Document:

Exhibit 10.35 

 

EXECUTION COPY

 

SECOND OMNIBUS AGREEMENT
AND AMENDMENT NO. 3 TO CREDIT AGREEMENT AND AMENDMENT NO. 2 TO SECURITY AGREEMENT

 

This SECOND
OMNIBUS AGREEMENT AND AMENDMENT NO. 3 TO CREDIT AGREEMENT AND AMENDMENT NO. 2 TO SECURITY AGREEMENT (this “Amendment”)
is dated as of April 1, 2016 between WHEELS UP PARTNERS LLC, a limited liability company duly organized and validly existing
under the laws of the State of Delaware (the “Borrower”), and BANK OF UTAH, as administrative agent (the
 “Administrative Agent”) and as Security Trustee (the “Security Trustee”); and is consented
to and agreed by the undersigned LENDERS.

 

W I T N E S S E T H:

 

WHEREAS,
the Borrower, the Lenders, the Administrative Agent and the Security Trustee are parties to an Amended and Restated Secured Credit
Agreement dated as of August 27, 2014, as amended by the Omnibus Agreement and Amendment No. 1 dated as of June 30, 2015 (the “Omnibus
Agreement”), as further amended by the Amendment No. 2 to Amended and Restated Credit Agreement dated as of September
14, 2015 (as amended, supplemented and modified from time to time, the “Credit Agreement”);

 

WHEREAS,
the Borrower, as grantor, and the Security Trustee are parties to an Amended and Restated Security Agreement dated as of August
27, 2014 (as amended by the Omnibus Agreement, and as further amended, supplemented and modified from time to time, the “Security
Agreement”), which amends the security agreement between the Borrower and the Security Trustee dated as of November 6,
2013 (such security agreement, as amended, supplemented or otherwise modified prior to the Amendment Effective Date under the Security
Agreement, the “Original Security Agreement”);

 

WHEREAS,
the Original Security Agreement and Security Agreement Supplement No. 1 thereto dated November 6, 2013 have been duly filed
with the Federal Aviation Administration (the “FAA”) on November 7, 2013, and have been recorded as one
document on November 15, 2013 and assigned Conveyance No. DP007633; and the Security Agreement has been duly filed with the
FAA on August 27, 2014, and has been recorded on November 20, 2014 and assigned Conveyance No. KT012896; and the Omnibus
Agreement has been duly filed with the FAA on June 30, 2015, and has been recorded on July 23, 2015 and assigned Conveyance
No. OT008295;

 

WHEREAS,
the Borrower wishes to incur (or to permit its Subsidiaries to incur), whether in a single transaction or a series of transactions,
up to the Maximum Principal Amount (defined below) in aggregate principal amount of Indebtedness (the “Proposed Indebtedness”)
in order to finance up to 23 King Air 350i aircraft (consisting of up to 18 aircraft delivered new under the Purchase Agreement
and up to 5 aircraft currently in the Borrower’s fleet on operating lease), notwithstanding that the Consolidated Debt Service
Coverage Ratio is less than the Required Debt Service Coverage Ratio;

 

WHEREAS, the Borrower wishes to
(i) enter into certain ProAdvantage Agreements (defined below), in satisfaction of the requirement under Section 5.10 of the Credit
Agreement to maintain a Qualified Maintenance
Program for each Airframe, and to assign each ProAdvantage Agreement as collateral pursuant to the Security Agreement, and (ii)
amend the Maintenance Services Agreement (as defined below); and

    1

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

[Second Omnibus Agreement and Amendments No. 3

to Credit Agreement and No. 2 to Security Agreement]

 

WHEREAS, each of the parties hereto
wishes to amend the Credit Agreement and the Security Agreement in certain respects.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section
1.              Definitions. Except as otherwise defined in this Amendment, capitalized terms used herein shall have the meanings
ascribed thereto in the Credit Agreement and shall be interpreted in accordance the Credit Agreement. In addition, the following
terms shall have the following meanings:

 

“Amendment Effective Date”
shall have the meaning set forth in Section 6.

 

“Beechcraft” shall mean Beechcraft Corporation, a Kansas corporation.

 

“Hawker”
shall mean Hawker Beechcraft Global Customer Support, LLC, a Kansas limited liability company.

 

“Lessee”
shall mean Gama Aviation LLC, a Delaware limited liability company.

 

“Maintenance Services Agreement”
shall mean the Maintenance Services Agreement dated as of July 31, 2013, as amended by Amendment No. 1 to Maintenance
Services Agreement dated as of June 30, 2015, each between the Borrower and Hawker.

 

“Maintenance
Services Agreement Amendment” shall mean Amendment No. 2 to Maintenance Services Agreement between the Borrower and Hawker,
in substantially the form of Exhibit A.

 

“Maximum Advance Amount” shall
have the meaning specified on Schedule I.

 

“Maximum Principal Amount” shall have the meaning specified on Schedule
I.

 

“Prior Security
Agreement Supplement” shall mean the Security Agreement Supplement dated June 30, 2015 executed by the Borrower in respect
of the GMCP Agreement.

 

“ProAdvantage
Agreement” shall mean each ProAdvantage Agreement among the Borrower, the Lessee, and Beechcraft in respect of an Aircraft
financed pursuant to the Credit Agreement, as amended, supplemented, restated, replaced or otherwise modified from time to time.

 

“ProAdvantage
Agreement Assignment” shall mean, in respect of any ProAdvantage Agreement, a consent to assignment among the Borrower,
the Lessee, the Security Trustee and Beechcraft, in form and substance reasonably satisfactory to the Security Trustee, as amended,
supplemented, restated, replaced or otherwise modified from time to time.

    2

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

Section 2.             Limited Waiver
with Respect to Proposed Indebtedness. The Required Lenders hereby waive the requirement of Section 6.03(b) of the Credit
Agreement with respect to the Proposed Indebtedness, whether the Proposed Indebtedness is incurred in a single transaction or
a series of transactions, provided that (a) the aggregate principal amount of the Proposed Indebtedness shall not exceed the Maximum
Principal Amount (and such principal amount shall not exceed the Maximum Advance Amount on a per aircraft basis), (b) the proceeds
of the Proposed Indebtedness are used solely to finance the acquisition of up to 23 King Air 350i aircraft, consisting of up to
18 aircraft delivered new from the Manufacturer under the Purchase Agreement after March 1, 2016 and up to 5 aircraft currently
in the Borrower’s fleet on operating lease (or to refinance any Proposed Indebtedness incurred to finance any King Air 350i
aircraft delivered new from the Manufacturer under the Purchase Agreement after March 1, 2016) and (c) the Proposed Indebtedness
is incurred on or prior to the date falling 18 months from the date hereof, provided that if there shall be a delivery delay of
any aircraft to be financed by the Proposed Indebtedness that is originally scheduled to be delivered prior to such date (and
the effect of which is to delay delivery of such aircraft until after such date), such date shall be extended for an additional
two months with respect to such aircraft.

 

Section
3.             Acknowledgment of ProAdvantage Agreements. The Security Trustee and the Required Lenders hereby acknowledge the Borrower
entering into each ProAdvantage Agreement. No later than five Business Days after entering into any ProAdvantage Agreement, the
Borrower shall deliver to the Administrative Agent a copy of such ProAdvantage Agreement, together with a ProAdvantage Agreement
Assignment and a Security Agreement Supplement with respect thereto, duly executed by the parties thereto (and the Borrower shall
cause such Security Agreement Supplement to be recorded with the FAA).

 

Section
4.             Consent to Amend the Maintenance Services Agreement. The Security Trustee and the Required Lenders hereby consent
to the amendments to the Maintenance Services Agreement pursuant to the Maintenance Services Agreement Amendment.

 

Section
5.             Amendments to the Credit Agreement and Security Agreement. Effective from the Amendment Effective Date:

 

(a)           The Credit Agreement is hereby amended
as set forth on Schedule II.

 

(b)           The Security Agreement is hereby amended as follows:

 

(i)         Section
7.01(b)(ii) of the Security Agreement is hereby amended by deleting item (9) in its entirety and inserting the following in lieu
thereof:

 

“(9) any provision
of any ProAdvantage Agreement that would adversely affect the transferability of the credits or ProAdvantage program (including
any positive account balance thereunder) to a new operator, any material decrease or removal of any services provided under any
ProAdvantage Agreement or any material increase in the cost of any services provided under any ProAdvantage Agreement (for the
avoidance of doubt, any increase in such costs in accordance with an escalation clause existing at the time
of execution of such ProAdvantage Agreement shall not be considered a material increase for purposes of this clause (9))
and”.

    3

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

(ii)            Schedule 2 to
the Security Agreement is hereby amended as follows:

 

(1)         by
inserting the phrase “and each ProAdvantage Agreement” in item 3 immediately after the phrase “(to the extent
relating to the Aircraft Assets)”;

 

(2)         by
inserting the phrase “and any ProAdvantage Agreement Assignment” in item 6 immediately after the phrase “each
Maintenance Services Provider’s Consent”; and

 

(3)         by
inserting the phrase “(each to the extent relating to the Aircraft Assets)” in item 7 immediately after the phrase
 “and the Engine Manufacturer’s Consent”.

 

(c)           Annex A to the Prior Security
Agreement Supplement is amended by inserting the phrase “(the extent relating to the Aircraft Assets)” immediately
after the phrase “or otherwise modified from time to time”.

 

Section
6.            Effective Date. This Amendment shall be effective on and as of the date (the “Amendment Effective Date”)
the following conditions precedent shall have been complied with to the satisfaction of the Administrative Agent (each document,
instrument, certificate, opinion or other paper referred to below to be in form and substance reasonably satisfactory to the Administrative
Agent and, unless otherwise specified, to be dated the date hereof), and filing of this Amendment with the FAA for recordation
shall evidence that the Amendment Effective Date has occurred:

 

(a)           The
Administrative Agent shall have received copies of this Amendment and the Maintenance Services Agreement Amendment, each duly executed
and delivered by the parties thereto.

 

(b)           The Administrative
Agent shall have received an opinion from FAA Counsel regarding the filing of this Amendment, addressed to each of the Administrative
Agent, the Lenders and the Security Trustee, in form and substance reasonably satisfactory to the Administrative Agent.

 

Section 7.             Provision of Cash Collateral.

 

(a)           No later than five Business Days after the Amendment
Effective Date, the Borrower shall:

 

(i)            deposit
cash collateral in an amount equal to the Cash Collateral Amount (as defined on Schedule I), as collateral security for the Obligations,
into an account (the “Cash Collateral Account”), which may be a “securities account” (as defined in Section 8-501 of the New York UCC),
maintained with Bank of Utah and under the control of the Security Trustee;

    4

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

(ii)           execute
and deliver to the Security Trustee a pledge agreement (which may be an amendment to the Security Agreement), in form and substance
reasonably satisfactory to the Security Trustee, pledging the Cash Collateral Account and the balances from time to time in the
Cash Collateral Account to the Security Trustee to secure the Obligations; and

 

(iii)          deliver
to the Security Trustee a legal opinion of Kaye Scholer LLP as to the creation and perfection of the security interest created
by such pledge agreement and other customary matters relating to such pledge agreement, which opinion shall be in form and substance
reasonably satisfactory to the Security Trustee.

 

(b)           So
long as no Event of Default has occurred and is continuing, if at any time the Cash Collateral DSCR shall be greater than or equal
to 1.0:1.0, the Security Trustee shall, at the written request of the Borrower, deliver to the Borrower without any recourse, warranty
or representation whatsoever, the then-current balance in the Cash Collateral Account. As used herein, (i) “Cash Collateral
DSCR” means, as of any date of determination, the ratio of (A) Consolidated EBITDA for the applicable Cash Collateral
Test Period to (B) Consolidated Debt Service for the applicable Cash Collateral Test Period and (ii) “Cash Collateral
Test Period” means, as of any date of determination, the period of four consecutive fiscal quarters of the Borrower most
recently ended prior to such date for which financial statements have been delivered pursuant to Section 5.01(a)(i) or (a)(iii)
of the Credit Agreement.

 

(c)           For
the avoidance of doubt, the Security Trustee may, and is hereby authorized to, approve the form of and enter into the pledge
agreement described in Section 7(a)(ii) and approve the form of legal opinion described in Section 7(a)(iii) without the
consent of the Administrative Agent or the Lenders.

 

(d)           So
long as no Event of Default has occurred and is continuing, the balance in the Cash Collateral Account at any time shall be deemed
to be unrestricted cash for purposes of calculating the Borrower’s Adjusted Available Liquidity at such time.

 

Section
8.             Representations and Warranties. The Borrower hereby represents and warrants to the Lenders that as of the date of
execution thereof each ProAdvantage Agreement constitutes a Qualified Maintenance Program in respect of the relevant Airframe.

 

Section
9.            Ratification. From and after the date hereof any and all references to the Credit Agreement and the Security Agreement
in any of the Loan Documents or the Lease Operative Documents shall be deemed to refer to the Credit Agreement and the Security
Agreement, each as amended hereby. Except as amended hereby, each of the parties hereto acknowledges and agrees that the Credit
Agreement and the Security Agreement shall continue and shall remain in full force and effect in all respects.

 

Section 10.           Governing
Law. THIS AMENDMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
UNITED STATES OF AMERICA, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

    5

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

Section 11.           Miscellaneous.

 

(a)           The section
headings in this Amendment are for convenience of reference only and shall not modify, define, expand or limit any of the terms
or provisions hereof.

 

(b)          By its
signature below, the Required Lenders hereby instruct the Security Trustee and the Administrative Agent to execute and deliver
this Amendment and any other related documents to which it is a party, including, but not limited to, the relevant documents listed
in Section 6 above.

 

(c)           Any provision
of this Amendment that is prohibited or unenforceable in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction, and shall not invalidate or render unenforceable the other provisions hereof in any jurisdiction. To
the extent permitted by applicable law, the parties hereto waive any provision of law which renders any provision hereof prohibited
or unenforceable in any respect.

 

(d)           This
Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument,
and any of the parties hereto may execute this Amendment by signing any such counterpart.

 

(e)           This
Amendment shall be a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

 

*          *          *

    6

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

	 	WHEELS UP PARTNERS LLC
	 	 
	 	By:	/s/ Carl F. Thorsberg
	 	 	Name: Carl F. Thorsberg
Title: Chief Financial Officer

 

	 	BANK OF UTAH, 

as Administrative Agent
	 	 
	 	By:	/s/ Jon Croasmun
	 	 	Name: Jon Croasmun
Title: Vice President
	 	 
	 	By:	/s/ Michael Arsenault
	 	 	Name: Michael Arsenault
Title: Vice President

 

	 	BANK OF UTAH,

 as Security Trustee
	 	 
	 	By:	/s/ Jon Croasmun
	 	 	Name: Jon Croasmun
Title: Vice President

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Lenders
	 	 
	 	Magnetar Constellation Master Fund, Ltd, 

as
a Class A Lender
	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	By:	/s/ Anthony Fox
	 	 	Name: Anthony Fox
Title: Chief Financial Officer - Funds

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Magnetar SC Fund Ltd., 

as a Class A Lender
	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	By:	/s/ Anthony Fox
	 	 	Name: Anthony Fox
Title: Chief Financial Officer - Funds

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Magnetar Constellation Fund II, Ltd., 

as a Class
A Lender
	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	By:	/s/ Anthony Fox
	 	 	Name: Anthony Fox
Title: Chief Financial Officer - Funds

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Magnetar Xing He Master Fund Ltd., 

as a Class
A Lender
	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	By:	/s/ Anthony Fox
	 	 	Name: Anthony Fox
Title: Chief Financial Officer - Funds

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Jefferies Leveraged Credit Products, LLC, 

as
a Class A Lender
	 	 
	 	By:	/s/ Paul J. Loomis
	 	 	Name: Paul J. Loomis
Title: Managing Director

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Burgess Creek Master Fund Limited, 

as a Class
A Lender
	 	 
	 	By:	/s/ Rob Schwartz
	 	 	Name: Rob Schwartz
Title: General Counsel / CCO

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	STS Partners Fund, LP,

as a Class A Lender
	 	 
	 	By:	/s/ Rob Schwartz
	 	 	Name: Rob Schwartz
Title: General Counsel / CCO

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Ability Insurance Company,

as a Class A Lender
	 	 
	 	By:	/s/ Mike Minnich
	 	 	Name: Mike Minnich
Title: CIO

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	THL Credit, Inc.,

as a Class A Lender
	 	 
	 	By:	/s/ Sam W. Tillinghast
	 	 	Name: Sam W. Tillinghast
Title: Co-Chief Executive Officer

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Medley Capital Corporation,

as a Class A Lender
	 	 
	 	By:	/s/ Richard T. Allorto
	 	 	Name: Richard T. Allorto
Title: CFO

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Deutsche Bank AG Cayman Islands Branch,

as a
Class A Lender
	 	 
	 	By:	/s/ Howard Lee
	 	 	Name: Howard Lee
Title: Assistant Vice President
	 	 
	 	By:	/s/ Andrew MacDonald
	 	 	Name: Andrew MacDonald
Title: Assistant Vice President

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Credit Suisse Securitized Products Master Fund,
Ltd., 

as a Class A Lender and as a Class B Lender
	 	 
	 	By: Credit Suisse Asset Management, LLC

as investment manager
	 	 
	 	By:	/s/ Sean Keating
	 	 	Name: Sean Keating
Title: Authorized Signatory

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Magnetar Andromeda Select Fund LLC, 

as a Class
B Lender
	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	By:	/s/ Anthony Fox
	 	 	Name: Anthony Fox
Title: Chief Financial Officer - Funds

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Magnetar Structured Credit Fund, LP, 

as a Class
B Lender
	 	 
	 	By: Magnetar Financial LLC, its general partner
	 	 
	 	By:	/s/ Anthony Fox
	 	 	Name: Anthony Fox
Title: Chief Financial Officer - Funds

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

	 	Magnetar Constellation Fund IV LLC, 

as a Class
B Lender
	 	 
	 	By: Magnetar Financial LLC, its manager
	 	 
	 	By:	/s/ Anthony Fox
	 	 	Name: Anthony Fox
Title: Chief Financial Officer - Funds

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

SCHEDULE I

 

CERTAIN DEFINED TERMS

 

“Cash Collateral Amount”
shall mean $10,000,000.

 

“Maximum Advance Amount” shall mean $5,250,000.

 

“Maximum Principal Amount”
shall mean $120,750,000.

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

SCHEDULE II

 

AMENDMENTS TO CREDIT AGREEMENT

 

Effective from the Amendment
Effective Date, the Credit Agreement is hereby amended as follows:

 

(i)            The
defined term “Lease Operative Documents” in Section 1.01 of the Credit Agreement is hereby amended by adding “,
each ProAdvantage Agreement” following the words “the GMCP Agreement”.

 

(ii)           The
defined term “Loan Documents” in Section 1.01 of the Credit Agreement is hereby amended by adding “, any ProAdvantage
Agreement Assignment” following the words “the Engine Manufacturer’s Consent”.

 

(iii)          The following
terms shall be added to Section 1.01 of the Credit Agreement in alphabetical order:

 

““ProAdvantage
Agreement” shall mean each ProAdvantage Agreement in respect of an Aircraft among the Borrower, the Lessee, and the
Manufacturer, as amended, supplemented, restated, replaced or otherwise modified from time to time.

 

““ProAdvantage
Agreement Assignment” shall mean, in respect of any ProAdvantage Agreement, a consent to assignment among the Borrower,
the Lessee, the Security Trustee and Beechcraft, in form and substance reasonably satisfactory to the Security Trustee, as amended,
supplemented, restated, replaced or otherwise modified from time to time.”

 

(iv)          Each
of Section 2.07(a)(iv)(D) and Section 6.03(a) of the Credit Agreement is amended by replacing the phrase “the Borrower’s
Adjusted Available Liquidity shall not be less than $5,000,000” with the phrase “the Borrower’s Adjusted Available
Liquidity shall not be less than $15,000,000”.

 

(v)          Section
6.04(b) of the Credit Agreement is amended by replacing the figure “$10,000,000” with the figure “$15,000,000”.

 

(vi)         Each
of Section 6.08(a)(i) and Section 6.08(b)(i) of the Credit Agreement is amended by replacing the phrase “the Borrower’s
Adjusted Available Liquidity shall not be less than $10,000,000” with the phrase “the Borrower’s Adjusted Available
Liquidity shall not be less than $15,000,000”.

    

    [Second Omnibus Agreement and Amendments No. 3
to Credit Agreement and No. 2 to Security Agreement]

    

EXHIBIT
A

 

FORM OF MAINTENANCE
SERVICES AGREEMENT AMENDMENT

 

[Attached.]Exhibit 10.36

 

EXECUTION
COPY

 

AMENDMENT
NO. 4 TO CREDIT AGREEMENT

 

This
AMENDMENT NO. 4 TO CREDIT AGREEMENT (this “Amendment”) is dated as of December 15, 2017 among WHEELS
UP PARTNERS LLC, a limited liability company duly organized and validly existing under the laws of the State of Delaware (the
 “Borrower”), and BANK OF UTAH, as administrative agent (the “Administrative Agent”)
and as security trustee (the “Security Trustee”); and is consented to and agreed by the undersigned CLASS
B LENDER.

 

W I T N E S S E T H:

 

WHEREAS,
the Borrower, the Lenders party thereto, the Administrative Agent and the Security Trustee are parties to an Amended and Restated
Secured Credit Agreement dated as of August 27, 2014, as amended by the Omnibus Agreement and Amendment No. 1 dated as of June
30, 2015 (the “Omnibus Agreement No. 1”), as further amended by the Amendment No. 2 to Amended and Restated
Credit Agreement dated as of September 14, 2015, as further amended by the Second Omnibus Agreement and Amendment No. 3 dated
as of April 1, 2016 (the “Omnibus Agreement No. 2”) (as further amended, supplemented and modified from time
to time, the “Credit Agreement”);

 

WHEREAS,
contemporaneously herewith, and as part of the refinancing of the Class B Loans, the existing Class B Lenders and Jefferies Leveraged
Credit Products, LLC (the “New Class B Lender”) are entering into a master Assignment and Acceptance (the “Master
Assignment”), in the form attached as Exhibit A hereto, pursuant to which the existing Class B Lenders will assign all
of the outstanding Class B Loans to the New Class B Lender;

 

WHEREAS,
in connection with the transactions contemplated by the Master Assignment, the parties hereto desire to amend the Credit Agreement
in certain respects; and

 

WHEREAS,
pursuant to the Limited Waiver and Consent, dated as of June 29, 2017, the Required Lenders have consented to the refinancing
of the Class B Loans and the amendments to the Credit Agreement as set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section
1.              Definitions. Except as
otherwise defined in this Amendment, capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement
and shall be interpreted in accordance the Credit Agreement.

    1

     

    

	[Amendment No. 4 to Credit Agreement]

 

Section
2.              Amendments to Credit Agreement. Effective from the Amendment Effective Date (as defined in Section 3 below),
the Credit Agreement is hereby amended as follows:

 

(a)           The definitions of “Attributable Amount” and “Class B Attributable Amount” in Section 1.01 are amended
in their entirety to read as follows:

 

““Attributable
Amount” means, with respect to any Aircraft, the portion of the Loans relating to such Aircraft, being the sum of
the Class A Attributable Amount and the Class B Attributable Amount for such Aircraft.”

 

““Class
B Attributable Amount” means, with respect to any Aircraft, the portion of the Class B Loans relating to such Aircraft,
being the then outstanding principal amount of the related Class B Borrowing made with respect to such Aircraft. For purposes
of this definition, the Class B Borrowing made with respect to any Aircraft shall include the Class B Loans made with respect
to such Aircraft on the Amendment No. 4 Effective Date.”

 

(b)           The definition of “Class B Loans” in Section 1.01 is amended by inserting “(including, without limitation, the
Additional Class B Loans)” immediately after “made by the Class B Lenders”.

 

(c)           The following defined terms are added to Section 1.01 in alphabetical order:

 

““Additional
Class B Advance Amount” means, in respect of any Aircraft, the amount set forth for such Aircraft below:

 

	Aircraft (by MSN)	 	Additional Class B Advance

 Amount (for each Aircraft)	 
	FL-882, FL-884, FL-886, FL-887, FL-885	 	$	164,706	 
	FL-889, FL-892, FL-893, FL-894, FL-905, FL-908	 	$	170,588	 
	FL-911, FL-913, FL-923, FL-925, FL-926	 	$	176,471	 
	FL-930, FL-932, FL-933, FL-941, FL-943	 	$	182,353	 
	FL-945, FL-947, FL-963, FL-965	 	$	188,235	 
	FL-966, FL-967, FL-980	 	$	194,118	 
	FL-984, FL-987, FL-989	 	$	200,000	 
	FL-995, FL-1006, FL-1000, FL-1004	 	$	205,882	 

 

““Additional
Class B Loans” has the meaning given in Section 2.01(c).”

 

““Amendment No. 4”
means Amendment No. 4 to Credit Agreement, dated as of December 15, among the Borrower, the Administrative Agent and the
Security Trustee.”

 

““Amendment
No. 4 Effective Date” means the “Amendment Effective Date” as defined in Amendment No. 4.”

 

““Class
B Interest Rate” means 12.00% per annum.”

 

(d)
           Section 2.01(c) is amended to insert the following at the end thereof:

 

“In
addition, each Class B Lender severally agrees, on the terms and conditions of this Agreement and Amendment No. 4, to make loans
to the Borrower in Dollars, on the Amendment No. 4 Effective Date, in respect of each Aircraft, in a principal amount for
such Aircraft equal to such Class B Lender’s ratable share (based on the proportion that such Class B Lender’s outstanding
Class B Loans bears to all Class B Loans then outstanding) of the Additional Class B Advance Amount for such Aircraft (collectively,
the “Additional Class B Loans”).”

    2

     

    

 

(e)
           Section 2.06(a) is amended in its entirety to read as follows:

 

“(a)         Repayment.
The Borrower hereby unconditionally promises to pay to the Administrative Agent for account of the Class A Lenders the outstanding
principal amount of the Class A Loans made in respect of each Aircraft quarterly on each Payment Date, commencing on the Amortization
Date for such Class A Loans, in the amounts set forth on Schedule 2. The Borrower hereby unconditionally promises to pay to the
Administrative Agent for account of the Class B Lenders the outstanding principal amount of the Class B Loans made in respect
of each Aircraft as follows: (i) prior to the Amendment No. 4 Effective Date, the Borrower shall pay the principal amount of such
Class B Loans quarterly on each Payment Date, commencing on the Amortization Date for such Class B Loans, in the amounts set forth
on Schedule 2 and (ii) from and after the Amendment No. 4 Effective Date, the Borrower shall pay the principal amount of such
Class B Loans quarterly on each Payment Date in the amounts set forth on Schedule 2B. Without limiting the foregoing, the principal
balance of any Loan outstanding on the Maturity Date for such Loan shall be due and payable on such date.”

 

(f)            Section 2.09(a) is amended in its entirety to read as follows:

 

“(a)         Interest.
The Borrower unconditionally agrees to pay interest on the Loans for each Interest Period at a rate per annum equal to (i) in
the case of the Class A Loans, Adjusted LIBOR for such Interest Period plus the Applicable Margin and (b) in the case of the Class
B Loans, the Class B Interest Rate.”

 

(g)           Section 2.09(d) is amended (i) by inserting “on the Class A Loans” immediately after the words “All interest”
in the first line thereof and (ii) inserting the following sentence at the end of such Section: “All interest on the Class
B Loans hereunder shall be computed on the basis of a year of 360 days consisting of 12 30-day months.”

 

(h)           Section 2.10 is amended by replacing each reference to “Loans” in such Section with “Class A Loans”.

 

(i)            Section 4.02 is amended by inserting “, other than the Additional Class B Loans to be made on the Amendment No. 4 Effective
Date,” immediately prior to “is subject to the satisfaction or waiver” in the third line thereof.

 

(j)            Schedule 2 is amended by inserting “(prior to the Amendment No. 4 Effective Date)” immediately following “Amortization
schedule for Class B Loans”.

 

(k)           A new Schedule 2B, in the form attached as Annex A to this Amendment, is inserted immediately following Schedule 2.

    3

     

    

 

(l)          
Schedule 6 is amended as follows:

 

(i)         the
definition of “Applicable Margin” is amended (A) by inserting “and” at the end of clause (b) thereof,
(B) by replacing “; and” at the end of clause (c) thereof with “.” and (C) by deleting clause (d)
thereof in its entirety;

 

(ii)        the definitions of “Class B Margin Period”, “Discount Rate”, “H.15(519)”, “Prepayment
Calculation Period” and “Treasury Rate” are deleted their entirety;

 

(iii)      
the definition of “Prepayment Fee” is amended by deleting clause (c) thereof in its entirety and replacing it
with the following:

 

“(c)      with
respect to any Class B Loan, (i) from and including the Amendment No. 4 Effective Date to but excluding the first anniversary
of the Amendment No. 4 Effective Date, 2% of the amount prepaid, (ii) from and including the first anniversary of the Amendment
No. 4 Effective Date to but excluding the second anniversary of the Amendment No. 4 Effective Date, 1% of the amount prepaid and
(iii) any time on or after the second anniversary of the Amendment No. 4 Effective Date, zero.”

 

Section
3.              Effective Date. This Amendment shall be effective on and as of the date (the “Amendment Effective
Date”) the following conditions precedent shall have been complied with to the satisfaction of the Administrative
Agent (each document, instrument, certificate, opinion or other paper referred to below to be in form and substance reasonably
satisfactory to the Administrative Agent and, unless otherwise specified, to be dated the Amendment Effective Date):

 

(a)           This Amendment shall have been duly authorized, executed and delivered by the parties hereto, and consented to by each Guarantor
and consented to and agreed by the New Class B Lender, and shall be in full force and effect on the Amendment Effective Date and
an executed copy hereof shall have been delivered to the Administrative Agent and the New Class B Lender.

 

(b)           The Master Assignment shall have been duly authorized, executed and delivered by the parties thereto, and shall be in full force
and effect on the Amendment Effective Date and an executed copy thereof shall have been delivered to the Borrower, the Administrative
Agent and the New Class B Lender.

 

(c)           The Administrative Agent and the New Class B Lender shall have received the following:

 

(i)         a copy of the organizational documents of the Borrower, and other evidence authorizing execution, delivery and performance by
the Borrower of this Amendment, in each case certified by the Secretary or an Assistant Secretary of the Borrower and confirmed
by another officer of the Borrower;

    4

     

    

 

(ii)        a copy of the organizational documents of each Guarantor, and other evidence authorizing execution, delivery and performance by
such Guarantor of this Amendment, in each case certified by the Secretary or an Assistant Secretary of such Guarantor and confirmed
by another officer of such Guarantor;

 

(iii)       a copy of an incumbency certificate of or in respect of the people authorized to execute documents on behalf of the Borrower and
each Guarantor, in each case as to the person or persons authorized to execute and deliver this Amendment, and the specimen signature
of such person or persons; and

 

(iv)       (A) a good standing certificate of each of the Borrower issued by the Delaware Secretary of State and (B) if applicable, a good
standing certificate of each Guarantor issued by the Secretary of State or other relevant official in such Guarantor’s jurisdiction
of incorporation or formation.

 

(d)           Each of the Administrative Agent, the New Class B Lender and the Security Trustee shall have received one or more opinions addressed
to each of them from, in each case in form and substance reasonably satisfactory to the Administrative Agent:

 

(i)          Arnold & Porter Kaye Scholer LLP, special New York counsel to the Borrower and the Guarantors; and

 

(ii)         in-house or special counsel to the Borrower and the Guarantors (in each case in the jurisdiction of incorporation or formation
of such person);

 

in
each case covering such matters as the Administrative Agent or the New Class B Lender may reasonably request.

 

(e)           The Borrower and the Guarantors shall have delivered to the New Class B Lender any document reasonably requested by such Class
B Lender in order for the New Class B Lender to satisfy any “know your customer” requirements.

 

(f)            All approvals and consents of any trustee or holder of their indebtedness or obligation of the Borrower, the Guarantors or any
of their Affiliates which are required in connection with any of the transactions contemplated by this Amendment and the other
Related Documents shall have been duly obtained.

 

(g)           All appropriate action required to have been taken by any governmental or political agency, subdivision or instrumentality of
the United States on or prior to the Amendment Effective Date in connection with the transactions contemplated by this Amendment
and the other Related Documents shall have been taken, and all orders, permits, waivers, authorizations, exemptions and approvals
of such entities required to be in effect on the Amendment Effective Date in connection with the transactions contemplated by
this Agreement and the other Related Documents shall have been issued, and all such orders, permits, waivers, authorizations,
exemptions and approvals shall be in full force and effect on the Amendment Effective Date.

    5

     

    

 

(h)           The Administrative Agent shall have received an opinion of special FAA counsel in Oklahoma City, Oklahoma, addressed to the Administrative
Agent, the New Class B Lender, the Security Trustee and the Borrower, as to the due recording of the Security Agreement, and registration
with the International Registry of the international interests of the Security Agreement, and the lack of filing of any intervening
documents with respect to the Aircraft and confirming that no further filing, registration, supplement or instrument is needed
for the creation or perfection of the security interest in the Aircraft to secure the obligations in respect of the Additional
Class B Loans, in form and substance satisfactory to the Administrative Agent and the New Class B Lender.

 

(i)            The Borrower shall have paid such fees that are due and payable as the Borrower shall have agreed to pay to the New Class B Lender,
the Administrative Agent, the Security Trustee or the placement agent in connection herewith, including the reasonable fees and
expenses of counsel, in connection with the transactions contemplated hereby.

 

(j)            At least two Business Days prior to the Amendment Effective Date, Administrative Agent and the New Class B Lender shall have received
the Borrowing Request in respect of the Additional Class B Loans.

 

(k)           On the Amendment Effective Date, the following statements shall be correct, and the Administrative Agent and the New Class B Lender
shall have received evidence reasonably satisfactory to it (including printouts of the “priority search certificates”
(as defined in the Regulations for the International Registry) from the International Registry relating to the Airframe and each
Engine) to the effect that (i) the Borrower has good and legal title to the Aircraft free and clear of all Liens other than Permitted
Liens and (ii) the Security Trustee has a duly perfected Lien of record in and to the Aircraft and the Airframes, Engines and
propellers included in each Aircraft and the other property included in the Collateral.

 

(l)            On the Amendment Effective Date, the statements set forth in this paragraph shall be true and correct, and the Administrative
Agent and the New Class B Lender shall have received certificates signed by an Authorized Officer of the Borrower and each Guarantor
certifying the following (it being understood and agreed that such certificates may qualify the matters in clauses (ii) and (iii)
as being to such Authorized Officer’s knowledge): (i) the respective representations and warranties of the Borrower or such
Guarantor, as the case may be, contained herein and in each other Related Document are true and correct as though made on and
as of the Amendment Effective Date, except to the extent that such representations and warranties relate solely to an earlier
date (in which case such representations and warranties are true and correct on and as of such earlier date), (ii) there are no
Liens affecting the Collateral or any part thereof (other than Permitted Liens), (iii) no event has occurred and is continuing
which constitutes, or with notice or lapse of time or both would constitute a Default or an Event of Default, (iv) all of the
covenants and agreements of the Borrower or such Guarantor, as the case may be, required to be performed on or as of the Amendment
Effective Date have been performed and (v) no event shall have occurred and be continuing which constitutes a Total Loss with
respect to any Aircraft or its Airframe or which would constitute such a Total Loss after notice or lapse of time or both.

    6

     

    

 

For
avoidance of doubt, the parties hereto agree that the conditions specified in this Section 3 shall be in lieu of any conditions
under Section 4.02 of the Credit Agreement with respect to the Additional Class B Loans.

 

Section
4.              Ratification. From and after the Amendment Effective Date any and all references to the Credit Agreement in any
of the Loan Documents or the Lease Operative Documents shall be deemed to refer to the Credit Agreement as amended hereby. Except
as amended hereby, each of the parties hereto acknowledges and agrees that the Credit Agreement shall continue and shall remain
in full force and effect in all respects.

 

Section
5.              Certain Acknowledgments and Affirmations.

 

(a)           The Borrower acknowledges that the Class B Commitments were utilized in full prior to the Amendment No. 4 Effective Date and that,
immediately after giving effect to the making of the Additional Class B Loans on the Amendment Effective Date, (i) the aggregate
outstanding principal amount of the Class B Loans is $20,000,000 and (ii) the Class B Attributable Amount for each Aircraft is
as set forth below:

 

	Aircraft (by MSN)	 	Class B Attributable Amount

 (for each Aircraft)	 
	FL-882, FL-884, FL-886, FL-887, FL-885	 	$	514,706	 
	FL-889, FL-892, FL-893, FL-894, FL-905, FL-908	 	$	533,088	 
	FL-911, FL-913, FL-923, FL-925, FL-926	 	$	551,471	 
	FL-930, FL-932, FL-933, FL-941, FL-943	 	$	569,853	 
	FL-945, FL-947, FL-963, FL-965	 	$	588,235	 
	FL-966, FL-967, FL-980	 	$	606,618	 
	FL-984, FL-987, FL-989	 	$	625,000	 
	FL-995, FL-1006, FL-1000, FL-1004	 	$	643,382	 

 

(b)          In connection with the execution and delivery of this Amendment, the Borrower, as debtor, grantor, pledgor, or in any other similar
capacity in which the Borrower granted Liens or security interests in its properties, in each case under the Loan Documents heretofore
executed and delivered in connection with or pursuant to the Credit Agreement (a) hereby ratifies and reaffirms all of its remaining
payment and performance obligations, contingent or otherwise, if any, under each of the Loan Documents (as modified and/or amended
by this Amendment) and (b) to the extent the Borrower granted Liens on or security interests in any of its properties pursuant
to any of the Loan Documents, hereby ratifies and reaffirms such grant of security and confirms that such Liens and security interests
continue to secure the Obligations, including, without limitation, all additional Obligations resulting from or incurred pursuant
to this Amendment. All references in the Loan Documents to the term “Obligations” shall include all additional Obligations
resulting from or incurred pursuant to this Amendment.

 

Section
6.              Governing Law. THIS AMENDMENT SHALL
IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA,
WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW.

    7

     

    

 

Section
7.             Miscellaneous.

 

(a)           The section headings in this Amendment are for convenience of reference only and shall not modify, define, expand or limit any
of the terms or provisions hereof.

 

(b)           Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction, and shall not invalidate or render unenforceable the other provisions hereof in any
jurisdiction. To the extent permitted by applicable law, the parties hereto waive any provision of law which renders any provision
hereof prohibited or unenforceable in any respect.

 

(c)           This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument,
and any of the parties hereto may execute this Amendment by signing any such counterpart.

 

(d)           This Amendment shall be a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

 

*  *  *

    8

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

	 	WHEELS UP PARTNERS LLC
	 	 
	 	By: 	/s/ Mary E. Gallagher
	 	 	Name: Mary E. Gallagher
	 	 	Title: Chief Financial Officer
	 	 
	 	BANK OF UTAH, as Administrative Agent
	 	 
	 	By: 	/s/ Jon Croasmun
	 	 	Name: Jon Croasmun
	 	 	Title: Vice President
	 	 
	 	By:	 /s/ John Thomas
	 	 	Name: John Thomas
	 	 	Title: Vice President
	 	 
	 	BANK OF UTAH, as Security Trustee
	 	 
	 	By: 	/s/ Jon Croasmun
	 	 	Name: Jon Croasmun
	 	 	Title: Vice President

    

     

    

 

	 	Class B Lender:
	 	 
	 	JEFFERIES LEVERAGED CREDIT PRODUCTS, LLC,
	 	as a Class B Lender
	 	 
	 	By:	 /s/ William P. McLoughlin
	 	 	Name: William P. McLoughlin
	 	 	Title: SVP

    

     

    

 

By
its execution below, each Guarantor hereby (a) acknowledges and consents to this Amendment, (b) ratifies and reaffirms all of
its remaining payment and performance obligations, contingent or otherwise, under the Guaranty and (c) confirms that the Guaranty
continues to apply to the Guaranteed Obligations, including, without limitation, all additional Guaranteed Obligations resulting
from or incurred pursuant to this Amendment, and that all references in the Guaranty to the term “Guaranteed Obligations”
shall include all additional Guaranteed Obligations resulting from or incurred pursuant to this Amendment.

 

WHEELS
UP PARTNERS HOLDINGS LLC, 

as
a Guarantor

 

	By:	 /s/ Mary Gallagher	 
	 	Name: Mary Gallagher	 
	 	Title: Chief Financial Officer	 

    

     

    

 

EXHIBIT
A

 

FORM
OF MASTER ASSIGNMENT

 

[Attached.]

    

     

    

EXECUTION
COPY

 

MASTER
ASSIGNMENT AND ACCEPTANCE

 

This
Master Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the Assignment Effective
Date set forth below and is entered into by and between MAGNETAR ANDROMEDA SELECT FUND LLC, MAGNETAR STRUCTURED CREDIT FUND, LP,
MAGNETAR CONSTELLATION FUND IV LLC and SPF SECURITIZED PRODUCTS MASTER FUND LTD. (f/k/a Credit Suisse Securitized Products
Master Fund, Ltd.) (each, an “Assignor”, and collectively, the “Assignors”) and JEFFERIES
LEVERAGED CREDIT PRODUCTS, LLC (the “Assignee”). Capitalized terms used but not defined herein shall have the
meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt
of a copy of which is hereby acknowledged by the Assignee. The standard terms and conditions set forth in Annex 1 (the “Standard
Terms and Conditions”) attached hereto are hereby agreed to and incorporated herein by reference and made a part of
this Assignment and Acceptance as if set forth herein in full.

 

For
an agreed consideration, each Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from such Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement,
as of the Assignment Effective Date set forth below (i) all of such Assignor’s rights and obligations in its capacity as
a Class B Lender under the Credit Agreement, the Intercreditor Agreement and any other documents or instruments delivered pursuant
thereto to the extent related to the amount and percentage interest identified on Annex 2 of all of such outstanding rights and
obligations of such Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any other right of such Assignor (in its capacity as a Class B Lender)
against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims
at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations
of any Assignor sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as such Assignor’s
 “Assigned Interest”, and all such rights and obligations of the Assignors being referred to herein as the “Assigned
Interests”). Such sale and assignment is without recourse to any Assignor and, except as expressly provided in this
Assignment and Acceptance, without representation or warranty by such Assignor. From and after the Assignment Effective Date,
each Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its
obligations under the Credit Agreement.

 

	1.	Assignors: 	 	Magnetar Andromeda Select Fund LLC, Magnetar Structured 
Credit Fund, LP, Magnetar Constellation Fund IV LLC and SPF Securitized Products Master Fund Ltd.

 

	2.	Assignee:	 	 Jefferies Leveraged Credit Products, LLC

 

	3.	Borrower: 	 	Wheels Up Partners LLC

    

     

    

Master Assignment and Acceptance (Jefferies) 

 

	4.	Administrative Agent: 	 	Bank of Utah, as the administrative agent under the
Credit Agreement

  

	5.	Credit Agreement: 	 	The Amended and Restated Secured Credit Agreement, dated as
of August 27, 2014, among Wheels Up Partners LLC, as Borrower, the Lenders party thereto, and Bank of Utah, as Administrative
Agent and Security Trustee 

  

	6.	Intercreditor Agreement: 	 	Intercreditor Agreement, dated as of August 27, 2014,
among the Class A Lenders party thereto, the Class B Lenders party thereto, and Bank of Utah, as Security Trustee

  

	7.	Assigned Interests: 	 	As set forth on Annex 2

 

	8.	Assignment Effective Date:	 	 December 15, 2017

 

[Remainder
of page intentionally left blank]

    

     

    

 

The
terms set forth in this Assignment and Acceptance are hereby agreed to:

 

	 	ASSIGNORS
	 	 
	 	MAGNETAR
    ANDROMEDA SELECT FUND LLC
	 	 
	 	By: Magnetar Financial LLC, its Manager
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	MAGNETAR STRUCTURED CREDIT FUND, LP
	 	 
	 	By: Magnetar Financial LLC, its General Partner
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	MAGNETAR CONSTELLATION FUND IV LLC
	 	 
	 	By: Magnetar Financial LLC, its Manager
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	SPF SECURITIZED
    PRODUCTS MASTER FUND LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    

     

    

 

	 	ASSIGNEE
	 	 
	 	JEFFERIES
    LEVERAGED CREDIT PRODUCTS, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    

     

    

 

	Consented to and Accepted:	 
	 	 
	BANK OF UTAH,	 
	as Administrative Agent	 
	 	 
	By	 	 
	 	Name:	 
	 	Title:	 

    

     

    

ANNEX
1

 

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT AND ACCEPTANCE

 

1.          Representations and Warranties.

 

1.1        Assignors. Each Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of its Assigned Interest,
(ii) such Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions
contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made
in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Agreement or any collateral thereunder or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be
created under or in connection with, any Credit Agreement or any other instrument or document furnished pursuant thereto, (iii)
the financial condition of the Borrower, any other Loan Party, or any of their respective Subsidiaries or Affiliates or any other
Person obligated in respect of the Credit Agreement or (iv) the performance or observance by the Borrower, any other Loan Party,
or any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement.

 

1.2.       Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Class B Lender
under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to
be satisfied by it in order to acquire the Assigned Interests and become a Class B Lender, (iii) from and after the Assignment
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Class B Lender thereunder and, to the extent
of the Assigned Interests, shall have the obligations of a Class B Lender thereunder, (iv) it will keep confidential all information
with respect to the Borrower or any other Loan Party furnished to it by the Borrower, any other Loan Party or the Assignor as
provided for in the Credit Agreement, (v) appoints and authorizes Administrative Agent and the Security Trustee to take such action
as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Loan Documents as are
delegated to Administrative Agent or the Security Trustee, as the case may be, by the terms thereof, together with such powers
and discretion as are reasonably incidental thereto, (vi) it has received a copy of the Credit Agreement, together with copies
of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance
and to purchase the Assigned Interests on the basis of which it has made such analysis and decision independently and without
reliance on the Administrative Agent or any other Lender, and (vii) if it is a Foreign Lender, attached to the Assignment and
Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and
executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,
the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance
with their terms all of the obligations, which by the terms of the Credit Agreement, are required to be performed by it as a Class
B Lender.

    

     

    

 

2.          Payments.
From and after the Assignment Effective Date, the Administrative Agent shall make all payments in respect of any Assigned Interest
(including payments of principal, interest, fees and other amounts) to the Assignee. The Assignors and the Assignee shall make
any appropriate adjustments in payments for periods prior to the Assignment Effective Date directly between themselves.

 

3.          General Provisions. This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto
and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts and
by different parties hereto in separate counterparts, which taken together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by, and construed in accordance
with, the law of the State of New York.

    

     

    

 

ANNEX
2

 

ASSIGNED
INTERESTS

 

	Assignor	 	Facility Assigned	 	Aggregate Amount of

 Class B Loans for all

 Class B Lenders	 	 	Amount of Class B Loans

 Assigned	 	 	Percentage Assigned of

 Class B Loans1 
	 
	Magnetar Andromeda Select Fund LLC	 	Class B Loans	 	$	13,600,000.00	 	 	$	3,275,657.14	 	 	 	24.085714286	%
	Magnetar Structured Credit Fund, LP	 	Class B Loans	 	$	13,600,000.00	 	 	$	3,727,954.29	 	 	 	27.411428571	%
	Magnetar Constellation Fund IV LLC	 	Class B Loans	 	$	13,600,000.00	 	 	$	1,156,388.57	 	 	 	8.502857143	%
	SPF Securitized Products Master Fund Ltd.	 	Class B Loans	 	$	13,600,000.00	 	 	$	5,440,000.00	 	 	 	40.000000000	%

 

 

1
Set forth, to at least 9 decimals, as a percentage of the aggregate Class B Loans of all Class B Lenders.

    

     

    

	[Amendment No. 4 to Credit Agreement]

 

ANNEX
A

 

SCHEDULE
2B TO CREDIT AGREEMENT

 

[Attached.]

    

     

    

 

SCHEDULE
2B

 

Amortization
Schedule for Class B Loans for each Aircraft

 

	A.	Amortization
                                         Schedule for MSNs FL-882, FL-884, FL-886, FL-887, FL-885:

 

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	21,370.00	 
	Apr-15-2018	 	$	21,370.00	 
	Jul-15-2018	 	$	21,370.00	 
	Oct-15-2018	 	$	21,370.00	 
	Jan-15-2019	 	$	23,080.00	 
	Apr-15-2019	 	$	23,080.00	 
	Jul-15-2019	 	$	23,080.00	 
	Oct-15-2019	 	$	23,080.00	 
	Jan-15-2020	 	$	26,500.00	 
	Apr-15-2020	 	$	26,500.00	 
	Jul-15-2020	 	$	26,500.00	 
	Oct-15-2020	 	$	257,406.00	 

 

	B.	Amortization
                                         Schedule for MSNs FL-889, FL-892, FL-893, FL-894, FL-905, FL-908:

 

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	19,610.00	 
	Apr-15-2018	 	$	21,320.00	 
	Jul-15-2018	 	$	21,320.00	 
	Oct-15-2018	 	$	21,320.00	 
	Jan-15-2019	 	$	21,320.00	 
	Apr-15-2019	 	$	23,020.00	 
	Jul-15-2019	 	$	23,020.00	 
	Oct-15-2019	 	$	23,020.00	 
	Jan-15-2020	 	$	23,020.00	 
	Apr-15-2020	 	$	26,440.00	 
	Jul-15-2020	 	$	26,440.00	 
	Oct-15-2020	 	$	26,440.00	 
	Jan-15-2021	 	$	256,798.00	 

     

     

    

 

	

										 C.
	Amortization
                                         Schedule for MSNs FL-911, FL-913, FL-923, FL-925, FL-926:

  

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	19,570.00	 
	Apr-15-2018	 	$	19,570.00	 
	Jul-15-2018	 	$	21,270.00	 
	Oct-15-2018	 	$	21,270.00	 
	Jan-15-2019	 	$	21,270.00	 
	Apr-15-2019	 	$	21,270.00	 
	Jul-15-2019	 	$	22,970.00	 
	Oct-15-2019	 	$	22,970.00	 
	Jan-15-2020	 	$	22,970.00	 
	Apr-15-2020	 	$	22,970.00	 
	Jul-15-2020	 	$	26,380.00	 
	Oct-15-2020	 	$	26,380.00	 
	Jan-15-2021	 	$	26,380.00	 
	Apr-15-2021	 	$	256,231.00	 

 

	D.	Amortization
                                         Schedule for MSNs FL-930, FL-932, FL-933, FL-941, FL-943:

 

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	19,530.00	 
	Apr-15-2018	 	$	19,530.00	 
	Jul-15-2018	 	$	19,530.00	 
	Oct-15-2018	 	$	21,230.00	 
	Jan-15-2019	 	$	21,230.00	 
	Apr-15-2019	 	$	21,230.00	 
	Jul-15-2019	 	$	21,230.00	 
	Oct-15-2019	 	$	22,930.00	 
	Jan-15-2020	 	$	22,930.00	 
	Apr-15-2020	 	$	22,930.00	 
	Jul-15-2020	 	$	22,930.00	 
	Oct-15-2020	 	$	26,320.00	 
	Jan-15-2021	 	$	26,320.00	 
	Apr-15-2021	 	$	26,320.00	 
	Jul-15-2021	 	$	255,663.00	 

    

     

    

 

	E.	Amortization
                                         Schedule for MSNs FL-945, FL-947, FL-963, FL-965:

 

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	19,490.00	 
	Apr-15-2018	 	$	19,490.00	 
	Jul-15-2018	 	$	19,490.00	 
	Oct-15-2018	 	$	19,490.00	 
	Jan-15-2019	 	$	21,190.00	 
	Apr-15-2019	 	$	21,190.00	 
	Jul-15-2019	 	$	21,190.00	 
	Oct-15-2019	 	$	21,190.00	 
	Jan-15-2020	 	$	22,880.00	 
	Apr-15-2020	 	$	22,880.00	 
	Jul-15-2020	 	$	22,880.00	 
	Oct-15-2020	 	$	22,880.00	 
	Jan-15-2021	 	$	26,270.00	 
	Apr-15-2021	 	$	26,270.00	 
	Jul-15-2021	 	$	26,270.00	 
	Oct-15-2021	 	$	255,185.00	 

 

	F.	Amortization
                                         Schedule for MSNs FL-966, FL-967, FL-980:

 

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	17,810.00	 
	Apr-15-2018	 	$	19,510.00	 
	Jul-15-2018	 	$	19,510.00	 
	Oct-15-2018	 	$	19,510.00	 
	Jan-15-2019	 	$	19,510.00	 
	Apr-15-2019	 	$	21,210.00	 
	Jul-15-2019	 	$	21,210.00	 
	Oct-15-2019	 	$	21,210.00	 
	Jan-15-2020	 	$	21,210.00	 
	Apr-15-2020	 	$	22,900.00	 
	Jul-15-2020	 	$	22,900.00	 
	Oct-15-2020	 	$	22,900.00	 
	Jan-15-2021	 	$	22,900.00	 
	Apr-15-2021	 	$	26,300.00	 
	Jul-15-2021	 	$	26,300.00	 
	Oct-15-2021	 	$	26,300.00	 
	Jan-15-2022	 	$	255,428.00	 

    

     

    

 

	G.	Amortization
                                         Schedule for MSNs FL-984, FL-987, FL-989:

 

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	17,830.00	 
	Apr-15-2018	 	$	17,830.00	 
	Jul-15-2018	 	$	19,530.00	 
	Oct-15-2018	 	$	19,530.00	 
	Jan-15-2019	 	$	19,530.00	 
	Apr-15-2019	 	$	19,530.00	 
	Jul-15-2019	 	$	21,220.00	 
	Oct-15-2019	 	$	21,220.00	 
	Jan-15-2020	 	$	21,220.00	 
	Apr-15-2020	 	$	21,220.00	 
	Jul-15-2020	 	$	22,920.00	 
	Oct-15-2020	 	$	22,920.00	 
	Jan-15-2021	 	$	22,920.00	 
	Apr-15-2021	 	$	22,920.00	 
	Jul-15-2021	 	$	26,320.00	 
	Oct-15-2021	 	$	26,320.00	 
	Jan-15-2022	 	$	26,320.00	 
	Apr-15-2022	 	$	255,700.00	 

 

	H.	Amortization
                                         Schedule for MSNs FL-995, FL-1006, FL-1000, FL-1004:

 

	Payment Date	 	Principal Amount to be

 Paid (for each Aircraft)	 
	Jan-15-2018	 	$	17,840.00	 
	Apr-15-2018	 	$	17,840.00	 
	Jul-15-2018	 	$	17,840.00	 
	Oct-15-2018	 	$	19,540.00	 
	Jan-15-2019	 	$	19,540.00	 
	Apr-15-2019	 	$	19,540.00	 
	Jul-15-2019	 	$	19,540.00	 
	Oct-15-2019	 	$	21,240.00	 
	Jan-15-2020	 	$	21,240.00	 
	Apr-15-2020	 	$	21,240.00	 
	Jul-15-2020	 	$	21,240.00	 
	Oct-15-2020	 	$	22,940.00	 
	Jan-15-2021	 	$	22,940.00	 
	Apr-15-2021	 	$	22,940.00	 
	Jul-15-2021	 	$	22,940.00	 
	Oct-15-2021	 	$	26,340.00	 
	Jan-15-2022	 	$	26,340.00	 
	Apr-15-2022	 	$	26,340.00	 
	Jul-15-2022	 	$	255,962.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]