; <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)provided to the Agent evidence reasonably satisfactory to the Agent that the assigning Lender has complied with the provisions of Section 11.10.

Upon receipt of the foregoing items and the consents of the Company and the Agent, and subject to the acceptance and recordation of the assignment by the Agent pursuant to Section 11.11, (x) the Assignee shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned and delegated to such Assignee, such Assignee shall have the rights and obligations of a Lender hereunder and under the other instruments and documents executed in connection herewith and (y) the assigning Lender, to the extent that rights and obligations hereunder have been assigned and delegated by it, shall be released from its obligations hereunder, except as specified in the last sentence of Section 12.6. The Agent may from time to time (and upon the request of the Company or any Lender after any change therein shall) distribute a revised Schedule I indicating any changes in the Lenders party hereto or the respective Percentages of such Lenders and update the Register. Within five Business Days after the Company's receipt of notice from the Agent of the effectiveness of any such assignment and delegation, if requested by the Assignee in accordance with Section 11.11, the Borrower shall execute and deliver to the Agent (for delivery to the relevant Assignee) new Committed Notes in favor of such Assignee and, if the assigning Lender has retained Committed Loans and a Commitment hereunder and if so requested by such Lender in accordance with Section 11.11, replacement Committed Notes in favor of the assigning Lender (such Committed Notes to be in exchange for, but not in payment of, the Committed Notes previously held by such assigning Lender). Each such Committed Note shall be dated the date of the predecessor Committed Notes. The assigning Lender shall promptly mark the predecessor Committed Notes, if any, "exchanged" and deliver them to the Borrower. Any attempted assignment and delegation not made in accordance with this Section 12.4.1 shall be null and void.

The foregoing consent requirement shall not be applicable in the case of, and this Section 12.4.1 shall not restrict, any assignment or other transfer by any Lender of all or any portion of such Lender's Committed Loans or Commitment to any Federal Reserve Bank or the European Central Bank (<u>provided</u>, that, such Federal Reserve Bank or European Central Bank shall not be considered a "Lender" for purposes of this Agreement).

Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender to a Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Board or other similar central bank; <u>provided</u>, that, no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender party hereto.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

The Company, each Lender, and each Assignee acknowledge and agree that after receipt by the Agent of the items and consents required by this Section 12.4.1 each Assignee shall be considered a Lender for all purposes of this Agreement (including Sections 5.4, 6.1, 6.4, 12.5 and 12.6) and by its acceptance of an assignment herein, each Assignee agrees to be bound by the provisions of this Agreement (including Section 5.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Participations</u>. Any Lender may at any time without the consent of the Company or the Agent sell to one or more Eligible Assignees or any Affiliate thereof which is not a Disqualified Lender and is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business (any such Eligible Assignee or Affiliate being herein called a "<u>Participant</u>") participating interests in any of its Committed Loans, its Commitment or any other interest of such Lender hereunder; <u>provided</u>, <u>however</u>, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)no participation contemplated in this Section 12.4.2 shall relieve such Lender from its Commitment or its other obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such Lender shall remain solely responsible for the performance of its Commitment and such other obligations hereunder and such Lender shall retain the sole right and responsibility to enforce the obligations of the Obligors hereunder, including the right to approve any amendment, modification or waiver of any provision of this Agreement (subject to Section 12.4.2(d) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)no Participant, unless such Participant is an Affiliate of such Lender, or is itself a Lender, shall be entitled to require such Lender to take or refrain from taking any action hereunder, except that such Lender may agree with any Participant that such Lender will not, without such Participant's consent, take any actions of the type described in the third sentence of Section 12.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)no Obligor shall be required to pay any amount under Sections 3.1, 5.4 or 6.1 that is greater than the amount which such Obligor would have been required to pay had no participating interest been sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)no Participant may further participate any interest in any Committed Loan (and each participation agreement shall contain a restriction to such effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)to the extent permitted by applicable law, each Participant shall be considered a Lender for purposes of Section 5.4, Section 6.1, Section 6.4, Section 12.5 and Section 12.6 and by its acceptance of a participating interest in any Committed Loan, Commitment or any other interest of a Lender hereunder, each Participant agrees that it is bound by, and agrees to deliver all documentation required under, the provisions of Section 5.2(b) and Section 5.4 as if such Participant were a Lender (it being understood that the documentation required under Section 5.4 shall be delivered to the participating Lender);

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)such Lender shall have provided to the Agent evidence reasonably satisfactory to the Agent that such Lender has complied with the provisions of the last sentence of Section 11.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Committed Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle organized under the laws of the United States of America or any State thereof (a "<u>SPV</u>") of such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Agent, the Company and the Borrower, the option to provide to the Borrower all or any part of its Committed Loans that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; <u>provided</u>, that, (i) such SPV shall be deemed to be a Participant for purposes of this Section 12.4.2, (ii) nothing herein shall constitute a commitment by any SPV to make any Committed Loan, (iii) if a SPV elects not to exercise such option or otherwise fails to provide all or any part of such Committed Loan, the Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof and (iv) the Company shall not be required to pay any amount under Sections 12.5 or 12.7 that is greater than the amount which the Company would have been required to pay had such SPV not provided the Borrower with any part of any Committed Loan of such Granting Lender. The making of a Committed Loan by a SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Committed Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (any indemnity, liability or other payment obligation, including but not limited to any tax liabilities that occur by reason of such funding by the SPV, shall remain the obligation of the Granting Lender). In furtherance of the foregoing, each party hereto agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything contrary contained in this Section 12.4.2, any SPV may (i) with notice to, but without the prior written consent of, the Company and the Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Committed Loans to the Granting Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Committed Loans and (ii) disclose on a confidential basis any non-public information relating to its Committed Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This paragraph may not be amended without the written consent of any SPV at the time holding all or any part of any Committed Loans under this Agreement (which consent shall not be unreasonably withheld or delayed).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 12.5.<u>Costs, Expenses and Taxes</u>. The Company agrees to pay within 30 days of written demand (a) all reasonable and documented out-of-pocket costs and expenses of the Agent (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for the Agent (and, if reasonably required, of a single local counsel for the Agent in each appropriate jurisdiction)), in connection with the preparation, execution, delivery and administration of, and any amendment to, this Agreement, the Committed Notes and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith and (b) all reasonable and documented out-of-pocket costs and expenses (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for the Agent and the Lenders (and, if reasonably required, of a single local counsel for the Agent and the Lenders in each appropriate jurisdiction)) and, in the case of an actual or perceived conflict of interest, a single additional firm of outside counsel (or, if reasonably required, a single additional local counsel in each appropriate jurisdiction), incurred by the Agent and each Lender in connection with the enforcement of this Agreement, the Committed Notes or any such other instruments or documents. Each Lender agrees to reimburse the Agent for such Lender's pro rata share (based upon its respective Percentage determined at the time such reimbursement is sought) of any such costs or expenses incurred by the Agent on behalf of all the Lenders and not paid by the Obligors other than any fees and out-of-pocket expenses of counsel for the Agent which exceed the amount which the Company or the Borrower has agreed with the Agent to reimburse. In addition, without duplication of the provisions of Section 5.4, each Obligor agrees to pay, and to hold the Agent and the Lenders harmless from all liability for, any stamp, court or documentary, intangible, recording, filing or similar Taxes which may be payable in connection with the execution, delivery and enforcement of this Agreement, the borrowings hereunder, the issuance of the Committed Notes (if any) or the execution, delivery and enforcement of any other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith, except, in each case, any such Taxes that are Other Connection Taxes imposed with respect to an assignment or participation other than an assignment made pursuant to Section 12.9(c). All obligations provided for in this Section 12.5 shall survive repayment of the Committed Loans, cancellation of the Committed Notes or any termination of this Agreement.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 12.6.<u>Confidentiality</u>. Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates' respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives (it being understood that (i) no disclosure of Information shall be made by the Agent or any Lender to an Affiliate and such Affiliate's respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives if such Affiliate is a Disqualified Lender and (ii) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any Committed Note or any action or proceeding relating to this Agreement or any Committed Note or the enforcement of rights hereunder or thereunder, (f) subject to a confidentiality agreement with or other contractual, legal, or fiduciary obligation of confidentiality to the Company containing provisions substantially the same as those of this Section 12.6, to (i) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap or derivative or similar transaction under which payments are to be made by reference to the Company and its obligations, this Agreement or payments hereunder, (iii) any rating agency, (iv) market data collectors, (v) credit insurance providers and brokers or (vi) the CUSIP Service Bureau or any similar organization, (g) with the prior written consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 12.6 or (y) becomes available to the Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. With respect to any disclosure under Section 12.6(c), each of the Agent and the Lenders, as applicable, shall use commercially reasonable efforts to promptly notify the Company, to the extent legally permissible and practicable under the circumstances, so as to permit the Company to obtain a protective order as to such disclosure, and each of the Agent and the Lenders will reasonably cooperate (to the extent practicable and permitted by their respective then existing policies) with the Company for such purpose.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

For purposes of this Section, "<u>Information</u>" means all information received from the Company or any of its Subsidiaries relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by the Company or any of its Subsidiaries, <u>provided</u>, that, in the case of information received from the Company or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. With respect to any Lender or Agent, the obligations of such Lender or Agent pursuant to this Section 12.6 shall terminate on the first anniversary of the earlier of the Termination Date and the date on which such Lender or Agent ceases to be a party hereto.

For the avoidance of doubt, nothing in this Section 12.6 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization to the extent that any such prohibition on disclosure set forth in this Section 12.6 shall be prohibited by the laws or regulations of, or applicable to, such organization.

Section 12.7.<u>Indemnification</u>. In consideration of the execution and delivery of this Agreement by the Agent and the Lenders, but without duplication of the provisions of Section 5.4, each Obligor hereby agrees to indemnify, exonerate and hold each of the Lenders, the Agent, the Arrangers, the Affiliates of each of the Lenders, the Arrangers and the Agent, and each of the officers, directors, employees, agents and advisors of the Lenders, the Arrangers, the Agent and the Affiliates of each of the Lenders, the Arrangers and the Agent (collectively herein called the "Lender Parties" and individually called a "Lender Party") free and harmless from and against any and all actions, causes of action, suits, losses, liabilities, damages and reasonable and documented out-of-pocket expenses (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for all Lender Parties, taken together (and, if reasonably required, of a single local counsel for all Lender Parties, taken together, in each appropriate jurisdiction), and, in the case of an actual or perceived conflict of interest, a single additional firm of outside counsel (or, if reasonably required, a single additional local counsel in each appropriate jurisdiction) for each group of similarly situated Lender Parties) (collectively herein called the "Indemnified Liabilities"), incurred by the Lender Parties or any of them as a result of, or arising out of, or relating to (i) this Agreement, the Committed Notes (if any) or the Committed Loans or (ii) the direct or indirect use of proceeds of any of the Committed Loans or any credit extended hereunder, except (x) for any such Indemnified Liabilities arising on account of such Lender Party's (or any of its Related Parties') gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction in a final and nonappealable judgment, (y) for any such Indemnified Liabilities resulting from a material breach of the obligations of such Lender Party (or any of its Related Parties) under the Loan Documents as determined

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

by a court of competent jurisdiction in a final and nonappealable judgment or (z) to the extent such Indemnified Liabilities result from any dispute solely among Lender Parties other than any claims against the Agent or any Arranger in its capacity or in fulfilling its role as Agent or Arranger under this Agreement and other than any claims arising out of any act or omission on the part of the Company or any Obligor, and if and to the extent that the foregoing undertaking may be unenforceable for any reason, the Obligors hereby agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. Each Obligor agrees not to assert any claim against the Lender Parties on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement and the Committed Notes (if any) or any of the transactions contemplated hereby or thereby or the actual or proposed use of the proceeds of the Committed Loans. All obligations provided for in this Section 12.7 shall survive repayment of the Committed Loans, cancellation of the Committed Notes (if any) or any termination of this Agreement. This Section 12.7 shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages or similar items arising from any non-Tax claim. No indemnitee referred to in this Section 12.7 shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent arising from the gross negligence, bad faith or willful misconduct of such indemnitee (or any of its Related Parties) as determined by a court of competent jurisdiction in a final and nonappealable judgment.

Section 12.8.<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

Section 12.9.<u>Extension of Termination Dates; Removal of Lenders; Substitution of Lenders</u>. (a) At any time and from time to time after the Closing Date, the Borrower may, at its option, request all the Lenders then party to this Agreement to extend their scheduled Termination Dates by an additional one year period, or such shorter period as agreed upon by the Borrower and the Agent, by means of a letter substantially in the form of Exhibit E hereto (each, an "<u>Extension Request</u>"), addressed to the Agent (who shall promptly deliver such Extension Request to each Lender). Each Lender electing (in its sole discretion) to extend its scheduled Termination Date shall execute and deliver not later than the 10<sup>th</sup> Business Day after delivery of the Extension Request to Lenders, counterparts of such Extension Request to the Borrower and the Agent, who shall notify the Borrower, in writing, of the Lenders' decisions no later than the 15<sup>th</sup> Business Day after delivery of the Extension Request to the Lenders, whereupon (unless Lenders with an aggregate Percentage of 50% or more decline to extend their respective scheduled Termination Dates, in which event the Agent shall notify all the Lenders and the Borrower thereof and no such extension shall occur) such Lender's scheduled Termination Date shall be extended, effective only as of the date that is such Lender's then-current scheduled Termination Date, to the date that is one year, or such shorter period as agreed as provided above, after such Lender's then-current scheduled Termination Date. Any Lender that declines or fails to respond to the Borrower's request for such extension shall be deemed to have not extended its scheduled Termination Date. Notwithstanding anything to the contrary in this Agreement, the Borrower shall not effectuate any such extension of the Termination Date (i) more than two times during the term of this Agreement, (ii) more than once in any consecutive 12-month period and (iii) that would result in a scheduled Termination Date, after giving effect to such extension, that occurs more than five (5) years after the date of such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In addition to its rights to remove any Defaulting Lender under Section 4.1(b), with respect to any Lender (i) on account of which the Borrower is required to make any deductions or withholdings or pay any additional amounts, as contemplated by Section 5.4, (ii) on account of which the Borrower is required to pay any additional amounts, as contemplated by Section 6.1, (iii) for which it is illegal to make a SOFR Rate Loan, as contemplated by Section 6.3, (iv) which has declined to (A) extend such Lender's scheduled Termination Date pursuant to subsection (a) above, or (B) consent to an amendment, modification or waiver and, in each case, Lenders with an aggregate Percentage in excess of 50% have elected to extend their respective Termination Dates or consent to such amendment, modification or waiver or (v) from which the Agent has received a written notice of objection pursuant to Section 6.2(a), the Borrower may, in its discretion, upon not less than five days' prior written notice to the Agent and each Lender, remove such Lender as a party hereto. Each such notice shall specify the date of such removal (which shall be a Business Day), which shall thereupon become the scheduled Termination Date for such Lender.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)In the event that any Lender does not extend its scheduled Termination Date pursuant to subsection (a) above or is the subject of a notice of removal pursuant to subsection (b) above, then, at any time prior to the Termination Date for such Lender (a "<u>Terminating Lender</u>"), the Borrower may, at its option, arrange to have one or more other Eligible Assignees (which may be a Lender or Lenders, or if not a Lender, shall be reasonably acceptable to the Agent (such acceptance not to be unreasonably withheld or delayed), and each of which shall herein be called a "<u>Successor Lender</u>") with the approval of the Agent (such approval not to be unreasonably withheld or delayed) succeed to all or a percentage of the Terminating Lender's outstanding Committed Loans, if any, and rights under this Agreement and assume all or a like percentage (as the case may be) of such Terminating Lender's undertaking to make Committed Loans pursuant hereto and other obligations hereunder (as if (i) in the case of any Lender electing not to extend its scheduled Termination Date pursuant to subsection (a) above, such Successor Lender had extended its scheduled Termination Date pursuant to such subsection (a) and (ii) in the case of any Lender that is the subject of a notice of removal pursuant to subsection (b) above, no such notice of removal had been given by the Borrower). Such succession and assumption shall be effected by means of one or more agreements supplemental to this Agreement among the Terminating Lender, the Successor Lender, the Borrower and the Agent. On and as of the effective date of each such supplemental agreement (i) each Successor Lender party thereto shall be and become a Lender for all purposes of this Agreement and to the same extent as any other Lender hereunder and shall be bound by and entitled to the benefits of this Agreement in the same manner as any other Lender and (ii) the Borrower agrees to pay to the Agent for the account of the Agent a processing fee of $3,500 for each such Successor Lender which is not a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)On the Termination Date for any Terminating Lender, such Terminating Lender's Commitment shall terminate and the Borrower shall pay in full all of such Terminating Lender's Committed Loans (except to the extent assigned pursuant to subsection (c) above) and all other amounts payable to such Lender hereunder (including any amounts payable pursuant to Section 5.4 on account of such payment); <u>provided</u>, that, if an Event of Default or Unmatured Event of Default exists on the date scheduled as any Terminating Lender's Termination Date, payment of such Terminating Lender's Committed Loans shall be postponed to (and, for purposes of calculating commitment fees under Section 3.4 and determining the Required Lenders (except as provided below), but for no other purpose, such Terminating Lender's Commitment shall continue until) the first Business Day thereafter on which (i) no Event of Default or Unmatured Event of Default exists (without regard to any waiver or amendment that makes this Agreement less restrictive for the Borrower, other than as described in clause (ii) below) or (ii) the Required Lenders (which for purposes of this subsection (d) shall be determined based upon the respective Percentages and aggregate Commitments of all Lenders other than any Terminating Lender whose scheduled Termination Date has been extended pursuant to this proviso) waive or amend the provisions of this Agreement to cure all existing Events of Default or Unmatured Events of Default or agree to permit any borrowing hereunder notwithstanding the existence of any such event. In the event that Citibank or its Affiliates shall become a Terminating Lender, the provisions of Section 11.9 shall apply with respect to Citibank in its capacity as Agent.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)To the extent that all or a portion of any Terminating Lender's obligations are not assumed pursuant to subsection (c) above, the Aggregate Commitment shall be reduced on the applicable Termination Date and each Lender's percentage of the reduced Aggregate Commitment shall be revised <u>pro</u> <u>rata</u> to reflect such Terminating Lender's absence. The Agent shall distribute a revised Schedule I indicating such revisions promptly after the applicable Termination Date and update the Register accordingly. Such revised Schedule I shall be deemed conclusive in the absence of demonstrable error.

Section 12.10.<u>Captions</u>. Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

Section 12.11.<u>Governing Law; Jurisdiction; Severability</u>. THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN NEW YORK COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF SITTING IN NEW YORK COUNTY, IN ANY ACTION OR PROCEEDING (WHETHER IN TORT, CONTRACT, LAW OR EQUITY) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY OBLIGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. All obligations of the Obligors and the rights of the Agent, the Lenders and any other holders of the Committed Loans expressed herein or in the Committed Notes (if any) shall be in addition to and not in limitation of those provided by applicable law. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Each Obligor agrees that service of all writs, process and summonses in any such action or proceeding brought in the courts of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof sitting in New York County, may be made upon AerCap Corporate Services Inc., presently located in the United States located at 830 Brickell Plaza, Suite 5000, Miami, Florida 33131 (the "<u>Process Agent</u>"), and each Obligor confirms and agrees that the Process Agent has been duly and irrevocably appointed as its agent and true and lawful attorney in fact in its name, place and stead to accept such service of any and all such writs, process and summonses, and agrees that the failure of the Process Agent to give any notice of any such service of process to any Obligor shall not impair or affect the validity of such service or of any judgment based thereon.

A party may appoint an attorney to represent it for purposes of signing this Agreement or any agreement or document it enters into in connection with this Agreement. If the power of attorney is expressed to be governed by Dutch law, each other party hereby accepts that choice of law, in accordance with Article 14 of the Hague Convention on the Law Applicable to Agency of 14 March 1978.

Section 12.12.<u>Counterparts; Effectiveness</u>. This Agreement may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or electronic transmission will be effective as delivery of a manually executed counterpart hereof. Any signature to this Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. When counterparts of this Agreement executed by each party shall have been lodged with the Agent (or, in the case of any Lender as to which an executed counterpart shall not have been so lodged, the Agent shall have received facsimile, electronic mail or other written confirmation of execution of a counterpart hereof by such Lender), this Agreement shall become effective as of the date hereof and the Agent shall so inform all of the parties hereto.

Section 12.13.<u>Further Assurances</u>. Each Obligor agrees to do such other acts and things, and to deliver to the Agent and each Lender such additional agreements, powers and instruments, as the Agent or any Lender may reasonably require or deem advisable to carry into effect the purposes of this Agreement or to better assure and confirm unto the Agent and each Lender their respective rights, powers and remedies hereunder.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 12.14.<u>Successors and Assigns</u>. This Agreement shall be binding upon the Obligors, the Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit of the Obligors, the Lenders and the Agent and the respective successors and assigns of the Lenders and the Agent. Except as expressly provided herein, the Borrower may not assign any of its rights or delegate any of its duties under this Agreement without the prior written consent of all of the Lenders.

Section 12.15.<u>Judgment</u>. (a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase Dollars with such other currency at the Agent's principal office in New York at 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in another currency into Dollars, the parties agree to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase such currency with Dollars at the Agent's principal office in New York at 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)The obligation of each Obligor in respect of any sum due from it in any currency (the "<u>Primary Currency</u>") to any Lender or the Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Agent (as the case may be), of any sum adjudged to be so due in such other currency, such Lender or the Agent (as the case may be) may in accordance with normal banking procedures purchase the applicable Primary Currency with such other currency; if the amount of the applicable Primary Currency so purchased is less than such sum due to such Lender or the Agent (as the case may be) in the applicable Primary Currency, each Obligor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any Lender or the Agent (as the case may be) in the applicable Primary Currency, such Lender or the Agent (as the case may be) agrees to remit to such Obligor such excess.

Section 12.16.<u>Waiver of Jury Trial</u>. EACH OBLIGOR, THE AGENT AND EACH LENDER HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY COMMITTED NOTE OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 12.17.<u>No Fiduciary Relationship</u>. Each Obligor acknowledges that neither the Agent nor any Lender has any fiduciary relationship with, or fiduciary duty to, such Obligor arising out of or in connection with this Agreement, the Committed Notes (if any) or the transactions contemplated hereby, and the relationship between the Agent and the Lenders, on the one hand, and such Obligor, on the other, in connection herewith or therewith is solely that of creditor and debtor. This Agreement does not create a joint venture among the parties. Each Obligor understands that each Lender and its Affiliates (collectively referred to in this Section 12.17 as a "group") is engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) and that members of each group generally act independently of each other, both for their own account and for the account of clients. Accordingly, there may be situations where parts of a group and/or their clients either now have or may in the future have interests, or take actions, that may conflict with the interests of the Obligors. For example, a group may, in the ordinary course of business, engage in trading in financial products or undertake other investment businesses for their own account or on behalf of other clients, including trading in or holding long, short or derivative positions in securities, loans or other financial products of the Obligors or their Affiliates or other entities connected with the credit facility provided for herein or the transactions contemplated hereby. In recognition of the foregoing, each Obligor agrees that no group is required to restrict its activities as a result of this Agreement and that each group may undertake any business activity, including acts in relation to any matter for any other Person whose interests may be adverse to an Obligor or any of its Affiliates, without further consultation with or notification to any Obligor.

Section 12.18.<u>USA Patriot Act</u>. Each Lender and the Agent (for itself in such capacity and not on behalf of any Lender) hereby notifies each Obligor that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act"), it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender or the Agent, as applicable, to identify each Obligor in accordance with the Act. Each Obligor shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any Lenders in order to assist the Agent and the Lenders in maintaining compliance with the Act and the Beneficial Ownership Regulation.

Section 12.19.<u>Existing Credit Agreement; Effect of Amendment and Restatement</u>.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Prior to the Closing Date, the Existing Credit Agreement shall remain in full force and effect and nothing in this Agreement or the other Loan Documents shall be deemed to amend, modify or otherwise affect the Existing Credit Agreement and the other "Loan Documents" under the Existing Credit Agreement. On and after the Closing Date, (i) the Existing Credit Agreement shall be amended and restated in the form of this Agreement and the Existing Credit Agreement and the other "Loan Documents" thereunder shall be replaced in full by this Agreement and the other Loan Documents and have no further force and effect and (ii) the execution and delivery of this Agreement shall not constitute a novation of any obligation owing to the Agent or the "Lenders" under the Existing Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each of (v) Citibank, in its capacity as the "Agent" or the "Administrative Agent" under the Existing Credit Agreement, (w) the Lenders party hereto, in their capacities as "Lenders" under the Existing Credit Agreement, (x) the Company, in its capacity as the "Company" under the Existing Credit Agreement, (y) the Borrower, in its capacity as the "Borrower" under the Existing Credit Agreement, and (z) each Subsidiary Guarantor, in its capacity as a "Subsidiary Guarantor" under the Existing Credit Agreement, hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)consents, on the Closing Date, to (A) the amendment and restatement of the Existing Credit Agreement and the other "Loan Documents" thereunder and (B) the replacement in full of the Existing Credit Agreement and the other "Loan Documents" thereunder with this Agreement and the other Loan Documents on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)waives any requirement of prior notice in respect of the termination of any commitments under the Existing Credit Agreement on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)agrees that, with respect to each "Lender" under the Existing Credit Agreement that declines or fails to enter into this Agreement as a Lender hereunder on the Closing Date (other than any such "Lender" under the Existing Credit Agreement that becomes a Lender hereunder on or prior to the Closing Date pursuant to Section 4.4) (each, a "<u>Replaced Lender</u>"), effective as of the Closing Date, each such Replaced Lender's "Commitment" under the Existing Credit Agreement shall terminate, each such Replaced Lender shall be released from all obligations under the Existing Credit Agreement and the Borrower shall be required to prepay all of such Replaced Lender's "Committed Loans" outstanding under the Existing Credit Agreement and pay all interest, fees and other amounts owing, as of the Closing Date, to such Replaced Lender under the Existing Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Lender party hereto that was a "Lender" under the Existing Credit Agreement, in its capacity as a "Lender" under the Existing Credit Agreement, hereby waives any right to receive any amounts that might be payable to it under Section 6.4 of the Existing Credit Agreement or Section 6.4 of this Agreement, in each case as a result of the transactions occurring on the Closing Date, including the transactions contemplated by this Section 12.19.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 12.20.<u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for hedging agreements or any other agreement or instrument that is a QFC (such support, "QFC Credit Support" and each such QFC, a "Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 12.21.<u>Interest Rate Limitation</u>. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Committed Loan or other obligation owing under this Agreement, together with all fees, charges and other amounts that are treated as interest on such Loan or other Obligation under applicable law (collectively, "charges"), shall exceed the maximum lawful rate (the "Maximum Rate") that may be contracted for, charged, taken, received or reserved by any Lender or other Person holding such Committed Loan or other obligation in accordance with applicable law, the rate of interest payable in respect of such Committed Loan or other obligation hereunder, together with all charges payable in respect thereof, shall be limited to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in respect of such Committed Loan or other obligation but were not paid as a result of the operation of this Section 12.21 shall be cumulated and the interest and charges payable to such Lender or other Person in respect of other Committed Loans or obligations or periods shall be increased (but not above the amount collectible at the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate for each day to the date of repayment, shall have been received by such Lender or other Person. Any amount collected by such Lender or other Person that exceeds the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal balance of such Committed Loan or other obligation or refunded to the Borrower so that at no time shall the interest and charges paid or payable in respect of such Committed Loan or other obligation exceed the maximum amount collectible at the Maximum Rate.

SECTION 13.GUARANTEE

Section 13.1.<u>The Guarantee</u>. The Guarantors hereby jointly and severally guarantee to each Lender and the Administrative Agent and their respective successors and assigns the prompt payment in full when due upon the expiration of any applicable remedial period (whether at stated maturity, by acceleration or otherwise) of the obligations, whether direct or indirect, absolute or contingent, now or hereafter from time to time owing to the Lenders or the Administrative Agent by the Borrower or any other Obligor under this Agreement or any of the other Loan Documents, in each case strictly in accordance with the terms hereof and thereof and including all monetary obligations incurred during the pendency of any bankruptcy, insolvency, examinership, receivership or other similar proceeding of the Borrower, regardless of whether allowed or allowable in such proceeding (such obligations being herein collectively called the "Guaranteed Obligations"). The Guarantors hereby further jointly and severally agree that if the Borrower shall fail to pay in full when due upon the expiration of any applicable remedial period (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 13.2.<u>Obligations Unconditional</u>. The obligations of the Guarantors under Section 13.1 are absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Borrower under this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 13 that the obligations of the Guarantors hereunder shall be primary obligations of payment and not of collection, absolute and unconditional, joint and several, under any and all circumstances (and any defenses thereto are hereby waived by the Guarantors). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder (and any such defense are hereby waived), which shall remain absolute and unconditional as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any law or regulation of any jurisdiction or any other event affecting any term of a Guaranteed Obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any lien or security interest granted to, or in favor of, the Administrative Agent or any Lender or Lenders as security for any of the Guaranteed Obligations shall fail to be perfected.

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Borrower under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors expressly confirm that they shall obtain substantial direct and indirect benefit from the giving of the Guarantee pursuant to this Agreement.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 13.3.<u>Reinstatement</u>. The obligations of the Guarantors under this Section shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy, liquidation, examinership or reorganization or otherwise, and the Guarantors jointly and severally agree that they will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses (including fees of counsel) incurred by the Administrative Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, liquidation, examinership, insolvency or similar law.

Section 13.4.<u>Subrogation</u>. The Guarantors hereby jointly and severally agree that until the payment and satisfaction in full of all Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders under this Agreement they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in Section 13.1, whether by subrogation or otherwise, against the Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

Section 13.5.<u>Remedies</u>. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrower under this Agreement may be declared to be forthwith due and payable as provided in Section 10 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 10) for purposes of Section 13.1 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 13.1.

Section 13.6.<u>Continuing Guarantee</u>. The guarantee in this Section 13 is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising. Each Guarantor agrees that the guarantee in this Section 13 is a guarantee of payment and not of collection.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 13.7.<u>Indemnity and Rights of Contribution</u>. The Borrower and the Guarantors hereby agree, as between themselves, that (a) if a payment of any Guaranteed Obligations shall be made by any Subsidiary Guarantor under this Agreement, the Borrower and the Company shall indemnify such Subsidiary Guarantor for the full amount of such payment and (b) if any Subsidiary Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations that shall not have been fully indemnified by the Borrower or the Company, then the other Subsidiary Guarantors shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Subsidiary Guarantor's Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of the Borrower or the Company to any Subsidiary Guarantor or of a Subsidiary Guarantor to any Excess Funding Guarantor under this Section shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Obligor under the other provisions of this Agreements, including this Section 13, and such Subsidiary Guarantor or Excess Funding Guarantor, as the case may be, shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations.

For purposes of this Section, (i) "<u>Excess Funding Guarantor</u>" means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) "<u>Excess Payment</u>" means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) "<u>Pro Rata Share</u>" means, for any Subsidiary Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock or other equity interest of any other Subsidiary Guarantor) exceeds the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of the other Subsidiary Guarantors that have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Subsidiary Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Subsidiary Guarantors hereunder) of all of the Subsidiary Guarantors, determined (A) with respect to any Subsidiary Guarantor that is a party hereto on the Closing Date, as of the Closing Date, and (B) with respect to any other Subsidiary Guarantor, as of the date such Subsidiary Guarantor becomes a Subsidiary Guarantor hereunder.

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

Section 13.8.<u>General Limitation on Guarantee Obligations</u>. In any action or proceeding involving any state corporate law, or any state or Federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 13.1 would otherwise, taking into account the provisions of Section 13.7, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 13.1, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Lender, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 13.9.<u>Releases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event of (i) a sale or other transfer or disposition of all of the Capital Stock in any Subsidiary Guarantor to any Person that is not an Affiliate of the Company in compliance with Section 8.9 or (ii) the sale or other transfer or disposition, by way of merger, consolidation or otherwise, of assets or Capital Stock of a Subsidiary Guarantor substantially as an entirety to a Person that is not an Affiliate of the Company in compliance with the terms of Section 8.9, then, without any further action on the part of the Administrative Agent or any Lender, such Subsidiary Guarantor (or the Person concurrently acquiring such assets of such Subsidiary Guarantor) shall be deemed automatically and unconditionally released and discharged of any obligations under the guarantee of such Subsidiary Guarantor of the Guaranteed Obligations, as evidenced by a written instrument or confirmation executed by the Administrative Agent, upon the request and at the expense of the Company. Upon delivery by the Company to the Administrative Agent of an officers' certificate stating that such sale or other disposition was made by the Company in accordance with the provisions of this Agreement, including Section 8.9, the Administrative Agent will execute any documents required in order to evidence the release of any Subsidiary Guarantor from its obligations under its guarantee of the Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In addition, the guarantee of a Subsidiary Guarantor of the Guaranteed Obligations will be released:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if the Subsidiary Guarantor (other than ILFC or any Subsidiary that is or becomes a Subsidiary Guarantor on the Closing Date) ceases to be a guarantor under any Capital Markets Debt or unsecured Credit Facilities, including the guarantee that resulted in the obligation of such Subsidiary Guarantor to guarantee the Guaranteed Obligations, and is released or discharged from all obligations thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)upon the expiration or termination of the Commitments and the payment in full of all obligations of the Obligors under this Agreement and under the Committed Notes (other than unasserted contingent indemnification and expense reimbursement obligations).

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Any Subsidiary Guarantor not released from its obligations under its guarantee of the Guaranteed Obligations as provided in this Section 13.9 will remain liable for the full amount of the Guaranteed Obligations as provided in this Section 13.

*[Remainder of page intentionally left blank.]*

<u>Second Amended and Restated Revolving Credit Agreement</u>

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O'Malley&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Vilma O'Malley<br>Title: Attorney

<u>Schedule I</u>

------

<u>GUARANTORS</u>

AERCAP HOLDINGS N.V.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Emma Hehir&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Emma Hehir <br>Title: Attorney

AERCAP GLOBAL AVIATION TRUST

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O'Malley&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Vilma O' Malley<br>Title: Attorney

AERCAP U.S. GLOBAL AVIATION LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O' Malley&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Vilma O' Malley<br>Title: Attorney

INTERNATIONAL LEASE FINANCE CORPORATION

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ John Scot Kennedy&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: John Scot Kennedy<br>Title: Vice President

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>GUARANTORS</u>

AERCAP IRELAND LIMITED

SIGNED AND DELIVERED AS A DEED

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vilma O' Malley&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;As attorney of AERCAP IRELAND LIMITED

In the presence of:

Signature of witness: <u>/s/ Teresa Dalgarno&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name of witness: <u>Teresa Dalgarno&nbsp;&nbsp;&nbsp;&nbsp;</u>

Address of witness: <u>Aviation House. Shannon. Co Clare</u>

Occupation of witness: <u>Administer Corporate Secretary</u>

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>AGENT</u>

CITIBANK, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maureen Maroney&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Maureen Maroney<br>Title: Vice President

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

CITIBANK, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maureen Maroney&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Maureen Maroney<br>Title: Vice President

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Mizuho Bank, LTD.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Donna DeMagistris&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Donna DeMagistris<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BNP Paribas

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Pierre Franchon&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Pierre Franchon <br>Title:

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Romania Stilon&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Romania Stilon <br>Title:

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

MUFG BANK EUROPE N.V.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Pepijn Linker&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Pepijn Linker<br>Title: Director, Head of Corporate Coverage BeNeLux

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Pieter Rooswinkel&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Pieter Rooswinkel<br>Title: Director, Senior Relationship Manager, Corporate Banking BeNeLux

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

GOLDMAN SACHS BANK USA

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joshua Ellis-Jones&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Joshua Ellis-Jones<br>Title: Authorized Signatory

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Truist Bank

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael J. Landry&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Michael J. Landry<br>Title: Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Wells Fargo Bank, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jerri Kallam&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Jerri Kallam <br>Title: Managing Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Banco Santander, S.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maria Eugenia Martinez-Simancas&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Maria Eugenia Martinez-Simancas<br>Title: Executive Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Isabel Pastor Gonzalez del Val&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Isabel Pastor Gonzalez del Val<br>Title: Executive Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BANK OF AMERICA, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Elliot Hartman&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Elliot Hartman<br>Title: Vice President

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BARCLAYS BANK PLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Edward Pan&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Edward Pan<br>Title: Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Julien Clamou&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Julien Clamou<br>Title: Executive Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Alfonso Pereda Revuelta&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Alfonso Pereda Revuelta<br>Title: Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Deutsche Bank AG New York Branch, Lenders

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ming K. Chu&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Ming K. Chu<br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Marko Lukin&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Marko Lukin<br>Title: Vice President

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Fifth Third Bank, National Association

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ira Allen&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Ira Allen <br>Title: Principal

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

JPMORGAN CHASE BANK, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kody J. Nerios&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Kody J. Nerios <br>Title: Authorized Officer

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Morgan Stanley Bank, N.A.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael King&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Michael King<br>Title: Authorized Signatory

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Morgan Stanley Senior Funding, Inc.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael King&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Michael King<br>Title: Vice President

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

Royal Bank of Canada

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Scott Umbs&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Scott Umbs<br>Title: Authorized Signatory

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

THE TORONTO-DOMINION BANK, LONDON BRANCH

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Yatin Muthreja &nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Yatin Muthreja<br>Title: Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

National Westminster Bank plc

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Adam Kirk&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Adam Kirk<br>Title: Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

HSBC CONTINENTAL EUROPE

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Nigel Fallon&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Nigel Fallon <br>Title: Director, HSBC Corporate Banking

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Russell Williamson&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Russell Williamson <br>Title: Head of Large Corporates, HSBC Corporate Banking

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

BANK OF MONTREAL

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Matt Brink&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Matt Brink<br>Title: Directors

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

SOCIETE GENERALE, LONDON BRANCH

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Tom Hill&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Tom Hill<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

ING BANK, A BRANCH OF ING-DIBA AG

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Brett Clark&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Brett Clark<br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Simone Schmidt&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Simone Schmidt<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

------

<u>LENDERS</u>

SCOTIABANK (IRELAND) DAC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Carlos Ivan Duarte&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Carlos Ivan Duarte<br>Title: Associate Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Maxime Comeau&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Maxime Comeau<br>Title: Managing Director

<u>[</u>*<u>Signature Page to Second Amended and Restated Revolving Credit Agreement</u>*]

## Exhibit 2.6

**Exhibit 2.6**

EXECUTION VERSION

Second Amended and Restated Term Loan Credit Agreement

dated as of

April 16, 2025,

among

AERCAP HOLDINGS N.V.,

as Guarantor,

AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY,

as Borrower,

the SUBSIDIARY GUARANTORS party hereto,

the LENDERS party hereto

and

MIZUHO BANK, LTD.,

as Administrative Agent

___________________________

MIZUHO BANK, LTD., DBS BANK, LTD., INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD., TRUIST BANK and KFW IPEX-BANK GMBH,

as Joint Lead Arrangers,

MIZUHO BANK, LTD.,

as Sole Bookrunner

KOREA DEVELOPMENT BANK, THE TORONTO-DOMINION BANK, NEW YORK

BRANCH, CHINA CONSTRUCTION BANK (EUROPE) S.A. AMSTERDAM

BRANCH AND BANK OF CHINA,

as Co-Syndication Agents

------

**TABLE OF CONTENTS**

<u>[Section 1.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Terms Generally](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[1](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 1.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Specific Terms](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[2](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 1.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Divisions](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[31](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[LOANS AND NOTES](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[31](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 2.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Agreement to Make Term Loans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[31](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 2.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Procedure for Term Loans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[32](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 2.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Maturity of Term Loans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[33](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 2.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Optional Conversion or Continuation of Term Loans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[33](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 2.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Loan Periods](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[34](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[INTEREST AND FEES](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[34](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 3.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Interest Rates](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[34](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 3.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Interest Payment Dates](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[34](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 3.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Setting and Notice of Term Loan Rates](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[35](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 3.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Agent's Fees](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[35](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 3.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Computation of Interest and Fees](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[35](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[DEFAULTING LENDERS; PREPAYMENTS; INCREASE OF TERM LOANS; REPAYMENTS](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[36](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 4.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Termination of Defaulting Lender](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[36](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 4.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Voluntary Prepayments](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[36](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 4.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Defaulting Lenders](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[36](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 4.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Increase of Term Loans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[37](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 4.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Repayment of Term Loans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[39](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[MAKING AND PRORATION OF PAYMENTS; SET OFF; TAXES](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[39](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 5.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Making of Payments](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[39](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 5.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Pro Rata Treatment; Sharing](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[39](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 5.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Set-off](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[40](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 5.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Taxes](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[40](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 6.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[INCREASED COSTS AND SPECIAL PROVISIONS FOR SOFR RATE LOANS](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[43](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 6.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Increased Costs](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[43](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 6.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Benchmark Replacement Setting](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[45](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 6.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Changes in Law Rendering Certain Loans Unlawful](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[47](#ifb02d5cafbb1414cafae4223f987cd48_84)

[[6729032]]

[[6729032]]

[[6729032]]

------

<u>[Section 6.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Funding Losses](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[48](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 6.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Discretion of Lenders as to Manner of Funding](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[48](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 6.6.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Conclusiveness of Statements; Survival of Provisions](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[48](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 7.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[REPRESENTATIONS AND WARRANTIES](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[49](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Organization, etc](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[49](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Authorization; Consents; No Conflict](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[49](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Validity and Binding Nature](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[50](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Financial Statements](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[50](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Litigation](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[50](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.6.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Employee Benefit Plans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[50](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.7.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Investment Company Act](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[51](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.8.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Regulation U](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[51](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.9.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Disclosure](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[51](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.10.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Compliance with Applicable Laws, etc](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[52](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.11.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Insurance](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[52](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.12.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Taxes](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[52](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.13.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Use of Proceeds](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[52](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.14.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Pari Passu](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[52](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 7.15.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[OFAC, Etc](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[52](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 8.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[COVENANTS](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[53](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Reports, Certificates and Other Information](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[53](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Existence](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[54](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Nature of Business](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[55](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Books, Records and Access](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[55](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Insurance](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[55](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.6.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Repair](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[55](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.7.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Taxes](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[56](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.8.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Compliance](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[56](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.9.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Sale of Assets](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[56](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.10.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Consolidated Indebtedness to Shareholder's Equity](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[57](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.11.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[\[Reserved\]](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[57](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.12.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Unencumbered Assets](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[57](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.13.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Restricted Payments](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[57](#ifb02d5cafbb1414cafae4223f987cd48_84)

ii

------

<u>[Section 8.14.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Liens](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[57](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.15.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Use of Proceeds](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[59](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.16.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Transactions with Affiliates](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[59](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.17.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Limitation on Issuances of Guarantees of Indebtedness](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[62](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.18.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[\[Reserved\]](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[62](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 8.19.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Subsidiary Guarantors](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[62](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 9.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[CONDITIONS TO LENDING](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[62](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 9.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Conditions Precedent to All Term Loans](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[62](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 9.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Conditions to Effectiveness](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[63](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 10.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[EVENTS OF DEFAULT AND THEIR EFFECT](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[65](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 10.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Events of Default](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[65](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 10.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Effect of Event of Default](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[67](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 11.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[THE AGENT](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[67](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Authorization and Authority](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[67](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Agent Individually](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[67](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Indemnification](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[69](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Action on Instructions of the Required Lenders](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[69](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Payments](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[69](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.6.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Duties of Agent; Exculpatory Provisions](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[71](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.7.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Reliance by Agent](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[72](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.8.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Delegation of Duties](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[73](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.9.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Resignation of Agent](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[73](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.10.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Non-Reliance on Agent and Other Lenders](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[74](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.11.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[The Register; the Notes](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[75](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.12.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[No Other Duties, etc](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[75](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 11.13.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Certain ERISA Matters](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[76](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 12.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[GENERAL](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[77](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Waiver; Amendments](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[77](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Notices](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[77](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Computations](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[79](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Assignments; Participations](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[80](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Costs, Expenses and Taxes](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[84](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.6.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Confidentiality](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[85](#ifb02d5cafbb1414cafae4223f987cd48_84)

iii

------

<u>[Section 12.7.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Indemnification](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[86](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.8.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Acknowledgement and Consent to Bail-In of Affected Financial Institutions](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[87](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.9.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Extension of Termination Dates; Removal of Lenders; Substitution of Lenders](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[88](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.10.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Captions](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[90](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.11.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Governing Law; Jurisdiction; Severability](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[90](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.12.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Counterparts; Effectiveness](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[91](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.13.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Further Assurances](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[91](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.14.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Successors and Assigns](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[91](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.15.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Judgment](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[91](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.16.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Waiver of Jury Trial](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[92](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.17.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[No Fiduciary Relationship](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[92](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.18.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[USA Patriot Act](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[93](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.19.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Acknowledgment Regarding Any Supported QFCs](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[93](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 12.20.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Existing Credit Agreement; Effect of Amendment and Restatement](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[94](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[SECTION 13.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[GUARANTEE](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[95](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.1.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[The Guarantee](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[95](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.2.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Obligations Unconditional](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[95](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.3.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Reinstatement](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[96](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.4.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Subrogation](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[97](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.5.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Remedies](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[97](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.6.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Continuing Guarantee](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[97](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.7.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Indemnity and Rights of Contribution](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[97](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.8.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[General Limitation on Guarantee Obligations](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[98](#ifb02d5cafbb1414cafae4223f987cd48_84)

<u>[Section 13.9.](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)<u>[Releases](#ifb02d5cafbb1414cafae4223f987cd48_84)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ifb02d5cafbb1414cafae4223f987cd48_84)[98](#ifb02d5cafbb1414cafae4223f987cd48_84)

iv

------

SCHEDULES AND EXHIBITS

Schedule I&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Lenders

Schedule II &nbsp;&nbsp;&nbsp;&nbsp;Address for Notices

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Term Loan Request

Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Form of Note

Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate

Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Assumption Agreement

Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Extension of Termination Date

Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;Form of Guarantee Assumption Agreement

Exhibit G&nbsp;&nbsp;&nbsp;&nbsp;Form of Secretary's Certificate

Exhibit H-1&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special New York Counsel

Exhibit H-2&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Irish Counsel

Exhibit H-3&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Dutch Counsel

Exhibit H-4&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special California Counsel

Exhibit H-5&nbsp;&nbsp;&nbsp;&nbsp;Form of Opinion of Special Delaware Counsel

v

------

SECOND AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT

SECOND AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT (this "<u>Agreement</u>"), dated as of April 16, 2025, among AERCAP HOLDINGS N.V., a public limited liability company (*naamloze vennootschap*) organized under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands and registered in the Dutch Trade Register (*Handelsregister*) under number 34251954 (herein called the "<u>Company</u>"), AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY, a designated activity company incorporated under the laws of Ireland with limited liability with registered number 535682 (herein called the "<u>Borrower</u>"), the SUBSIDIARY GUARANTORS party hereto from time to time, the LENDERS (as defined herein) party hereto from time to time and MIZUHO BANK, LTD. (herein, in its individual corporate capacity, together with its successors and permitted assigns, called "<u>Mizuho</u>"), as administrative agent for the Lenders (herein, in such capacity, together with its successors and permitted assigns in such capacity, called the "<u>Agent</u>" or "<u>Administrative Agent</u>").

W I T N E S S E T H:

WHEREAS, the Company, the Borrower, the Subsidiary Guarantors party thereto, certain of the Lenders and the Administrative Agent are party to the Existing Credit Agreement (as defined below).

WHEREAS, the Borrower has requested that the "<u>Lenders</u>" under the Existing Credit Agreement agree to amend and restate the Existing Credit Agreement in the form hereof. The Lenders party hereto are willing to amend and restate the Existing Credit Agreement in the form hereof and to make Term Loans (as defined below) to the Borrower, or continue to hold Term Loans made previously to the Borrower under the Existing Credit Agreement, in an aggregate principal amount of $1,500,000,000, in each case on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows:

(i)CERTAIN DEFINITIONS

Section 1.1.<u>Terms Generally</u>. The definitions ascribed to terms in this Section 1 and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "<u>include</u>", "<u>includes</u>" and "<u>including</u>" shall be deemed to be followed by the phrase "<u>without limitation</u>". Unless expressly provided for herein or the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, in each case in accordance with its terms and (b) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns. The words "<u>hereby</u>", "<u>herein</u>", "<u>hereof</u>", "<u>hereunder</u>" and words of similar import refer to this Agreement as a whole (including

------

any exhibits and schedules hereto) and not merely to the specific Section, paragraph or clause in which such word appears. All references herein to Sections, Exhibits and Schedules shall be deemed references to Sections of and Exhibits and Schedules to this Agreement unless the context shall otherwise require. All references herein to "<u>the date of this Agreement</u>" or "<u>the date hereof</u>" or words of similar import shall be deemed to refer to the Closing Date.

Section 1.2.<u>Specific Terms</u>. When used herein, the following terms shall have the following meanings:

"<u>Acquisition</u>" means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the Company or any of its Subsidiaries (a) acquires all or substantially all of the assets of any firm, corporation, limited liability company or other Person, or business unit or division thereof, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes for the members of the board of directors) of the capital stock of a Person.

"<u>Act</u>" has the meaning set forth in Section 12.18.

"<u>Activities</u>" has the meaning set forth in Section 11.2(b).

"<u>Additional Lender</u>" has the meaning set forth in Section 4.4(a)(ii).

"<u>Additional Term Loan</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Additional Term Loan Commitment</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Administrative Agent</u>" has the meaning set forth in the Preamble.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such first Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through ownership of stock, by contract or otherwise.

"<u>Affiliate Transaction</u>" has the meaning set forth in Section 8.16.

"<u>Agent</u>" has the meaning set forth in the Preamble.

"<u>Agent's Group</u>" has the meaning set forth in Section 11.2(b).

"<u>Agent Parties</u>" has the meaning set forth in Section 12.2(f).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Aggregate Commitment</u>" means, as of any date of determination, the aggregate Commitments of the Lenders as of such date, as increased by any increase in the Commitments made from time to time pursuant to Section 4.4.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>Aircraft Assets</u>" means "<u>Flight Equipment held for Operating Lease, net</u>", plus "<u>Net Investment in Direct Finance Leases</u>", plus "<u>Inventory</u>", plus "<u>Lease Premium</u>", plus "<u>End of Lease Assets</u>", plus "<u>Prepayments on Flight Equipment</u>" (or such substantially similar terms for such substantially similar assets as may be used from time to time).

"<u>Anti-Corruption Laws</u>" means (a) the United States Foreign Corrupt Practices Act of 1977 and all other United States laws, rules and regulations applicable to the Company and its Subsidiaries concerning or relating to bribery or corruption and (b) the UK Bribery Act of 2010.

"<u>Applicable Margin</u>" means, in respect of a Term Loan that bears interest by reference to the Base Rate, 0.20% per annum and, in respect of a Term Loan that bears interest by reference to the SOFR Rate, 1.20% per annum.

"<u>Arranger</u>" means each of Mizuho Bank, Ltd., in its capacity as joint lead arranger and sole bookrunner, and DBS Bank, Ltd., Industrial and Commercial Bank of China Ltd., Truist Bank and KFW IPEX-Bank GmbH, each in their respective capacities as joint lead arranger.

"<u>Assignee</u>" has the meaning set forth in Section 12.4.1.

"<u>Authorized Officer</u>" of the Company means any of the following: any director, any attorney-in-fact, the Chairman of the Board, the Chief Executive Officer, the Vice Chairman, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Chief Accounting Officer and the Secretary of the Company; <u>provided</u> that for purposes of any certification of financial statements of the Company required to be delivered hereunder, the term "<u>Authorized Officer</u>" shall mean any of the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller and the Chief Accounting Officer of the Company.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "<u>Loan Period</u>" pursuant to Section 6.2(d).

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Base Rate</u>" means for any day a fluctuating interest rate per annum equal to the Applicable Margin for Base Rate Loans plus the highest of (a) the Federal Funds Rate for such day plus 1/2 of 1.00%, (b) the rate of interest in effect for such day as publicly announced from time to time by Mizuho as its "<u>prime rate</u>" and (c) Term SOFR for a one-month tenor in effect on such day plus 1.00%, <u>provided</u> that at no time shall "<u>Base Rate</u>" for any purposes hereunder (including in respect of Term Loans) be deemed to be less than the Floor. The "<u>prime rate</u>" is a rate set by Mizuho based upon various factors including Mizuho's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Mizuho shall take effect at the opening of business on the day specified in the public announcement of such change. If the Base Rate is being used as an alternate rate of interest pursuant to Section 6.2, then the Base Rate shall be the greater of clauses (a) and (b) and shall be determined without reference to clause (c) above.

"<u>Base Rate Loan</u>" means any Term Loan which bears interest at the Base Rate.

"<u>Base Rate Term SOFR Determination Day</u>" has the meaning specified in the definition of "<u>Term SOFR</u>".

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "<u>Benchmark</u>" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 6.2(a).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Benchmark Replacement</u>" means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; <u>provided</u> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of clause (a) or (b) of the definition of "<u>Benchmark Transition Event,</u>" the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of clause (c) of the definition of "<u>Benchmark Transition Event,</u>" the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

For the avoidance of doubt, the "<u>Benchmark Replacement Date</u>" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "<u>Benchmark Transition Event</u>" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.2 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 6.2.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "<u>employee benefit plan</u>" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "<u>plan</u>" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "<u>employee benefit plan</u>" or "<u>plan</u>".

"<u>BHC Act Affiliate</u>" of a party means an "<u>affiliate</u>" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Board of Directors</u>" means (a) with respect to a corporation or company, as applicable, the board of directors of the corporation or company, as applicable, or any committee thereof duly authorized to act on behalf of such board, (b) with respect to a partnership, the board of directors of the general partner of the partnership, (c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof, and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

"<u>Business Day</u>" means any day of the year on which banks are not required or authorized by law to close in New York City, London, Dublin, Frankfurt or Amsterdam.

"<u>Capital Markets Debt</u>" means any debt securities (other than (a) a Qualified Securitization Financing or (b) a debt issuance guaranteed by an export credit agency (including the Eximbank)) issued in the capital markets by the Company or any of its Subsidiaries, whether issued in a public offering or private placement, including pursuant to Section 4(2) of the Securities Act or Rule 144A, Regulation S or Regulation D under the Securities Act.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Capital Stock</u>" means (a) in the case of a corporation, corporate stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership, membership interests (whether general or limited) or shares in the capital of the company, and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

"<u>Capitalized Lease</u>" means any lease under which any obligations of the lessee are, or are required to be, capitalized on a balance sheet of the lessee in accordance with GAAP; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, the treatment of Capitalized Leases shall be evaluated, and the amount of Capitalized Rentals shall be determined, in accordance with Sections 12.3(b) and (c) and without giving effect to any change to GAAP occurring after December 31, 2015 as a result of the adoption of any proposals set forth in the Proposed Accounting Standards Update, Leases (Topic 840), issued by the Financial Accounting Standards Board on August 17, 2010, or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on December 31, 2015.

"<u>Capitalized Rentals</u>" means, as of the date of any determination, the amount at which the obligations of the lessee, due and to become due under all Capitalized Leases under which the Company or any Subsidiary is a lessee, are reflected as a liability on a consolidated balance sheet of the Company and its Subsidiaries.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Change of Control</u>" means (a) any "<u>person</u>" or "<u>group</u>" (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 the Company's Voting Stock, (b) (i) all or substantially all of the assets of the Company and the Subsidiaries, taken as a whole, are sold or otherwise transferred to any Person other than a Wholly-owned Subsidiary of the Company or one or more Permitted Holders or (ii) the Company amalgamates, consolidates or merges with or into another Person or any Person consolidates, amalgamates or merges with or into the Company, in either case under this clause (b), 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 the Company, 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 the Company, or the applicable surviving or transferee Person; <u>provided</u> that this clause shall not apply (A) 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 the Company, or the applicable surviving or transferee Person or (B) to an amalgamation or a merger of the Company with or into (x) a corporation, limited liability company or partnership or (y) a wholly-owned subsidiary of a corporation, limited liability company or partnership that, in either case, immediately following the transaction or series of transactions, has no Person or group (other than Permitted Holders), which beneficially owns Voting Stock representing 50% or more of the voting power of the total outstanding Voting Stock of such entity and, in the case of clause (y), the parent of such Wholly-owned Subsidiary guarantees the Borrower's obligations under this Agreement, (c) the Company shall adopt a plan of liquidation or dissolution or any such plan shall be approved by the shareholders of the Company or (d) the Borrower ceases to be a direct or indirect Wholly-owned Subsidiary of the Company.

"<u>Closing Date</u>" has the meaning set forth in Section 9.2.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Commitments</u>" means, collectively, the initial Term Loan Commitments and the Additional Term Loan Commitments.

"<u>Communications</u>" has the meaning set forth in Section 12.2(b).

"<u>Company</u>" has the meaning set forth in the Preamble.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "<u>Base Rate,</u>" the definition of "<u>Business Day,</u>" the definition of "<u>U.S. Government Securities Business Day,</u>" the definition of "<u>Loan Period</u>" or any similar or analogous definition (or the addition of a concept of "<u>interest period</u>"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, Conversion or Continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of "<u>Benchmark Replacement</u>", the formula, methodology or convention for applying the successor floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Connection Income Taxes</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consolidated Indebtedness</u>" means, as of the date of any determination, (a) the total amount of Indebtedness less the amount of current and deferred income taxes and rentals received in advance of the Company and its Subsidiaries (to the extent constituting Indebtedness) determined on a consolidated basis in accordance with GAAP (but without giving effect to any election to value any Indebtedness at "<u>fair value</u>", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of the Company to be reflected thereon in any amount other than the stated principal amount of such Indebtedness), and excluding (i) the amount that is (A) the aggregate amount outstanding of Hybrid Capital Securities multiplied by (B) the Hybrid Capital Securities Percentage, (ii) adjustments in relation to Indebtedness denominated in any currency other than Dollars and any related derivative liability, in each case to the extent arising from currency fluctuations (such exclusions to apply only to the extent the resulting liability is hedged by the Company or such Subsidiary), (iii) net obligations of any Person under any swap contracts that are not yet due and payable, and (iv) trade payables outstanding in the ordinary course of business, but not overdue by more than 90 days less (b) the lesser of (x) $4,000,000,000 and (y) the aggregate amount of "<u>cash and cash equivalents</u>" or any line item of similar import (but in any event,

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

excluding Restricted Cash) reflected on a consolidated balance sheet of the Company prepared as of such date of determination in accordance with GAAP.

"<u>Consolidated Interest Expense</u>" means for any measurement period, and without duplication, interest expense in respect of all Indebtedness for borrowed money accrued during such measurement period by the Company and its Subsidiaries on a consolidated basis, as determined under GAAP (but without giving effect to any adjustment to such interest expense resulting from any election to value any Indebtedness at "<u>fair value</u>", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of the Company to be reflected thereon in any amount other than the stated principal amount of such Indebtedness).

"<u>Continue</u>", "<u>Continuation</u>" and "<u>Continued</u>" each refers to a continuation of SOFR Rate Loans as SOFR Rate Loans for a new Loan Period pursuant to Section 2.4.

"<u>Convert</u>", "<u>Conversion</u>" and "<u>Converted</u>" each refers to a conversion of Term Loans of one Type into Term Loans of the other Type pursuant to Section 2.4.

"<u>Covered Entity</u>" means any of the following: (a) a "<u>covered entity</u>" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (b) a "<u>covered bank</u>" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b) or (c) a "<u>covered FSI</u>" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning set forth in Section 12.19.

"<u>Credit Facilities</u>" means one or more debt facilities, or commercial paper facilities with banks or other institutional lenders or investors or indentures providing for revolving credit loans, term loans, receivables financing, including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against receivables, letters of credit or other long-term indebtedness, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof.

"<u>Debtor Relief Law</u>" means title 11 of the United States Code, as in effect from time to time, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, examinership or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulting Lender</u>" means, subject to Section 4.3(b), at any time, any Lender that at such time (a) has failed to perform any of its funding obligations hereunder, including in respect of its Term Loans within two Business Days of the date required to be funded by it hereunder unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Borrower or the Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or generally under other agreements in which it commits to extend credit (unless such notice or public statement relates to such Lender's obligation to fund a Term Loan hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such notice or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Agent or the Borrower (based on its reasonable belief that such Lender may not fulfill its funding obligations hereunder), to confirm in writing or a manner satisfactory to the Agent and the Borrower that it will comply with its funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, intervenor, sequestrator, assignee for the benefit of creditors or similar Person under any applicable Debtor Relief Law charged with reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the control, ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination that a Lender is a Defaulting Lender under clauses (a) through (d) above will be made by the Agent in its reasonable discretion acting in good faith. If the Borrower believes in good faith that a Lender should be determined by the Agent to be a Defaulting Lender and so notifies Agent, citing the reasons therefor, the Agent shall determine in its reasonable discretion acting in good faith whether or not such Lender is a Defaulting Lender. The Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided for in this definition.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Disqualified Lender</u>" means (a) any Person that (i) is an operating lessor of aircraft assets or an Affiliate of an operating lessor of aircraft assets if the business of leasing aircraft assets is a principal line of business of such Person or the Affiliates of such Person taken as a whole, (ii) has a business unit or an Affiliate that is an operating lessor of aircraft assets (regardless of whether the business of leasing aircraft assets is a principal line of business of such Person or the Affiliates of such Person taken as a whole) if such Person has not affirmed to the Borrower that such Person has in place procedures not to transmit or permit the transmission to such operating lessor of any information concerning the Company or any of its Subsidiaries obtained in connection with this Agreement or the transactions contemplated hereby, (iii) is a Defaulting Lender or, upon becoming a Lender under this Agreement, would be a Defaulting Lender or (iv) based on the law and circumstances existing at the time of any proposed transfer, would be entitled to claim additional amounts from the Borrower under Section 5.4 or 6.1 (as compared to any amounts able to be claimed by the proposed assignor) or whose acquisition of any Term Loan or Commitments would conflict with applicable law or would impose on the Borrower any withholding obligation not applicable to the assignor at the time of the assignment; (b) [reserved]; and (c) Affiliates of the Persons identified pursuant to clause (a) that are either clearly identifiable as Affiliates solely on the basis of their name or identified in writing by the Company to the Administrative Agent (it being understood that, notwithstanding anything herein to the contrary, in no event shall any such identification apply retroactively to disqualify any parties that have previously acquired or have agreed to acquire an assignment or participation interest hereunder that is otherwise permitted hereunder, but upon the effectiveness of such designation, any such party may not acquire or agree to acquire any additional Commitments, Term Loans or participations hereunder).

"<u>Disqualified Stock</u>" means with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than as a result of a change of control or asset sale, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each case prior to the date 91 days after the earlier of (a) the latest scheduled Termination Date in effect on the date of issuance of such Capital Stock and (b) the date which no Term Loans or Commitments are then outstanding hereunder; <u>provided</u>, <u>however</u>, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

"<u>Dollar</u>" and "<u>$</u>" refer to the lawful money of the United States of America.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>EBITDA</u>" means for any period, (a) the sum, without duplication, of (i) net income (or net loss), (ii) Consolidated Interest Expense, (iii) income tax expense, (iv) depreciation and depletion expense, (v) amortization expense, (vi) extraordinary, unusual or nonrecurring losses to the extent the foregoing have been deducted in determining such net income, (vii) any non-cash items (including write-downs and impairment of property, plant, equipment and intangibles and other long-lived assets, including aircraft, and the impact of purchase accounting, including stock based compensation expense, derivative expense and fair value adjustments) to the extent deducted in determining net income, and (viii) the amount of any extraordinary, unusual or nonrecurring non-cash restructuring charges, less (b) the sum, without duplication, of (i) extraordinary, unusual or nonrecurring gains to the extent added in determining net income, and (ii) all non-cash items to the extent included in determining net income. For the purposes of calculating EBITDA for any four quarter period, such calculation shall be made (i) after giving effect to any Acquisition consummated during such period and (ii) assuming that such Acquisition occurred at the beginning of such period; <u>provided</u> that any pro forma calculation made by the Company either (i) based on Regulation S-X or (ii) as calculated in good faith and set forth in an officer's certificate of the Company, in reasonable detail, (and in the case of this clause (ii), based on audited financials of the target company) shall be acceptable.

"<u>ECA Financing</u>" means any financing provided or supported by one or more government export credit agencies.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) above or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in clause (a) or (b) above and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Eligible Assignee</u>" means any financial institution, any insurance company, and any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities; <u>provided</u>, <u>however</u>, that (a) neither the Borrower nor any Affiliate of the Borrower shall qualify as an Eligible Assignee, and (b) no natural person or Disqualified Lender shall qualify as an Eligible Assignee, whether or not an Event of Default has occurred and is continuing (unless otherwise agreed by the Borrower in its sole discretion).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Equity Interests</u>" means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any corporation, trade or business that is, along with the Company or any Subsidiary, a member of a controlled group of corporations or a controlled group of trades or businesses, as described in Sections 414(b) and 414(c), respectively, of the Code or Section 4001 of ERISA (and Sections 414(m) and 414(o) of the Code for purposes of provisions relating to Section 412 of the Code).

"<u>ERISA Event</u>" means (a) any "<u>reportable event</u>", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standard (as defined in Section 412 of the Code or Section 302 of ERISA), applicable to such Plan; (c) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (d) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice having the effect of terminating any Plan or Plans or appointing a trustee to administer any Plan; (e) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (f) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or in "<u>endangered</u>" or "<u>critical</u>" status, within the meaning of Section 305 of ERISA or Section 432 of the Code.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>Event of Default</u>" means any of the events described in Section 10.1.

"<u>Exchange Act</u>" means the United States Securities Exchange Act of 1934.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Excluded Subsidiary</u>" means (a) any dormant Subsidiary (it being understood and agreed that the provision by such Subsidiary of any Guarantees under any indenture, credit agreement or other agreement or instrument existing on the date hereof (or under any amendments, supplements (including in respect of supplemental issuances), modifications, upsizings, extensions, renewals, restatements, refundings or refinancings of any such indenture, credit agreement or other agreement or instrument from time to time) shall not cause such Subsidiary to be deemed not to be dormant) or (b) any other Subsidiary that (i) is not engaged in any material business activities (it being understood and agreed that the provision by such Subsidiary of any Guarantees under any indenture, credit agreement or other agreement or instrument existing on the date hereof (or under any amendments, supplements (including in respect of supplemental issuances), modifications, upsizings, extensions, renewals, restatements, refundings or refinancings of any such indenture, credit agreement or other agreement or instrument from time to time), shall be deemed not to be a material business activity) and (ii) does not hold any material assets.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal, Netherlands or Irish withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Term Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Term Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 12.9(c)) or (ii) such Lender changes its lending office (other than pursuant to Section 6.1(c)), its place of incorporation or its place of tax residence, except in each case to the extent that, (x) pursuant to Section 5.4, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in such Term Loan or Commitment or to such Lender immediately before it changed its lending office, its place of incorporation or its place of tax residence or (y) in the case of Irish withholding Taxes, such Taxes are imposed on Lenders that are Qualifying Lenders, (c) Taxes attributable to such Recipient's failure to comply with Section 5.4(f), and (d) any withholding Taxes imposed under FATCA.

"<u>Eximbank</u>" means the Export-Import Bank of the United States.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Existing Credit Agreement</u>" means that certain Amended and Restated Term Loan Credit Agreement dated as of July 12, 2022 (as amended by that certain Amendment No. 1 to the Amended and Restated Term Loan Credit Agreement dated as of October 4, 2024), among the Company, the Borrower, the Subsidiary Guarantors party thereto, certain financial institutions party thereto and Mizuho Bank, Ltd., as administrative agent, as amended, supplemented or otherwise modified through the Closing Date (but shall not, for any purposes hereunder, include this Agreement).

"<u>Extension Request</u>" has the meaning set forth in Section 12.9(a).

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together in each case with any current or future regulations or official IRS interpretations thereof, any official agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; <u>provided</u> that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Fee Letter</u>" means the Amended and Restated Mizuho Fee Letter, dated as of the date hereof, by and among the Agent, the Borrower and the Company.

"<u>Financial Indebtedness</u>" of any Person means Indebtedness of the type that appears as "<u>debt</u>" upon a consolidated balance sheet (excluding the footnotes thereto) of such Person and its Subsidiaries prepared in accordance with GAAP (but without giving effect to any election to value any such Indebtedness at "<u>fair value</u>", or any other accounting principle, including purchase accounting, that results in the amount of any such Indebtedness (other than zero coupon Indebtedness) as reflected on a consolidated balance sheet of such Person to be reflected thereon in any amount other than the stated principal amount of such Indebtedness), excluding, however, any such "<u>debt</u>" that is issued to any holder (or Affiliate of any such holder) of Equity Interests in such Person and is fully subordinated (including as to payment and liquidity preference) to the Term Loans.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Financing Trust</u>" means AerCap Global Aviation Trust, a Delaware statutory trust.

"<u>Floor</u>" means a rate of interest equal to 0%.

"<u>Foreign Benefit Event</u>" means, with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, (b) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the termination of any such Foreign Plan or the appointment of a trustee or similar official to administer any such Foreign Plan, (d) the incurrence of any liability by the Company or any Subsidiary under any applicable law on account of the complete or partial termination of such Foreign Plan or the complete or partial withdrawal of any participating employer therein or (e) the occurrence of any transaction that is prohibited under any applicable law and that could reasonably be expected to result in the incurrence of any material liability by the Company or any Subsidiary.

"<u>Foreign Plan</u>" means each "<u>employee benefit plan</u>" (as defined in Section 3(3) of ERISA) maintained or contributed to by the Company or any of its Subsidiaries outside the United States with respect to which the Company or any of its Subsidiaries could have any actual or contingent liability, other than a Plan.

"<u>Funding Date</u>" means, in respect of the initial Term Loans, the Closing Date and, in respect of any Additional Term Loan, the date on which such Additional Term Loan is scheduled to be disbursed.

"<u>Funding Office</u>" means, with respect to any Lender, any office or offices of such Lender or Affiliate or Affiliates of such Lender through which such Lender shall fund or shall have funded any Term Loan. A Funding Office may be, at such Lender's option, either a domestic or foreign office of such Lender or a domestic or foreign office of an Affiliate of such Lender.

"<u>GAAP</u>" means generally accepted accounting principles in the United States which are in effect from time to time. At any time after the Closing Date, the Company may elect to apply IFRS accounting principles in lieu of GAAP for reporting purposes and for purposes of calculations hereunder. The Company shall give notice of any such election made in accordance with this definition to the Agent. Upon receipt of such notice, the Agent and the Company shall negotiate in good faith to amend the financial covenants, requirements and other relevant provisions of this Agreement impacted by such change to preserve the original intent thereof in light of such change. The change from GAAP to IFRS accounting principles shall become effective once this Agreement has been so amended, and thereafter references herein to GAAP shall be construed to mean IFRS (except as otherwise provided herein); <u>provided</u> that any calculation or determination herein that requires the application of GAAP for periods that

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

include fiscal quarters ended prior to the Company's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP.

"<u>Governmental Authority</u>" means, as and to the extent applicable, the government of the United States of America, the Netherlands or any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any federal or other association of or with which any such nation may be a member or associated) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies, such as the European Union or the European Central Bank).

"<u>Granting Lender</u>" has the meaning set forth in Section 12.4.2.

"<u>Guarantee Assumption Agreement</u>" means a Guarantee Assumption Agreement substantially in the form of Exhibit F (or in such other form as may be agreed between the Company and the Administrative Agent) in favor of the Administrative Agent for the benefit of the Lenders and the Administrative Agent.

"<u>Guaranteed Obligations</u>" has the meaning set forth in Section 13.1.

"<u>Guarantees</u>" by any Person means, without duplication, all obligations (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend or other obligation of any other Person (the "<u>Primary Obligor</u>") in any manner, whether directly or indirectly, including all obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such Indebtedness or obligation or any property or assets constituting security therefor, (b) to advance or supply funds (i) for the purchase or payment of such Indebtedness or obligation or (ii) to maintain working capital or other balance sheet condition or otherwise to advance or make available funds for the purchase or payment of such Indebtedness or obligation, (c) to lease property or to purchase securities or other property or services primarily for the purpose of assuring the owner of such Indebtedness or obligation of the ability of the Primary Obligor to make payment of the Indebtedness or obligation or (d) otherwise to assure the owner of the Indebtedness or obligation of the Primary Obligor against loss in respect thereof; <u>provided</u>, <u>however</u>, that the obligation described in clause (c) shall not include (i) obligations of a buyer under an agreement with a seller to purchase goods or services entered into in the ordinary course of such buyer's and seller's businesses unless such agreement requires that such buyer make payment whether or not delivery is ever made of such goods or services and (ii) remarketing agreements where the remaining debt on an aircraft does not exceed the aircraft's net book value, determined in accordance with industry standards, except that clause (c) shall apply to the amount of remaining debt under a remarketing agreement that exceeds the net book value of the aircraft. For the purposes of all computations made under this Agreement, a Guarantee in respect of any Indebtedness for borrowed money shall be deemed to be Indebtedness equal to the principal amount of such Indebtedness for borrowed money which has been guaranteed,

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

and a Guarantee in respect of any other obligation or liability or any dividend shall be deemed to be Indebtedness equal to the maximum aggregate amount of such obligation, liability or dividend.

"<u>Guarantor</u>" means the Company and each Subsidiary Guarantor.

"<u>Hybrid Capital Securities</u>" means any hybrid capital securities issued by the Company or any of its Subsidiaries from time to time whose proceeds are accorded a percentage of equity treatment by one or more Rating Organizations.

"<u>Hybrid Capital Securities Percentage</u>" means the greater of (a) 50% and (b) the lowest percentage accorded equity treatment for the Company's or any of its Subsidiaries' Hybrid Capital Securities among the Rating Organizations, as determined by such Rating Organizations from time to time.

"<u>ILFC</u>" means International Lease Finance Corporation, a California corporation.

"<u>Increasing Lender</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Indebtedness</u>" of any Person means and includes, without duplication, all obligations of such Person which in accordance with GAAP shall be classified upon a balance sheet of such Person as liabilities of such Person, and in any event shall include all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)obligations of such Person for borrowed money or which have been incurred in connection with the acquisition of property or assets (other than security and other deposits on flight equipment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Indebtedness of any other Person secured by any Lien or other charge upon property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)obligations created or arising under any conditional sale, or other title retention agreement with respect to property acquired by such Person, notwithstanding the fact that the rights and remedies of the seller, lender or lessor under such agreement in the event of default are limited to repossession or sale of property,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Capitalized Rentals of such Person under any Capitalized Lease,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)obligations evidenced by bonds, debentures, notes or other similar instruments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Guarantees by such Person of Indebtedness of any other Person;

<u>provided</u>, <u>however</u>, that Indebtedness shall in no event include any security deposits, deferred overhaul rental or other customer deposits held by such Person.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Indemnified Liabilities</u>" has the meaning set forth in Section 12.7.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Obligor under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"<u>Independent Financial Advisor</u>" means an accounting, appraisal, investment banking firm or consultant to Persons engaged in similar businesses of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged.

"<u>Information</u>" has the meaning set forth in Section 12.6.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Lender Appointment Period</u>" has the meaning set forth in Section 11.9.

"<u>Lender Parties</u>" has the meaning set forth in Section 12.7.

"<u>Lenders</u>" means the financial institutions identified as Lenders on the signature pages hereto and their respective successors and permitted assignees.

"<u>Lien</u>" means any mortgage, pledge, lien, security interest or other charge, encumbrance or preferential arrangement, including the retained security title of a conditional vendor or lessor. For avoidance of doubt, the parties hereto acknowledge that the filing of a financing statement under the Uniform Commercial Code does not, in and of itself, give rise to a Lien.

"<u>Litigation Actions</u>" means all litigation, claims and arbitration proceedings, proceedings before any Governmental Authority or investigations which are pending or, to the knowledge of the Company, threatened in writing against or affecting, the Company or any Subsidiary.

"<u>Loan Documents</u>" means this Agreement, the Notes, and any Guarantee Assumption Agreement.

"<u>Loan Period</u>" means with respect to any SOFR Rate Loan, the period commencing on such SOFR Rate Loan's Funding Date, the date of the Conversion of any Base Rate Loan into such SOFR Rate Loan or the date of the Continuation of such SOFR Rate Loan for a new Loan Period and ending one, three or six months thereafter as selected by the Borrower pursuant to Section 2.2(a); <u>provided</u>, <u>however</u>, that:

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if a Loan Period would otherwise end on a day which is not a Business Day, such Loan Period shall end on the next succeeding Business Day (unless, in the case of a SOFR Rate Loan, such next succeeding Business Day would fall in the next succeeding calendar month, in which case such Loan Period shall end on the next preceding Business Day),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of a Loan Period for any SOFR Rate Loan, if there exists no day numerically corresponding to the day such Term Loan was made in the month in which the last day of such Loan Period would otherwise fall, such Loan Period shall end on the last Business Day of such month, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)on the date of the making, Conversion or Continuation of any Term Loan by a Lender, the Loan Period for such Term Loan shall not extend beyond the then-scheduled Termination Date for such Lender; <u>provided</u> that a Loan Period may be shortened by the Borrower to end on the then-scheduled Termination Date, regardless of the duration of such Loan Period.

"<u>Management Group</u>" means at any time, the Chairman of the Board of Directors, the Chief Executive Officer, any President, any Executive Vice President or Vice President, any Managing Director, any Treasurer and any Secretary or other executive officer of the Company or any subsidiary of the Company at such time.

"<u>Material Adverse Effect</u>" means (a) any material adverse effect on the business, properties, condition (financial or otherwise) or operations of the Company and its Subsidiaries, taken as a whole since any stated reference date or from and after the date of determination, as the case may be, (b) any material adverse effect on the ability of the Borrower or any Guarantor to perform its material obligations hereunder and under the Notes or (c) any material adverse effect on the legality, validity, binding effect or enforceability of any material provision of this Agreement or any Note.

"<u>Mizuho</u>" has the meaning set forth in the Preamble.

"<u>Multiemployer Plan</u>" has the meaning assigned to such term in Section 3(37) of ERISA.

"<u>Non-Defaulting Lender</u>" means, at any time, a Lender that is not a Defaulting Lender.

"<u>Note</u>" means a promissory note of the Borrower, substantially in the form of Exhibit B, duly completed, evidencing Term Loans to the Borrower, as such note may be amended, modified or supplemented or supplanted pursuant to Section 12.4.1 from time to time.

"<u>Notice of Increase</u>" has the meaning set forth in Section 4.4(a)(i).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Notice Office</u>" means the office of Mizuho which, as of the date hereof, is located at 1800 Plaza Ten, Harborside Financial Ctr., Jersey City, NJ 07311; telecopy number: 201-626-9941; telephone number: 201-626-9384; e-mail address: LAU_Agent@mizuhogroup.com.

"<u>Obligors</u>" means the Borrower and each Guarantor, and "<u>Obligor</u>" means any one of them.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Term Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment other than an assignment made pursuant to Section 12.9(c).

"<u>Participant</u>" has the meaning set forth in Section 12.4.2.

"<u>Participant Register</u>" has the meaning set forth in Section 12.4.2.

"<u>Payment</u>" has the meaning set forth in Section 11.5(c).

"<u>Payment Notice</u>" has the meaning set forth in Section 11.5(d).

"<u>Payment Office</u>" means the office of the Agent which, as of the date hereof, is located at 1800 Plaza Ten, Harborside Financial Ctr., Jersey City, NJ 07311; telecopy number 201-626-9941; telephone number 201-626-9599; e-mail address LAU_Agent@mizuhogroup.com.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

"<u>Percentage</u>" means as to any Lender the ratio, expressed as a percentage, that such Lender's Commitment as set forth opposite such Lender's name on Schedule I bears to the Aggregate Commitment or, if the Commitments have been terminated or expired, the ratio, expressed as a percentage, that the aggregate principal amount of such Lender's outstanding Term Loans bears to the aggregate principal amount of all outstanding Term Loans.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the definition of "<u>Term SOFR</u>".

"<u>Permitted Holders</u>" means the collective reference to the Management Group.

"<u>Person</u>" means an individual or a corporation, partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.

"<u>Plan</u>" means, at any date, any employee pension benefit plan (as defined in Section 3(2) of ERISA) which is subject to Title IV of ERISA (other than a Multiemployer Plan) and to which the Company or any ERISA Affiliate may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

"<u>Platform</u>" has the meaning set forth in Section 12.2(c).

"<u>Primary Currency</u>" has the meaning set forth in Section 12.15(c).

"<u>Primary Obligor</u>" has the meaning set forth in the definition of "<u>Guarantees</u>".

"<u>Projections</u>" has the meaning set forth in Section 7.9.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Lender</u>" has the meaning set forth in Section 12.2(d).

"<u>QFC</u>" has the meaning assigned to the term "<u>qualified financial contract</u>" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning set forth in Section 12.19.

"<u>Qualified Securitization Financing</u>" means any Securitization Financing of a Securitization Subsidiary, the financing terms, covenants, termination events and other provisions of which, including any Standard Securitization Undertakings, shall be market terms.

"<u>Qualifying Jurisdiction</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a member state of the European Union other than Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a jurisdiction with which Ireland has entered into a Tax Treaty that has the force of law by virtue of Section 826(1) of the TCA; or

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a jurisdiction with which Ireland has entered into a Tax Treaty which will (upon the completion of necessary procedures set out in Section 826(1) of the TCA) have the force of law.

"<u>Qualifying Lender</u>" means a Lender which is the beneficial owner of the interest payable to that Lender in respect of a Term Loan (and any Additional Term Loan from time to time) under this Agreement and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)which is a bank within the meaning of Section 246 of the TCA which is carrying on a bona fide banking business in Ireland (for the purposes of Section 246(3) (a) of the TCA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)which is a body corporate which, by virtue of the law of a Qualifying Jurisdiction, is resident in the Qualifying Jurisdiction for the purposes of tax and that Qualifying Jurisdiction imposes a tax that generally applies to interest receivable in that Qualifying Jurisdiction by bodies corporate from sources outside that Qualifying Jurisdiction and provided that such person does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)which is a body corporate which, by virtue of the law of a Qualifying Jurisdiction, is resident in the Qualifying Jurisdiction for the purposes of tax and that Qualifying Jurisdiction imposes a tax that generally applies to interest remitted to that Qualifying Jurisdiction from sources outside that Qualifying Jurisdiction and the interest is payable into a bank account held by the body corporate located in that Qualifying Jurisdiction, and provided that such body corporate does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)which is a body corporate where the interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)is exempted from the charge to Irish income tax under a Tax Treaty having the force of law under the procedures set out in Section 826(1) of the TCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)would be exempted from the charge to Irish income tax under a Tax Treaty entered into on or before the payment date of that interest if that Tax Treaty (which does not yet have force of law by virtue of Section 826(1) of the TCA) has force of law under the procedures set out in Section 826(1) of the TCA at that date,

<u>provided</u>, in the case of both clauses (i) and (ii), that such body corporate does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)which is a U.S. company that is incorporated in the U.S. and is subject to tax in the U.S. on its worldwide income; <u>provided</u> that such U.S. company does not provide its commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)which is a U.S. limited liability company, where the ultimate recipients of the interest payable to that U.S. limited liability company would, if they were themselves lenders, satisfy the requirements set out in (b), (c), (d) or (e) above and the business conducted through the U.S. limited liability company is so structured for non-tax commercial reasons and not for tax avoidance purposes; <u>provided</u> that such U.S. limited liability company and the ultimate recipients of the relevant interest do not provide their commitment in connection with a trade or business which is carried on in Ireland through a branch or agency in Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)which is a body corporate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)which advances money in the ordinary course of a trade which includes the lending of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in whose hands any interest payable in respect of money so advanced is taken into account in computing the trading income of that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)which has complied with the notification requirements set out in Section 246(5)(a) of the TCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)which is a qualifying company (within the meaning of section 110 of the TCA); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)which is an investment undertaking (within the meaning of Section 739B of the TCA).

"<u>Rating Organizations</u>" means the following nationally recognized rating organizations: Moody's Investors Service, Inc., S&P Global Ratings, a division of S&P Global Inc., and Fitch Ratings, Inc. and, in each case, any successor to its rating agency business.

"<u>Recipient</u>" means the Administrative Agent or any Lender.

"<u>Register</u>" has the meaning set forth in Section 11.11(a).

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

"<u>Relevant Governmental Body</u>" means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Replaced Lender</u>" has the meaning set forth in Section 12.20(b)(ii).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Reportable Event</u>" means an event described in Section 4043(c) of ERISA with respect to a Plan other than those events as to which the 30 day notice period is waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation Section 4043.

"<u>Requested Increase Amount</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Requested Increase Date</u>" has the meaning set forth in Section 4.4(a)(i).

"<u>Required Lenders</u>" means Non-Defaulting Lenders having an aggregate Percentage of more than 50%; <u>provided</u> that the Term Loans and Commitments of any Defaulting Lender shall be excluded from the determination of Required Lenders.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Restricted Cash</u>" means "<u>restricted cash</u>" or any line item of similar import and "<u>cash and cash equivalents</u>" or any line item of similar import subject to any Lien (other than (x) Liens arising by operation of law and (y) bankers' Liens arising in the ordinary course of business).

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of specially designated nationals or designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. State Department, the U.S. Department of Commerce, the U.S. Department of the Treasury, the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom, or (b) any Person controlled by such a Person.

"<u>Sanctions</u>" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the United States government, including those administered by the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. State Department, the U.S. Department of Commerce or the U.S. Department of the Treasury, or (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom.

"<u>Securities Act</u>" means the United States Securities Act of 1933.

"<u>Securitization Assets</u>" means the accounts receivable, lease, royalty or other revenue streams and other rights to payment and all related assets (including contract rights, books and records, all collateral securing any and all of the foregoing, all contracts and all guarantees or other obligations in respect of any and all of the foregoing and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving any and all of the foregoing) and the proceeds thereof in each case pursuant to a Securitization Financing.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Securitization Financing</u>" means one or more transactions or series of transactions that may be entered into by the Company and/or any Subsidiary pursuant to which the Company or any Subsidiary may sell, convey or otherwise transfer Securitization Assets to (a) a Securitization Subsidiary (in the case of a transfer by the Company or any of the Subsidiaries that is not a Securitization Subsidiary) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Company or any Subsidiary.

"<u>Securitization Subsidiary</u>" means a Subsidiary (or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which the Company or any Subsidiary makes an investment and to which the Company or any Subsidiary transfers Securitization Assets and related assets) that engages in no activities other than in connection with the financing of Securitization Assets of the Company or a Subsidiary, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors of the Company or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any Subsidiary, other than another Securitization Subsidiary (excluding guarantees of obligations pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any Subsidiary, other than another Securitization Subsidiary, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Company or any Subsidiary, other than another Securitization Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings and (b) to which none of the Company or any other Subsidiary, other than another Securitization Subsidiary, has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company or such other Person shall be evidenced by a resolution of the Board of Directors of the Company or such other Person giving effect to such designation.

"<u>Shareholder's Equity</u>" means, as of any date of determination for the Company and its Subsidiaries on a consolidated basis, (a) shareholders' equity (including (i) capital stock, (ii) additional paid-in capital, (iii) the amount that is (x) the aggregate amount outstanding of Hybrid Capital Securities multiplied by (y) the Hybrid Capital Securities Percentage, and (iv) retained earnings after deducting treasury stock) as of such date determined in accordance with GAAP, plus (b) to the extent not otherwise included in shareholders' equity of the Company, any outstanding market auction preferred stock of ILFC.

"<u>Significant Subsidiary</u>" means (a) any Obligor that is a Subsidiary of the Company and (b) any other Subsidiary which is so defined pursuant to Rule 1-02 of Regulation S-X promulgated by the Securities and Exchange Commission.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Rate</u>" means with respect to Term Loans that are SOFR Rate Loans, Term SOFR plus the Applicable Margin for SOFR Rate Loans.

"<u>SOFR Rate Loan</u>" means any Term Loan which bears interest at a SOFR Rate, other than pursuant to clause (c) of the definition of "<u>Base Rate</u>".

"<u>SPV</u>" has the meaning set forth in Section 12.4.2.

"<u>Standard Securitization Undertakings</u>" means representations, warranties, covenants and indemnities entered into by the Company or any of its Subsidiaries that are customary for a seller or servicer of assets in a Securitization Financing.

"<u>Subsidiary</u>" means any Person of which or in which the Company and its other Subsidiaries own directly or indirectly 50% or more of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the combined voting power of all classes of stock having general voting power under ordinary circumstances to elect a majority of the board of directors of such Person, if it is a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the capital interest or profits interest of such Person, if it is a partnership, limited liability company, joint venture or similar entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the beneficial interest of such Person, if it is a trust, association or other unincorporated organization.

"<u>Subsidiary Guarantor</u>" means each of the Subsidiaries of the Company identified under the caption "<u>GUARANTORS</u>" on the signature pages hereto and each Subsidiary of the Company that becomes a "<u>Subsidiary Guarantor</u>" after the date hereof pursuant to Section 8.19.

"<u>Successor Lender</u>" has the meaning set forth in Section 12.9(c).

"<u>Supported QFC</u>" has the meaning set forth in Section 12.19.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Tax Treaty</u>" means an arrangement for relief from double taxation entered into by Ireland.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>TCA</u>" means the Irish Taxes Consolidation Act, 1997.

"<u>Term Loan</u>" means a loan in Dollars that is a Base Rate Loan or SOFR Rate Loan made or continued pursuant to Section 2 (each of which shall be a "<u>Type</u>" of Term Loan), and includes any Additional Term Loan.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Term Loan Commitments</u>" means the Lenders' commitments to make initial Term Loans hereunder on the Closing Date; and "<u>Term Loan Commitment</u>" as to any Lender means the amount set forth opposite such Lender's name on Schedule I under the heading "<u>Term Loan Commitment</u>" (as reduced or increased, as applicable, in accordance with Section 4.4 or otherwise in accordance with the terms of this Agreement).

"<u>Term Loan Request</u>" has the meaning set forth in Section 2.2(a).

"<u>Term SOFR</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for any calculation with respect to a SOFR Rate Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Loan Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Loan Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day that is two (2) U.S. Government Securities Business Days prior to such day (such day, the "<u>Base Rate Term SOFR Determination Day</u>"), as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day;

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

<u>provided</u> that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor. Notwithstanding anything to the contrary contained in this Agreement, it is understood and agreed that "<u>Term SOFR</u>" with respect to the initial Loan Period for Term Loans made or continued on the Closing Date shall be determined based on the Interpolated Rate (as defined below) for such initial Loan Period (but shall not be deemed to be less than 0.00% per annum). For purposes of the foregoing, the "<u>Interpolated Rate</u>" means a rate determined through the use of straight-line interpolation by reference to two such rates, one of which shall be determined as if the period of time for which Term SOFR is available is the period next shorter than the length of such initial Loan Period and the other of which shall be determined as if the period of time for which Term SOFR is available is the period next longer than the length of such initial Loan Period as determined by the Administrative Agent (and notified to the Borrower).

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate).

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Terminating Lender</u>" has the meaning set forth in Section 12.9(c).

"<u>Termination Date</u>" means, with respect to any Lender, the earliest to occur of (a) January 31, 2029 or such later date as may be agreed to by such Lender pursuant to Section 12.9(a), or if such day is not a Business Day, the next preceding Business Day, and (b) the date specified as such Lender's Termination Date pursuant to Section 12.9(b), or, if such day is not a Business Day, the next preceding Business Day; in all cases, subject to the provisions of Section 12.9(d).

"<u>Type</u>" has the meaning set forth in the definition of "<u>Term Loan</u>".

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Unencumbered Assets</u>" means, as of the date of any determination, the sum, without duplication, of (a) the difference between (i) the book value (determined in accordance with GAAP) on such date of determination of the Aircraft Assets owned by the Company and its Subsidiaries and (ii) the aggregate outstanding principal amount on such date of determination of Financial Indebtedness of the Company and its Subsidiaries secured by Liens over such Aircraft Assets or the Equity Interests of the Subsidiary owning such Aircraft Assets, and (b) the lesser of (i) $4,000,000,000 and (ii) the aggregate amount of "<u>cash and cash equivalents</u>" or any line item of similar import (but in any event, excluding Restricted Cash) reflected on a consolidated balance sheet of the Company prepared as of such date of determination in accordance with GAAP.

"<u>Unintended Recipient</u>" has the meaning set forth in Section 11.5(c).

"<u>Unmatured Event of Default</u>" means any event which if it continues uncured will, with lapse of time or notice or lapse of time and notice, constitute an Event of Default.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Special Resolution Regimes</u>" has the meaning set forth in Section 12.19.

"<u>USA PATRIOT Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

"<u>Voting Stock</u>" of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

"<u>Wholly-owned Subsidiary</u>" means any Person of which or in which the Company and its other Wholly-owned Subsidiaries own directly or indirectly 100% of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the issued and outstanding shares of stock (except shares required as directors' qualifying shares),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the capital interest or profits interest of such Person, if it is a partnership, limited liability company, joint venture or similar entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the beneficial interest of such Person, if it is a trust, association or other unincorporated organization.

"<u>Withdrawal Liability</u>" means "<u>withdrawal liability</u>" within the meaning of Section 4201 of ERISA.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.3.<u>Divisions</u>. For all purposes under the Loan Documents, in connection with any division or plan of division under Section 18-217 of the Delaware Limited Liability Company Act: (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

(ii)LOANS AND NOTES

Section 2.1.<u>Agreement to Make Term Loans</u>. On the terms and subject to the conditions of this Agreement, each Lender, severally and for itself alone, agrees to make or continue a term loan (herein collectively called "<u>Term Loans</u>" and individually each called a "<u>Term Loan</u>") on the Closing Date in accordance with Section 12.20 and, if applicable, on each Requested Increase Date in accordance with Section 4.4, in each case, in such Lender's Percentage (or, on the Closing Date, in such other amount as is in accordance with Section 12.20) of the aggregate principal amount of such Term Loans as the Borrower may request as provided in Section 2.2; <u>provided</u> that (a) the aggregate principal amount of all outstanding Term Loans of any Lender shall not at any time exceed the amount set forth opposite such Lender's name on Schedule I and (b) Term Loans made or continued on the Closing Date shall be SOFR Rate Loans. Notwithstanding anything to the contrary contained in this Agreement, the initial Loan Period for Term Loans made or continued on the Closing Date shall commence on the Closing Date and end on June 30, 2025 and Term SOFR applicable to such initial Loan Period shall be as set forth in the last two sentences of the definition of "<u>Term SOFR</u>". Amounts borrowed under this Section 2.1 and subsequently repaid or prepaid may not be reborrowed.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 2.2.<u>Procedure for Term Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Term Loan Requests. The Borrower shall give the Agent irrevocable telephonic notice at the Notice Office (promptly confirmed in writing on the same day) (i) not later than 10:30 a.m., New York City time, at least three U.S. Government Securities Business Days (or, if longer, three Business Days) prior to the applicable Funding Date in the case of SOFR Rate Loans or (ii) not later than 12:00 p.m., Central European time, at least one Business Day prior to the applicable Funding Date in the case of Base Rate Loans, of each requested Term Loan, and the Agent shall promptly advise each Lender thereof. Each such notice to the Agent (a "<u>Term Loan Request</u>") shall be substantially in the form of Exhibit A and shall specify (i) the Funding Date (which shall be a Business Day), (ii) the aggregate amount of the Term Loans requested (in an amount permitted under clause (b) below), (iii) whether each Term Loan shall be a SOFR Rate Loan or a Base Rate Loan and (iv) if a SOFR Rate Loan, the Loan Period therefor (subject to the limitations set forth in the definition of Loan Period and Section 2.5). After giving effect to all Term Loans, all Conversions of Term Loans from one Type to the other and all Continuations of SOFR Rate Loans, there shall not be more than ten Loan Periods in effect with respect to Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Amount and Increments of Term Loans. Each Term Loan Request shall contemplate Term Loans in a minimum aggregate amount of $10,000,000 or a higher integral multiple of $1,000,000, not to exceed in the aggregate (for all requested Term Loans) the then Aggregate Commitment as of the applicable Funding Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Funding of Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Not later than 12:30 p.m., New York City time, on the applicable Funding Date of a Term Loan, each Lender shall, subject to this Section 2.2(c), provide the Agent at its Notice Office with immediately available funds covering such Lender's Term Loan and the Agent shall pay over such funds to the Borrower not later than 2:00 p.m., New York City time, on such day if the Agent shall have received the documents required under Section 9 with respect to such Term Loan and the other conditions precedent to the making of such Term Loan shall have been satisfied not later than 10:00 a.m., New York City time, on such day. If the Agent does not receive such documents or such other conditions precedent have not been satisfied prior to such time, then (A) the Agent shall not pay over such funds to the Borrower, (B) the Borrower's Term Loan Request related to such Term Loan shall be deemed cancelled in its entirety, (C) in the case of Term Loan Requests relative to SOFR Rate Loans, the Borrower shall be liable to each Lender in accordance with Section 6.4 and (D) the Agent shall return the amount previously provided to the Agent by each Lender on the next following Business Day.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Borrower agrees to notify the Agent immediately of any failure by it to satisfy the conditions precedent to the making of any Term Loan. The Agent shall be entitled to assume, after it has received each of the documents required under Section 9 with respect to a particular Term Loan, that each of the conditions precedent to the making of such Term Loan has been satisfied absent actual knowledge to the contrary received by the Agent prior to the time of the receipt of such documents. Unless the Agent shall have notified the Lenders prior to 10:30 a.m., New York City time, on the applicable Funding Date of any Term Loan that the Agent has actual knowledge that the conditions precedent to the making of such Term Loan have not been satisfied, the Lenders shall be entitled to assume that such conditions precedent have been satisfied.

Section 2.3.<u>Maturity of Term Loans</u>. All Term Loans made by a Lender shall mature on the Termination Date for such Lender.

Section 2.4.<u>Optional Conversion or Continuation of Term Loans</u>. The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 a.m. (New York City time) on the third U.S. Government Securities Business Day (or, if longer, the third Business Day) prior to the date of the proposed Conversion or Continuation and subject to the provisions of Section 3.3, Convert all Term Loans of one Type comprising the same borrowing hereunder into Term Loans of the other Type or Continue all SOFR Rate Loans comprising the same borrowing hereunder for a new Loan Period; <u>provided</u>, <u>however</u>, that any Conversion of SOFR Rate Loans into Base Rate Loans and any Continuation of SOFR Rate Loans for a new Loan Period shall be made only (a) on the last day of a Loan Period for such SOFR Rate Loans or (b) on any day other than the last day of a Loan Period for such SOFR Rate Loans so long as the Borrower pays the amounts payable pursuant to Section 6.4(a). Any Conversion of Base Rate Loans into SOFR Rate Loans or Continuation of SOFR Rate Loans shall be in an amount not less than the minimum amount specified in Section 2.2(b), no Conversion or Continuation of any Term Loans shall result in more separate Term Loans than permitted under Section 2.2(a) and each Conversion or Continuation shall be subject to Section 2.5; <u>provided</u>, <u>however</u>, that upon the occurrence and during the continuance of any Event of Default no Conversion of Base Rate Loans into SOFR Rate Loans or Continuation of SOFR Rate Loans for a new Loan Period shall be permitted. Each such notice of a Conversion or Continuation shall, within the restrictions specified above, specify (i) the date of such Conversion or Continuation, (ii) the Term Loans to be Converted or Continued, and (iii) if such Conversion is into SOFR Rate Loans or if such notice is of a Continuation of SOFR Rate Loans, the duration of the initial (or Continued) Loan Period for each such Term Loan. Each notice of Conversion or Continuation shall be irrevocable and binding on the Borrower.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 2.5.<u>Loan Periods</u>. Notwithstanding anything to the contrary contained in this Agreement, except with respect to the initial Loan Period for Term Loans made or continued on the Closing Date (which shall have a Loan Period as set forth in Section 2.1), unless a different Loan Period is selected by the Borrower, each Loan Period for a Term Loan, whether at the applicable Funding Date, or upon Conversion or Continuation of such Term Loan, shall be for a duration of three months from the applicable Funding Date, or the date of such Conversion or Continuation. If the Borrower does not deliver a timely notice of Continuation with respect to any SOFR Rate Loan prior to the end of the Loan Period applicable thereto, (x) unless an Event of Default has occurred and is continuing, then such SOFR Rate Loan shall be Continued as a SOFR Rate Loan with a Loan Period of three months' duration and (y) if an Event of Default has occurred and is continuing, then such SOFR Rate Loan shall be Converted into a Base Rate Loan, in each case unless such SOFR Rate Loan is repaid at the end of such Loan Period.

(iii)INTEREST AND FEES

Section 3.1.<u>Interest Rates</u>. The Borrower hereby promises to pay interest on the unpaid principal amount of each Term Loan for the period commencing on the applicable Funding Date for such Term Loan until such Term Loan is paid in full, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if such Term Loan is a Base Rate Loan, at a rate per annum equal to the Base Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if such Term Loan is a SOFR Rate Loan, at a rate per annum equal to the SOFR Rate applicable to the Loan Period for such Term Loan;

<u>provided</u> that if all or a portion of the principal amount of any Term Loan or any interest payable thereon or any fee payable hereunder shall not be paid when due, such overdue amount shall bear interest at a rate per annum that is equal to (x) in the case of overdue principal, the rate that would otherwise be applicable thereto as set forth above plus 2.00% per annum, (y) in the case of overdue interest on any Term Loan, the rate that would otherwise be applicable to such Term Loan as set forth above plus 2.00% per annum or (z) in the case of any overdue fee payable hereunder, the rate described in Section 3.1(a) plus 2.00% per annum, in each case, from the date of occurrence of an Event of Default as a result of such failure to pay to the date on which such amount is paid in full.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 3.2.<u>Interest Payment Dates</u>. Accrued interest on each Term Loan shall be payable on the last day of each calendar quarter and on the Termination Date; <u>provided</u> that in the event a Loan Period with a duration of one or six months is selected by the Borrower in accordance with Section 2.5, accrued interest on each such Term Loan shall be payable in arrears on the last day of the applicable Loan Period therefor and, with respect to each Term Loan with a Loan Period of six months, on the day that is three months after the first day of such Loan Period (or, if there is no day in such third month numerically corresponding to such first day of the Loan Period, on the last Business Day of such month). Upon the occurrence and during the continuance of any Event of Default, accrued interest on any Term Loan shall be payable on demand. If any interest payment date falls on a day that is not a Business Day, such interest payment date shall be postponed to the next succeeding Business Day and the interest paid shall cover the period of postponement (except that if the Term Loan is a SOFR Rate Loan and the next succeeding Business Day falls in the next succeeding calendar month, such interest payment date shall be the immediately preceding Business Day).

Section 3.3.<u>Setting and Notice of Term Loan Rates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The applicable interest rate for each Term Loan hereunder shall be determined by the Agent in accordance with this Agreement and notice thereof shall be given by the Agent promptly to the Borrower and to each Lender. Each determination of the applicable interest rate by the Agent shall be conclusive and binding upon the parties hereto in the absence of demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the case of SOFR Rate Loans, if as to any Loan Period Term SOFR is not available and the applicable substitute is also unavailable, then (i) the Agent shall promptly notify the other parties thereof and (ii) at the option of the Borrower the Term Loan Request delivered by the Borrower pursuant to Section 2.2(a) with respect to such Funding Date shall be cancelled or shall be deemed to have specified a Base Rate Loan. For the avoidance of doubt, in the circumstances described in the immediately preceding sentence, the obligation of the Lenders to make or Continue SOFR Rate Loans or to Convert Base Rate Loans into SOFR Rate Loans shall be suspended until the Agent shall notify the Company and the Lenders that the circumstances causing such suspension no longer exist (which notice shall be provided by the Agent promptly upon such circumstances ceasing to exist).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Agent shall, upon written request of the Borrower or any Lender, deliver to the Borrower or such Lender a statement showing the computations used by the Agent in determining the interest rate applicable to any SOFR Rate Loan.

Section 3.4.<u>Agent's Fees</u>. The Borrower agrees promptly to pay to the Agent such fees as may be agreed from time to time by the Borrower, the Company and the Agent, including pursuant to the Fee Letter.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 3.5.<u>Computation of Interest and Fees</u>. All interest hereunder shall be computed for the actual number of days elapsed on the basis of a 360-day year; <u>provided</u> that, for any period when the Base Rate is determined based on clause (b) of the definition of Base Rate, all interest accruing at the Base Rate for such period shall be computed for the actual number of days elapsed on the basis of a 365/366 day year. The interest rate applicable to each SOFR Rate Loan and Base Rate Loan shall change simultaneously with each change in the SOFR Rate or the Base Rate, as applicable.

(iv)DEFAULTING LENDERS; PREPAYMENTS; INCREASE OF TERM LOANS; REPAYMENTS

Section 4.1.<u>Termination of Defaulting Lender</u>. The Borrower shall be entitled at any time to replace all of the Commitments or Term Loans of any Lender that is a Defaulting Lender with Commitments or Term Loans of a Successor Lender; <u>provided</u> that (a) each such assignment shall be either an assignment of all of the rights and obligations of the Defaulting Lender under this Agreement or an assignment of a portion of such rights and obligations made concurrently with another such assignment or other such assignments that together cover all of the rights and obligations of the Defaulting Lender under this Agreement with respect to all of the Commitments, and (b) concurrently with such assignment, either the Borrower or one or more Successor Lenders shall pay for the account of such Defaulting Lender an aggregate amount at least equal to the aggregate outstanding principal amount of the Term Loans owing to such Defaulting Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Defaulting Lender under this Agreement. In either such event, the provisions of Section 4.3 shall apply to all amounts thereafter paid by the Borrower or such Successor Lender for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees or other amounts); <u>provided</u> that such termination or assignment shall not be deemed to be a waiver or release of any claim the Borrower, the Agent, or any Lender may have against such Defaulting Lender.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 4.2.<u>Voluntary Prepayments</u>. The Borrower may voluntarily prepay Term Loans without premium or penalty, except as may be required pursuant to subsection (d) below, in whole or in part; <u>provided</u> that (a) each prepayment shall be in an aggregate principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, (b) the Borrower shall give the Agent at its Notice Office (which shall promptly advise each Lender), not later than 10:30 a.m., New York City time, (i) at least two U.S. Government Securities Business Days' (or, if longer, two Business Days') prior notice thereof for prepayments of SOFR Rate Loans or (ii) same day notice thereof for prepayments of Base Rate Loans, specifying the Term Loans to be prepaid and the date and amount of prepayment, (c) any prepayment of principal of any Term Loan shall include accrued interest to the date of prepayment on the principal amount being prepaid and (d) any prepayment of a SOFR Rate Loan shall be subject to the provisions of Section 6.4. Any notice of prepayment in full of all Term Loans hereunder may state that such notice is conditioned upon the effectiveness of other credit facilities or capital raising, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is not satisfied.

Section 4.3.<u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 4.3 or otherwise specifically provided herein, performance by the Borrower of its obligations shall not be excused or otherwise modified as a result of the operation of this Section 4.3. The rights and remedies against a Defaulting Lender under this Section 4.3 are in addition to any other rights and remedies which the Borrower, the Agent or any Lender may have against such Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Borrower and the Agent agree in writing in their reasonable determination that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, fund any Term Loan in respect of which that Lender has failed to fund its portion thereof as required by this Agreement or take such other actions as the Agent may determine to be necessary to cause the Term Loans to be held on a pro rata basis by the Lenders in accordance with their respective Percentages, whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively or with duplication with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender's having been a Defaulting Lender.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary contained in this Agreement, any payment of principal, interest, fees or other amounts received by the Agent for the account of any Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity or otherwise) shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, as the Borrower may request (so long as no Event of Default shall have occurred and be continuing), to the funding of any Term Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; fourth, so long as no Event of Default shall have occurred and be continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that, if (i) such payment is a payment of the principal amount of any Term Loan in respect of which such Defaulting Lender has not fully funded its appropriate share, and (ii) such Term Loans were made at a time when the applicable conditions set forth in Section 9 were satisfied or waived, such payment shall be applied solely to pay the Term Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Term Loans of such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 4.3 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

Section 4.4.<u>Increase of Term Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower shall have the right at any time after the Closing Date to increase the aggregate principal amount of the Term Loans hereunder in accordance with the following provisions and subject to the following conditions:

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Borrower shall give the Administrative Agent, which shall promptly deliver a copy thereof to each of the Lenders, at least three Business Days' (or such lesser period as the Administrative Agent may reasonably agree) prior written notice (a "<u>Notice of Increase</u>") of any such requested increase specifying the aggregate amount by which the Term Loans are to be increased (the "<u>Requested Increase Amount</u>"), which shall be at least $5,000,000 and in increments of $1,000,000 thereafter, and the requested date of increase (the "<u>Requested Increase Date</u>"), any such increase provided hereunder being referred to as an "<u>Additional Term Loan Commitment</u>" and any term loans made pursuant thereto, being referred to herein as, "<u>Additional Term Loans</u>". The Borrower may, but shall not be obligated to, offer to any Lender the right to provide all or any portion of the Requested Increase Amount. No Lender shall have any obligation whatsoever to offer to provide Additional Term Loan Commitments or make Additional Term Loans by an amount specified by the Borrower or otherwise nor shall the Borrower be obligated to accept any offer by an existing Lender to provide all or any portion of the Requested Increase Amount. Any Lender that so offers to increase its Term Loan, which increase is accepted by the Borrower, is herein called an "<u>Increasing Lender</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the aggregate amount of the increases offered and accepted pursuant to clause (i) above, if any, is less than the Requested Increase Amount, the Borrower may, through the Administrative Agent, offer the balance of the Requested Increase Amount to one or more Eligible Assignees; <u>provided</u> that the Additional Term Loan Commitments to be acquired hereunder by any such Eligible Assignee shall not be less than $1,000,000. Any such Eligible Assignee that agrees to acquire an Additional Term Loan Commitment pursuant hereto is herein called an "<u>Additional Lender</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Effective on the Requested Increase Date, subject to the terms and conditions hereof, (x) Schedule I shall be deemed amended to reflect the increases contemplated hereby, (y) the Term Loan of each Increasing Lender shall be increased by the amount agreed by such Increasing Lender and the Borrower, and (z) each Additional Lender shall enter into an agreement in form and substance reasonably satisfactory to the Borrower and the Administrative Agent pursuant to which it shall undertake, as of such Requested Increase Date, an Additional Term Loan in the amount determined pursuant to clause (ii) above, and such Additional Lender shall thereupon be deemed to be a Lender for all purposes of this Agreement.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Anything in this Section 4.4 to the contrary notwithstanding, no increase in the aggregate principal amount of the Term Loans hereunder pursuant to this Section shall be effective unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)on the relevant Requested Increase Date and after giving effect to such increase, (x) no Unmatured Event of Default under Section 10.1.1 or 10.1.3 or Event of Default shall have occurred and be continuing and (y) the representations and warranties contained in Section 7 (other than those contained in Section 7.5) shall be true and correct in all material respects as of the Requested Increase Date and after giving effect thereto, with the same effect as though made on the Requested Increase Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)after giving effect to any such increase the aggregate principal amount of the Term Loans shall not exceed $1,500,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except as expressly set forth in this Section 4.4, the terms and provisions of each Additional Term Loan shall be identical in all respects to the Term Loans made or continued on the Closing Date (it being understood and agreed that the Borrower at its election may pay upfront or closing fees with respect to any Additional Term Loans without paying such fees with respect to the Term Loans generally).

Section 4.5.<u>Repayment of Term Loans</u>. The Borrower shall repay to the Administrative Agent for the account of each Lender the then remaining unpaid aggregate principal amount of the Term Loans of such Lender on the Termination Date for such Lender.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

(v)MAKING AND PRORATION OF PAYMENTS; SET OFF; TAXES

Section 5.1.<u>Making of Payments</u>. Payments (including those made pursuant to Section 4.1) of principal of, or interest on, the Term Loans and all payments of fees and any other payments required to be made by the Borrower to the Agent hereunder shall be made by the Borrower to the Agent in immediately available funds, without set-off or counterclaim, at its Payment Office not later than 12:00 Noon, New York City time, on the date due; and funds received after that hour shall be deemed to have been received by the Agent on the next following Business Day. Subject to Section 4.3, the Agent shall promptly remit to each Lender its share (if any) of each such payment. All payments under Section 6 and all payments required to be made hereunder to any Person other than the Agent shall be made by the Borrower when due directly to the Persons entitled thereto in immediately available funds.

Section 5.2.<u>Pro Rata Treatment; Sharing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as required pursuant to Section 4.3, Section 6 or Section 12.9, each payment or prepayment of principal of any Term Loans and each payment of interest on the Term Loans shall be allocated pro rata among the Lenders in accordance with their respective Percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If any Lender or other holder of a Term Loan shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise) on account of principal of, interest on or fees or other amounts with respect to any Term Loan in excess of the share of payments and other recoveries (exclusive of payments or recoveries under Section 6 or pursuant to Section 12.9) such Lender or other holder would have received if such payment had been distributed pursuant to the provisions of Section 5.2(a), such Lender or other holder shall purchase from the other Lenders or holders, in a manner to be specified by the Agent, such participations in the Term Loans held by them as shall be necessary so that all such payments of principal and interest with respect to the Term Loans shall be shared by the Lenders and other holders pro rata in accordance with their respective Percentages; <u>provided</u>, <u>however</u>, that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender or holder, the purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

Section 5.3.<u>Set-off</u>. Each Obligor agrees that the Agent, each Lender and any of their respective branches or agencies, to the extent permitted by applicable law, has all rights of set-off and banker's lien provided by applicable law, and each Obligor further agrees that at any time, (i) any amount owing by any Obligor under this Agreement is due to any such Person or (ii) any Event of Default exists, each such Person, to the extent permitted by applicable law, may apply to the payment of any amount payable hereunder any and all balances, credits, deposits, accounts or moneys of such Obligor then or thereafter with such Person.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 5.4.<u>Taxes</u>. (a)Payments Free of Taxes. Any and all payments by or on account of any obligation of any Obligor under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Evidence of Payment. As soon as practicable after any payment of Taxes by any Obligor to a Governmental Authority pursuant to this Section, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section, but without duplication of increased amounts the Borrower has paid in respect of Taxes pursuant to Section 5.4(a)), payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so) and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Status of Lenders. (i)(A) Each Lender shall certify in writing to the Borrower and the Administrative Agent on or before the date it becomes a Lender that it is a Qualifying Lender (specifying which category of Qualifying Lender it is) and (B) any Lender that is entitled to benefit from an exemption from or reduction of withholding Tax with respect to payments made under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation to the Borrower as will enable the Borrower to comply with the provisions of Sections 891A, 891E, 891F and 891G of the Taxes Consolidation Act 1997 of Ireland. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.4(f)(ii) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Without limiting the generality of the foregoing, if a payment made to a Lender under this Agreement would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (ii), "<u>FATCA</u>" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Lender agrees (A) that if any form, certification or representation it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form, certification or representation or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so; and (B) if it no longer qualifies as a Qualifying Lender after the date it becomes a Lender, it will promptly notify the Borrower and the Administrative Agent in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Indemnification of Borrower. Each Lender shall severally indemnify the Borrower within 10 Business Days after written demand with adequate supporting documentation for any Excluded Tax actually paid by the Borrower to a governmental entity solely and directly attributable to such Lender's failure to comply with Section 5.4(f)(i)(A) or Section 5.4(f)(iii)(B) as it relates to the certification provided in Section 5.4(f)(i)(A) to the extent that such amounts were also paid to the Lender in error pursuant to Section 5.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Survival. Each party's obligations under this Section 5.4 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

(vi)INCREASED COSTS AND SPECIAL PROVISIONS FOR SOFR RATE LOANS

Section 6.1.<u>Increased Costs</u>. (a) If after the date hereof, the adoption of any applicable law, rule or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the making or issuance of any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency and compliance by any Lender (or any Funding Office of such Lender) therewith, then, subject to the provisions of Section 5.4, which shall provide the sole source of additional amounts payable to any Lender with respect to the matters covered therein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)shall subject any Lender (or any Funding Office of such Lender) to any Taxes with respect to its SOFR Rate Loans (except for (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (iii) Connection Income Taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)shall impose, modify or deem applicable any reserve (including any reserve imposed by the Federal Reserve Board, but excluding any reserve included in the determination of interest pursuant to Section 3.1), special deposit, assessment (including any assessment for insurance of deposits) or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (or any Funding Office of such Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)shall impose on any Lender (or any Funding Office of such Lender) any other condition affecting its SOFR Rate Loans, its Notes or its obligation to make or maintain SOFR Rate Loans;

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

and the result of any of the foregoing is to increase the cost to (or to impose an additional cost on) such Lender (or any Funding Office of such Lender) of making, converting to, continuing or maintaining any SOFR Rate Loan, or to reduce the amount of any sum received or receivable by such Lender (or such Lender's Funding Office) under this Agreement or under its Notes with respect thereto, then within 10 days after demand by such Lender (which demand shall be accompanied by a statement setting forth the basis of such demand), the Borrower shall pay directly to such Lender such additional amount or amounts as will compensate such Lender for such increased cost or such reduction (without duplication of any amounts which have been paid or reimbursed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If, after the date hereof, any Lender shall determine that the adoption, effectiveness or phase-in of any applicable law, rule, guideline or regulation regarding capital adequacy or liquidity requirements, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or the making or issuance of any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) of any such authority, central bank or comparable agency and compliance by any Lender (or any Funding Office of such Lender or such Lender's holding company) therewith, has or would have the effect of reducing the rate of return on the capital of such Lender or such Lender's holding company as a consequence of its obligations hereunder to a level below that which such Lender or such Lender's holding company could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such Lender's holding company's policies with respect to capital adequacy or liquidity requirements), then, from time to time, within 10 days after demand by such Lender (which demand shall be accompanied by a statement setting forth the basis of such demand), the Borrower shall pay directly to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Lender shall promptly notify the Borrower and the Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section 6.1 and will designate a different Funding Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in such Lender's sole judgment, be otherwise disadvantageous to such Lender. The Borrower shall not be required to compensate a Lender pursuant to this Section 6.1 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the change in law or other event occurring after the date hereof giving rise to such increased costs or reductions, and of such Lender's intention to claim compensation therefor (except that, if the change in law or other such event is retroactive, then the nine month period referred to above shall be extended to include the period of retroactive effect thereof).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein, it is understood and agreed that any changes resulting from requests, rules, guidelines or directives (x) issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, for the purposes of this Agreement, be deemed to be adopted subsequent to the date hereof; <u>provided</u>, <u>however</u>, that no Lender shall be entitled to receive any compensation or reimbursement hereunder with respect to any such changes unless such requirements are generally applicable to (and for which reimbursement is generally being sought by the applicable Lender in respect of) credit transactions similar to this transaction from borrowers similarly situated to the Borrower; <u>provided</u>, <u>further</u>, that no Lender shall be required to disclose any confidential or proprietary information in connection therewith.

Section 6.2.<u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 6.2(a) will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Benchmark Replacement Conforming Changes. In connection with either the use or administration of Term SOFR (in consultation with the Company) or the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 6.2(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 6.2, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "<u>Loan Period</u>" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "<u>Loan Period</u>" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Benchmark Unavailability Period. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a borrowing of, Conversion to or Continuation of SOFR Rate Loans to be made, Converted or Continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request for a SOFR Rate Loan into a request for a borrowing of or Conversion to a Base Rate Loan. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Market Disruption. If with respect to the Loan Period for any SOFR Rate Loan, other than in the case of a Benchmark Transition Event, the Required Lenders advise the Agent that the SOFR Rate as determined by the Agent will not adequately and fairly reflect the cost to such Required Lenders of maintaining or funding SOFR Rate Loans for such Loan Period, or that the making or funding of SOFR Rate Loans has become impracticable, in each case, as a result of an event occurring after the date of this Agreement which in such Required Lenders' opinion materially affects SOFR Rate Loans, then (i) the Agent shall promptly notify the other parties thereof and (ii) so long as such circumstances shall continue, no Lender shall be under any obligation to make or Continue any SOFR Rate Loan or Convert any Base Rate Loan into a SOFR Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Disclaimer and Exculpation With Respect to any Rate. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or with respect to any alternative, successor or replacement rate thereof (including any Benchmark Replacement), or any calculation, component definition thereof or rate referenced in the definition thereof, including, without limitation, (i) any such alternative, successor or replacement rate (including any Benchmark Replacement) implemented pursuant to this Section 6.2, upon the occurrence of a Benchmark Transition Event, and (ii) the effect, implementation or composition of any Conforming Changes pursuant to this Section 6.2, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or have the same volume or liquidity as did the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark prior to its discontinuance or unavailability. In addition, the discontinuation of the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark and any alternative, successor or replacement reference rate may result in a mismatch between the reference rate referenced in this Agreement and your other financial instruments, including potentially those that are intended as hedges. The Administrative Agent and its Affiliates and/or other related entities may engage in transactions that affect the calculation of the Base Rate, Term SOFR Reference Rate, Term SOFR or any Benchmark or any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, with all determinations of such the Base Rate, Term SOFR Reference Rate, Term SOFR, any Benchmark or such alternative, successor or replacement rate by the Administrative Agent to be conclusive, absent manifest error. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, Term SOFR Reference Rate, Term SOFR, any Benchmark or any such alternative, successor or replacement rate, in each case pursuant

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

to the terms of this Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time), and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

Section 6.3.<u>Changes in Law Rendering Certain Loans Unlawful</u>. In the event that any change in (including the adoption of any new) applicable laws or regulations, or in the interpretation of applicable laws or regulations by any Governmental Authority or other regulatory body charged with the administration thereof, should make it (or in the good faith judgment of such Lender raise a substantial question as to whether it is) unlawful for a Lender to make, maintain or fund any SOFR Rate Loan, then (a) such Lender shall promptly notify each of the other parties hereto, (b) upon the effectiveness of such event and so long as such unlawfulness shall continue, the obligation of such Lender to make or Continue SOFR Rate Loans shall be suspended and any request by the Borrower for SOFR Rate Loans shall, as to such Lender, be deemed to be a request for a Base Rate Loan, and (c) on the last day of the current Loan Period for such Lender's SOFR Rate Loans (or, in any event, if such Lender so requests on such earlier date as may be required by the relevant law, regulation or interpretation) such Lender's Term Loans which are SOFR Rate Loans shall cease to be maintained as SOFR Rate Loans and shall thereafter bear interest at a floating rate per annum equal to the Base Rate. If at any time the event giving rise to such unlawfulness shall no longer exist, then such Lender shall promptly notify the Borrower and the Agent.

Section 6.4.<u>Funding Losses</u>. The Borrower hereby agrees that upon demand by any Lender (which demand shall be accompanied by a statement setting forth the basis for the calculations of the amount being claimed) the Borrower will indemnify such Lender against any net loss or expense which such Lender may sustain or incur (including any net loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain any SOFR Rate Loan), as reasonably determined by such Lender, as a result of (a) any payment or mandatory or voluntary prepayment (including any payment pursuant to Section 6.3 or 12.9(b) or any payment resulting from acceleration) or Conversion or Continuation of any SOFR Rate Loan of such Lender on a date other than the last day of the Loan Period for such SOFR Rate Loan or (b) any failure of the Borrower to borrow any Term Loans on the originally scheduled Funding Date specified therefor pursuant to this Agreement (including any failure to borrow resulting from any failure to satisfy the conditions precedent to such borrowing) or to Convert to or Continue any SOFR Rate Loans on the date specified therefor pursuant to this Agreement. For this purpose, all notices to the Agent pursuant to this Agreement shall be deemed to be irrevocable.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 6.5.<u>Discretion of Lenders as to Manner of Funding</u>. Notwithstanding any provision of this Agreement to the contrary (but subject to Section 6.1(c)), each Lender shall be entitled to fund and maintain its funding of all or any part of its Term Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if such Lender had actually funded and maintained each SOFR Rate Loan during the Loan Period for such SOFR Rate Loan through the purchase of deposits having a maturity corresponding to such Loan Period and bearing an interest rate equal to the rate borne by such SOFR Rate Loan for such Loan Period.

Section 6.6.<u>Conclusiveness of Statements; Survival of Provisions</u>. Determinations and statements of any Lender pursuant to this Section 6 shall be conclusive absent demonstrable error, and each Lender may use reasonable averaging and attribution methods in determining compensation pursuant to Section 6.1 or 6.4. The provisions of this Section 6 shall survive termination of this Agreement and payment of the Term Loans.

(vii)REPRESENTATIONS AND WARRANTIES

To induce the Lenders to enter into this Agreement and to make Term Loans hereunder, each Obligor hereby makes the following representations and warranties to the Agent and the Lenders (a) as of the Closing Date, and (b) other than the representations and warranties in Section 7.5, as of each applicable Funding Date, which representations and warranties shall survive the execution and delivery of this Agreement and the Notes and the disbursement of the initial Term Loans hereunder:

Section 7.1.<u>Organization, etc.</u> (a) The Company is duly organized or incorporated, as applicable, validly existing and in good standing, to the extent applicable, under the laws of the jurisdiction of its organization; (b) each corporate Significant Subsidiary is a company or corporation, as applicable, duly organized or incorporated, as applicable, validly existing and in good standing, to the extent applicable, under the laws of the jurisdiction of its incorporation; (c) each other Significant Subsidiary (if any) is an entity duly organized and validly existing under the laws of the jurisdiction of its organization; and (d) each of the Company and each Significant Subsidiary has the power to own its property and to carry on its business as now being conducted and is duly qualified and in good standing, to the extent applicable, as a foreign corporation or other entity authorized to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except, in each of cases (a), (b), (c) and (d) above, where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 7.2.<u>Authorization; Consents; No Conflict</u>. The execution and delivery by (x) each Obligor party hereto of this Agreement and by the Borrower of the Notes, the payment of any fees hereunder, the borrowings hereunder and the performance by each such Obligor of its obligations under this Agreement and by the Borrower of its obligations under the Notes and (y) each Obligor of any Guarantee Assumption Agreement to which it is a party and the performance by each such Obligor of its obligations hereunder and thereunder (a) are within the corporate or similar powers of each such Obligor, (b) have been duly authorized by all necessary corporate or similar action on the part of each such Obligor, (c) have received all necessary approvals, authorizations, consents, registrations, notices, exemptions and licenses (if any shall be required) from Governmental Authorities and other Persons, except for any such approvals, authorizations, consents, registrations, notices, exemptions or licenses non-receipt of which could not reasonably be expected to have a Material Adverse Effect, (d) are, where it concerns an Obligor incorporated under the laws of the Netherlands, in such Obligor's corporate interest, (e) do not and will not contravene or conflict with any provision of (i) law, (ii) any judgment, decree or order to which such Obligor or any Significant Subsidiary is a party or by which such Obligor or any Significant Subsidiary is bound, (iii) the charter, by-laws, constitution, memorandum and articles of association or other organizational documents of such Obligor or any Significant Subsidiary or (iv) any provision of any agreement or instrument binding on such Obligor or any Significant Subsidiary, or any agreement or instrument of which such Obligor is aware affecting the properties of such Obligor or any Significant Subsidiary, except with respect to (i), (ii) and (iv) above, for any such contravention or conflict which could not reasonably be expected to have a Material Adverse Effect, and (f) do not and will not result in or require the creation or imposition of any Lien on any of such Obligor's or its Significant Subsidiaries' properties.

Section 7.3.<u>Validity and Binding Nature</u>. (a) This Agreement is, each Guarantee Assumption Agreement when duly executed and delivered will be, and the Notes (if any) when duly executed and delivered will be, legal, valid and binding obligations of each Obligor party thereto, enforceable against each such Obligor in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, examinership and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement is in proper legal form under the law of Ireland and each other jurisdiction under which any Obligor is incorporated or organized for the enforcement thereof against each Obligor under such law. All formalities required in Ireland and each other jurisdiction under which any Obligor is organized or incorporated for the validity and enforceability of this Agreement (including any necessary registration, recording or filing with any court or other authority in Ireland and each other jurisdiction under which any Obligor is organized or incorporated) have been accomplished, and no notarization is required, for the validity and enforceability thereof.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 7.4.<u>Financial Statements</u>. The Company's audited consolidated financial statements as at December 31, 2024, a copy of which has been furnished to each Lender, have been prepared in conformity with GAAP applied on a basis consistent with that of the preceding fiscal year (other than as required or permitted by GAAP) and fairly present the financial condition of the Company and its Subsidiaries as at such date and the results of their operations for the fiscal year then ended.

Section 7.5.<u>Litigation</u>. (a) As of the Closing Date, all Litigation Actions, taken as a whole, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As of the Closing Date, there is no Litigation Action pending or, to the knowledge of the Company, threatened that could reasonably be expected to adversely affect the enforceability of the Loan Documents against the Obligors or the rights and remedies of the Agent or the Lenders thereunder.

Section 7.6.<u>Employee Benefit Plans</u>. Except as could not reasonably be expected to have a Material Adverse Effect, each employee benefit plan (as defined in Section 3(3) of ERISA) maintained or sponsored by the Company or any Subsidiary complies in all material respects with all applicable requirements of law and regulations. Except as could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate, during the term of this Agreement, (i) no steps have been taken to terminate any Plan and no contribution failure has occurred with respect to any Plan sufficient to give rise to a lien under Section 303(k) of ERISA, (ii) no Reportable Event has occurred with respect to any Plan, (iii) no determination has been made that any Plan is in "<u>at risk</u>" status (within the meaning of Section 303 of ERISA) and (iv) neither the Company nor any ERISA Affiliate has either withdrawn or instituted steps to withdraw from any Multiemployer Plan. Except as could not reasonably be expected to have a Material Adverse Effect, no condition exists or event or transaction has occurred in connection with any Plan which could reasonably be expected to result in the incurrence by the Company or any Subsidiary of any material liability, fine or penalty (imposed by Section 4975 of the Code or Section 502(i) of ERISA or otherwise). Neither the Company nor any ERISA Affiliate is a member of, or contributes to, any Multiemployer Plan as to which the potential Withdrawal Liability based upon the most recent actuarial report could reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be expected to have a Material Adverse Effect, neither the Company nor any Subsidiary has any contingent liability with respect to any post retirement benefit under an employee welfare benefit plan (as defined in Section 3(1) of ERISA), other than liability for continuation coverage described in Part 6 of Title I of ERISA.

Section 7.7.<u>Investment Company Act</u>. Neither the Company nor the Borrower is an "<u>investment company</u>" or a company "<u>controlled</u>" by an "<u>investment company</u>", within the meaning of the Investment Company Act of 1940, as amended.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 7.8.<u>Regulation U</u>. Neither the Company nor any Subsidiary is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board as amended from time to time). No part of the proceeds of any Term Loan will be used to buy or carry any margin stock. Following the application of the proceeds of each Term Loan, not more than 25% of the value of the assets of any of the Company and its Subsidiaries shall consist of margin stock.

Section 7.9.<u>Disclosure</u>. As of the Closing Date, (a) all written information, other than Projections (as defined below), forward looking information and information of a general economic or industry specific nature that has been made available to the Administrative Agent, the Arranger or any Lender by the Company or any of its officers, directors, employees, accountants or attorneys or, at the direction of the Company, its other advisors, agents or representatives in connection with the transactions contemplated hereby, other than independent third-party appraisals of aircraft and independent third party generated industry information and when taken together with all reports, statements, schedules and other information included in filings made by the Company with the Securities and Exchange Commission, taken as a whole, is complete and correct in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made (giving effect to any supplements thereto from time to time), (b) all financial projections, if any, that have been prepared by the Company in connection with the transactions contemplated hereby and made available to the Administrative Agent, any Lender or any potential Lender (the "<u>Projections</u>") have been prepared in good faith based upon assumptions believed by the Company to be reasonable as of the date of the preparation of such Projections (it being understood that projections by their nature are inherently uncertain and no assurances are being given that the results reflected in the Projections will be achieved) and (c) the information included in the Beneficial Ownership Certification (if any) is true and correct in all material respects.

Section 7.10.<u>Compliance with Applicable Laws, etc</u>. Each Obligor and each of its Subsidiaries is in compliance with the requirements of all applicable laws, rules, regulations and orders of all Governmental Authorities (including ERISA or any laws applicable to a Foreign Plan and all applicable environmental laws), except for noncompliance that could not reasonably be expected to have a Material Adverse Effect. None of the Obligors nor any of the Subsidiaries is in default under any agreement or instrument to which such Obligor or such Subsidiary is a party or by which it or any of its properties or assets is bound, which default could reasonably be expected to have a Material Adverse Effect on the business, credit, operations or financial condition of the Obligors and their Subsidiaries taken as a whole. No Event of Default or Unmatured Event of Default has occurred and is continuing.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 7.11.<u>Insurance</u>. Each of the Obligors and each Subsidiary maintains, or, in the case of any property owned by any Obligor or any Subsidiary and leased to lessees, has contractually required such lessees to maintain, insurance with financially sound and reputable insurers to such extent and against such hazards and liabilities as is commonly maintained, or caused to be maintained, as the case may be, by companies similarly situated.

Section 7.12.<u>Taxes</u>. Each of the Obligors and each Subsidiary has filed all tax returns which are required to have been filed and has paid, or made adequate provisions for the payment of, all of its Taxes which are due and payable, other than Taxes, if any, as are being contested in good faith and by appropriate proceedings and as to which such reserves or other appropriate provisions as may be required by GAAP have been established, except where failure to pay such Taxes or file a tax return, individually or in the aggregate, cannot reasonably be expected to have a Material Adverse Effect.

Section 7.13.<u>Use of Proceeds</u>. The proceeds of the Term Loans will be used for general corporate purposes of the Company and its Subsidiaries.

Section 7.14.<u>Pari Passu</u>. All obligations and liabilities of any Obligor hereunder or under any Guarantee Assumption Agreement to which it is a party shall rank at least equally and ratably (pari passu) in priority with all other unsubordinated, unsecured obligations of such Obligor to any other creditor.

Section 7.15.<u>OFAC, Etc</u>. The Company has implemented and maintains in effect policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their directors, officers, employees and agents with applicable Anti-Corruption Laws and Sanctions, the USA PATRIOT Act and other applicable anti-terrorism and money laundering laws. None of the Company or any Subsidiary, director, officer, employee or, to the knowledge of the Company after due inquiry, any agent of the Company or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No borrowing hereunder will be made for any purpose that would constitute or result in a violation by any party hereto, including the Lenders, of any applicable Anti-Corruption Laws, Sanctions, the USA PATRIOT Act or other anti-terrorism and money laundering laws. None of the representations and warranties given in this Section 7.15 shall be made to any Lender incorporated in or organized under the laws of the Federal Republic of Germany to the extent that they would result in a violation of or conflict with the German Foreign Trade Regulation (*Außenwirtschaftsverordnung*), council regulation (EC) No 2271/1996 (EU Blocking Regulation) or any similar anti-boycott law or regulation applicable to it. In connection with any waiver, determination or direction relating to any part of this Section 7.15 of which a Lender does not have the benefit, the Commitment and Term Loans of that Lender will be excluded for the purpose of determining whether the consent of the requisite majority of Lenders has been obtained or whether the determination or direction by the requisite majority of Lenders has been made.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

(viii)COVENANTS

Until all obligations of the Obligors hereunder and under the Notes are paid in full (other than unasserted contingent indemnification obligations), each Obligor agrees that, commencing on the Closing Date, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will:

Section 8.1.<u>Reports, Certificates and Other Information</u>. Furnish to the Agent with sufficient copies for each Lender which the Agent shall promptly make available to each Lender:

Section 8.1.1.<u>Audited Financial Statements</u>. As soon as available, and in any event within 95 days after each fiscal year of the Company, a copy of the audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows and annual audit report of the Company and its subsidiaries for such fiscal year (setting forth in each case in comparative form the figures for the previous fiscal year) prepared on a consolidated basis and in conformity with GAAP and certified by PricewaterhouseCoopers or by another independent certified public accountant of recognized national standing selected by the Company.

Section 8.1.2.<u>Interim Reports</u>. As soon as available, and in any event within 50 days after each quarter (except the last quarter) of each fiscal year of the Company, a copy of the unaudited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows of the Company and its subsidiaries as of the end of and for such quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by an Authorized Officer of the Company as presenting fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year end audit adjustments, the auditors' year-end report and the absence of footnotes.

Section 8.1.3.<u>Certificates</u>. Contemporaneously with the furnishing of a copy of each annual audit report and of each set of quarterly statements provided for in this Section 8.1, deliver a certificate of the Company, in substantially the form of Exhibit C hereto, dated the date of delivery of such annual report or such quarterly statements and signed by an Authorized Officer, to the effect that no Event of Default or Unmatured Event of Default has occurred and is continuing, or, if there is any such event, describing it and the steps, if any, being taken to cure it and containing a computation of, and showing compliance with, each of the financial ratios and restrictions contained in this Section 8.

Section 8.1.4.<u>Default Notices</u>. Forthwith upon learning of the occurrence of an Event of Default or an Unmatured Event of Default, provide written notice thereof, describing the same and the steps being taken by the Company or the Subsidiary affected with respect thereto.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 8.1.5.<u>Reports</u>. Promptly from time to time after the occurrence of an event required to be therein reported by the Company, such other reports of the Company on Form 6-K, or any successor or comparable form, as the Company shall have filed with the SEC.

Section 8.1.6.<u>Other Information</u>. From time to time provide such other information regarding the operations and financial condition of the Company and its Subsidiaries (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts) as any Lender or the Agent may reasonably request (not including reports and other materials to the extent filed with the Securities and Exchange Commission).

Section 8.1.7.<u>Beneficial Ownership Certification</u>. To the extent reasonably requested by any Lender or the Agent following any change in the information provided in the Beneficial Ownership Certification (if any) that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification, an updated Beneficial Ownership Certification.

Financial and other information required to be delivered pursuant to Sections 8.1.1, 8.1.2 and 8.1.5 above shall be deemed to have been delivered if such information, or one or more annual or quarterly reports containing such information, shall have been posted by the Agent on any Platform (as defined herein) or similar site to which the Lenders have been granted access or such reports shall be available on the website of the Securities and Exchange Commission at http://www.sec.gov or the Company's website at http://www.aercap.com; <u>provided</u> that the Company shall provide paper copies of such financial information if requested by the Agent or any Lender. Information, reports or certificates required to be delivered pursuant to this Section 8.1 may be delivered by electronic communications pursuant to procedures approved by the Administrative Agent.

Section 8.2.<u>Existence</u>. (a) Maintain and preserve, and, subject to the first proviso in Section 8.9, cause each Subsidiary to maintain and preserve, its respective existence as a corporation or other form of business organization, as the case may be (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts), and (b) take all reasonable action to maintain all rights, privileges, licenses, patents, patent rights, copyrights, trademarks, trade names, franchises and other authority, except in each case (other than with respect to the Company or the Borrower in connection with clause (a) above) to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Effect; <u>provided</u>, <u>however</u>, that notwithstanding anything to the contrary herein, (a) any Subsidiary may be merged or consolidated with or into (i) any other Subsidiary or (ii) into the Company (with the Company as the surviving corporation); <u>provided</u> that in the case of clauses (a)(i) and (ii), if the Borrower shall be party to any such merger or consolidation the Borrower shall be the surviving entity of such merger or consolidation and (b) any Subsidiary may be converted from one form of business organization into any other form of business organization.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 8.3.<u>Nature of Business</u>. Subject to Section 8.2, engage on a consolidated basis with its Subsidiaries in substantially the same fields of business as it and its Subsidiaries on a consolidated basis are engaged in on the date hereof (or fields of business related or ancillary thereto).

Section 8.4.<u>Books, Records and Access</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Maintain, and cause each Subsidiary to (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts) maintain in all material respects complete and accurate books and records in which full and correct entries in all material respects and in conformity with GAAP shall be made of all dealings and transactions in relation to its respective business and activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Permit, and cause each Subsidiary to permit (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts), access by the Agent and each Lender to the books and records of the Company and such Subsidiary during normal business hours, and permit, and cause each Subsidiary to permit, the Agent and each Lender to make copies of such books and records upon reasonable notice and as often as may be reasonably requested.

Section 8.5.<u>Insurance</u>. Maintain, and cause each Subsidiary to maintain, such insurance as is described in Section 7.11 (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

Section 8.6.<u>Repair</u>. Maintain, preserve and keep, and cause each Subsidiary to maintain, preserve and keep, its properties in good repair, working order and condition, ordinary wear and tear excepted, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts). In the case of properties leased by any Obligor or any Subsidiary to lessees, such Obligor may satisfy its obligations related to such properties under the previous sentence by contractually requiring, or by causing each Subsidiary to contractually require, such lessees to perform such obligations (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

Section 8.7.<u>Taxes</u>. Pay or cause to be paid, and cause each Subsidiary to pay, or cause to be paid, prior to the imposition of any penalty or fine, all of its Taxes, unless and only to the extent that such Obligor or such Subsidiary, as the case may be, is contesting any such Taxes in good faith and by appropriate proceedings and the Company, such Obligor or such Subsidiary, as the case may be, has set aside on its books such reserves or other appropriate provisions therefor as may be required by GAAP, except where failure to pay such Taxes, individually or in the aggregate, cannot reasonably be expected to have a Material Adverse Effect (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 8.8.<u>Compliance</u>. (a) Comply, and cause each Subsidiary to comply with all statutes (including ERISA) and governmental rules and regulations applicable to it except to the extent noncompliance could not reasonably be expected to have a Material Adverse Effect (but in the case of each Securitization Subsidiary, only to the extent it is able to do so after use of commercially reasonable efforts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Use the proceeds of any borrowing hereunder in compliance with any Anti-Corruption Laws, applicable anti-money laundering laws and any Sanctions applicable to any party hereto.

None of the covenants given in Section 8.8 shall be made to any Lender incorporated in or organized under the laws of the Federal Republic of Germany to the extent that they would result in a violation of or conflict with the German Foreign Trade Regulation (*Außenwirtschaftsverordnung*), council regulation (EC) No 2271/1996 (EU Blocking Regulation) or any similar anti-boycott law or regulation applicable to it. In connection with any waiver, determination or direction relating to any part of this Section 8.8 of which a Lender does not have the benefit, the Commitment and Term Loans of that Lender will be excluded for the purpose of determining whether the consent of the requisite majority of Lenders has been obtained or whether the determination or direction by the requisite majority of Lenders has been made.

Section 8.9.<u>Sale of Assets</u>. Not, and not permit any Subsidiary to, transfer, convey, lease (except for in the ordinary course of business) or otherwise dispose of all or substantially all of the assets of the Obligors and their Subsidiaries taken as a whole; <u>provided</u>, <u>however</u>, that any Wholly-owned Subsidiary may sell, transfer, convey, lease or assign all or a substantial part of its assets to another Obligor or another Wholly-owned Subsidiary if immediately thereafter and after giving effect thereto no Event of Default or Unmatured Event of Default shall have occurred and be continuing; <u>provided</u>, <u>further</u>, that this Section 8.9 shall not prohibit any transaction otherwise permitted by Section 8.2.

Section 8.10.<u>Consolidated Indebtedness to Shareholder's Equity</u>. Not permit the ratio of Consolidated Indebtedness to Shareholder's Equity to exceed at any time 3.75:1.00 (such ratio to be calculated in a manner consistent with the calculations set forth on Schedule 1 to Exhibit C).

Section 8.11.<u>[Reserved]</u>.

Section 8.12.<u>Unencumbered Assets</u>. Not permit the ratio of (A) Unencumbered Assets to (B) the aggregate outstanding principal amount of the Company's consolidated unsecured Financial Indebtedness minus, to the extent included in Financial Indebtedness, the aggregate amount outstanding of Hybrid Capital Securities, in each case on the last day of any quarter of any fiscal year of the Company to be less than 125%.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 8.13.<u>Restricted Payments</u>. Not declare or pay any dividends whatsoever or make any distribution on any capital stock of the Company (except in shares of, or warrants or rights to subscribe for or purchase shares of, capital stock of the Company), and not permit any Subsidiary to, make any payment to acquire or retire shares of capital stock of the Company, in each case at any time when (i) an Event of Default as described in Section 10.1 has occurred and is continuing and there are Term Loans outstanding hereunder or (ii) an Event of Default as described in Section 10.1.1 has occurred and is continuing and there are no Term Loans outstanding hereunder; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, this Section 8.13 shall not prohibit (x) the payment of dividends on any of ILFC's market auction preferred stock that was sold to the public pursuant to an effective registration statement under the Securities Act of 1933 or (y) the payment of dividends within 30 days of the declaration thereof if such declaration was not prohibited by this Section 8.13.

Section 8.14.<u>Liens</u>. Not, and not permit any Subsidiary to, create or permit to exist any Lien upon or with respect to any of its properties or assets of any kind, now owned or hereafter acquired, or on any income or profits therefrom, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Liens existing on the Closing Date that are reflected in the consolidated financial statements of the Company dated prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Liens to secure the payment of all or any part of the purchase price of any property or assets or to secure any Indebtedness incurred by the Company or a Subsidiary to finance the acquisition of any property or asset. For the avoidance of doubt, Liens securing Indebtedness relating to ECA Financings or Eximbank financings shall be permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Liens securing the Indebtedness of a Subsidiary owing to the Company or to a Wholly-owned Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Liens on property of a Person existing at the time such Person is merged into or consolidated with the Company or a Subsidiary or at the time of a purchase, lease or other acquisition of the properties of a Person as an entirety or substantially as an entirety by the Company or a Subsidiary; <u>provided</u> that any such Lien shall not extend to or cover any assets or properties of the Company or such Subsidiary owned by the Company or such Subsidiary prior to such merger, consolidation, purchase, lease or acquisition, unless otherwise permitted under this Section 8.14;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)leases, subleases or licenses granted to others in the ordinary and usual course of the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)easements, rights of way, restrictions and other similar charges or encumbrances not interfering in any material respect with the ordinary conduct of the business of the Company or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)bankers' Liens arising by law or by contract in the ordinary and usual course of the Company's business;

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Liens incurred or deposits made in the ordinary course of business in connection with surety and appeal bonds, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); <u>provided</u>, <u>however</u>, that the obligation so secured is not overdue or is being contested in good faith and by appropriate proceedings diligently pursued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any replacement or successive replacement in whole or in part of any Lien referred to in the foregoing clauses (a) to (h), inclusive; <u>provided</u>, <u>however</u>, that the principal amount of any Indebtedness secured by the Lien shall not be increased and the principal repayment schedule and maturity of such Indebtedness shall not be extended and (i) such replacement shall be limited to all or a part of the property which secured the Lien so replaced (plus improvements and construction on such property) or (ii) if the property which secured the Lien so replaced has been destroyed, condemned or damaged and pursuant to the terms of the Lien other property has been substituted therefor, then such replacement shall be limited to all or part of such substituted property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)carrier's, warehouseman's, hangar keeper's, mechanic's, repairer's, landlord's and materialmen's Liens, Liens for Taxes, assessments and other governmental charges and other Liens arising in the ordinary course of business, by operation of law or under customary terms of repair or modification agreements or any engine or parts-pooling arrangements, in each case securing obligations that are not incurred in connection with the obtaining of any advance or credit and which are either not overdue or are being contested in good faith and by appropriate proceedings diligently pursued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)any guarantee, liability or indemnity provided under or for the purpose of any fiscal unity (*fiscale eenheid*) for Dutch corporate tax or VAT purposes consisting solely of Subsidiaries; and

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)other Liens securing Indebtedness of the Company or any Subsidiary; <u>provided</u> that at the time such Indebtedness is incurred (or, in the case of unsecured Indebtedness that is subsequently secured by Liens, at the time such Indebtedness becomes secured) the ratio of (A) Unencumbered Assets as of the end of the most recently ended fiscal period for which financial statements have been delivered pursuant to Section 8.1 (except that (i) "<u>cash and cash equivalents</u>" and Financial Indebtedness shall be measured on the applicable date of determination on a pro forma basis, (ii) any Aircraft Assets acquired subsequent to such date may, at the option of the Company, be included in the determination of Unencumbered Assets valued as of the date of acquisition and as determined by the Company in good faith and (iii) if the outstanding amount of Financial Indebtedness on the applicable date of determination has been reduced since the end of the most recently ended fiscal period for which financial statements have been delivered pursuant to Section 8.1 with the proceeds of any sale or other disposition of Aircraft Assets, the book value of such Aircraft Assets sold or otherwise disposed of shall be excluded) to (B) the aggregate outstanding principal amount of the Company's consolidated unsecured Financial Indebtedness on the date of determination on a pro forma basis minus, to the extent included in Financial Indebtedness as of such date, the aggregate amount outstanding of Hybrid Capital Securities, is not less than 135%.

Section 8.15.<u>Use of Proceeds</u>. Not permit any proceeds of the Term Loans to be used, either directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any margin stock within the meaning of Regulation U of the Federal Reserve Board, as amended from time to time; or for the purpose, whether immediate, incidental or ultimate, of acquiring directly or indirectly any of the outstanding shares of voting stock of any corporation which (i) has announced that it will oppose such acquisition or (ii) has commenced any litigation which alleges that any such acquisition violates, or will violate, applicable law.

Section 8.16.<u>Transactions with Affiliates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Not, and not permit any Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an "<u>Affiliate Transaction</u>") involving aggregate payments or consideration in excess of $5,000,000, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Subsidiary with an unrelated Person; and

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Company delivers to the Administrative Agent with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $50,000,000, a resolution adopted by the disinterested members of the Board of Directors of the Company, if any, approving such Affiliate Transaction and set forth in a certificate of an Authorized Officer of the Company certifying that such Affiliate Transaction complies with Section 8.16(a)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 8.16(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)transactions between or among the Company and/or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)declaration or payment of dividends, the making of distributions on any Capital Stock of the Company and the making of payments to acquire or retire shares of Capital Stock of the Company, in each case at any time not prohibited by Section 8.13;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the payment of reasonable and customary fees paid to, and indemnities provided on behalf of, officers, directors, employees or consultants of the Company or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)transactions in which the Company or any of its Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Subsidiary from a financial point of view or meets the requirements of 8.16(a)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)payments or loans (or cancellation of loans) to employees or consultants of the Company or any of its Subsidiaries which are approved by a majority of the Board of Directors of the Company in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any agreement as in effect as of the Closing Date, or any amendment thereto (so long as any such amendment, taken as a whole, is no less favorable to the Company and its Subsidiaries than the agreement in effect on the date hereof (as determined by the Board of Directors of the Company in good faith));

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the existence of, or the performance by the Company or any of its Subsidiaries of its obligations under the terms of, any limited liability company, limited partnership or other organizational document or joint venture, investors or shareholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Closing Date and any similar agreements which it may enter into thereafter; <u>provided</u>, <u>however</u>, that the existence of, or the performance by the Company or any Subsidiary of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after the Closing Date shall only be permitted by this clause (vii) to the extent that the terms of any such amendment or new agreement, taken as a whole, is no less favorable to the Company and its Subsidiaries than the agreement in effect on the Closing Date (as determined by the Board of Directors of the Company in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)transactions with customers, clients, suppliers, trade creditors, lessors, lessees, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the issuance of Capital Stock (other than Disqualified Stock) of the Company to any Affiliate of the Company and other customary rights in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)transactions or payments pursuant to any employee, officer or director compensation (including bonuses) or benefit plans, employment agreements, severance agreement, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved by the Board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)transactions in the ordinary course with joint ventures in which the Company or a subsidiary of the Company holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions are no less favorable to the Company or subsidiary participating in such joint ventures than they are to other joint venture partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)transactions with a Person that is an Affiliate of the Company solely because the Company owns, directly or through one or more of its Subsidiaries, Capital Stock in, or controls, such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)transactions involving Securitization Assets, or participations therein, in connection with any Qualified Securitization Financing;

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)services provided by the Company or any of its Subsidiaries to its Subsidiaries or Affiliates under an agreement in respect of (A) aircraft, airframe and engines, (B) all parts, including replacement parts, of whatever nature, which are from time to time included within the airframes or engines or owned separately by the Company or any of its subsidiaries, (C) aircraft documents, (D) leases to which the Company or any of its subsidiaries is or may from time to time be party with respect to an aircraft engine or part and (E) all asset backed securities or other instruments secured directly or indirectly by aircraft, airframe, engines or parts all in the ordinary course of business and consistent with past practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)any transaction with an Affiliate of the Company where the only consideration paid by the Company or any of its Subsidiaries is the issuance of Capital Stock (other than Disqualified Stock).

Section 8.17.<u>Limitation on Issuances of Guarantees of Indebtedness</u>. Not cause or permit any of its Subsidiaries (other than a Securitization Subsidiary, an Excluded Subsidiary or an Obligor), directly or indirectly, to guarantee any Capital Markets Debt or unsecured Credit Facility (other than Standard Securitization Undertakings in connection with a Qualified Securitization Financing) of the Company or any other Obligor (other than the Financing Trust or any of its subsidiaries) unless such Subsidiary, within five Business Days of the date on which it guarantees Capital Markets Debt or an unsecured Credit Facility of the Company or any other Obligor (other than the Financing Trust or any of its subsidiaries), executes and delivers to the Administrative Agent a Guarantee Assumption Agreement.

Section 8.18.<u>[Reserved]</u>.

Section 8.19.<u>Subsidiary Guarantors</u>. In each case to the extent such Person is not a party to this Agreement on the date hereof, cause any Subsidiary that is required under Section 8.17 to become a Subsidiary Guarantor to (a) become a "<u>Subsidiary Guarantor</u>" hereunder pursuant to a Guarantee Assumption Agreement and (b) deliver such proof of corporate or similar action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Obligor pursuant to Section 9 on the Closing Date.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

(ix)CONDITIONS TO LENDING

Section 9.1.<u>Conditions Precedent to All Term Loans</u>. Each Lender's obligation to make each Term Loan on the date of original borrowing thereof is subject to the following conditions precedent:

Section 9.1.1.<u>No Default</u>. (a) No Event of Default or Unmatured Event of Default has occurred and is continuing or will result from the making of such Term Loan and (b) the representations and warranties contained in Section 7 (other than those contained in Section 7.5) are true and correct in all material respects as of the date of such requested Term Loan, with the same effect as though made on the date of such Term Loan, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date (it being understood that each request for a Term Loan shall automatically constitute a representation and warranty by the Company that, as at the requested date of such Term Loan, (x) all conditions under this Section 9.1.1 shall be satisfied and (y) after the making of such Term Loan the aggregate principal amount of all outstanding Term Loans will not exceed the Aggregate Commitment).

Section 9.1.2.<u>Documents</u>. The Agent shall have received (a) a certificate signed by an Authorized Officer of the Company as to compliance with Section 9.1.1, which requirement shall be deemed satisfied by the submission of a properly completed Term Loan Request, and (b) a Term Loan Request substantially in the form of Exhibit A hereto.

Section 9.2.<u>Conditions to Effectiveness</u>. This Agreement, and the obligations of each Lender hereunder to make Term Loans pursuant to its Commitment, or to continue its Term Loans pursuant to Section 12.20, shall not become effective until the date on which each of the following conditions precedent shall have been satisfied or, to the extent not so satisfied, waived in writing by the Required Lenders (the "<u>Closing Date</u>"):

Section 9.2.1.<u>Loan Documents</u>. The Agent shall have received (a) this Agreement duly executed and delivered by each of the Agent, the Lenders, the Company, the Borrower and each of the Subsidiary Guarantors identified under the caption "<u>GUARANTORS</u>" on the signature pages hereto, (b) the Fee Letter duly executed and delivered by each of the Agent, the Company and the Borrower and (c) each of the Lenders shall have received a fully executed Note, if such Note is requested by any Lender pursuant to Section 11.11.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 9.2.2.<u>KYC Documents.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent shall have received at least three Business Days prior to the Closing Date all documentation and other information reasonably requested by the Lenders through the Agent in writing at least ten Business Days in advance of the Closing Date, which documentation or other information is required by regulatory authorities under applicable "<u>know your customer</u>" requirements under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At least three Business Days prior to the Closing Date, if the Borrower qualifies as a "<u>legal entity customer</u>" under the Beneficial Ownership Regulation, the Borrower shall deliver a Beneficial Ownership Certification in relation to it.

Section 9.2.3.<u>Closing Certificate</u>. The Agent shall have received a certificate of an Authorized Officer (a) confirming that since the date of the audited financial statements identified in Section 7.4 hereof, there shall not have occurred any material adverse change in the business, condition (financial or otherwise) or operations of the Company and its Subsidiaries taken as a whole, (b) as to the absence of any Unmatured Event of Default or Event of Default and (c) confirming that the representations and warranties contained in Section 7 are true and correct in all material respects as of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date.

Section 9.2.4.<u>Fees</u>. The Agent shall have received (a) for the account of the Agent the Agent's fees payable on the Closing Date pursuant to Section 3.4 hereof and (b) all accrued fees and expenses payable on the Closing Date owing to the Agent, the Arranger and the Lenders from the Company, in each case, pursuant to written agreements as in effect on the Closing Date.

Section 9.2.5.<u>Existing Credit Agreement</u>. Prior to or substantially contemporaneously with the Closing Date, all outstanding "<u>Term Loans</u>" of any Replaced Lenders, all outstanding "<u>Term Loans</u>" of any "<u>Lender</u>" that are not continued hereunder and all accrued but unpaid interest and fees owing to any "<u>Lender</u>", in each case, under the Existing Credit Agreement shall have been paid in full, and the Borrower shall so certify to the Agent.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 9.2.6.<u>Evidence of Corporate Action, Incumbency and Signatures</u>. The Agent shall have received a certificate of the Secretary or an Assistant Secretary or a director of each Obligor, in substantially the form of Exhibit G, certifying (a) copies of all corporate or similar actions taken by each Obligor to authorize this Agreement and, as applicable, the Notes and (b) the names of the officer or officers or director or directors or other authorized signatories of such Obligor authorized to sign the Loan Documents to which it is a party and the other documents provided for in this Agreement to be executed by such Obligor, together with a sample of the true signature of each such officer or director or other authorized signatory (it being understood that the Agent and each Lender may conclusively rely on such certificate until formally advised by a like certificate of any changes therein).

Section 9.2.7.<u>Good Standing Certificates</u>. To the extent made available in the relevant jurisdiction, the Agent shall have received such good standing certificates of state officials (or analogous documents or certificates relating to valid existence and good standing) with respect to the incorporation or organization of each Obligor.

Section 9.2.8.<u>Opinions of Company Counsel</u>. The Agent shall have received favorable written opinions of (i) Cravath, Swaine & Moore LLP, special New York counsel for the Obligors, in substantially the form of Exhibit H-1, (ii) McCann FitzGerald LLP, special Irish counsel to the Company, in substantially the form of Exhibit H-2, (iii) NautaDutilh N.V., special Dutch counsel to the Company, in substantially the form of Exhibit H-3, (iv) Smith, Gambrell & Russell, LLP, special California counsel to ILFC, in substantially the form of Exhibit H-4, and (v) Morris, Nichols, Arsht & Tunnell LLP, special Delaware counsel to the Company, in substantially the form of Exhibit H-5.

The Agent shall promptly notify the Company and the Lenders of the occurrence of the Closing Date, and such notice shall be conclusive and binding.

(x)EVENTS OF DEFAULT AND THEIR EFFECT

Section 10.1.<u>Events of Default</u>. Each of the following shall constitute an Event of Default under this Agreement:

Section 10.1.1.<u>Non-Payment of the Term Loans, etc</u>. Default in the payment when due of any principal of any Term Loan or default and continuance thereof for three Business Days in the payment when due of any interest on any Term Loan, any fees or any other amounts payable by any Obligor hereunder.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 10.1.2.<u>Non-Payment of Other Indebtedness for Borrowed Money</u>. (a) Default in the payment when due (subject to any applicable grace period), whether by acceleration or otherwise, of any principal of, interest on or fees incurred in connection with any other Indebtedness of, or Guaranteed by, the Company or any Significant Subsidiary beyond the period of grace, if any, provided in the instrument or agreement pursuant to which such Indebtedness was created (except (i) any such Indebtedness of any Subsidiary to the Company or to any other Subsidiary and (ii) any Indebtedness hereunder) or (b) default in the performance or observance of any obligation or condition with respect to any such other Indebtedness or (other than in respect of any Indebtedness secured by Liens over Aircraft Assets or the Equity Interests of a Subsidiary owning Aircraft Assets) any other event shall occur, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, (with or without the giving of notice, the lapse of time or both but in each case after any applicable period of grace, if any, shall have lapsed) such Indebtedness to become due prior to its stated maturity or the obligations under such Guarantee to become payable; <u>provided</u>, <u>however</u>, that the aggregate principal amount of all Indebtedness as to which there has occurred any default as described in clause (a) or (b) above shall equal or exceed $200,000,000; <u>provided</u> <u>further</u>, <u>however</u>, that clause (b) above shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness.

Section 10.1.3.<u>Bankruptcy, Insolvency, etc</u>. The Company or any Significant Subsidiary becomes insolvent (which term shall include any form of creditor protection and moratorium, including bankruptcy (*faillissement*) and suspension of payments (*surseance van betaling*) under Dutch law and the serving of a notice pursuant to section 36 of the Dutch Tax Collection Act (*Invorderingswet*)) or generally fails to pay, or admits in writing its inability or refusal to pay, debts as they become due; or the Company or any Significant Subsidiary applies for, consents to, or acquiesces in the appointment of a trustee, liquidator, examiner, receiver or other custodian (including a "<u>curator</u>" in a bankruptcy under Dutch law and a "<u>bewindvoerder</u>" in a suspension of payment (*surseance van betaling*) under Dutch law) for the Company or such Significant Subsidiary or a material portion of the property thereof, or makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee, liquidator, examiner, receiver or other custodian is appointed for the Company or any Significant Subsidiary or for a substantial part of the property of any thereof and is not discharged within 60 days; or any warrant of attachment (including a "<u>beslag</u>") or similar legal process is issued against any substantial part of the property of the Company or any of its Significant Subsidiaries which is not released within 60 days of service; or any bankruptcy, examinership, receivership, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding (except the voluntary dissolution, not under any bankruptcy or insolvency law, of a Significant Subsidiary), is commenced in respect of

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

the Company or any Significant Subsidiary, and, if such case or proceeding is not commenced by the Company or such Significant Subsidiary it is consented to or acquiesced in by the Company or such Significant Subsidiary or remains for 60 days undismissed; or the Company or any Significant Subsidiary takes any corporate action to authorize, or in furtherance of, any of the foregoing.

Section 10.1.4.<u>Non-Compliance with this Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Failure by any Obligor to comply with or to perform any of the covenants in Section 8.1.4, Sections 8.9 through Section 8.15 and Section 8.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Failure by any Obligor to comply with or to perform any of the covenants herein or any other provision of this Agreement (and not constituting an Event of Default under any of the other provisions of this Section 10.1) and continuance of such failure for 30 days after notice thereof to the Company from the Agent.

Section 10.1.5.<u>Representations and Warranties</u>. Any representation or warranty made by the Company herein or by any Guarantor in any Guarantee Assumption Agreement is untrue or misleading in any material respect when made or deemed made; or any schedule, statement, report, notice, or other writing furnished by the Company to the Agent or any Lender is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified; or any certification made or deemed made by the Company to the Agent or any Lender is untrue or misleading in any material respect on or as of the date made or deemed made.

Section 10.1.6.<u>Employee Benefit Plans</u>. Any ERISA Event shall have occurred with respect to any Plan or any Foreign Benefit Event shall have occurred with respect to a Foreign Plan that, in each case, would reasonably be expected to result in a Material Adverse Effect.

Section 10.1.7.<u>Judgments</u>. There shall be entered against the Company or any Subsidiary one or more final, non-appealable judgments or decrees for the payment of money in excess of $200,000,000 in the aggregate at any one time outstanding for the Company or any Subsidiary (excluding any portion thereof that is paid or covered by insurance so long as coverage has not been denied in writing or is otherwise indemnified if the terms of such indemnification are satisfactory to the Required Lenders) and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgments or orders in excess of such aggregate amount on or after the date any payment is due and payable under the terms of such judgments or orders and shall not have been stayed within 60 days after such enforcement proceedings are commenced or (ii) there is a period of 60 consecutive days during which such judgments or orders in excess of such aggregate amount shall not have been paid, vacated, discharged, stayed or bonded.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 10.1.8.<u>Invalidity of Loan Documents</u>. Any Loan Document shall cease to be, or shall be asserted by any Obligor not to be, in full force and effect, except in accordance with the terms of this Agreement, including, in the case of any guarantee by any Subsidiary Guarantor of the Guaranteed Obligations, as a result of the release of such guarantee as provided in Section 13.9.

Section 10.1.9.<u>Change of Control</u>. A Change of Control shall have occurred.

Section 10.2.<u>Effect of Event of Default</u>. If any Event of Default described in Section 10.1.3 shall occur, all Term Loans and all interest and other amounts due hereunder shall become immediately due and payable, all without presentment, demand or notice of any kind; and, in the case of any other Event of Default, the Agent may, and upon written request of the Required Lenders shall, declare all interest and other amounts due hereunder to be due and payable, whereupon all Term Loans and all interest and other amounts due hereunder shall become immediately due and payable, all without presentment, demand or notice of any kind. The Agent shall promptly advise the Company and each Lender of any such declaration, but failure to do so shall not impair the effect of such declaration.

(xi)THE AGENT

Section 11.1.<u>Authorization and Authority</u>. Each Lender hereby irrevocably appoints Mizuho Bank, Ltd. to act on its behalf as the Agent hereunder and under the Notes and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Subject to the provisions of Section 11.4, the Agent will take such action permitted by any agreement delivered in connection with this Agreement as may be requested in writing by the Required Lenders or if required under Section 12.1, all of the Lenders. Other than as expressly set forth herein, the Agent shall promptly remit in immediately available funds to each Lender its share of all payments received by the Agent for the account of such Lender, and shall promptly transmit to each Lender (or share with each Lender the contents of) each notice it receives from the Company pursuant to this Agreement. Other than Section 11.9, the provisions of this Section 11 are solely for the benefit of the Agent and the Lenders, and the Company shall have no rights as a third party beneficiary of any of such provisions.

Section 11.2.<u>Agent Individually</u>. (a) The Person serving as the Agent, if a Lender hereunder, shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term "<u>Lender</u>" or "<u>Lenders</u>" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender understands that the Person serving as Agent, acting in its individual capacity, and its Affiliates (collectively, the "<u>Agent's Group</u>") are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) (such services and businesses are collectively referred to in this Section 11.2 as "<u>Activities</u>") and may engage in the Activities with or on behalf of the Company or its Affiliates. Furthermore, the Agent's Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including the Company and its Affiliates and including holding, for its own account or on behalf of others, equity, debt and similar positions in the Company or its Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products of one or more of the Company and its Affiliates. Each Lender understands and agrees that in engaging in the Activities, the Agent's Group may receive or otherwise obtain information concerning the Company and its Affiliates (including information concerning the ability of the Company to perform its obligations hereunder) which information may not be available to any of the Lenders that are not members of the Agent's Group. None of the Agent nor any member of the Agent's Group shall have any duty to disclose to any Lender or use on behalf of the Lenders, and shall not be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company) or to account for any revenue or profits obtained in connection with the Activities except that the Agent shall deliver or otherwise make available to each Lender such documents as are expressly required by this Agreement to be transmitted by the Agent to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Lender further understands that there may be situations where members of the Agent's Group or their respective customers (including the Company and its Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lenders (including the interests of the Lenders hereunder). Each Lender agrees that no member of the Agent's Group is or shall be required to restrict its activities as a result of the Person serving as Agent being a member of the Agent's Group, and that each member of the Agent's Group may undertake any Activities without further consultation with or notification to any Lender. None of (i) this Agreement, (ii) the receipt by the Agent's Group of information (including "<u>Information</u>" as defined in Section 12.6) concerning the Company or its Affiliates (including information concerning the ability of the Company to perform its obligations hereunder) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual (other than the administrative duties of the Agent expressly provided hereunder) duties (including any duty of trust or confidence) owing by the Agent or any member of the Agent's Group to any Lender including any such duty that would prevent or restrict the Agent's Group from acting on behalf of customers (including the Company or its Affiliates) or for its own account.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 11.3.<u>Indemnification</u>. The Lenders agree to indemnify the Agent in its capacity as such (to the extent not reimbursed by the Company and without releasing the Company from its obligation to do so, to the extent applicable), ratably according to their respective Percentages (determined at the time such indemnity is sought), from and against any and all actions, causes of action, suits, losses, liabilities, damages and expenses which may at any time (including at any time following the repayment of the Term Loans) be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of this Agreement, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; <u>provided</u> that no Lender shall be liable for the payment to the Agent of any portion of such actions, causes of action, suits, losses, liabilities, damages and expenses resulting from the Agent's or its employees' or agents' gross negligence or willful misconduct. Without limiting the foregoing, subject to Section 12.5 each Lender agrees to reimburse the Agent promptly upon demand for its ratable share (determined at the time such reimbursement is sought) of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Agent in such capacity in connection with the preparation, execution or enforcement of, or legal advice in respect of rights or responsibilities under, this Agreement or any amendments or supplements hereto or thereto to the extent that the Agent is not reimbursed for such expenses by the Company. All obligations provided for in this Section 11.3 shall survive repayment of the Term Loans, cancellation of the Notes or any termination of this Agreement. For the purpose of this Section 11.3, Agent shall mean the Administrative Agent and its Affiliates, directors, officers and employees.

Section 11.4.<u>Action on Instructions of the Required Lenders</u>. As to any matters not expressly provided for by this Agreement (including enforcement or collection of the Term Loans), the Agent shall not be required to exercise any discretion or take any action, but the Agent shall in all cases be fully protected in acting or refraining from acting upon the written instructions from (i) the Required Lenders, except for instructions which under the express provisions hereof must be received by the Agent from all Lenders and (ii) in the case of such instructions, from all Lenders. In no event will the Agent be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement or applicable law. The relationship between the Agent and the Lenders is and shall be that of agent and principal only and nothing herein contained shall be construed to constitute the Agent a trustee for any holder of a Term Loan or of a participation therein nor to impose on the Agent duties and obligations other than those expressly provided for herein.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 11.5.<u>Payments</u>. (a) The Agent shall be entitled to assume that each Lender has made its Term Loan available in accordance with Section 2.2(c) unless such Lender notifies the Agent at its Notice Office prior to 11:00 a.m., New York City time, on the applicable Funding Date for such Term Loan that it does not intend to make such Term Loan available, it being understood that no such notice shall relieve such Lender of any of its obligations under this Agreement. If the Agent makes any payment to the Borrower on the assumption that a Lender has made the proceeds of such Term Loan available to the Agent but such Lender has not in fact made the proceeds of such Term Loan available to the Agent, such Lender shall pay to the Agent on demand an amount equal to the amount of such Lender's Term Loan, together with interest thereon for each day that elapses from and including such Funding Date to but excluding the Business Day on which the proceeds of such Lender's Term Loan become immediately available to the Agent at its Payment Office prior to 12:00 Noon, New York City time, at the Federal Funds Rate for each such day, based upon a year of 360 days. A certificate of the Agent submitted to any Lender with respect to any amounts owing under this Section 11.5(a) shall be conclusive absent demonstrable error. If the proceeds of such Lender's Term Loan are not made available to the Agent at its Payment Office by such Lender within three Business Days of such Funding Date, the Agent shall be entitled to recover such amount upon two Business Days' demand from the Borrower, together with interest thereon for each day that elapses from and including such Funding Date to but excluding the Business Day on which such proceeds become immediately available to the Agent prior to 12:00 Noon, New York City time, at the rate per annum applicable to Base Rate Loans hereunder, based upon a year of 360 days. Nothing in this paragraph (a) shall relieve any Lender of any obligation it may have hereunder to make any Term Loan or prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent shall be entitled to assume that the Borrower has made all payments due hereunder from the Borrower on the due date thereof unless it receives notification prior to any such due date from the Borrower that the Borrower does not intend to make any such payment, it being understood that no such notice shall relieve the Borrower of any of its obligations under this Agreement. If the Agent distributes any payment to a Lender hereunder in the belief that the Borrower has paid to the Agent the amount thereof but the Borrower has not in fact paid to the Agent such amount, such Lender shall pay to the Agent on demand (which shall be made by facsimile or personal delivery) an amount equal to the amount of the payment made by the Agent to such Lender, together with interest thereon for each day that elapses from and including the date on which the Agent made such payment to but excluding the Business Day on which the amount of such payment is returned to the Agent at its Payment Office in immediately available funds prior to 12:00 Noon, New York City time, at the Federal Funds Rate for each such day, based upon a year of 360 days. If the amount of such payment is not returned to the Agent in immediately available funds within three Business Days after demand by the Agent, such Lender shall pay to the Agent on demand an amount calculated in the manner specified in the preceding sentence after substituting the term "<u>Base Rate</u>" for the term "<u>Federal Funds Rate</u>". A certificate of the Agent submitted to

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

any Lender with respect to amounts owing under this Section 11.5(b) shall be conclusive absent demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) If the Agent notifies a Lender or other recipient that the Agent has determined in its sole discretion that any funds received by such recipient from the Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient (whether or not known to such recipient) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts, a distribution or otherwise, individually and collectively, a "<u>Payment</u>" and any such recipient, an "<u>Unintended Recipient</u>") and demands the return of such Payment (or a portion thereof), such Unintended Recipient shall promptly, but in no event later than two Business Days thereafter, return to the Agent the amount of any such Payment (or portion thereof) as to which such a demand was made, in immediately available funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Unintended Recipient to the date such amount is repaid to the Agent in immediately available funds at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To the extent permitted by applicable law, each party hereto shall not assert any right or claim to the Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Agent for the return of any Payments received, including waiver of any defense based on "<u>discharge for value</u>" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A notice of the Agent to any Unintended Recipient under this clause (c) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If an Unintended Recipient receives a Payment from the Agent (or any of its Affiliates) (i) that is in a different amount than, or on a different date from, that specified in a notice of payment or calculation statement sent by the Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>"), (ii) that was not preceded or accompanied by a Payment Notice or (iii) that such Unintended Recipient otherwise becomes aware was transmitted, or received, in error or mistake (in whole or in part) or such Payment is otherwise inconsistent with such recipient's or market expectations, in each case, an error shall be presumed to have been made with respect to such Payment absent written confirmation from the Agent to the contrary. Upon demand from the Agent, such Unintended Recipient shall promptly, but in no event later than two Business Days thereafter, return to the Agent the amount of any such Payment (or portion thereof) as to which such a demand was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company, the Borrower and each other Obligor hereby agree that the receipt by Unintended Recipient of a Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed to such Unintended Recipient by the Company, the Borrower or any other Obligor.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 11.6.<u>Duties of Agent; Exculpatory Provisions</u>. (a) The Agent's duties hereunder are solely ministerial and administrative in nature and the Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written direction of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein); <u>provided</u> that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent or any of its Affiliates to liability or that is contrary to this Agreement or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 12.1, 11.1 or 10.1) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct. The Agent shall be deemed not to have knowledge of any Unmatured Event of Default or Event of Default or the event or events that give or may give rise to any Unmatured Event of Default or Event of Default unless and until the Company or any Lender shall have given notice to the Agent describing such Event of Default and such event or events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Neither the Agent nor any member of the Agent's Group shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty, representation or other information made or supplied by or on behalf of the Company or any of its Subsidiaries in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Unmatured Event of Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document or the perfection or priority of any Lien or security interest created or purported to be created hereby or (v) the satisfaction of any condition set forth in Section 9 or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Nothing in this Agreement shall require the Agent or any of its Related Parties to carry out any "<u>know your customer</u>" or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any of its Related Parties.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 11.7.<u>Reliance by Agent</u>. The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and correct and to have been signed, sent or otherwise authenticated by the proper Person or Persons. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Term Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless an officer of the Agent responsible for the transactions contemplated hereby shall have received notice to the contrary from such Lender prior to the making of such Term Loan, and such Lender shall not have made available to the Agent such Lender's ratable portion of the applicable Term Loan. The Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 11.8.<u>Delegation of Duties</u>. The Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any one or more sub agents appointed by the Agent. The Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. Each such sub agent and the Related Parties of the Agent and each such sub agent shall be entitled to the benefits of all provisions of this Section 11 and Section 12.5 and subject to the duties and obligations of the Agent under the Agreement (as though such sub-agents were the "<u>Agent</u>" hereunder) as if set forth in full herein with respect thereto. The Agent shall not be responsible for the negligence or misconduct of any sub-agent that it selects in the absence of gross negligence, bad faith or willful misconduct.

Section 11.9.<u>Resignation of Agent</u>. The Agent may resign as Agent upon 30 days' notice to the Lenders and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor reasonably acceptable to the Company (such consent of the Company not to be unreasonably withheld or delayed and not required if an Event of Default under Section 10.1.1 or 10.1.3 has occurred and is continuing) from among the Lenders, which shall be a commercial bank organized under the laws of the United States of America or any State thereof or the District of Columbia or under the laws of another country which is doing business in the United States of America and having a combined capital, surplus and undivided profits of at least $1,000,000,000. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (such 30-day period, the "<u>Lender Appointment Period</u>"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above. In

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

addition and without any obligation on the part of the retiring Agent to appoint, on behalf of the Lenders, a successor Agent, the retiring Agent may at any time upon or after the end of the Lender Appointment Period notify the Company and the Lenders that no qualifying Person has accepted appointment as successor Agent and the effective date of such retiring Agent's resignation. Upon the resignation effective date established in such notice and regardless of whether a successor Agent has been appointed and accepted such appointment, the retiring Agent's resignation shall nonetheless become effective and (i) the retiring Agent shall be discharged from its duties and obligations as Agent hereunder (other than with respect to its own gross negligence, bad faith or willful misconduct concerning any actions taken or omitted to be taken by it while it was Agent under this Agreement) and (ii) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph. Upon the acceptance of a successor's appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Agent of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations as Agent hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Company to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After any retiring Agent's resignation hereunder as Agent, the provisions of this Section 11 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement.

Section 11.10.<u>Non-Reliance on Agent and Other Lenders</u>. (a) Each Lender confirms to the Agent, each other Lender and each of their respective Related Parties that it (i) possesses (individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on the Agent, any other Lender or any of their respective Related Parties, of evaluating the merits and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Term Loans and other extensions of credit hereunder and (z) in taking or not taking actions hereunder and thereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Term Loans and other extensions of credit hereunder is suitable and appropriate for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender acknowledges that (i) it is solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Agreement, (ii) that it has, independently and without reliance upon the Agent, any other Lender or any of their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into, this Agreement based on such documents and information, as it has deemed appropriate and (iii) it will, independently and without reliance upon the Agent, any other Lender or any of their respective Related Parties, continue to be solely responsible for making its own appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under,

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

this Agreement based on such documents and information as it shall from time to time deem appropriate, which may include, in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the financial condition, status and capitalization of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the legality, validity, effectiveness, adequacy or enforceability of this Agreement and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)determining compliance or non-compliance with any condition hereunder to the making of a Term Loan and the form and substance of all evidence delivered in connection with establishing the satisfaction of each such condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the adequacy, accuracy and/or completeness of any information delivered by the Agent, any other Lender or by any of their respective Related Parties under or in connection with this Agreement, the transactions contemplated hereby and thereby or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement.

Section 11.11.<u>The Register; the Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Agent, acting as a non-fiduciary agent on behalf of the Borrower, shall maintain at the Payment Office a register for the inscription of the names and addresses of Lenders and the Term Loans of, and principal amounts and interest owing to, each Lender from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Lenders, and the Agent may treat each Person whose name is inscribed in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company, the Borrower, the Agent, or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Agent shall inscribe in the Register the Term Loans from time to time of each Lender, the amount of each Lender's participation in outstanding Term Loans and each repayment or prepayment in respect of the principal amount of the Term Loans of each Lender, the principal and other amounts owing from time to time by the Borrower in respect of each Term Loan to each Lender of such Term Loans and the dates on which the Loan Period for each such Term Loan shall begin and end. Any such inscription shall be conclusive and binding on the Borrower and each Lender, absent manifest or demonstrable error; <u>provided</u> that failure to make any such inscription, or any error in such inscription, shall not affect any of the Borrower's obligations in respect of the applicable Term Loans; and <u>provided further</u> that, in such case, the Borrower and the

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Agent shall be entitled to continue to deal solely and directly with the Lender inscribed in the Register with respect to such Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Lender shall record on its internal records the amount of each Term Loan made by it and each payment in respect thereof; <u>provided</u> that in the event of any inconsistency between the Register and any Lender's records, the inscriptions in the Register shall govern, absent manifest or demonstrable error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If so requested by any Lender by written notice to the Company (with a copy to Agent) at least two Business Days prior to the Closing Date or at any time thereafter, the Borrower shall execute and deliver to such Lender (and/or, if so specified in such notice, any Person who is an assignee of such Lender pursuant to Section 12.4.1 hereof) promptly after receipt of such notice, a Note substantially in the form of Exhibit B hereto.

Section 11.12.<u>No Other Duties, etc</u>. Anything herein to the contrary notwithstanding, no Person acting as "<u>Sole Bookrunner</u>", "<u>Sole Lead Arranger</u>" or a "<u>Syndication Agent</u>" listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement, except in its capacity, as applicable, as the Administrative Agent or as a Lender hereunder.

Section 11.13.<u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Lender is not using "<u>plan assets</u>" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Term Loans, the Commitments or this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Term Loans, the Commitments and this Agreement,

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "<u>Qualified Professional Asset Manager</u>" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Term Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Term Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Term Loans, the Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Term Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

(xii)GENERAL

Section 12.1.<u>Waiver; Amendments</u>. No delay on the part of the Agent, any Lender, or the holder of any Term Loan in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. Except as provided in Section 6.2, no amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the Notes shall in any event be effective unless the same shall be in writing and signed and delivered by the Obligors (or, in the case of the Notes, the Borrower), the Agent and by the Non-Defaulting Lenders having an aggregate Percentage of not less than the aggregate Percentage expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement or the Notes, by the Required Lenders, and then any amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No amendment, modification, waiver or consent (i) shall change the definition of "<u>Required Lenders</u>" or "<u>Percentage</u>" in Section 1, amend, waive, change or otherwise modify the terms of Section 3.5, Section 5.2, Section 10.1.1, or this Section 12.1, release all or substantially all of the Guarantors (except the release of any Guarantor pursuant to a transaction otherwise permitted hereunder), or otherwise change the aggregate Percentage required to effect an amendment, modification, waiver or consent without the written consent of the Obligors and all Non-Defaulting Lenders, (ii) shall modify or waive any of the conditions precedent specified in Section 9.1 for the making of any Term Loan without the written consent of the Obligors and the Lender which is to make such Term Loan; (iii) shall amend the last two sentences of Section 7.15 or the last paragraph of Section 8.8 without the written consent of the Required Lenders and each Lender incorporated in or organized under the laws of the Federal Republic of Germany; or (iv) shall (other than in accordance with Section 12.9(a)) extend the scheduled maturity, increase the amount of, or reduce the principal amount of, or rate of interest on, reduce or waive any fee hereunder or extend the due date for or waive any amount payable under, any Term Loan without the written consent of the Obligors and the applicable Lender holding the Term Loan adversely affected thereby. No provisions of Section 12 or any provision herein affecting the rights and duties of the Agent in its capacity as such shall be amended, modified or waived without the Agent's written consent.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 12.2.<u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to paragraphs (b) through (f) of this Section 12.2, all notices, requests and demands to or upon the respective parties hereto to be effective shall be either (x) in writing (including by telecopy, encrypted or unencrypted) or (y) as and to the extent set forth in Section 12.2(b) and in the proviso to this Section 12.2(a) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered or, in the case of telecopy or e-mail notice, when received, addressed to the Borrower, the Agent or such Lender (or other holder) at its address shown across from its name on Schedule II hereto or at such other address as it may, by written notice received by the other parties to this Agreement, have designated as its address for such purpose; <u>provided</u> that any notice, request or demand to or upon the Agent or the Lenders pursuant to Section 2.2(a) or 4.2 shall not be effective until received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Obligor hereby agrees that, unless otherwise requested by the Agent, it will provide to the Agent all information, documents and other materials that it is obligated to furnish to the Agent pursuant to this Agreement, including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Unmatured Event of Default or Event of Default under this Agreement, (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder or (v) initiates or responds to legal process (all such non-excluded information being referred to herein collectively as the "<u>Communications</u>") by transmitting the Communications in an electronic/soft medium (with such Communications to contain any required signatures) in a format acceptable to the Agent to LAU_Agent@mizuhogroup.com (or such other e-mail address designated by the Agent from time to time); <u>provided</u> that, if requested in writing by any Lender, the Company will provide to such Lender a hard copy of its financial statements required to be provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each party hereto agrees that the Agent may make the Communications available to the Lenders by posting the Communications on DebtDomain or another relevant website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent) (the "<u>Platform</u>"). Nothing in this Section 12.2 shall prejudice the right of the Agent to make the Communications available to the Lenders in any other manner specified in this Agreement.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company hereby acknowledges that certain of the Lenders may be "<u>public-side</u>" Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Company or its securities) (each, a "<u>Public Lender</u>"). The Company hereby agrees that (i) Communications that are to be made available on the Platform to Public Lenders shall be clearly and conspicuously marked "<u>PUBLIC</u>" which, at a minimum, shall mean that the word "<u>PUBLIC</u>" shall appear prominently on the first page thereof, (ii) by marking Communications "<u>PUBLIC</u>", the Company shall be deemed to have authorized the Agent and the Lenders to treat such Communications as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Company or its securities for purposes of United States Federal and state securities laws, (iii) all Communications marked "<u>PUBLIC</u>" are permitted to be made available through a portion of the Platform designated "<u>Public Lender</u>", and (iv) the Agent shall be entitled to treat any Communications that are not marked "<u>PUBLIC</u>" as being suitable only for posting on a portion of the Platform not designated "<u>Public Lender</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each Lender agrees that e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in the next paragraph) specifying that Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender for purposes of this Agreement. Each Lender agrees (i) to notify the Agent in writing (including by electronic communication) from time to time to ensure that the Agent has on record an effective e-mail address for such Lender to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each party hereto acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided "<u>as is</u>" and "<u>as available</u>", (iii) none of the Agent, its affiliates nor any of their respective officers, directors, employees, agents, advisors or representatives (collectively, the "<u>Agent Parties</u>") warrants the adequacy, accuracy or completeness of the Communications or the Platform, and each Agent Party expressly disclaims liability for errors or omissions in any Communications or the Platform, and (iv) no warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with any Communications or the Platform.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 12.3.<u>Computations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 12.3(b), where the character or amount of any asset or liability or item of income or expense is required to be determined, or any consolidation or other accounting computation is required to be made, for the purpose of this Agreement, such determination or calculation shall, at any time and to the extent applicable and except as otherwise specified in this Agreement, be made in accordance with GAAP. If (i) at any time any material change in GAAP or (ii) on the Closing Date any "<u>End of Lease Assets</u>" are reclassified as goodwill on such date, and in each case the application thereof or such reclassification would affect the computation or interpretation of any financial ratio, requirement or other provision set forth in this Agreement, and either the Company or the Agent shall so request, the Agent and the Company shall negotiate in good faith to amend such ratio, requirement or other provision to preserve the original intent thereof in light of such change in GAAP or the application thereof or such reclassification (it being understood, however, that such ratio, requirement or other provision shall remain in full force and effect in accordance with their existing terms pending the execution by the Company and the Required Lenders of any such amendment); <u>provided</u> that, until so amended, (A) such ratio, requirement or other provision shall continue to be computed or interpreted in accordance with GAAP or the application thereof prior to such change therein or such reclassification and (B) in the case of any relevant calculation, the Company shall provide to the Agent and the Lenders a written unaudited reconciliation in form and substance reasonably satisfactory to the Agent, between calculations of such ratio, requirement or other provision made before and after giving effect to such change in GAAP or the application thereof or such reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding the foregoing or any other provision of this Agreement, the adoption or issuance of any accounting standards after December 31, 2015 will not cause any rental obligation that was not or would not have been Capitalized Rentals prior to such adoption or issuance to be deemed Capitalized Rentals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that (i) any accounting standard that is adopted or issued after December 31, 2015 would, but for the provisions of Section 12.3(b), cause any rental obligation that was not or would not have been Capitalized Rentals prior to such adoption or issuance to be deemed Capitalized Rentals and (ii) the effect of Section 12.3(b) shall materially impact the calculation of the financial covenants in this Agreement, then the Company thereafter shall provide, at the time of delivery of financial statements pursuant to Sections 8.1.1 and 8.1.2, to the Administrative Agent and the Lenders financial statements and other documents required or as reasonably requested under this Agreement to, as applicable, provide an unaudited estimated reconciliation of such financial covenant at the close of each quarterly period with respect to the treatment of Capitalized Leases and Capitalized Rentals, calculated using GAAP as in effect before such adoption or issuance and GAAP as in effect after such adoption or issuance.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 12.4.<u>Assignments; Participations</u>. Each Lender may assign, or sell participations in, its Term Loans or its Commitment to one or more other Persons in accordance with this Section 12.4 (and, subject to compliance by the applicable Lender with Section 12.6, the Company consents to the disclosure of any information obtained by any Lender in connection herewith to any actual or prospective Assignee or Participant).

Section 12.4.1.<u>Assignments</u>. Any Lender may with the written consents of the Company and the Agent (which consents will not be unreasonably withheld or delayed) at any time assign and delegate to one or more Eligible Assignees (any Person to whom an assignment and delegation is made being herein called an "<u>Assignee</u>") all or any fraction of such Lender's Term Loans or Commitment; each such assignment of a Lender's Term Loan or Commitment shall be in the minimum amount of $10,000,000 or in integral multiples of $1,000,000 in excess thereof (or such lower minimum amount or lower integral multiple as the Company and the Agent may consent to); <u>provided</u> that, in the case of an assignment of the entire remaining amount of the assigning Lender's Term Loans at the time owing to it or the entire remaining amount of the assigning Lender's Commitment, no minimum amount need be assigned; <u>provided</u>, <u>further</u>, that no such consent from the Company shall be required if, at such time, an Event of Default under Section 10.1.1 or 10.1.3 has occurred and is continuing; <u>provided</u>, <u>further</u>, that, any such Assignee will comply, if applicable, with the provisions contained in Section 5.4; <u>provided</u>, <u>further</u>, the Company may withhold consent to the assignment of any Lender's Term Loans or Commitment to an Assignee for whom it is illegal to make a SOFR Rate Loan described in Section 12.9(b)(iii) or that the Borrower would be required to compensate for any withholding or deductions described in clauses (i) or (ii) of Section 12.9(b) that are in excess of any such withholding or deductions the Borrower would be required to compensate to such assigning Lender, and any such withholding of consent by the Company is and hereby will be deemed to be reasonable; and <u>provided</u>, <u>further</u>, that the Borrower and the Agent shall be entitled to continue to deal solely and directly with such assigning Lender in connection with the interests so assigned and delegated to an Assignee until such assigning Lender and/or such Assignee shall have consummated such assignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)given written notice of such assignment and delegation, together with payment instructions, addresses and related information with respect to such Assignee, substantially in the form of Exhibit D, to the Company and the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)provided evidence satisfactory to the Company and the Agent that, as of the date of such assignment and delegation the Obligors will not be required to pay any costs, fees, taxes or other amounts of any kind or nature (including under Section 12.5) with respect to the interest assigned in excess of those payable by the Obligors with respect to such interest prior to such assignment;

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)paid to the Agent for the account of the Agent a processing fee of $3,500; <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)provided to the Agent evidence reasonably satisfactory to the Agent that the assigning Lender has complied with the provisions of Section 11.10.

Upon receipt of the foregoing items and the consents of the Company and the Agent, and subject to the acceptance and recordation of the assignment by the Agent pursuant to Section 11.11, (x) the Assignee shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned and delegated to such Assignee, such Assignee shall have the rights and obligations of a Lender hereunder and under the other instruments and documents executed in connection herewith and (y) the assigning Lender, to the extent that rights and obligations hereunder have been assigned and delegated by it, shall be released from its obligations hereunder, except as specified in the last sentence of Section 12.6. The Agent may from time to time (and upon the request of the Company or any Lender after any change therein shall) distribute a revised Schedule I indicating any changes in the Lenders party hereto or the respective Percentages of such Lenders and update the Register. Within five Business Days after the Company's receipt of notice from the Agent of the effectiveness of any such assignment and delegation, if requested by the Assignee in accordance with Section 11.11, the Borrower shall execute and deliver to the Agent (for delivery to the relevant Assignee) new Notes in favor of such Assignee and, if the assigning Lender has retained Term Loans hereunder and if so requested by such Lender in accordance with Section 11.11, replacement Notes in favor of the assigning Lender (such Notes to be in exchange for, but not in payment of, the Notes previously held by such assigning Lender). Each such Note shall be dated the date of the predecessor Notes. The assigning Lender shall promptly mark the predecessor Notes, if any, "<u>exchanged</u>" and deliver them to the Borrower. Any attempted assignment and delegation not made in accordance with this Section 12.4.1 shall be null and void.

The foregoing consent requirement shall not be applicable in the case of, and this Section 12.4.1 shall not restrict, any assignment or other transfer by any Lender of all or any portion of such Lender's Term Loans to any Federal Reserve Bank or the European Central Bank (provided, that, such Federal Reserve Bank or European Central Bank shall not be considered a "<u>Lender</u>" for purposes of this Agreement).

Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender to a Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Board or other similar central bank; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender party hereto.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

The Company, each Lender, and each Assignee acknowledge and agree that after receipt by the Agent of the items and consents required by this Section 12.4.1 each Assignee shall be considered a Lender for all purposes of this Agreement (including Sections 5.4, 6.1, 6.4, 12.5 and 12.6) and by its acceptance of an assignment herein, each Assignee agrees to be bound by the provisions of this Agreement (including Section 5.4).

Section 12.4.2.<u>Participations</u>. Any Lender may at any time without the consent of the Company or the Agent sell to one or more Eligible Assignees or any Affiliate thereof which is not a Disqualified Lender and is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business (any such Eligible Assignee or Affiliate being herein called a "<u>Participant</u>") participating interests in any of its Term Loans, or any other interest of such Lender hereunder; <u>provided</u>, <u>however</u>, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)no participation contemplated in this Section 12.4.2 shall relieve such Lender from its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)such Lender shall remain solely responsible for the performance of its obligations hereunder and such Lender shall retain the sole right and responsibility to enforce the obligations of the Obligors hereunder, including the right to approve any amendment, modification or waiver of any provision of this Agreement (subject to Section 12.4.2(d) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)no Participant, unless such Participant is an Affiliate of such Lender, or is itself a Lender, shall be entitled to require such Lender to take or refrain from taking any action hereunder, except that such Lender may agree with any Participant that such Lender will not, without such Participant's consent, take any actions of the type described in the third sentence of Section 12.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)no Obligor shall be required to pay any amount under Sections 3.1, 5.4 or 6.1 that is greater than the amount which such Obligor would have been required to pay had no participating interest been sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)no Participant may further participate any interest in any Term Loan (and each participation agreement shall contain a restriction to such effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)to the extent permitted by applicable law, each Participant shall be considered a Lender for purposes of Section 5.4, Section 6.1, Section 6.4, Section 12.5 and Section 12.6 and by its acceptance of a participating interest in any Term Loan, or any other interest of a Lender hereunder, each Participant agrees that it is bound by, and agrees to deliver all documentation required under, the provisions of Section 5.2(b) and Section 5.4 as if such Participant were a Lender (it being understood that the documentation required under Section 5.4 shall be delivered to the participating Lender);

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)such Lender shall have provided to the Agent evidence reasonably satisfactory to the Agent that such Lender has complied with the provisions of the last sentence of Section 11.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Term Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

Any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle organized under the laws of the United States of America or any State thereof (a "<u>SPV</u>") of such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Agent, the Company and the Borrower, the option to provide to the Borrower all or any part of its Term Loans that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; <u>provided</u> that (i) such SPV shall be deemed to be a Participant for purposes of this Section 12.4.2, (ii) nothing herein shall constitute a commitment by any SPV to make any Term Loan, (iii) if a SPV elects not to exercise such option or otherwise fails to provide all or any part of such Term Loan, the Granting Lender shall be obligated to make such Term Loan pursuant to the terms hereof and (iv) the Company shall not be required to pay any amount under Sections 12.5 or 12.7 that is greater than the amount which the Company would have been required to pay had such SPV not provided the Borrower with any part of any Term Loan of such Granting Lender. The making of a Term Loan by a SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Term Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (any indemnity, liability or other payment obligation, including but not limited to any tax liabilities that occur by reason of such funding by the SPV, shall remain the obligation of the Granting Lender). In furtherance of the foregoing, each party hereto agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

United States or any State thereof. In addition, notwithstanding anything contrary contained in this Section 12.4.2, any SPV may (i) with notice to, but without the prior written consent of, the Company and the Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Term Loans to the Granting Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Term Loans and (ii) disclose on a confidential basis any non-public information relating to its Term Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This paragraph may not be amended without the written consent of any SPV at the time holding all or any part of any Term Loans under this Agreement (which consent shall not be unreasonably withheld or delayed).

Section 12.5.<u>Costs, Expenses and Taxes</u>. The Company agrees to pay within 30 days of written demand (a) all reasonable and documented out-of-pocket costs and expenses of the Agent (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for the Agent (and, if reasonably required, of a single local counsel for the Agent in each appropriate jurisdiction)), in connection with the preparation, execution, delivery and administration of, and any amendment to, this Agreement, the Notes and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith and (b) all reasonable and documented out-of-pocket costs and expenses (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for the Agent and the Lenders (and, if reasonably required, of a single local counsel for the Agent and the Lenders in each appropriate jurisdiction)) and, in the case of an actual or perceived conflict of interest, a single additional firm of outside counsel (or, if reasonably required, a single additional local counsel in each appropriate jurisdiction), incurred by the Agent and each Lender in connection with the enforcement of this Agreement, the Notes or any such other instruments or documents. Each Lender agrees to reimburse the Agent for such Lender's pro rata share (based upon its respective Percentage determined at the time such reimbursement is sought) of any such costs or expenses incurred by the Agent on behalf of all the Lenders and not paid by the Obligors other than any fees and out-of-pocket expenses of counsel for the Agent which exceed the amount which the Company or the Borrower has agreed with the Agent to reimburse. In addition, without duplication of the provisions of Section 5.4, each Obligor agrees to pay, and to hold the Agent and the Lenders harmless from all liability for, any stamp, court or documentary, intangible, recording, filing or similar Taxes which may be payable in connection with the execution, delivery and enforcement of this Agreement, the borrowings hereunder, the issuance of the Notes (if any) or the execution, delivery and enforcement of any other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith, except, in each case, any such Taxes that are Other Connection Taxes imposed with respect to an assignment or participation other than an assignment made pursuant to Section 12.9(c). All obligations provided for in this Section 12.5 shall survive repayment of the Term Loans, cancellation of the Notes or any termination of this Agreement.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 12.6.<u>Confidentiality</u>. Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates' respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives (it being understood that (i) no disclosure of Information shall be made by the Agent or any Lender to an Affiliate and such Affiliate's respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives if such Affiliate is a Disqualified Lender and (ii) the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any Note or any action or proceeding relating to this Agreement or any Note or the enforcement of rights hereunder or thereunder, (f) subject to a confidentiality agreement with or other contractual, legal, or fiduciary obligation of confidentiality to the Company containing provisions substantially the same as those of this Section 12.6, to (i) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap or derivative or similar transaction under which payments are to be made by reference to the Company and its obligations, this Agreement or payments hereunder, (iii) any rating agency, or (iv) the CUSIP Service Bureau or any similar organization, (g) with the prior written consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 12.6 or (y) becomes available to the Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. With respect to any disclosure under Section 12.6(c), each of the Agent and the Lenders, as applicable, shall use commercially reasonable efforts to promptly notify the Company, to the extent legally permissible and practicable under the circumstances, so as to permit the Company to obtain a protective order as to such disclosure, and each of the Agent and the Lenders will reasonably cooperate (to the extent practicable and permitted by their respective then existing policies) with the Company for such purpose.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

For purposes of this Section, "<u>Information</u>" means all information received from the Company or any of its Subsidiaries relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by the Company or any of its Subsidiaries; <u>provided</u> that in the case of information received from the Company or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. With respect to any Lender or Agent, the obligations of such Lender or Agent pursuant to this Section 12.6 shall terminate on the first anniversary of the earlier of the Termination Date and the date on which such Lender or Agent ceases to be a party hereto.

Section 12.7.<u>Indemnification</u>. In consideration of the execution and delivery of this Agreement by the Agent and the Lenders, but without duplication of the provisions of Section 5.4, each Obligor hereby agrees to indemnify, exonerate and hold each of the Lenders, the Agent, the Arranger, the Affiliates of each of the Lenders, the Arranger and the Agent, and each of the officers, directors, employees, agents and advisors of the Lenders, the Arranger, the Agent and the Affiliates of each of the Lenders, the Arranger and the Agent (collectively herein called the "<u>Lender Parties</u>" and individually called a "<u>Lender Party</u>") free and harmless from and against any and all actions, causes of action, suits, losses, liabilities, damages and reasonable and documented out-of-pocket expenses (limited, in the case of counsel, to the reasonable and documented fees and out-of-pocket expenses of a single outside counsel for all Lender Parties, taken together (and, if reasonably required, of a single local counsel for all Lender Parties, taken together, in each appropriate jurisdiction), and, in the case of an actual or perceived conflict of interest, a single additional firm of outside counsel (or, if reasonably required, a single additional local counsel in each appropriate jurisdiction) for each group of similarly situated Lender Parties) (collectively herein called the "<u>Indemnified Liabilities</u>"), incurred by the Lender Parties or any of them as a result of, or arising out of, or relating to (i) this Agreement, the Notes (if any) or the Term Loans or (ii) the direct or indirect use of proceeds of any of the Term Loans or any credit extended hereunder, except (x) for any such Indemnified Liabilities arising on account of such Lender Party's (or any of its Related Parties') gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction in a final and nonappealable judgment, (y) for any such Indemnified Liabilities resulting from a material breach of the obligations of such Lender Party (or any of its Related Parties) under the Loan Documents as determined by a court of competent jurisdiction in a final and nonappealable judgment or (z) to the extent such Indemnified Liabilities result from any dispute solely among Lender Parties other than any claims against the Agent or the Arranger in its capacity or in fulfilling its role as Agent or Arranger under this Agreement and other than any claims arising out of any act or omission on the part of the Company

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

or any Obligor, and if and to the extent that the foregoing undertaking may be unenforceable for any reason, the Obligors hereby agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. Each Obligor agrees not to assert any claim against the Lender Parties on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement and the Notes (if any) or any of the transactions contemplated hereby or thereby or the actual or proposed use of the proceeds of the Term Loans. All obligations provided for in this Section 12.7 shall survive repayment of the Term Loans, cancellation of the Notes (if any) or any termination of this Agreement. This Section 12.7 shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages or similar items arising from any non-Tax claim.

Section 12.8.<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 12.9.<u>Extension of Termination Dates; Removal of Lenders; Substitution of Lenders</u>. (a) At any time and from time to time after the Closing Date, the Borrower may, at its option, request all the Lenders then party to this Agreement to extend their scheduled Termination Dates by an additional one year period, or such shorter period as agreed upon by the Borrower and the Agent, by means of a letter substantially in the form of Exhibit E hereto (each, an "<u>Extension Request</u>"), addressed to the Agent (who shall promptly deliver such Extension Request to each Lender). Each Lender electing (in its sole discretion) to extend its scheduled Termination Date shall execute and deliver not later than the 10th Business Day after delivery of the Extension Request to Lenders, counterparts of such Extension Request to the Borrower and the Agent, who shall notify the Borrower, in writing, of the Lenders' decisions no later than the 15th Business Day after delivery of the Extension Request to the Lenders, whereupon (unless Lenders with an aggregate Percentage of 50% or more decline to extend their respective scheduled Termination Dates, in which event the Agent shall notify all the Lenders and the Borrower thereof and no such extension shall occur) such Lender's scheduled Termination Date shall be extended, effective only as of the date that is such Lender's then-current scheduled Termination Date, to the date that is one year, or such shorter period as agreed as provided above, after such Lender's then-current scheduled Termination Date. Any Lender that declines or fails to respond to the Borrower's request for such extension shall be deemed to have not extended its scheduled Termination Date. Notwithstanding anything to the contrary in this Agreement, the Borrower shall not effectuate any such extension of the Termination Date (x) more than two times during the term of this Agreement, (y) more than once in any consecutive 12-month period and (z) that would result in a scheduled Termination Date, after giving effect to such extension, that occurs more than four years after the date of such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In addition to its rights to remove any Defaulting Lender under Section 4.1, with respect to any Lender (i) on account of which the Borrower is required to make any deductions or withholdings or pay any additional amounts, as contemplated by Section 5.4, (ii) on account of which the Borrower is required to pay any additional amounts, as contemplated by Section 6.1, (iii) for which it is illegal to make a SOFR Rate Loan, as contemplated by Section 6.3, (iv) which has declined to (A) extend such Lender's scheduled Termination Date under Section 12.9, or (B) consent to an amendment, modification or waiver and, in each case, Lenders with an aggregate Percentage in excess of 50% have elected to extend their respective Termination Dates or consent to such amendment, modification or waiver or (v) from which the Agent has received a written notice of objection pursuant to Section 6.2(a), the Borrower may, in its discretion, upon not less than five days' prior written notice to the Agent and each Lender, remove such Lender as a party hereto. Each such notice shall specify the date of such removal (which shall be a Business Day), which shall thereupon become the scheduled Termination Date for such Lender.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that any Lender does not extend its scheduled Termination Date pursuant to subsection (a) above or is the subject of a notice of removal pursuant to subsection (b) above, then, at any time prior to the Termination Date for such Lender (a "<u>Terminating Lender</u>"), the Borrower may, at its option, arrange to have one or more other Eligible Assignees (which may be a Lender or Lenders, or if not a Lender, shall be reasonably acceptable to the Agent (such acceptance not to be unreasonably withheld or delayed), and each of which shall herein be called a "<u>Successor Lender</u>") with the approval of the Agent (such approval not to be unreasonably withheld or delayed) succeed to all or a percentage of the Terminating Lender's outstanding Term Loans, if any, and rights under this Agreement and assume all or a like percentage (as the case may be) of such Terminating Lender's undertaking to make Term Loans pursuant hereto and other obligations hereunder (as if (i) in the case of any Lender electing not to extend its scheduled Termination Date pursuant to subsection (a) above, such Successor Lender had extended its scheduled Termination Date pursuant to such subsection (a) and (ii) in the case of any Lender that is the subject of a notice of removal pursuant to subsection (b) above, no such notice of removal had been given by the Borrower). Such succession and assumption shall be effected by means of one or more agreements supplemental to this Agreement among the Terminating Lender, the Successor Lender, the Borrower and the Agent. On and as of the effective date of each such supplemental agreement (i) each Successor Lender party thereto shall be and become a Lender for all purposes of this Agreement and to the same extent as any other Lender hereunder and shall be bound by and entitled to the benefits of this Agreement in the same manner as any other Lender and (ii) the Borrower agrees to pay to the Agent for the account of the Agent a processing fee of $3,500 for each such Successor Lender which is not a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)On the Termination Date for any Terminating Lender, the Borrower shall pay in full all of such Terminating Lender's Term Loans (except to the extent assigned pursuant to subsection (c) above) and all other amounts payable to such Lender hereunder (including any amounts payable pursuant to Section 5.4 on account of such payment); <u>provided</u> that if an Event of Default or Unmatured Event of Default exists on the date scheduled as any Terminating Lender's Termination Date, payment of such Terminating Lender's Term Loans shall be postponed to the first Business Day thereafter on which (i) no Event of Default or Unmatured Event of Default exists (without regard to any waiver or amendment that makes this Agreement less restrictive for the Borrower, other than as described in clause (ii) below) or (ii) the Required Lenders (which for purposes of this subsection (d) shall be determined based upon the respective Percentages of all Lenders other than any Terminating Lender whose scheduled Termination Date has been extended pursuant to this proviso) waive or amend the provisions of this Agreement to cure all existing Events of Default or Unmatured Events of Default or agree to permit any borrowing hereunder notwithstanding the existence of any such event. In the event that Mizuho or its Affiliates shall become a Terminating Lender, the provisions of Section 11.9 shall apply with respect to Mizuho in its capacity as Agent.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Agent shall distribute a revised Schedule I indicating such revisions promptly after the applicable Termination Date and update the Register accordingly. Such revised Schedule I shall be deemed conclusive in the absence of demonstrable error.

Section 12.10.<u>Captions</u>. Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

Section 12.11.<u>Governing Law; Jurisdiction; Severability</u>. THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF SITTING IN NEW YORK COUNTY, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY OBLIGOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. All obligations of the Obligors and the rights of the Agent, the Lenders and any other holders of the Term Loans expressed herein or in the Notes (if any) shall be in addition to and not in limitation of those provided by applicable law. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

Each Obligor agrees that service of all writs, process and summonses in any such action or proceeding brought in the courts of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof sitting in New York County, may be made upon AerCap Corporate Services Inc., presently located in the United States located at 830 Brickell Plaza, Suite 5000, Miami, Florida 33131 (the "<u>Process Agent</u>"), and each

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Obligor confirms and agrees that the Process Agent has been duly and irrevocably appointed as its agent and true and lawful attorney in fact in its name, place and stead to accept such service of any and all such writs, process and summonses, and agrees that the failure of the Process Agent to give any notice of any such service of process to any Obligor shall not impair or affect the validity of such service or of any judgment based thereon.

A party may appoint an attorney to represent it for purposes of signing this Agreement or any agreement or document it enters into in connection with this Agreement. If the power of attorney is expressed to be governed by Dutch law, each other party hereby accepts that choice of law, in accordance with Article 14 of the Hague Convention on the Law Applicable to Agency of 14 March 1978.

Section 12.12.<u>Counterparts; Effectiveness</u>. This Agreement may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or electronic transmission will be effective as delivery of a manually executed counterpart hereof. Any signature to this Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. When counterparts of this Agreement executed by each party shall have been lodged with the Agent (or, in the case of any Lender as to which an executed counterpart shall not have been so lodged, the Agent shall have received facsimile, electronic mail or other written confirmation of execution of a counterpart hereof by such Lender), this Agreement shall become effective as of the date hereof and the Agent shall so inform all of the parties hereto.

Section 12.13.<u>Further Assurances</u>. Each Obligor agrees to do such other acts and things, and to deliver to the Agent and each Lender such additional agreements, powers and instruments, as the Agent or any Lender may reasonably require or deem advisable to carry into effect the purposes of this Agreement or to better assure and confirm unto the Agent and each Lender their respective rights, powers and remedies hereunder.

Section 12.14.<u>Successors and Assigns</u>. This Agreement shall be binding upon the Obligors, the Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit of the Obligors, the Lenders and the Agent and the respective successors and assigns of the Lenders and the Agent. Except as expressly provided herein, the Borrower may not assign any of its rights or delegate any of its duties under this Agreement without the prior written consent of all of the Lenders.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 12.15.<u>Judgment</u>. (a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase Dollars with such other currency at the Agent's principal office in New York at 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in another currency into Dollars, the parties agree to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase such currency with Dollars at the Agent's principal office in New York at 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The obligation of each Obligor in respect of any sum due from it in any currency (the "<u>Primary Currency</u>") to any Lender or the Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Agent (as the case may be), of any sum adjudged to be so due in such other currency, such Lender or the Agent (as the case may be) may in accordance with normal banking procedures purchase the applicable Primary Currency with such other currency; if the amount of the applicable Primary Currency so purchased is less than such sum due to such Lender or the Agent (as the case may be) in the applicable Primary Currency, each Obligor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any Lender or the Agent (as the case may be) in the applicable Primary Currency, such Lender or the Agent (as the case may be) agrees to remit to such Obligor such excess.

Section 12.16.<u>Waiver of Jury Trial</u>. EACH OBLIGOR, THE AGENT AND EACH LENDER HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 12.17.<u>No Fiduciary Relationship</u>. Each Obligor acknowledges that neither the Agent nor any Lender has any fiduciary relationship with, or fiduciary duty to, such Obligor arising out of or in connection with this Agreement, the Notes (if any) or the transactions contemplated hereby, and the relationship between the Agent and the Lenders, on the one hand, and such Obligor, on the other, in connection herewith or therewith is solely that of creditor and debtor. This Agreement does not create a joint venture among the parties. Each Obligor understands that each Lender and its Affiliates (collectively referred to in this Section 12.17 as a "<u>group</u>") is engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) and that members of each group generally act independently of each other, both for their own account and for the account of clients. Accordingly, there may be situations where parts of a group and/or their clients either now have or may in the future have interests, or take actions, that may conflict with the interests of the Obligors. For example, a group may, in the ordinary course of business, engage in trading in financial products or undertake other investment businesses for their own account or on behalf of other clients, including trading in or holding long, short or derivative positions in securities, loans or other financial products of the Obligors or their Affiliates or other entities connected with the credit facility provided for herein or the transactions contemplated hereby. In recognition of the foregoing, each Obligor agrees that no group is required to restrict its activities as a result of this Agreement and that each group may undertake any business activity, including acts in relation to any matter for any other Person whose interests may be adverse to an Obligor or any of its Affiliates, without further consultation with or notification to any Obligor.

Section 12.18.<u>USA Patriot Act</u>. Each Lender and the Agent (for itself in such capacity and not on behalf of any Lender) hereby notifies each Obligor that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Act</u>"), it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender or the Agent, as applicable, to identify each Obligor in accordance with the Act. Each Obligor shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by the Agent or any Lenders in order to assist the Agent and the Lenders in maintaining compliance with the Act or any other similar law or regulation applicable to a Lender.

Section 12.19.<u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for hedging agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC, a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

Section 12.20.<u>Existing Credit Agreement; Effect of Amendment and Restatement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Prior to the Closing Date, the Existing Credit Agreement shall remain in full force and effect and nothing in this Agreement or the other Loan Documents shall be deemed to amend, modify or otherwise affect the Existing Credit Agreement and the other "<u>Loan Documents</u>" under the Existing Credit Agreement. On and after the Closing Date, (i) the Existing Credit Agreement shall be amended and restated in the form of this Agreement and the Existing Credit Agreement and the other "<u>Loan Documents</u>" thereunder shall be replaced in full by this Agreement and the other Loan Documents and have no further force and effect and (ii) the execution and delivery of this Agreement shall not constitute a novation of any obligation owing to the Agent or the "<u>Lenders</u>" under the Existing Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of (v) Mizuho, in its capacity as the "<u>Agent</u>" or the "<u>Administrative Agent</u>" under the Existing Credit Agreement, (w) the Lenders party hereto, in their capacities as "<u>Lenders</u>" under the Existing Credit Agreement, (x) the Company, in its capacity as the "<u>Company</u>" under the Existing Credit Agreement, (y) the Borrower, in its capacity as the "<u>Borrower</u>" under the Existing Credit Agreement, and (z) each Subsidiary Guarantor, in its capacity as a "<u>Subsidiary Guarantor</u>" under the Existing Credit Agreement, hereby:

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)consents, on the Closing Date, to (A) the amendment and restatement of the Existing Credit Agreement and the other "<u>Loan Documents</u>" thereunder and (B) the replacement in full of the Existing Credit Agreement and the other "<u>Loan Documents</u>" thereunder with this Agreement and the other Loan Documents on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)agrees that, with respect to each "<u>Lender</u>" under the Existing Credit Agreement that declines or fails to enter into this Agreement as a Lender hereunder on the Closing Date (other than any such "<u>Lender</u>" under the Existing Credit Agreement that becomes a Lender hereunder on or prior to the Closing Date pursuant to Section 4.4) (each, a "<u>Replaced Lender</u>"), effective as of the Closing Date, each such Replaced Lender shall be released from all obligations under the Existing Credit Agreement and the Borrower shall be required to prepay all of such Replaced Lender's "<u>Term Loans</u>" outstanding under the Existing Credit Agreement and pay all interest, fees and other amounts owing, as of the Closing Date, to such Replaced Lender under the Existing Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)On the terms and subject to the conditions set forth herein, each Lender party hereto agrees, severally and for itself alone (i) as applicable, to continue its "<u>Term Loans</u>" made under the Existing Credit Agreement (in an aggregate principal amount, if any, as set forth opposite such Lender's name on Schedule I hereto under the heading "<u>Continued Term Loans</u>") as Term Loans on the Closing Date and (ii) as applicable, to fund additional Term Loans on the Closing Date (in an aggregate principal amount, if any, as set forth opposite such Lender's name on Schedule I hereto under the heading "<u>Term Loan Commitment</u>"). After giving effect to the foregoing, as of the Closing Date and after giving effect to the transactions contemplated hereby, each Lender shall hold outstanding Term Loans in an aggregate principal amount as set forth on Schedule I hereto under the heading "<u>Total Outstanding Term Loans</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Lender party hereto that was a "<u>Lender</u>" under the Existing Credit Agreement, in its capacity as a "<u>Lender</u>" under the Existing Credit Agreement, hereby waives any right to receive any amounts that might be payable to it under Section 6.4 of the Existing Credit Agreement or Section 6.4 of this Agreement, in each case as a result of the transactions occurring on the Closing Date, including the transactions contemplated by this Section 12.20.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

(xiii)GUARANTEE

Section 13.1.<u>The Guarantee</u>. The Guarantors hereby jointly and severally guarantee to each Lender and the Administrative Agent and their respective successors and assigns the prompt payment in full when due upon the expiration of any applicable remedial period (whether at stated maturity, by acceleration or otherwise) of the obligations, whether direct or indirect, absolute or contingent, now or hereafter from time to time owing to the Lenders or the Administrative Agent by the Borrower or any other Obligor under this Agreement or any of the other Loan Documents, in each case strictly in accordance with the terms hereof and thereof and including all monetary obligations incurred during the pendency of any bankruptcy, insolvency, examinership, receivership or other similar proceeding of the Borrower, regardless of whether allowed or allowable in such proceeding (such obligations being herein collectively called the "<u>Guaranteed Obligations</u>"). The Guarantors hereby further jointly and severally agree that if the Borrower shall fail to pay in full when due upon the expiration of any applicable remedial period (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

Section 13.2.<u>Obligations Unconditional</u>. The obligations of the Guarantors under Section 13.1 are absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Borrower under this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 13 that the obligations of the Guarantors hereunder shall be primary obligations of payment and not of collection, absolute and unconditional, joint and several, under any and all circumstances (and any defenses thereto are hereby waived by the Guarantors). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder (and any such defense are hereby waived), which shall remain absolute and unconditional as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any law or regulation of any jurisdiction or any other event affecting any term of a Guaranteed Obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any lien or security interest granted to, or in favor of, the Administrative Agent or any Lender or Lenders as security for any of the Guaranteed Obligations shall fail to be perfected.

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Borrower under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Guarantors expressly confirm that they shall obtain substantial direct and indirect benefit from the giving of the Guarantee pursuant to this Agreement.

Section 13.3.<u>Reinstatement</u>. The obligations of the Guarantors under this Section shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy, liquidation, examinership or reorganization or otherwise, and the Guarantors jointly and severally agree that they will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses (including fees of counsel) incurred by the Administrative Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, liquidation, examinership, insolvency or similar law.

Section 13.4.<u>Subrogation</u>. The Guarantors hereby jointly and severally agree that until the payment and satisfaction in full of all Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders under this Agreement they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in Section 13.1, whether by subrogation or otherwise, against the Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

Section 13.5.<u>Remedies</u>. The Guarantors jointly and severally agree that, as between the Guarantors and the Lenders, the obligations of the Borrower under this Agreement may be declared to be forthwith due and payable as provided in Section 10 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 10) for purposes of Section 13.1 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 13.1.

Section 13.6.<u>Continuing Guarantee</u>. The guarantee in this Section 13 is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising. Each Guarantor agrees that the guarantee in this Section 13 is a guarantee of payment and not of collection.

Section 13.7.<u>Indemnity and Rights of Contribution</u>. The Borrower and the Guarantors hereby agree, as between themselves, that (a) if a payment of any Guaranteed Obligations shall be made by any Subsidiary Guarantor under this Agreement, the Borrower and the Company shall indemnify such Subsidiary Guarantor for the full amount of such payment and (b) if any Subsidiary Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations that shall not have been fully indemnified by the Borrower or the Company, then the other Subsidiary Guarantors shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Subsidiary Guarantor's Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of the Borrower or the Company to any Subsidiary Guarantor or of a Subsidiary Guarantor to any Excess Funding Guarantor under this Section shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Obligor under the other provisions of this Agreements, including this Section 13, and such Subsidiary Guarantor or Excess Funding Guarantor, as the case may be, shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations.

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

For purposes of this Section, (i) "<u>Excess Funding Guarantor</u>" means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) "<u>Excess Payment</u>" means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) "<u>Pro Rata Share</u>" means, for any Subsidiary Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock or other equity interest of any other Subsidiary Guarantor) exceeds the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of the other Subsidiary Guarantors that have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Subsidiary Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Subsidiary Guarantors hereunder) of all of the Subsidiary Guarantors, determined (A) with respect to any Subsidiary Guarantor that is a party hereto on the Closing Date, as of the Closing Date, and (B) with respect to any other Subsidiary Guarantor, as of the date such Subsidiary Guarantor becomes a Subsidiary Guarantor hereunder.

Section 13.8.<u>General Limitation on Guarantee Obligations</u>. In any action or proceeding involving any state corporate law, or any state or Federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 13.1 would otherwise, taking into account the provisions of Section 13.7, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 13.1, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Lender, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Section 13.9.<u>Releases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of (i) a sale or other transfer or disposition of all of the Capital Stock in any Subsidiary Guarantor to any Person that is not an Affiliate of the Company in compliance with Section 8.9 or (ii) the sale or other transfer or disposition, by way of merger, consolidation or otherwise, of assets or Capital Stock of a Subsidiary Guarantor substantially as an entirety to a Person that is not an Affiliate of the Company in compliance with the terms of Section 8.9, then, without any further action on the part of the Administrative Agent or any Lender, such Subsidiary Guarantor (or the Person concurrently acquiring such assets of such Subsidiary Guarantor) shall be deemed automatically and unconditionally released and discharged of any obligations under the guarantee of such Subsidiary Guarantor of the Guaranteed Obligations, as evidenced by a

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

written instrument or confirmation executed by the Administrative Agent, upon the request and at the expense of the Company. Upon delivery by the Company to the Administrative Agent of an officers' certificate stating that such sale or other disposition was made by the Company in accordance with the provisions of this Agreement, including Section 8.9, the Administrative Agent will execute any documents required in order to evidence the release of any Subsidiary Guarantor from its obligations under its guarantee of the Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, the guarantee of a Subsidiary Guarantor of the Guaranteed Obligations will be released:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if the Subsidiary Guarantor (other than ILFC or any Subsidiary that is or becomes a Subsidiary Guarantor on the Closing Date) ceases to be a guarantor under any Capital Markets Debt or unsecured Credit Facilities, including the guarantee that resulted in the obligation of such Subsidiary Guarantor to guarantee the Guaranteed Obligations, and is released or discharged from all obligations thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)upon the expiration or termination of the Commitments and the payment in full of all obligations of the Obligors under this Agreement and under the Notes (other than unasserted contingent indemnification and expense reimbursement obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Subsidiary Guarantor not released from its obligations under its guarantee of the Guaranteed Obligations as provided in this Section 13.9 will remain liable for the full amount of the Guaranteed Obligations as provided in this Section 13.

*[Remainder of page intentionally left blank.]*

<u>AerCap Second Amended and Restated Term Loan Credit Agreement</u>

------

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

AERCAP IRELAND CAPITAL DESIGNATED ACTIVITY COMPANY

By: <u>/s/ Eimear Gilmartin</u><br> Name: Eimear Gilmartin<br>Title: Attorney-in-Fact

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

<u>GUARANTORS</u>

AERCAP HOLDINGS N.V.

<br>By: <u>/s/ Eimear Gilmartin</u><br> Name: Eimear Gilmartin<br>Title: Attorney-in-Fact

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

AERCAP GLOBAL AVIATION TRUST

By: <u>/s/ Eimear Gilmartin</u><br> Name: Eimear Gilmartin<br>Title: Attorney-in-Fact

AERCAP U.S. GLOBAL AVIATION LLC

By: <u>/s/ Eimear Gilmartin</u><br> Name: Eimear Gilmartin<br>Title: Attorney-in-Fact

INTERNATIONAL LEASE FINANCE CORPORATION

By: <u>/s/ Patrick Ross</u><br> Name: Patrick Ross<br>Title: Vice President

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

AERCAP IRELAND LIMITED

SIGNED AND DELIVERED AS A DEED

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Eimear Gilmartin</u><br>As Attorney of AERCAP IRELAND LIMITED

In the presence of:

Signature of witness: <u>/s/ Ashleigh Mooney</u>

Name of witness: <u>Ashleigh Mooney</u>

Address of witness: <u>AerCap Holdings N.V. AerCap House 65 St. Stephens Green Dublin 2, Ireland</u> 

Occupation of witness: <u>Executive Assistant to the CFO</u>

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

MIZUHO BANK, LTD., as Administrative Agent and Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Donna DeMagistris</u> <br>Name: Donna DeMagistris <br>Title: Managing Director

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

DBS Bank LTD,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Cheng Yu Hua</u><br>Name: Cheng Yu Hua<br>Title: Attorney-in-fact

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Industrial and Commercial Bank of China, London Branch

<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jianjun Ciu</u><br>Name: Jianjun Ciu<br>Title: Deputy General Manager

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Hui Cui</u><br>Name: Hui Cui<br>Title: Deputy General Manager

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Industrial and Commercial Bank of China (Europe)S.A. Amsterdam Branch,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Fenghua TAO</u><br>Name: Fenghua TAO<br>Title: General Manager

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

TRUIST BANK,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael J. Landry</u><br>Name: Michael J. Landry<br>Title: Director

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

KFW IPEX-BANK GMBH,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sibylle Poppenmaier</u><br>Name: Sibylle Poppenmaier <br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Chiara Velten</u><br>Name: Chiara Velten<br>Title: Analyst

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

China Construction Bank (Europe) S.A. Amsterdam Branch,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Daiquan Huang</u><br>Name: Daiquan Huang<br>Title: General Manager

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

THE KOREA DEVELOPMENT BANK, LONDON BRANCH,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kap Hoon Kim</u><br>Name: Kap Hoon Kim<br>Title: General Manager

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

KDB Ireland DAC,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jin Kyu Lee</u><br>Name: Jin Kyu Lee<br>Title: Managing Director

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

THE TORONTO-DOMINION BANK, NEW YORK BRANCH,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Brian MacFarlane</u><br>Name: Brian MacFarlane<br>Title: Authorized Signatory

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Bank of China Limited, London Branch,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Guizhen Liu</u><br>Name: Guizhen Liu<br>

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Xin Chen</u><br>Name: Xin Chen<br>

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Bank of China (Europe) S.A. Dublin Branch,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;/s/ Haoyong Li<br>Name: Mr. Haoyong Li<br>Title: Deputy General Manager

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Cara Younger</u> <br>Name: Cara Younger <br>Title: Managing Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Armen Semizian</u> <br>Name: Armen Semizian <br>Title: Managing Director

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Caixabank S.A.,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Bernat Antolin</u><br>Name: Bernat Antolin<br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Antoni Amat</u><br>Name: Antoni Amat<br>Title: Associate

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

CREDIT INDUSTRIAL ET COMMERCIAL,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Julien Natrella</u><br>Name: Julien Natrella <br>

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Laetitia Simongiovanni</u><br>Name: Laetitia Simongiovanni<br>

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

KEYBANK NATIONAL ASSOCIATION,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Tad L. Stainbrook</u><br>Name: Tad L. Stainbrook<br>Title: Senior Vice President

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Oversea-Chinese Banking Corporation Limited,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Siu Ming Cheuk</u><br>Name: Siu Ming Cheuk<br>Title: General Manager

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

PNC BANK, NATIONAL ASSOCIATION,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Hannah Gold</u> <br>Name: Hannah Gold<br>Title: Assistant Vice President

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

REGIONS BANK,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ William Soo</u><br>Name: William Soo<br>Title: Managing Director

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

COMMERZBANK AKTIENGESELLSCHAFT,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sebastian Gaa</u><br>Name: Sebastian Gaa<br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Andreas Koch</u><br>Name: Andreas Koch<br>Title: Managing Director

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Lloyds Bank PLC,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Vivkar Tiwana</u><br>Name: Vivkar Tiwana<br>Title: Associate Director, Lending Execution

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

National Westminster Bank Plc,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Simon Jenkins</u> <br>Name: Simon Jenkins <br>Title: Director

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Felix Krefting</u><br>Name: Felix Krefting <br>Title: Director

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

THE HUNTINGTON NATIONAL BANK,<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Phil Anderson</u> <br>Name: Phil Anderson <br>Title: Vice President

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

------

Sumitomo Mitsui Trust Bank, Limited (London Branch),<br>as Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Richard Ashton</u> <br>Name: Richard Ashton <br>Title: Head of Aviation Finance, EMEA

[*Signature Page to Second Amended and Restated Term Loan Credit Agreement*]

## Exhibit 8.1

**Exhibit 8.1**

---

| | |
|:---|:---|
| **Consolidated** | |
| AerCap Australia Pty Ltd. | Australia |
| ILFC Australia Holdings Pty. Ltd. | Australia |
| Wombat 3668 Leasing Pty Ltd | Australia |
| AerCap International Bermuda Limited | Bermuda |
| AerCap Leasing 3034 (Bermuda) Limited | Bermuda |
| AerCap Ryninch Limited | Bermuda |
| AerFunding 1 Limited | Bermuda |
| AerFunding Bermuda Leasing Limited | Bermuda |
| Aircraft Lease Securitisation II Limited | Bermuda |
| Aistrigh Limited | Bermuda |
| Aquarius Aircraft Leasing Limited | Bermuda |
| Ararat Aircraft Leasing Limited | Bermuda |
| CloudFunding III Limited | Bermuda |
| Copperstream Aircraft Leasing Limited | Bermuda |
| Flying Fortress Bermuda Leasing Ltd. | Bermuda |
| Goldstream Aircraft Leasing Limited | Bermuda |
| ILFC (Bermuda) 5, Ltd. | Bermuda |
| ILFC (Bermuda) III, Ltd. | Bermuda |
| Lare Leasing Limited | Bermuda |
| Milestone Export Holdings No. 2, Ltd. | Bermuda |
| Poseidon Leasing (Bermuda) Limited | Bermuda |
| Roselawn Leasing Limited | Bermuda |
| Ross Leasing Limited | Bermuda |
| Sierra Leasing Limited | Bermuda |
| Silverstream Aircraft Leasing Limited | Bermuda |
| Skylease Bermuda Limited | Bermuda |
| The Milestone Aviation Asset Holding Group No. 1 Ltd. | Bermuda |
| The Milestone Aviation Asset Holding Group No. 12 Ltd. | Bermuda |
| The Milestone Aviation Asset Holding Group No. 19 Ltd. | Bermuda |
| The Milestone Aviation Asset Holding Group No. 24 Ltd. | Bermuda |
| The Milestone Aviation Asset Holding Group No. 25 Ltd. | Bermuda |
| The Milestone Aviation Asset Holding Group No. 8 Ltd. | Bermuda |
| The Milestone Aviation Group Limited | Bermuda |
| Wahaflot Leasing 3699 (Bermuda) Limited | Bermuda |
| Westpark 1 Aircraft Leasing Limited | Bermuda |
| Whitestream Aircraft Leasing Limited | Bermuda |
| AerCap do Brasil Serviços de Administração E Marketing Ltda. | Brazil |
| AerCap Aircraft Purchase Limited | Cayman Islands |
| ILFC Cayman Limited | Cayman Islands |
| AerCap Aviation Services (Shanghai) Co., Ltd | China |
| Bright Star Company Limited | China |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| Eaststar Limited | China |
| Lucky Star Company Limited | China |
| New Star Investment Company Limited | China |
| North Star Company Limited | China |
| Southstar Limited | China |
| Sunstar Limited | China |
| Vertical Aviation No.1 (Tianjin) Leasing Company Limited | China |
| AerCap Aircraft Leasing Cyprus Limited | Cyprus |
| Auxerre Location S.A.S. | France |
| Milestone Aviation France No. 2 S.A.R.L | France |
| Milestone Aviation France No. 3 S.A.R.L | France |
| Milestone Aviation France S.A.R.L | France |
| AerCap Hong Kong Limited | Hong Kong |
| Causeway Aviation Finance Limited | Hong Kong |
| GECAS Services India Private Limited | India |
| AerBorne Funding II Limited | Ireland |
| AerBorne Funding III Limited | Ireland |
| AerBorne Funding Limited | Ireland |
| AerCap A330 Holdings Limited | Ireland |
| AerCap Administrative Services Limited | Ireland |
| AerCap Aero Engines Limited | Ireland |
| AerCap Aircraft 32A No.1 Leasing Limited | Ireland |
| AerCap Aircraft 32A No.2 Leasing Limited | Ireland |
| AerCap Aircraft 32A No.3 Leasing Limited | Ireland |
| AerCap Aircraft 32A No.4 Leasing Limited | Ireland |
| AerCap Aircraft 32A No.5 Leasing Limited | Ireland |
| AerCap Aircraft 33A No.1 Leasing Limited | Ireland |
| AerCap Aircraft 73B-32841 Limited | Ireland |
| AerCap Aviation Leasing Limited | Ireland |
| AerCap Cash Manager Limited | Ireland |
| AerCap Financial Services (Ireland) Limited | Ireland |
| AerCap Funding Designated Activity Company | Ireland |
| AerCap Ireland Asset Investment 1 Limited | Ireland |
| AerCap Ireland Asset Investment 2 Limited | Ireland |
| AerCap Ireland Capital Designated Activity Company | Ireland |
| AerCap Ireland Funding 1 Limited | Ireland |
| AerCap Ireland Limited | Ireland |
| AerCap Leasing 1 Limited | Ireland |
| AerCap Leasing 8 Limited | Ireland |
| AerCap Leasing 946 Limited | Ireland |
| AerCap Materials Limited | Ireland |
| AerVenture Export Leasing Limited | Ireland |

---

------

**Exhibit 8.1**

---

| | |
|:---|:---|
| AerVenture Limited | Ireland |
| Aircraft Portfolio Holding Company Limited | Ireland |
| Aircraft Portfolio Holding Company No. 2 Limited | Ireland |
| Andes Aircraft Leasing Limited | Ireland |
| Andromeda Aircraft Leasing Limited | Ireland |
| Annamite Aircraft Leasing Limited | Ireland |
| Antares Aircraft Leasing Limited | Ireland |
| Archerfish Aviation Designated Activity Company | Ireland |
| Arctic Leasing No.3 Limited | Ireland |
| Ardmore Aircraft Leasing Limited | Ireland |
| Artemis (Delos) Limited | Ireland |
| Artemis Aircraft 32A-3385 (Ireland) Limited | Ireland |
| Artemis Aircraft 32A-3388 (Ireland) Limited | Ireland |
| Artemis Aircraft 77B-32725 Limited | Ireland |
| Artemis Ireland Leasing Limited | Ireland |
| Ballyfin Aviation II Limited | Ireland |
| Ballyfin Aviation Limited | Ireland |
| Ballymoon Aircraft Solutions Limited | Ireland |
| Ballysky Aircraft Ireland Limited | Ireland |
| Bandeira Aircraft Leasing Limited | Ireland |
| Baunacloka Leasing Limited | Ireland |
| BlowfishFunding Limited | Ireland |
| Brophunding Limited | Ireland |
| Burgundy Aircraft Leasing Limited | Ireland |
| Calliope Limited | Ireland |
| Capella Aircraft Leasing Limited | Ireland |
| Cash Manager Limited | Ireland |
| Castletroy Leasing Limited | Ireland |
| Celestial Aviation Funding Unlimited Company | Ireland |
| Celestial Aviation Holding 101 Limited | Ireland |
| Celestial Aviation Operations Limited | Ireland |
| Celestial Aviation Services Limited | Ireland |
| Celestial Aviation Trading 1 Limited | Ireland |
| Celestial Aviation Trading 10 Limited | Ireland |
| Celestial Aviation Trading 100 Limited | Ireland |
| Celestial Aviation Trading 101 Limited | Ireland |
| Celestial Aviation Trading 11 Limited | Ireland |
| Celestial Aviation Trading 12 Limited | Ireland |
| Celestial Aviation Trading 13 Limited | Ireland |
| Celestial Aviation Trading 14 Limited | Ireland |
| Celestial Aviation Trading 15 Limited | Ireland |
| Celestial Aviation Trading 17 Limited | Ireland |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| Celestial Aviation Trading 19 Limited | Ireland |
| Celestial Aviation Trading 2 Limited | Ireland |
| Celestial Aviation Trading 20 Limited | Ireland |
| Celestial Aviation Trading 21 Limited | Ireland |
| Celestial Aviation Trading 22 Limited | Ireland |
| Celestial Aviation Trading 23 Limited | Ireland |
| Celestial Aviation Trading 24 Limited | Ireland |
| Celestial Aviation Trading 25 Limited | Ireland |
| Celestial Aviation Trading 26 Limited | Ireland |
| Celestial Aviation Trading 27 Limited | Ireland |
| Celestial Aviation Trading 29 Limited | Ireland |
| Celestial Aviation Trading 3 Limited | Ireland |
| Celestial Aviation Trading 30 Limited | Ireland |
| Celestial Aviation Trading 31 Limited | Ireland |
| Celestial Aviation Trading 32 Limited | Ireland |
| Celestial Aviation Trading 33 Limited | Ireland |
| Celestial Aviation Trading 34 Limited | Ireland |
| Celestial Aviation Trading 35 Limited | Ireland |
| Celestial Aviation Trading 36 Limited | Ireland |
| Celestial Aviation Trading 37 Limited | Ireland |
| Celestial Aviation Trading 38 Limited | Ireland |
| Celestial Aviation Trading 39 Limited | Ireland |
| Celestial Aviation Trading 4 Limited | Ireland |
| Celestial Aviation Trading 41 Limited | Ireland |
| Celestial Aviation Trading 42 Limited | Ireland |
| Celestial Aviation Trading 43 Limited | Ireland |
| Celestial Aviation Trading 44 Limited | Ireland |
| Celestial Aviation Trading 45 Limited | Ireland |
| Celestial Aviation Trading 46 Limited | Ireland |
| Celestial Aviation Trading 47 Limited | Ireland |
| Celestial Aviation Trading 48 Limited | Ireland |
| Celestial Aviation Trading 49 Limited | Ireland |
| Celestial Aviation Trading 5 Limited | Ireland |
| Celestial Aviation Trading 50 Limited | Ireland |
| Celestial Aviation Trading 51 Limited | Ireland |
| Celestial Aviation Trading 52 Limited | Ireland |
| Celestial Aviation Trading 53 Limited | Ireland |
| Celestial Aviation Trading 54 Limited | Ireland |
| Celestial Aviation Trading 55 Limited | Ireland |
| Celestial Aviation Trading 56 Limited | Ireland |
| Celestial Aviation Trading 57 Limited | Ireland |
| Celestial Aviation Trading 6 Limited | Ireland |

---

------

**Exhibit 8.1**

---

| | |
|:---|:---|
| Celestial Aviation Trading 62 Limited | Ireland |
| Celestial Aviation Trading 63 Limited | Ireland |
| Celestial Aviation Trading 64 Limited | Ireland |
| Celestial Aviation Trading 65 Limited | Ireland |
| Celestial Aviation Trading 66 Limited | Ireland |
| Celestial Aviation Trading 67 Limited | Ireland |
| Celestial Aviation Trading 68 Limited | Ireland |
| Celestial Aviation Trading 69 Limited | Ireland |
| Celestial Aviation Trading 7 Limited | Ireland |
| Celestial Aviation Trading 71 Limited | Ireland |
| Celestial Aviation Trading 8 Limited | Ireland |
| Celestial Aviation Trading 9 Limited | Ireland |
| Celestial Aviation Trading Ireland Limited | Ireland |
| Celestial ECA Ireland Limited | Ireland |
| Celestial ECA Trading 1 Limited | Ireland |
| Celestial ECA Trading 2 Limited | Ireland |
| Celestial ECA Trading 3 Limited | Ireland |
| Celestial EX-IM 2 Limited | Ireland |
| Celestial EX-IM Trading 1 Limited | Ireland |
| Celestial EX-IM Trading 2 Limited | Ireland |
| Celestial EX-IM Trading 5 Limited | Ireland |
| Celestial EX-IM Trading Limited | Ireland |
| Celestial Transportation Finance Ireland Limited | Ireland |
| Celtago Funding Limited | Ireland |
| Celtago II Funding Limited | Ireland |
| Celtago II Leasing Limited | Ireland |
| Cesium Funding Limited | Ireland |
| Charleville Aircraft Leasing Limited | Ireland |
| CieloFunding Holdings Limited | Ireland |
| CieloFunding II Limited | Ireland |
| CieloFunding Limited | Ireland |
| Clarity Leasing Limited | Ireland |
| CloudFunding II Limited | Ireland |
| CloudFunding Limited | Ireland |
| Coriolis Aircraft Leasing Limited | Ireland |
| Crescent Leasing 4 Limited | Ireland |
| Crescent Leasing 9 Limited | Ireland |
| Culann Aircraft Leasing Limited | Ireland |
| CuttlefishFunding Limited | Ireland |
| Cygnus Funding Limited | Ireland |
| Dagda Aircraft Leasing Limited | Ireland |
| Delos Aircraft Leasing Designated Activity Company | Ireland |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| Delos Aircraft Designated Activity Company | Ireland |
| Diadem Aircraft Limited | Ireland |
| Eden Aircraft Holding No. 2 Limited | Ireland |
| Excalibur Aircraft Leasing Limited | Ireland |
| Fansipan Aircraft Leasing Limited | Ireland |
| Floran Aircraft Leasing Limited | Ireland |
| Flotlease Limited | Ireland |
| FlyFunding Limited | Ireland |
| Flying Fortress Ireland Leasing Limited | Ireland |
| FodiatorFunding Designated Activity Company | Ireland |
| Fortress Aircraft 1 Limited | Ireland |
| Fortress Aircraft 33A-0366 Limited | Ireland |
| Fortress Ireland Leasing Limited | Ireland |
| Geministream Aircraft Leasing Limited | Ireland |
| Gladius Funding Limited | Ireland |
| Glide Aircraft 35A-29 Ltd | Ireland |
| Glide Aircraft 73B-41815 Limited | Ireland |
| Glide Aircraft 78B-38765 Limited | Ireland |
| Glide Funding Limited | Ireland |
| Goldfish Funding Designated Activity Company | Ireland |
| Harmonic Aircraft Leasing Limited | Ireland |
| Hyperion Aircraft Limited | Ireland |
| ILFC Aircraft 1 Limited | Ireland |
| ILFC Aircraft 3 Limited | Ireland |
| ILFC Aircraft 32A-1808 Limited | Ireland |
| ILFC Aircraft 32A-1884 Limited | Ireland |
| ILFC Aircraft 32A-1901 Limited | Ireland |
| ILFC Aircraft 32A-1905 Limited | Ireland |
| ILFC Aircraft 32A-2707 Limited | Ireland |
| ILFC Aircraft 32A-4619 Limited | Ireland |
| ILFC Aircraft 32A-666 Limited | Ireland |
| ILFC Aircraft 33A-444 Limited | Ireland |
| ILFC Aircraft 33A-822 Limited | Ireland |
| ILFC Aircraft 33A-911 Limited | Ireland |
| ILFC Aircraft 4 Limited | Ireland |
| ILFC Aircraft 5 Limited | Ireland |
| ILFC Aircraft 6 Limited | Ireland |
| ILFC Aircraft 7 Limited | Ireland |
| ILFC Aircraft 73B-30665 Limited | Ireland |
| ILFC Aircraft 73B-30669 Limited | Ireland |
| ILFC Aircraft 73B-38828 Limited | Ireland |
| ILFC Aircraft 73B-41784 Limited | Ireland |

---

------

**Exhibit 8.1**

---

| | |
|:---|:---|
| ILFC Aircraft 73B-41785 Limited | Ireland |
| ILFC Aircraft 73B-41790 Limited | Ireland |
| ILFC Aircraft 73B-41791 Limited | Ireland |
| ILFC Aircraft 73B-41792 Limited | Ireland |
| ILFC Aircraft 73B-41793 Limited | Ireland |
| ILFC Aircraft 76B-27616 Limited | Ireland |
| ILFC Aircraft 76B-28111 Limited | Ireland |
| ILFC Aircraft 76B-28207 Limited | Ireland |
| ILFC Aircraft 76B-29435 Limited | Ireland |
| ILFC Aircraft 77B-29908 Limited | Ireland |
| ILFC Ireland Leasing Limited | Ireland |
| ILFC Ireland Limited | Ireland |
| Iridium Funding Limited | Ireland |
| Jade Aircraft Leasing Limited | Ireland |
| Jasmine Aircraft Leasing Limited | Ireland |
| Jasper Aircraft Leasing Limited | Ireland |
| Jenville Limited | Ireland |
| Leostream Aircraft Leasing Limited | Ireland |
| Librastream Aircraft Leasing Limited | Ireland |
| Limelight Funding Limited | Ireland |
| Lishui Aircraft Leasing Limited | Ireland |
| Lyra Aircraft Leasing Limited | Ireland |
| Macra Aircraft Leasing Limited | Ireland |
| Mainstream Aircraft Leasing Limited | Ireland |
| Menelaus II Designated Activity Company | Ireland |
| Mentes V Ireland Leasing Limited | Ireland |
| Mentes VI Ireland Leasing Limited | Ireland |
| Mentes VII Ireland Leasing Limited | Ireland |
| Milestone Export Leasing No. 2, Limited | Ireland |
| Monophonic Aircraft Leasing Limited | Ireland |
| Moonlight Aircraft Leasing (Ireland) Limited | Ireland |
| Moyadda Limited | Ireland |
| Nandus Funding Limited | Ireland |
| NAS Aircraft Investments 11 Limited | Ireland |
| NimbusFunding Limited | Ireland |
| PIO Engine Leasing Limited | Ireland |
| Platinum Aircraft Leasing Limited | Ireland |
| Quadrant MSN 5869 Limited | Ireland |
| Quadrant MSN 38774 Limited | Ireland |
| Quadrant MSN 5802 Limited | Ireland |
| Quiescent Holdings Limited | Ireland |
| RainbowFunding Limited | Ireland |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| Rhenium Aviation Limited | Ireland |
| Rhodium Funding Limited | Ireland |
| Riggs Leasing Limited | Ireland |
| Scandium Funding Limited | Ireland |
| Scarlet Aircraft Leasing Limited | Ireland |
| Serpens Aircraft Leasing Limited | Ireland |
| Serranus Funding Limited | Ireland |
| Setanta Aircraft Leasing Designated Activity Company | Ireland |
| Setanta Aviation Holdings Limited | Ireland |
| Shrewsbury Aircraft Leasing Limited | Ireland |
| SkyFunding Leasing 1 Limited | Ireland |
| SkyFunding II Limited | Ireland |
| SkyFunding Limited | Ireland |
| Skylease 1 Limited | Ireland |
| Skylease 2 Limited | Ireland |
| Skylease 3 Limited | Ireland |
| Skylease 4 Limited | Ireland |
| Skylease MSN (3392) Limited | Ireland |
| Skylease MSN 3825 Limited | Ireland |
| Skylease MSN 3859 Limited | Ireland |
| Skylease MSN 4241 Limited | Ireland |
| Skylease MSN 4254 Limited | Ireland |
| Skylease MSN 4267 Limited | Ireland |
| Skyscape Limited | Ireland |
| SoraFunding Limited | Ireland |
| StratocumulusFunding Limited | Ireland |
| StratusFunding Limited | Ireland |
| Streamline Aircraft Leasing Limited | Ireland |
| Sunflower Aircraft Leasing Limited | Ireland |
| Symphonic Aircraft Leasing Limited | Ireland |
| Synchronic Aircraft Leasing Limited | Ireland |
| Tantalum Funding Limited | Ireland |
| Terapon Funding Designated Activity Company | Ireland |
| TetraFunding Limited | Ireland |
| Transversal Aircraft Leasing Limited | Ireland |
| Verde Aircraft Finance Limited | Ireland |
| Verde Aircraft Investment Limited | Ireland |
| Vertical Aviation No 1 Limited | Ireland |
| Vertical Aviation No 2 Limited | Ireland |
| Vertical Aviation No 3 Limited | Ireland |
| Vertical Aviation No 4 Limited | Ireland |
| Virgostream Aircraft Leasing Limited | Ireland |
| Whitney Ireland Leasing Limited | Ireland |

---

------

**Exhibit 8.1**

---

| | |
|:---|:---|
| XLease MSN 3008 Limited | Ireland |
| XLease MSN 3420 Limited | Ireland |
| Acorn Aviation Limited | Isle of Man |
| AerCap Holding (IOM) Limited | Isle of Man |
| Crescent Aviation Limited | Isle of Man |
| Stallion Aviation Limited | Isle of Man |
| GE Capital Aviation Services México, S. de R.L. de C.V. | Mexico |
| AerCap A330 Holdings B.V. | Netherlands |
| AerCap AerVenture Holding B.V. | Netherlands |
| AerCap Aircraft Leasing Netherlands B.V. | Netherlands |
| AerCap Aviation Solutions B.V. | Netherlands |
| AerCap B.V. | Netherlands |
| AerCap Dutch Global Aviation B.V. | Netherlands |
| AerCap Group Services B.V. | Netherlands |
| AerCap Leasing XIII B.V. | Netherlands |
| AerCap Leasing XXX B.V. | Netherlands |
| AerCap Netherlands B.V. | Netherlands |
| Annamite Aircraft Leasing B.V. | Netherlands |
| Clearstream Aircraft Leasing B.V. | Netherlands |
| Harmony Funding B.V. | Netherlands |
| Harmony Funding Holdings B.V. | Netherlands |
| NimbusFunding B.V. | Netherlands |
| StratocumulusFunding B.V. | Netherlands |
| Worldwide Aircraft Leasing B.V. | Netherlands |
| AerCap Aviation Singapore Private Limited | Singapore |
| AerCap Singapore Pte. Ltd. | Singapore |
| ILFC Singapore Pte. Ltd. | Singapore |
| SAAM Aircraft Holdings Pte. Ltd. | Singapore |
| Singapore Aviation Asset Management Holdings Pte. Ltd. | Singapore |
| Singapore Aviation Asset Management Pte. Ltd. | Singapore |
| AerFi Sverige AB | Sweden |
| Celestial Sverige Aircraft Leasing Worldwide AB | Sweden |
| International Lease Finance Corporation (Sweden) AB | Sweden |
| Celestial Aircraft Leasing Limited | United Arab Emirates |
| AerCap Materials UK | United Kingdom |
| AerCap UK Aviation Limited | United Kingdom |
| AerCap UK Limited | United Kingdom |
| Aircraft 32A-3424 Limited | United Kingdom |
| Aircraft 32A-3454 Limited | United Kingdom |
| Archytas Aviation Limited | United Kingdom |
| ILFC UK Limited | United Kingdom |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| Milestone Aviation UK Ltd | United Kingdom |
| Milestone Aviation UK No. 2 Limited | United Kingdom |
| Whitney UK Leasing Limited | United Kingdom |
| AerCap ACM, Inc. | United States |
| AerCap Corporate Services Inc. | United States |
| AerCap Global Aviation Trust | United States |
| AerCap Leasing USA II, LLC | United States |
| AerCap Materials, Inc. | United States |
| AerCap U.S. Global Aviation LLC | United States |
| AerCap US Aviation LLC | United States |
| AerCap US Holdings Aviation LLC | United States |
| AerCap, LLC | United States |
| AeroTurbine, LLC | United States |
| AFS Investments 55 LLC | United States |
| AFS Investments 67-F, Inc. | United States |
| AFS Investments 68 LLC | United States |
| AFS Investments 70 LLC | United States |
| AFS Investments 75, Inc. | United States |
| AFS Investments I, Inc. | United States |
| Aircraft 32A-1658 Inc. | United States |
| Aircraft 32A-1905 Inc. | United States |
| Aircraft 32A-1946 Inc. | United States |
| Aircraft 32A-2024 Inc. | United States |
| Aircraft 32A-2731 Inc. | United States |
| Aircraft 32A-585 Inc. | United States |
| Aircraft 32A-645 Inc. | United States |
| Aircraft 32A-726 Inc. | United States |
| Aircraft 32A-760 Inc. | United States |
| Aircraft 32A-775 Inc. | United States |
| Aircraft 32A-782 Inc. | United States |
| Aircraft 32A-993, Inc. | United States |
| Aircraft 33A-132, Inc. | United States |
| Aircraft 34A-395 Inc. | United States |
| Aircraft 34A-48 Inc. | United States |
| Aircraft 34A-93 Inc. | United States |
| Aircraft 73B-26317 Inc. | United States |
| Aircraft 73B-28252 Inc. | United States |
| Aircraft 73B-30036 Inc. | United States |
| Aircraft 73B-30646 Inc. | United States |
| Aircraft 73B-30661 Inc. | United States |

---

------

**Exhibit 8.1**

---

| | |
|:---|:---|
| Aircraft 73B-30730 Inc. | United States |
| Aircraft 73B-32841 Inc. | United States |
| Aircraft 74B-27602 Inc. | United States |
| Aircraft 75B-28834 Inc. | United States |
| Aircraft 75B-28836 Inc. | United States |
| Aircraft 76B-26261 Inc. | United States |
| Aircraft 76B-26327 Inc. | United States |
| Aircraft 76B-26329 Inc. | United States |
| Aircraft 76B-27597 Inc. | United States |
| Aircraft 76B-27613 Inc. | United States |
| Aircraft 76B-28132 Inc. | United States |
| Aircraft 76B-28206 Inc. | United States |
| Aircraft 77B-29404 Inc. | United States |
| Aircraft 77B-32723 Inc. | United States |
| Aircraft Andros Inc. | United States |
| Aircraft B757 29377 Inc. | United States |
| Aircraft MSN 31878 Trust | United States |
| Aircraft MSN 31884 Trust | United States |
| Aircraft MSN 31885 Trust | United States |
| Aircraft MSN 32012 Trust | United States |
| Aircraft MSN 32013 Trust | United States |
| Aircraft MSN 32019 Trust | United States |
| Aircraft MSN 32055 Trust | United States |
| Aircraft MSN 32072 Trust | United States |
| Aircraft MSN 41375 Trust | United States |
| Aircraft MSN 41379 Trust | United States |
| Aircraft MSN 89002 Trust | United States |
| Aircraft MSN 89015 Trust | United States |
| Aircraft MSN 920166 Trust | United States |
| Aircraft MSN 920167 Trust | United States |
| Aircraft MSN 920169 Trust | United States |
| Aircraft MSN 920171 Trust | United States |
| Aircraft MSN 920248 Trust | United States |
| Aircraft MSN 920251 Trust | United States |
| Aircraft MSN 920284 Trust | United States |
| Aircraft MSN 920296 Trust | United States |
| Aircraft MSN 920301 Trust | United States |
| Aircraft SPC-12, LLC | United States |
| Aircraft SPC-3, Inc. | United States |
| Aircraft SPC-4, Inc. | United States |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | |
|:---|:---|
| Aircraft SPC-8, Inc. | United States |
| Aircraft SPC-9, LLC | United States |
| Apollo Aircraft Inc. | United States |
| Archerfish Aviation Inc. | United States |
| Artemis US Inc. | United States |
| Brokat Leasing, LLC | United States |
| Camden Aircraft Leasing Trust | United States |
| Castle Harbour - I Limited-Liability Company | United States |
| Castle Harbour Leasing LLC | United States |
| Charles River Aircraft Finance, Inc. | United States |
| Diadem Aircraft Inc. | United States |
| Doheny Investment Holding Trust | United States |
| Euclid Aircraft, Inc. | United States |
| Floran Aircraft Leasing Inc. | United States |
| Fleet Solutions Holdings LLC | United States |
| Flying Fortress Financing, LLC | United States |
| Flying Fortress Holdings, LLC | United States |
| Flying Fortress Investments, LLC | United States |
| Flying Fortress US Leasing Inc. | United States |
| Grand Staircase Aircraft, LLC | United States |
| ILFC Aircraft 32A-10072 Inc. | United States |
| ILFC Aircraft 78B-38799 Inc. | United States |
| Interlease Aircraft Trading Corporation | United States |
| International Lease Finance Corporation | United States |
| Logistechs, LLC | United States |
| Milestone Export Leasing Trust | United States |
| NAS Aviation Services LLC | United States |
| NAS Investments 10 LLC | United States |
| NAS Investments 12 LLC | United States |
| NAS Investments 2 LLC | United States |
| NAS Investments 75, Inc. | United States |
| NAS Investments 76, Inc. | United States |
| NAS Investments 77, Inc. | United States |
| NAS U.S. Equity Holdings, Inc. | United States |
| Park Topanga Aircraft, LLC | United States |
| Pelican 35302, Inc. | United States |
| Polaris Holding Company LLC | United States |
| Rhenium Aviation Inc. | United States |

---

------

**Exhibit 8.1**

---

| | |
|:---|:---|
| Spoon River Aircraft Finance, Inc. | United States |
| Temescal Aircraft, LLC | United States |
| The Memphis Group, LLC | United States |
| The Milestone Aviation Group LLC | United States |
| Tuolumne River Aircraft Finance, Inc. | United States |
| Vertical Aviation No. 1 LLC | United States |
| Windy City Holdings LLC | United States |

---

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION**

I, Aengus Kelly, certify that:

1. I have reviewed this annual report on Form 20-F of AerCap Holdings N.V.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: February 12, 2026

---

| |
|:---|
| /s/ Aengus Kelly |
| Signature |
| Aengus Kelly<br>*Chief Executive Officer* |

---

[[5804225]]

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION**

I, Peter Juhas, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 20-F of AerCap Holdings N.V.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: February 12, 2026

---

| |
|:---|
| /s/ Peter Juhas |
| Signature |
| Peter Juhas<br>*Chief Financial Officer* |

---

[[5804229]]

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of AerCap Holdings N.V. (the "Company"), does hereby certify, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 (the "Form 20-F") of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: February 12, 2026 | By: |  |
|  |  | /s/ Aengus Kelly |
|  |  | Aengus Kelly |
|  |  | *Chief Executive Officer* |
| Date: February 12, 2026 | By: |  |
|  |  | /s/ Peter Juhas |
|  |  | Peter Juhas |
|  |  | *Chief Financial Officer* |

---

[[5804232]]

## Exhibit 15.1

**Exhibit 15.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (No. 333-282733) on Form F-3 and (Nos. 333-194638, 333-194637, 333-180323, 333-165839 and 333-154416) on Form S-8 of our report dated February 12, 2026, with respect to the consolidated financial statements of AerCap Holdings N.V., and the effectiveness of internal control over financial reporting.

/s/ KPMG

Dublin, Ireland

February 12, 2026

## Exhibit 17.1

**Exhibit 17.1**

Subsidiary Issuers of Registered Guaranteed Securities

Each of the following securities co-issued by AerCap Global Aviation Trust ("AerCap Trust") and AerCap Ireland Capital Designated Activity Company ("AICDC"), each a wholly owned subsidiary of Holdings, is jointly and severally and fully and unconditionally guaranteed by AerCap Holdings, N.V. ("Holdings"), AerCap Ireland Limited, AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.$3,750.0 million 2.450% Senior Notes due 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.$600.0 million 4.625% Senior Notes due 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.$1,000.0 million 3.650% Senior Notes due 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.$1,500.0 million 6.450% Senior Notes due 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.$900.0 million 6.100% Senior Notes due 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.$550.0 million 3.875% Senior Notes due 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.$1,000.0 million 5.750% Senior Notes due 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.$3,750.0 million 3.000% Senior Notes due 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.$750.0 million 4.875% Senior Notes due 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.$800.0 million 5.100% Senior Notes due 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.$1,300.0 million 4.625% Senior Notes due 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.$900.0 million 4.125% Senior Notes due 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.$600.0 million 4.375% Senior Notes due 2030;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.$850.0 million 6.150% Senior Notes due 2030;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.$750.0 million 5.375% Senior Notes due 2031;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.$4,000.0 million 3.300% Senior Notes due 2032;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.$1,500.0 million 3.400% Senior Notes due 2033;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.$850.0 million 4.750% Senior Notes due 2033;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s.$700.0 million 5.300% Senior Notes due 2034;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t.$1,100.0 million 4.950% Senior Notes due 2034;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u.$600.0 million 5.000% Senior Notes due 2035;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.$1,500.0 million 3.850% Senior Notes due 2041;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w.$750.0 million Fixed-Rate Reset Junior Subordinated Notes due 2055; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x.$500.0 million Fixed-Rate Reset Junior Subordinated Notes due 2056.

<br>