Document:

EX-10.2.2

 Exhibit 10.2.2 
 LEASE CONTRACT No. OP-DC-CA-T1-0061-12 
 LEASE AGREEMENT DATED OCTOBER
29, 2012, BETWEEN OPAIN S.A. 
 AND AEROVÍAS DEL CONTINENTE AMERICANO S.A. AVIANCA 

TABLE OF CONTENTS 
  

					
		
	 1. INTERPRETATION AND DEFINITIONS
	  	 	3	  
		
	 1.01. Interpretation
	  	 	3	  
		
	 1.02 Definitions
	  	 	3	  
		
	 2. WHEREAS
	  	 	4	  
		
	 3. PURPOSE
	  	 	5	  
	 3.01. Purpose
	  	 	5	  
	 3.02. Term
	  	 	5	  
	 3.03. Consideration
	  	 	5	  
	 3.0.4. Invoicing
	  	 	5	  
	 3.05. Method of payment
	  	 	5	  
	 3.06. Non exclusivity
	  	 	5	  
		
	 4. THE PREMISES
	  	 	6	  
	 4.01. The Premises
	  	 	6	  
	 4.02. Use
	  	 	6	  
	 4.03. Receiving Possession / Condition of the Premises
	  	 	6	  
	 4.04. Improvements
	  	 	6	  
		
	 5. PRELIMINARY STAGE
	  	 	6	  
	 5.01. Term
	  	 	6	  
	 5.02. Obligations of the TENANT relating to the Preliminary Stage
	  	 	6	  
	 5.03. Obligations of OPAIN relating to the Preliminary Stage
	  	 	7	  
	 5.04. Conditions for the signing of the Certificate for the Commencement of Adaptations
	  	 	7	  
		
	 6. Adaptation Stage
	  	 	7	  
	 6.01. Term
	  	 	7	  
	 6.02. Obligations of the TENANT relating to the Adaptation Stage
	  	 	7	  
	 6.03. Obligations of OPAIN relating to the Adaptation Stage
	  	 	8	  
	 6.04. Conditions to sign the Certificate of Commencement of Commercial Exploitation
	  	 	9	  
		
	 7. COMMERCIAL EXPLOITATION STAGE
	  	 	9	  
	 7.01. Term
	  	 	9	  
	 7.02. Obligations of the TENANT relating to the Commercial Exploitation Stage
	  	 	9	  
	 7.03. Repairs and Improvements
	  	 	9	  

  
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	 8. OBLIGATIONS OF THE PARTIES APPLICABLE TO ALL STAGES OF THE AGREEMENT
	  	 	9	  
	 8.01. Obligations of the TENANT
	  	 	9	  
	 8.02. Obligations of the
	  	 	11	  
	 8.03. TENANTE in relation to Environmental Regulations
	  	 	11	  
	 8.03 Obligations OPAIN
	  	 	11	  
	 8.04. Indemnity
	  	 	12	  
		
	 9. SPECIAL PROVISIONS
	  	 	12	  
	 9.01. Utilities
	  	 	12	  
	 9.02. Civil Non-Contractual Liability Policy
	  	 	12	  
	 9.03. Compliance Policy
	  	 	13	  
	 9.04. Lease Assignment
	  	 	13	  
	 9.05. Good Will
	  	 	13	  
	 9.06. Risks of the TENANT
	  	 	13	  
	 9.07. Conformity with the Procurement Transparency Protocol of OPAIN
	  	 	13	  
	 9.12 Non-Economic sanctions
	  	 	15	  
	 9.13 Penal Obligation Clause
	  	 	15	  
	 9.14 Contract settlement
	  	 	15	  
		
	 10. TERMINATION BY MUTUAL AGREEMENT
	  	 	15	  
	 11.01. Premises Restitution
	  	 	16	  
		
	 12. MISCELLANEOUS
	  	 	16	  
	 12.01. Inspection
	  	 	16	  
	 12.02. Liability
	  	 	16	  
	 12.03. Relation between the Parties
	  	 	16	  
	 12.4. Identification of the TENANT’S staff
	  	 	17	  
	 12.5. Confidentiality
	  	 	17	  
	 12.06. Settlement of Disputes
	  	 	17	  
	 12.07. Taxes
	  	 	18	  
	 12.09. Amendments
	  	 	18	  
	 12.11. Governing Law
	  	 	18	  
	 12.13. Expenses
	  	 	19	  
	 12.14. Counterparts
	  	 	19	  

  
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 LEASE CONTRACT No. OP-DC-CA-T1-0061-12 

 

 LEASE CONTRACT ENTERES INTO OCTOBER 29 2012, BETWEEN OPAIN S.A. AND AEROVÍAS DEL CONTINENTE
AMERICANO S.A. AVIANCA 
 This lease Contract (as amended or supplemented from time to time by mutual agreement between the parties,
including its annexes, the “Contract”) is entered into on 29 October 2012 by and between (i) Sociedad Concesionaria Operadora Aeroportuaria Internacional S.A. – Opain S.A. (“OPAIN”); and
(ii) AEROVÍAS DEL CONTINENTE AMERICANO S.A. AVIANCA (the “TENANT”), collectively referred to as “The Parties”. 
 1. INTERPRETATION AND DEFINITIONS 
 1.01. Interpretation: For the purposes of this
Contract, unless otherwise expressly stated, the terms in capitals herein used shall have the meaning granted to those terms in Clause 1.02 stated below. Technical and scientific words that are not expressly defined in this Contract shall have the
correspondent meaning according to their respective technic or science area and the rest of the words shall be understood in their natural an obvious sense, according to their general use. Titles in the respective Clauses are included for reference
and convenience purposes but in no way limit, define or describe the scope of this Contract and are not considered part of it. 
 1.02
Definitions: The following definitions are established for the purposes of this Contract, which shall have the meaning stated below, whether used in singular or plural: 
 “Certification of Commencement of Adaptation Works”: Document to be signed by the Parties following the model of Annex 1. 
 “Certification of Commencement of Commercial Exploitation: Document to be signed by the Parties following the model of Annex 2. 
 “Certification of Satisfactory Receipt of the Works”: Document to be signed by the Parties following the model of Annex 3. 
 “Certification of Conclusion”: Document to be signed by the Parties at the time of the Contract settlement. “AEROCIVIL”: The Special Administrative Unit of the Civilian
Aeronautics of the Republic of Colombia. 
 “AIRPORT”: Eldorado International Airport of Bogota D.C. 

“Granted Area”: Areas handed over to OPAIN to manage, operate, make commercial use, keep in good condition, retrofit and expand under
this Lease Contract. 
 “TENANT”: It refers to the meaning provided in the heading of this Contract. 

“Governmental Authorities”: (i) Any State or Republic, including, without limitation, Aerocivil, authorities or organizations
belonging to any branch of the public power or any entity that does not belongs to them but are part of the State or Republic or who are performing activities granted by the State or Republic (including the Central Bank), administrative subdivision
of said State or Republic (such as Ministries, Administrative Departments, Superintendence, Districts and Municipalities, among others) and any entity, with or without legal capacity, that is a decentralized administrative entity, by services or
collaboration, of any order, that has authority to issue laws, decrees, resolutions, ordinances, rulings, judicial decrees, arbitration awards, or, in general, mandatory enforcement decisions, provided the Party to whom it is imposed is legally
bound to the proceedings, as a party or as a third part; and (ii) any other public entity with authority to enforce such laws, decrees, resolutions, ordinances.,. 
 “Consideration”: It refers to the meaning provided in Clause 3.03 of this Contract. 

  
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 “Contract”: It refers to the meaning provided in the heading of this Contract.

 “Business day”: Any day of the week that is not Friday, Sunday or a public holyday in Colombia. 

“Preliminary Stage”: The stage of performance of the Contract according to Clause 5. 

“Adaptations Stage”: The stage of undertaking the adaptation works of the Contract according to Clause 6. 

“Commercial Exploitation Stage”: The stage of performance of the Contract according to Clause 7. 

“Trust”: The FIDECOMISO OPAIN S.A – FIDUCIARIA BANCOLOMBIA S.A. trust or the trust replacing it. 

“Premises”: The space defined in Clause 4.01 of the Contract. 
 “CPI”: The Consumer Price Index that represents their variation in Colombia, issued bye the National Administrative Department of Statistics – DANE (or the governmental authority
acting as such). 
 “Applicable Law”: The laws, decrees, resolutions, ordinances and administrative acts applicable to the
parties or, in general, the mandatory regulation. 
 “Month”: Each one of the twelve periods, between 28 and 31 days, the year
is divided by. Said periods are: January, February, March, April, May, June, July, August, September, October, November and December. 

“OPAIN”: It refers to the meaning provided in the heading in this Contract. 
 “Parties”: It refers to the meaning provided in the heading in this Contract. 

“Permits”: The authorizations, related to the TENANT, issued by OPAIN to commence the works required during the adaptations
stage. 
 “OPAIN Plan”: The current maintenance, operation and safety plans developed by OPAIN for the Airport, available from
OPAIN upon request. 
 “Policy”: It refers to the meaning provided in Clauses 9.02 and 9.03. 

“Space Possessor Adaptation / Remodeling and Maintenance Procedure”: The document contained in Annex 6, which defines the rules and
parameters for the physical adaptations of the property. 
 2. WHEREAS, 
 2.01.1 OPAIN and AEROCIVIL signed the Concession Contract by which the administration, operation, commercial exploitation, maintenance, retrofitting and expansion of the Airport were granted to
OPAIN. 
 2.01.2 OPAIN holds the tenancy of the Granted Area under a concession title. Because of this Contract the mere tenancy
of the Property is handed over to the TENANT for its use, keeping AEROCIVL all the rights derived from its ownership. 
 2.01.3 The
Premises, whose tenancy OPAIN hands over to the TENANT, is part of the Granted Area. 

  
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 2.01.4 In accordance with the provisions set forth in the Concession Contract, OPAIN is
entitled to the commercial exploitation of the Airport arising from the performance of agreements or legal transactions that might create any kind of consideration, including, among others, this Contract. 

3. PURPOSE 
 3.01. Purpose: By
means of this agreement, OPAIN, on the date of the Certification of Commencement of Commercial Exploitation, shall hand over the tenancy of the Premises to the TENANT for the duration set forth in Clause 3.02, so the TENANT gives the
Premises the use provided in Clause 4.02, prior fulfillment of the activities of the Preliminary and Adaptation Stages. 
 OPAIN shall
provisionally hand over the Premises during the adaptations period, so it can be prepared it for its commercial destination, through a Certification of Commencement of Adaptation Works. The property shall be physically handed over to the TENANT as
appears on the Certification of Commencement of Commercial Exploitation, signed by the Legal Representative Agents of each Party. 
 3.02.
Term: The Contract shall apply from its date of signing until the due date of Month No. 23 counted from the date on the Certification of Commencement of Commercial Exploitation. This Term shall extend automatically, in a successive manner,
and the Parties shall not invoke the expiration of the term to end the Contract. 
 In the event that OPAIN requests the Premises
invoking Paragraph two (2) or three (3), Article 518 of the Commercial Code, or in the event of an order issued by a competent authority, the provisions of Clause 10.01 shall apply. 
 3.03. Consideration: The TENANT is bound to unconditionally pay to OPAIN the following amount (the “Consideration”), starting from the date on the Certification of
Commencement of Commercial Exploitation, for the Tenancy of the Premises: 
 3.03.1. $13,877.759.00 plus VAT for 35.59 M2. This amount
shall be readjusted every accomplished year counted from the date on the Certification of Commencement of Commercial Exploitation, with the accrued CPI between January 1 and December 31 of the immediately preceding year. The agreed
readjustment in this clause shall be the only one applicable to the Consideration, even in the event of extension or renewal of the Contract. 

3.0.4. Invoicing: In order to issue the invoices one shall proceed as follows: 
 The amount of the consideration shall be invoiced monthly in an advanced month manner. 
 3.05.
Method of payment: The TENANT is bound to pay the Consideration as follows: 
 The amount of the consideration shall be paid within 5
days of receipt of the invoice issued by the Trust. 
 3.06. Non exclusivity: This Contract does not imply exclusivity in favor or the
TENANT to develop its commercial activities. Therefore, OPAIN may lease other areas that are part of the Granted Area to whom it deems necessary to carry out the purpose of the Concession Contract, even if said third parties carry out
the same activities as the TENANT and compete with the latter. OPAIN does not guarantee the TENANT minimal income for carrying out its activities in the Premises. 

  
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 4. THE PREMISES 
 4.01. The Premises: Is the defined and delimited area presented in Annex 4, which shall be handed over to the TENANT to use according to the provisions en Clause 4.02 below: 

4.02. Use: The Premises shall be used by the TENANT, solely and exclusively as an essential area for the TENANT’S support
office intended as a ticket sales counter (Front Office) as established in Appendix F, Paragraph 7.1.1 of the Concession Contract No. 6000169 OK, and shall not have a different use without prior and written consent from OPAIN. The
TENANT is bound to name its business establishment operating in the Premises as AVIANCA. If the business establishment requires changing its denomination, the TENANT must inform OPAIN before hand, and shall such request
proceed, it must be stated in written form. 
 4.03. Receival and Condition of the Premises: The TENANT declares (i) pursuant
to the Contract and the Certification of Commencement of Adaptation Works, it shall receive the Premises in an adequate state, completed structure, as established in Paragraph 12, Section 1.5, Appendix F of the Concession Contract, in the
Premises Hand-over Design and Technical Specifications established in Annex 5, and in accordance with the Certification of Commencement of Commercial Exploitation, which is considered part of this document, that establishes, in addition, the
Premise’s inventory; (ii) that it is bound to take care of, preserve and maintain the Premises; and, (iii) that it shall return the Premises to OPAIN in the same condition described in the Certification of Commencement of
Adaptation Work, except for the damage caused by the passage of time, improvement works that can be removed, and its legitimate use. The damages to the Premises caused by abuses or carelessness from the TENANT during its tenancy, shall be
charged to him. Notwithstanding the provisions of this clause, the TENANT is bound to make wear and tear repairs and thus keep the Premises in the same condition as it received it, according to the Certification of Commencement of Adaptation
Works, except for those that may result due to day to day use. 
 4.04. Improvements: The TENANT acknowledges all adaptations
carried out in the Premises that have a fixed and permanent character, whatever their nature and value, shall be property of AEROCIVIL, thus, the TENANT shall not receive any reimbursement or compensation for said adaptations, whether declaratory or
compensatory. Notwithstanding the foregoing, the TENANT may remove adaptations in order to leave the Premises in the same condition as it received it, according to the Certification of Commencement of Adaptation Works, I, except for those that may
result due to day-to-day use. Furthermore, the adaptations consisting of equipment installation and other goods that can be removed from the Premises without causing it damage shall be taken by the TENANT at its own expense upon termination
of this Contract. 
 5. PRELIMINARY STAGE 
 5.01. Term: The Preliminary Stage shall last from the date of signing of this Contract until the date on the Certification of Commencement of Adaptation Works. 

5.02. Obligations of the TENANT relating to the Preliminary Stage: During the Preliminary Stage the TENANT is bound to: 

5.02.1. Constitute the Policy and hand it over to OPAIN within the 30 calendar days after signing the Contract; 

5.02.2. Hand over the design, adaptation and works plan for the Premises following OPAIN’S instructions, within 30 calendar days after
signing the Contract, and perform the adjustments suggested by OPAIN in a timely manner. 

  
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 5.02.3. Apply before OPAIN for the Permit, according to the applicable conditions
established in Annex 6. 
 5.03. Obligations of OPAIN relating to the Preliminary Stage: During the Preliminary Stage OPAIN is
bound to: 
 5.03.1. Check the design, adaptation and works plan for the Premises and works schedule provided by the TENANT, within
15 calendar days after having received them, (i) approve if they agree with them; r (ii) request the adjustments deemed necessary. In the event that OPAIN requests an adjustment or clarifications, the TENANT shall give an
answer within five (5) calendar days and OPAIN shall have an additional term of five (5) calendar days to make a pronouncement on the matter. The design, adaptation and works plan and schedule shall be considered as approved if
OPAIN fails to make a pronouncement within the terms aforementioned. 
 5.03.2. Allow the TENANT to access the Premises, so
the TENANT can elaborate the plans and assess the physical and structural particularities of the Premises in order to execute the Adaptation Stage. 
 5.03.3. Grant the Permit to the TENANT, according to the applicable conditions established in Annex 6. 
 5.04. Conditions for the signing of the Certification of Commencement of Adaptation Works: The Parties shall sign the Certification of Commencement of Adaptation Works only if the following
requirements are met: 
 5.04.1. The Policy has been constituted in a satisfactory manner for OPAIN; 

5.04.2. The design, adaptation and works plans have been approved by OPAIN; 
 5.04.3. The TENANT has the necessary Permits to start the adaptation works in the Premises. 
 5.04.4. The Premises are in suitable conditions to start the adaptation; 
 6. Adaptation
Stage 
 6.01. Term: The Adaptation Stage shall last from the date on the Certification of Commencement of Adaptation Works until the
date on the Certification of Commencement of Commercial Exploitation. 
 6.02. Obligations of the TENANT relating to the Adaptation Stage:
During the Adaptation Stage the TENANT is bound to: 
 6.02.1. Carry out the adaptation works in a coordinated manner with
OPAIN. 
 6.02.2. Install in the Premises the Voice & Data Systems available in the Airport, according to the operational
needs of the Premises. This installation shall only be performed pursuant to the procedures and guidelines established by OPAIN. In any event, OPAIN, directly or indirectly, shall guarantee the existence of the telecommunication
services through OPAIN’S Network and Telecommunication Services Provider (ESP) of its preference. 
 6.02.3. Comply with the
Adaptation / Remodeling and Maintenance Procedure for Space Possessors, according to the provisions in Annex 6, by which the guidelines on physical adaptations of the Premises are set forth, which must conserve uniformity with the image and
architectural identity displayed in the Airport. 

  
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 6.02.4. Carry out the adaptation works in a maximum period of forty-five (45) calendar days,
counted from the Certification of Commencement of Adaptation Works. 
 6.02.5. Allow for programmed visits and inspections in the leased
property resulting from the verification process of the Retrofitting and Expansion Works that Aerocivil and the Concession Contract Auditor will perform. 
 6.02.6. Carry out the connections to the utilities available in the Premises; 

6.02.7. Pay for the utilities available in the Premises, payment that shall be done to the company providing the service. 

6.02.8. Examine any request from OPAIN regarding the withdrawal of the TENANT staff and/or any of the subcontractors performing the
works, with prior delivery of a communication describing the reasonable causes leading to believe the said personnel might affect the Airport ́s safety, or might compromise OPAIN’S liability under the Concession Contract, annexing
supporting proofs for such claims. In any event, by signing this Contract the TENANT accepts that in any moment and once the aforementioned situation is notified, OPAIN may prevent such personnel from entering the area where the works
are being performed without any liability for the TENANT, who renounces to file any claim against OPAIN regarding such events; 

6.02.9. Accept the regulations established in OPAIN’S Plans for the undertaking of the works, one of which is that all personnel
designated to execute this Contract shall comply with the security regulations set forth by OPAIN. Also, the TENANT must comply with the Airport Security regulations, including those relating to entering the facilities and
identification bearing; 
 6.02.10. Undertake, at his own risk and expense, one hundred percent (100%) of the total investment in
the Premises that allows for the performance of the Contract; and, 
 6.03. Obligations of OPAIN relating to the Adaptation Stage: During
the Adaptation Stage OPAIN is bound to: 
 6.03.1. Perform the provisional hand over for adaptations of the Premises regarding to
the conditions established jointly by the Parties by agreement. 
 6.03.2. Cooperate with the TENANT during the adaptation works
the TENANT will carry out, timely providing all the information the TENANT requires to perform under the purpose of this Contract. 
 6.03.4. Inform the TENANT about the utilities that will be available in the PREMISES and the authorized providers in the Airport; and 

6.03.5. Inspect the adaptation works and, within 15 calendar days after being notified of their finalization by the TENANT,
(i) approve the works if OPAIN is satisfied, which shall stated in the Certification of Satisfactory Receipt of the Works; or (ii) demand the adjustments deemed necessary by OPAIN. In the event OPAIN requests
adjustment or clarification, the TENANT shall provide an answer within the next ten (10) calendar days and OPAIN shall have an additional term of 5 days to approve them or request further adjustments. The adaptation works shall be
deemed as approved if OPAIN does not make any statements during the aforementioned term. 

  
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 6.04. Conditions for the signing of the Certification of Commencement of Commercial Exploitation:
The Parties shall sign the Certification of Commencement of Commercial Exploitation only if the following requirements are met: 
 6.04.1.
OPAIN has approved the adaptation works of the Premises, tacitly or expressly; 
 6.04.2. OPAIN has informed the TENANT the
Passenger Terminal is ready for a comprehensive start of operations; and 
 6.04.3. The TENANT begins the commercial use of the
Premises for passenger assistance. 
 7. COMMERCIAL EXPLOITATION STAGE 
 7.01. Term: The Commercial Exploitation Stage shall last from the date of on the Certification of Commencement of the Exploitation Stage until the date on the Certification of Termination of the
Contract. 
 7.02. Obligations of the TENANT relating to the Commercial Exploitation Stage: During the Commercial Exploitation
Stage the TENANT is bound to: 
 7.02.1. Deliver de Front office areas. 
 7.02.2. Pay OPAIN the Consideration under the conditions and amount established in this Contract; 
 7.02.3. Keep the Premises in an adequate state, as received by the TENANT, according to the Certification of Commencement of Commercial Exploitation; 

7.02.4. Operate the Premises in order to perform the use for which this Contract is signed, 7 days a week, in the hours established by the
TENANT according to his timetables. 
 7.02.5. Attempt to make sure the TENANT’S staff assisting the passengers has
basic knowledge of the English language; and 
 7.02.6. Make sure a fixed-point supervisor appointed by the TENANT is available in
order to timely resolve any inconvenience or complain that may arise from the passengers. 
 7.03. Repairs and Improvements: OPAIN
shall carry out only the repairs directly related to the structural elements of the Premises, produced by the passage of time, construction flaws, force majeure or acts of nature, so the TENANT is bound to carry out at his own risk and
expenses the rest of the repairs, including those considered wear and tear. 
 The TENANT shall perform useful and voluntary improvements
in the Premises, with prior written consent of OPAIN. In any event, the TENANT shall be responsible for any damage inflicted to third parties, provided there is gross negligence or willful misconduct by the TENANT, e. The
aforementioned consent does not apply to the regular maintenance of the property. 
 8. OBLIGATIONS OF THE PARTIES APPLICABLE TO ALL STAGES
OF THE AGREEMENT 
 8.01. Obligations of the TENANT: The following are the general obligations of the TENANT:

 8.01.1 Use the Premises in accordance with the provisions set forth in this Contract; 

8.01.02. Comply with OPAIN’S Plans; 
 8.01.3. Pay to OPAIN the Consideration established in Clause 3.03; 

  
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 8.01.4. Keep the Permits in full force, at any time. 

8.01.5. Pay OPAIN the Regulated Income at the TENANT’S charge (as defined in the Concession Contract) directly related to this
agreement, in a complete and timely way, pursuing Resolution 05496, 2005, issued by AEROCIVIL, and amended by Resolution 2013, 2006. 

8.01.6. Pay all utilities invoices and/or fares of the Premises, caused since the Certification of Commencement of Adaptation Works; 

8.01.7. Refrain from using the Premises to hide people; deposit arms, explosives or terrorist group’s money; therefore, it is expressly and
strictly prohibited to use the Premises to the ends established in section b) of the paragraph of Article 38, Decree 180, 1998, and Article 34, Law 30, 1986. Likewise, the TENANT shall not use the Premises to produce, store and sell drugs and
hallucinatory substances such as marihuana, hashish, cocaine and other related, or any other illicit activity; in any event the TENANT is no responsible for third parties’ acts that for this specific case, shall be all people different
to the staff of the TENANT. 
 8.01.8. Keep in force the Policies that Clauses 9.02 and 9.03 of this Contract refers to, for the
complete duration of this lease agreement. 
 8.01.9. Observe and strictly comply the written instructions provided by OPAIN,
inherent with the performance of this agreement. 
 8.01.10. Accept responsibility before OPAIN and third parties for all damages
and harm the TENANT or any person under his supervision or care cause to people or property because of gross negligence or willful misconduct, carelessness or ignorance of the safety regulations established in the applicable laws and
OPAIN’S Plans; 
 8.01.11 Free and relieve OPAIN from liability as established in Clause 8.04; 

8.01.12. Accept responsibility for all expenses and expenditures caused during the performance of the TENANT’S activities, including
those relating to any accident attributable to it. 
 8.01.13. Take all measures required to take care of any accident that may occur
while performing its activities and prevent the occurrence of new accidents. Furthermore, the TENANT is bound to adopt the applicable preventive and corrective measures in order to avoid that the accident occur again, or to prevent the damage
to extend or worsen the situation; 
 8.01.14. Notify OPAIN immediately about any misappropriation, disturbance, encumbrance, loss
of tenure, imposition of easement rights that any person attempts on the Premises, wear and/or flaw in the Premises that OPAIN must repair; 
 8.01.15. Refrain from introducing in the Premises or the Granted Area inflammable substances, explosives, pollutants, hallucinogen substances, or any other element that might threaten the integrity
and security of the Airport or its users. Without prejudice of the foregoing, OPAIN may grant express authorization to introduce these substances, in the event the activity of the TENANT requires it; 

8.01.16. Address the complaints and claims received through OPAIN, relating to the condition of the Premises or to flaws in the quality of
the service provided by the TENANT. The TENANT must resolve these complaints and claims within the next 10 workdays after notification from OPAIN. 
 8.01.17. Comply with the Airport’s solid waste management rules, according to the Environmental Plan. 

  
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 8.01.18. Ensure that the TENANT, its stockholders or people part of the economic group (if
it exists) it belongs to, (i) are not part of the executive list of the OFAC (Office of Foreign Assets Control of the Department of Treasury of the United States of America), (ii) have not been condemned for crimes against property, money
laundering and/or illicit enrichment, and (iii) expired ownership has been declared upon their properties in accordance to the Applicable Law; 
 8.01.19. Assess the recommendations provided by all entities regulating International Civil Aviation, and allow the development of the campaigns to inform passengers about these recommendations.

 8.01.20. Refrain from granting access to personnel to other areas different to the leased ones, without bearing the identification
that authorizes them to transit these areas. 
 8.01.21. Comply with the Airfields Regulations and the dispositions established in the
Local Airport Safety Plan; 
 8.01.22. Refrain from exhibiting external advertisements in the Premises, excluding the Establishment Sign,
which must be approved by OPAIN within 5 business days, counted from the receipt of the request from the TENANT. 

8.01.23. Refrain from using the name, brands or logos of OPAIN associated to the Airport, unless there is written consent from
OPAIN. 
 8.01.24. Refrain from performing any action or omission that, because of its nature, might represent or cause a security
threat in the Premises, the Airport or to the air operation; 
 8.01.25. Deliver and/or pay to the Trust the amount stated by this
Contract, according to the instructions of OPAIN and/or the Trust; and 
 8.01.26. Fulfill the rest of the obligations derived
from this Contract and the Applicable Law. 
 8.02. Obligations of the TENANT relating to Environmental Regulations. The TENANT shall
always fulfill the applicable provisions of the Environmental Plan, as well as the obligations below, and shall take all the necessary measures to protect the environment; 
 8.02.1. Prepare any document necessary to comply with the Environmental License (as per the definition established in the Concession Contract), where applicable; 

8.02.2. Notify OPAIN immediately regarding any breach relating the Environmental Regulation, as well as any claim alleged by the
environmental control and monitoring agencies, or any contractual breach relating to the fulfillment and performance of the obligations derived from the Environmental Obligations; and 
 8.02.3. Comply with the corrective plans pointed out by OPAIN, AEROCIVIL and/or the control and monitoring agencies, regarding the breaches or threats that may arise, associated with the
Environmental Regulations. 
 8.03. Obligations of OPAIN: The following are the general obligations of OPAIN: 

8.03.1. Deliver the tenancy of the Premises to the TENANT, under leasehold title, from the date stated in the Certification of Commencement
of Commercial Exploitation. 

  
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 8.03.2. Allow the access to the Premises to the TENANT’S staff duly identified with
the identity card issued by OPAIN, in accordance to the instructions provided by OPAIN. 
 8.03.3. Free and relieve the
TENANT from liability as established in Clause 8.04; 
 8.03.4. Fulfill the rest of the obligations derived from this Contract and
the Applicable Law. 
 8.04. Indemnity: Each Party shall Free and relieve the other Party and its subsidiaries, affiliates, headquarters
and their respective stockholders, executives, employees, agents, successors, assignees, trusts or any other party, against all liabilities, damages, demands and claims caused to properties, lives, or personal integrity of a Party, its employees,
agents or subcontractors, or any third party, directly or indirectly arising from incidents, actions or omissions of one of the Parties, its employees, agents, subcontractors, during the performance of this Contract. 

8.04.1. Each Party will immediately inform of any claim or action that is instituted against any of the Parties Party relating to this Contract,
as soon as they are aware of it. In this event, the Party shall provide all the necessary collaboration and provide any document or information it has that might be considered as useful. 
 8.04.02. The indemnity obligation established in this Clause shall outlast the termination of this Contract and shall have effect for a term of 5 years after the date of termination of this
Contract. 
 9. SPECIAL PROVISIONS: 
 9.01. Utilities: During the validity of this Contract, the TENANT commits to fulfill the payment of all invoices and/or fare of the utilities of the Premises generated since the date stated
by the Certification of Commencement of Adaptation Works. 
 9.01.1. OPAIN reserves the right to request that the TENANT hand over
the invoices as evidence of payment of the utilities. 
 9.01.2. The claims relating to the proper provision or invoicing of the
aforementioned utilities, shall be directly settled by the TENANT before the respective service provider. 
 9.01.3. If as a
result of non-timely payment of the utilities the respective company suspends, removes the electric power service or telephone line services, the TENANT be responsible for the payment, at its own expense, of the related interests as well as
reconnection expenses. 
 9.01.4. This Contract, along with the invoices paid by OPAIN, constitutes an enforcement order to
judicially collect from the TENANT and its guarantors; the utilities the TENANT refrained from paying. 
 9.02. Civil
Non-Contractual Liability Policy: The TENANT commits to procure a Civil Non-Contractual Liability Policy (the “Policy”) with a legally established Colombian insurance company, which is deemed as acceptable by OPAIN, with the
following conditions: 
 Taker: THE TENANT 
 Policy Holders: OPAIN S.A. NIT 900.105.860-4, FIDUCIARIA OPAIN S.A.-FIDUCIARIA BANCOLOMBIA, NIT 830.054.539-0, and the TENANT. 

Beneficiaries: Damaged Third Parties. 

Protection and Validity: The validity of this protection shall be annual. 

  
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 Insured Value: The Policy shall have an insured value equivalent to Sixty Million Pesos
($60.000.000). The contracted coverture shall be full (100%) basic protection (land, labor and operations) per event, plus the annual accrued, medical expenses 10% per event and 20% for the annual accrued, contractors and subcontractors to
full extend (100%), own and third parties’ vehicles 10% per event and 30% validity, employer 25% per event and 50% for the annual accrued. All protections have a deductible charge of 10% of the loss value that the TENANT shall assume,
minimum 5 Monthly Legal Wages. 
 9.02.1. The issuing of the Policy does not exempt the TENANT of its obligation of indemnifying OPAIN
for all the damages arising from the non-fulfillment of this Contract. 
 9.02.2. The TENANT shall replace the Policy when its value is
affected for whatever reason. Said replacement shall be performed within the next 10 calendar days after using the initial insured value for the occurrence of an incident. In the event the Policy is called upon, the TENANT shall pay the deductible.
The Policy is an accessory and shall be taken without prejudice of all obligations derived from the same 
 9.03. Compliance Policy: A
policy to ensure the compliance of the obligations derived from the signing of this Contract, including, but not limited to, those related to payments on its charge, with the following characteristics: 

Taker and Secured Person: The TENANT. 
 Beneficiaries: OPAIN S.A. NIT 900.105.860-4, FIDUCIARIA OPAIN S.A.-FIDUCIARIA BANCOLOMBIA, NIT 830.054.539-0. 
 Protection and Validity: The validity of this protection shall be annual. 

OBSERVANCE: Observance of all obligations taken by the TENANT while entering the corresponding Contract, for an amount equivalent to thirty
percent (30%) of the annual value of the Contract, which is the result of multiplying the Consideration by twelve. 
 The validity of this
protection shall be annual. In any event, this policy shall be valid throughout the performing term of the agreement plus four (4) months. 

9.04. Lease Assignment: It shall be governed in accordance with the provisions of article 23, Code of Commerce, Goodwill: The TENANT
expressly waives the right to demand any amount corresponding to “commercial premiums”, “Goodwill” or any denomination used in the market, that indicates an improvement of the Premises as a lease unit at the termination of this
Contract. Therefore, the TENANT waives any right to demand OPAIN or AEROCIVIL any amount for that reason during the validity of the Contract, or in case the relocation of the Premises is necessary at any time of the performance of the
Contract and/or its termination. 
 9.06. Risks of the TENANT: The TENANT takes on the risks derived from the performance of the
Contract, particularly those relating to changes in the passenger flow, sales percentage and operative and management changes that take place in the Airport due to the Concession Contract. Thus, the TENANT exempts OPAIN from any
responsibility relating these matters, as OPAIN does not guarantee nor taken on any obligation before the TENANT to ensure passenger flux, percentage of sales percentage or the non-occurrence of operative and management changes in the
Airport. 
 9.07. Conformity with the Procurement Transparency Protocol of OPAIN: OPAIN expresses that its actions derived from the
performance of this Contract follow objectivity and transparency principles, in accordance to OPAIN’S by-laws, the applicable law and the Procurement Transparency Protocol (the “Protocol”) adopted by OPAIN’S Board
of Directors, and enforced by all of its employees, stockholders and managers. 

  
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 9.08. Termination of the Contract by Just Cause in favor of OPAIN: OPAIN shall have the right to
terminate the Contract before the term, due to any of the following causes: 
 9.08.1. Breach of the economic obligations taken on by the
TENANT for more than 10 consecutive days. In this event, OPAIN must request the TENANT to make up for the failure in a reasonable term. If the TENANT does not fulfill its obligations, OPAIN may terminate the Contract
within the next ten (10) calendar days. 
 9.08.2. Imposition of one or several fines on OPAIN by AEROCIVIL or any other
authority or person, caused by facts attributable to the TENANT; 
 9.08.3 By liquidation or closing of TENANT operations;

 9.08.4. By order of a Governmental Authority; 
 9.08.5. Falsity in the documents or information provided by the TENANT, or in the Policy; 
 9.08.6. Other causes foreseen in the Applicable Law, the Concession Contract, and the Contract. 
 9.09. Termination of the Contract by the TENANT: 
 The TENANT shall have the right to
terminate the Contract before the term, due to any of the following causes: 
 9.09.1. Breach of compliance regarding obligations of
OPAIN for more than 10 consecutive days. 
 9.09.2. Dissolution and/or liquidation of OPAIN; 

9.09.3. By order of a Governmental Authority; 
 9.09.4. Falsity in the documents or information provided by the OPAIN; and 

9.09.5. Other causes foreseen in the Applicable Law, the Concession Contract, and this Contract. 

9.10. Unilateral Termination of the Contract by the TENANT: The TENANT shall have the right to terminate the contract unilaterally and in
advance by giving six a 6 months prior notice to OPAIN, provided that the TENANT pays OPAIN, as a compensation, the amount equivalent of 3 months worth of the Consideration, calculated taking into account the average of the last
3 billed months. 
 9.11. Notice and Effects of the Termination of the Contract: In order for contract termination to be effective on the
grounds of Clause 9.08, 9.09 and 9.10, the Party requesting termination on the Contract shall send written notification exposing the reasons for said termination. In the event of Contract termination because of the causes established in Clauses
9.08, 9.09 and 9.10, the TENANT shall return the property in the same conditions as it received it, in accordance with the provisions of this Contract and the Applicable Law, within the 30 calendar days after the judicial or extra-judicial
restitution request. Error! The source of the reference is not found. and the following effects shall come into force: 
 9.11.1.
The TENANT shall pay all due amounts to OPAIN, including the Penalty Clause and the Consideration installments, as well as all utilities bills caused from the date on the Certification of Commencement Adaptation Works until the
termination of the Contract date, within the next thirty (30) days after the termination of the Contract date. 

  
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 9.12. Non-monetary sanctions: In the event of failure of any of the obligations of the
TENANT established in paragraph 8.01.1, 8.01.3, 8.01.8, 8.01.19, 8.01.20, 8.01.23, 8.01.25 of the Contract persisting for more than 10 calendar days, without prejudice of other agreed sanctions in this CONTRACT or established in the
Applicable Law, prior the admonition established in Clause 9.08.1, OPAIN shall have the right to: (i) terminate the Contract; (ii) revoke all access permits granted to the TENANT, its employees and subcontractors; and
(iii) inform the users and/or security authorities of the Airport that the TENANT is no longer authorized to use the Premises nor enter the restricted areas of the Airport. 
 9.13 Penalty Clause: In the event of failure to comply with the obligations of the TENANT set forth in paragraphs 8.01.1, 8.01.24, 8.02.4 of this Contract, except for the monetary
obligations such as the monthly monetary Consideration established in this Contract, the TENANT shall pay OPAIN, as a Penalty Clause, an amount corresponding to one (1) year of installments, once the TENANT is required to
comply with its obligations and the term established in clause 9.08.1 has expired without solving the failure. Payment of the penal clause does not exempt the Parties from fulfilling the obligations derived from this Contract. 

9.14. Contract Settlement: The Termination Document must be signed in order to proceed with the final verification of accounts relating to the
present Contract and subsequent final settlement. 
 9.14.1. The final verification of accounts relating to the present Contract shall be
carried out in a term that is no longer than 15 calendar days calculated from the termination notice date send by the Party requesting the Contract termination, or from the expiration date of this Contract. 

9.14.2. In order to sign the Termination Document, the Parties shall settle the certain, particular and demandable benefits due to each other,
which shall appear in said document. 
 9.15. Default Interests: In the event any of the Parties fail to comply with any of its
obligations consisting of paying an amount of money under this Contract, the breaching Party shall recognize and pay the other default interest calculated at the highest current legal rate. 
 10. TERMINATION BY MUTUAL AGREEMENT: 
 10.01. The Parties may concur on the
termination of the Contract before the agreed term in the event OPAIN requires the whole or a portion the Premises, in order to carry out works to fulfill the Concession Contract. This kind of Termination shall be applicable provided that,
along with the procedure described below, the aforementioned works have such a character that prevent the complete and permanent normal use of the leased area, and that the works make the TENANT to permanently stop using the leased area. In
addition to this, the Parties acknowledge beforehand that this clause shall not be applicable in the event of works that don’t demand returning the property, without prejudice of the provisions of paragraph 3.07, Clause 3 of this Agreement. In
order to implement this form of termination, the procedure below shall be followed: 
 (i) OPAIN shall inform the TENANT about the
necessity of getting back the Premises and shall propose a substitute area in the Airport, which shall be appropriate for the TENANT’S operation. 
 (ii) The TENANT shall inform OPAIN if the proposed area complies with reasonable purpose and operational conditions to move its operation. Said conditions shall be the same or better than
those offered in the Premises. 

  
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 LEASE CONTRACT No. OP-DC-CA-T1-0061-12 

 

 (iii) If the TENANT does not accept the offered area to move its operation, OPAIN shall
offer the TENANT another area that complies with the minimum requirements requested by the TENANT, if such area existed. 
 (iv)
Only if OPAIN and the TENANT concur on a satisfactory area for the TENANT, the Parties shall sign a new lease contract that maintains equivalent conditions to the agreed in this Contract regarding duration and price. Regarding
price, the Parties shall agree that it will only be required from the day the TENANT begins exploitation in the new area, so no compensation will be caused or paid during the time it takes the TENANT to adapt the new area. 

 11. RESTITUTION OF LEASED AREAS  
 11.01. Premises Restitution: When this Contract is terminated for any cause, the TENANT shall hand over the Premises to OPAIN, personally o to whom OPAIN authorizes to receive
it, according to the Certification of Commencement of Adaptations Works, without prejudice of the provisions of Clause 4.034 regarding improvements, which shall be property of AEROCIVIL, committing itself to present the fully paid utility invoices.
Concerning the utilities pending for revision, the TENANT guarantees its payment through proportional provision equivalent to the average of the preceding year, according to the respective invoices. 

12. MISCELLANEOUS 
 12.01.
Inspection; OPAIN, directly or through the person it appoints, at any time and when it deems convenient, shall have the right to inspect the way the TENANT is performing the Contract and shall request information and the correcting
measures OPAIN deems necessary, unless the information is considered confidential by the TENANT. OPAIN shall give prior notice of two (2) calendar days before the inspections, which shall not interfere with the commercial
activities of the TENANT or present inconvenience to its customers and employees. The TENANT understands and accepts that the exercise of this faculty by OPAIN does not imply exoneration of the responsibility of the TENANT
respecting its obligations established in this Contract. 
 12.2. Liability: The TENANT is liable before OPAIN
and third parties for the damages to people and property that the personal under its surveillance might directly cause resulting from the deployment of its activities and, in general, the use and exploitation of the Premises, related to the
development of its activities. 
 OPAIN does not take on any responsibility for the damages or harm the TENANT might suffer
because of causes attributable to third parties. 
 12.03. Relation among the Parties: Both the TENANT and OPAIN are
independent contractors and no provision from this Agreement shall be interpreted in a sense that creates a corporation, joint venture, principal and agent relationship, nor constitutes a commercial agency. Under no circumstances OPAIN shall act as
agent or representative of the TENANT. 
 There is no employment relationship between OPAIN and the TENANT’S
employees. The TENANT acts independently, as the verified employer of its staff, with technical and administrative autonomy, thus, there is no employment relationship or subordination with OPAIN; therefore the TENANT is responsible
for all the expenses of hiring workers and subcontractors, as well as payment of wages, transportation, travel allowances, any kind of social benefits, or any other compensation that according to employment law, employment contracts, deals and
collective labor agreements said workers and subcontractors have or might have the right to. 

  
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 LEASE CONTRACT No. OP-DC-CA-T1-0061-12 

 

 12.4. Identification of the TENANT’S staff: The TENANT shall process the identity
card or sticker that identifies its employees or subcontractors as part its staff, following the identity card issue procedures established by OPAIN. To this effect, the TENANT shall provide OPAIN the list of employees and
subcontractors requiring access to the restricted areas, with at lest 5 business days beforehand. Once the respective employee or subcontractor ceases operations, the TENANT shall return to OPAIN the identity card and credentials
obtained for every employee or subcontractor, and OPAIN shall suspend the respective access to the restricted areas. 
 12.5.
Confidentiality: The Parties shall maintain in absolute confidentiality all documents or information received from the other Party during the performance of this Contract, and therefore shall not disclose said information without prior written
consent from the other Party, except for judicial decision, during the term of the Contract and the 5 subsequent years after its termination. Confidentiality shall not apply to the following events: (i) when at a latter time the information
becomes available to the general public for a reason different to the failure to comply with the Confidentiality obligation of this clause; (ii) when the information was already known by the receptor and they may demonstrate this by documents
or other proofs showing this; (iii) when the information is known by the receptor due to causes outside the control of the Parties; (iv) when the information is prepared by or in behalf of the disclosing Party without involving
confidential information of the other Party; (v) when the information is revealed by request of a competent governmental authority or applicable law disposition; and (vi) when OPAIN requires the statistical and commercial
information provided by the TENANT relating to the activity carried out by the TENANT and authorized by virtue of this Contract, in order to process and disclose its own data and statistics about the different commercial areas of the
Airport. Opain guarantees the information it may use is related to the normal operation of the industry the TENANT belongs to, and shall not wrongfully disclose privileged or reserved information, those relating to its financial
statements and/or its income level. 
 Without prejudice of the aforementioned provision, the TENANT may share, with ought previous
consent, the existence of this Contract or the information it contains or any other additional information obtained due to its signing or during its validity, with any of the companies the TENANT controls or those which act as its controllers
or those that are under joint control of any of them, including the executives, directors, legal and financial counsels, underwriters, and/or insurers of each of them. 
 12.06. Settlement of Disputes: In the event of a dispute between the Parties under this Agreement and/or its annexes during its deployment or performance, the Parties agree on the following
settlement procedures: 
 1. Direct Negotiation: 
 The Parties shall resort to direct-settlement procedures, for which any of them may give written notice to the other about the existence of a dispute, and the other shall respond in written in a term of
ten (10) business days, expressing its position about the dispute and a brief presentation of the alleged reasons. 
 The Parties shall
meet up through their legal representatives or whom they appoint, to try to resolve the dispute, within a term of fifteen (15) business days after the date of dispatch of the communication. 

All direct negotiations between the Parties shall be confidential, thus all information disclosed by a Party to the other in the course of negotiations
may not be used as evidence in court or arbitration proceedings, unless said information was already public or could be accessed directly by the other Party. 

  
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 If the Parties can’t directly resolve the dispute by the end of a thirty (30) business day
period, counted from the date of the initial communication, the provisions established on the following paragraph shall apply: 
 2. Arbitration:
If the Parties couldn’t settle the dispute in the previous stage, any of them shall submit the dispute to the Arbitration and Conciliation Center of the Chamber of Commerce of Bogota for binding arbitration, and appoint by agreement of the
Parties three (3) arbitrators from the “A” list of eligible arbitrators, in a period of five (5) days. If such appointment is not possible the arbitrators shall be appointed by the Arbitration and Conciliation Center of the
Chamber of Commerce of Bogota to the request of any of the Parties. The decision shall be based on Law. 
 The appointed arbitrators shall
inform the Parties, within the next five (5) working days following their notice, if they accept or reject the appointment. If they remain silent it shall be understood that they do not accept. If an arbitrator does not accept, renounces, dies
or becomes disabled, he shall be replaced by the same means used to his appointment. 
 The arbitral tribunal shall rule on the controversy
based on Law, and the defeated Party shall pay the cost of the arbitration. 
 12.07. Taxes: Each Party shall be responsible for any
direct or indirect tax or cost, national, local or municipal which is attributable to it in connection with the performance, fulfillment or authentication of this Contract. Each Party shall be responsible of complying with all applicable tax
regulations because of its activity.  
 12.08. Entire Contract and prevalence: This Contract, including its Annexes, containes
the entire agreement between the Parties as to the subject matter hereof, and supersedes all prior agreements concerning the same matter. 

12.09. Amendments: All amendments, additions and clarifications to this Contract shall be valid only if they are in written and duly signed by the
legal representatives of the Parties. 
 12.10. Domicile: For all legal purposes the contractual domicile is the city of Bogota D.C.

 12.11. Governing Law: Colombian Law shall govern the performance, interpretation, enforcement and dispute resolutions connected with
this Contract. 
 12.12. Notices: Except in the case that there has been a different agreement in the present contract, all notices or
communications required or allowed by under this Contract shall be made in written form, personally delivered and/or send by fax machine and/or electronic mail to the following addresses: 
 In the case of the TENANT: 
  

			
	To the attention of:	  	-Legal Representative.
		
	Address:	  	Av. El Dorado Cll. 26 No. 59-15, Bogota D.C., Colombia
		
	Telephone:	  	+571 5877700 ext. 2552
		
	Fax:	  	+571 5877700 ext. 2552
		
	Email:	  	notificaciones@avianca.com
	  
 In case of OPAIN:

 

	To the attention of:	  	-General Manager
		
	Address:	  	Calle 26 No. 103-09, Edificio Cisa, Bogotá D.C., Colombia
		
	Telephone:	  	+571 4397070
		
	Fax	  	+571 4135104
		
	Email:	  	jpulido@eldorado.aero

  
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 Communications shall be deemed as delivered: (i) the next business day following its remission, if
it is a personal delivery; (ii) the third business day following its mailing, if the remissions were made by registered mail or a similar source with acknowledge of receipt; (iii) the next business day, if it was send by fax or email,
provided the sending machine produces receipt confirmation or that there are reasonable proofs to demonstrate the message has been received. 

12.13. Expenses: The expenses resulting from the performance of this Contract shall be borne by the TENANT. 

12.14. Counterparts: This Contract is simultaneously signed in counterparts on October 29 2012, each of which shall be deemed to be an
original. 
  

			
		
	Signed for and on behalf of OPAIN	  	Signed for and on behalf of The TENANT
		
	(Illegible signature)	  	(Illegible Signature)
		
	 JUAN ALBERTO PULIDO ARANGO
 General Manager
 OPAIN
	  	 ELISA MURGAS DE MORENO

Legal Representative
 AEROVÍAS
DEL CONTINENTE
 AMERICANO S.A. AVIANCA

  
 19 

 LEASE CONTRACT No. OP-DC-CA-T1-0061-12 

 

 ANNEX 1 

Certification Of Commencement Of Adaptation Works 
 By and between the undersigned to wit: Juan Alberto Pulido Arango, bearer of the identity card No. 70.876.189 issued in La Estrella, Antioquia, domiciled in Bogotá, acting as legal
representative of Sociedad Concesionaria Operadora Aeroportuaria Internacional S.A. – Opain S.A. (“OPAIN), and AEROVÍAS DEL CONTINENTE AMERICANO S.A. AVIANCA (the “TENANT”), which together shall be referred
as the “Parties”, have agreed on signing this Certification of Commencement of Adaptation Works of the Lease Contract No. OP-DC-CA-T1-0028-12 (the “Contract”), which shall be governed by the provisions hereof, considering
the following: 
 WHEREAS, 
 FIRST: In accordance to Clause 5.04 of the Contract the prior conditions required were established for the signing of the Certification of Commencement of Adaptation Works set forth in order to
begin the Adaptation Stage given that the Parties have met the prior conditions to give way to this Stage of the Contract. 
 SECOND: The
Parties, with the intention to begin the Stage of Adaptation Works, 
 AGREE TO 

FIRST: Through this Certification of Commencement of Adaptation Works, OPAIN grants access to the TENANT to the Premises from
October 17, 2012, in order to begin the necessary works in the Premises, in accordance with the provisions set forth in Chapter 6 of the Contract. 
 SECOND: Through Annex 1 of this Certification of Commencement of Adaptation Works, the inventory of the conditions of the Premises on the date of endorsement of this Certification is duly signed.

 THIRD: Starting October 17, 2012 the TENANT shall begin with the performance of the Stage of Adaptation Works following the
provisions of Chapter 6 of the Contract. 
 In witness whereof, the Parties sign two (2) identical counterparts in Bogota D.C.,
December 19 2012. 
  

			
	Grantor	  	Grantee
		
	(Illegible signature)	  	(Illegible Signature)
		
	 JUAN ALBERTO PULIDO ARANGO
 General Manager
 OPAIN
	  	 ELISA MURGAS DE MORENO

Legal Representative
 AEROVÍAS
DEL CONTINENTE
 AMERICANO S.A. AVIANCA

 LEASE CONTRACT No. OP-DC-CA-T1-0061-12 

 

 ANNEX 2 

Certification Of Commencement Of Commercial Exploitation 
 By and between the undersigned to wit: Juan Alberto Pulido Arango, bearer of the identity card No. 70.876.189 issued in La Estrella, Antioquia, domiciled in Bogotá, acting as legal
representative of Sociedad Concesionaria Operadora Aeroportuaria Internacional S.A. – Opain S.A. (“OPAIN), and AEROVÍAS DEL CONTINENTE AMERICANO S.A. AVIANCA (the “TENANT”), which together shall be referred
as the “Parties”, have agreed on signing this Certification of Commencement of Commercial Exploitation of the Lease Contract No. OP-DC-CA-T1-0028-12 (the “Contract”), which shall be governed by the provisions hereof,
considering the following: 
 WHEREAS, 
 FIRST: Clause 6.04 of the Contract set forth the preliminary conditions required to sign the Certification of Commencement of Commercial Exploitation, in order to begin with the Stage of Commercial
Exploitation given that the Parties have met the required preliminary conditions to begin this Stage of the Contract 
 SECOND: With the
intention to begin the Stage of Commercial Exploitation, the Parties 
 AGREE AS FOLLOWS 

FIRST: Provided that the conditions for the signing of the Certification of Commencement of Commercial Exploitation have been met , the Parties
state that with the signing of this document an inspection the premises has been carried out, finding that the works comply with the provisions of Annex 5 of the contract therefore OPAIN hands over, and the TENANT receives, the Premises
satisfactorily in order to start the Stage of Commercial Exploitation beginning January 4, 2013. 
 SECOND: With the signing of this
Certification of Commencement of Commercial Exploitation the Parties will initiate the Stage of Commercial Exploitation, beginning October 19, 2012 , date in which AEROVÍAS DEL CONTINENTE AMERICANO S.A. AVIANCA declared the
commencement of the Commercial Exploitation Stage in the areas pertaining to the purpose of contract OP-DC-CA-T1_0061-12.  
 In witness
whereof, the Parties sign two (2) identical counterparts in Bogota D.C., December 20, 2013. 
  

			
	Delivers,	  	Receives,
		
	(Illegible signature)	  	(Illegible Signature)
		
	 JUAN ALBERTO PULIDO ARANGO
 General Manager
 OPAIN
	  	 ELISA MURGAS DE MORENO

Legal Representative
 AEROVÍAS
DEL CONTINENTE
 AMERICANO S.A. AVIANCA

  

 LEASE CONTRACT No. OP-DC-CA-T1-0061-12 

 

 ANNEX 3 

Certification Of Satisfactory Receipt of the Works 
 By and between the undersigned to wit: Juan Alberto Pulido Arango, bearer of the identity card No. 70.876.189 issued in La Estrella, Antioquia, domiciled in Bogotá, acting as legal
representative of Sociedad Concesionaria Operadora Aeroportuaria Internacional S.A. – Opain S.A. (“OPAIN), and AEROVÍAS DEL CONTINENTE AMERICANO S.A. AVIANCA (the “TENANT”), which together shall be referred
as the “Parties”, have agreed on signing this Certification of Commencement of Commercial Exploitation of the Lease Contract No. OP-DC-CA-T1-0028-12 (the “Contract”), which shall be governed by the provisions hereof,
considering the following: 
 WHEREAS, 
 FIRST: In accordance with the Adaptation Works Stage established in Chapter 6 of the Contract, the TENANT delivers the work(s) as stated in Annex 1 of this Certification Of Satisfactory Receipt of
the Works. 
 SECOND: That the performance of the Works by presented and delivered by the TENANT fulfill the designs and
specifications of the project approved by OPAIN. 
 THIRD: Copy of the record plans and their Autocad file version is attached to
this Certification Of Satisfactory Receipt of the Works. 
 FOURTH: That the installation of notices and signs installed in the Premises
comply with the conditions established in the Space Possessor Adaptation / Remodeling and Maintenance Procedure. 
 FIFTH: In compliance
of Clause 6.03.4 of the Contract, OPAIN carried out the inspection of the adaptation Works, and these were approved. 
 SIXTH: The
Parties, according to the aforementioned, 
 AGREE AS FOLLOWS 

FIRST: The adaptation Works corresponding to the Stage of Adaptation Works of the Contract and the record plans or “as built” plans have
been satisfactorily received by OPAIN, according to the provision and requirements of the Contract.  
 In witness whereof, the Parties
sign two (2) identical counterparts in Bogota D.C.,                     , 201    . 

 

			
		
	Delivers,	  	Receives,
		
	/s/ JUAN ALBERTO PULIDO ARANGO	  	/s/ ELISA MURGAS DE MORENO 
		
	 JUAN ALBERTO PULIDO ARANGO
 General Manager
 OPAIN
	  	 ELISA MURGAS DE MORENO

Legal Representative
 AEROVÍAS
DEL CONTINENTE
 AMERICANO S.A. AVIANCAEX-10.3

 Exhibit 10.3 
 REPUBLIC OF COLOMBIA 
 CIVIL AERONAUTICS 

Special Administrative Unit 

RENTAL CONTRACT NUMBER SOAR 0011 04 
 LANDLORD: U.A.E. CIVIL AERONAUTICS 
 LESSEE: AEROVIAS NACIONALES DE COLOMBIA S.A. AVIANCA

 “AVIANCA” NIT (Tributary Identification Number): 890.100.577 
 OBJECT: PROPERTY RENTAL- AIR LIFT 
  

					
	AREAS	  	Item	  	Area
			
		  	Parking lot	  	12,487.69 m2
			
		  	Platform	  	16,743.50 m2
			
		  	Land	  	86,730.19 m2
			
		  	Terminal Building	  	10,500.74 m2
			
		  	Total	  	126,462.72

  

					
	DESTINATION:	  	TERMINAL FOR PASSENGER DISPATCH, PLATFORM FOR AIRCRAFTS, VEHICLE PARKING PLACE, ACCESS ROADS, HANGAR, WORKSHOP AND WAREHOUSES
		
	MONTHLY WORTH:	  	$484,315,285 discriminated as follows:
		  	$452,631,109 monthly rent
		
		  	$ 31,684,178 Value Added Tax
		
	TOTAL WORTH:	  	$ 11,623,566,888 discriminated as follows:
		  	$ 10,863,146,616 rental value
		
		  	$ 760,420,272 Value Added Tax
		
	TERM:	  	TWO (2) YEARS
		
	LOCATION:	  	INTERNATIONAL AIRPORT “ELDORADO” OF BOGOTA C.D. CITY

 
Among the subscribers, SILVIA FERNANDEZ DE CASTRO, of legal age, domiciled in Bogotá, C.D., with citizenship identity card No. 41.638.219 issued in Bogotá, whom, as
GENERAL MANAGER OF THE ELDORADO AIRPORT acts in name of and in representation of the SPECIAL ADMINISTRATIVE UNIT OF THE CIVIL AERONAUTICS, specialized entity, of technical character, ascribed to the Ministry of Transportation, with
legal entity, administrative autonomy and independent patrimony, according to the delegation of functions established in Resolution number 01583 as of April 30th, 2004, whom for the purpose of the present document will be known as the LANDLORD on one side, and on the other
side, FRANCISCO MENDEZ GARCIA, of legal age, identified with citizenship identity card No. 79.158.664 issued in Usaquén, whom, as legal representative, acts in the name of and in representation of AEROVIAS NACIONALES DE
COLOMBIA S.A. “AVIANCA S.A.”, legal person, constituted as a corporation by public deed number 2374 as of December 5th, 1919, issued at the Notary Second of the circle of Barranquilla and registered at the Third Court of the same
city, modified on several opportunities, being its last amendment that included in public deed number 1714 as of April 11th, 2002, issued at the Notary 18th of Bogotá ́s circle, presently active, as is stated in the Certificate of Existence and Legal
Representation issued by the Chamber of Commerce of Barranquilla, duly authorized to enter into the present contract by its Directive Board, whom, for the purposes of this contract will be called the LESSEE, who also expressly declares, under
oath, that neither him nor the legal person he is representing is immersed in any cause of inability or incompatibility as specified in article 8 of Law 80 of 1993, have agreed in entering into the present rental contract which will be ruled by the
said law, its regulatory regulations, the pertinent dispositions included in the Civil and Commercial Codes, Resolutions numbers 3379 of June 3rd, 1996 and 2883 of July 4th, 1999 and all other regulations which may clarify, modify, amend or derogate them from time to time, previous the
following considerations: 1) that the 26th of June of 2000
the rental contract number 0036 00 was entered into by the AEROCIVIL and the company AEROVIAS NACIONALES DE COLOMBIA S-A- “AVIANCA S.A.”, over the airlift terminal which was comprised by two adjacent pieces of land, according to
maps drawn by AEROCIVIL, which are part of said contract. 2) That, by communication No. 

 1070010000-378 of April 12, 2002, the company AVIANCA S.A. stated its
interest in continuing with the use of the rented area as a consequence of the impossibility of AEROCIVIL to allow it to concentrate the integrated operation of THE COMPANIES AVIANCA S.A. and S.A.M. at the international terminal of the
ELDORADO airport. 3) That in order to initiate the internal proceedings for the renewal of the contract the concepts of viability and convenience were requested to the Infrastructure Direction, to the General Management of the Eldorado Airport and
to the Security Division, all which were positive. 4) That the Director of Corporate Services and Buying of the company AVIANCA S.A., through communication number 1053000 030 as of November 8, 2002 let be known that the company is
capable of assuming the costs of the rental appraisal of the Air Lift Terminal and neighboring areas. 5) That the GENERAL MANAGEMENT OF THE ELDORADO AIRPORT with letter number 1120 0595 of May 20, 2004 asked the LONJA COLOMBIANA
(Real Estate Association) to prepare the appraisal of the rental value of the AIR LIFT TERMINAL, which was sent to the company on May 25, 2004, over a total area of 126,482.72 square meters and with a value of $484,805,579 pesos. 6) That
with letter number 5403 635 dated June 3rd, 2004 the
General Management of the Eldorado Airport delivered the original copy of the rental contract for the Air Lift Terminal to the company AVIANCA. 7) That with letter number 1000201000 0091 of June 15th, 2004 the legal representative of the airline AVIANCA S.A. increases
his unconformity for the amount of the appraisal since the constructions of hangars 1 and 2 were included with their workshops, warehouses and offices which do not belong to AEROCIVIL, reason why, he asked for a pronouncement from the Entity on this
respect, as the review of the rental appraisal. 8) That with letter No. 1120 0733 of June 24, 2004, the entity recommended, after conducting the pertinent study. To exclude from the rental contract the improvements which do not belong to
the entity and to request from the LONJA COLOMBIANA an amendment of the rental appraisal in order to determine the value of the land where they are built”. 9) The General Management of the International Eldorado Airport, with letter
No. 1120 0739 of June 25, 2004, requested to the Lonja Colombiana to disaggregate or separate from the rental appraisal the constructions on the piece of land and to specify the rental value of the said land and the total monthly rental.
10) That, by letter 

 of July 6, 2004 the expert appraiser delivered to the entity the value of the monthly rent in
$452,631,109. 11) That owing to the above, (the parties) proceed to enter into the contract, which will be ruled by the commercial and civil regulations and by Law 80 of 1993 and the following clauses: 

FIRST: OBJECT. THE LANDLORD delivers in rental to the LESSEE, and the latter receives at the same title, the property
called Air Lift Terminal located at the northern side of the Eldorado Avenue at the height of 108th street, within the lands which actually are part of the International Airport “Eldorado” of Bogotá, D.C. 
 SECOND: AREA. The total area of the property which is delivered by the present contract is defined as a business unit and has a space of ONE HUNDRED TWENTY-SIX THOUSAND FOUR HUNDRED EIGHTY-TWO
POINT SEVENTY-TWO SQUARE METERS (126,482.72 m2), it is comprised by two adjacent pieces of land, according to adjunct maps prepared by the Real Estate Administration Group on December 2002, which are part of the present contract,
discriminated and within the following boundaries: On the NORTH: starting at point TPA1 and heading east in a straight line until reaching point TPA2 at a distance of fifty four point ninety eight (54.98 M) lineal meters; from this point
heading north in straight line up to reaching point TPA3 at a distance of ten point twelve (10.12 m) lineal meters, from this point heading west in straight line up to point TPA4 at a distance of one hundred twenty-four point twenty-eight (124.28 M)
linear meters bordering with freight warehouse No. 165, platform and taxiway. SOUTH: starting from point TPA5 going west in a straight line until reaching point TPA6 at a distance of sixty-two point fifty-seven (62.57 M) linear meters,
from this point heading south and in a curved line until reaching point TPA7 at a distance of forty-five point fifteen (45.15 M) linear meters, from this point heading south and in a straight line until reaching point TPA8 at a distance of
thirty-five point zero eight (35.08 M) linear meters, from this point going south and in curved line until reaching point TPA9 at a distance of seventeen point sixty-six (17.66 M) lineal meters bordering green security area, heliports, from this
point heading west and in straight line until reaching point TPA10 at a distance of eighty-one point forty-five (81.45 M) linear meters, from this point going west and in a straight line until reaching point TPA11 at a

 
distance of nine point eighty-seven (9.87 M) linear meters, from this point heading west and in a straight line until reaching point TPA12 at a distance of thirty-six point sixty-four (36.64 M)
linear meters, from this point heading south and in a straight line until reaching point TPA13 at a distance of four point twenty-eight (4.28 M) linear meters, from this point heading west and in a straight line until reaching point TPA14 at a
distance of seven point forty-seven (7.47 M) linear meters, from this point heading south and in a straight line until reaching point TPA15 at a distance of twenty-seven point ninety-two (27.92 M) linear meters bordering in all this extension with
security zone taxiway kilo (K), from this point heading west and in a straight line until reaching point TPA16 at a distance of sixty-two point fifty-two (62.52 M) lineal meters bordering plot number L-170 rented by Central Charter; from this point
heading south and in a straight line until reaching point TPA17 at a distance of twenty-nine point nineteen (21.19 M) linear meters, from this point heading south and in a straight line until reaching point TPA18 at a distance of nine point twelve
(9.12 M) linear meters bordering vehicle access to the Air Lift Terminal. On the EAST: Heading south from point TPA4 in a straight line until reaching point TPA5 at a distance of four hundred thirty-eight point ninety (438.90 M) linear meters
bordering security zone taxiway Foxtrot (F) and on the WEST: parting from point TPA18 heading north in a straight line until reaching point TPA19 at a distance of two hundred twenty-three point thirty (223.30 M) linear meters, from this
point heading north in a straight line until reaching point TPA20 at a distance of seven point seventy-four (7.74 M) linear meters, from this point heading north in a straight line until reaching TPA21 at a distance of six point thirty-one (6.31 M)
linear meters, from this point heading north in a straight line until reaching TPA22 at a distance of eleven point thirty seven (11.37 M) linear meters, from this point heading north in a straight line until reaching TPA23 at a distance of eight
point twenty five (8.25 M) linear meters, from this point heading north in a straight line until reaching TPA24 at a distance of twenty-five point twenty-nine (25.29 M) linear meters, from this point heading north in a straight line until reaching
TPA25 at a distance of fourteen point ninety-nine (14.99 M) linear meters, from this point heading north in a straight line until reaching TPA26 at a distance of twelve point fifty three (12.53 M) linear meters, from this point heading north in a
straight line until reaching TPA27 at a distance of nine point 

 ninety-nine (9.99 M) linear meters, from this point heading north in a straight line until reaching TPA28 at
a distance of nine point ninety-two (9.92 M) linear meters with border parallel to the Eldorado Avenue. From this point heading north in a straight line until reaching TPA29 at a distance of twenty seven point ninety-seven (27.97 M) linear meters
bordering the Air Lift Terminal vehicle exit, from this point heading north in a straight line until reaching TPA30 at a distance of forty-nine point ten (49.10 M) linear meters bordering parallel to the Eldorado Avenue, from this point heading east
and in a straight line until reaching point TPA31 at a distance of twenty-five point thirty-eight (25.38 M) lineal meters, from this point heading north and in a straight line until reaching point TPA32 at a distance of thirteen point zero five
(13.05 M) linear meters, from this point heading north in a straight line until reaching point TPA33 at a distance of twenty point eighty seven (13.87 M) linear meters, from this point heading north in a straight line until reaching point TPA34 at a
distance of fifteen point zero eight (15.08 M) linear meters, heading north 15 in a straight line until reaching point TPA35 at a distance of thirteen point sixty-three (13.63 M) linear meters, from this point heading north in a straight line until
reaching point TPA36 at a distance of sixteen point ninety-eight (16.98 m) linear meters, from this point heading north in a straight line until reaching point TPA37 at a distance of thirteen point fourteen (13.14 M) linear meters, from this point
heading north in a straight line until reaching point TPA38 at a distance of fourteen point seventy (14.70 M) linear meters ̧ from this point heading north in a straight line until reaching point TPA39 at a distance of eleven point zero four
(11.04 M) linear meters, from this point heading north in a straight line until reaching point TPA1 at a distance of thirty nine point thirty five (39.35 M) linear meters, bordering the green zone, a parallel to the Eldorado Avenue. This property
comprises two pieces of land which are contiguous and adjacent, separated by an imaginary broken line, which starts at point AC1 located at the bus parking lot up to point AC22 located at the border of the access platform with the security zone with
the Foxtrot taxiway. PARAGRAPH ONE: The total area of the property being delivered in rental by the present contract, are integrated in one business unit and include land and constructions, except the constructions of the building annex next
to the Air Lift Terminal and the hangar constructions with their warehouses, workshops and offices which, since they 

 were not built by AEROCIVIL, do not belong to the latter and thus are delivered as land. Likewise, it is
understood that the internal public access road to the Air Lift with its sidewalks, the internal vehicle access road, the common areas of the Terminal’s commercial zone, the departing lounges (and) the luggage areas are also included in the
rental areas. The Foxtrot road security zone, which due to airport operation or security for the normal operation of the Eldorado International Airport, are not object of commercial exploitation by the LESSEE under this contract, but they are
delivered, without damage to any operational use AEROCIVIL may give them, without affecting the right of use by the LESSEE. PARAGRAPH TWO: The uses of the areas comprised by this contract may vary according to the operational, commercial and
service needs of the terminal and of the LESSEE, provided that the aeronautic service is not impaired. These being so, the LESSEE expressly waives before the LANDLORD, any judicial authority or arbitration tribunal, to invoke a
right of change in the rental value due to any change in the destination or use of the areas inside the Air Lift Terminal, except in the event that the LANDLORD reduces the area object of the contract. PARAGRAPH THREE: With the present
contract, the exclusive use of all the contract areas is being given to the LESSEE who has the mere possession, and the LANDLORD is keeping all rights derived from their ownership. Thus, the LANDLORD may cease all contract
effects and request the restitution of all areas at any moment for the purpose of enlargement, remodeling, implementation or development of the Master Plan or when any of the causes stipulated in the fourth or twentieth clause of the present
contract are incurred in, without having to pay any indemnity whatsoever and without prejudice to the right held by LESSEE to obtain from the LANDLORD the areas required by the latter in order to guarantee his operation. 

THIRD: DESTINATION. The property which is the object of the present rental contract have one destination of Airport Services; thus the
LESSEE will set them aside, only and exclusively for the ATTENTION OF NATIONAL FLIGHTS OF THE AIRLINES AVIANCA AND SAM, PASSENGER DISPATCH TERMINAL, ITS ENTREPRENEURIAL OFFICES, EXPLOITATION OF COMMERCIAL AREAS, AIRCRAFT PLATFORM, VEHICLE
PARKING, ACCESS ROADS, HANGAR, WORKSHOP AND WAREHOUSES. 

 PARAGRAPH ONE: Due to the location and destination of the property, and for security reasons, it is
expressly prohibited to the LESSEE: a) to allow the internal access of non authorized personnel in areas different to those rented; b) Infringe the rules on Regulation of Aerodromes or the dispositions included in the National Program of
Airport Security of the International “Eldorado” Airport and related provisions. C) Allow the use of the rented areas to other natural or legal persons, without prejudice to the necessary use which has to be made by other companies hired
to support the LESSEE’S operation and the authorized uses by the sub let of areas of commercial premises. D) Every action or default which, given its nature, may represent or cause any security risk in the rented areas, in the airport or
for the aerial operation. PARAGRAPH TWO: External advertising is only permitted with the commercial name of the LESSEE with whom the present contractual relationship is established. 
 FOURTH: TERM OF THE CONTRACT. The term of this contract is of TWO (2) YEARS starting from the date of signature of this contract. PARAGRAPH: In the event the LESSEE
desires to continue using the property which is the object of the rental, he must state his interest in writing to the LANDLORD, with anticipation no less than three (3) months previous to its termination date. Once the request is filed,
the LANDLORD will state his acceptance or rejection within three (3) months following the petition and, in case the LESSEE does not receive an answer from the LANDLORD, the contract will be deemed extended for a period of
three (3) months successively, without exceeding the term initially agreed upon. 
 FIFTH: DELIVERY OF THE PROPERTY. The property
which is the object of the rental, through the present contract, has been occupied by the LESSEE through Rental Contract No. BO AR 0036 00, thus there is no need to make a delivery act, nor inventory, and the present legal business
substitutes in all its parts the Rental Contract No. BO AR 0036 00 entered into between the SPECIAL ADMINISTRATIVE UNIT CIVIL AERONAUTICS and the company AEROVIAS NACIONALES DE COLOMBIA S.A. “AVIANCA S.A.” 

 SIXTH: RESTITUTION. The LESSEE must restitute the property which is the object of the present
contract in the events prescribed in the Fourth, Fourteenth and Twentieth clauses of the present contract and in the other causes in which specifically the property must be restituted. In any case, the property must be restituted in the same state
as it was delivered, except for natural deterioration caused by the legitimate use and enjoyment and without of the application of Clause Thirteen related to improvement management. For such purposes, a Restitution Act will be prepared and signed,
as well as the inventory of goods belonging to the LANDLORD, documents which will be subscribed by the General Manager of the “Eldorado” Airport or a functionary commissioned for said purpose by the LANDLORD, and by
the LESSEE, within thirty (30) calendar days following the occurrence of the generating event. 
 SEVENTH: VALUE OF THE CONTRACT
AND PAYMENT FORM. For all legal and fiscal effects, the total value of the present contract is the amount of ELEVEN BILLION SIX HUNDRED TWENTY-THREE MILLION, FIVE HUNDRED SIXTY-SIX THOUSAND EIGHT HUNDRED EIGHTY-EIGHT PESOS ($11,623,566,888)
LEGAL TENDER, amount which is discriminated as follows: TEN BILLION EIGHT HUNDRED SIXTY-THREE MILLION ONE HUNDRED FORTY-SIX THOUSAND SIX HUNDRED SIXTEEN PESOS ($10,863,146,616) COLOMBIAN LEGAL TENDER, as the value of the rental payment
and SEVEN HUNDRED SIXTY MILLION, FOUR HUNDRED TWENTY THOUSAND TWO HUNDRED SEVENTY-TWO PESOS ($760,420,272) LEGAL TENDER as valued added tax IVA, without including readjustments. Payment of rent will be caused from the date of subscription of
the present contract, will be paid in monthly fees of FOUR HUNDRED EIGHTY- FOUR MILLION THREE HUNDRED FIFTEEN THOUSAND TWO HUNDRED EIGHTY-SEVEN PESOS ($484,315,287) LEGAL TENDER, amount which is discriminated in the following way: FOUR
HUNDRED FIFTY-TWO MILLION SIX HUNDRED THIRTY-ONE THOUSAND ONE HUNDRED NINE PESOS ($452,631,109) LEGAL TENDER as the value of the monthly rental fee and the amount of THIRTY ONE MILLION SIX HUNDRED EIGHTY-FOUR THOUSAND ONE HUNDRED
SEVENTY-EIGHT PESOS ($ 31,684,178) LEGAL TENDER as value added tax, IVA. These amounts will be automatically increased every twelve (12) months, from the date of the subscription of the contract, in the same proportion in which the National
Government increases the Monthly Minimum Wage. 

 PARAGRAPH ONE: The LESSEE undertakes to pay the rental fee every month in anticipation, within
the five (5) initial calendar days of the contract month, clarifying that the LANDLORD receives the rental fee at the cashier of the Unit, presently located on the second floor of the Eldorado International Airport, with public
attendance every day including Saturdays, Sundays and holidays. The corresponding monthly fee must be paid in the offices of the Paymaster or Cashier of the Unit which are located in the “Eldorado” International Airport of Bogotá
D.C. or in the place or account notified by the LANDLORD to this effect. 
 PARAGRAPH TWO: In the event that the monthly rental
fee of the value of the public services are paid by the LESSEE by a check presented on time and not paid due to the latter ́s fault, the latter undertakes to pay to the LANDLORD, together with the immediately following rental fee,
twenty per cent (20%) of the amount of the check, established as penalty, previous notice from the LANDLORD to the LESSEE of the devolution of the title by the bank and without damage of the LANDLORD persecuting the
indemnity for the damages this event may cause him, by the common ways, according to what is established in article 731 of the Commerce Code. In any case, the payment will only be reputed as made in the moment in which it becomes effective and thus,
the LESSEE incurs in arrears in the payment, which may give way to the anticipated termination of the present contract and the immediate restitution of the property which is the object of the rental. 

PARAGRAPH THREE: in the event the payment of the amount imposed as a penalty for the devolution of the check, as specified in the previous
paragraph, is not made, the LESSEE authorizes the LANDLORD to debit it from the monthly rental fee of the following month to be paid. 

 PARAGRAPH FOUR: According to what is established in Resolution Nos. 03379 of June 03, 1996 and
02883 of July 27, 1999, the rental fee hereby agreed upon, was determined based on the rental appraisal as of May 25, 2004, appraisal practiced by the LONJA COLOMBIANA. 
 EIGHTH: SERVICES. The property which is given in rental by this contract, has the infrastructure for public services of water, sewage, electric energy, cleaning, waste collection (and) vigilance,
all of which will be totally on the account of the LESSEE. The LANDLORD is not responsible for irregularities that may occur in the performance of said services. Likewise, the LESSEE assumes the costs which may be required for
the installation of the public service meters. 
 PARAGRAPH ONE: The consumption of electric energy, water, sewage, national and
international telephone service, incurred through the utilization of the LANDLORD ́S central systems must be paid by the LESSEE, monthly, previous invoicing issued by the LANDLORD for these concepts. For such effect, the
regulatory fees for such services from the SPECIAL ADMINISTRATIVE UNIT OF THE CIVIL AERONAUTICS or the entity which may assume its functions in the future, will apply. 
 PARAGRAPH TWO: In relation to waste collection, waste must be deposited by the LESSEE in the stationary boxes available for such purposes or, in the absence of these, he must follow the
instructions given by the LANDLORD and other rules in force on the subject, undertaking to pay the fees which are established for such effect. In any case, the costs incurred for this concept will be paid by the LESSEE to the natural
or legal persons who render the service or to the LANDLORD when the latter hires directly the service for the airport. Likewise, and according to what is stated in the Airport Operations Manual and other dispositions on the matter, the
LESSEE accepts and undertakes to pay to the LANDLORD the amount the Special Administrative Unit of the Civil Aeronautics determines for waste transfer. 
 PARAGRAPH THREE: In relation to the vigilance service, the LESSEE must establish it according to its own assessment of the existent security needs in the matter, applying the regulations of
the National Security Program and Airport Operations in force. Nevertheless, the employees performing such services must be directly hired by the LESSEE through a company specialized in the matter, dully authorized by the Superintendency of Private
Vigilance and Security. 

 NINTH: LATE PAYMENT INTERESTS. Payments made on a different date from that stipulated in clauses
seven and eight of this contract, will result in the charge of late payment interests, equivalent to one point five (1.5) times the annual interest rate certified by the Bank Superintendency for ordinary credits, calculated per month or
fraction and liquidated at the rate in force at the payment date; in any case, this late payment interest may not exceed the limits established as usury. At the same time, it will entitle the LANDLORD to immediately cease the effects of this
contract and to demand judicially or extra judicially the immediate restitution of the property. 
 PARAGRAPH: THE LESSEE expressly
waives any requirements to constitute him in arrears, as well as any retention rights which the Law may grant him at any title, over the property object of this contract, rights to which are not waived by the LANDLORD. 

TENTH: WARRANTIES. To guarantee the general compliance of the obligations derived from this contract, the LESSEE undertakes to constitute
at his cost and in favor of the LANDLORD, through an Insurance Company or Commercial Bank legally established in Colombia, a Unique Warranty Policy of the contract and of the obligations derived from it, for a sum equivalent to thirty five
per cent (35%) of the total value of the same, which must be valid during the contract term referred to in Clause Four of the contract and six (6) additional months. 
 PARAGRAPH ONE: the LESSEE undertakes to adjust every year such warranties in the percentage in which the rental fee is adjusted. Likewise, in the event this contract is extended, such
warranties shall be modified according to the term of the corresponding extension and readjustment of the rental fee. 

 PARAGRAPH TWO: the compliance policy must be delivered by the LESSEE in office 313 of the
“Eldorado” international airport, Group of Real Estate Administration of the Special Administrative Unit of Civil Aeronautics, within the ten (10) calendar days following the signature of the present contract, for the corresponding
study and approval by the LANDLORD. In the same term, counted as of the initiation of the extension, the Certificate of Modification of the policy must be delivered for its study and approval. 

ELEVENTH: THE LESSEE must keep up to date his obligations before the Integral Social Security System (Family Compensation agencies, National
Apprenticeship Service- SENA and Colombian Institute of Family Wellbeing- ICBF) and parafiscal payments. The non compliance of this shall be cause for the imposition of successive fines until compliance is completed, previous verification of the
amount in arrears through liquidation made by the administration entity. When during the performance of the contract or at the date of its liquidation there appears to be persistence in the non compliance for four months, the State Agency will apply
the unilateral termination of the contract. 
 TWELFTH: For all effects derived from the present contract, only the instructions given by
the entitled functionary according to the internal regulations of the Special Administrative Unit of the Civil Aeronautics will have binding force. 
 THIRTEENTH: LOCATIVE REPAIRS AND IMPROVEMENTS. DEFINITION. According to article 1998 of the Civil Code, LOCATIVE REPARATIONS are those which, according to what is customary, are on the
account of the LESSEE and in general those kinds of deterioration which ordinarily are produced by the LESSEE ́S or negligence of his dependents and deterioration due to normal use, all of which will be on the account of the
LESSEE. IMPROVEMENTS are all types of constructions and, in general, any civil, architectural, electric, hydraulic, telephone work, etc., executed by the LESSEE at his own account and risk, whom, with no exception, must present to the
LANDLORD for his approval the project and plans of the works to be executed, signed or endorsed by dully registered professionals. The LANDLORD reserves itself the right to approve or not the request presented and, in the event that he
approves it, the destination stated in clause Three of this contract will be taken into account, as well as the existing technical infrastructure and the Airport Master Development 

 
Plan. In any case, the authorization given to that effect by the LANDLORD is strictly understood to be ruled according to what is stipulated in articles 1823 and 1824 of the Commerce Code
and in no moment implies any pact, agreement or commitment from the LANDLORD to pay to the LESSEE the value of the constructions or works executed by the latter. Once the execution of the works is approved by the LANDLORD, the
latter will designate a supervisor, whom, besides supervising the execution of the works will present a detailed report of the executed works. The technical specifications of the works to be conducted will be detailed in the authorization given by
the LANDLORD for such purpose. Thus, if the LESSEE executes works without previous authorization or in breach of what is being authorized, the LANDLORD will command the immediate withdrawal, and this event will constitute a
sufficient cause to terminate this contract in anticipation. In any case, the parties clarify understand and state, that the constructions or improvements will only render serviceability, benefit and comfort to the LESSEE and are not
necessary nor useful for the LANDLORD. Thus, there will be no compensation or indemnity whatsoever for this concept. 
 PARAGRAPH ONE:
REMOVABLE IMPROVEMENTS. Removable improvements are those which can be withdrawn without deterioration of the normal conditions of the property object of the rental. For such purposes, the LESSEE has thirty (30) working days, from the
termination of this contract to withdraw them. After this term, if the LESSEE has not withdrawn said improvements, these will become the property of the LANDLORD without any indemnity. 

PARAGRAPH TWO: FIXED IMPROVEMENTS. Fixed improvements are those which cannot be withdrawn because they imply deterioration in the construction
conditions of the property object of the rental or the existing technical infrastructure will be affected, thus they accrue to the property object of the rental, at the end of the term agreed upon, becoming the property of the LANDLORD
without any indemnity. The parties agree, understand and thus declare that these works, even though they were authorized by the LANDLORD, only produce benefits, serviceability and/or comfort to the LESSEE who executes them on his
account and at his risk; that they are not necessary, useful nor relevant for the LANDLORD. In consequence, there will not be any indemnity or compensation whatsoever for this subject, in compliance of articles 1993 of the Civil Code and 1823
and 1824 of the Commercial Code. 

 PARAGRAPH THREE: The LESSEE will perform, on his own account and at his risk, the locative
reparations ordered by law, in accordance to what is established in articles 2028, 2029 and 2030 of the Civil Code. 
 PARAGRAPH FOUR:
the adaptations presently required by the property object of the rental must be previously authorized by the LANDLORD and will be executed by the LESSEE at his own account and risk. 

PARAGRAPH FIVE: the damages and prejudice that the LESSEE causes on the occasion of the repairs, adaptations or improvements executed by
him, will be of his exclusive responsibility. 
 PARAGRAPH SIX: the equipment, artifacts, implements and/or other goods or elements which
the LESSEE requires and which are not included in the Inventory of Goods, shall be provided by the LESSEE and are of his exclusive property. In consequence, they can be withdrawn at the end of the contract, within the term established
in paragraph one of the present clause and there will be no indemnity or compensation whatsoever by the LANDLORD in the event they are not withdrawn within that term. 
 PARAGRAPH SEVEN: the equipment, artifacts, implements and in general, the goods or elements delivered to the LESSEE in the Inventory of goods, must be returned to the LANDLORD in the
same condition as they were delivered, except for the natural deterioration caused by their use and enjoyment. The maintenance, care and conservation of these goods will be in the exclusive charge of the LESSEE and in no case would there be
new supplies or replacements of goods or elements by the LANDLORD. 
 PARAGRAPH EIGHT: the improvements which belong to the
LESSEE which comprise the constructions of the building annex next to the Air Lift Terminal and the constructions of the hangar with its warehouses, workshops and offices located in the hangar zone, may be withdrawn by the LESSEE at
the termination of the contract, as he chooses, unless there is an agreement to buy them with the LANDLORD. 

 FOURTEENTH: RELOCATIONS. If, according to the enlargement, remodeling, execution of a master plan,
performance of earthquake resistance works or the smooth operation of the service, the LANDLORD requires his installations or properties, by this clause, he is empowered to obtain the restitution of the area object of the present contract and
to relocate, transitorily or definitely the LESSEE in another sector, at the decision of the LANDLORD without there being any indemnity. For such purpose, a written notice to the LESSEE, communicating such decision, with no less
than three months in advance, will be sufficient. 
 SINGLE PARAGRAPH: if the LESSEE does not accept the conditions of the new
location and the objections cannot be solved by direct settlement between the LANDLORD and the LESSEE, after a negotiation period which may not exceed 15 days, the contract will be terminated and the areas object of the contract will
be restituted, without any indemnity by the LANDLORD for this cause. 
 FIFTEENTH: SUPERVISION. The
supervision, inspection and /or verification of the compliance of the obligations derived from this contract will be in charge of the General Manager of the “Eldorado” International Airport according to what is established in Resolution
No. 297 of January 30th, 2002 and other
dispositions which rule the matter. In consequence, (the General Manager) may, at any time, perform directly or through the functionaries of the Real Estate Administration Group, dependency ascribed to the Management of the Eldorado airport of the
Special Administrative Unit Civil Aeronautics, inspections to the rented area, notifying in writing, to the LESSEE, the observations and irregularities presented, (and) the suggestions and recommendations needed for a better service or area
functioning, which must be immediately complied by the LESSEE. Failure to comply with the aforesaid is sufficient cause to terminate the present contract in an anticipated form, resulting in the immediate restitution of the property.

 SIXTEENTH: AIRPORT SECURITY DISPOSITIONS. THE LESSEE expressly undertakes to comply with the
dispositions on airport functioning and restructuring, with the National Airport Security Plan, with the Local Plan of the “Eldorado” airport security, with the Airport Operational Manual of the “Eldorado” and all other internal
regulations of the Special Administrative Unit of the Civil Aeronautics related to the use or operation of the “Eldorado” International airport. In consequence, (the Lessee) undertakes to comply with said regulations and to pay to the
LANDLORD the amount that the aeronautic authority determines in the regulations, proceedings and dispositions related to the operation of the said airport. 
 PARAGRAPH: THE LESSEE undertakes to comply with the dispositions of taxation character issued by the competent fiscal authority, related to the economic activity developed (by the lessee).
Likewise, he undertakes to comply with the sanitary and environmental rules, according to what is established in Decrees number 1601 of 1984 and 3075 of 1997 or rules which modify or supplement them. In any case, any breach of the taxing, sanitary
or environmental regulations is sufficient cause to terminate in anticipation the present contract and request the restitution of the area. 

SEVENTEENTH: PERSONNEL. The personnel hired by the LESSEE is considered in every sense as its labor dependants, thus, in no case would
their conduct compromise the LANDLORD. THE LESSEE undertakes to deliver to the General Management of the “Eldorado” International Airport a list of the personnel under its dependency, adjoining copy of the respective identity
document and indicating the job he/she is performing. Likewise, (the lessee) undertakes to inform about any replacement, in order that, the LANDLORD, if he considers it pertinent, may issue a card identifying them and authorizing them to
enter into the rented area, if such is the case. Thus, the LESSEE is only responsible for the use his dependants make of the given card and for the obligations derived from it. 

 EIGHTEENTH: AIRPORT FUNCTIONING. THE LANDLORD warranties the use and functioning of the airport, but
he may, at any moment close and /or restrict the access to it for the period he deems necessary, due to reasons of security or public order or by reasons of force majeure or acts of God, In consequence, for the purposes of this contract, the
LANDLORD does not assume any responsibility before the LESSEE in relation to any disturbance, reduction or loss of the business or commercial activity as a result of such decision. The parties agree that for this case, there will be no
indemnity. 
 NINETEENTH: TRANSFER AND SUBLETTING. It is prohibited to the LESSEE to transfer the contract, sublet or allow the
total or partial use of the property object of the present contract to third parties, (and he may not) transfer its tenure without prior express authorization by the LANDLORD. In relation to the use by third party contractors
which support the LESSEE ́S operation, as well as the subletting of the commercial areas, this authorization is deemed as given with the subscription of this contract, since these are part of the business unit. In any case, the parties
expressly agree that this contract will not be an integral part of any commercial establishment and thus, the eventual transfer of the commercial establishment, not only doesn ́t transfer any rental right to the buyer, but it also constitutes
sufficient cause for the anticipated termination of the present contract, resulting in the immediate restitution of the property. The LESSEE expressly undertakes to abstain from transferring, subletting, allowing the use by third parties,
transferring the tenure under any title, except when there is authorization by the LANDLORD. For legal purposes, this stipulation is equivalent to the opposition referred to in subsection 3 of article 528 of the Commercial Code, in such a way
that the responsibility of the LESSEE will not cease with the disposal of the commercial establishment, nor with the notice of its transference, not even with the registration of the transfer in the Mercantile Registry. This being so, the
LESSEE is responsible for the use of the property and undertakes to indemnify the LANDLORD the damages that his conduct may cause and must pay for all the expenses which the restitution of the property demands. 

TWENTIETH: CAUSES FOR ANTICIPATED TERMINATION OF THE CONTRACT. The following will be causes for the anticipated termination of the present
contract, resulting in the immediate restitution of the property given in rental: a) When the demands of the public service so require or the public order 

 
situation imposes it. b) If, under the terms agreed upon in this contract, the LESSEE fails to pay the rental fee and other monetary obligations which are in his charge. c) When it is
proven that the documentation delivered for the adjudication is fraudulent. d) When the properties are given a destination which differs from that agreed upon. e) By the denial, cancellation, expiration or loss of the permits or licenses required by
the LESSEE to develop its company object or the activity to be performed in the leased properties. f) For reiterated infringements of the airport security and operational regulations, taxing, sanitary and/or environmental regulations
established by the competent authorities. g) For transferring, subletting or allowing the use of the leased property to a third party without prior express authorization from the LANDLORD. h) For dissolution or liquidation of
the legal person. i) When it is proven that the tenderer has acted as intermediary of third parties. j) For cessation of payments, bankruptcy or Judicial seizures of the contractor which affect the normal compliance of his obligations derived from
the present contract, and for which the LANDLORD declares to know the existence of the present situation of the LESSEE within the process of the chapter eleven of the Bankruptcy Code of the United States. k) For contravening, with
intention or gross fault, any legal regulation in force. l) For intentional breach of the regulations of Airport Security and /or Airport Operational Manual, as well as those included in the international covenants and treaties legally ratified by
Colombia, (and or) by other internal dispositions of the Unit. m) For non compliance of any of the special obligations derived from this contract. n) For starting works without the previous and express authorization of the LANDLORD for the
said purpose. o) For the occurrence of any cause of inability or incompatibility of the LESSEE not being possible the transfer of the contract according to what is prescribed in Article 9 of Law 80 of 1993. p) For providing deficient or poor
services. q) For unjustifiably not using or abandoning the leased property during more than one (1) month. r) For destruction or deterioration of the property in such a way that its use is impossible. s) When ordered by law. t) For sale of the
commerce establishment. u) When the LESSEE breaches the payment agreement signed with the entity, which is included in an appendix incorporated to the present contract. v) When the LESSEE breaches what is established in clause eleven
of this contract. w) For special anticipated termination causes stated in this contract. 

 TWENTY FIRST: FINES. THE LANDLORD may impose successive fines to the LESSEE, equivalent to
zero point five per cent (0.5%) and up to ten per cent (10%) of the total value of the contract, in case of breach by the latter of what is agreed upon in the present contract, as long as such non compliances does not constitute a cause for
anticipated termination. PARAGRAPH ONE: If once the imposition of the fine is effected, the LESSEE repeats the conduct which caused it, such non compliance will be deemed as cause for anticipated termination of the contract.
PARAGRAPH TWO. The fine referred to in the present clause will be imposed through an administrative act, dully motivated, which, once it is firm, will have executive merit. 
 TWENTY SECOND: PENALTY CLAUSE. The non compliance of the obligations of the LESSEE in virtue of the present contract, will result in the payment, in the benefit of the LANDLORD, of a
sum equivalent to twenty per cent (20%) of the value of the contract which has not been executed at the moment the anticipated termination decision is made, as penalty clause independently of the anticipated estimate of the damages suffered by
the LANDLORD and notwithstanding their additional charge, if they are greater. 
 TWENTY THIRD: In development of article 48 of
Law 105 of 1993 and as an effect of the airport decentralization process, the LANDLORD may transfer, without the consent of the LESSEE, the present contract and the litigious rights derived from it to the legal Person who manages the
Airport or the entity which assumes its functions in the future. 
 TWENTY FOURTH: DOCUMENTS. The following documents are part of this
contract: a) the documents referred to in the considerations of the present contract. b) Localization map of the leased property prepared by the Real Estate Administration Group. c) Certifications of Existence and Legal representation of the
LESSEE, (issued) by the Chamber of Commerce of Barranquilla. 

 TWENTY FIFTH: NOTIFICATIONS. The notifications that any party may have to give to the other must be
given in writing to the following addresses: to the LANDLORD Management of “Eldorado” Airport- Real Estate Administration Group, “Eldorado” International Airport of Bogotá, D.C., third floor or place which may be
notified in the future. To the LESSEE in the location of the leased property. 
 TWENTY SIXTH: CONTRACT EXECUTION. The present
contract is deemed executed with voluntary agreement among the parties, which is manifested by its signature. 
 TWENTY SEVENTH: PUBLICATION
IN THE UNIQUE CONTRACTING NEWSPAPER AND STAMP TAX. Once the present contract is subscribed, the LESSEE must proceed, within the following five (5) working days, to publish it in the Unique Contracting Newspaper and to pay the stamp
tax, obligations which will be deemed complied with the presentation of the respective payment receipts. 
 TWENTY EIGHTH: the taxes,
contributions, fees and/or fines which are generated by effect of or on occasion of the celebration or execution of the present contract will be all in charge of the LESSEE, who undertakes to pay them in the legal opportunity. 

TWENTY NINTH: REQUISITES. Once subscribed the present contract, the LESSEE must proceed, within the following ten
(10) calendar days, to deliver to the group of Real Estate Administration of Eldorado, the receipt of payment of the Stamp Tax and the receipt of payments of the publication rights. SINGLE PARAGRAPH: If at the expiration of the term
stipulated in the present clause, the LESSEE has not fulfilled the requisites demanded, it is understood that the LESSEE desists from entering into the contract and in consequence, the present document has no validity or legal effect.
The present contract substitutes contract BO AR 0036 00 subscribed between AEROCIVIL and the company AVIANCA S.A. The present contract is signed in Bogotá city D.C., on July 30th, 2004. 

					
	THE LANDLORD	 		 	LESSEE
			
	/s/ SILVIA FERNADEZ DE CASTRO	 		 	/s/ FRANCISCO MENDEZ GARCIA
	SILVIA FERNADEZ DE CASTRO	 		 	FRANCISCO MENDEZ GARCIA
			
	C.C. No. 41.638.219	 		 	C.C. No. 79.158.664
			
	General Manager of Eldorado Airport	 		 	Legal Representative
			
	Civil Aeronautics	 		 	AVIANCA S.A.

  

					
	Prepared by: Germán Gama Cubillos	  	0K	  	
	Revised Patricia de Castro Brando	  	R/ACEVEDO	  	
			
	Written on official stationary

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