Document:

EX-4.18

 Exhibit 4.18 
 Amended and Restated Fly Leasing Limited 
 Management Agreement 

Fly Leasing Limited 
 and 

Fly Leasing Management Co. Limited 

  

Table of contents 
  

									
	Clause	  	Page	 
			
	 1
	 	 Definitions and interpretation
	  	 	2	  
				
		 	 1.1
	 	 Definitions
	  	 	2	  
		 	 1.2
	 	 Interpretation
	  	 	9	  
			
	 2
	 	 Appointment
	  	 	10	  
			
	 3
	 	 Obligations of the Manager
	  	 	10	  
				
		 	 3.1
	 	 Management and Administrative Services
	  	 	10	  
		 	 3.2
	 	 Origination and Disposition Services
	  	 	11	  
		 	 3.3
	 	 Ancillary Management and Administrative Services
	  	 	12	  
		 	 3.4
	 	 Compliance with Company’s strategy, policy and directions
	  	 	13	  
		 	 3.5
	 	 Restrictions and duties
	  	 	13	  
		 	 3.6
	 	 Amounts to be reviewed
	  	 	15	  
		 	 3.7
	 	 Assistance in providing Services
	  	 	16	  
		 	 3.8
	 	 Delegation
	  	 	16	  
		 	 3.9
	 	 Reports and information
	  	 	16	  
		 	 3.10
	 	 Insurance
	  	 	17	  
		 	 3.11
	 	 Relationship of this Agreement and other agreements
	  	 	17	  
			
	 4
	 	Obligations of the Company	  	 	18	  
			
	 5
	 	Fees	  	 	18	  
				
		 	 5.1
	 	 Manager fees
	  	 	18	  
		 	 5.2
	 	 Break Fees
	  	 	20	  
		 	 5.3
	 	 Ancillary Management and Administrative Fees
	  	 	20	  
		 	 5.4
	 	 Credit for Servicing Fees Paid
	  	 	20	  
		 	 5.5
	 	 Fees independent
	  	 	21	  
		 	 5.6
	 	 Other services performed by BBAM and its Affiliates
	  	 	21	  
			
	 6
	 	 Costs and expenses
	  	 	21	  
				
		 	 6.1
	 	 Company liable for certain costs and expenses
	  	 	21	  
		 	 6.2
	 	 Regulatory expenses
	  	 	21	  
		 	 6.3
	 	 Adjusting the Management Expense Amount
	  	 	22	  
			
	 7
	 	Management and Board of Directors	  	 	22	  
				
		 	 7.1
	 	 Core Management Team
	  	 	22	  
		 	 7.2
	 	 Chief executive officer and chief financial officer
	  	 	23	  
		 	 7.3
	 	 Manager’s board appointees
	  	 	23	  
			
	 8
	 	Servicing and Competitors	  	 	23	  
				
		 	 8.1
	 	 BBAM as exclusive servicer
	  	 	23	  
		 	 8.2
	 	 Competitors
	  	 	24	  

  
  

i 

									
	 9
	 	 Warranties, limitation of liability and indemnity
	  	 	24	  
				
		 	 9.1
	 	 Mutual warranties
	  	 	24	  
		 	 9.2
	 	 Warranties of Manager
	  	 	24	  
		 	 9.3
	 	 Inaccurate warranties
	  	 	25	  
		 	 9.4
	 	 Exclusion of warranties
	  	 	25	  
		 	 9.5
	 	 Manager may rely
	  	 	25	  
		 	 9.6
	 	 Acknowledgement
	  	 	26	  
		 	 9.7
	 	 Indemnity and limitation of liability
	  	 	26	  
			
	 10
	 	 Effectiveness; Term and termination
	  	 	27	  
				
		 	 10.1
	 	 Effectiveness; Term
	  	 	27	  
		 	 10.2
	 	 Termination
	  	 	27	  
		 	 10.3
	 	 Effect of termination
	  	 	29	  
			
	 11
	 	 Confidentiality
	  	 	30	  
				
		 	 11.1
	 	 Confidential Information
	  	 	30	  
		 	 11.2
	 	 Permitted disclosures
	  	 	30	  
			
	 12
	 	 Notices
	  	 	31	  
				
		 	 12.1
	 	 Requirements
	  	 	31	  
		 	 12.2
	 	 Receipt
	  	 	31	  
			
	 13
	 	 Independent contractor, conflicts of interest and restriction
	  	 	32	  
				
		 	 13.1
	 	 Independent contractor
	  	 	32	  
		 	 13.2
	 	 Conflicts of interest
	  	 	32	  
		 	 13.3
	 	 Acting in interests of shareholders
	  	 	32	  
		 	 13.4
	 	 Manager not accountable
	  	 	33	  
		 	 13.5
	 	 Contracts valid
	  	 	33	  
			
	 14
	 	 Independent advice
	  	 	33	  
			
	 15
	 	 Legal actions
	  	 	33	  
				
		 	 15.1
	 	 Third-party claims
	  	 	33	  
		 	 15.2
	 	 Litigation
	  	 	33	  
			
	 16
	 	 General provisions
	  	 	34	  
				
		 	 16.1
	 	 Entire agreement
	  	 	34	  
		 	 16.2
	 	 Assignment
	  	 	34	  
		 	 16.3
	 	 Indemnities
	  	 	34	  
		 	 16.4
	 	 Invalid or unenforceable provisions
	  	 	34	  
		 	 16.5
	 	 Waiver and exercise of rights
	  	 	34	  
		 	 16.6
	 	 Amendment
	  	 	35	  
		 	 16.7
	 	 Counterparts
	  	 	35	  
		 	 16.8
	 	 Rights cumulative
	  	 	35	  
		 	 16.9
	 	 Successors and assigns
	  	 	35	  
		 	 16.10
	 	 Governing law
	  	 	35	  
		 	 16.11
	 	 Jurisdiction
	  	 	35	  
		
	 Schedule 1 – Expenses
	  	 	36	  

  
  

ii 

  

This Management Agreement 

is amended and restated on December 28, 2012 between the following parties: 

 

	 	1	Fly Leasing Limited (formerly known as Babcock & Brown Air Limited), a Bermuda exempted company, with its principal executive offices at West Pier, Dun
Laoghaire, County Dublin, Ireland (Company) 

  

	 	2	Fly Leasing Management Co. Limited (formerly known as Babcock & Brown Air Management Co. Limited), a Bermuda exempted company, with its principal
executive offices at West Pier, Dun Laoghaire, County Dublin, Ireland (Manager), 

 Recitals 

 

	 	A.	The Company carries on a business of acquiring, owning and leasing commercial jet aircraft and other aviation assets. 

 

	 	B.	Pursuant to a Management Agreement dated October 2, 2007 (the Original Management Agreement) between the Company and the Manager, the Company appointed the
Manager as its manager to manage the Company’s portfolio of aircraft and other aviation assets and to provide the other services described therein. 

  

	 	C.	This Agreement was amended and restated on April 29, 2010, in connection with the purchase, by Summit Aviation Partners LLC (Summit) from Babcock &
Brown Investment Holdings Pty Ltd. (BBIH) and its affiliates, of the aircraft leasing and management business of BBIH and its affiliates pursuant to a Purchase and Sale Agreement dated April 1, 2010, among BBIH, Babcock & Brown
(UK) Holdings Limited, Babcock & Brown LP, Babcock & Brown Ireland Limited, Babcock & Brown JET-i Co., Ltd. and Babcock & Brown Securities Pty Ltd., as sellers, and Summit, as purchaser. 

 

	 	D.	In connection with Summit’s purchase of the aircraft leasing and management business of BBIH and its affiliates, Fly-BBAM Holdings, Ltd., a wholly owned subsidiary
of the Company (Fly-BBAM), purchased a 15% interest in BBAM Limited Partnership (BBAM LP), the indirect owner of the Manager, which interest was subsequently transferred to Babcock & Brown Air Finance (Cayman) Ltd., a
wholly-owned subsidiary of the Company (Babcock). 

  

	 	E.	In connection with the Company’s purchase of the GAAM Aircraft (as defined herein), this Agreement was amended pursuant to an Amendment Agreement, dated as of
October 14, 2011. 

  

	 	F.	On November 30, 2012, affiliates of the Company entered into a Purchase Agreement with affiliates of Onex Partners Advisor LP (Onex), BBAM LP and affiliates
of Summit, as amended on December 28, 2012 (as so amended, the Purchase Agreement), pursuant to which Babcock agreed to sell its 15% interest in BBAM LP to affiliates of Onex. 

 

	 	G.	The Company and the Manager wish to amend and restate this Agreement on the date that affiliates of Onex directly or indirectly acquire Babcock’s 15% interest in
BBAM LP pursuant to the Purchase Agreement (such date, the Effective Date). 

  
  

1 

 This Agreement witnesses 
 that in consideration of, among other things, the mutual promises contained in this Agreement, the parties agree: 
  

 
  

	1	Definitions and interpretation 

  

	 	1.1	Definitions 

 In this
Agreement, unless the context requires another meaning: 
 $ means the lawful currency of the United States of America;

 Administrative Agency Agreement means any administrative agency agreement entered into on or after October 2, 2007
between BBAM or any Affiliate, on the one part, and the Company or any of its Subsidiaries, on the other part; 

Administrative Agency Fee means the fee payable under clause 5.1(c); 

ADSs means the American Depositary Shares representing the Shares; 

Affiliate means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under
common control with, the Person specified, including a trust of which the Person specified or any of its Affiliates is a beneficiary, except that for purposes of this Agreement the Company and its Subsidiaries, on the one part, and BBAM and its
Affiliates (other than the Company and its Subsidiaries), on the other part, shall not be considered to be Affiliates of each other. 
 Agreement means this management agreement; 
 Ancillary Management and
Administrative Services means the services to be procured or provided by the Manager under clause 3.3; 
 Available
Liquidity means the sum of (i) cash available to be used by the Company on an unrestricted basis plus (ii) the Company’s and its Subsidiaries’ debt capacity under committed debt facilities available for aviation asset
investment transactions. 
 Base Value means the value of an aircraft in an open, unrestricted, stable market environment
with a reasonable balance of supply and demand, and with full consideration of the aircraft’s “highest and best use”, presuming an arm’s-length, cash transaction between willing, able and knowledgeable parties, acting prudently,
with an absence of duress and with a reasonable period of time available for marketing, adjusted to account for the maintenance status of such aircraft (with such assumptions as to use since the last reported status as may be reasonably stated in
the appraisal setting forth such Base Value); 

  
  

2 

 B&B Air Funding means Babcock & Brown Air Funding I Limited, a Bermuda
exempted company; 
 Base Fee means the monthly fee payable under clause 5.1(a)(1)(A); 

BBAM means BBAM US LP, a Delaware limited partnership (formerly BBAM LLC, a Delaware limited liability company), and BBAM Aviation
Services Limited, an Irish corporation, individually or collectively; 
 Board means the board of directors of the Company
as constituted from time to time; 
 Business Day means a day on which banks are open for business in New York, New York;

 Calculation Date means the sixth Business Day immediately preceding each Payment Date; 

Change of Control means the occurrence of any of the following: 

 

	 	(1)	the Company consolidates with, or merges with or into, another Person or sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of
its assets to any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which the outstanding Shares or ADSs of the Company are converted into or exchanged for cash, securities
or other property; 

  

	 	(2)	the consummation of any transaction, whether as a result of the issuance of securities of the Company, any merger or consolidation, purchase or otherwise, the result of
which is that any “person” or “group” of related persons (within the meaning of Sections 13(d) or 14(d) of the U.S. Securities Exchange Act of 1934, but excluding any Person that was a wholly owned Subsidiary of the Company prior
to such transaction) has become, directly or indirectly, the beneficial owner of more than 50% of the voting power of the outstanding Shares of the Company on a fully-diluted basis, after giving effect to the conversion and exercise of all
outstanding warrants, options and other securities of the Company convertible into or exercisable for Shares or ADSs of the Company (whether or not such securities are then currently convertible or exercisable); and 

 

	 	(3)	the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; or 

 

	 	(4)	the adoption by the shareholders of the Company of a plan for the liquidation or dissolution of the Company. 

Change of Control Fee means the fee calculated in accordance with clause 5.1(b)(2); 

Competitor means any of the following Persons: 

  
  

3 

	 	(a)	any of the following Persons (or any of their respective Affiliates) and their respective successors and assigns: 

 

	 	(1)	GE Commercial Aviation Services Limited; 

  

	 	(2)	International Lease Finance Corporation; 

  

	 	(3)	AerCap B.V.; 

  

	 	(4)	Aircastle Advisor LLC; 

  

	 	(5)	Air Lease Corp; 

  

	 	(6)	Allco Finance Group; 

  

	 	(7)	Aviation Capital Group; 

  

	 	(8)	Apollo Aviation; 

  

	 	(9)	Avolon; 

  

	 	(10)	AWAS; 

  

	 	(11)	Bank of China Aviation; 

  

	 	(12)	BCI Aircraft Leasing, Inc.; 

  

	 	(13)	Boeing Capital Corporation; 

  

	 	(14)	Bravia Capital Partners; 

  

	 	(15)	CIT Aerospace; 

  

	 	(16)	[intentionally omitted]; 

  

	 	(17)	Macquarie Bank Limited; 

  

	 	(18)	ORIX Aviation Systems Limited; 

  

	 	(19)	Standard Chartered; 

  

	 	(20)	RBS Aviation Capital; 

  

	 	(21)	RPK Capital Management; 

  

	 	(22)	Sumisho Aircraft Asset Management B.V.; 

  

	 	(23)	Sky Holdings; 

  

	 	(24)	Tombo Aviation; 

  

	 	(25)	Vx Capital Partners; 

  

	 	(26)	Jackson Square Aviation; 

  

	 	(27)	Dubai Aerospace Enterprise (DAE) Ltd; 

  

	 	(28)	Volito Aviation Services; 

  

	 	(29)	ICBC Leasing; 

  

	 	(30)	SMBC Aviation Capital; 

  

	 	(31)	Doric Asset Finance; 

  
  

4 

	 	(b)	any other Person which beneficially owns 15% or more of the voting securities of any Person identified above (other than the Company or BBAM or their respective
Affiliates); and 

  

	 	(c)	any other Person (or any Affiliate thereof) (other than the Company or BBAM or their respective Affiliates) that, together with its Affiliates, has consolidated
aircraft leasing-related revenues or aircraft or engine manufacturing related revenues of more than $200 million for its most recently completed fiscal year. 

 Confidential Information means all books, records, documents and information of or relating to the affairs of a party; 
 Continuing Directors means the directors of the Company (except the directors appointed by the Manager in accordance with clause 7.3 hereof) in office on the date hereof and any successor to any
such director who was nominated or selected by a majority of the Continuing Directors and Manager appointed directors, taken as a group, in office at the time of such director’s nomination or selection. Notwithstanding the foregoing, no person
who is an affiliate of any person who is the beneficial owner, directly or indirectly, of securities representing 10% or more of the combined voting power of the Company’s outstanding Shares or ADSs then entitled ordinarily to vote for the
election of directors will be considered a Continuing Director. 
 Core Management Team means the management team referred
to in clause 7.1(a); 
 CPI means (i) the headline consumer price index number as published on a monthly basis by the
United States Department of Labor, or any substitute accepted by the Government of the United States from time to time provided that: 
  

	 	(d)	if the CPI base adopted for CPI is at any time updated, the CPI is to be appropriately adjusted from time to time; 

 

	 	(e)	if at any time the CPI is discontinued, there is to be substituted the alternative method of computing changes in the cost of living which is mutually agreed between
the parties during the period of 20 Business Days after written notice given by either party to the other; and 

  

	 	(f)	if any alternative index is determined in accordance with paragraph (b) and that index is at any time thereafter discontinued, the procedure in paragraph
(b) is repeated to determine the new CPI; or 

 (ii) if there is a different CPI in any applicable servicing
agreement, then the CPI as defined in that servicing agreement. 
 Directors means the directors comprising the Board from
time to time; 
 Effective Date shall have the meaning ascribed to it in recital D above. 

Enterprise Value shall be an amount equal to (i) the number of outstanding ADSs of the Company (which, for this purpose, shall
include all share-based awards on an as-converted basis), multiplied by the per-ADS consideration to 

  
  

5 

 
be paid in respect of such ADSs in any transaction (or in an asset purchase, the implied price per ADS based on the asset purchase price), plus (ii) total indebtedness for borrowed money of
the Company as shown on the balance sheet of the Company as of the end of the last quarter prior to the consummation of such transaction, less (iii) cash and cash equivalents (excluding restricted cash and cash equivalents) of the Company as
shown on the balance sheet of the Company as of the end of the last quarter prior to the consummation of such transaction; 

Exchange Act means the United States Securities Exchange Act of 1934, as amended; 

Ex-Dividend Date means, with respect to any declared dividend, the first date on and after which purchasers of ADSs will not be
entitled to receive payment of the dividend; 
 Fee Period has the meaning given to that term in clause 5.1(a)(1)(B);

 GAAM Aircraft means the aircraft identified in clause 5.1(b)(1); 

Government Agency means: 
  

	 	(g)	a government, whether foreign, federal, state, territorial or local; 

  

	 	(h)	a department, office, branch or minister of a government acting in that capacity; or 

 

	 	(i)	a commission, delegate, instrumentality, agency, board, court, or other governmental, semi-governmental, judicial, administrative, monetary or fiscal authority, whether
statutory or not; 

 Gross Acquisition Cost shall be an amount equal to the gross consideration (including
the fair market value of any non-cash consideration) paid by the Company or any of its Subsidiaries in respect of the applicable acquisition; 
 Gross Proceeds shall be an amount equal to the gross proceeds (including the fair market value of any non-cash consideration, but excluding any cash added to the purchase price of the applicable
aircraft or other aviation asset in respect of any utilization rent or deposit) received by the Company or any of its Subsidiaries in respect of any disposition of an aircraft or other aviation asset; 

Initial Portfolio means the initial portfolio of 47 aircraft acquired by B&B Air Funding acquired on and after the date of
consummation of the Company’s initial public offering of its ADSs; 
 Management and Administrative Services means
the services to be procured or provided by the Manager under clause 3.1; 
 Management Expense Amount means the amount
calculated in accordance with clause 6.3; 
 Management Expenses means those expenses which are agreed by the Company and
the Manager from time to time to be included in the Management Expense Amount as detailed in Part 1 of Schedule 1; 
 Manager
Shares means the manager shares, par value $0.001 per share, of the Company; 

  
  

6 

 Non-Renewal Base Amount means an amount equal to (i) $6 million plus
(ii) so long as the Management Expense Amount does not exceed $12 million, 50% of the excess (if any) of the Management Expense Amount over $6 million. 
 NYSE means the New York Stock Exchange; 
 NYSE Rules means the rules
of the NYSE applicable to companies listed thereon; 
 Origination and Disposition Fee means the fee calculated in
accordance with clause 5.1(b)(1); 
 Origination and Disposition Services means the services to be procured or provided by
the Manager under clause 3.2; 
 Payment Date means the 14th day of each month, commencing on November 14, 2007;
provided that, if any Payment Date would otherwise fall on a day that is not a Business Day, the relevant Payment Date shall be the first following day which is a Business Day; 

Person means any individual, firm, corporation, limited liability company, partnership, trust, body of persons, joint venture,
Government Agency or other entity, and shall include any successor (by merger or otherwise) of such entity; 
 Quarter
means a period of 3 consecutive months ending on 31 March, 30 June, 30 September or 31 December; 
 The
Rent Collected Fee in respect of any Fee Period shall equal 1.00% of the aggregate amount of the Rents actually paid by each lessee and, if any lessee fails to pay any Rents when due, amounts applied towards such payment during such Fee
Period or portion of such Fee Period in which the relevant aircraft is held by B&B Air Funding or any of its Subsidiaries; provided that if any collateral security, including any security deposit, is applied to the payment of Rents, then,
for purposes of calculating the Rent Collected Fee, the amounts so applied shall not be included as Rents at the time of such application but shall be so included at such time as any B&B Air Funding or any of its Subsidiaries shall receive
substitute collateral security or a payment (whether in the form of Rents or otherwise) which restores, in whole or in part, such collateral security; 
 The Rent Payable Fee in respect of any Fee Period shall equal 1.00% of the aggregate amount of the Rents due from each lessee attributable to such Fee Period, or portion of such Fee Period in which
the relevant aircraft is held by B&B Air Funding or any of its Subsidiaries; provided that, in the event of an early termination of a lease for any reason (other than by reason of the occurrence of an event of loss or exercise of a
purchase option), the Rents which would have been payable pursuant to such lease but for such early termination will be included in this calculation of the Rent Payable Fee until the earlier of (a) the date on which Rents shall become payable
in respect of such aircraft pursuant to another lease (the Rents of which shall be included in this calculation of the Rent Payable Fee) and (b) the day that numerically corresponds to the first date by which such aircraft and related aircraft

  
  

7 

 
documents shall have been physically repossessed by BBAM following such early termination in (or, if no such day exists, the last day of) the calendar month that is the third month after the
month in which such date occurs; 
 Rents means the basic rent payable pursuant to a lease, and in the event that the
agreement or arrangement pursuant to which possession of any aircraft asset is given is other than as a lease, amounts equivalent to any basic rent, and, in the event that there is a negotiated or non-consensual termination of a lease prior to the
scheduled expiry date of the term thereof or the exercise of a termination right by the lessee under a lease, all amounts payable by the lessee in connection therewith other than amounts that the Manager allocates in good faith to damages for the
applicable aircraft’s failure to comply with the return conditions specified in the lease for such aircraft (as compared with damages for failure to pay overdue or future rent); 

SEC means the United States Securities and Exchange Commission; 

Securities Act means the United States Securities Act of 1933, as amended; 

Senior Executive has the meaning set forth in clause 3.4(d). 

Services means the Management and Administrative Services, the Origination and Disposition Services and the Ancillary Management
and Administrative Services; 
 Servicing Agreement means any servicing agreement entered into on or after October 2,
2007 between BBAM or any of its Affiliates, on the one part, and the Company or any of its Subsidiaries, on the other part; 

Shares means the common shares, par value $0.001 per share, of the Company; 

Similarly Constituted Entity has the meaning given to that term in clause 10.2(a)(5); 

Standard of Care has the meaning given to that term in clause 3.5(a)(1); 

Subsidiary of any Person means a corporation, company, common law or statutory trust or other entity 

 

	 	(a)	more than 50% of whose outstanding shares or securities representing the right to vote for the election of directors or other managing authority are, or

  

	 	(b)	which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but more than 50% of whose
ownership interest representing the right to make decisions for such other entity is, 

 now or hereafter owned or
controlled, directly or indirectly, by such Person, but such corporation, company, common law or statutory trust or other entity shall be deemed to be a Subsidiary of such Person only so long as such ownership or control exists; provided that
any corporation, company, common law or statutory trust or other entity established by the Company (or any Subsidiary of the Company) for the purpose of entering into a securitization or 

  
  

8 

 
warehouse credit facility financing shall be deemed for the purposes of this Agreement to be a Subsidiary of the Company (and such Subsidiary, as the case may be) if the Company or such
Subsidiary has the right to appoint at least one director or trustee of such entity and/or has the right to receive the cash flows from, and residual value of, the assets held by such entity after the obligations owing to third-party investors with
respect to the financing have been satisfied; 
 Tax means a tax, levy, charge, impost, deduction, ad valorem tax, value
added tax, withholding or duty of any nature (including stamp and transaction duty) at any time imposed or levied by any government agency or required to be remitted to, or collected, withheld or assessed by, any government agency, and any related
interest, expense, fine, penalty or other charge on those amounts; 
 Term means the term of this Agreement under clause
10.1; 
 Trading Day means a day that is a trading day on the primary U.S. national or regional securities exchange on
which the ADS is listed or admitted to trading. 
  

	 	1.2	Interpretation 

 In this
Agreement: 
  

	 	(a)	where a word or phrase is defined, its other grammatical forms have a corresponding meaning; 

 

	 	(b)	headings are for convenience only and do not affect the interpretation of this Agreement; 

 

	 	(c)	where the day on or by which any thing is to be done is not a Business Day, that thing must be done on or by the next Business Day; 

 

	 	(d)	if a period starts from, after or before a day or the day of an act or event, it excludes that day, 

and, unless the context otherwise requires: 
  

	 	(e)	words importing the singular include the plural and vice versa; 

  

	 	(f)	words importing a gender include all genders; and 

  

	 	(g)	a reference to: 

  

	 	(1)	any document (including this Agreement) is a reference to that document as amended, consolidated, supplemented, novated or replaced; 

 

	 	(2)	an agreement includes any undertaking, representation, deed, agreement or legally enforceable arrangement or understanding whether written or not;

  

	 	(3)	a clause or annexure is a reference to a clause of or annexure to this Agreement and a reference to this Agreement includes any annexure; 

 

	 	(4)	a person includes any individual, body corporate, association, partnership, joint venture, trust and Government Agency; 

  
  

9 

	 	(5)	a law includes any legislation, judgment, rule of common law or equity or rule of any applicable stock exchange, and is a reference to that law as amended,
consolidated, supplemented or replaced, and includes a reference to any regulation, by-law or other subordinate legislation; 

  

	 	(6)	the word “including” or “includes” means “including but not limited to” or “including without limitation”;

  

	 	(7)	the Company taking any action includes a reference to the Company taking any action through any of its Subsidiaries; and 

 

	 	(8)	time is a reference to time in Dublin, Ireland. 

  

 
  

	2	Appointment 

  

	 	(a)	The Company appoints the Manager for the Term as an independent contractor of the Company to perform the Services on the terms of this Agreement and the Manager accepts
the appointment. 

  

	 	(b)	The appointment of the Manager under clause 2(a) is exclusive and: 

  

	 	(1)	the Company may not appoint any other manager to provide any services similar to the Services; and 

 

	 	(2)	the Company may not employ or otherwise engage any Person to provide any services similar to the Services, 

during the Term. 
  

	 	(c)	The Manager may perform any services similar to the Services for any other Person during the Term. 

 

	 	(d)	The performance by the Manager of the Services pursuant to this Agreement is subject to the overall supervision of the Board. The Company may only provide directions to
the Manager in accordance with this Agreement. 

  
  

 

	3	Obligations of the Manager 

  

	 	3.1	Management and Administrative Services 

  

	 	(a)	The Manager shall, and is hereby authorized, subject to clauses 3.4 and 3.5, by the Company to: 

 

	 	(1)	manage the Company’s portfolio of aircraft and other aviation assets and the administration of the Company’s cash balances; 

 

	 	(2)	if requested by the Board, make available a member of the Core Management Team as the Company’s nominee on the board of directors or similar governing body of any
of the Company’s Subsidiaries (provided that each such member must be agreed between the Company and the Manager); 

  

	 	(3)	assist with the implementation of the Board’s decisions; 

  
  

10 

	 	(4)	provide the Company suitably qualified and experienced persons to perform the Management and Administrative Services for the Company and its Subsidiaries, including
persons to be appointed by the Board to serve as the Company’s dedicated chief executive and chief financial officers (who shall remain employees or independent contractors of, and be remunerated by, the Manager or an Affiliate of the Manager
while serving in such capacities); 

  

	 	(5)	perform or procure the performance of all reasonable accounting, tax, corporate secretarial, information technology, reporting and compliance services for the Company
and its Subsidiaries, including the preparation and maintenance of the Company’s accounts and such financial statements and other reports and filings as the Company is required to make with any Government Agency (including the SEC) or stock
exchange; 

  

	 	(6)	supervise financial audits of the Company by an external auditor as required; and 

 

	 	(7)	manage the Company’s relations with its investors and the public, including 

 

	 	(A)	preparing the Company’s annual reports and any notices of meeting, papers, reports and agendas relating to meetings of the Company’s shareholders; and

  

	 	(B)	assisting in the resolution of any complaints by or disputes with the Company’s investors and any litigation involving the Company (other than litigation in which
the Company’s interests are adverse to those of the Manager or BBAM). 

  

	 	(b)	The Manager may delegate the provision of all or any part of the Management and Administrative Services to BBAM or any Affiliate. 

 

	 	(c)	The Manager shall, in performing the Services under this Agreement, avoid taking any action that would reasonably be expected to directly result in the Company
violating any material applicable laws. 

  

	 	3.2	Origination and Disposition Services 

  

	 	(a)	The Manager shall, and is hereby authorized, subject to clauses 3.4 and 3.5, by the Company to: 

 

	 	(1)	source opportunities for the Company relating to aircraft and other aviation assets, including using the Manager’s commercially reasonable efforts to notify the
Company of potential aviation asset investment opportunities that come to the attention of the Manager and which the Manager acting reasonably believes may be of interest to the Company as investments; 

 

	 	(2)	in relation to identified potential opportunities to purchase or sell aircraft or other aviation assets, investigate, research, evaluate, advise and make
recommendations on or facilitating such opportunities; 

  
  

11 

	 	(3)	with respect to prospective purchases and sales of aircraft and other aviation assets, conduct negotiations with sellers and purchasers and their agents,
representatives and financial advisors; and 

  

	 	(4)	otherwise provide advice and assistance to the Company in relation to the evaluation or pursuit of aviation asset investment or disposition opportunities as the Company
may reasonably request from time to time. 

  

	 	(b)	The Manager acknowledges and agrees that it will facilitate the Company’s non-exclusive access to the worldwide resources and knowledge base of BBAM in relation to
the Origination and Disposition Services. 

  

	 	(c)	The Company and the Manager acknowledge and agree that: 

  

	 	(1)	the Company will be under no obligation to invest in or to otherwise pursue any investment or disposal opportunities notified to it by the Manager pursuant to clause
3.2(a); and 

  

	 	(2)	neither BBAM nor any Affiliate will be restricted from pursuing, or offering to a third-party, including a party managed by, or otherwise associated with, BBAM or any
Affiliate, or will be required to establish any investment allocation protocol in relation to prioritization of, any investment or disposal opportunities identified to the Company by the Manager pursuant to clause 3.2(a). 

 

	 	(d)	The Manager may delegate the provision of all or any part of the Origination and Disposition Services to any Affiliate. 

 

	 	(e)	The Company may elect to have all or any part of the Origination and Disposition Services provided to one or more of its Subsidiaries. In any case where Origination and
Disposition Services are being provided by the Manager (or any Affiliate) to the Company (or any one of its Subsidiaries), the Manager or the Company may require that a mandate letter be prepared which sets out the specific Origination and
Disposition Services which are being provided and the fees payable for such Origination and Services (as determined in accordance with clause 5.1(b)). 

  

	 	3.3	Ancillary Management and Administrative Services 

 The Manager shall, and is hereby authorized, subject to clauses 3.4 and 3.5, by the Company to provide the Company with services that are ancillary to the Management and Administrative Services upon such
terms as may be agreed from time to time between the Company and the Manager, which may include, among other things, if requested by the Board and agreed by the Manager: 

 

	 	(a)	 the expansion of the Core Management Team with additional personnel as may be required by developments or changes in the commercial

  
  

12 

	 	
aircraft leasing industry (whether regulatory, economic or otherwise) or the compliance or reporting environment for publicly listed companies in the United States (whether as a result of changes
to securities laws or regulations, listing requirements or accounting principles or otherwise); and 

  

	 	(b)	making available individuals (other than members of the Core Management Team) as the Company’s nominees on the boards of directors or similar governing bodies of
any of the Company’s Subsidiaries. 

  

	 	3.4	Compliance with Company’s strategy, policy and directions 

  

	 	(a)	In performing the Services, the Manager shall, subject to clause 3.4(b), comply with the written policy and written directions of the Company provided to the Manager
from time to time by the Board unless doing so would contravene any law or the express terms of this Agreement. 

  

	 	(b)	The Company may not, and may not direct the Manager (unless the direction is otherwise permitted under this Agreement) to, make any decision, take any action or omit to
take any action in relation to the acquisition, disposition or management of any aircraft or other aviation asset, and the Manager is not obliged to comply with any such direction if given by the Company, unless the failure to make that decision,
take that action or omit to take that action would breach the fiduciary duties of the members of the Board or violate any law. 

  

	 	(c)	The Company may direct the Manager to review a proposed decision, action or omission to take an action in relation to the acquisition, disposition or management of any
aircraft or other aviation asset and require that within a reasonable period of time the Manager either make or decline to make a recommendation with respect thereto. 

 

	 	(d)	The Manager shall ensure that the members of the Compensation Committee of the Board of Directors of the Company are aware of the proposed salaries, bonuses, equity
grants and other compensation arrangements for the CEO, CFO and, at the reasonable request of the Compensation Committee, other senior BBAM employees who devote substantial time to the Company (Senior Executives), and allow the Compensation
Committee to participate in the discussion of such proposed arrangements for each Senior Executive, before such proposed arrangements are finalized by the Manager or its Affiliate. 

 

	 	(e)	If, in the Manager’s opinion, any written direction of the Company is ambiguous or unclear in any respect, the Manager must promptly clarify the direction with the
Company. 

  

	 	3.5	Restrictions and duties 

  

	 	(a)	At all times in the performance of the Services the Manager shall: 

  

	 	(1)	use reasonable care and diligence and act honestly and in good faith (Standard of Care); 

  
  

13 

	 	(2)	comply with all applicable laws, provided the Company acknowledges that the Manager may act on the written directions of the Company provided to the Manager from time
to time without investigating whether the act will comply with all applicable laws, but must not comply with any direction which it is aware will contravene any law; 

 

	 	(3)	promptly notify the Company of any directions provided to it by the Company which have not been complied with and the reason for the non-compliance; and

  

	 	(4)	comply with any reasonable requests from the Company’s auditor for information or assistance in relation to the Company’s business, assets, internal controls
over financial reporting or financial statements. 

  

	 	(b)	Without limiting clauses 3.2(b) or 3.5(a), the Manager may not, without the Board’s prior consent: 

 

	 	(1)	carry out any transaction with an Affiliate of the Manager on the Company’s behalf, it being understood that Affiliates of the Manager have been appointed as the
exclusive servicer for the Company’s portfolio of aircraft, and that the Manager may delegate the provision of all or any part of the Services to any Affiliate; 

 

	 	(2)	carry out any aviation asset investment or disposition transaction, or sequence of related aviation asset investment or disposition transactions with the same Person or
group of Persons under common control, for the Company if the aggregate purchase price to be paid, or the Gross Proceeds to be received, by the Company and its Subsidiaries in connection therewith would exceed $200 million; 

 

	 	(3)	carry out any aviation asset investment or disposition transaction if the sum of all the purchase prices to be paid, or of all the Gross Proceeds to be received, by the
Company and its Subsidiaries in connection with all such transactions during any Quarter would exceed $500 million; 

  

	 	(4)	appoint or retain any third-party service provider to assist the Manager in providing Management and Administrative Services if: 

 

	 	(A)	the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to the third-party with respect to any particular matter, or series of related
matters, is reasonably likely to exceed $1 million; or 

  

	 	(B)	as a result of the appointment or retention, the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to all such third-party service
providers appointed or retained in any rolling 12-month period is reasonably likely to exceed $5 million; 

  
  

14 

	 	(5)	appoint or retain any third-party service provider to assist the Manager in providing Ancillary Management and Administrative or Origination and Disposition Services
if: 

  

	 	(A)	the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to the third-party with respect to any particular matter, or series of related
matters, is reasonably likely to exceed $1 million; or 

  

	 	(B)	as a result of the appointment or retention, the amount to be paid by the Manager and reimbursed by the Company or paid by the Company to all such third-party service
providers appointed or retained in any rolling 12-month period is reasonably likely to exceed $7.5 million; or 

  

	 	(6)	hold any cash or other assets of the Company, provided that the Manager may cause the Company’s cash and other assets to be held in the Company’s name or any
custodian for the Company nominated or approved by the Company. 

 Acquisitions of series of aircraft from Persons
who are not Affiliates of each other shall be deemed not to be related matters for purposes of this clause 3.5(b). Amounts relating to transactions and third-party service providers entered into, appointed or retained by BBAM or any Affiliates on
the Company’s behalf pursuant to any Servicing Agreement or Administrative Agency Agreement will not be included in determining whether the thresholds set forth in this clause 3.5(b) have been met or exceeded. Amounts relating to any
transactions or sequence of related transactions specifically consented to by the Board will not be included in determining whether the thresholds set forth in this clause 3.5(b) have been met or exceeded. 

 

	 	(c)	In the performance of the Services, the Manager shall not commit the Company to carry out any aviation asset investment transaction, or sequence of related aviation
asset investment transactions, if under or in connection with the transaction or sequence of related transactions the Company would be required to fund payments in excess of reasonably anticipated Available Liquidity at the time funding would be
required. 

  

	 	3.6	Amounts to be reviewed 

The thresholds set forth in clauses 3.5(b)(4) and 3.5(b)(5) shall be reviewed regularly and at least annually by the parties and may be
increased by the Board (but shall not be decreased) having regard to changes in the value of money from the date of this Agreement, changes in the market capitalization of the Company and any other principles agreed between the Company and the
Manager. The thresholds set forth in clauses 3.5(b)(2) and 3.5(b)(3) may be increased or decreased by the Board in its sole discretion at any time by notice to the Manager. 

  
  

15 

	 	3.7	Assistance in providing Services 

 Subject to clauses 3.5(b) and 6.1(a)(3)(B): 
  

	 	(a)	the Manager shall obtain assistance in providing the Services from professional advisors, attorneys, appraisers, specialist consultants and other experts, as requested
by the Company from time to time; and 

  

	 	(b)	the Manager may obtain assistance from time to time from professional advisors, attorneys, appraisers, tax advisors, specialist consultants and other experts, as the
Manager considers reasonably necessary in providing the Services and discharging its duties and other functions under this Agreement. 

 The Manager shall be entitled to rely on the assistance and advice of any professional advisor, attorney, appraiser, tax advisor, specialist consultant or other expert engaged to provide assistance in the
discharge of its duties and other functions under this Agreement. The Manager shall have fully discharged its obligations under this Agreement with respect to any matter if it has acted consistently with any such assistance or advice in respect of
such matter. 
 For the avoidance of doubt, the fees and expenses charged by the parties engaged by the Manager to provide the
assistance described in clauses 3.7(a) and (b) shall be paid for by the Company or reimbursed by the Company to the Manager and are not included in the Management Expense Amount. 

 

	 	3.8	Delegation 

 The Manager
may not delegate the provision of all or any of the Services or any of its other powers or functions under this Agreement to any Person (other than BBAM or an Affiliate) without the Company’s prior written consent (which may be provided subject
to conditions). 
  

	 	3.9	Reports and information 

  

	 	(a)	The Manager shall use commercially reasonable efforts to cause the Company to comply with its reporting obligations under the Exchange Act and under the NYSE Rules.

  

	 	(b)	The Manager shall provide to the Company, within 30 calendar days after the Quarters ending 31 March, 30 June and 30 September of each year, and within
60 days after 31 December of each year, a report confirming that the Manager has complied in all material respects with its obligations under this Agreement or identifying any material non-compliance and the reasons for such non-compliance.

  

	 	(c)	The Manager shall cause BBAM LP to provide, within six months after the completion of each fiscal year of BBAM LP, unaudited financial statements of BBAM LP for such
fiscal year, and, if such financial statements shall be audited by an internationally recognized audit firm in the ordinary course of business of BBAM LP, then the Manager shall cause BBAM LP to provide such audited financial statements.

  

	 	(d)	The Manager shall cause BBAM LP to provide, within three months after the completion of each of the first three quarters of each fiscal year of BBAM LP, unaudited
financial statements of BBAM LP for such fiscal quarter. 

  
  

16 

	 	(e)	The Manager shall cause BBAM LP to provide, within three months after the completion of each fiscal quarter of BBAM LP, a summary of all aircraft purchased and disposed
of by entities managed by BBAM LP or its Subsidiaries in such quarter, such summary to include: 

  

	 	(1)	The specification of all such aircraft purchased or disposed of; 

  

	 	(2)	The purchase or sales price of each aircraft; 

  

	 	(3)	The entity associated with BBAM LP (such as the Company or another pool of capital) that has purchased or sold each aircraft; and 

 

	 	(4)	The lease rate. 

  

	 	(f)	The Manager shall also provide, upon request by the Company, any additional information and a copy of any records or documents in relation to the Company’s
portfolio of aircraft and other aviation assets that a reasonable Person in the position of the Company as owner of such portfolio would expect to have, to enable the Company to: 

 

	 	(1)	assess the performance of the Manager in providing the Services and carrying out its other functions and duties under this Agreement; 

 

	 	(2)	complete returns and reports to any Government Agency; and 

  

	 	(3)	otherwise comply with any law. 

  

	 	3.10	Insurance 

 The Manager
shall obtain at its own expense appropriate insurance in relation to the Services to be provided and the other functions and duties of the Manager to be discharged under this Agreement. The Manager shall give the Company any information it may
reasonably request concerning the currency and/or scope of such insurance. Notwithstanding the foregoing, this clause 3.10 does not require the Manager to insure for Directors’ & Officers’ insurance coverage or for coverage in
respect of the business of the Company at the Manager’s own expense. 
  

	 	3.11	Relationship of this Agreement and other agreements 

 To the extent that BBAM is entitled to exercise any authority, enter into any transaction or take any action on the Company’s or any of its Subsidiaries’ behalf pursuant to any Servicing
Agreement or Administrative Agency Agreement such Servicing Agreement or Administrative Agency Agreement shall govern such exercise of authority, transaction or action in the event of a conflict between this Agreement and such Servicing Agreement or
Administrative Agency Agreement. 

  
  

17 

  
  

	4	Obligations of the Company 

The Company shall: 
  

	 	(a)	provide all information, access and support as is required to enable the Manager to provide the Services and discharge its other duties and functions under this
Agreement; and 

  

	 	(b)	grant a power of attorney in favor of the Manager to allow it to perform the Services. 

 
  
  

	5	Fees 

  

	 	5.1	Manager fees 

 During the
Term and in consideration for the Manager agreeing to act as Manager, the parties agree that the Company shall pay to the Manager the following fees: 
  

	 	(a)	Servicing Fees 

  

	 	(1)	In respect of the aircraft in the Initial Portfolio and any other aircraft that the Company acquires that will be held by B&B Air Funding or any of its Subsidiaries
or any other Subsidiary established by the Company for the purpose of entering into an aircraft securitization financing, the Company shall pay to the Manager: 

 

	 	(A)	a monthly Base Fee equal to $150,000 per Subsidiary established by the Company for the purpose of entering into an aircraft securitization financing, payable by the
Company to the Manager in arrears on each Payment Date during the Term of this Agreement, which shall be increased by 0.01% of the Base Value of each additional aircraft acquired beyond the Initial Portfolio, in the case of B&B Air Funding, or
beyond the initial portfolio of aircraft financed with the proceeds of the applicable aircraft securitization financing, in the case of any other Subsidiary established by the Company for the purpose of entering into an aircraft securitization
financing (the amount of the Base Fee shall be subject to adjustment as set forth in clause 5.1(d)), 

  

	 	(B)	a Rent Payable Fee, payable by the Company to the Manager in arrears for each period commencing on the fourth Business Day prior to the most recent Calculation Date and
ending on the fourth Business Day prior to the next succeeding Calculation Date during the term of this Agreement (each such period, a Fee Period), such payment to be made no later than the Payment Date immediately following the end of each
such Fee Period, and 

  

	 	(C)	a Rent Collected Fee, payable by the Company to the Manager in arrears for each Fee Period, such payment to be made no later than the Payment Date immediately following
the end of each such Fee Period. 

  
  

18 

	 	(2)	The Company hereby guarantees to the Manager (i) the due and punctual payment of all amounts due from Subsidiaries of the Company to BBAM and its Affiliates
pursuant to any Servicing Agreement (other than the Servicing Agreement with B&B Air Funding or any of its Subsidiaries or with any other Subsidiary established by the Company for the purpose of entering into an aircraft securitization
financing), and (ii) the due and punctual performance of all other obligations of the Company and its Subsidiaries pursuant to any Servicing Agreement (other than the Servicing Agreement with B&B Air Funding or any of its Subsidiaries or
with any other Subsidiary established by the Company for the purpose of entering into an aircraft securitization financing). 

  

	 	(b)	Origination and Disposition Fees and Change of Control Fees 

  

	 	(1)	The Company shall pay to the Manager an Origination and Disposition Fee for each acquisition or sale of aircraft or other aviation assets equal to 1.5% of the Gross
Acquisition Cost in respect of acquisitions or the aggregate Gross Proceeds in respect of dispositions; provided that in respect of the 49 aircraft acquired on October 14, 2011, from Affiliates of Global Aviation Asset Management (GAAM
Aircraft): (i) the aggregate Origination and Disposition Fee in respect of the acquisition of all of the GAAM Aircraft shall be $12.5 million, and (ii) the Origination and Disposition Fee in respect of the disposition of any GAAM
Aircraft prior to October 14, 2014 shall be 2.0% of the aggregate Gross Proceeds in respect of such GAAM Aircraft, so long as such Gross Proceeds, less fees and expenses associated with such disposition (including such Origination and
Disposition Fee), exceed the Company’s net book value for such GAAM Aircraft. 

  

	 	(2)	The Company shall pay the Manager a Change of Control Fee equal to 1.5% of the Company’s Enterprise Value in respect of any Change of Control of the Company.

 The amount of any Origination and Disposition Fee or Change of Control Fee in respect of any transaction shall
become due and payable (i) if a purchase price or similar adjustment payment with respect to such transaction is to be made after the 90th day following consummation of such transaction, upon the consummation of such transaction (with any
increase or reduction of the Origination and Disposition Fee or Change of Control Fee for such transaction as a result of a purchase price or similar adjustment payment becoming due and payable upon the payment of such purchase price or similar
adjustment payment) or (ii) if a purchase price or similar adjustment payment with respect to such transaction is to be made within 90 days of consummation of such transaction, upon payment of such purchase price or similar adjustment payment.

  
  

19 

	 	(c)	Administrative Agency Fees 

 The Company shall pay to the Manager an Administrative Agency Fee initially equal to $750,000 per annum for each aircraft securitization financing established by the Company. Administrative Agency Fees
shall be payable in arrears in equal monthly installments on each Payment Date. The amount of the Administrative Agency Fee payable for each aircraft securitization financing established by the Company shall be subject to adjustment as set forth in
clause 5.1(d). 
  

	 	(d)	Adjusting the Base Fees and Administrative Agency Fees 

 The amount of the Base Fee payable under clause 5.1(a)(1)(A) and the amount of the Administrative Agency Fee payable for each aircraft securitization financing established by the Company under clause
5.1(c) shall be increased (but not decreased) annually by the percentage movement (if any) in the CPI from June 30, 2007 to December 31, 2007, in the case of calendar year 2008, and January 1 to December 31 of the previous year
in the case of each calendar year thereafter. 
  

	 	5.2	Break Fees 

 The Manager
shall be entitled to one-third of the value of any break, termination or other similar fee received by the Company (with such value to be reduced by any third-party costs incurred by or on behalf of the Company or by the Manager on behalf of the
Company in the transaction to which the fee relates) in connection with any investment or proposed investment to be made by the Company. Such portion of any break, termination or other similar fee received by the Company shall become due and payable
to the Manager upon receipt of such fee by the Company. 
  

	 	5.3	Ancillary Management and Administrative Fees 

 The Company shall pay to the Manager such additional fees for any Ancillary Management and Administrative Services provided by the Manager to the Company from time to time as the Company and the Manager
agree to before the Ancillary Management and Administrative Services are provided. 
  

	 	5.4	Credit for Servicing Fees Paid 

 Base fees, rent payable fees, rent collected fees and administrative agency fees paid to BBAM under any Servicing Agreement or Administrative Agency Agreement shall be credited toward (and thereby reduce)
the amount of Base Fees, Rent Payable Fees, Rent Collected Fees and Administrative Agency Fees due and payable by the Company to the Manager pursuant to clauses 5.1(a)(1) and 5.1(c). Sales fees paid to BBAM under any Servicing Agreement shall be
credited toward (and thereby reduce) the amount of Origination and Disposition Fees due and payable by the Company to the Manager pursuant to clause 5.1(b). 

  
  

20 

	 	5.5	Fees independent 

 Except
as set forth in clause 5.4, each fee referred to in a provision of this clause 5 is independent from, and not creditable, rebateable or deductible against, any other fee referred to in this clause 5. 

 

	 	5.6	Other services performed by BBAM and its Affiliates 

 The Company acknowledges that BBAM and its Affiliates may from time to time perform financial advisory, investment banking or other services for the Company and its Subsidiaries which are outside the
scope of this Agreement and for which BBAM or such Affiliates will be separately remunerated in accordance with terms to be agreed between the Company and BBAM or any such Affiliate. 

 
  
  

	6	Costs and expenses 

  

	 	6.1	Company liable for certain costs and expenses 

  

	 	(a)	Subject to clause 6.1(b), the Company shall, each Quarter in arrears, pay or reimburse the Manager for: 

 

	 	(1)	all costs of the Company paid for the Company by the Manager other than those listed in Part 1 of Schedule 1 (but including the costs listed in Part 2 of Schedule 1);

  

	 	(2)	the proportion of the Management Expense Amount that applies to that Quarter; 

 

	 	(3)	the amount of all Taxes, costs, charges and expenses properly incurred by the Manager in connection with 

 

	 	(A)	the provision of Ancillary Management and Administrative Services; and 

  

	 	(B)	the engagement of professional advisors, attorneys, appraisers, specialist consultants and other experts as requested by the Company from time to time or which the
Manager considers reasonably necessary in providing the Services and discharging its duties and other functions under this Agreement, including the fees and expenses of professional advisors relating to the purchase and sale of aircraft and other
aviation assets. 

  

	 	(b)	The Manager shall, upon request of the Company, provide a copy of any invoices or assessments for any Taxes, costs, charges and expenses to be paid by the Company under
clause 6.1(a). 

  

	 	6.2	Regulatory expenses 

 The
Company shall bear any costs associated with the provision of information and other assistance it or the Manager is required to provide to any Government Agency, including without limitation any costs associated with the preparation and filing of
financial statements, reports and other information with the SEC. 

  
  

21 

	 	6.3	Adjusting the Management Expense Amount 

  

	 	(a)	Without limiting clauses 6.3(b) and 6.3(c), no later than 90 days before the start of any calendar year, the Manager may notify the Company that it wishes to amend the
list of activities and items that are Management Expenses (Adjusted Schedule 1) or increase the Management Expense Amount to reflect the actual amount estimated to be expended during such calendar year by the Manager on Management Expenses
(Adjusted Amount), having regard to the then-actual business of the Company and the growth of the Company projected over the relevant calendar year. The Manager shall provide a reasonably detailed explanation of the basis for the Adjusted
Schedule 1 and the Adjusted Amount to the Company when it notifies the Company that it intends to exercise its rights under this clause 6.3(a). Subject to the approval of, and any terms imposed by, the independent directors on the Board, the
Adjusted Schedule 1 and the Adjusted Amount for a calendar year pursuant to this clause 6.3(a) shall take effect from January 1 of the relevant calendar year. 

 

	 	(b)	The Management Expense Amount from October 15, 2011 and for each calendar year thereafter shall be an aggregate of $10 million, pro rated for any portion of a
calendar year, increased (but not decreased) by the percentage movement (if any) in the CPI from January 1 to December 31 of the previous year. 

  

	 	(c)	If an Adjusted Amount is to be used for the Management Expense Amount in respect of a calendar year in accordance with clause 6.3(a), the provisions of clause 6.3(b)
will continue to apply except that, for the purposes of applying clause 6.3(b) “$10 million” will be replaced by the Adjusted Amount as so determined. 

 
  
  

	7	Management and Board of Directors 

  

	 	7.1	Core Management Team 

  

	 	(a)	During the Term, the Manager’s Core Management Team shall comprise individuals performing the following functions: 

 

	 	(1)	chief executive officer; 

  

	 	(2)	chief financial officer; and 

  

	 	(3)	that level of dedicated or shared support personnel, such as corporate counsel, company secretary, financial controller and other accounting staff and risk and
compliance personnel, as the Manager reasonably determines is necessary to provide the Management and Administrative Services as of the date of this Agreement. 

  
  

22 

	 	7.2	Chief executive officer and chief financial officer 

  

	 	(a)	The Manager shall recommend candidates to serve as chief executive officer and chief financial officer of the Company. Upon appointment of any such candidates to such
roles by the Board, such individuals shall become officers of the Company but shall also remain employees or independent contractors of the Manager (or an Affiliate of the Manager) and shall be remunerated by the Manager (or such Affiliate).

  

	 	(b)	The Manager and the Company acknowledge and agree that the Board may terminate the Company’s chief executive officer or chief financial officer without the
Manager’s consent. If there is a vacancy in the position of chief executive officer or chief financial officer for any reason, the Manager will recommend a candidate to serve as replacement chief executive officer or chief financial officer. If
the Board does not appoint the initial candidate proposed by the Manager to fill any such vacancy, then the Manager shall recommend one or more further candidates until the Board appoints a candidate recommended by the Manager to fill such vacancy.

  

	 	7.3	Manager’s board appointees 

  

	 	(a)	For so long as the Manager holds any Manager Shares, the Manager may, by notice in writing to the Secretary of the Company, appoint the nearest whole number of
directors on the Board which is not more than 3/7ths of the number of directors comprising the Board. The Manager’s appointees on the Board shall not be required to stand for election by the Company’s shareholders other than by the
Manager. 

  

	 	(b)	The Manager’s appointees on the Board shall not receive any compensation from the Company (other than out-of-pocket expenses) and shall not have any special voting
rights. The appointees of the Manager shall not participate in discussions regarding, or vote on, any related-party transaction in which BBAM or any Affiliate shall have an interest. The independent directors on the Board shall be responsible for
approving any such related-party transactions. 

  
  

 

	8	Servicing and Competitors 

  

	 	8.1	BBAM as exclusive servicer 

  

	 	(a)	For so long as the Manager’s appointment is not terminated pursuant to clause 10.2(a), the Company shall engage BBAM as the exclusive servicer for any additional
aircraft or other aviation assets that the Company or any of its Subsidiaries acquires in the future 

  

	 	(1)	in the case of aircraft, on rates and terms substantially similar to (and no less advantageous to BBAM than) those set forth in the Servicing Agreement in respect of
the Initial Portfolio or on such other rates and terms as the Company and BBAM may agree in the case of aircraft; and 

  
  

23 

	 	(2)	in the case of aviation assets other than aircraft, on rates and terms reasonably within the range of market rates and terms received by third parties for like
services. 

  

	 	8.2	Competitors 

  

	 	(a)	The Company shall not, and shall not permit any of its Subsidiaries to, 

  

	 	(1)	transfer any interest in any of its Subsidiaries (other than interests in aircraft-owning Subsidiaries) receiving services from BBAM pursuant to a Servicing Agreement
to any Person that is a Competitor or that does not agree in a manner reasonably acceptable to BBAM to be bound by the provisions of the Servicing Agreement applicable thereto; or 

 

	 	(2)	take any action, including the voting of shares, or fail to take any action, so as to cause or permit an officer, director or employee of a Competitor to be an officer,
director or employee of the Company or any of its Subsidiaries. 

  

	 	(b)	Without limiting any other right or remedy of the Manager for breach of the foregoing provisions of this clause 8.2 or of any other provision hereof, the Company agrees
that the Manager cannot be adequately compensated by damages for a breach of the provisions of this clause 8.2 and that the Manager shall be entitled to a court order of specific performance requiring the Company to comply with each and every
provision in this clause 8.2 and/or an injunction prohibiting the Company from violating any provision of this clause 8.2, as the case may be, in addition to any and all other remedies, at law or in equity, to which the Manager may be entitled in
connection with a breach of any provision of this clause 8.2. 

  

 
  

	9	Warranties, limitation of liability and indemnity 

  

	 	9.1	Mutual warranties 

 Each
party represents and warrants to the other parties that it has the power and authority to enter into and perform this Agreement. 
  

	 	9.2	Warranties of Manager 

The Manager represents and warrants to the Company that: 
  

	 	(a)	it has and will at all times during the term of this Agreement have the skill, facilities, capacity and staff necessary to perform its duties and obligations under this
Agreement; and 

  

	 	(b)	it will, at all times during the term of this Agreement, hold such licences, permits and authorizations as are necessary for it to perform the Services and its other
duties and functions under this Agreement, or will delegate to an appropriate Affiliate the Services and other duties and functions under this Agreement which require the holding of licences, permits and authorizations it does not itself hold.

  
  

24 

	 	9.3	Inaccurate warranties 

 If
a warranty given by a party to this Agreement ceases to be accurate, that party must immediately advise the other party in writing. 
  

	 	9.4	Exclusion of warranties 

To the fullest extent permitted by applicable law, except as expressly provided to the contrary in this Agreement, all terms, conditions,
warranties, undertakings, inducements or representations whether expressed, implied, statutory or otherwise relating in any way to this Agreement or the Services are excluded. 
 Where any law, rule or regulation implies in this Agreement any term, condition or warranty, and that law, rule or regulation avoids or prohibits provisions in a contract excluding or modifying the
application of, or exercise of, or liability under such term, condition or warranty, such term, condition or warranty shall be deemed to be included in this Agreement, however the liability of the Manager for any breach of such a term, condition or
warranty shall be limited, at the option of the Manager, to any one or more of the following: 
  

	 	(a)	the supplying of the services again; or 

  

	 	(b)	the payment of the cost of having the services supplied again. 

  

	 	9.5	Manager may rely 

 Without
limiting clause 3.7, the Manager may take and may act upon: 
  

	 	(a)	the opinion or advice of counsel or solicitors, whether or not instructed by the Manager, in relation to the interpretation of this Agreement or any other document
(whether statutory or otherwise) or generally in connection with the Company; 

  

	 	(b)	advice, opinions, statements or information from bankers, accountants, auditors, appraisers, valuers and other persons consulted by the Manager who are in each case
believed by the Manager in good faith to be expert in relation to the matters upon which they are consulted; 

  

	 	(c)	a document which the Manager believes in good faith to be the original or a copy of an appointment by a shareholder or the holder of an option in respect of a Share of
a person to act as their agent for any purpose connected with the Company; and 

  

	 	(d)	any other document provided to the Manager in connection with the Company upon which it is reasonable for the Manager to rely, 

and the Manager will not be liable for anything done, suffered or omitted by it in good faith in reliance upon such opinion, advice,
statement, information or document. 

  
  

25 

	 	9.6	Acknowledgement 

 The
Company acknowledges that: 
  

	 	(a)	neither the Manager nor any Affiliate of the Manager guarantees the performance of the Company’s business or its assets nor makes any representation regarding any
of these matters; and 

  

	 	(b)	the Manager may assume that all documents which it receives in connection with the Company’s business and assets are complete, accurate and correct and that all
signatures, seals, and markings on all such documents are authentic and duly authorized. 

  

	 	9.7	Indemnity and limitation of liability 

  

	 	(a)	The Company assumes liability for, and indemnifies the Manager and its Affiliates and any Person to whom the Manager delegates its obligations in compliance with this
Agreement, and their respective members, shareholders, managers, directors, officers, employees and agents (collectively, Indemnified Persons), on an after-tax basis against any losses and liabilities (collectively, Losses) or Taxes
that arise out of or in connection with the doing or failing to do anything in connection with this Agreement or on account of any bona fide investment decision made by the Indemnified Person, except insofar as any such Loss is finally adjudicated
to have been caused directly by the Indemnified Person from gross negligence, fraud or dishonesty, or willful misconduct in respect of the obligation to apply the Standard of Care under this Agreement. This indemnity shall not apply to
(i) Taxes imposed on net income by the revenue authorities of Ireland or Bermuda in respect of any payment by the Company to the Manager due to the performance of the Services; and (ii) Taxes imposed on net income of the Manager by any
Government Agency other than the revenue authorities of Bermuda or Ireland to the extent such Taxes would not have been imposed in the absence of any connection of the Manager with such jurisdiction imposing such Taxes other than any connection that
results from the performance by the Manager of its obligations under this Agreement. 

  

	 	(b)	The Manager and each other Indemnified Person shall not be liable to the Company or any of its Subsidiaries for any Losses suffered or incurred by the Company or any of
its Subsidiaries arising out of or in connection with the Indemnified Person doing or failing to do anything in connection with this Agreement or on account of any bona fide investment decision made by the Indemnified Person, except insofar as any
such Loss is finally adjudicated to have been caused directly by the gross negligence, fraud or dishonesty of, or willful misconduct in respect of the obligation to apply the Standard of Care under this Agreement by the Indemnified Person.

  

	 	(c)	The obligations contained in this clause 9.7 shall continue after the termination of this Agreement. 

 

	 	(d)	The provisions of this clause 9.7 are held by the Manager for its own benefit and for the benefit of the other Indemnified Persons and may be enforced by the Manager on
behalf of, and for the benefit of, the Indemnified Persons. 

  
  

26 

  
  

	10	Effectiveness; Term and termination 

  

	 	10.1	Effectiveness; Term 

  

	 	(a)	This Agreement shall be effective as of the Effective Date and shall continue in force until the date that is ten years after the Effective Date and shall be
automatically extended for one additional term of five years, unless (x) terminated by either party upon twelve months’ written notice prior to termination or (y) terminated earlier in accordance with clause 10.2.

  

	 	(b)	If this Agreement is not renewed after the termination of the initial ten-year term in accordance with clause 10.1(a) above, the Company shall pay the Manager a
non-renewal fee on the termination date in an amount equal to the Non-Renewal Base Amount in respect of the last complete fiscal year prior to the termination date. 

 

	 	(c)	Notwithstanding the foregoing, no non-renewal fee will be payable pursuant to clause 10.1(b) if the Manager declines to renew the Agreement on then market-terms with
respect to fees payable pursuant to this Agreement. 

  

	 	10.2	Termination 

  

	 	(a)	By the Company 

 The Company may
terminate this Agreement immediately upon written notice if but only if: 
  

	 	(1)	at least 75% of the independent directors on the Board and holders of 75% or more of all of the outstanding Shares (measured by vote) determine by resolution that there
has been unsatisfactory performance by the Manager that is materially detrimental to the Company; 

  

	 	(2)	the Manager materially breaches this Agreement and fails to remedy such breach within 90 days of receiving written notice from the Company requiring it to do so, or
such breach results in liability to the Company and is attributable to the Manager’s gross negligence, fraud or dishonesty, or willful misconduct in respect of the obligation to apply the Standard of Care under this Agreement;

  

	 	(3)	any license, permit or authorization held by the Manager which is necessary for it to perform the services and duties under this Agreement is materially breached,
suspended or revoked, or otherwise made subject to conditions which, in the reasonable opinion of the Board, would prevent the Manager from performing the Services and the situation is not remedied within 90 days; 

  
  

27 

	 	(4)	BBAM Aviation Services Limited or one of its Affiliate ceases to hold (directly or indirectly) more than 50% of the voting equity of, and economic interest in, the
Manager; 

  

	 	(5)	an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking relief in respect of the Manager or
of a substantial part of the property or assets of the Manager, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other U.S. Federal or state or non-U.S. bankruptcy, insolvency, receivership or similar law,
and such proceeding or petition shall continue undismissed for 75 days or an order or decree approving or ordering any of the foregoing shall be entered or the Manager shall go into liquidation, suffer a receiver or mortgagee to take possession of
all or substantially all of its assets or have an examiner appointed over it or if a petition or proceeding is presented for any of the foregoing and not discharged within 75 days, unless in the case of the commencement of any such proceeding or the
filing of any such petition the Manager is withdrawn and replaced by the Manager within 90 days of the commencement of such proceeding or the date of such filing with a BBAM Affiliate that is able to give correctly the warranties set out in clause
9.2 of this Agreement (Similarly Constituted Entity); or 

  

	 	(6)	the Manager shall: 

  

	 	(A)	voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other
U.S. Federal or state or non-U.S. bankruptcy, insolvency, receivership or similar law; 

  

	 	(B)	consent to the institution of, or fail to contest the filing of, any petition described in clause (5) above; 

 

	 	(C)	file an answer admitting the material allegations of a petition filed against it in any such proceeding; or 

 

	 	(D)	make a general assignment for the benefit of its creditors, unless the Manager is withdrawn and replaced within 15 days by the Manager with a Similarly Constituted
Entity; or 

  

	 	(7)	an order is made for the winding up of the Manager, unless the Manager is withdrawn and replaced within 15 days by the Manager with a Similarly Constituted Entity.

  

	 	(b)	By the Manager 

  
  

28 

	 	The	Manager may terminate this Agreement immediately upon written notice if: 

  

	 	(1)	the Company fails to make any payment due under this Agreement to the Manager within 15 days of notice of such failure to pay; 

 

	 	(2)	the Company otherwise materially breaches this Agreement and fails to remedy the breach within 90 days of receiving written notice from the Manager requiring it to do
so; or 

  

	 	(3)	if Continuing Directors cease to constitute at least a majority of the Board (excluding directors appointed by the Manager pursuant to clause 7.3 hereof).

 If the Manager terminates this Agreement upon the occurrence of any of the events described above in this
clause 10.2(b), the Company will pay the Manager a fee as follows: (x) during the first five-year term, an amount equal to three times the aggregate Management Expense Amount paid by the Company to the Manager in respect of the last complete
fiscal years prior to the termination date (or if there has not been a complete fiscal year, such amount will be calculated in respect of the Management Expense Amount which would have been due in respect of the complete last fiscal year);
(y) during the second five-year term, an amount equal to two times the aggregate Management Expense Amount paid by the Company to the Manager in respect of the last complete fiscal year prior to the termination date; and (z) during the
third five-year term, an amount equal to the aggregate Management Expense Amount paid by the Company to the Manager in respect of the last complete fiscal year prior to the termination date. 

 

	 	10.3	Effect of termination 

  

	 	(a)	If this Agreement is terminated under clauses 10.1 or 10.2, this Agreement and the parties’ obligations under it shall cease, other than the obligations under this
clause 10 and clauses 9, 11, 13 (other than 13.3 and 13.4), 15 and 16. 

  

	 	(b)	The termination of this Agreement does not prejudice any: 

  

	 	(1)	transaction properly entered into prior to termination; 

  

	 	(2)	claim by the Manager in respect of accrued Base Fees, Rent Payable Fees, Rent Collected Fees, Origination and Disposition Fees, Change of Control Fees and
Administrative Agency Fees in respect of the period to termination and the Company shall pay to the Manager any such accrued Base Fees, Rent Payable Fees, Rent Collected Fees, Origination and Disposition Fees, Change of Control Fees or
Administrative Agency Fees (it being agreed that the amount of the Base Fees, Rent Payable Fees and Rent Collected Fees payable to the Manager with respect to the Fee Period during which this Agreement is terminated shall be calculated to the end of
such Fee Period); 

  
  

29 

	 	(3)	claim by the Manager in respect of accrued costs and expenses incurred in respect of the period to termination and the Company must pay or reimburse the Manager for any
such accrued costs and expenses in accordance with clause 6; or 

  

	 	(4)	any accrued rights of a party to take action in respect of a breach of this Agreement occurring prior to such termination. 

 
  
  

	11	Confidentiality 

  

	 	11.1	Confidential Information 

  

	 	(a)	Subject to clauses 11.2, the parties must not, and must ensure that their respective officers, employees and agents do not, without the prior written consent of a
party, disclose any Confidential Information of that party. 

  

	 	(b)	In addition, to the extent that any officer, director, employee, agent, advisor or consultant of the Company or any of its Subsidiaries is involved in any other
business activities that are competitive with BBAM or any Affiliate, the Company shall screen such person from receipt of competitively sensitive information. Without limiting the foregoing, the Company shall, and shall cause each of its
Subsidiaries to, ensure that no competitively sensitive information is provided to a Competitor, even a Competitor that is a shareholder of the Company. 

  

	 	11.2	Permitted disclosures 

  

	 	(a)	The parties may make disclosures: 

  

	 	(1)	to Affiliates but only on a strictly confidential basis; and 

  

	 	(2)	to those of their or any Affiliate’s employees, officers, professional or financial advisers and bankers as the party reasonably thinks necessary to give effect to
this Agreement but only on a strictly confidential basis. 

  

	 	(b)	The obligations of this clause do not apply to any information which a party can reasonably demonstrate: 

 

	 	(1)	is in the public domain through no fault of its own; 

  

	 	(2)	is already known to that party (as evidenced by its written records) at the date of disclosure and was not acquired directly or indirectly from the other party; or

  

	 	(3)	is required to be disclosed by law or the listing rules of an applicable stock exchange, provided where practical, the form and terms of the relevant disclosure have
been notified to the other party and the other party has had a reasonable opportunity to comment on the form and terms. 

  

	 	(c)	 Notwithstanding any provision of this Agreement to the contrary, the legal obligations of confidentiality hereunder do not extend to the U.S. federal
or state tax structure or the U.S. federal or state tax treatment of 

  
  

30 

	 	
any transaction pursuant to this Agreement. If any U.S. federal or state tax analyses or materials are provided to any party, such party is free to disclose any such analyses or materials without
limitation. 

  
  

 

	12	Notices 

  

	 	12.1	Requirements 

 All notices
must be: 
  

	 	(a)	in legible writing; 

  

	 	(b)	addressed to the recipient at the address or facsimile number set out below or to any other address or facsimile number that a party may notify to the other:

 to the Company: 
  

			
	Address:	 	West Pier, Dun Laoghaire, County Dublin, Ireland
		
	Attention:	 	Chief Executive Officer
		
	Facsimile no:	 	+353-1-231-1901

 with a copy to Jones Day: 

 

			
	Address:	 	222 East 41st Street, New York, NY 10017
		
	Attention:	 	Boris Dolgonos
		
	Facsimile no:	 	+1-212-755-7306

 to the Manager: 
  

			
	Address:	 	West Pier, Dun Laoghaire, County Dublin, Ireland
		
	Attention:	 	Chief Executive Officer
		
	Facsimile no:	 	+353-1-231-1901

 with a copy to [            ]: 

 

			
	Address:	 	
		
	 Attention:
	 	
		
	 Facsimile no:
	 	

  

	 	(c)	signed by the party; and 

  

	 	(d)	sent to the recipient by hand, prepaid post or facsimile. 

  

	 	12.2	Receipt 

 Without limiting
any other means by which a party may be able to prove that a notice has been received by the other parties, a notice will be considered to have been received: 
  

	 	(a)	if sent by hand, when left at the address of the recipient; 

  
  

31 

	 	(b)	if sent by pre-paid post, 2 days (if posted within Ireland to an address in Ireland) or 7 days (if posted from one country to another) after the date of posting; or

  

	 	(c)	if sent by facsimile, on receipt by the sender of an acknowledgment or transmission report generated by the sender’s machine indicating that the whole facsimile
was sent to the recipient’s facsimile number; 

 but if a notice is served by hand, or is received by the
recipient’s facsimile, on a day that is not a Business Day, or after 5:00 pm (recipient’s local time) on a Business Day, the notice will be considered to have been received by the recipient at 9:00 am on the next Business Day. 

 
  
  

	13	Independent contractor, conflicts of interest and restriction 

  

	 	13.1	Independent contractor 

The relationship between the Company and the Manager is in the nature of an independent contractor relationship only and the parties do
not intend to create, and this Agreement does not constitute, a partnership, trust or other arrangement and this Agreement must not be construed as creating anything other than an independent contractor relationship. The Company acknowledges that
the Manager has been appointed by the Company solely in its capacity as Manager and not in any other capacity including as an advisor or a fiduciary. 
  

	 	13.2	Conflicts of interest 

Nothing in this Agreement restricts the Manager (or any of Affiliate of the Manager) from: 

 

	 	(a)	dealing or conducting business with the Company, any of the Company’s Subsidiaries, the Manager, or any Affiliate or any shareholder of the Company;

  

	 	(b)	being interested in any contract or transaction with the Company, any of the Company’s Subsidiaries, any BBAM or any Affiliate or any shareholder of the Company;

  

	 	(c)	acting in the same or similar capacity in relation to any other corporation or enterprise; or 

 

	 	(d)	holding or dealing in the Company’s or its Subsidiaries’ equity or other securities or interests therein; or 

 

	 	(e)	co-investing with the Company or any of its Subsidiaries. 

  

	 	13.3	Acting in interests of shareholders 

 Without limiting clauses 13.1 or 13.2, in performing the Services under this Agreement, the Manager shall act in the best interest of the Company’s shareholders. If there is a conflict between the
Company’s shareholders’ interests and the Manager’s interests, the Manager shall give priority to the Company’s shareholders’ interests. 

  
  

32 

	 	13.4	Manager not accountable 

The Manager or any Affiliate of the Manager may be or become interested in any business promoted by the Company or in which the Company
may be interested as a shareholder or otherwise and is not accountable to the Company for any remuneration, commission or other benefits received from its interest in that business as long as the Manager discloses the nature of its interest to the
Company. 
  

	 	13.5	Contracts valid 

 No
contract or transaction referred to in clause 13.2 which the Manager or any Affiliate of the Manager is interested in any way, whether directly or indirectly, will be avoided and the Manager and any Affiliate of the Manager is not liable, by reason
of the Manager’s appointment as Manager under this Agreement, to account to the Company or any other person for any profit or benefits arising from such contracts or transactions and it may retain such profits or benefits. Any fees paid or
payable in relation to such contracts or transactions are to be retained by the person to whom those fees are paid or payable. 
  

 
  

	14	Independent advice 

 For
the avoidance of doubt, nothing in this Agreement limits the right of the members of the Board to seek independent professional advice (including legal, accounting and financial advice) at the expense of the Company on any matter connected with the
discharge of their responsibilities, in accordance with the procedures and subject to the conditions set out in the Company’s corporate governance principles from time to time. 

 
  
  

	15	Legal actions 

  

	 	15.1	Third-party claims 

  

	 	(a)	The Manager will notify the Company promptly of any claim made by any third-party against the Company or any of its Subsidiaries of which it is aware or has notice and
will send to the Company any notice, claim, summons or writ served on the Manager concerning the Company or its Subsidiaries. 

  

	 	(b)	The Manager will not without the express written consent of the Board purport to accept or admit any claims or liabilities of which it receives notification pursuant to
clause 15.1(a) on behalf of the Company or make any settlement or compromise with any third-party in respect of the Company. 

  

	 	15.2	Litigation 

 If legal
action is initiated against the Manager by any third-party in respect of any matter connected with this Agreement and in respect of which the Manager has the benefit of an indemnity from the Company under this Agreement, the Company shall be
entitled at its election to take over from the Manager the 

  
  

33 

 
conduct and the defence of any such action and to prosecute any claim for indemnity or damages or other entitlement against any third-party in the name of the Manager. 

 
  
  

	16	General provisions 

  

	 	16.1	Entire agreement 

 This
Agreement is the entire agreement of the parties about the subject matter of this Agreement and supersedes all other representations, negotiations, arrangements, understandings, agreements and/or other communications. No party has entered into this
Agreement relying on any representations made by or on behalf of the any other party, other than those expressly made in this Agreement. 
  

	 	16.2	Assignment 

 A party must
not assign, create an interest in, or deal in any other way with any of its rights under this Agreement without the prior written consent of the other parties. 
  

	 	16.3	Indemnities 

  

	 	(a)	The indemnities in this Agreement are: 

  

	 	(1)	continuing obligations of the parties, separate and independent from their other obligations and survive the termination of this Agreement; and

  

	 	(2)	absolute and unconditional and unaffected by anything that might have the effect of prejudicing, releasing, discharging or affecting in any other way the liability of
the party giving the indemnity. 

  

	 	(b)	It is not necessary for a party to incur expense or make payment before enforcing a right of indemnity under this Agreement. 

 

	 	16.4	Invalid or unenforceable provisions 

 If a provision of this Agreement is invalid or unenforceable in a jurisdiction: 
  

	 	(a)	it is to be read down or severed in that jurisdiction to the extent of the invalidity or unenforceability; and 

 

	 	(b)	that fact does not affect the validity or enforceability of that provision in another jurisdiction or the remaining provisions. 

 

	 	16.5	Waiver and exercise of rights 

  

	 	(a)	A waiver by a party of a provision of, or of a right under, this Agreement is binding on the party granting the waiver only if it is given in writing and is signed by
the party or an authorized representative of the party granting the waiver. 

  

	 	(b)	A waiver is effective only in the specific instance and for the specific purpose for which it is given. 

  
  

34 

	 	 (c)	A single or partial exercise of a right by a party does not preclude another exercise of that right or the exercise of another right. 

 

	 	 (d)	Failure by a party to exercise or delay in exercising a right does not prevent its exercise or operate as a waiver. 

 

	 	16.6	 Amendment 

 This Agreement may be amended only by a document signed by all parties. 

 

	 	16.7	 Counterparts 

 This Agreement may be signed in counterparts and all counterparts taken together constitute one document. 

 

	 	16.8	 Rights cumulative 

 The rights, remedies and powers of the parties under this Agreement are cumulative and do not exclude any other rights,
 remedies or powers. 
  

	 	16.9	 Successors and assigns 

  This Agreement is binding on, and has effect for the benefit of, the parties and their respective successors and permitted  assigns. 

 

	 	16.10	 Governing law 

 This Agreement is governed by the laws of the State of New York. 

 

	 	16.11	 Jurisdiction 

 Each party irrevocably and unconditionally: 
  

	 	 (a)	submits to the non-exclusive jurisdiction of the courts of the State of New York; and 

 

	 	 (b)	waives, without limitation, any claim or objection based on absence of jurisdiction or inconvenient forum. 

  
  

35 

  

Schedule 1 – Expenses 
 Part 1

 The expenses that are covered by the Management Expense Amount and which are therefore not separately recoverable by the Manager from the
Company under clause 6.1(a) are: 
 Employee Remuneration 
 Base salaries, all “on costs”, superannuation and bonuses for members of the Core Management Team including any payments or benefits “packaged” for a member of the Core Management
Team. 
 Direct expenses of the Manager’s own in-house resources including legal, accounting, internal audit, treasury, investor relations,
risk and compliance, company secretarial and internal taxation support. 
 The following expenses in relation to the Core Management Team:

  

	•	 	 Car parking 

  

	•	 	 Recruitment expenses 

  

	•	 	 Relocation expenses 

  

	•	 	 Work cover insurance 

  

	•	 	 Staff training and seminars, except if specifically related to services provided to the Company 

 

	•	 	 Conference attendance, except if specifically related to services provided to the Company 

The Manager’s Corporate Overheads 

The Manager’s corporate overheads on a pro rata basis having regard to the number of employees of BBAM, the number of those employees providing
Services to the Company and the proportion of time spent by those employees providing such Services (e.g., 4 employees spending half their time providing Services are treated as 2 employees providing full time Services), including: 

 

	•	 	 Office rental 

  

	•	 	 Telephone, fax & internet rental, connections and associated hardware 

 

	•	 	 Travel costs of the Core Management Team (including flights, accommodation, taxis, entertainment and meals while traveling) other than in relation to
the provision of the Services under this Agreement or the provision of other services to the Company 

  

	•	 	 Printing 

  

	•	 	 Postage and stationery 

  

	•	 	 Temporary staff 

  

	•	 	 Computer hardware and software and all IT maintenance and support (excluding website development and maintenance) 

  
  

36 

	•	 	 Couriers 

  

	•	 	 Gifts and donations 

  

	•	 	 Subscriptions to any organisation, industry body, publication or equivalent 

 

	•	 	 Sundry expenses (including a portion of the Manager’s costs for office maintenance and utilities) 

Part 2 
 Expenses associated with the
Company that are not covered by the Management Expense Amount and which are therefore recoverable by the Manager from the Company under clause 6.1(a) if paid by the Manager include but shall not be limited to: 

 

	•	 	 Directors’ fees for the directors on the Company’s and its Subsidiaries’ boards of directors 

 

	•	 	 Directors’ and officers’ insurance for the Company’s and its Subsidiaries’ directors and officers 

 

	•	 	 Travel expenses of the directors (including flights, accommodation, taxis, entertainment and meals while travelling) to attend any meeting of the Board
or Company 

  

	•	 	 Registration fees and listing fees in connection with listing the Shares on the NYSE and registering the Shares under the Securities Act

  

	•	 	 Fees and offering and other expenses relating to any equity or debt financings the Company enters into in the future 

 

	•	 	 Fees and expenses of the depositary for the Company’s ADSs 

 

	•	 	 Costs and expenses related to insuring the Company’s aircraft and other aviation assets, including all fees and expenses of insurance advisors and
brokers 

  

	•	 	 Costs incurred in connection with organizing and hosting the Company’s annual meetings or other general meetings of the Company

  

	•	 	 Costs of production and distribution of any of the Company’s security holder communications, including notices of meetings, annual and other
reports, press releases, and any prospectus, disclosure statement, offering memorandum or other form of offering document 

  

	•	 	 Website development and maintenance and other investor relations or IT related costs if the expenses are incurred solely for the benefit of the Company

  

	•	 	 Travel expenses of the Core Management Team and other personnel of any BBAM Affiliate (including flights, accommodation, taxis, entertainment and meals
while traveling) related to sourcing, negotiating and conducting transactions on behalf of the Company or providing other services to the Company and attending any meeting of the Board or Company 

 

	•	 	 External legal counsel, including fees associated with “broken” deals (potential acquisitions or remarketings) where the transaction has been
approved by the Board or an executive officer pursuant to properly delegated authority 

  

	•	 	 Fees of third-party consultants, accounting firms and other professionals 

 

	•	 	 External auditor’s fees 

  

	•	 	 Internal auditor’s fees 

  
  

37 

  
 IN
WITNESS WHEREOF, this Agreement has been duly executed on the date first written above. 
  

			
	 FLY LEASING LIMITED

		
	 By:
	 	  

		 	Name:
		 	Title:

  

			
	 FLY LEASING MANAGEMENT CO. LIMITED

		
	 By:
	 	  

		 	Name:
		 	Title:EX-4.19

 Exhibit 4.19 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of December 28, 2012, is entered into by and among Fly Leasing Limited, a Bermuda exempted company (including its successors, the “Company”), and each of the shareholders of the Company
that is listed in the signature pages hereof (each, an “Investor” and, collectively the “Investors”). 
 RECITALS 
 WHEREAS, the Company desires to sell, and each of the Investors
desires to purchase, severally and not jointly, American Depositary Shares, each representing one Common Share, par value $0.001, of the Company (“Common Shares”), on the terms and subject to the conditions contained in the
Securities Purchase Agreement, dated as of November 30, 2012 (the “Securities Purchase Agreement”), by and among the Company and the Investors; 
 WHEREAS, upon the closing of the transactions contemplated by the Securities Purchase Agreement, each Investor will subscribe for Common Shares in the form of American Depositary Shares (the
“Shares”) at a price per Share as set forth in the Securities Purchase Agreement; 
 WHEREAS, the Company has
agreed to provide the Investors with the registration rights specified in this Agreement with respect to the Shares held by them or any of their permitted transferees, on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1

 DEFINITIONS 
 1.1 Definitions. The following terms shall have the meanings set forth in this Section 1.1: 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations promulgated by the SEC thereunder. 

“Excluded Registration” means a registration under the Securities Act of (i) securities registered on Form S-8 or
any similar successor form, and (ii) securities registered to effect the acquisition of, or combination with, another Person. 
 “Holder” means (i) each Investor and (ii) any direct or indirect transferee of any Investor who shall become a party to this Agreement in accordance with Section 2.7
and has agreed in writing to be bound by the terms of this Agreement. 
 “Onex Investors” means the Investors
named on the signature pages hereto under the heading “Onex”. 
 “Person” or
“person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof.

 “register,” “registered” and “registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

 “Registrable Shares” means the Shares owned by Holders, together with any
securities owned by Holders issued with respect to such Shares by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation, amalgamation or other reorganization; provided,
however, that Shares that, pursuant to Section 3.1, no longer have registration rights hereunder shall not be considered Registrable Shares. 
 “SEC” means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and
regulations promulgated by the SEC thereunder. 
 “Summit Investor” means the Investor named on the signature
pages hereto under the heading “Summit”. 
 1.2 Other Terms. For purposes of this Agreement, the following
terms have the meanings set forth in the section or agreement indicated. 
  

			
	 Term
	  	 Section

	 Adverse Effect
	  	Section 2.1.4
	 Advice
	  	Section 2.3
	 Agreement
	  	Introductory Paragraph
	 Common Shares
	  	Recitals
	 Company
	  	Introductory Paragraph
	 Demand Notice
	  	Section 2.1.1(b)
	 Demand Registration
	  	Section 2.1.1(b)
	 Inspectors
	  	Section 2.2(xii)
	 FINRA
	  	Section 2.5(xiv)
	 Investors
	  	Introductory Paragraph
	 Records
	  	Section 2.2(xii)
	 Securities Purchase Agreement
	  	Recitals
	 Seller Affiliates
	  	Section 2.5.1
	 Shares
	  	Recitals
	 Shelf Registrable Shares
	  	Section 2.1.3
	 Shelf Registration Statement
	  	Section 2.1.1(a)
	 Shelf Underwriting
	  	Section 2.1.3
	 Shelf Underwriting Notice
	  	Section 2.1.3
	 Shelf Underwriting Request
	  	Section 2.1.3
	 Suspension Notice
	  	Section 2.3

 1.3 Rules of Construction. Unless the context otherwise requires 

(1) a term has the meaning assigned to it; 

(2) “or” is not exclusive; 

(3) words in the singular include the plural, and words in the plural include the singular; 

(4) provisions apply to successive events and transactions; and 

(5) “herein,” “hereof and other words of similar import refer to this Agreement as a whole and not to any
particular Article, Section or other subdivision. 

  
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 ARTICLE 2 
 REGISTRATION RIGHTS 
 2.1 Registration Statement. 

2.1.1 Company to File Registration Statement. 
 (a) As soon as practicable following, and in no event later than 10 days after, the date on which the Company files its annual report on Form 20-F for the year ended December 31, 2012 (the
“2012 Form 20-F”), the Company shall file a registration statement under Rule 415 of the Securities Act (or a successor rule) (a “Shelf Registration Statement”) for a public offering of all (but not less than all) of the
Registrable Shares. If, at any time that there are outstanding Registrable Shares, any Shelf Registration Statement covering such Registrable Shares should cease to be effective for any reason, then, subject to Section 2.1.1(b), the
Company shall file another Shelf Registration Statement for a public offering of all (but not less than all) of the Registrable Shares. The Company shall use reasonable best efforts to cause each Shelf Registration Statement referred to in this
Section 2.1.1(a) to be declared effective by the SEC as promptly as practicable after such filing and to maintain the effectiveness of such Shelf Registration Statement. 

(b) If the Company is unable to file, cause to be effective or maintain the effectiveness of a Shelf Registration Statement as required
under Section 2.1.1(a), each Holder shall have the right by delivering a written notice to the Company (a “Demand Notice”) to require the Company to register under the Securities Act the number of Registrable Shares held by
such Holder and requested by such Demand Notice to be so registered (a “Demand Registration”). A Demand Notice shall also specify the expected method or methods of disposition of the applicable Registrable Shares. Following receipt
of a Demand Notice, the Company shall use its reasonable best efforts to file, as promptly as reasonably practicable, but not later than 60 days after receipt by the Company of such Demand Notice, a registration statement relating to the offer and
sale of the Registrable Shares requested to be included therein by the Holders in accordance with the methods of distribution set forth in such Demand Notice and shall use its reasonable best efforts to cause such registration statement to be
declared effective under the Securities Act as promptly as practicable after the filing thereof. 
 (c) No Holder may
participate in any registration statement pursuant to Section 2.1.1(a) or (b) unless such Holder completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents and delivers all legal
opinions reasonably required under the terms of such underwriting arrangements; provided, however, that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations
and warranties as to (i) such Holder’s ownership of his or its Registrable Shares to be transferred free and clear of all liens, claims, and encumbrances, (ii) such Holder’s power and authority to effect such transfer, and
(iii) such matters pertaining to compliance with securities laws as may be reasonably requested; provided, further, however, that the obligation of such Holder to indemnify pursuant to any such underwriting arrangements shall be several, not
joint and several, among such Holders selling Registrable Shares, and the liability of each such Holder will be in proportion thereto, and provided, further, that such liability will be limited to the net amount received by such Holder from the sale
of his or its Registrable Shares pursuant to such registration. 
 2.1.2 Deferral of Filing. The Company may defer the
filing (but not the preparation) of a registration statement required by Section 2.1 until a date not later than ninety (90) days after the filing of the 2012 Form 20-F Date if at the time of the filing of the 2012 Form 20-F and for
two weeks thereafter, the Company is engaged in confidential negotiations or other confidential business activities, disclosure of which would be required in such registration statement (but would not be required if such registration statement were
not filed), and the Board of Directors of the Company or a committee of the Board of Directors of the Company determines in good faith that such disclosure would be materially detrimental to the Company and its shareholders. A deferral of the filing
of a registration statement pursuant to this Section 2.1.2 shall be lifted, and the registration statement shall be filed forthwith, if the negotiations or other activities are disclosed or terminated. In order to defer the filing of a
registration statement pursuant to this Section 2.1.2, the Company shall promptly (but in any event within ten (10) days), upon determining to seek such deferral, deliver to each Investor a certificate signed by an executive officer
of the Company stating that the Company is deferring such filing pursuant to this Section 2.1.2 and a general statement of the reason for such deferral and an approximation of the anticipated delay (subject to the execution of a
confidentiality agreement if required by law or contract). 

  
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 2.1.3. Shelf Takedowns. In the event that the Company files a Shelf Registration
Statement pursuant to Section 2.1.1 and such registration statement becomes effective, the Holders shall have the right at any time or from time to time to elect to sell their Registrable Shares in any manner described under “Plan
of Distribution” in such registration statement, including pursuant to an underwritten offering of Registrable Shares available for sale pursuant to such registration statement (“Shelf Registrable Shares”). A Holder shall make
such election with respect to an underwritten offering by delivering to the Company a written request (a “Shelf Underwriting Request”) for such underwritten offering to the Company specifying the number of Shelf Registrable Shares
that the Holder(s) desire(s) to sell pursuant to such underwritten offering (the “Shelf Underwriting”); provided that the Shelf Underwriting Request shall provide for the sale of no less than $10 million of Registrable Shares. As
promptly as practicable, but no later than two (2) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the “Shelf Underwriting Notice”) of such Shelf Underwriting Request to all
other Holders. The Company shall include in such Shelf Underwriting (x) the Registrable Shares of the Holder(s) making such Shelf Underwriting Request and (y) the Shelf Registrable Shares of any other Holder of Shelf Registrable Shares
which shall have made a written request to the Company for inclusion in such Shelf Underwriting (which request shall specify the maximum number of Shelf Registrable Shares intended to be disposed of by such Holder) within five (5) days after
the receipt of the Shelf Underwriting Notice. The Company shall, as expeditiously as possible (and in any event within 20 days after the receipt of a Shelf Underwriting Request) use its reasonable best efforts to facilitate such Shelf Underwriting.
Notwithstanding the foregoing, if a Holder wishes to engage in an underwritten block trade off of a Shelf Registration Statement, then notwithstanding the foregoing time periods, the Holder only needs to notify the Company of the block trade Shelf
Underwriting on the day such offering is to commence and the Company shall notify other Holders on the same day and other Holders must elect whether or not to participate on the day such offering is to commence, and the Company shall as
expeditiously as possible use its reasonable best efforts to facilitate such Shelf Underwriting, provided that the Holder requesting such underwritten block trade shall use reasonable best efforts to work with the Company and the underwriters
prior to making such request in order to facilitate preparation of the registration statement, prospectus supplement and other offering documentation related to the underwritten block trade. The Company shall, at the request of any Holder of
Registrable Shares registered on such Shelf Registration Statement, file any prospectus supplement, any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by
any Holder of Registrable Shares registered on such Shelf Registration Statement to effect such Shelf Underwriting. Once a Shelf Registration Statement has been declared effective, the Holders of Registrable Shares may request, and the Company shall
facilitate, an unlimited number of Shelf Underwritings with respect to such Shelf Registration Statement. In connection with any Shelf Underwriting, the Company shall follow the applicable procedures set forth in Section 2.3. 

2.1.4 Cutbacks. No securities to be sold for the account of the Company, or any other Person that is not a Holder, shall be
included in a Shelf Underwriting or Demand Registration, as applicable, unless the managing underwriter or underwriters shall advise the Holders in writing that the inclusion of such securities will not adversely affect the price, timing or
distribution of the offering or otherwise adversely affect its success (an “Adverse Effect”). Furthermore, if the managing underwriter or underwriters shall advise the Holders that, even after exclusion of all securities of other
Persons pursuant to the immediately preceding sentence, the amount of Registrable Shares requested to be included in such Shelf Underwriting or Demand Registration, as applicable, by Holders is sufficiently large to cause an Adverse Effect, the
Registrable Shares to be offered by such requesting Holders in the Shelf Underwriting or Demand Registration, as the case may be, shall be reduced pro rata such that each such Holder shall be permitted to include a number of Registrable Shares in
the offering equal to (x) the maximum number of Registrable Shares that may be offered in such offering without causing an Adverse Effect multiplied by (y) a fraction, the numerator of which is the number of Registrable Shares proposed by
such Holder to be included in the offering and the denominator of which is the total number of Registrable Shares proposed by all Holders to be included in such offering. 
 2.1.5 Selection of Underwriters. The Holders of a majority of the Registrable Securities being offered in connection with a Shelf Underwriting or Demand Registration, as applicable, shall select
the underwriters for the offering. 

  
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 2.2 Registration Procedures. The Company will use its reasonable best efforts to
effect the registration and the sale of Registrable Shares in accordance with the intended method of disposition thereof as promptly as is practicable, and pursuant thereto the Company will as promptly as practicable: 

(i) prepare and file with the SEC, pursuant to Section 2.1.1(a) or (b), as applicable, a registration
statement on any appropriate form under the Securities Act with respect to such Registrable Shares (provided that a registration pursuant to Section 2.1.1(a) shall be effected pursuant to a Shelf Registration Statement), provided
that as far in advance as practicable before filing such registration statement or any amendment thereto, the Company will furnish to the Investors copies of reasonably complete drafts of all such documents prepared to be filed (including exhibits),
and any Investor shall have the opportunity to object to any information contained therein and the Company will make corrections reasonably requested by such Investor with respect to such information prior to filing any such registration statement
or amendment; 
 (ii) prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Shares subject
thereto; 
 (iii) furnish to each seller of Registrable Shares and the underwriters of the securities being
registered such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), any documents incorporated by reference therein
and such other documents as such seller or underwriters may reasonably request in order to facilitate the disposition of the Registrable Shares owned by such seller or the sale of such securities by such underwriters (it being understood that,
subject to Section 2.3 and the requirements of the Securities Act and applicable state securities laws, the Company consents to the use of the prospectus and any amendment or supplement thereto by each seller and the underwriters in
connection with the offering and sale of the Registrable Shares covered by the registration statement of which such prospectus, amendment or supplement is a part); 

(iv) use its reasonable best efforts to register or qualify such Registrable Shares under such other securities or blue
sky laws of such jurisdictions as the managing underwriter reasonably requests (or, in the event the registration statement does not relate to an underwritten offering, as the holders of a majority of such Registrable Shares may reasonably request);
and do any and all other acts and things which may be reasonably necessary or advisable to enable each seller to consummate the disposition of the Registrable Shares owned by such seller in such jurisdictions (provided, however, that
the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph or (B) consent to general service of process in any such
jurisdiction); 
 (v) promptly notify each Investor and confirm such notice in writing (A) when a prospectus
or any prospectus supplement or post-effective amendment has been filed and, with respect to a registration statement or any post-effective amendment, when the same has become effective, (B) of the issuance by any state securities or other
regulatory authority of any order suspending the qualification or exemption from qualification of any of the Registrable Shares under state securities or “blue sky” laws or the initiation of any proceedings for that purpose, and
(C) of the happening of any event which makes any statement made in a registration statement or related prospectus untrue or which requires the making of any changes in such registration statement, prospectus or documents so that they will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, as promptly as practicable thereafter, prepare and file with the SEC
and furnish a supplement or amendment to such prospectus so that, as thereafter deliverable to the purchasers of such Registrable Shares, such prospectus will not contain any untrue statement of a material fact or omit a material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading; 
 (vi)
make reasonably available members of management of the Company, as selected by the Holders of a majority of the Registrable Shares included in such registration, for assistance in the selling effort relating to the Registrable Shares covered by such
registration, including, but not limited to, the participation of such members of the Company’s management in road show presentations; 

  
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 (vii) otherwise use its reasonable best efforts to comply with all
applicable rules and regulations of the SEC, including the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder, and make generally available to the Company’s security holders an earnings statement satisfying
the provisions of Section 11(a) of the Securities Act no later than thirty (30) days after the end of the twelve (12) month period beginning with the first day of the Company’s first fiscal quarter commencing after the effective
date of a registration statement, which earnings statement shall cover said twelve (12) month period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 20-F and 6-K under
the Exchange Act and otherwise complies with Rule 158 under the Securities Act; 
 (viii) if requested by the
managing underwriter or any seller promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or any seller reasonably requests to be included therein, including, without limitation, with
respect to the Registrable Shares being sold by such seller, the purchase price being paid therefor by the underwriters and with respect to any other terms of the underwritten offering of the Registrable Shares to be sold in such offering, and
promptly make all required filings of such prospectus supplement or post-effective amendment; 
 (ix) cooperate
with the sellers and the managing underwriter to facilitate the timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law) representing securities sold under any registration
statement, and enable such securities to be in such denominations and registered in such names as the managing underwriter or such sellers may request and keep available and make available to the Company’s transfer agent prior to the
effectiveness of such registration statement a supply of such certificates; 
 (x) promptly make available for
inspection by any seller, any underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such seller or underwriter (collectively, the
“Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due
diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement; provided, however, that, unless the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company
shall not be required to provide any information under this subparagraph (x) if (A) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege
that was applicable to such information or (B) if either (1) the Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or
otherwise or (2) the Company reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing, unless prior to furnishing any such information with respect to clause (B) such Holder of
Registrable Shares requesting such information agrees to enter into a confidentiality agreement in customary form and subject to customary exceptions; and provided, further, that each Holder of Registrable Shares agrees that it will,
upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed
confidential; 
 (xi) furnish to each seller and underwriter a signed counterpart of (A) an opinion or
opinions of counsel to the Company, and (B) a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort
letters, as the case may be, as the sellers or managing underwriter reasonably requests; 

  
 6 

 (xii) use its reasonable best efforts to cause the Registrable Shares
included in any registration statement to be listed on each securities exchange, if any, on which similar securities issued by the Company are then listed; 
 (xiii) provide a transfer agent and registrar for all Registrable Shares registered hereunder; 
 (xiv) cooperate with each seller and each underwriter participating in the disposition of such Registrable Shares and their respective counsel in connection with any filings required to be made with the
Financial Industry Regulatory Authority (“FINRA”); 
 (xv) during the period when the prospectus
is required to be delivered under the Securities Act, promptly file all documents required to be filed with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act; 

(xvi) notify each seller of Registrable Shares promptly of any request by the SEC for the amending or supplementing of
such registration statement or prospectus or for additional information; 
 (xvii) enter into such agreements
(including underwriting agreements in the managing underwriter’s customary form) as are customary in connection with an underwritten registration; and 
 (xviii) advise each seller of such Registrable Shares, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC suspending the effectiveness of such
registration statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such
stop order should be issued. 
 2.3 Suspension of Dispositions. Each Holder agrees by acquisition of any Registrable
Shares that, upon receipt of any notice (a “Suspension Notice”) from the Company of the happening of any event of the kind described in Section 2.3(v)(C) such Holder will forthwith discontinue disposition of Registrable
Shares until such Holder’s receipt of the copies of the supplemented or amended prospectus, or until it is advised in writing (the “Advice”) by the Company that the use of the prospectus may be resumed, and has received copies
of any additional or supplemental filings which are incorporated by reference in the prospectus, and, if so directed by the Company, such Holder will deliver to the Company all copies, other than permanent file copies then in such Holder’s
possession, of the prospectus covering such Registrable Shares current at the time of receipt of such notice. The Company shall use its reasonable best efforts and take such actions as are reasonably necessary to render the Advice as promptly as
practicable. 
 2.4 Registration Expenses. All fees and expenses incident to any registration statement including,
without limitation, the Company’s performance of or compliance with this Article 2, all registration and filing fees, all fees and expenses associated with filings required to be made with FINRA, as may be required by the rules and
regulations of FINRA, fees and expenses of compliance with securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the Registrable Shares), rating
agency fees, printing expenses (including expenses of printing certificates for the Registrable Shares in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by a
Holder of Registrable Shares), messenger and delivery expenses, the fees and expenses incurred in connection with any listing or quotation of the Registrable Shares, fees and expenses of counsel for the Company and its independent certified public
accountants (including the expenses of any special audit or “cold comfort” letters required by or incident to such performance), the fees and expenses of any special experts retained by the Company in connection with such registration, and
the fees and expenses of other persons retained by the Company, will be borne by the Company (unless paid by a security holder that is not a Holder for whose account the registration is being effected) whether or not any registration statement
becomes effective; provided, however, that any underwriting discounts, commissions, or fees attributable to the sale of the Registrable Shares will be borne by the Holders pro rata on the basis of the number of shares so registered and
the fees and expenses of any counsel, accountants, or other persons retained or employed by any Holder will be borne by such Holder. 

  
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 2.5 Indemnification. 

2.5.1 The Company agrees to indemnify and reimburse, to the fullest extent permitted by law, each seller of Registrable Shares, and each
of its employees, advisors, agents, representatives, partners, officers, and directors and each Person who controls such seller (within the meaning of the Securities Act or the Exchange Act) and any agent or investment advisor thereof (collectively,
the “Seller Affiliates”) (A) against any and all losses, claims, damages, liabilities, and expenses, joint or several (including, without limitation, attorneys’ fees and disbursements except as limited by
Section 2.5.3) based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any registration statement, prospectus, preliminary prospectus, issuer free writing prospectus
(as such term is defined in Rule 433 of the Securities Act) or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, (B) against any and all loss, liability, claim, damage, and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental agency or
body, commenced or threatened, or of any claim whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or alleged untrue statement or omission, and (C) against any and all costs and expenses
(including reasonable fees and disbursements of counsel) as may be reasonably incurred in investigating, preparing, or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or alleged untrue statement or omission, or such violation of the Securities Act or Exchange Act, to the extent that any such expense
or cost is not paid under subparagraph (A) or (B) above; except insofar as any such statements are made in reliance upon and in strict conformity with information furnished in writing to the Company by such seller or any
Seller Affiliate for use therein or arise from such seller’s or any Seller Affiliate’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such
seller or Seller Affiliate with a sufficient number of copies of the same. The reimbursements required by this Section 2.5.1 will be made by periodic payments during the course of the investigation or defense, as and when bills are
received or expenses incurred. 
 2.5.2 In connection with any registration statement in which a seller of Registrable Shares is
participating, each such seller will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the fullest extent permitted
by law, each such seller will indemnify the Company and each of its employees, advisors, agents, representatives, partners, officers and directors and each Person who controls the Company (within the meaning of the Securities Act or the Exchange
Act) and any agent or investment advisor thereof against any and all losses, claims, damages, liabilities, and expenses (including, without limitation, reasonable attorneys’ fees and disbursements except as limited by Section 2.5.3)
resulting from any untrue statement or alleged untrue statement of a material fact contained in the registration statement, prospectus, or any preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission is contained in any
information or affidavit so furnished in writing by such seller or any of its Seller Affiliates specifically for inclusion in the registration statement; provided that the obligation to indemnify will be several, not joint and several, among such
sellers of Registrable Shares, and the liability of each such seller of Registrable Shares will be in proportion to, and will be limited to, the net amount received by such seller from the sale of Registrable Shares pursuant to such registration
statement; provided, however, that such seller of Registrable Shares shall not be liable in any such case to the extent that prior to the filing of any such registration statement or prospectus or amendment thereof or supplement thereto, such seller
has furnished in writing to the Company information expressly for use in such registration statement or prospectus or any amendment thereof or supplement thereto which corrected or made not misleading information previously furnished to the Company.

 2.5.3 Any Person entitled to indemnification hereunder will (A) give prompt written notice to the indemnifying party of
any claim with respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person) and (B) unless in such indemnified party’s reasonable judgment a conflict of interest
between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any
person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel 

  
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shall be at the expense of such person unless (X) the indemnifying party has agreed to pay such fees or expenses, or (Y) the indemnifying party shall have failed to assume the defense
of such claim and employ counsel reasonably satisfactory to such person. If such defense is not assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent will not be unreasonably withheld). If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the
applicable claim unless (1) such settlement or compromise contains a full and unconditional release of the indemnified party or (2) the indemnified party otherwise consents in writing. An indemnifying party who is not entitled to, or
elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and
disbursements of such additional counsel or counsels. 
 2.5.4 Each party hereto agrees that, if for any reason the
indemnification provisions contemplated by Section 2.5.1 or Section 2.5.2 are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities, or expenses (or
actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, liabilities, or expenses (or actions in respect thereof) in
such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which resulted in the losses, claims, damages, liabilities or expenses as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.5.4 were determined by pro rata allocation (even if the Holders or any underwriters or all of them were treated as one entity for
such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 2.5.4. The amount paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities, or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or, except as provided
in Section 2.5.3, defending any such action or claim. Notwithstanding the provisions of this Section 2.5.4, no Holder shall be required to contribute an amount greater than the dollar amount by which the net proceeds received
by such Holder with respect to the sale of any Registrable Shares exceeds the amount of damages which such Holder has otherwise been required to pay by reason of any and all untrue or alleged untrue statements of material fact or omissions or
alleged omissions of material fact made in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto related to such sale of Registrable Shares. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations in this Section 2.5.4 to contribute
shall be several in proportion to the amount of Registrable Shares registered by them and not joint. 
 If indemnification is
available under this Section 2.5, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 2.5.1 and Section 2.5.2 without regard to the relative fault of said
indemnifying party or indemnified party or any other equitable consideration provided for in this Section 2.5.4 subject, in the case of the Holders, to the limited dollar amounts set forth in Section 2.5.2. 

2.5.5 The indemnification and contribution provided for under this Agreement will remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer, director, or controlling Person of such indemnified party and will survive the transfer of securities. 

2.6 Transfer of Registration Rights. The rights of each Holder under this Agreement may be assigned to any direct or indirect
transferee of a Holder who agrees in writing to be subject to and bound by all the terms and conditions of this Agreement. 

  
 9 

 2.7 Rule 144. The Company will file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, will, upon the request of the Holders, make publicly available other information) and will take
such further action as the Holders may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Shares without registration under the Securities Act within the limitation of the exemptions provided
by (i) Rule 144 under the Securities Act, as such rule may be amended from time to time or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Holder, the Company will deliver to such
parties a written statement as to whether it has complied with such requirements and will, at its expense, forthwith upon the request of any such Holder, deliver to such Holder a certificate, signed by the Company’s principal financial officer,
stating (a) the Company’s name, address and telephone number (including area code), (b) the Company’s Internal Revenue Service identification number, (c) the Company’s SEC file number, (d) the number of shares of
each class of capital stock outstanding as shown by the most recent report or statement published by the Company, and (e) whether the Company has filed the reports required to be filed under the Exchange Act for a period of at least ninety
(90) days prior to the date of such certificate and in addition has filed the most recent annual report required to be filed thereunder. 
 2.8 Preservation of Rights. The Company will not (i) grant any registration rights to third parties which are inconsistent with the rights granted hereunder or (ii) enter into any
agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the rights expressly granted to the Holders in this Agreement. The Company hereby represents and warrants to each Holder that, as
of the date hereof, no Person has any rights to require the Company to register any Shares or other equity securities of the Company under the Securities Act, except for the Holders pursuant to this Agreement. 

ARTICLE 3 

TERMINATION 
 3.1 Termination. The Company’s obligation to maintain the effectiveness of any registration statement hereunder shall cease to apply to any particular Registrable Shares when: (a) a
registration statement with respect to the sale of such Registrable Shares (or other securities) shall have become effective under the Securities Act and such Registrable Shares shall have been disposed of in accordance with such registration
statement; (b) such Registrable Shares (or other securities) shall have been sold to the public pursuant to Rule 144 under the Securities Act (or any successor provision); or (c) such Registrable Shares (or other securities) shall have
ceased to be outstanding. The Company shall promptly upon the request of any Holder furnish to such Holder evidence of the number of Registrable Shares then outstanding. 
 ARTICLE 4 
 MISCELLANEOUS 

4.1 Notices. Any notice or other communication required or permitted to be provided hereunder shall be in writing and shall be
delivered in person or by first class mail (registered or certified, return receipt requested), facsimile, or overnight air courier guaranteeing next day delivery, to such address as the recipient shall most recently have designated in writing or,
if no such designation has been made, to the following address: 
 If to the Company: 

Fly Leasing Limited 
 West Pier 
 Dun Laoghaire 

County Dublin, Ireland 
 Facsimile: +353 1 231 1901 
 Attention: Chief Executive Officer 

  
 10 

 with a copy to: 
 Jones Day 
 222 East 41st Street 

New York, New York 10017 
 Facsimile: +1 (212) 755-7306 
 Attention: Boris Dolgonos, Esq. 

If to the Summit Investor: 
 Summit Aviation Partners LLC 
 50 California Street, 14th Floor 

San Francisco, CA 94111 
 Facsimile: (415) 618-3337 
 Attention: General Counsel 

and 
 Summit
Aviation Management Co., Ltd. 
 c/o Maples Corporate Services Limited 

PO Box 309, Ugland House 
 Grand Cayman KY1-1104 
 Cayman Islands 

Facsimile: (345) 949-8080 
 Attention: Director 
 With a copy to: 

Davis Polk & Wardwell LLP 
 1600 El Camino Real 
 Menlo Park, CA 94025 

Facsimile: (650) 752-3601 
 Attention: Daniel G. Kelly, Jr. 
 If to the Onex Investors: 

c/o Onex Partners Advisor LP 
 161 Bay Street 
 Toronto, ON M5J 2 S1 

Attention: Tawfiq Popatia 
 With a copy to: 
 Fried, Frank, Harris, Shriver & Jacobson LLP

 One New York Plaza 
 New York, New York 10004 
 Facsimile: (212) 859-4000 

Attention: Christopher Ewan and David Shaw 
 If to any other Holder, the address indicated for such Holder in the Company’s stock transfer records with copies, so long as Investor owns any Registrable Shares, to the Investors as provided above.

 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and the next business day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery. 

  
 11 

 Failure to mail a notice or communication to a Holder or any defect in it shall not affect
its sufficiency with respect to other Holders. 
 4.2 Compliance. Each Holder covenants and agrees that it will
comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Shares pursuant to the registration statement. 

4.3 Authority. Each of the parties hereto represents to the other that (i) it has the corporate power and authority to
execute, deliver and perform this Agreement, (ii) the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary corporate action and no such further action is required, (iii) it has duly and
validly executed and delivered this Agreement, and (iv) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors’ rights generally and general equity principles. 
 4.4 Governing Law; Jury
Trial. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York without regard to choice of laws or conflict of laws provisions thereof that would require the application of the laws
of any other jurisdiction. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 4.5 Successors
and Assigns. Except as otherwise expressly provided herein, this Agreement shall be binding upon and benefit the Company, each Holder, and their respective successors and assigns. In the event of any merger, consolidation, reorganization,
business combination or similar transaction affecting the Company in which the Company is not the surviving entity, it shall be a condition to such merger, consolidation, reorganization, business combination or other transaction that the successor
entity to the Company assume the Company’s obligations under this Agreement. 
 4.6 Severability. If any provision
of this Agreement shall be invalid, unenforceable, illegal or void in any jurisdiction, such invalidity, unenforceability, illegality or voidness shall not affect the validly or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. In that case, the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such provision. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining provisions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 4.7 Remedies. In the event of a breach by the Company or by a Holder of any of their
obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance
of its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further
agree that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. In addition, the remedies provided herein are cumulative and not exclusive of any remedies
provided by law. 

  
 12 

 4.8 Waivers. The observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term, but such waiver shall be effective only if it is in a writing signed by the party against whom the existence of such waiver
is asserted. Unless otherwise expressly provided in this Agreement, no delay or omission on the part of any party in exercising any right or privilege under this Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any
party of any right or privilege under this Agreement operate as a waiver of any other right or privilege under this Agreement nor shall any single or partial exercise of any right or privilege preclude any other or further exercise thereof or the
exercise of any other right or privilege under this Agreement. No failure by either party to take any action or assert any right or privilege hereunder shall be deemed to be a waiver of such right or privilege in the event of the continuation or
repetition of the circumstances giving rise to such right unless expressly waived in writing by the party against whom the existence of such waiver is asserted. 
 4.9 Amendment. This Agreement may not be amended or modified in any respect except by a written agreement signed by the Company and the Holders of a majority of the then outstanding Registrable
Shares. 
 4.10 Entire Agreement. This Agreement supersedes all other prior oral or written agreements among the parties
hereto and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein
and, except as specifically set forth herein or therein, none of the parties hereto makes any representation, warranty, covenant or undertaking with respect to such matters. 
 4.11 Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. 

4.12 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first written above. 
  

			
	FLY LEASING LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	SUMMIT:
	
	SUMMIT AVIATION PARTNERS LLC
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	ONEX:
	
	ONEX CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	ONEX US PRINCIPALS LP
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	NEW PCO INVESTMENT LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	ONEX PARTNERS III GP LP
		
	By	 	  

		 	Name:
		 	Title:
	
	ONEX PARTNERS III LP
		
	By:	 	  

		 	Name:
		 	Title:
	
	ONEX PARTNERS III PV LP
		
	By:	 	  

		 	Name:
		 	Title:

			
	ONEX PARTNERS III SELECT LP
		
	By:	 	  

		 	Name:
		 	Title:

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