Document:

EX-10.25

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the
information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

Exhibit 10.25 
 DATED AUGUST 23, 2010 
 INTERNATIONAL LEASE FINANCE CORPORATION, 

AS ASSIGNOR 

MACQUARIE AIRFINANCE ACQUISITIONS (IRELAND) LIMITED, 
 AS ASSIGNEE 
 AND 

CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. 
 (SUCCESSOR TO CONCESIONARIA VUELA 
 COMPANIA DE AVIACION, S.A. DE C.V.), 

AS LESSEE 
  

 
 ASSIGNMENT,
ASSUMPTION AND AMENDMENT 
 AGREEMENT 
 RELATING TO ONE (1) AIRBUS A319-100 AIRCRAFT 
 MANUFACTURER’S SERIAL
NUMBER 3491, 
 FAA REGISTRATION MARK N503VL 

 
  
 [COUNTERPART NO. [            ] OF [            ] SERIALLY NUMBERED, MANUALLY
EXECUTED COUNTERPARTS. TO THE EXTENT THAT THIS DOCUMENT TOGETHER WITH THE AIRCRAFT LEASE AGREEMENT DATED MARCH 9, 2007 MARKED COUNTERPART NO. 1 CONSTITUTES CHATTEL PAPER UNDER THE UNIFORM COMMERCIAL CODE IN EFFECT IN ANY APPLICABLE JURISDICTION, NO
SECURITY INTEREST IN THIS DOCUMENT MAY BE CREATED THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN COUNTERPART NO. 1.] 

 CONTENTS 

 

							
	 Clause
	 		  	 	Page	  
			
	 Section 1.
	 	Defined Terms	  	 	2	  
			
	 Section 2.
	 	Effectiveness	  	 	2	  
			
	 Section 3.
	 	Assignment, Assumption and Release	  	 	2	  
			
	 Section 4.
	 	Lessee Consent and Agreement	  	 	3	  
			
	 Section 5.
	 	Payments to Assignee	  	 	4	  
			
	 Section 6.
	 	Payments to Assignor	  	 	4	  
			
	 Section 7.
	 	Insurance	  	 	4	  
			
	 Section 8.
	 	Identification Plates	  	 	4	  
			
	 Section 9.
	 	Quiet Enjoyment	  	 	5	  
			
	 Section 10.
	 	Post Effective Time	  	 	5	  
			
	 Section 11.
	 	Cooperation	  	 	5	  
			
	 Section 12.
	 	Representations and Warranties	  	 	6	  
			
	 Section 13.
	 	Lease Representations and Warranties	  	 	8	  
			
	 Section 14.
	 	Assignee Servicer and Assignments	  	 	10	  
			
	 Section 15.
	 	Assignment	  	 	10	  
			
	 Section 16.
	 	Notices	  	 	10	  
			
	 Section 17.
	 	Modifications	  	 	10	  
			
	 Section 18.
	 	Delivery of Documents by Fax or E-mail	  	 	10	  
			
	 Section 19.
	 	Governing Law, Etc.	  	 	10	  
			
	 Section 20.
	 	Further Assurances	  	 	10	  
			
	 Section 21.
	 	Headings	  	 	11	  
			
	 Section 22.
	 	Invalidity of any Provision	  	 	11	  
			
	 Section 23.
	 	Survival	  	 	11	  
			
	 ANNEX 1
	 	Lease Documents	  			
			
	 ANNEX 2
	 	Amendments to Lease Documents	  			
			
	 ANNEX 3
	 	Form of Confirmation of Effective Time	  			
			
	 ANNEX 4
	 	Insurance Information	  			
			
	 ANNEX 5
	 	Lessee Conditions Precedent	  			
			
	 ANNEX 6
	 	Notice of Removal and Discharge	  			
			
	 ANNEX 7
	 	Federal Aviation Administration Conveyance and Engine Thrust Information	  			
			
	 ANNEX 8
	 	Form of Lessee Acknowledgment	  			

  
 - i -

					
	 ANNEX 9
	 	Form of Letter of Quiet Enjoyment	  	
			
	 ANNEX 10
	 	Assignor and Lessee Representations and Warranties	  	
			
	 ANNEX 11
	 	Form of Guarantee	  	

  
 - ii -

 THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT (this
“Agreement”), is entered into as of August 23, 2010, by and among (1) INTERNATIONAL LEASE FINANCE CORPORATION, a California corporation (“Assignor”), (2) MACQUARIE AIRFINANCE ACQUISITIONS (IRELAND)
LIMITED, a company organized under the laws of Ireland (“Assignee”), and (3) CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), a company organized
under the laws of Mexico (“Lessee”). 
 PRELIMINARY STATEMENTS: 

WHEREAS, Assignor and Lessee have entered into an Aircraft Lease Agreement, dated as of March 9, 2007 (as amended and
supplemented by Side Letter #1 to Aircraft Lease Agreement described as item 3 on Annex 1 hereto, the “Lease”), pursuant to which Assignor has leased to Lessee one (1) Airbus A319-100 (shown on the international registry as
AIRBUS model A319) aircraft bearing manufacturer’s serial number 3491 and FAA registration mark N503VL together with two (2) IAE International Aero Engines AG model IAE V2524-A5 (shown on the international registry as INTERNATIONAL AERO
ENGINES model V2500-A5) engines bearing manufacturer’s serial numbers V12908 and V12912, respectively (each of which has 550 or more rated take-off horsepower) (collectively and as more fully described in the Lease, the
“Aircraft”), as more fully described in Annex 7 hereto. 
 WHEREAS, International Lease Finance
Corporation (“Seller”) has agreed, among other things, to sell the Aircraft or cause its affiliate to sell the Aircraft to Macquarie Aerospace Limited (“Buyer”) or Buyer’s designee subject to the Lease and
Buyer has agreed to purchase or cause its designee to purchase the Aircraft from Seller or Seller’s affiliate pursuant to an Aircraft Sale Agreement dated as of April 13, 2010 between Seller and Buyer (the “Sale
Agreement”). 
 WHEREAS, Buyer has designated Wells Fargo Bank Northwest, N.A., not in its individual capacity,
but solely as owner trustee under MSN 3491 Trust (“New Owner”) to purchase the Aircraft in accordance with the Sale Agreement and will cause New Owner to lease the Aircraft to Assignee pursuant to a head lease agreement. 

WHEREAS, concurrently with the sale of the Aircraft to New Owner, Assignor will, subject to the terms and conditions of this
Agreement, assign to Assignee all of its rights, obligations and interest to and under the Lease and all other agreements (including all Operative Documents as such term is defined in the Lease) described on Annex 1 hereto and delivered in
connection with, or relating to, the leasing of the Aircraft and that affect the rights or obligations of the “LESSOR” or “LESSEE” thereunder as of or after the Effective Time (as defined below) (the “Lease
Documents”), subject to the rights of Lessee (as more fully described in Section 3(a) below and collectively with the other assignments, assumptions, releases and covenants in Section 3, the “Assignment”).

 WHEREAS, Assignor, Assignee and Lessee have agreed to enter into this Agreement in order to, among other things,
(i) effect the Assignment, (ii) evidence Lessee’s acknowledgment of, and consent to, the Assignment and (iii) amend certain provisions of the Lease Documents. 

  
 - 1 -

 NOW, THEREFOR, in consideration of and subject to the mutual covenants, terms
and conditions contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: 
 Section 1. Defined Terms. Any and all initially capitalized terms used herein (including the Annexes hereto) and not otherwise defined herein shall have the meanings assigned thereto in the
Lease. 
 Section 2. Effectiveness. Subject to satisfaction of or waiver by Lessee (in its sole discretion) of the
conditions precedent set forth in Annex 5 hereto, the Assignment, the amendment to the Lease Documents described herein and in Annex 2 hereto and Lessee’s consent in Section 4 will take effect as of the time of the transfer of title to the
Aircraft by Assignor to New Owner (the “Effective Time”), as evidenced by a Confirmation of Effective Time substantially in the form of Annex 3 hereto to be delivered to and acknowledged by Lessee from Assignor and Assignee at or
promptly after the Effective Time (a “Confirmation”). Lessee agrees to countersign and deliver to Assignor and Assignee a copy of such Confirmation promptly upon receipt thereof. 

Section 3. Assignment, Assumption and Release. 
 (a) Assignment. 
 (i) Effective as of the Effective Time, Assignor hereby assigns,
conveys, transfers and sets over to Assignee except as may be otherwise expressly specified in the following sentence all of Assignor’s rights and obligations and Assignor’s interest in, to and under the Lease Documents, arising on and
after the Effective Time, subject to the rights of Lessee under the Lease Documents. Notwithstanding any other term or agreement in this Agreement: 
 (x) Assignor is not assigning its rights and obligations under Article 6.4 of the Lease. 
 (y) Assignor shall continue to be responsible to perform the obligations of “LESSOR” under Article 6.4 of the Lease and in respect of any other obligation arising in connection with any other
right retained by Assignor in accordance with the provisions hereof (those portions of the Lease Documents assigned under this Section 3(a)(i), hereinafter the “Assigned Lease Documents”). 

(ii) Effective as of the Effective Time, Lessee, Assignor and Assignee hereby agree that, except with respect to the matters set forth in
Section 3(a)(i)(x) above, Assignor shall have no further rights and obligations under the Assigned Lease Documents, except that the disclaimers and indemnities contained in Articles 8 (Disclaimers and Waivers) and 17 (Indemnities) of the Lease
and any other provisions of the Lease Documents which are expressly stated to survive the expiration or termination of the leasing of the Aircraft under the Lease shall 

  
 2 

 
continue in full force and effect for the benefit of Assignor in addition to the Assignee in accordance with the provisions of the Lease. Notwithstanding the above, Assignor and Lessee shall have
the same rights and remedies against each other as each would have had under the Lease in respect of any rights and obligations arising, losses, liabilities or claims suffered or incurred or brought against or payments due to each other in respect
of or attributable to the period prior to the Effective Time as if the Assignor had remained the “LESSOR” under the Lease. 
 (b) Assumption. 
 (i) Effective as of the Effective Time, Assignee hereby accepts
and assumes all of Assignor’s rights and obligations assigned, conveyed, transferred and set over by Assignor pursuant to Section 3(a). 
 (ii) Assignee warrants, covenants and agrees with Lessee that on and after the Effective Time, Assignee will perform all obligations to be performed by Lessor under the Assigned Lease Documents that arise
on or after the Effective Time and will be bound by all of the terms thereof. 
 (iii) Any reference to the rights of
“LESSOR” under the Lease in connection with the right of “LESSOR” to assign such rights, shall include any “associated rights”, as defined in The Convention on International Interests in Mobile Equipment and the
Protocol thereto on Matters Specific to Aircraft Equipment (the “Cape Town Convention”) in effect at the Effective Time of the Assignee in, and to, this Agreement and the Lease. Any such associated rights may consist of any of
Assignee’s rights to procure payment or other performance by Lessee (as “debtor” under the Cape Town Convention) under this Agreement, the Lease and/or any other operative document associated with the Lease. 

(c) Retained Obligations and Release. Subject to the terms of this Agreement including without limitation Sections 2 and 3(a) and except
as otherwise provided therein, effective as of the Effective Time, Lessee hereby releases Assignor from any obligations of “LESSOR” under the Assigned Lease Documents which arise on or after the Effective Time including but not limited to
any obligations with respect to the return to Lessee of any Security Deposit or the reimbursement of any Reserves, all of which obligations in respect of such Security Deposits and Reserves having been assumed by New Owner and Assignee. 

Section 4. Lessee Consent and Agreement. Subject to the provisions hereof, and Lessee’s rights hereunder and under the
Lease, Lessee hereby acknowledges and consents to the Assignment and to Assignor’s assignment to New Owner of all of Assignor’s reversionary rights and interest in the manufacturer warranties that were assigned to Lessee by Assignor
pursuant to the Lease Documents and agrees that Assignee will be obligated to fulfill all of the obligations of Lessor under the Assigned Lease Documents which arise on and after the Effective Time and that and until otherwise notified in writing
Lessee will perform for the benefit of Assignee all of Lessee’s obligations under the Assigned Lease Documents which arise on and after the Effective Time, save for its obligations in respect of any rights expressly retained by Assignor
hereunder. 

  
 3 

 Section 5. Payments to Assignee. Lessee and Assignee hereby agree that on and
after the Effective Time all Rent, Reserves, Security Deposits and other payments due from Lessee to Lessor under the Lease will be made by wire transfer to the bank account of Assignee described in Annex 2 hereto or to such other account in the
United States or Ireland (unless otherwise agreed by Lessee), notified to Lessee pursuant to Section 16 (Notices) below. 

Section 6. Payments to Assignor. Lessee and Assignee hereby agree that as of the Effective Time all Rent, Reserves, Security
Deposits and other payments paid to Assignor in accordance with the Lease prior to the Effective Time shall be deemed to have been paid for all purposes under the Lease and the Reserves and Security Deposit shall be deemed to have been received by
Assignee and Assignee covenants and agrees that it shall hold, apply, retain and reimburse the Reserves and Security Deposit or cause to be held, applied, released and reimbursed the Reserves and Security Deposit strictly in accordance with all
relevant provisions of the Lease. 
 Section 7. Insurance. From and after the Effective Time and until otherwise
notified in writing, Lessee will cause: 
 (a) Bank of Utah to be named as loss payee for the Agreed Value under the hull
insurances required to be maintained by Lessee under the Lease; 
 (b) Servicer (as defined in Section 14 below), New Owner,
Sub-Servicer, Macquarie AirFinance Acquisitions Ltd. and the Persons providing financing to New Owner and their agents and security trustees identified on Annex 4 hereto and each of their respective successors and permitted assigns and each of their
respective shareholders, directors, officers, agents, employees and, in the case of a trustee or security trustee, the institution acting as such in its individual capacity to be named as additional insureds under Lessee’s aviation and general
third party liability insurance maintained by Lessee under the Lease; 
 (c) continue to name Assignor and each of its respective
successors and permitted assigns and each of their respective shareholders, directors, officers, agents, employees and, in the case of a trustee or security trustee, the institution acting as such in its individual capacity as an additional insured
under the third party liability insurances until the earlier to occur of the second anniversary of the Effective Time; and 
 (d)
each of the agreements described on Annex 4 hereto to be identified as “contracts” with respect to the insurances required under the Lease and this Section 7. 
 Section 8. Identification Plates. Lessee will as soon as is reasonably practical after the Effective Time, prepare at Assignee’s expense new identification plates for the Aircraft bearing
the legends set forth in Annex 2 hereto, remove the existing identification plates and install the replacement identification plates on the Aircraft. 

  
 4 

 Section 9. Quiet Enjoyment. So long as no Default or Event of Default has
occurred and is continuing, from and after the Effective Time, Assignee hereby agrees that neither it nor any person lawfully claiming through it will interfere with or otherwise disturb Lessee’s quiet, peaceful use, possession and enjoyment of
the Aircraft. 
 Section 10. Post Effective Time. Assignor, Assignee and Lessee hereby agree that with effect on and
from the Effective Time, the Lease shall be amended as set forth in Annex 2 hereto. Except as set out in this Agreement, the Lease shall remain unmodified and in full force and effect. 

Section 11. Cooperation. 
 (a) The parties hereby agree to cooperate with one another in order to close the Assignment at a convenient time when the Aircraft is in a jurisdiction reasonably acceptable to Assignee, Assignor and
Lessee on one of Lessee’s regular routes. Provided that Assignor notifies Lessee in writing of the proposed date of the Assignment a minimum of three (3) Business Days prior to such date, Lessee will provide Assignor notice of the
scheduled route of the Aircraft for such date. 
 (b) Lessee agrees to provide promptly, but in any event, prior to the Effective
Time, the following in the English language and in form and substance reasonably satisfactory to Assignor and Assignee: 
 (i)
unless covered by the documents provided at Delivery, to Assignor and Assignee, an incumbency certificate or power of attorney or equivalent corporate authority, as the case may be, of Lessee naming the person or persons authorized to execute this
Agreement and the documents delivered in connection therewith; 
 (ii) to Assignor and Assignee, an insurance certificate and,
if applicable, broker’s letter of undertaking confirming that the insurances required under the Lease and under Section 7 of this Agreement are in effect; 
 (iii) to Assignee, an executed Lessee Acknowledgement substantially in the form attached hereto as Annex 8, provided that Assignee delivers to Lessee prior to the Effective Time an executed Letter of
Quiet Enjoyment from each of New Owner and Security Trustee substantially in the form attached hereto as Annex 9; and 
 (iv) to
Assignor and Assignee written confirmation, signed by Lessee, specifying the location of the Aircraft at the Effective Time. 

(c) Subject to the provisions hereof and Lessee’s rights hereunder and under the Lease, Lessee hereby agrees to perform and do all
such other and further acts and things and execute and deliver any and all such other instruments (including any notification to the Aviation Authority of changes in the ownership structure of the Aircraft) as Assignee may reasonably require to
reflect the change in the identity of the owner and lessor of the Aircraft as contemplated 

  
 5 

 
by this Agreement and to perfect or protect the interests of Assignee, New Owner, LESSOR’s Lender (as defined in the Lease) and any other interest holder, and for the purpose of carrying out
the intent of and giving Assignee full benefit of the Assignment including, but not limited to consenting electronically, at Assignee’s expense to a registration by Assignee of the international interest created by this Agreement pursuant to
the Cape Town Convention on the international registry established pursuant to the Cape Town Convention. 
 (d) Assignee shall
pay or reimburse Lessee for its reasonable out-of-pocket costs and expenses (including reasonable legal fees and expenses) in preparing, reviewing, negotiating and executing documents required by Lessor and Assignee or performing any other
obligations under Article 24 of the Lease. As between Assignor and Assignee, nothing in this clause (d) shall modify the agreement of Seller and Buyer under Section 8.1(b) of the Sale Agreement. 

(e) Upon return to Lessee of either the deregistration power of attorney provided to Assignor, marked “cancelled”, or a
facsimile copy of the same, Lessee shall deliver to Assignee a replacement deregistration power of attorney in the form previously provided to Assignor pursuant to the Lease; provided that in the event that a facsimile copy is provided, Assignor
shall deliver to Lessee the original copy, marked “cancelled”, via international express courier within seven (7) Business Days after the Closing Date. 
 Section 12. Representations and Warranties. 
 (a) Lessee
Representations. Lessee represents and warrants to Assignor and Assignee as of the Effective Time the following: 
 (i) Lessee
is duly organized in the manner set forth in the first paragraph of this Agreement, is validly existing under the laws of its jurisdiction of its organization; 
 (ii) the transactions contemplated hereby and the execution, delivery and performance of this Agreement by Lessee (x) have been duly authorized by all necessary corporate action of Lessee and
(y) do not and will not violate the charter, certificate of incorporation, by laws or other organizational instruments, any applicable law, rule or regulation or any provision in any existing agreement binding on it; 

(iii) this Agreement constitutes a valid, binding and enforceable agreement of Lessee except as enforceability may be limited by
bankruptcy, insolvency, reorganization or other laws of general application affecting the enforcement of creditor’s rights; and 
 (iv) all authorizations, consents, registrations and notifications required to be obtained by Lessee in connection with the entry into, performance, validity and enforceability of this Agreement and the
transactions contemplated by this Agreement, have been obtained or effected (as appropriate) and are in full force and effect. 

  
 6 

 (b) Assignor Representations. Assignor hereby represents and warrants to Lessee and Assignee
as of the Effective Time the following: 
 (i) Assignor is duly organized in the manner set forth in the first paragraph of this
Agreement, is validly existing and in good standing under the laws of the jurisdiction of its organization; 
 (ii) the
transactions contemplated hereby and the execution, delivery and performance of this Agreement by Assignor (x) have been duly authorized by all necessary corporate action of Assignor and (y) do not and will not violate the articles of
incorporation, by laws or other organizational instruments of Assignor, any applicable law, rule or regulation or any provision in any existing agreement binding on Assignor; 
 (iii) this Agreement constitutes a valid, binding and enforceable agreement of Assignor except as enforceability may be limited by bankruptcy, insolvency, reorganization or other laws of general
application affecting the enforcement of creditor’s rights; and 
 (iv) all authorizations, consents, registrations and
notifications required to be obtained by Assignor in connection with the entry into, performance, validity and enforceability of this Agreement and the transactions contemplated by this Agreement, have been obtained or effected (as appropriate) and
are in full force and effect. 
 (c) Assignee Representations. Assignee represents and warrants to Lessee and Assignor as of the
Effective Time the following: 
 (i) Assignee is duly organized in the manner set forth in the first paragraph of this
Agreement, is validly existing under the laws of the jurisdiction of its organization; 
 (ii) the transactions contemplated
hereby and the execution, delivery and performance of this Agreement by Assignee (x) have been duly authorized by all necessary corporate action of Assignee and (y) do not and will not violate the articles of incorporation, by-laws or
other organizational instruments of Assignee, any applicable law, rule or regulation or any provision in any existing agreement binding on Assignee; 
 (iii) this Agreement constitutes a valid, binding and enforceable agreement of Assignee except as enforceability may be limited by bankruptcy, insolvency, reorganization or other laws of general
application affecting the enforcement of creditor’s rights; 
 (iv) all authorizations, consents, registrations and
notifications required to be obtained by Assignee in connection with the entry into, performance, validity and enforceability of this Agreement and the transactions contemplated by this Agreement, have been obtained or effected (as appropriate) and
are in full force and effect; 
 (v) the assignment and assumption contemplated hereby is in conformity with and subject to the
provisions of Article 24 of the Lease and will not result in any increase in or to or the imposition of additional obligations or liabilities that are not de minimis; 

  
 7 

 (vi) Macquarie AirFinance Acquisitions Ltd. is the sole beneficiary of the MSN 3491 Trust;
and 
 (vii) Assignee is an Irish tax resident. 
 (d) Assignee Covenant. Assignee covenants that so long as no Event of Default has occurred and is continuing, it will not permit New Owner to take or omit to take any action which would jeopardize the
registration of the Aircraft on the FAA registry. 
 Section 13. Lease Acknowledgments, Representations and
Warranties. 
 (a) Assignor, Assignee and Lessee hereby make the acknowledgments set forth on Annex 10. 

(b) Each of Lessee and, unless otherwise stated, Assignor hereby makes the following representations and warranties as of the date hereof
(unless otherwise noted): 
 (i) the Lease Documents are all described on Annex 1 hereto and such, together with this Agreement,
constitute the entire agreement of Lessee and Assignor with respect to the leasing of the Aircraft; 
 (ii) the Lease is in full
force and effect, and has not been modified or amended by any agreement between Assignor and Lessee which is currently in effect except to the extent set forth in the Lease Documents and, without waiver of or prejudice to Lessee’s rights under
the Lease, Lessee has not exercised its option to extend the Lease Term; 
 (iii) the Aircraft was delivered on the Delivery
Date in accordance with the terms of the Lease; 
 (iv) the Aircraft is not subject to a sublease; 

(v) no Default in respect of the payment of Rent or any Event of Default has occurred and is continuing under the Lease; 

(vi) to Lessee’s knowledge and without waiver of or prejudice to any right, remedy or claim it may have, Lessee is not entitled as
of the date hereof to any offset against Rent or any other amounts payable under the Lease Documents; 
 (vii) to Lessee’s
knowledge, without waiver of or prejudice to any right, remedy or claim it may have, Lessee as of the date hereof has no claim against, and there are no actions by Lessee against, Assignor with respect to the Aircraft or the Lease Documents;

 (viii) without waiver of or prejudice to any right, remedy or claim Lessee may have, Assignor has no unperformed Reserve
payment obligations; 
 (ix) no unrepaired partial loss with a repair cost in excess of ***** or Total Loss has occurred in
respect of the Aircraft or Engines; 
  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 8 

 (x) to Lessee’s knowledge, no notice of assignment of any Security Interest in the
Lease has been received by the Lessee or, if the Lessee has received any such notice of assignment, it has subsequently received notice that such Security Interest has been terminated or will be terminated as of the Effective Time; 

(xi) Lessee has not prepaid any Rent, the payment of which does not become due until after the Effective Time; and 

(xii) Lessee is not subject to any voluntary bankruptcy, insolvency or reorganization proceeding. 

  
 9 

 Section 14. Assignee Servicer and Assignments. As of and with effect from the
Effective Time, Macquarie Aircraft Leasing Services (Ireland) Limited will act as Assignee’s servicer for all matters related to the Lease and the Aircraft (in such capacity as servicer, the “Servicer”). Accordingly, with
effect from the Effective Time and until Lessee receives notice from Assignee to the contrary, Lessee shall be entitled to and shall communicate with and deal with Servicer with respect to all matters relating to the Lease and the Aircraft to the
exclusion of Assignor and Assignee and may rely on any communication, direction or determination made or purportedly made by Servicer. Subject to the provisions hereof and its rights under the Lease, upon written notice from Assignee, Lessee shall
acknowledge and consent to any Security Interest Assignee grants in and to Assignee’s or New Owner’s rights to the Aircraft and under the Lease in the form of Annex 8 or such other form as may be reasonably acceptable to Lessee.

 Section 15. Assignment. This Agreement will be binding upon and inure to the benefit of each party hereto and its
respective successors and assigns as permitted under the Lease. 
 Section 16. Notices. Any notices hereunder will
be in writing and will be delivered as and in the manner specified in the Assigned Lease Documents. The address of Assignee for notices under the Assigned Lease Documents is, until further notice, as set forth on Annex 2 hereto. 

Section 17. Modifications. This Agreement may not be amended or modified except by a written agreement signed by Assignor,
Assignee and Lessee; provided that Assignee and Lessee shall be entitled to amend, modify or vary the terms of the Assigned Lease Documents after the Effective Time without reference to or the signature of Assignor. 

Section 18. Delivery of Documents by Fax or E-mail. Delivery of an executed counterpart of this Agreement or of any other
documents in connection with this Agreement by fax or email will be deemed as effective as delivery of an originally executed counterpart. Any party delivering an executed counterpart of this Agreement or other document by fax or email will also
deliver an originally executed counterpart, but the failure of any party to deliver an originally executed counterpart of this Agreement or such other document will not affect the validity or effectiveness of this Agreement or such other document.

 Section 19. Governing Law, Etc. The provisions of the Lease, as amended by this Agreement, with respect to
governing law, jurisdiction, service of process, waiver of trial by jury, venue and inconvenient forum are incorporated in this Agreement by reference as if such provisions were set forth herein. 

Section 20. Further Assurances. Each party hereto agrees that it shall, at any time and from time to time, promptly and duly
execute and deliver any and all such further instruments and documents and take such further action as may be reasonably required in order to obtain the full benefits of this Agreement and to implement the rights and powers herein granted.

  
 10 

 Section 21. Headings. All section and paragraph headings and captions are purely
for convenience and will not affect the interpretation of this Agreement. Any reference to a specific section or paragraph will be interpreted as a reference to such section or paragraph of this Agreement. 

Section 22. Invalidity of any Provision. If any of the provisions of this Agreement become invalid, illegal or unenforceable
in any respect under any Law, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired. 
 Section 23. Survival. Notwithstanding anything contained herein to the contrary, all agreements, indemnities, representations and warranties contained in this Agreement shall survive the
Effective Time. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto or their duly authorized representatives have
executed this Agreement as of the day and year first herein written. 
  

									
	 INTERNATIONAL LEASE FINANCE
 CORPORATION,
 as Assignor
	 		 	 MACQUARIE AIRFINANCE

ACQUISITIONS (IRELAND) LIMITED
 as
Assignee

					
	By:	 	/s/ Frederick S. Cromer	 		 	By:	 	/s/ Brian Wheatley
	Name: Frederick S. Cromer	 		 	Name: Brian Wheatley
	Title: Chief Financial Officer	 		 	Title: Director
				
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V.,	 		 		 	
	as Lessee	 		 		 	
					
	By:	 	 /s/ Alfonso Ascencio Triujeque
	 		 		 	
	Name: Alfonso Ascencio Triujeque	 		 	
	Title: General Counsel	 		 	
					
	By:	 	 /s/ Fernando Suárez Gerard
	 		 		 	
	 Name: Fernando Suárez Gerard
 Title: Director of Finance, CFO
	 		 		 	

 Signature Page 

 RECEIPT OF CHATTEL PAPER ORIGINAL 
 Receipt of the foregoing original counterpart of the Assignment, Assumption and Amendment Agreement dated August 23, 2010 by and among International Lease Finance Corporation as Assignor, Macquarie
AirFinance Acquisitions (Ireland) Limited, as Assignee and Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), as Lessee in respect of that certain Airbus A319-100
aircraft bearing manufacturer’s serial number 3491, constituting the “Chattel Paper Original”, is hereby acknowledged. 

MACQUARIE AIRFINANCE ACQUISITIONS (IRELAND) LIMITED 
  

			
	By:	 	/s/ Brian Wheatley
	 Name: Brian Wheatley

	 Title: Director

  
 Signature Page

 ANNEX 1 
 LEASE DOCUMENTS 
  

	1.	Aircraft Lease Agreement dated as of March 9, 2007 between Concesionaria Vuela Compania de Aviacion, S.A. de C.V. (succeeded by Concesionaria Vuela Compania de
Aviacion, S.A.P.I. de C.V.) (“Volaris”), as lessee and International Lease Finance Corporation (“ILFC”), as lessor. 

  

	2.	Estoppel and Acceptance Certificate dated April 21, 2008 by Volaris. 

  

	3.	Side Letter #1 to Aircraft Lease Agreement dated as of June 14, 2009 by and between ILFC and Volaris. 

 

	4.	Assignment of Rights (Airframe) dated April 21, 2008 between ILFC and Volaris. 

 

	5.	Airbus Consent dated April 21, 2008 by Airbus S.A.S. and acknowledged by ILFC and Volaris. 

 

	6.	Assignment Agreement (Engines) dated April 21, 2008 among ILFC, Volaris and IAE International Aero Engines AG. 

  
 Annex 1-1

 ANNEX 2 
 AMENDMENTS TO LEASE DOCUMENTS 
 1. Reference. This Annex 2 to the Assignment,
Assumption and Amendment Agreement dated as of August 23, 2010, by and among International Lease Finance Corporation, as Assignor, Macquarie AirFinance Acquisitions (Ireland) Limited, as Assignee and Concesionaria Vuela Compania de
Aviacion, S.A.P.I. de C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), as Lessee (the “Assignment Agreement”) sets forth the amendments to the Aircraft Lease Agreement dated as of March 9, 2007 (as
amended and supplemented prior to the date of the Assignment Agreement, between Lessee and Assignor the “Lease”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Lease.

 2. Amendments by Operation of Law Not Excluded. The amendments set forth in this Annex 2 hereto are intended to be the only amendments
to the Lease to be effected upon the Effective Time except for such amendments to the language and operation of the Lease as are otherwise necessitated and effected by the execution of the Assignment Agreement or upon the effectiveness of the
Assignment. 
 3. Amendments to Certain Definitions. 
 (a) The definition of “LESSOR” in the preamble of the Lease is deleted in its entirety and replaced with the following: 
 “MACQUARIE AIRFINANCE ACQUISITIONS (IRELAND) LIMITED, a company organized under the laws of Ireland, whose principal place of business is Level 1, South Bank House, Barrow Street, Dublin 4, Ireland
(“LESSOR”).” 
  

	 	(b)	The following definitions in Article 2.1 of the Lease are amended: 

  

	 	(i)	The definition of “APU” is amended such that the word “LESSOR” in part (c) of the definition is deleted and replaced with “OWNER”.

  

	 	(ii)	The definition of “Aviation Documents” is amended such that the word “LESSOR’s” in part (g) of the definition is deleted and replaced with
“OWNER’s”. 

  

	 	(iii)	The definition of “Engine” is amended such that the word “LESSOR” in part (c) of the definition is deleted and replaced with “OWNER”.

  

	 	(iv)	The definition of “LESSOR’s Lien” is amended such that the words “, OWNER, Owner Participant, Lessor’s Lender and/or Servicer” are
inserted after the word “LESSOR”. 

  

	 	(v)	The definition of “Operative Documents” is amended such that it also includes “Assignment Agreement” among the list of documents.

  
 Annex 2-1

	 	(vi)	The definition of “Part” is amended such that the word “LESSOR” is deleted each time it appears and is replaced with “OWNER” and such that
the words “which is owned by OWNER and (if LESSOR is not the OWNER) leased to LESSOR and leased by LESSOR to LESSEE hereunder” are inserted immediately following the words “or other item of equipment”. 

(c) The definition of LESSOR’s Lender in Article 24.3 is amended such that the word “OWNER” is inserted in lieu of the word
“LESSOR” in the first line. Article 24.3 is further amended such that the word “OWNER’s” is inserted in lieu of the word “LESSOR’s” in the third line. 
 4. New Definitions. The following definitions shall be added to Article 2.1 of the Lease in the proper alphabetical order: 
 (a) ““Assignment Agreement” means the Assignment, Assumption and Amendment Agreement dated as of August 23, 2010 by and among International Lease Finance Corporation, as
Assignor, Macquarie AirFinance Acquisitions (Ireland) Limited, as Assignee, and Lessee as Lessee.” 
 (b)
““Mortgagee” any entity or entities to which OWNER grants a security interest in the Aircraft ad such entity’s or entities’ successors and assigns provided that LESSOR or OWNER has given notice of any such
assignment.” 
 (c) ““OWNER” means Wells Fargo Bank Northwest, N.A., not in its individual capacity,
but solely as owner trustee under MSN 3491 Trust, a national banking association, with its address at 299 South Main Street, MAC: U1228-120, Salt Lake City, Utah 84111, United States of America, the owner of the Aircraft.” 

(d) ““Owner Participant” means Macquarie AirFinance Acquisitions Ltd.” 

(e) ““Servicer” means Macquarie Aircraft Leasing Services (Ireland) Limited or such other person as may be notified
to LESSEE by the LESSOR.” 
 (f) ““Sub-Servicer” means any of Macquarie Aircraft Leasing Services
(US), Inc., Macquarie Aircraft Leasing Services (UK) Ltd. and Macquarie Aircraft Leasing Services (Singapore) Pte. Ltd., and each of their respective successors, transferees and assigns.” 

(g) ““Tax Indemnitee” means each of LESSOR, OWNER, Owner Participant, Servicer, any Mortgagee, any LESSOR’s
Lender and each person with whom any of the foregoing files a consolidated tax return. 
 5. LESSOR’s Bank Account. Articles 1.12
(LESSOR’s Bank Account) and 5.6 (LESSOR’s Bank Account) of the Lease are amended by replacing details of the Lessor’s bank account with the following: 

  
 Annex 2-2

 Bank: Citigroup Europe, plc 

***** 
 *****

 ***** 

***** 
 Ref.: MSN
3491 
 6. Maintenance of Aircraft 
 (a) In Article 12.4.2, the first, second, fourth and fifth references to “LESSOR” are each replaced with a reference to “OWNER”. 

(b) In Articles 12.5 (Removal of Engines) and 12.6 (Removal of APU), each reference to “LESSOR” is replaced with a reference to
“OWNER”. 
 (c) In Articles 12.8.1 and 12.8.2, each reference to “LESSOR” is replaced with a reference to
“OWNER”. 
 (d) In Article 12.8.3, the words “LESSOR’s title” are replaced with the words
“OWNER’s title” and the words “neither LESSOR nor its” are replaced with the words “none of LESSOR, OWNER or their”. 
 (e) In Article 12.9.5, the references to “LESSOR” on the third and penultimate lines are each replaced with a reference to “OWNER”. 

7. Title and Registration 

(a) In Article 14.1, the first reference to “LESSOR” is replaced with a reference to “OWNER”. 

(b) In Article 14.2, the reference to “LESSOR” in the second line is replaced with a reference to “OWNER”, and the
words “protect and perfect LESSOR’s interest” are replaced with the words “protect and perfect OWNER’s, LESSOR’s and Owner Participant’s respective interest”. 

8. Nameplates. 
 (a)
Article 15.1 of the Lease shall be amended by replacing the description of the legend on the Airframe identification plates with the following: 
 “THIS AIRCRAFT IS OWNED BY WELLS FARGO BANK NORTHWEST, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS OWNER TRUSTEE UNDER MSN 3491 TRUST 

MANUFACTURER’S SERIAL NO: 3491” 
 (b) Article 15.2 of the Lease shall be amended by replacing the description of the legend on the Engine identification plates with the following: 
  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 2-3

 “THIS ENGINE [INSERT MSN] IS OWNED BY WELLS FARGO BANK NORTHWEST, N.A., NOT IN ITS
INDIVIDUAL CAPACITY, BUT SOLELY AS OWNER TRUSTEE UNDER MSN 3491 TRUST” 
 9. Tax Indemnity. 

(a) Article 16.1 (General Obligation of LESSEE) of the Lease is amended by adding the words “or the City of Dublin” immediately
after the words “the City or County of Los Angeles” and by replacing each reference to “LESSOR” with a reference to “each Tax Indemnitee”. 
 (b) Article 16.2(a) of the Lease is amended by adding after the words “the City or County of Los Angeles” the words “the City of Dublin or the Republic of Ireland or any political
subdivision thereof”. 
 (c) Articles 16.2(a), 16.2(e), 16.2(g), 16.2(h), 16.2(i), 16.2(j), 16.3, 16.4, 16.5, 16.6, and 16.7
are amended by replacing each reference to “LESSOR” with a reference to “any Tax indemnitee”. 
 (d) Articles
16.2(d) is amended such that the first, second, fourth, and fifth references to “LESSOR” are each replaced with a reference to “any Tax indemnitee”. 
 (e) Articles 16.2(c), 16.2(h), and 16.5 are amended by replacing each reference to “LESSOR’s” with a reference to “each Tax Indemnitee’s”. 

10. General Indemnity. Article 17.1 of the Lease is amended by replacing the words “LESSOR and its” with the words “LESSOR, OWNER,
Servicer and their respective”. 
 11. Insurance. Article 18.4 is amended by replacing “LESSOR” with “OWNER” in
the second line. 
 12. Loss, Damage and Requisition 
 (a) Article 19.4 (Surviving Engine(s)) is amended by replacing the words “LESSOR will transfer all its” with “LESSOR shall procure the transfer of all” and by deleting the words
“on the part of LESSOR”. 
 (b) Articles 19.5.1 is amended by replacing the first occurrence of “LESSOR” with
“OWNER” and by deleting the words “by LESSOR”. 
 (c) Article 19.5.2 is amended by replacing the second
occurrence of “LESSOR” with “OWNER”. 
 (d) Articles 19.6.1 is amended by replacing the first occurrence of
“LESSOR” with “OWNER” and by deleting the words “by LESSOR”. 
 (e) Article 19.6.2 is amended by
replacing the second occurrence of “LESSOR” with “OWNER”. 

  
 Annex 2-4

 13. Return of Aircraft. Article 23.9.13 is amended by replacing the first occurrence of
“LESSOR’s” with “OWNER’s”. 
 14. Assignment. 

(a) Article 24.2.1 is amended by replacing the words “LESSOR may” with “LESSOR or OWNER may, in each case subject to the
terms, conditions and limitations set forth in this Article 24”. 
 (b) Article 24.2 is amended by adding the following
provision as Article 24.2.3: “Any assignment, conveyance, transfer or other disposition by Owner and/or Owner Participant of all or any of their respective right, title and interest in, to or under the Lease and/or other Operative Documents
and/or the Aircraft shall be subject to the terms, conditions and restrictions of this Article 24 to the same extent and with the same effect as if the same were an assignment, conveyance, transfer or other disposition of any or all of Lessor’s
right, title or interest herein or in any other Operative Document or in respect of the Aircraft.” 
 (c) Article 24.4
(LESSEE Cooperation) is amended by adding to the end of the second sentence thereof the words “and executing and delivering a Lessee Acknowledgement substantially in the form of Annex 8 to the Assignment Agreement”. 

15. Defaults of Lessee. 

(a) Article 25.3(e) is amended by replacing “LESSOR” with “LESSOR and OWNER”. 

(b) Article 25.6(c) is amended by replacing the words “LESSOR elects” with the words “LESSOR and OWNER elect” and by
replacing reference to “LESSOR” in the fifth line with the words “LESSOR and OWNER”. 
 Article 25.6(f) is amended by
replacing “LESSOR’s” with the words “LESSOR’s or OWNER’s”. 
 16. Notices. Article 26.2 of the Lease
shall be amended by replacing the address information relating to the Lessor set forth therein with the following: 
 MACQUARIE
AIRFINANCE ACQUISITIONS (IRELAND) LIMITED 
 Level 1, South Bank House 

Barrow Street 

Dublin 4 

Ireland 
 Attn:
Aircraft Portfolio Administration 
 Fax: +353 1 238 3299 

E-mail: notices@macquarie.aero 
 with a copy to: 
 Macquarie AirFinance Acquisitions Limited 

Level 1, South Bank House 
 Barrow Street 

  
 Annex 2-5

 Dublin 4 
 Ireland 
 Attn: Aircraft Portfolio Administration 

Fax: +353 1 238 3299 
 Macquarie Aircraft Leasing Services (Ireland) Limited 
 Level 1, South Bank House

 Barrow Street 
 Dublin 4 
 Ireland 

Attn: Aircraft Portfolio Administration 
 Fax: +353 1 238 3299 
 Macquarie Aircraft Leasing Services (US), Inc. 

Suite 200 
 Two
Embarcadero Center 
 San Francisco, CA 94111 
 Attn: Contracts Management Group 
 Fax: +1 415 829 6899 

17. Arbitration. Article 27 is deleted in its entirety and all references thereto in the Lease shall have no further effect. 

18. Governing Law and Jurisdiction. 
 (a) Article 28.1 (California Law) is deleted in its entirety and replaced with the following: 
 “New York Law. THIS LEASE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.”

 (b) Article 28.2 (Non-Exclusive Jurisdiction in California) is deleted in its entirety and replaced with the following:

 “Non-exclusive Jurisdiction in New York. The parties hereto hereby irrevocably consent to the non-exclusive
jurisdiction of the New York State Supreme Court, New York County or the United States Federal District Court for the Southern District of New York, and each party agrees to comply with all requirements necessary to effect the intent of this Article
28.2. Each of the parties hereto irrevocably consents to the service of process in any action or proceeding hereunder by the mailing of copies thereof by registered or certified airmail, postage prepaid, to such party at is respective address
applicable pursuant to Article 26 (Notices). The provisions of this subsection (i) shall not limit the rights of any party to serve process in any other manner permitted by law or to obtain execution of judgment in any jurisdiction.”

  
 Annex 2-6

 (c) Article 28.3 (Protection of Interest in the Aircraft) is amended by deleting the words
“NOTWITHSTANDING ANYTHING TO THE CONTRARY IN ARTICLE 27”. 
 (d) Article 28.4 is amended by replacing part
(c) with “(c) the New York State Supreme Court, New York County or the United States Federal District Court for the Southern District of New York.” 
 (e) Article 28.6 is amended by deleting the phrase “in accordance with Section 415.40 of the California Code of Civil Procedure”. 

(f) Article 28.8 is amended by replacing the words “California (notwithstanding the conflict Laws of the State of California)”
with the words “New York” and by replacing the words “Federal District Court for the Central District of California and the State of California Superior or Municipal Court in Los Angeles” with the words “New York State
Supreme Court, New York County or the United States Federal District Court for the Southern District of New York”. 

  
 Annex 2-7

 ANNEX 3 
 FORM OF CONFIRMATION OF EFFECTIVE TIME 
 TO BE INTENTIONALLY OMITTED FOR
FAA FILING PURPOSES 

                    ,
2010 
 Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. 

 

	Re:	Confirmation of Effective Time 

Ladies & Gentlemen: 

Reference is hereby made to the Assignment, Assumption and Amendment Agreement dated as of August 23, 2010 by and among
International Lease Finance Corporation, as Assignor, Macquarie AirFinance Acquisitions (Ireland) Limited, as Assignee, and Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de
C.V.), as Lessee (the “Assignment Agreement”) pertaining to one (1) Airbus A319-100 aircraft bearing manufacturer’s serial number 3491 and registration mark N503VL. Any and all initially capitalized terms used herein shall have
the meanings ascribed thereto in the Assignment Agreement, unless specifically defined herein. 
 In accordance with
Section 2 of the Assignment Agreement, the undersigned hereby confirm to Lessee that the sale of the Aircraft to New Owner and the Assignment occurred today, [            ]
[    ], 2010 (Time:              [Pacific time]) (the “Effective Time”). 
 Each of Existing Lessor and, by its acknowledgement below, Lessee hereby confirms that, as of the Effective Time, the Reserve rates and the Reserve balances held by Assignor pursuant to the terms and
conditions of the Lease are as follows: 
  

					
	Type of Reserves	  	Rate of Reserves	  	Reserve Balances
	 Airframe Reserves (6 Year Check):
	  	***** per calendar month	  	US$[            ]
	 Airframe Reserves (12 Year Check):
	  	***** per calendar month	  	US$[            ]
	 Engine Performance Restoration Reserves for MSN V12908:
	  	***** per Engine flight hour	  	US$[            ]
	 Engine Performance Restoration Reserves for MSN V12912:
	  	***** per Engine flight hour	  	US$[            ]
	 Engine LLP Reserves for MSN V12908:
	  	***** per Engine cycle	  	US$[            ]
	 Engine LLP Reserves for MSN V12912:
	  	***** per Engine cycle	  	US$[            ]
	 Landing Gear Reserves:
	  	***** per calendar month	  	US$[            ]
	 APU Reserves:
	  	***** per APU hour	  	US$[            ]

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 3-1

 
			
	Sincerely,
	
	 INTERNATIONAL LEASE FINANCE
 CORPORATION

		
	By:	 	
	Name:	 	
	Title:	 	
	
	 MACQUARIE AIRFINANCE ACQUISITIONS
 (IRELAND) LIMITED

		
	By:	 	
	Name:	 	
	Title:	 	

 Lessee hereby acknowledges receipt of the above Confirmation and (i) confirms the satisfaction or waiver of
each of the conditions set forth in Annex 5 to the Assignment Agreement, (ii) confirms the Reserve rates and the Reserve balances held by Assignor pursuant to the terms and conditions of the Lease as specified above, and (iii) agrees to
the effectiveness of the Assignment and the amendments to the Lease set forth in the Assignment Agreement, including Annex 2 thereto (each in accordance with the terms hereof and subject to the provisions of Article 24 of the Lease). 

 

			
	 CONCESIONARIA VUELA COMPANIA DE
 AVIACION, S.A.P.I. DE C.V.

		
	By:	 	
	Name:	 	
	Title:	 	
		
	By:	 	
	Name:	 	
	Title:	 	

  
 Annex 3-2

 ANNEX 4 
 INSURANCE INFORMATION 
  

	I.	CONTRACT PARTIES 

  

	A.	New Owner and Headlessor: 

 Wells
Fargo Bank Northwest, N.A., not in its individual capacity, but solely as owner trustee under MSN 3491 Trust (“Owner Trustee”) 
 299 South Main Street 
 MAC: U1228-120 

Salt Lake City, Utah 84111 
 United States of America 
 Fax: +1 801-246-5053 

 

	B.	Assignee and Lessor 

 Macquarie
AirFinance Acquisitions (Ireland) Limited (“MAAL Ireland”) 
 Level 1, South Bank House 

Barrow Street 

Dublin 4 

Ireland 
 Fax:
+353 1 238 3299 
  

	C.	Owner Participant: 

 Macquarie
AirFinance Acquisitions Limited 
 Level 1, South Bank House 

Barrow Street 

Dublin 4 

Ireland 
 Fax:
+353 1 238 3299 

  
 Annex 4-1

	D.	Enero Warehouse Leasing Finance S.à.r.l., as Borrower (“Borrower”): 

 

	E.	Macquarie Aircraft Leasing Services (Ireland) Limited (“Servicer”) 

 

	F.	Macquarie Aircraft Leasing Services (US), Inc. (MALSUS) and Macquarie Aircraft Leasing Services (UK) Ltd. (MALSUK), as Servicer Delegates 

 

	G.	Bank of Utah, as Security Trustee and Loss Payee 

  

	H.	Santander Asset Finance Plc (formerly Alliance & Leicester Commercial Finance Plc), as Facility Agent 

 

	I.	Citibank N.A., as Account Bank 

  

	J.	Each of the persons from time to time being Lenders under the Credit Agreement identified as a Contract below. 

 

	K.	Prior Lessor and Assignor 

International Lease Finance Corporation (“ILFC”) 
 ***** 
 ***** 

***** 
 *****

 ***** 

***** 
 and, in
respect of Legal Liability Insurances, Wells Fargo Bank Northwest, National Association (in its individual capacity), Macquarie AirFinance Warehouse (No. 1) Limited, Macquarie AirFinance Ltd., the Borrower Group Companies, and the above Contract
Parties, their respective subsidiaries, shareholders, affiliates, directors, officers, agents, employees, servants, successors, assigns and transferees. 
  

	II.	CONTRACTS: 

  

	A.	Aircraft Lease Agreement dated as of March 9, 2007 between Concesionaria Vuela Compania de Aviacion, S.A. de C.V. (succeeded by Concesionaria Vuela Compania de
Aviacion, S.A.P.I. de C.V.) (“Volaris”) and MAAL Ireland as assignee of ILFC pursuant to the Assignment, Assumption and Amendment Agreement dated as of August 23, 2010 between and among ILFC, MAAL Ireland and Volaris, as
supplemented and amended from time to time. 

  

	B.	Assignment, Assumption and Amendment Agreement dated as of August 23, 2010 between and among ILFC, as Assignor, MAAL Ireland, as assignee and Volaris, as lessee.

  

	C.	Head Lease Agreement dated as of [            ] [    ], 2010 between Owner Trustee and
MAAL Ireland. 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 4-2

	D.	Senior Secured Credit Agreement dated as of January 31, 2008 among Borrower, Owner Participant, Facility Agent, Security Trustee, Account Bank and the Lenders
party thereto. 

  

	E.	Security Agreement dated as of January 31, 2008 among Borrower, MAAL Ireland, certain other entities as more particularly described therein and the Security
Trustee. 

  

	F.	Trust Agreement dated as of [            ] between the Owner Trustee and Owner Participant.

  

	G.	Operating Lease Security Assignment (MSN 3491) dated as of [            ] 2010 between the Lessor as
assignor and the Security Trustee. 

  

	H.	Servicing Agreement dated as of January 31, 2008 among Owner Participant, the Servicer and certain other entities as more particularly described therein.

  

	I.	Servicer Delegate Agreement dated as of January 31, 2008 between the Servicer and MALSUS. 

 

	J.	Servicer Delegate Agreement dated as of January 31, 2008 between the Servicer and MALSUK. 

 

	K.	Servicer Delegate Agreement dated as of December 29, 2009 between the Servicer and MALSSING. 

  
 Annex 4-3

 ANNEX 5 
 LESSEE CONDITIONS PRECEDENT 
 On or before the Effective Time, the
following conditions shall have been satisfied or waived by Lessee: 
  

	 	a.	Lessee shall have received the following, all of which shall be in the English language and be reasonably satisfactory in form and substance to Lessee:

  

	 	i.	an incumbency certificate or power of attorney or equivalent corporate authority, as the case may be, of Assignor naming the person or persons authorized to execute
this Agreement and the documents delivered in connection herewith; 

  

	 	ii.	an incumbency certificate or power of attorney or equivalent corporate authority, as the case may be, of Assignee naming the person or persons authorized to execute
this Agreement and the documents delivered in connection herewith; and 

  

	 	iii.	with respect to Assignee, a certificate of tax residency in Ireland. 

  

	 	b.	Lessee shall have received from Wells Fargo Bank Northwest, National Association, not in its individual capacity but solely as First Lien Security Trustee, Second Lien
Security Trustee, Third Lien Security Trustee and Fourth Lien Security Trustee, a Notice of Removal and Discharge substantially in the form of Annex 6 hereto. 

 

	 	c.	Lessee shall have received from Macquarie AirFinance Acquisitions Ltd. a guarantee substantially in the form of Annex 11 hereto. 

 

	 	d.	The deregistration power of attorney originally issued by Lessee shall have been marked “cancelled” and returned to Lessee. For purposes of closing the
transaction contemplated hereby, a copy of the cancelled original deregistration power of attorney sent to Lessee via facsimile on the Closing Date shall suffice, provided the original, marked “cancelled”, is delivered to Lessee via
international express courier within seven (7) Business Days after the Closing Date. 

  

	 	e.	Lessee shall have received an executed Letter of Quiet Enjoyment from New Owner substantially in the form attached hereto as Annex 9. 

  
 Annex 5-1

 ANNEX 6 
 NOTICE OF REMOVAL AND DISCHARGE 
 From: Wells Fargo Bank Northwest, National Association,
as First Lien Security Trustee, Second Lien Security Trustee, Third Lien Security Trustee and Fourth Lien Security Trustee (collectively, the “Security Trustees”) 
 To: Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. (the “Lessee”) 

Date: [            ] [    ], 2010 

 

	Re:	Aircraft Lease Agreement dated as of March 9, 2007, currently between International Lease Finance Corporation (the “Lessor”) and Lessee (as
successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.) (as the same may be amended, supplemented or otherwise modified, the “Lease”) relating to an Airbus A319-100 aircraft bearing manufacturer’s serial number
3491 (the “Aircraft”). 

 The purpose of this letter is to notify you that (i) the Aircraft has been removed
as of _____ from International Lease Finance Corporation’s facility provided by an AIG affiliate with funding provided to the AIG affiliate by the Federal Reserve Bank of New York, (ii) all encumbrances and liens in favor of the Security
Trustees are hereby released and discharged and (iii) any and all payments due under the Lease shall cease to be paid to the following account: 
 [INSERT ACCOUNT DETAILS FROM PRIOR NOTICE] 
 Very truly yours, 

WELLS FARGO BANK NORTHWEST, NATIONAL 
 ASSOCIATION, not in its individual capacity but solely 
 as First Lien Security
Trustee, Second Lien Security Trustee, 
 Third Lien Security Trustee and Fourth Lien Security Trustee 

 

			
	By:	 	 
	Name:	 	 
	Title:	 	 

 Confirmed and Acknowledged 
 International Lease Finance Corporation 
 By: 

Name: 
 Title: 

  
 Annex 6-1

 ANNEX 7 
 FEDERAL AVIATION ADMINISTRATION CONVEYANCE AND ENGINE THRUST 
 INFORMATION

  

	 	•	 	 Aircraft Lease Agreement dated as of March 9, 2007 between International Lease Finance Corporation, as lessor and Concesionaria Vuela Compania de
Aviacion, S.A. de C.V. (succeeded by Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V.) (“Volaris”), as lessee, with Estoppel and Acceptance Certificate dated April 21, 2008 by Volaris attached thereto, with respect to
the Airframe and the Engines (collectively, the “Lease”), which Lease was filed with the FAA as one instrument on April 21, 2008, and assigned conveyance number DV000547. 

  
 Annex 7-1

 ANNEX 8 
 FORM OF LESSEE ACKNOWLEDGEMENT 
  

			
	From:	  	MACQUARIE AIRFINANCE ACQUISITIONS (IRELAND) LIMITED (the “Lessor”) BANK OF UTAH (the “Security Trustee”)
		
	To:	  	CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. (the “Lessee”)

 [            ]
[    ], 2010 
 Dear Sirs: 
 We refer to the lease agreement dated March 9, 2007 currently between Lessor and Lessee (as successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.) (as supplemented and amended from time
to time, the “Lease Agreement”) relating to one Airbus A319-100 with manufacturer’s serial number 3491 (together with the engines described in the Lease Agreement, the “Aircraft”) together with all related
agreements (including, without limitation, any supplements or amendments) entered into in connection with, or relating to, the lease of the Aircraft and any letter of credit related thereto (together with the Lease Agreement, the “Lease
Documents”); 
 All terms defined in the Lease Agreement (including terms expressly defined therein or by reference to another document
or otherwise), unless the context otherwise requires, have the same meanings in this Lessee Acknowledgement (this “Acknowledgment”). 
 We hereby notify you, and for good and valuable consideration, the receipt of which is hereby acknowledged, you acknowledge and agree to the following: 

1. By the Security Agreement made January 31, 2008 (the “Security Agreement”) between, inter alios, the Lessor (as assignor) and
the Security Trustee, the Lessor has assigned and encumbered to the Security Trustee, as security, all of its right, title and interest in and to all of its rights, title and interests, present and future, actual or contingent, in and to, inter alia
the Lease Documents (other than in relation to the Excluded Property (as defined below)) and all other rights and benefits whatsoever accruing to it under the Lease Documents (collectively, the “Lease Assignment Documents”). By
execution of the acknowledgement to this Acknowledgment you hereby consent, effective as of the date hereof, to the security assignment in favor of the Security Trustee described in the preceding sentence. In this Acknowledgment, “Excluded
Property” means all right, title and interest, present or future (actual or contingent) of the Lessor in and to the operational indemnities contained in the Lease Documents, to the extent such indemnities are given expressly for the benefit
of the Lessor or any of its directors, officers, employees, servants or agents only. 
 2. Until the Security Trustee serves a Relevant Notice
(as defined below) on you, you shall continue to (a) deal directly with the Lessor in respect of the Lease Documents and the other Lease Assignment Documents to which you are party and (b) make payments as provided in the Lease Agreement.

  
 Annex 8-1

 3. If the Security Trustee delivers to you a written notice that it has exercised its rights under the
Security Agreement (a “Relevant Notice”), then you shall thereafter perform, observe and comply with all terms of the Lease Documents and the other Lease Assignment Documents to which you are party for the benefit of the Security
Trustee as if the Security Trustee were named in place of the Lessor as a party to the Lease Assignment Documents. After the Security Trustee delivers any Relevant Notice, you shall not recognize the exercise by the Lessor of any of its rights and
powers under the Lease Assignment Documents unless and until requested to do so by the Security Trustee. 
 4. Save as expressly provided
herein, we hereby confirm that none of your rights and obligations under the Lease Documents will be affected (including, without limitation, any obligations in respect of the payment of Rent, Reserves, Taxes or other amounts due and payable under
the Lease) as a result of (a) the giving of this Acknowledgment or any Relevant Notice; or (b) the execution of the Lease Assignment. 

5. This Acknowledgment is governed by New York law. 
 This Acknowledgment and the authorizations and instructions contained in this Acknowledgment are irrevocable unless and until you receive written notice to the contrary from the Security Trustee. This
Acknowledgment and the instructions contained herein cannot be amended or modified without the written consent of the Security Trustee and the Lessor. The Security Trustee shall, in exercising any right, privilege or remedy under or in respect of
the Lease be bound by and exercise the same in accordance with the terms of the Lease and, to the extent it receives any sums, whether of Rent, proceeds of Insurances, Reserves or otherwise, shall hold, invest, apply, retain and reimburse such sums
as provided in the Lease but otherwise shall have no liability for the performance of, any other of the Lessor’s obligations under the Lease Assignment Documents unless expressly agreed to in writing by the Security Trustee. 

By its signature below, Lessee expressly acknowledges receipt of the Acknowledgment and expressly and irrevocably agrees to the provisions contained in
this Acknowledgment, including paragraph 3 hereof. 
 [Signature Page Follows] 

  
 Annex 8-2

 
	
	Yours faithfully,
	
	 FOR AND ON BEHALF OF

MACQUARIE AIRFINANCE
 ACQUISITIONS
(IRELAND) LIMITED
 (as Lessor)

	
	 For and on behalf of 
 BANK
OF UTAH,
 not in its individual capacity,
 but solely as security trustee
 (as Security Trustee)

  

			
	 ACKNOWLEDGED AND AGREED

this              day of
            , 20    

	
	 CONCESIONARIA VUELA COMPANIA

DE AVIACION, S.A.P.I. DE C.V. 

(as Lessee)

		
	By:	 	
	Name:	 	
	Title:	 	
		
	By:	 	
	Name:	 	
	Title:	 	

  
 Annex 8-3

 ANNEX 9 
 FORM OF LETTER OF QUIET ENJOYMENT 

[            ] [    ], 2010 

CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. 
 Prolongación Paseo de la Reforma #490 
 Piso 1 (Edificio GE) 

Col. Santa Fe Peña Blanca 
 Del.
Álvaro Obregón 
 01210 México, D.F. 
 México 
 Ladies and Gentlemen: 
 We confirm that we have received a copy and are aware of the terms of Aircraft Lease Agreement, dated March 9, 2007, as amended from time to time (the “Lease”), between Macquarie
AirFinance Acquisitions (Ireland) Limited (“Lessor”) and yourselves (as successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.) concerning that certain Airbus A319-100 aircraft bearing manufacturer’s serial number
3491 (the “Aircraft”). Words and expressions defined in the Lease shall have the same respective meanings when used in this letter. 
 By a Security Agreement dated as of January 31, 2008 among the Borrower, the Lessor, certain other entities as more particularly described therein and the Security Trustee and acceded to by the
Lessor on [            ] (the “Security Agreement”) among, amongst others, Lessor and Bank of Utah, as Security Trustee (“Security Trustee”), Lessor has
assigned to the Security Trustee, as security, all of its rights, title and interest in, to and under the Lease and the other Collateral (as defined in the Security Agreement), including certain insurance proceeds. 

We hereby confirm that so long as no Default or Event of Default shall have occurred and be continuing, we will not, through our own actions or through
the actions of others lawfully claiming through or under us, interfere with your quiet, peaceful use, possession and enjoyment of the Aircraft in accordance with the terms of the Lease. 

[Signature Page Follows] 

  
 Annex 9-1

 
	
	Very truly yours,
	
	  
	 BANK OF UTAH

	 (as Security Trustee)

  
 Annex 9-2

 ANNEX 10 
 ASSIGNOR, ASSIGNEE AND LESSEE REPRESENTATIONS AND WARRANTIES 
 TO BE
INTENTIONALLY OMITTED FOR FAA FILING PURPOSES 
 (a) Assignor, Assignee and Lessee hereby agree and acknowledge that
immediately prior to the Effective Time, Assignor holds a cash Security Deposit in the amount of ***** pursuant to the terms and conditions of the Lease and that from and after the Effective Time, Assignee is deemed to have received and shall hold
(subject to and in accordance with the provisions of the Lease) such Security Deposit; 
 (b) Assignor, Assignee and Lessee
Acknowledgment. Assignor, Assignee and Lessee hereby agree and acknowledge as of the Effective Time that Rent under the Lease is ***** per month; and 
 (c) The Reserve Rates and balance of the reserve accounts as of             , 2010 are as set forth in Annex 3 hereof and as of the Effective
Time such amounts shall be deemed to have been received by and shall be held by Assignee subject to and in accordance with the relevant provisions of the Lease. 
  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 10-1

 ANNEX 11 
 FORM OF GUARANTEE 
 THIS GUARANTEE AND UNDERTAKING (this
“Guarantee”) is made on this [            ] day of [            ] 2010, between: 

(1) MACQUARIE AIRFINANCE ACQUISITIONS LIMITED, a company incorporated under the laws of Bermuda (“MAAL”); and 

(2) CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V., a company incorporated under the laws of Mexico (“Lessee”).

 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows: 
 Clause 1. Definitions. Unless the context otherwise requires, the following terms shall have the
following meanings for all purposes of this Guarantee and shall be equally applicable both to the singular and plural forms of the terms defined. Any capitalized terms not defined herein shall have the meanings ascribed to them in the Lease (as
defined below). 
 “Lease” means the Aircraft Lease Agreement, dated as of March 9, 2007 (as amended,
modified or supplemented from time to time) between Lessor and Lessee (as successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), pursuant to which Lessor has leased to Lessee one (1) Airbus A319-100 aircraft bearing
manufacturer’s serial number 3491 and FAA registration mark N503VL together with two (2) IAE International Aero Engines AG V2524-A5 engines bearing manufacturer’s serial numbers V12908 and V12912. 

“Lessor” means Macquarie AirFinance Acquisitions (Ireland) Limited, a company incorporated under the laws of Ireland.

 “New Owner” means Wells Fargo Bank Northwest, National Association, not in its individual capacity, but
solely as owner trustee of MSN 3491 Trust. 
 Clause 2. Representations and Warranties of MAAL. MAAL represents and
warrants that: 
 2.1 this Guarantee constitutes a valid and binding agreement of MAAL. MAAL is duly incorporated, validly
existing and in good standing under the laws of Bermuda. The transactions contemplated hereby and the execution, delivery and performance of this Guarantee by MAAL (i) have been duly authorized by all necessary corporate action of MAAL and
(ii) are within MAAL’s power and authority and do not and will not violate the constitutional documents of MAAL, any applicable law, rule, regulation, judgment or court order or any provision in any existing agreement binding on MAAL;

 2.2 all authorizations, consents, registrations and notifications required to be obtained by MAAL in connection with the
entry into, performance, validity and enforceability of this Guarantee and the transactions contemplated by this Guarantee, have been (or will on or before the date hereof have been) obtained or effected (as appropriate) and are (or will be on their
being obtained or effected) in full force and effect; and 

  
 Annex 11-1

 2.3 on or prior to the date of this Guarantee, MAAL has not and does not anticipate the need
to (i) commence a voluntary case or other proceeding, or become subject to an involuntary case or other proceeding, seeking liquidation, reorganization, adjudication as bankrupt, winding-up, or other relief with respect to itself or its debts
under any bankruptcy, insolvency or other similar law or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property; (ii) consent to any relief or to the
appointment of or taking possession by any such official in any voluntary case or other proceeding commenced against it; (iii) sell, assign, transfer all or a material part of its assets; (iv) admit in writing its inability to pay its
debts generally as they come due; (v) make a general assignment for the benefit of creditors; (v) cease to operate its business as a going concern; or (vi) commence any corporate action to authorize any of the foregoing. 

Clause 3. Guarantee. 
 3.1 MAAL, with effect from the date hereof, hereby unconditionally and irrevocably guarantees to Lessee the full and prompt payment and performance of each and all of Lessor’s obligations to Lessee
under the Lease, and compliance by Lessor with, all obligations, covenants, terms, conditions and undertakings of Lessor contained in the Lease and the Operative Documents to which Lessor is a party in accordance with the terms thereof and the
prompt payment and performance by Assignee of each and all of Assignee’s obligations to Lessee under the Assignment, Assumption and Amendment Agreement (such obligations collectively being referred to as the “Guaranteed
Obligations”); and 
 3.2 MAAL undertakes to Lessee that, if either or both of Lessor and/or Assignee does not perform
any of the Guaranteed Obligations when required to do so, it shall within two (2) Business Days of written demand from Lessee procure the performance by Lessor and/or Assignee, as applicable, or perform itself the relevant Guaranteed
Obligation. 
 3.3 MAAL as a principal obligor and as a separate and independent stipulation shall indemnify Lessee upon written
demand against any loss, liability or cost or expense suffered by Lessee (including reasonable attorneys’ fees and disbursements reasonably incurred by Lessee in the enforcement of this Guarantee) if (i) it does not perform the Guaranteed
Obligations; and (ii) if any obligation guaranteed by it becomes unenforceable, void or illegal. 
 3.4 The guarantee set
out in this Clause 3 shall be automatically terminated, without the requirement for any further action by any party, with effect from the occurrence of any transfer by Lessor of its rights and obligations under the Lease in conformity with Article
24 of the Lease, and MAAL shall have no further liability or obligation hereunder with effect from such transfer save in respect of any liabilities or obligations arising prior to such transfer and any liabilities and obligations arising in
connection with any rights retained by MAAL, and save as expressly set out herein. 
 3.5 MAAL shall not permit Lessor or New
Owner to act or refrain from acting in any manner contrary to the provisions of the Lease. 

  
 Annex 11-2

 Clause 4. Release. Once all the Guaranteed Obligations have been satisfied in full
and MAAL does not have any further actual or contingent liabilities thereunder, Lessee shall irrevocably and unconditionally release and discharge MAAL from this Guarantee. 
 Clause 5. Miscellaneous. 
 5.1 Governing Law. THIS GUARANTEE SHALL IN ALL
RESPECTS BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, WITHOUT REFERENCE TO ANY CONFLICT OF LAW RULES WHICH MIGHT LEAD TO THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

 5.2 Successors and Assigns. The terms of this Guarantee shall be binding on, and inure to the benefit of, Lessee and MAAL and
their respective permitted successors and assigns. 
 5.3 Waiver of Notice and Defense. Except as provided in Clause 3.2, MAAL
hereby waives diligence, promptness, presentment, demand for payment or performance and protest and notice of protest, notice of acceptance and any other notice in respect of the Guaranteed Obligations or any part of them, and any defense arising by
reason of any disability or other defense. 
 5.4 Jurisdiction. The parties agree that the courts of the United States District
Court for the Southern District of New York, or any court sitting in the county of New York, New York, are to have non-exclusive jurisdiction to settle any disputes (including claims for set-off and counterclaims) which may arise in connection with
the legal relationships established by this Guarantee or otherwise arising in connection with this Guarantee. Nothing herein will prevent either party from bringing suit in any other appropriate jurisdiction. MAAL further consents that any such
action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient or
inappropriate court and agrees not to plead or claim the same. 
 5.5 Severability. Should any one or more of the provisions of
this Guarantee be held to be invalid, illegal or unenforceable in any jurisdiction, the same 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, illegality or unenforceability of a particular provision in a particular jurisdiction shall not render such provision invalid, illegal or unenforceable in any other jurisdiction.

 5.6 Waivers, Amendments and Variations in Writing. The provisions of this Guarantee shall not be capable of being waived,
amended or varied otherwise than by an express waiver or amendment in writing; and in particular any failure to exercise or any delay in exercising any of such rights shall not operate as a waiver, amendment or variation of that or any other such
right; any defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such right; and no act or course of conduct or negotiation on Lessee’s part or on its behalf shall in any way
preclude it from exercising any such right or constitute a suspension of any variation or amendment of any such right. 

  
 Annex 11-3

 5.7 Notices. All notices and other communications under, or in connection with, this
Guarantee will, unless otherwise stated, be given and will become effective in the same manner as provided in Article 26 of the Lease. 
 The notice details of MAAL are as follows: 
  

					
		 	Address:	  	 c/o Macquarie Aircraft Leasing Services (Ireland) Limited
 Level 1, South Bank House
 Barrow Street
 Dublin 4
 Ireland

		 	Fax:	  	+353 1 238 3299
		 	Attention:	  	Contracts Management Group
			
		 	With a copy to:	  	
			
		 	Address:	  	 Macquarie Aircraft Leasing Services (US) Inc.
 Two Embarcadero Center, Suite 200
 San Francisco, CA 94111

U.S.A.

		 	Fax:	  	+ 1 415 829 6899
		 	Attention:	  	Contracts Management Group

 *    *    * 

 

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 11-4

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guarantee on the date shown
at the beginning of this Guarantee. 
  

			
	 CONCESIONARIA VUELA COMPAÑÍA
 DE AVIACIÓN, S.A.P.I. DE C.V.,
	  	 MACQUARIE AIRFINANCE

ACQUISITIONS LIMITED

		
	By:	  	By:
		
	Name:	  	Name:
		
	Title:	  	Title:
		
	By:	  	
		
	Name:	  	
		
	Title:	  	

  
 Annex 11-5EX-10.26

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the
information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

Exhibit 10.26 
 DATED AUGUST 23, 2010 
 INTERNATIONAL LEASE FINANCE CORPORATION, 

AS ASSIGNOR 

MACQUARIE AEROSPACE IRELAND LIMITED, 
 AS ASSIGNEE 
 AND 

CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. 
 (SUCCESSOR TO CONCESIONARIA VUELA 
 COMPANIA DE AVIACION, S.A. DE C.V.), 

AS LESSEE 
  

 
 ASSIGNMENT,
ASSUMPTION AND AMENDMENT 
 AGREEMENT 
 RELATING TO ONE (1) AIRBUS A319-100 AIRCRAFT 
 MANUFACTURER’S SERIAL
NUMBER 3590, 
 FAA REGISTRATION MARK N504VL 

 
  
 [COUNTERPART NO. [            ] OF [            ] SERIALLY NUMBERED, MANUALLY
EXECUTED COUNTERPARTS. TO THE EXTENT THAT THIS DOCUMENT CONSTITUTES CHATTEL PAPER UNDER THE UNIFORM COMMERCIAL CODE IN EFFECT IN ANY APPLICABLE JURISDICTION, NO SECURITY INTEREST IN THIS DOCUMENT MAY BE CREATED THROUGH THE TRANSFER OR POSSESSION OF
ANY COUNTERPART OTHER THAN COUNTERPART NO. 1.] 

 CONTENTS 

 

					
	Clause	  	Page	 
	 Section 1. Defined Terms
	  	 	2	  
	 Section 2. Effectiveness
	  	 	2	  
	 Section 3. Assignment, Assumption and Release
	  	 	2	  
	 Section 4. Lessee Consent and Agreement
	  	 	4	  
	 Section 5. Payments to Assignee
	  	 	4	  
	 Section 6. Payments to Assignor
	  	 	4	  
	 Section 7. Insurance
	  	 	4	  
	 Section 8. Identification Plates
	  	 	5	  
	 Section 9. Quiet Enjoyment
	  	 	5	  
	 Section 10. Post Effective Time
	  	 	5	  
	 Section 11. Cooperation
	  	 	5	  
	 Section 12. Representations and Warranties
	  	 	6	  
	 Section 13. Lease Representations and Warranties
	  	 	8	  
	 Section 14. Assignee Servicer and Assignments
	  	 	9	  
	 Section 15. Assignment
	  	 	9	  
	 Section 16. Notices
	  	 	9	  
	 Section 17. Modifications
	  	 	10	  
	 Section 18. Delivery of Documents by Fax or E-mail
	  	 	10	  
	 Section 19. Governing Law, Etc.
	  	 	10	  
	 Section 20. Further Assurances
	  	 	10	  
	 Section 21. Headings
	  	 	10	  
	 Section 22. Invalidity of any Provision
	  	 	10	  
	 Section 23. Survival
	  	 	10	  
	 ANNEX 1 Lease Documents
	  			
	 ANNEX 2 Amendments to Lease Documents
	  			
	 ANNEX 3 Form of Confirmation of Effective Time
	  			
	 ANNEX 4 Insurance Information
	  			
	 ANNEX 5 Lessee Conditions Precedent
	  			
	 ANNEX 6 Notice of Removal and Discharge
	  			
	 ANNEX 7 Federal Aviation Administration Conveyance and Engine Thrust Information
	  			
	 ANNEX 8 Form of Lessee Acknowledgment
	  			

  
 - i -

			
	 ANNEX 9 Form of Letter of Quiet Enjoyment
	  	
	 ANNEX 10 Assignor and Lessee Representations and Warranties
	  	
	 ANNEX 11 Form of Guarantee
	  	
	 ANNEX 12 Form of Assumption Agreement
	  	

  
 - ii -

 THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT (this
“Agreement”), is entered into as of August 23, 2010, by and among (1) INTERNATIONAL LEASE FINANCE CORPORATION, a California corporation (“Assignor”), (2) MACQUARIE AEROSPACE IRELAND LIMITED, a company
organized under the laws of Ireland (“Assignee”), and (3) CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), a company organized under the laws of
Mexico (“Lessee”). 
 PRELIMINARY STATEMENTS: 

WHEREAS, Assignor and Lessee have entered into an Aircraft Lease Agreement, dated as of March 9, 2007 (as amended and
supplemented by Side Letter #1 to Aircraft Lease Agreement described as item 3 on Annex 1 hereto, the “Lease”), pursuant to which Assignor has leased to Lessee one (1) Airbus A319-100 (shown on the international registry as
AIRBUS model A319) aircraft bearing manufacturer’s serial number 3590 and FAA registration mark N504VL together with two (2) IAE International Aero Engines AG model IAE V2524-A5 (shown on the international registry as INTERNATIONAL AERO
ENGINES model V2500-A5) engines bearing manufacturer’s serial numbers V13000 and V13002, respectively (each of which has 550 or more rated take-off horsepower) (collectively and as more fully described in the Lease, the
“Aircraft”), as more fully described in Annex 7 hereto. 
 WHEREAS, International Lease Finance
Corporation (“Seller”) has agreed, among other things, to sell the Aircraft or cause its affiliate to sell the Aircraft to Macquarie Aerospace Limited (“Buyer”) or Buyer’s designee subject to the Lease and
Buyer has agreed to purchase or cause its designee to purchase the Aircraft from Seller or Seller’s affiliate pursuant to an Aircraft Sale Agreement dated as of April 13, 2010 between Seller and Buyer (the “Sale
Agreement”). 
 WHEREAS, Buyer has designated Wells Fargo Bank Northwest, N.A., not in its individual capacity,
but solely as owner trustee under MSN 3590 Trust (“New Owner”) to purchase the Aircraft in accordance with the Sale Agreement and will cause New Owner to lease the Aircraft to Assignee pursuant to a head lease agreement. 

WHEREAS, concurrently with the sale of the Aircraft to New Owner, Assignor will, subject to the terms and conditions of this
Agreement, assign to Assignee all of its rights, obligations and interest to and under the Lease and all other agreements (including all Operative Documents as such term is defined in the Lease) described on Annex 1 hereto and delivered in
connection with, or relating to, the leasing of the Aircraft and that affect the rights or obligations of the “LESSOR” or “LESSEE” thereunder as of or after the Effective Time (as defined below) (the “Lease
Documents”), subject to the rights of Lessee (as more fully described in Section 3(a) below and collectively with the other assignments, assumptions, releases and covenants in Section 3, the “Assignment”).

 WHEREAS, Assignor, Assignee and Lessee have agreed to enter into this Agreement in order to, among other things,
(i) effect the Assignment, (ii) evidence Lessee’s acknowledgment of, and consent to, the Assignment and (iii) amend certain provisions of the Lease Documents. 

  
 - 1 -

 NOW, THEREFOR, in consideration of and subject to the mutual covenants, terms
and conditions contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: 
 Section 1. Defined Terms. Any and all initially capitalized terms used herein (including the Annexes hereto) and not otherwise defined herein shall have the meanings assigned thereto in the
Lease. 
 Section 2. Effectiveness. Subject to satisfaction of or waiver by Lessee (in its sole discretion) of the
conditions precedent set forth in Annex 5 hereto, the Assignment, the amendment to the Lease Documents described herein and in Annex 2 hereto and Lessee’s consent in Section 4 will take effect as of the time of the transfer of title to the
Aircraft by Assignor to New Owner (the “Effective Time”), as evidenced by a Confirmation of Effective Time substantially in the form of Annex 3 hereto to be delivered to and acknowledged by Lessee from Assignor and Assignee at or
promptly after the Effective Time (a “Confirmation”). Lessee agrees to countersign and deliver to Assignor and Assignee a copy of such Confirmation promptly upon receipt thereof. 

Section 3. Assignment, Assumption and Release. 
 (a) Assignment. 
 (i) Effective as of the Effective Time, Assignor hereby assigns,
conveys, transfers and sets over to Assignee except as may be otherwise expressly specified in the following sentence all of Assignor’s rights and obligations and Assignor’s interest in, to and under the Lease Documents, arising on and
after the Effective Time, subject to the rights of Lessee under the Lease Documents. Notwithstanding any other term or agreement in this Agreement: 
 (x) Assignor is not assigning its rights and obligations under Article 6.4 of the Lease. 
 (y) Assignor shall continue to be responsible to perform the obligations of “LESSOR” under Article 6.4 of the Lease and in respect of any other obligation arising in connection with any other
right retained by Assignor in accordance with the provisions hereof (those portions of the Lease Documents assigned under this Section 3(a)(i), hereinafter the “Assigned Lease Documents”). 

(ii) Effective as of the Effective Time, Lessee, Assignor and Assignee hereby agree that, except with respect to the matters set forth
in Section 3(a)(i)(x) above, Assignor shall have no further rights and obligations under the Assigned Lease Documents, except that the disclaimers and indemnities contained in Articles 8 (Disclaimers and Waivers) and 17 (Indemnities) of the
Lease and any other provisions of the Lease Documents which are expressly stated to survive the expiration or termination of the leasing of the Aircraft under the Lease shall continue in full force and effect for the benefit of Assignor in addition
to the Assignee in 

  
 - 2 -

 
accordance with the provisions of the Lease. Notwithstanding the above, Assignor and Lessee shall have the same rights and remedies against each other as each would have had under the Lease in
respect of any rights and obligations arising, losses, liabilities or claims suffered or incurred or brought against or payments due to each other in respect of or attributable to the period prior to the Effective Time as if the Assignor had
remained the “LESSOR” under the Lease. 
 (b) Assumption. 

(i) Effective as of the Effective Time, Assignee hereby accepts and assumes all of Assignor’s rights and obligations assigned,
conveyed, transferred and set over by Assignor pursuant to Section 3(a). 
 (ii) Assignee warrants, covenants and agrees
with Lessee that on and after the Effective Time, Assignee will perform all obligations to be performed by Lessor under the Assigned Lease Documents that arise on or after the Effective Time and will be bound by all of the terms thereof. 

(iii) Any reference to the rights of “LESSOR” under the Lease in connection with the right of “LESSOR” to assign
such rights, shall include any “associated rights”, as defined in The Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters Specific to Aircraft Equipment (the “Cape Town
Convention”) in effect at the Effective Time of the Assignee in, and to, this Agreement and the Lease. Any such associated rights may consist of any of Assignee’s rights to procure payment or other performance by Lessee (as
“debtor” under the Cape Town Convention) under this Agreement, the Lease and/or any other operative document associated with the Lease. 
 (c) Retained Obligations and Release. Subject to the terms of this Agreement including without limitation Sections 2 and 3(a) and except as otherwise provided therein, effective as of the Effective Time,
Lessee hereby releases Assignor from any obligations of “LESSOR” under the Assigned Lease Documents which arise on or after the Effective Time including but not limited to any obligations with respect to the return to Lessee of any
Security Deposit or the reimbursement of any Reserves, all of which obligations in respect of such Security Deposits and Reserves having been assumed by New Owner and Assignee. 

  
 - 3 -

 Section 4. Lessee Consent and Agreement. Subject to the provisions hereof, and
Lessee’s rights hereunder and under the Lease, Lessee hereby acknowledges and consents to the Assignment and to Assignor’s assignment to New Owner of all of Assignor’s reversionary rights and interest in the manufacturer warranties
that were assigned to Lessee by Assignor pursuant to the Lease Documents and agrees that Assignee will be obligated to fulfill all of the obligations of Lessor under the Assigned Lease Documents which arise on and after the Effective Time and that
and until otherwise notified in writing Lessee will perform for the benefit of Assignee all of Lessee’s obligations under the Assigned Lease Documents which arise on and after the Effective Time, save for its obligations in respect of any
rights expressly retained by Assignor hereunder. 
 Section 5. Payments to Assignee. Lessee and Assignee hereby
agree that on and after the Effective Time all Rent, Reserves, Security Deposits and other payments due from Lessee to Lessor under the Lease will be made by wire transfer to the bank account of Assignee described in Annex 2 hereto or to such other
account in the United States or Ireland (unless otherwise agreed by Lessee), notified to Lessee pursuant to Section 16 (Notices) below. 
 Section 6. Payments to Assignor. Lessee and Assignee hereby agree that as of the Effective Time all Rent, Reserves, Security Deposits and other payments paid to Assignor in accordance with the
Lease prior to the Effective Time shall be deemed to have been paid for all purposes under the Lease and the Reserves and Security Deposit shall be deemed to have been received by Assignee and Assignee covenants and agrees that it shall hold, apply,
retain and reimburse the Reserves and Security Deposit or cause to be held, applied, released and reimbursed the Reserves and Security Deposit strictly in accordance with all relevant provisions of the Lease. 

Section 7. Insurance. From and after the Effective Time and until otherwise notified in writing, Lessee will cause:

 (a) New Owner to be named as loss payee for the Agreed Value under the hull insurances required to be maintained by Lessee
under the Lease; 
 (b) Servicer (as defined in Section 14 below), New Owner, Sub-Servicer, Macquarie Bank Limited and the
Persons providing financing to New Owner and their agents and security trustees identified on Annex 4 hereto and each of their respective successors and permitted assigns and each of their respective shareholders, directors, officers, agents,
employees and, in the case of a trustee or security trustee, the institution acting as such in its individual capacity to be named as additional insureds under Lessee’s aviation and general third party liability insurance maintained by Lessee
under the Lease; 
 (c) continue to name Assignor and each of its respective successors and permitted assigns and each of their
respective shareholders, directors, officers, agents, employees and, in the case of a trustee or security trustee, the institution acting as such in its individual capacity as an additional insured under the third party liability insurances until
the earlier to occur of the second anniversary of the Effective Time; and 

  
 - 4 -

 (d) each of the agreements described on Annex 4 hereto to be identified as
“contracts” with respect to the insurances required under the Lease and this Section 7. 
 Section 8.
Identification Plates. Lessee will as soon as is reasonably practical after the Effective Time, prepare at Assignee’s expense new identification plates for the Aircraft bearing the legends set forth in Annex 2 hereto, remove the existing
identification plates and install the replacement identification plates on the Aircraft. 
 Section 9. Quiet
Enjoyment. So long as no Default or Event of Default has occurred and is continuing, from and after the Effective Time, Assignee hereby agrees that neither it nor any person lawfully claiming through it will interfere with or otherwise disturb
Lessee’s quiet, peaceful use, possession and enjoyment of the Aircraft. 
 Section 10. Post Effective Time.
Assignor, Assignee and Lessee hereby agree that with effect on and from the Effective Time, the Lease shall be amended as set forth in Annex 2 hereto. Except as set out in this Agreement, the Lease shall remain unmodified and in full force and
effect. 
 Section 11. Cooperation. 
 (a) The parties hereby agree to cooperate with one another in order to close the Assignment at a convenient time when the Aircraft is in a jurisdiction reasonably acceptable to Assignee, Assignor and
Lessee on one of Lessee’s regular routes. Provided that Assignor notifies Lessee in writing of the proposed date of the Assignment a minimum of three (3) Business Days prior to such date, Lessee will provide Assignor notice of the
scheduled route of the Aircraft for such date. 
 (b) Lessee agrees to provide promptly, but in any event, prior to the
Effective Time, the following in the English language and in form and substance reasonably satisfactory to Assignor and Assignee: 
 (i) unless covered by the documents provided at Delivery, to Assignor and Assignee, an incumbency certificate or power of attorney or equivalent corporate authority, as the case may be, of Lessee naming
the person or persons authorized to execute this Agreement and the documents delivered in connection therewith; 
 (ii) to
Assignor and Assignee, an insurance certificate and, if applicable, broker’s letter of undertaking confirming that the insurances required under the Lease and under Section 7 of this Agreement are in effect; 

  
 - 5 -

 (iii) to Assignee, an executed Assumption Agreement substantially in the form of Annex 12
hereto; and 
 (iv) to Assignor and Assignee written confirmation, signed by Lessee, specifying the location of the Aircraft at
the Effective Time. 
 (c) Subject to the provisions hereof and Lessee’s rights hereunder and under the Lease, Lessee
hereby agrees to perform and do all such other and further acts and things and execute and deliver any and all such other instruments (including any notification to the Aviation Authority of changes in the ownership structure of the Aircraft) as
Assignee may reasonably require to reflect the change in the identity of the owner and lessor of the Aircraft as contemplated by this Agreement and to perfect or protect the interests of Assignee, New Owner, LESSOR’s Lender (as defined in the
Lease) and any other interest holder, and for the purpose of carrying out the intent of and giving Assignee full benefit of the Assignment including, but not limited to consenting electronically, at Assignee’s expense to a registration by
Assignee of the international interest created by this Agreement pursuant to the Cape Town Convention on the international registry established pursuant to the Cape Town Convention. 

(d) Assignee shall pay or reimburse Lessee for its reasonable out-of-pocket costs and expenses (including reasonable legal fees and
expenses) in preparing, reviewing, negotiating and executing documents required by Lessor and Assignee or performing any other obligations under Article 24 of the Lease. As between Assignor and Assignee, nothing in this clause (d) shall modify
the agreement of Seller and Buyer under Section 8.1(b) of the Sale Agreement. 
 (e) Upon return to Lessee of either the
deregistration power of attorney provided to Assignor, marked “cancelled”, or a facsimile copy of the same, Lessee shall deliver to Assignee a replacement deregistration power of attorney in the form previously provided to Assignor
pursuant to the Lease; provided that in the event that a facsimile copy is provided, Assignor shall deliver to Lessee the original copy, marked “cancelled”, via international express courier within seven (7) Business Days after the
Closing Date. 
 Section 12. Representations and Warranties. 

(a) Lessee Representations. Lessee represents and warrants to Assignor and Assignee as of the Effective Time the following: 

(i) Lessee is duly organized in the manner set forth in the first paragraph of this Agreement, is validly existing under the laws of its
jurisdiction of its organization; 
 (ii) the transactions contemplated hereby and the execution, delivery and performance of
this Agreement by Lessee (x) have been duly authorized by all necessary corporate action of Lessee and (y) do not and will not violate the charter, certificate of incorporation, by laws or other organizational instruments, any applicable
law, rule or regulation or any provision in any existing agreement binding on it; 

  
 - 6 -

 (iii) this Agreement constitutes a valid, binding and enforceable agreement of Lessee
except as enforceability may be limited by bankruptcy, insolvency, reorganization or other laws of general application affecting the enforcement of creditor’s rights; and 

(iv) all authorizations, consents, registrations and notifications required to be obtained by Lessee in connection with the entry into,
performance, validity and enforceability of this Agreement and the transactions contemplated by this Agreement, have been obtained or effected (as appropriate) and are in full force and effect. 

(b) Assignor Representations. Assignor hereby represents and warrants to Lessee and Assignee as of the Effective Time the following:

 (i) Assignor is duly organized in the manner set forth in the first paragraph of this Agreement, is validly existing and in
good standing under the laws of the jurisdiction of its organization; 
 (ii) the transactions contemplated hereby and the
execution, delivery and performance of this Agreement by Assignor (x) have been duly authorized by all necessary corporate action of Assignor and (y) do not and will not violate the articles of incorporation, by laws or other
organizational instruments of Assignor, any applicable law, rule or regulation or any provision in any existing agreement binding on Assignor; 
 (iii) this Agreement constitutes a valid, binding and enforceable agreement of Assignor except as enforceability may be limited by bankruptcy, insolvency, reorganization or other laws of general
application affecting the enforcement of creditor’s rights; and 
 (iv) all authorizations, consents, registrations and
notifications required to be obtained by Assignor in connection with the entry into, performance, validity and enforceability of this Agreement and the transactions contemplated by this Agreement, have been obtained or effected (as appropriate) and
are in full force and effect. 
 (c) Assignee Representations. Assignee represents and warrants to Lessee and Assignor as of the
Effective Time the following: 
 (i) Assignee is duly organized in the manner set forth in the first paragraph of this
Agreement, is validly existing under the laws of the jurisdiction of its organization; 
 (ii) the transactions contemplated
hereby and the execution, delivery and performance of this Agreement by Assignee (x) have been duly authorized by all necessary corporate action of Assignee and (y) do not and will not violate the articles of incorporation, by-laws or
other organizational instruments of Assignee, any applicable law, rule or regulation or any provision in any existing agreement binding on Assignee; 

  
 - 7 -

 (iii) this Agreement constitutes a valid, binding and enforceable agreement of Assignee
except as enforceability may be limited by bankruptcy, insolvency, reorganization or other laws of general application affecting the enforcement of creditor’s rights; 
 (iv) all authorizations, consents, registrations and notifications required to be obtained by Assignee in connection with the entry into, performance, validity and enforceability of this Agreement and the
transactions contemplated by this Agreement, have been obtained or effected (as appropriate) and are in full force and effect; 

(v) the assignment and assumption contemplated hereby is in conformity with and subject to the provisions of Article 24 of the Lease and
will not result in any increase in or to or the imposition of additional obligations or liabilities that are not de minimis; 

(vi) Macquarie Aerospace Limited is the sole beneficiary of the MSN 3590 Trust; and 

(vii) Assignee is an Irish tax resident. 
 (d) Assignee Covenant. Assignee covenants that so long as no Event of Default has occurred and is continuing, it will not permit New Owner to take or omit to take any action which would jeopardize the
registration of the Aircraft on the FAA registry. 
 Section 13. Lease Acknowledgments, Representations and
Warranties. 
 (a) Assignor, Assignee and Lessee hereby make the acknowledgments set forth on Annex 10. 

(b) Each of Lessee and, unless otherwise stated, Assignor hereby makes the following representations and warranties as of the date hereof
(unless otherwise noted): 
 (i) the Lease Documents are all described on Annex 1 hereto and such, together with this Agreement,
constitute the entire agreement of Lessee and Assignor with respect to the leasing of the Aircraft; 
 (ii) the Lease is in
full force and effect, and has not been modified or amended by any agreement between Assignor and Lessee which is currently in effect except to the extent set forth in the Lease Documents and, without waiver of or prejudice to Lessee’s rights
under the Lease, Lessee has not exercised its option to extend the Lease Term; 
 (iii) the Aircraft was delivered on the
Delivery Date in accordance with the terms of the Lease; 
 (iv) the Aircraft is not subject to a sublease; 

(v) no Default in respect of the payment of Rent or any Event of Default has occurred and is continuing under the Lease; 

  
 - 8 -

 (vi) to Lessee’s knowledge and without waiver of or prejudice to any right, remedy or
claim it may have, Lessee is not entitled as of the date hereof to any offset against Rent or any other amounts payable under the Lease Documents; 
 (vii) to Lessee’s knowledge, without waiver of or prejudice to any right, remedy or claim it may have, Lessee as of the date hereof has no claim against, and there are no actions by Lessee against,
Assignor with respect to the Aircraft or the Lease Documents; 
 (viii) without waiver of or prejudice to any right, remedy or
claim Lessee may have, Assignor has no unperformed Reserve payment obligations; 
 (ix) no unrepaired partial loss with a
repair cost in excess of ***** or Total Loss has occurred in respect of the Aircraft or Engines; 
 (x) to Lessee’s
knowledge, no notice of assignment of any Security Interest in the Lease has been received by the Lessee or, if the Lessee has received any such notice of assignment, it has subsequently received notice that such Security Interest has been
terminated or will be terminated as of the Effective Time; 
 (xi) Lessee has not prepaid any Rent, the payment of which does
not become due until after the Effective Time; and 
 (xii) Lessee is not subject to any voluntary bankruptcy, insolvency or
reorganization proceeding. 
 Section 14. Assignee Servicer and Assignments. As of and with effect from the
Effective Time, Macquarie Aircraft Leasing Services (Ireland) Limited will act as Assignee’s servicer for all matters related to the Lease and the Aircraft (in such capacity as servicer, the “Servicer”). Accordingly, with
effect from the Effective Time and until Lessee receives notice from Assignee to the contrary, Lessee shall be entitled to and shall communicate with and deal with Servicer with respect to all matters relating to the Lease and the Aircraft to the
exclusion of Assignor and Assignee and may rely on any communication, direction or determination made or purportedly made by Servicer. Subject to the provisions hereof and its rights under the Lease, upon written notice from Assignee, Lessee shall
acknowledge and consent to any Security Interest Assignee grants in and to Assignee’s or New Owner’s rights to the Aircraft and under the Lease in the form of Annex 8 or such other form as may be reasonably acceptable to Lessee.

 Section 15. Assignment. This Agreement will be binding upon and inure to the benefit of each party hereto and its
respective successors and assigns as permitted under the Lease. 
 Section 16. Notices. Any notices hereunder will
be in writing and will be delivered as and in the manner specified in the Assigned Lease Documents. The address of Assignee for notices under the Assigned Lease Documents is, until further notice, as set forth on Annex 2 hereto. 

  
 - 9 -

 Section 17. Modifications. This Agreement may not be amended or modified except
by a written agreement signed by Assignor, Assignee and Lessee; provided that Assignee and Lessee shall be entitled to amend, modify or vary the terms of the Assigned Lease Documents after the Effective Time without reference to or the signature of
Assignor. 
 Section 18. Delivery of Documents by Fax or E-mail. Delivery of an executed counterpart of this
Agreement or of any other documents in connection with this Agreement by fax or email will be deemed as effective as delivery of an originally executed counterpart. Any party delivering an executed counterpart of this Agreement or other document by
fax or email will also deliver an originally executed counterpart, but the failure of any party to deliver an originally executed counterpart of this Agreement or such other document will not affect the validity or effectiveness of this Agreement or
such other document. 
 Section 19. Governing Law, Etc. The provisions of the Lease, as amended by this Agreement,
with respect to governing law, jurisdiction, service of process, waiver of trial by jury, venue and inconvenient forum are incorporated in this Agreement by reference as if such provisions were set forth herein. 

Section 20. Further Assurances. Each party hereto agrees that it shall, at any time and from time to time, promptly and duly
execute and deliver any and all such further instruments and documents and take such further action as may be reasonably required in order to obtain the full benefits of this Agreement and to implement the rights and powers herein granted.

 Section 21. Headings. All section and paragraph headings and captions are purely for convenience and will not
affect the interpretation of this Agreement. Any reference to a specific section or paragraph will be interpreted as a reference to such section or paragraph of this Agreement. 

Section 22. Invalidity of any Provision. If any of the provisions of this Agreement become invalid, illegal or unenforceable
in any respect under any Law, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired. 
 Section 23. Survival. Notwithstanding anything contained herein to the contrary, all agreements, indemnities, representations and warranties contained in this Agreement shall survive the
Effective Time. 

  
 - 10 -

 IN WITNESS WHEREOF, the parties hereto or their duly authorized representatives have
executed this Agreement as of the day and year first herein written. 
  

					
	 INTERNATIONAL LEASE FINANCE CORPORATION,
 as Assignor
	  	 MACQUARIE AEROSPACE IRELAND LIMITED
 as Assignee

			
	By: /s/ Frederick S. Cromer	  	By: 	  	/s/ Aidan Culchrist
	Name: Frederick S. Cromer	  	Name:	  	Aidan Culchrist
	Title: Chief Financial Officer	  	Title:	  	Director
			
		  	By:	  	/s/ James S. Simpson
		  	 Name:

Title:
	  	 James S. Simpson

Director

  

			
	 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V.,

as Lessee

		
	By:	 	/s/ Alfonso Ascencio Triujeque
	 Name:
	 	Alfonso Ascencio Triujeque
	 Title:
	 	General Counsel
		
	By:	 	/s/ Fernando Suárez Gerard
	 Name:
	 	Fernando Suárez Gerard
	 Title:
	 	Director of Finance, CFO

 RECEIPT OF CHATTEL PAPER ORIGINAL 
 Receipt of the foregoing original counterpart of the Assignment, Assumption and Amendment Agreement dated August 23, 2010 by and among International Lease Finance Corporation as Assignor, Macquarie
Aerospace Ireland Limited, as Assignee and Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), as Lessee in respect of that certain Airbus A319-100 aircraft bearing
manufacturer’s serial number 3590, constituting the “Chattel Paper Original”, is hereby acknowledged. 
  

			
	MACQUARIE AEROSPACE IRELAND LIMITED
		
	By:	 	/s/ Aidan Culchrist
	Name:	 	Aidan Culchrist
	Title:	 	Director
		
	By:	 	/s/ James S. Simpson
	Name:	 	James S. Simpson
	Title:	 	Director

 ANNEX 1 
 LEASE DOCUMENTS 
  

	1.	Aircraft Lease Agreement dated as of March 9, 2007 between Concesionaria Vuela Compania de Aviacion, S.A. de C.V. (succeeded by Concesionaria Vuela Compania de
Aviacion, S.A.P.I. de C.V.) (“Volaris”), as lessee and International Lease Finance Corporation (“ILFC”), as lessor. 

  

	2.	Estoppel and Acceptance Certificate dated July 22, 2008 by Volaris. 

  

	3.	Side Letter #1 to Aircraft Lease Agreement dated as of June 14, 2009 by and between ILFC and Volaris. 

 

	4.	Assignment of Rights (Airframe) dated July 22, 2008 between ILFC and Volaris. 

 

	5.	Airbus Consent dated July 22, 2008 by Airbus S.A.S. and acknowledged by ILFC and Volaris. 

 

	6.	Assignment Agreement (Engines) dated July 22, 2008 among ILFC, Volaris and IAE International Aero Engines AG. 

  
 Annex 1-1

 ANNEX 2 
 AMENDMENTS TO LEASE DOCUMENTS 
 1. Reference. This Annex 2 to the Assignment,
Assumption and Amendment Agreement dated as of August 23, 2010, by and among International Lease Finance Corporation, as Assignor, Macquarie Aerospace Ireland Limited, as Assignee and Concesionaria Vuela Compania de Aviacion, S.A.P.I. de
C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), as Lessee (the “Assignment Agreement”) sets forth the amendments to the Aircraft Lease Agreement dated as of March 9, 2007 (as amended and supplemented
prior to the date of the Assignment Agreement, between Lessee and Assignor the “Lease”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Lease. 

2. Amendments by Operation of Law Not Excluded. The amendments set forth in this Annex 2 hereto are intended to be the only amendments to the
Lease to be effected upon the Effective Time except for such amendments to the language and operation of the Lease as are otherwise necessitated and effected by the execution of the Assignment Agreement or upon the effectiveness of the Assignment.

 3. Amendments to Certain Definitions. 
 (a) The definition of “LESSOR” in the preamble of the Lease is deleted in its entirety and replaced with the following: 
 “MACQUARIE AEROSPACE IRELAND LIMITED, a company organized under the laws of Ireland, whose principal place of business is Level 1, South Bank House, Barrow Street, Dublin 4, Ireland
(“LESSOR”).” 
 (b) The following definitions in Article 2.1 of the Lease are amended: 

 

	 	(i)	The definition of “APU” is amended such that the word “LESSOR” in part (c) of the definition is deleted and replaced with “OWNER”.

  

	 	(ii)	The definition of “Aviation Documents” is amended such that the word “LESSOR’s” in part (g) of the definition is deleted and replaced with
“OWNER’s”. 

  

	 	(iii)	The definition of “Engine” is amended such that the word “LESSOR” in part (c) of the definition is deleted and replaced with “OWNER”.

  

	 	(iv)	The definition of “LESSOR’s Lien” is amended such that the words “, OWNER, Owner Participant, Lessor’s Lender and/or Servicer” are
inserted after the word “LESSOR”. 

  

	 	(v)	The definition of “Operative Documents” is amended such that it also includes “Assignment Agreement” among the list of documents.

  
 Annex 2-1

	 	(vi)	The definition of “Part” is amended such that the word “LESSOR” is deleted each time it appears and is replaced with “OWNER” and such that
the words “which is owned by OWNER and (if LESSOR is not the OWNER) leased to LESSOR and leased by LESSOR to LESSEE hereunder” are inserted immediately following the words “or other item of equipment”. 

(c) The definition of LESSOR’s Lender in Article 24.3 is amended such that the word “OWNER” is inserted in lieu of the
word “LESSOR” in the first line. Article 24.3 is further amended such that the word “OWNER’s” is inserted in lieu of the word “LESSOR’s” in the third line. 

4. New Definitions. The following definitions shall be added to Article 2.1 of the Lease in the proper alphabetical order: 

(a) ““Assignment Agreement” means the Assignment, Assumption and Amendment Agreement dated as of August 23,
2010 by and among International Lease Finance Corporation, as Assignor, Macquarie Aerospace Ireland Limited, as Assignee, and Lessee as Lessee.” 
 (b) ““Assumption Agreement” means the Assumption Agreement dated [        ]
[            ] 2010 among LESSOR, MBL and LESSEE.” 
 (c)
““MBL” means Macquarie Bank Limited.” 
 (d) ““Mortgagee” any entity or
entities to which OWNER grants a security interest in the Aircraft ad such entity’s or entities’ successors and assigns provided that LESSOR or OWNER has given notice of any such assignment.” 

(e) ““OWNER” means Wells Fargo Bank Northwest, N.A., not in its individual capacity, but solely as owner trustee
under MSN 3590 Trust, a national banking association, with its address at 299 South Main Street, MAC: U1228-120, Salt Lake City, Utah 84111, United States of America, the owner of the Aircraft.” 

(f) ““Owner Participant” means Macquarie Aerospace Limited.” 

(g) ““Servicer” means Macquarie Aircraft Leasing Services (Ireland) Limited or such other person as may be notified
to LESSEE by the LESSOR.” 
 (h) ““Sub-Servicer” means any of Macquarie Aircraft Leasing Services
(US), Inc., Macquarie Aircraft Leasing Services (UK) Ltd. and Macquarie Aircraft Leasing Services (Singapore) Pte. Ltd., and each of their respective successors, transferees and assigns.” 

(i) ““Tax Indemnitee” means each of LESSOR, OWNER, Owner Participant, Servicer, any Mortgagee, any LESSOR’s
Lender and each person with whom any of the foregoing files a consolidated tax return. 

  
 Annex 2-2

 5. LESSOR’s Bank Account. Articles 1.12 (LESSOR’s Bank Account) and 5.6 (LESSOR’s Bank
Account) of the Lease are amended by replacing details of the Lessor’s bank account with the following: 
 ***** 

***** 
 ***** 

***** 
 ***** 

Ref.: MSN 3590 
 6.
Maintenance of Aircraft 
 (a) In Article 12.4.2, the first, second, fourth and fifth references to “LESSOR”
are each replaced with a reference to “OWNER”. 
 (b) In Articles 12.5 (Removal of Engines) and 12.6 (Removal of APU),
each reference to “LESSOR” is replaced with a reference to “OWNER”. 
 (c) In Articles 12.8.1 and 12.8.2,
each reference to “LESSOR” is replaced with a reference to “OWNER”. 
 (d) In Article 12.8.3, the words
“LESSOR’s title” are replaced with the words “OWNER’s title” and the words “neither LESSOR nor its” are replaced with the words “none of LESSOR, OWNER or their”. 

(e) In Article 12.9.5, the references to “LESSOR” on the third and penultimate lines are each replaced with a reference to
“OWNER”. 
 7. Title and Registration 
 (a) In Article 14.1, the first reference to “LESSOR” is replaced with a reference to “OWNER”. 
 (b) In Article 14.2, the reference to “LESSOR” in the second line is replaced with a reference to “OWNER”, and the words “protect and perfect LESSOR’s interest” are
replaced with the words “protect and perfect OWNER’s, LESSOR’s and Owner Participant’s respective interest”. 
 8.
Nameplates. 
 (a) Article 15.1 of the Lease shall be amended by replacing the description of the legend on the Airframe
identification plates with the following: 
  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 2-3

 “THIS AIRCRAFT IS OWNED BY WELLS FARGO BANK NORTHWEST, N.A., NOT IN ITS INDIVIDUAL
CAPACITY, BUT SOLELY AS OWNER TRUSTEE UNDER MSN 3590 TRUST 
 MANUFACTURER’S SERIAL NO: 3590” 

(b) Article 15.2 of the Lease shall be amended by replacing the description of the legend on the Engine identification plates with the
following: 
 “THIS ENGINE [INSERT MSN] IS OWNED BY WELLS FARGO BANK NORTHWEST, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT
SOLELY AS OWNER TRUSTEE UNDER MSN 3590 TRUST” 
 9. Tax Indemnity. 

(a) Article 16.1 (General Obligation of LESSEE) of the Lease is amended by adding the words “or the City of Dublin” immediately
after the words “the City or County of Los Angeles” and by replacing each reference to “LESSOR” with a reference to “each Tax Indemnitee”. 
 (b) Article 16.2(a) of the Lease is amended by adding after the words “the City or County of Los Angeles” the words “the City of Dublin or the Republic of Ireland or any political
subdivision thereof”. 
 (c) Articles 16.2(a), 16.2(e), 16.2(g), 16.2(h), 16.2(i), 16.2(j), 16.3, 16.4, 16.5, 16.6, and
16.7 are amended by replacing each reference to “LESSOR” with a reference to “any Tax indemnitee”. 
 (d)
Articles 16.2(d) is amended such that the first, second, fourth, and fifth references to “LESSOR” are each replaced with a reference to “any Tax indemnitee”. 

(e) Articles 16.2(c), 16.2(h), and 16.5 are amended by replacing each reference to “LESSOR’s” with a reference to
“each Tax Indemnitee’s”. 
 10. General Indemnity. Article 17.1 of the Lease is amended by replacing the words
“LESSOR and its” with the words “LESSOR, OWNER, MBL, Servicer and their respective”. 
 11. Insurance. Article 18.4
is amended by replacing “LESSOR” with “OWNER” in the second line. 
 12. Loss, Damage and Requisition 

(a) Article 19.4 (Surviving Engine(s)) is amended by replacing the words “LESSOR will transfer all its” with “LESSOR shall
procure the transfer of all” and by deleting the words “on the part of LESSOR”. 
 (b) Articles 19.5.1 is amended
by replacing the first occurrence of “LESSOR” with “OWNER” and by deleting the words “by LESSOR”. 

  
 Annex 2-4

 (c) Article 19.5.2 is amended by replacing the second occurrence of “LESSOR” with
“OWNER”. 
 (d) Articles 19.6.1 is amended by replacing the first occurrence of “LESSOR” with
“OWNER” and by deleting the words “by LESSOR”. 
 (e) Article 19.6.2 is amended by replacing the second
occurrence of “LESSOR” with “OWNER”. 
 13. Return of Aircraft. Article 23.9.13 is amended by replacing the first
occurrence of “LESSOR’s” with “OWNER’s”. 
 14. Assignment. 

(a) Article 24.2.1 is amended by replacing the words “LESSOR may” with “LESSOR or OWNER may, in each case subject to the
terms, conditions and limitations set forth in this Article 24”. 
 (b) Article 24.2 is amended by adding the following
provision as Article 24.2.3: “Any assignment, conveyance, transfer or other disposition by Owner and/or Owner Participant of all or any of their respective right, title and interest in, to or under the Lease and/or other Operative Documents
and/or the Aircraft shall be subject to the terms, conditions and restrictions of this Article 24 to the same extent and with the same effect as if the same were an assignment, conveyance, transfer or other disposition of any or all of Lessor’s
right, title or interest herein or in any other Operative Document or in respect of the Aircraft.” 
 (c) Article 24.4
(LESSEE Cooperation) is amended by adding to the end of the second sentence thereof the words “and executing and delivering a Lessee Acknowledgement substantially in the form of Annex 8 to the Assignment Agreement”. 

15. Defaults of Lessee. 

(a) Article 25.3(e) is amended by replacing “LESSOR” with “LESSOR and OWNER”. 

(b) Article 25.6(c) is amended by replacing the words “LESSOR elects” with the words “LESSOR and OWNER elect” and by
replacing reference to “LESSOR” in the fifth line with the words “LESSOR and OWNER”. 
 (c) Article 25.6(f)
is amended by replacing “LESSOR’s” with the words “LESSOR’s or OWNER’s”. 
 16. Notices. Article 26.2
of the Lease shall be amended by replacing the address information relating to the Lessor set forth therein with the following: 

MACQUARIE AEROSPACE IRELAND LIMITED 
 Level 1, South Bank House 
 Barrow Street 

Dublin 4 

  
 Annex 2-5

 Ireland 
 Attn: Aircraft Portfolio Administration 
 Fax: +353 1 238 3299 

E-mail: notices@macquarie.aero 
 with a copy to: 
 Macquarie Aircraft Leasing Services (Ireland) Limited 

Level 1, South Bank House 
 Barrow Street 
 Dublin 4 

Ireland 
 Attn:
Aircraft Portfolio Administration 
 Fax: +353 1 238 3299 

Macquarie Aircraft Leasing Services (US), Inc. 
 Suite 200 
 Two Embarcadero Center 

San Francisco, CA 94111 
 Attn: Contracts Management Group 
 Fax: +1 415 829 6899 

Macquarie Bank Limited 
 Corporate and Asset Finance Group 
 1 Martin Place 

Sydney, NSW 2000 

Australia 
 Attn:
Peter Stokes 
 Fax: +61 2 8232 6013 
 17. Arbitration. Article 27 is deleted in its entirety and all references thereto in the Lease shall have no further effect. 
 18. Governing Law and Jurisdiction. 
 (a) Article 28.1 (California Law) is
deleted in its entirety and replaced with the following: 
 “New York Law. THIS LEASE SHALL IN ALL RESPECTS BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.” 

  
 Annex 2-6

 (b) Article 28.2 (Non-Exclusive Jurisdiction in California) is deleted in its entirety and
replaced with the following: 
 “Non-exclusive Jurisdiction in New York. The parties hereto hereby irrevocably
consent to the non-exclusive jurisdiction of the New York State Supreme Court, New York County or the United States Federal District Court for the Southern District of New York, and each party agrees to comply with all requirements necessary to
effect the intent of this Article 28.2. Each of the parties hereto irrevocably consents to the service of process in any action or proceeding hereunder by the mailing of copies thereof by registered or certified airmail, postage prepaid, to such
party at is respective address applicable pursuant to Article 26 (Notices). The provisions of this subsection (i) shall not limit the rights of any party to serve process in any other manner permitted by law or to obtain execution of judgment
in any jurisdiction.” 
 (c) Article 28.3 (Protection of Interest in the Aircraft) is amended by deleting the words
“NOTWITHSTANDING ANYTHING TO THE CONTRARY IN ARTICLE 27”. 
 (d) Article 28.4 is amended by replacing part
(c) with “(c) the New York State Supreme Court, New York County or the United States Federal District Court for the Southern District of New York.” 
 (e) Article 28.6 is amended by deleting the phrase “in accordance with Section 415.40 of the California Code of Civil Procedure”. 

(f) Article 28.8 is amended by replacing the words “California (notwithstanding the conflict Laws of the State of California)”
with the words “New York” and by replacing the words “Federal District Court for the Central District of California and the State of California Superior or Municipal Court in Los Angeles” with the words “New York State
Supreme Court, New York County or the United States Federal District Court for the Southern District of New York”. 

  
 Annex 2-7

 ANNEX 3 
 FORM OF CONFIRMATION OF EFFECTIVE TIME 
 TO BE INTENTIONALLY OMITTED FOR
FAA FILING PURPOSES 
             , 2010 

Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. 
 Re: Confirmation of Effective Time 
 Ladies & Gentlemen: 

Reference is hereby made to the Assignment, Assumption and Amendment Agreement dated as of August 23, 2010 by and among
International Lease Finance Corporation, as Assignor, Macquarie Aerospace Ireland Limited, as Assignee, and Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. (successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), as Lessee
(the “Assignment Agreement”) pertaining to one (1) Airbus A319-100 aircraft bearing manufacturer’s serial number 3590 and registration mark N504VL. Any and all initially capitalized terms used herein shall have the
meanings ascribed thereto in the Assignment Agreement, unless specifically defined herein. 
 In accordance with Section 2
of the Assignment Agreement, the undersigned hereby confirm to Lessee that the sale of the Aircraft to New Owner and the Assignment occurred today, [            ]
[        ], 2010 (Time:             [Pacific time]) (the “Effective Time”). 

Each of Existing Lessor and, by its acknowledgement below, Lessee hereby confirms that, as of the Effective Time, the Reserve rates and
the Reserve balances held by Assignor pursuant to the terms and conditions of the Lease are as follows: 
  

					
	Type of Reserves	  	Rate of Reserves	  	Reserve Balances
	Airframe Reserves (6 Year Check):	  	***** calendar month	  	US$[______]
	Airframe Reserves (12 Year Check):	  	***** per calendar month	  	US$[______]
	Engine Performance Restoration Reserves for MSN V13000:	  	***** per Engine flight hour	  	US$[______]
	Engine Performance Restoration Reserves for MSN V13002:	  	***** per Engine flight hour	  	US$[______]
	Engine LLP Reserves for MSN V13000:	  	***** per Engine cycle	  	US$[______]
	Engine LLP Reserves for MSN V13002:	  	***** per Engine cycle	  	US$[______]
	Landing Gear Reserves:	  	***** per calendar month	  	US$[______]
	APU Reserves:	  	***** per APU hour	  	US$[______]

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 3-1

 
			
	 Sincerely,

	
	 INTERNATIONAL LEASE FINANCE CORPORATION

		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	 MACQUARIE AEROSPACE IRELAND LIMITED

		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Lessee hereby acknowledges receipt of the above Confirmation and (i) confirms the satisfaction or waiver of
each of the conditions set forth in Annex 5 to the Assignment Agreement, (ii) confirms the Reserve rates and the Reserve balances held by Assignor pursuant to the terms and conditions of the Lease as specified above, and (iii) agrees to
the effectiveness of the Assignment and the amendments to the Lease set forth in the Assignment Agreement, including Annex 2 thereto (each in accordance with the terms hereof and subject to the provisions of Article 24 of the Lease). 

 

			
	 CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V.

		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	
	Name:	 	
	Title:	 	

  
 Annex 3-2

 ANNEX 4 
 INSURANCE INFORMATION 
  

	I.	CONTRACT PARTIES 

  

	A.	New Owner and Headlessor: 

 Wells
Fargo Bank Northwest, N.A., not in its individual capacity, but solely as owner trustee under MSN 3590 Trust (“Owner Trustee”) 
 299 South Main Street 
 MAC: U1228-120 

Salt Lake City, Utah 84111 
 United States of America 
 Fax: +1 801-246-5053 

 

	B.	Assignee and Lessor 

 Macquarie
Aerospace Ireland Limited (“MAL Ireland”) 
 Level 1, South Bank House 

Barrow Street 

Dublin 4 

Ireland 
 Fax:
+353 1 238 3299 
  

	C.	Owner Participant: 

 Macquarie
Aerospace Limited 
 Level 1, South Bank House 
 Barrow Street 
 Dublin 4 

Ireland 
 Fax:
+353 1 238 3299 

  
 Annex 4-1

	D.	Macquarie Aircraft Leasing Services (Ireland) Limited (“Servicer”) 

 

	E.	Macquarie Aircraft Leasing Services (US), Inc. (MALSUS), Macquarie Aircraft Leasing Services (UK) Ltd. (MALSUK) and Macquarie Aircraft Leasing Services (Singapore) Pte.
Ltd. (MALSSING), as Servicer Delegates 

  

	F.	Macquarie Bank Limited 

  

	G.	Prior Lessor and Assignor 

International Lease Finance Corporation (“ILFC”) 
 10250 Constellation Boulevard, 34th Floor 
 Los Angeles, California 90067

 U.S.A. 
 Attention: Legal Department 
 Fax: 310 788 1990 

Telephone: 310 788 1999 
 and, in respect of Legal Liability Insurances, Wells Fargo Bank Northwest, National Association (in its individual capacity), Macquarie AirFinance Ltd, and the above Contract Parties, and each of their
respective successors and permitted assigns and transferees and each of their respective subsidiaries, shareholders, affiliates, directors, officers, agents, employees and servants, and, in the case of any trustee or security trustee, the
institution in its individual capacity acting as such 
  

	II.	CONTRACTS: 

  

	A.	Aircraft Lease Agreement dated as of March 9, 2007 between Concesionaria Vuela Compania de Aviacion, S.A. de C.V. (succeeded by Concesionaria Vuela Compania de
Aviacion, S.A.P.I. de C.V.) (“Volaris”) and MAL Ireland as assignee of ILFC pursuant to the Assignment, Assumption and Amendment Agreement dated as of August 23, 2010 between and among ILFC, MAL Ireland and Volaris, as
supplemented and amended from time to time. 

  

	B.	Assignment, Assumption and Amendment Agreement dated as of August 23, 2010 between and among ILFC, as Assignor, MAL Ireland, as assignee and Volaris, as lessee.

  

	C.	Aircraft Sale Agreement dated as of April 13, 2010 between International Lease Finance Corporation and Macquarie Aerospace Limited 

 

	D.	Head Lease Agreement dated as of [            ] [        ], 2010
between Owner Trustee and MAL Ireland. 

  

	E.	Trust Agreement dated as of [            ] between the Owner Trustee and Owner Participant.

  
 Annex 4-2

	F.	Assumption Agreement dated [            ] among Lessee, Lessor and Macquarie Bank Limited.

  

	G.	Servicing Agreement dated as of April 29, 2010 among Owner Participant, the Servicer and certain other entities as more particularly described therein.

  

	H.	Servicer Delegate Agreement dated as of April 29, 2010 between the Servicer and MALSUS. 

 

	I.	Servicer Delegate Agreement dated as of April 29, 2010 between the Servicer and MALSUK. 

 

	J.	Servicer Delegate Agreement dated as of April 29, 2010 between the Servicer and MALSSING. 

  
 Annex 4-3

 ANNEX 5 
 LESSEE CONDITIONS PRECEDENT 
 On or before the Effective Time, the
following conditions shall have been satisfied or waived by Lessee: 
  

	 	a.	Lessee shall have received the following, all of which shall be in the English language and be reasonably satisfactory in form and substance to Lessee:

  

	 	i.	an incumbency certificate or power of attorney or equivalent corporate authority, as the case may be, of Assignor naming the person or persons authorized to execute
this Agreement and the documents delivered in connection herewith; 

  

	 	ii.	an incumbency certificate or power of attorney or equivalent corporate authority, as the case may be, of Assignee naming the person or persons authorized to execute
this Agreement and the documents delivered in connection herewith; and 

  

	 	iii.	with respect to Assignee, a certificate of tax residency in Ireland. 

  

	 	b.	Lessee shall have received from Wells Fargo Bank Northwest, National Association, not in its individual capacity but solely as First Lien Security Trustee, Second Lien
Security Trustee, Third Lien Security Trustee and Fourth Lien Security Trustee, a Notice of Removal and Discharge substantially in the form of Annex 6 hereto. 

 

	 	c.	Lessee shall have received from Macquarie Aerospace Limited a guarantee substantially in the form of Annex 11 hereto. 

 

	 	d.	The deregistration power of attorney originally issued by Lessee shall have been marked “cancelled” and returned to Lessee. For purposes of closing the
transaction contemplated hereby, a copy of the cancelled original deregistration power of attorney sent to Lessee via facsimile on the Closing Date shall suffice, provided the original, marked “cancelled”, is delivered to Lessee via
international express courier within seven (7) Business Days after the Closing Date. 

  

	 	e.	Lessee shall have received an executed Letter of Quiet Enjoyment from New Owner substantially in the form attached hereto as Annex 9. 

 

	 	f.	Lessee shall have received from Lessor and Macquarie Bank Limited an Assumption Agreement substantially in the form of Annex 12 hereto. 

  
 Annex 5-1

 ANNEX 6 
 NOTICE OF REMOVAL AND DISCHARGE 
 From: Wells Fargo Bank Northwest, National Association,
as First Lien Security Trustee, Second Lien Security Trustee, Third Lien Security Trustee and Fourth Lien Security Trustee (collectively, the “Security Trustees”) 
 To: Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V. (the “Lessee”) 

Date: [            ] [        ], 2010 

 

	Re:	Aircraft Lease Agreement dated as of March 9, 2007, currently between International Lease Finance Corporation (the “Lessor”) and Lessee (as
successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.) (as the same may be amended, supplemented or otherwise modified, the “Lease”) relating to an Airbus A319-100 aircraft bearing manufacturer’s serial number
3590 (the “Aircraft”). 

 The purpose of this letter is to notify you that (i) the Aircraft has been removed
as of             from International Lease Finance Corporation’s facility provided by an AIG affiliate with funding provided to the AIG affiliate by the Federal Reserve Bank of New
York, (ii) all encumbrances and liens in favor of the Security Trustees are hereby released and discharged and (iii) any and all payments due under the Lease shall cease to be paid to the following account: 

[INSERT ACCOUNT DETAILS FROM PRIOR NOTICE] 
 Very truly yours, 
 WELLS FARGO BANK NORTHWEST, NATIONAL 

ASSOCIATION, not in its individual capacity but solely 
 as First Lien Security Trustee, Second Lien Security Trustee, 
 Third Lien Security
Trustee and Fourth Lien Security Trustee 
  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

 Confirmed and Acknowledged 
 International Lease Finance Corporation 
  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Annex 6-1

 ANNEX 7 
 FEDERAL AVIATION ADMINISTRATION CONVEYANCE AND ENGINE THRUST 
 INFORMATION

  

	 	•	 	 Aircraft Lease Agreement dated as of March 9, 2007 between International Lease Finance Corporation, as lessor and Concesionaria Vuela Compania de
Aviacion, S.A. de C.V. (succeeded by Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V.) (“Volaris”), as lessee, with Estoppel and Acceptance Certificate dated July 22, 2008 by Volaris attached thereto, with respect to the
Airframe and the Engines (collectively, the “Lease”), which Lease was filed with the FAA as one instrument on July 22, 2008, and assigned conveyance number SB001783. 

  
 Annex 7-1

 ANNEX 8 
 FORM OF LESSEE ACKNOWLEDGEMENT 
  

	From:	MACQUARIE AEROSPACE IRELAND LIMITED (the “Lessor”) 

	    	[NAME OF SECURITY TRUSTEE] (the “Security Trustee”) 

  

	To:	CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. (the “Lessee”) 

[            ] [        ], 2010

 Dear Sirs: 
 We refer to the lease
agreement dated March 9, 2007 currently between Lessor and Lessee (as successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.) (as supplemented and amended from time to time, the “Lease Agreement”) relating to one
Airbus A319-100 with manufacturer’s serial number 3590 (together with the engines described in the Lease Agreement, the “Aircraft”) together with all related agreements (including, without limitation, any supplements or
amendments) entered into in connection with, or relating to, the lease of the Aircraft and any letter of credit related thereto (together with the Lease Agreement, the “Lease Documents”); 

All terms defined in the Lease Agreement (including terms expressly defined therein or by reference to another document or otherwise), unless the context
otherwise requires, have the same meanings in this Lessee Acknowledgement (this “Acknowledgment”). 
 We hereby notify you, and
for good and valuable consideration, the receipt of which is hereby acknowledged, you acknowledge and agree to the following: 
 1. By the
Security Agreement made [DATE OF SECURITY AGREEMENT] (the “Security Agreement”) between, inter alios, the Lessor (as assignor) and the Security Trustee, the Lessor has assigned and encumbered to the Security Trustee, as security,
all of its right, title and interest in and to all of its rights, title and interests, present and future, actual or contingent, in and to, inter alia the Lease Documents (other than in relation to the Excluded Property (as defined below)) and all
other rights and benefits whatsoever accruing to it under the Lease Documents (collectively, the “Lease Assignment Documents”). By execution of the acknowledgement to this Acknowledgment you hereby consent, effective as of the date
hereof, to the security assignment in favor of the Security Trustee described in the preceding sentence. In this Acknowledgment, “Excluded Property” means all right, title and interest, present or future (actual or contingent) of
the Lessor in and to the operational indemnities contained in the Lease Documents, to the extent such indemnities are given expressly for the benefit of the Lessor or any of its directors, officers, employees, servants or agents only. 

2. Until the Security Trustee serves a Relevant Notice (as defined below) on you, you shall continue to (a) deal directly with the Lessor in respect
of the Lease Documents and the other Lease Assignment Documents to which you are party and (b) make payments as provided in the Lease Agreement. 

  
 Annex 8-1

 3. If the Security Trustee delivers to you a written notice that it has exercised its rights under the
Security Agreement (a “Relevant Notice”), then you shall thereafter perform, observe and comply with all terms of the Lease Documents and the other Lease Assignment Documents to which you are party for the benefit of the Security
Trustee as if the Security Trustee were named in place of the Lessor as a party to the Lease Assignment Documents. After the Security Trustee delivers any Relevant Notice, you shall not recognize the exercise by the Lessor of any of its rights and
powers under the Lease Assignment Documents unless and until requested to do so by the Security Trustee. 
 4. Save as expressly provided
herein, we hereby confirm that none of your rights and obligations under the Lease Documents will be affected (including, without limitation, any obligations in respect of the payment of Rent, Reserves, Taxes or other amounts due and payable under
the Lease) as a result of (a) the giving of this Acknowledgment or any Relevant Notice; or (b) the execution of the Lease Assignment. 

5. This Acknowledgment is governed by New York law. 
 This Acknowledgment and the authorizations and instructions contained in this Acknowledgment are irrevocable unless and until you receive written notice to the contrary from the Security Trustee. This
Acknowledgment and the instructions contained herein cannot be amended or modified without the written consent of the Security Trustee and the Lessor. The Security Trustee shall, in exercising any right, privilege or remedy under or in respect of
the Lease be bound by and exercise the same in accordance with the terms of the Lease and, to the extent it receives any sums, whether of Rent, proceeds of Insurances, Reserves or otherwise, shall hold, invest, apply, retain and reimburse such sums
as provided in the Lease but otherwise shall have no liability for the performance of, any other of the Lessor’s obligations under the Lease Assignment Documents unless expressly agreed to in writing by the Security Trustee. 

By its signature below, Lessee expressly acknowledges receipt of the Acknowledgment and expressly and irrevocably agrees to the
provisions contained in this Acknowledgment, including paragraph 3 hereof. 
 [Signature Page Follows] 

  
 Annex 8-2

 
	
	Yours faithfully,
	
	 
	 FOR AND ON BEHALF OF

MACQUARIE AEROSPACE IRELAND LIMITED
 (as
Lessor)

  

	
	 
	 For and on behalf of
 [NAME
OF SECURITY TRUSTEE]
 (as Security Trustee)

 

	
	 ACKNOWLEDGED AND AGREED
 this             day of             ,
20        
  
 CONCESIONARIA VUELA
COMPANIA
 DE AVIACION, S.A.P.I. DE C.V. (as Lessee)

 
 By:

Name:
 Title:
  
 By:
 Name:

Title:

  
 Annex 8-3

 ANNEX 9 
 FORM OF LETTER OF QUIET ENJOYMENT 

[            ] [        ], 2010

 CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V. 
 Prolongación Paseo de la Reforma #490 
 Piso 1 (Edificio GE) 

Col. Santa Fe Peña Blanca 
 Del.
Álvaro Obregón 
 01210 México, D.F. 
 México 
 Ladies and Gentlemen: 
 We confirm that we have received a copy and are aware of the terms of Aircraft Lease Agreement, dated March 9, 2007, as amended from time to time (the “Lease”), between Macquarie
Aerospace Ireland Limited (“Lessor”) and yourselves (as successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.) concerning that certain Airbus A319-100 aircraft bearing manufacturer’s serial number 3590 (the
“Aircraft”). Words and expressions defined in the Lease shall have the same respective meanings when used in this letter. 
 By
a Security Agreement dated as of [DATE OF SECURITY AGREEMENT] and acceded to by the Lessor on [            ] (the “Security Agreement”) among, amongst others, Lessor and
[NAME OF SECURITY TRUSTEE], as Security Trustee (“Security Trustee”), Lessor has assigned to the Security Trustee, as security, all of its rights, title and interest in, to and under the Lease and the other Collateral (as defined in
the Security Agreement), including certain insurance proceeds. 
 We hereby confirm that so long as no Default or Event of Default shall have
occurred and be continuing, we will not, through our own actions or through the actions of others lawfully claiming through or under us, interfere with your quiet, peaceful use, possession and enjoyment of the Aircraft in accordance with the terms
of the Lease. 
 [Signature Page Follows] 

  
 Annex 9-1

 
	
	Very truly yours,
	
	 
	[NAME OF SECURITY TRUSTEE]
	(as Security Trustee)

  
 Annex 9-2

 ANNEX 10 
 ASSIGNOR, ASSIGNEE AND LESSEE REPRESENTATIONS AND WARRANTIES 
 TO BE
INTENTIONALLY OMITTED FOR FAA FILING PURPOSES 
 (d) Assignor, Assignee and Lessee hereby agree and acknowledge that
immediately prior to the Effective Time, Assignor holds a cash Security Deposit in the amount of ***** pursuant to the terms and conditions of the Lease and that from and after the Effective Time, Assignee is deemed to have received and shall hold
(subject to and in accordance with the provisions of the Lease) such Security Deposit; 
 (e) Assignor, Assignee and Lessee
Acknowledgment. Assignor, Assignee and Lessee hereby agree and acknowledge as of the Effective Time that Rent under the Lease is ***** per month; and 
 (f) The Reserve Rates and balance of the reserve accounts as of             , 2010 are as set forth in Annex 3 hereof and as of the Effective
Time such amounts shall be deemed to have been received by and shall be held by Assignee subject to and in accordance with the relevant provisions of the Lease. 
  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 Annex 10-1

 ANNEX 11 
 FORM OF GUARANTEE 
 THIS GUARANTEE AND UNDERTAKING (this
“Guarantee”) is made on this [            ] day of [            ] 2010, between: 

(1) MACQUARIE AEROSPACE LIMITED, a company incorporated under the laws of Bermuda (“MAL”); and 

(2) CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V., a company incorporated under the laws of Mexico (“Lessee”).

 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows: 
 Clause 1. Definitions. Unless the context otherwise requires, the following terms shall have
the following meanings for all purposes of this Guarantee and shall be equally applicable both to the singular and plural forms of the terms defined. Any capitalized terms not defined herein shall have the meanings ascribed to them in the Lease (as
defined below). 
 “Assumption Agreement” means the assumption agreement dated
[            ], among MBL, Lessor and Lessee. 

“Lease” means the Aircraft Lease Agreement, dated as of March 9, 2007 between Lessor and Lessee (as successor to
Concesionaria Vuela Compania de Aviacion, S.A. de C.V.), pursuant to which Lessor has leased to Lessee one (1) Airbus A319-100 aircraft bearing manufacturer’s serial number 3590 and FAA registration mark N504VL together with two
(2) IAE International Aero Engines AG V2524-A5 engines bearing manufacturer’s serial numbers V13000 and V13002. 

“Lessor” means Macquarie Aerospace Ireland Limited, a company incorporated under the laws of Ireland. 

“New Owner” means Wells Fargo Bank Northwest, National Association, not in its individual capacity, but solely as
owner trustee of MSN 3590 Trust. 
 “MBL” means Macquarie Bank Limited, a company with limited liability
with Australian Business Number 46 008 583 543 incorporated under the laws of Australia. 
 Clause 2.
Representations and Warranties of MAL. MAL represents and warrants that: 
 2.1 this Guarantee constitutes a valid and
binding agreement of MAL. MAL is duly incorporated, validly existing and in good standing under the laws of Bermuda. The transactions contemplated hereby and the execution, delivery and performance of this Guarantee by MAL (i) have been duly
authorized by all necessary corporate action of MAL and (ii) are within MAL’s power and authority and do not and will not violate the constitutional documents of MAL, any applicable law, rule, regulation, judgment or court order or any
provision in any existing agreement binding on MAL; 

  
 Annex 11-1

 2.2 all authorizations, consents, registrations and notifications required to be obtained by
MAL in connection with the entry into, performance, validity and enforceability of this Guarantee and the transactions contemplated by this Guarantee, have been (or will on or before the date hereof have been) obtained or effected (as appropriate)
and are (or will be on their being obtained or effected) in full force and effect; and 
 2.3 on or prior to the date of this
Guarantee, MAL has not and does not anticipate the need to (i) commence a voluntary case or other proceeding, or become subject to an involuntary case or other proceeding, seeking liquidation, reorganization, adjudication as bankrupt,
winding-up, or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of
its property; (ii) consent to any relief or to the appointment of or taking possession by any such official in any voluntary case or other proceeding commenced against it; (iii) sell, assign, transfer all or a material part of its assets;
(iv) admit in writing its inability to pay its debts generally as they come due; (v) make a general assignment for the benefit of creditors; (v) cease to operate its business as a going concern; or (vi) commence any corporate
action to authorize any of the foregoing. 
 Clause 3. Guarantee. 

3.1 MAL, with effect from the date hereof, hereby unconditionally and irrevocably guarantees to Lessee the prompt payment and performance
of Lessor’s obligations to Lessee under the Lease, and compliance by Lessor with, all obligations, covenants, terms, conditions and undertakings of Lessor contained in the Lease and the Operative Documents to which Lessor is a party in
accordance with the terms thereof; provided, however, that such guarantee specifically excludes any and all obligations expressly assumed by MBL pursuant to the Assumption Agreement (such obligations of Lessor being referred to as the
“Guaranteed Obligations”); and 
 3.2 MAL undertakes to Lessee that, if Lessor does not perform any of the
Guaranteed Obligations when required to do so, it shall within two (2) Business Days of written demand from Lessee procure the performance by Lessor or perform itself the relevant Guaranteed Obligation. 

3.3 MAL as a principal obligor and as a separate and independent stipulation shall indemnify Lessee upon written demand against any loss,
liability or cost or expense suffered by Lessee (including reasonable attorneys’ fees and disbursements reasonably incurred by Lessee in the enforcement of this Guarantee) if (i) it does not perform the Guaranteed Obligations; and
(ii) if any obligation guaranteed by it becomes unenforceable, void or illegal. 
 3.4 The guarantee set out in this Clause
3 shall be automatically terminated, without the requirement for any further action by any party, with effect from the occurrence of any transfer by Lessor of its rights and obligations under the Lease in conformity with Article 24 of the Lease, and
MAL shall have no further liability or obligation hereunder with effect from such transfer save in respect of any liabilities or obligations arising prior to such transfer and any liabilities and obligations arising in connection with any rights
retained by MAL, and save as expressly set out herein. 

  
 Annex 11-2

 3.5 MAL shall not permit Lessor or New Owner to act or refrain from acting in any manner
contrary to the provisions of the Lease. 
 Clause 4. Release. Once all the Guaranteed Obligations have been
satisfied in full and MAL does not have any further actual or contingent liabilities thereunder, Lessee shall irrevocably and unconditionally release and discharge MAL from this Guarantee. 

Clause 5. Miscellaneous. 
 5.1 Governing Law. THIS GUARANTEE SHALL IN ALL RESPECTS BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, WITHOUT REFERENCE TO ANY
CONFLICT OF LAW RULES WHICH MIGHT LEAD TO THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. 
 5.2 Successors and
Assigns. The terms of this Guarantee shall be binding on, and inure to the benefit of, Lessee and MAL and their respective permitted successors and assigns. 
 5.3 Waiver of Notice and Defense. Except as provided in Clause 3.2, MAL hereby waives diligence, promptness, presentment, demand for payment or performance and protest and notice of protest, notice
of acceptance and any other notice in respect of the Guaranteed Obligations or any part of them, and any defense arising by reason of any disability or other defense. 
 5.4 Jurisdiction. The parties agree that the courts of the United States District Court for the Southern District of New York, or any court sitting in the county of New York, New York, are to have
non-exclusive jurisdiction to settle any disputes (including claims for set-off and counterclaims) which may arise in connection with the legal relationships established by this Guarantee or otherwise arising in connection with this Guarantee.
Nothing herein will prevent either party from bringing suit in any other appropriate jurisdiction. MAL further consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient or inappropriate court and agrees not to plead or claim the same. 

5.5 Severability. Should any one or more of the provisions of this Guarantee be held to be invalid, illegal or unenforceable in
any jurisdiction, the same 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, illegality or unenforceability of a particular provision in a particular jurisdiction shall not render such provision invalid, illegal or unenforceable in any other jurisdiction. 

5.6 Waivers, Amendments and Variations in Writing. The provisions of this Guarantee shall not be capable of being waived, amended
or varied otherwise than by an express waiver or amendment in writing; and in particular any failure to exercise or any delay in exercising any of such rights shall not operate as a waiver, amendment or variation of that or any other such right; any
defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such right; and no act or course of conduct or negotiation on Lessee’s part or on its behalf shall in any way preclude it
from exercising any such right or constitute a suspension of any variation or amendment of any such right. 

  
 Annex 11-3

 5.7 Notices. All notices and other communications under, or in connection with, this
Guarantee will, unless otherwise stated, be given and will become effective in the same manner as provided in Article 26 of the Lease. 
 The notice details of MAL are as follows: 
  

			
	Address:	  	 c/o Macquarie Aircraft Leasing Services (Ireland) Limited
 Level 1, South Bank House
 Barrow Street
 Dublin 4
 Ireland

	Fax:	  	+353 1 238 3299
	Attention:	  	Contracts Management Group
		
	With a copy to:	  	
		
	Address:	  	 Macquarie Aircraft Leasing Services (US) Inc.
 Two Embarcadero Center, Suite 200
 San Francisco, CA 94111

U.S.A.

	Fax:	  	+ 1 415 829 6899
	Attention:	  	Contracts Management Group

 *     *     * 

  
 Annex 11-4

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guarantee on the date shown
at the beginning of this Guarantee. 
  

			
	 CONCESIONARIA VUELA COMPAÑÍA
 DE AVIACIÓN, S.A.P.I. DE C.V.
	  	MACQUARIE AEROSPACE LIMITED
		
	By:	  	By:
	Name:	  	Name:
	Title:	  	Title:
		
	By:	  	
	Name:	  	
	Title:	  	

  
 Annex 11-5

 ANNEX 12 
 FORM OF ASSUMPTION AGREEMENT 
 Assumption Agreement 

 

	Date	[Insert Date] 

Parties 
  

	 	1.	Macquarie Aerospace Ireland Limited, a company duly organized and validly existing under the laws of Ireland having its registered office at Level 1, South Bank
House, Barrow Street, Dublin 4, Ireland (Lessor); 

  

	 	2.	Macquarie Bank Limited ***** of No. 1 Martin Place, Sydney, NSW 2000 (MBL); and 

 

	 	3.	Concesionaria Vuela Compania de Aviacion, S.A.P.I. de C.V., a company duly organized and validly existing under the laws of Mexico having its office at
Prolongación Paseo de la Reforma #490, Piso 1 (Edificio GE), Col. Santa Fe Peña Blanca, Del. Álvaro Obregón, México, D.F., México 01210 (Lessee) 

It is agreed as follows. 
  

	1.	Interpretation 

  

	1.1	Definitions 

 The
following definitions apply unless the context requires otherwise. 
 Aircraft means the A319-100 Aircraft bearing
manufacturer’s serial number 3590 and United States registration mark N504VL. 
 Assumed Obligations means
Lessor’s payment obligation under Articles 5.1.3 and 13 of the Lease, in each case which are existing on the date of this Assumption Agreement or which are incurred or become due at any time pursuant to and in accordance with the terms and
conditions of the Lease. 
 Lease means the Aircraft Lease Agreement, dated as of March 9, 2007, as amended
from time to time between Lessor and Lessee (as successor to Concesionaria Vuela Compania de Aviacion, S.A. de C.V.). 
  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  

 Operative Document has the meaning given to it in the Lease. 

 

	1.2	Interpretation 

 Headings
are for convenience only and do not affect interpretation. The following rules apply unless the context requires otherwise. 
  

	 	(a)	The singular includes the plural and the converse. 

  

	 	(b)	A gender includes all genders. 

  

	 	(c)	Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

 

	 	(d)	A reference to a person, corporation, trust, partnership, unincorporated body or other entity includes any of them. 

 

	 	(e)	A reference to a party to this Assumption Agreement or another agreement or document includes the party’s successors and permitted substitutes or assigns.

  

	 	(f)	Clause headings are for ease of reference only. 

  

	 	(g)	A reference to (or to any specified provision of) this Assumption Agreement, any other Operative Document or any other document shall be construed as a reference to
this Assumption Agreement, such other Operative Document, that provision or that document as in force for the time being and as amended, supplemented, modified, varied, assigned, novated or otherwise transferred in accordance with the terms
applicable thereto or, as the case may be, with the agreement of the relevant parties, except to the extent prohibited by this Assumption Agreement. 

  

	 	(h)	A reference to applicable law includes (i) applicable laws, statues, decrees, decree-laws, acts, codes, legislation, treaties, conventions and
similar instruments and, in respect of any of the foregoing, any instrument passed in substitution therefore or for the purposes of consolidation thereof with any other instrument or instruments, in each case, as amended, modified, varied or
supplemented from time to time, (ii) applicable final judgements, orders, determinations or awards of any court from which there is no right of appeal or if there is a right of appeal such appeal is not prosecuted within the allowable time, and
(iii) applicable orders, guidelines, notice, rules and regulations of any Government Entity. 

  

	1.3	Operative Document 

 This
Assumption Agreement is an Operative Document for the purpose of the Lease. 

	2.	Effect 

 With effect on
and from the date of this Assumption Agreement and for good and valuable consideration, the receipt and sufficiency of which the Parties hereby acknowledge: 
  

	 	(a)	MBL assumes the Assumed Obligations, and shall be substituted for Lessor under each Operative Document to the extent it applies to the Assumed Obligations, as if it had
originally been a party to such Operative Document instead of Lessor; and 

  

	 	(b)	MBL (i) is bound by and will comply with the provisions of each Operative Document to the extent it applies to the Assumed Obligations, (ii) assumes
Lessor’s obligations and liabilities under and in relation to each Operative Document to the extent they apply to the Assumed Obligations, and (iii) enjoys all the rights and benefits of Lessor under the Operative Documents to the extent
they apply to the Assumed Obligations. 

  

	 	(c)	MBL will not be liable for any payment owed to Lessee under an Operative Document which does not arise from or relate to the Assumed Obligations.

  

	 	(d)	Subject to the provisions of (a) through (c) above, Lessor is irrevocably and unconditionally discharged and released from the Assumed Obligations;

  

	3.	Automatic release 

 Once
all the Assumed Obligations have been irrevocably and unconditionally satisfied in full and MBL does not have any further actual or contingent liabilities thereunder, Lessee shall irrevocably and unconditionally release and discharge MBL from this
Assumption Agreement. 
  

	4.	Governing law 

  

	 	(a)	This Assumption Agreement is governed by the laws of New York. 

  

	 	(b)	The parties hereto hereby irrevocably consent to the non-exclusive jurisdiction of the New York State Supreme Court, New York County or the United States Federal
District Court for the Southern District of New York. Nothing herein will prevent either party from bringing suit in any other appropriate jurisdiction. 

 Each of the attorneys executing this Assumption Agreement states that the attorney has no notice of revocation of the attorney’s power of attorney. 

 
			
	MACQUARIE AEROSPACE IRELAND LIMITED, as Lessor
		
	By:	 	 
	 Name:
 Title:
	 	
	
	MACQUARIE BANK LIMITED 
		
	By:	 	 
	 Name:
 Title:
	 	
		
	By:	 	 
	 Name:
 Title:
	 	
	
	CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A.P.I. DE C.V., as Lessee 
		
	By:	 	 
	 Name:
 Title:
	 	
		
	By:	 	 
	 Name:
 Title:

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