Document:

EX-10.1

 EXHIBIT 10.1 

TRANSITION AGREEMENT 

This Transition Agreement (“Agreement”) is entered into as of September 15, 2020, by and between Apogee Enterprises,
Inc., a Minnesota corporation (“Apogee”), and Joseph F. Puishys (“Puishys”), an individual residing in the State of Minnesota. 

WHEREAS, Puishys has served as the Chief Executive Officer (“CEO”) of Apogee and a member of the Board of Directors of Apogee
(the “Board”) since August 2011; 
 WHEREAS, Puishys has announced to the Board his intention to retire from Apogee on
February 27, 2021; 
 WHEREAS, the Board wants to recognize Puishys’ many years of loyal service to Apogee and to provide for the
smooth transition of the CEO position; 
 WHEREAS, the parties desire to set forth all matters regarding Puishys’ retirement as CEO;
and 
 WHEREAS, the Board believes it is in the best interests of Apogee’s shareholders to enter into this Agreement. 

NOW THEREFORE, in consideration of the premises and the covenants herein, the sufficiency of which is hereby acknowledged, Puishys and Apogee
agree as follows: 
 1.    Retirement as CEO. Effective on February 27, 2021 (the “Retirement
Date”), Puishys shall retire as Apogee’s CEO and as a member of the Board and from all other officer positions he currently holds with Apogee and its affiliates and from all director positions he holds with Apogee’s affiliates. In
the event that Puishys’ successor as CEO is elected by the Board prior to the Retirement Date, at the request of the Board, Puishys shall resign as Apogee’s CEO and his director position on the Board and from all other director positions
he currently holds with Apogee and its affiliates and from all other director positions that he holds with Apogee’s affiliates but shall remain an employee of Apogee until the Retirement Date with such responsibilities reasonably assigned to
him by the Board or his successor CEO in connection with the transition of the CEO position to his successor. Assuming that no “Change in Control” as defined in the Change in Control Severance Agreement dated as of January 1, 2018
(the “CIC Severance Agreement”) has occurred prior thereto, effective upon the Retirement Date, the CIC Severance Agreement shall terminate and be of no further force or effect. Additionally, for the avoidance of doubt, if a
“Change in Control” as defined in the CIC Severance Agreement occurs prior to the Retirement Date, the CIC Severance Agreement shall govern Puishys’ severance and other post-closing rights and responsibilities in the event of a
termination of Puishys’ employment prior to the Retirement Date under circumstances that qualify him for benefits under Section 4 of the CIC Severance 

  
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Agreement, and Puishys will not be entitled to benefits under this Agreement. Further, for the avoidance of doubt, if a “Change in Control” as defined in the CIC Severance Agreement
occurs prior to the Retirement Date and Puishys remains employed through the Retirement Date, then Puishys’ agreement to retire as set forth in the first sentence of this Section 1 and all other provisions of this Agreement shall continue
in effect and govern Puishys’ rights and responsibilities in connection with such retirement, and the CIC Severance Agreement shall terminate as of the Retirement Date and be of no further force or effect. 

2.    Compensation Until the Retirement Date. Puishys shall continue to receive his current salary and other
compensation to which he is entitled in his current position with Apogee to the Retirement Date notwithstanding any earlier resignation from his officer or director positions at the request of the Board in connection with the election of his
successor as CEO. On the Retirement Date, all compensation related to Puishys’ employment with Apogee under all other agreements and arrangements, including all perquisite programs, if any, shall cease, and no further compensation shall be due
from or paid by Apogee to Puishys, except as contemplated in this Agreement or as otherwise required by law; provided, however, that Apogee shall (i) pay Puishys his monthly base pay through the Retirement Date in accordance with Apogee’s
payroll practices, less all applicable withholdings and deductions on the normal payroll date following the Retirement Date, and (ii) reimburse Puishys for unreimbursed business expenses properly incurred to the Retirement Date in compliance
with the expense reimbursement policies and procedures of Apogee. 
 3.    Separation Compensation. After the
Retirement Date, and subject to Puishys’ execution, without rescission, of the Release of Claims attached as Exhibit A hereto (the “Release”), Apogee shall make the following payments to and distributions for the benefit of,
Puishys, at the time and in the manner set forth below. 
 (a)    Salary Continuation. Apogee will pay Puishys
the equivalent of his current annual rate of salary ($935,000) as follows: (i) on Apogee’s first regular payroll occurring six (6) months after the Retirement Date, Apogee will pay Puishys a lump sum equivalent to six (6) months
of his current annual rate of salary; (ii) thereafter, the remaining amount shall be paid in equal installments on Apogee’s regular payroll schedule for a period of six (6) months (both the lump sum and installments to be considered
“Salary Continuation Payments”). All applicable payroll tax withholdings and deductions shall be deducted from Puishys’ Salary Continuation Payments. 

(b)    Retention Incentive. Apogee will pay Puishys his fiscal 2021 retention incentive to which Puishys would be
entitled if employed throughout fiscal year 2021 as CEO based upon the fiscal 2020 rating (90%) in Puishys’ annual CEO performance evaluation as conducted by Apogee’s Board of Directors. The payment of Puishys’ retention incentive
will occur on or before March 15, 2021. 

  
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 (c)    Vesting of Restricted Shares. Effective as of the
Retirement Date, the Compensation Committee of the Board (the “Committee”) (i) shall recognize Puishys’ retirement as a “Retirement” for purposes of Puishys’ Restricted Stock Award Agreements with Apogee, dated
April 26, 2018, April 25, 2019, and April 23, 2020, thereby causing all 53,628 shares of restricted stock that are unvested pursuant to the terms of such Restricted Stock Award Agreements as of the Retirement Date to immediately vest
as of such date, and (ii) shall, pursuant to its authority under Section 3(a)(vi) of the 2009 Omnibus Stock Incentive Plan as Amended and Restated (2011) and Section 3(a)(vi) of the 2019 Stock Incentive Plan as applicable, cause
to be accelerated all other unvested (as of such date) shares of restricted stock awarded to Puishys under such Plan and outstanding as of such date. 

(d)    Vesting of Non-Qualified Stock Options. Effective as of the
Retirement Date, the Committee, pursuant to its authority under Section 3(a)(vi) of the 2019 Stock Incentive Plan, (i) shall recognize Puishys’ retirement as a “Retirement” for purposes of Puishys’ Stock Option Award
Agreement with Apogee, dated June 30, 2020, thereby causing all 215,600 non-qualified stock options that are unvested pursuant to the terms of such Stock Option Award Agreement as of the Retirement Date
to immediately vest as of such date, and (ii) shall cause to be accelerated all other unvested (as of such date) shares of non-qualified stock options to Puishys under such Plan and outstanding as of such
date. Additionally, effective as of the Retirement Date, the Committee, pursuant to its authority under Section 3(a)(vii) of the 2019 Stock Incentive Plan, shall modify such Stock Option Award Agreement to provide that such options may be
exercised within six (6) months of the Retirement Date. 
 (e)    Fiscal 2021 Short-Term Incentive. Apogee
will pay Puishys his fiscal 2021 short-term incentive to which Puishys would be entitled if employed as CEO throughout fiscal year 2021. The payment of Puishys’ short-term incentive will occur on or before May 31, 2021, after the Committee
determines the amount earned based on Apogee’s achievement of financial performance metrics for the year. The Committee, when exercising its discretion in determining the amount earned based upon Apogee’s financial performance for fiscal
2021, will consider the economic consequences, and the effect on Apogee’s financial performance, of the COVID-19 pandemic that arose after the establishment of the financial performance metrics for the
fiscal 2021 short-term incentive plan. 
 (f)    Medical Coverage. After the Retirement Date, as an additional
benefit of Puishys signing this Agreement, Apogee will pay to its vendor its share of the cost of Puishys’ group medical, dental, and vision insurance for eighteen (18) months after the Retirement Date, provided that (i) Puishys pays
directly to that vendor his share of the cost of that insurance, and (ii) completes and returns the necessary paperwork to continue that coverage. 

  
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 (g)    Tax Treatment. Apogee and Puishys agree that 100% of the
payments and benefits to be provided to Puishys pursuant to this Agreement (including, for the avoidance of doubt, the acceleration of vesting of shares of restricted stock) will be treated as income subject to
W-2 reporting and withholdings pursuant to applicable federal, state, and/or local tax laws. Except for such amounts as are withheld from income by Apogee, Puishys agrees that he is solely responsible for any
tax obligations resulting from the payments to be made to him pursuant to this Agreement. Apogee makes no representations or warranties with respect to the tax consequences of the payments referenced in this Agreement. Puishys further acknowledges
and agrees that the payments set forth herein may result in taxable income to Puishys under applicable federal, state, and/or local tax laws. Puishys acknowledges and agrees that he will not seek any indemnification from Apogee with respect thereto.

 4.    Continued Executive Benefits. 

(a)    Prior to Retirement Date. Until the Retirement Date, Puishys shall be entitled to such medical, dental,
disability, life insurance coverage, vacation, sick leave, holiday benefits and any other benefits, in each case as are customarily made available to Apogee’s executive officers, all in accordance with Apogee’s benefits program in effect
from time to time. 
 (b)    After Retirement Date. After the Retirement Date, Puishys shall be entitled only to
the benefits set forth in Section 3 of this Agreement, and to benefits mandated by applicable Minnesota law, including, without limitation, the right to continue, at Puishys’ expense, to participate in Apogee’s group life insurance
program for the legally required period following his Retirement Date. For the avoidance of doubt, the parties acknowledge and agree that Puishys shall not continue to participate, after the Retirement Date, in any of the following plans, in each
case, as amended to date, except with respect to balances of deferred accounts existing in any such plan as of the Retirement Date: (i) Apogee Enterprises, Inc. Amended and Restated Employee Stock Purchase Plan, (ii) Apogee Enterprises,
Inc. Deferred Incentive Compensation Plan (2011), (iii) Apogee Enterprises, Inc. 401(k) Retirement Plan, and (iv) any executive perquisite plan of Apogee. 

(c)    Death or Disability. In the event that Puishys dies or becomes disabled on or after the Retirement Date, but
before all payments under Sections 2 or 3 have been made, his heirs, administrators, representatives, executors or his estate shall be entitled to the remaining compensation and benefits due to Puishys under those sections; provided that, if
Puishys had not already entered into the Release prior to his death or disability, in order to receive the payments and benefits due to Puishys under Section 3, an authorized representative must enter into the Release on behalf of such heirs,
administrators, representatives, executors or estate. 

  
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 5.    Release. In consideration of the promises, covenants and
other valuable consideration provided by Apogee in this Agreement, Puishys agrees that in order to be entitled to receive the payments and other benefits described in Section 3 of this Agreement, he must execute the Release attached hereto as
Exhibit A on or within 21 days following the Retirement Date. Puishys specifically agrees and acknowledges: (a) that his agreement to waive rights under the Release is knowing and voluntary as required under the Age Discrimination in Employment
Act (“ADEA”) and the Older Workers Benefit Protection Act (“OWBPA”); (b) that he understands the terms of the Release; (c) that Apogee advises Puishys to consult with an attorney prior to executing the Release;
(d) that Apogee has given him a period of up to twenty- one (21) days within which to consider the Release; (e) that nothing in this Agreement or the Release prevents or precludes Puishys from challenging or seeking a determination in
good faith of the validity of the Release under the ADEA, nor impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law; and (f) that, following his execution of the Release, he has fifteen
(15) days in which to rescind the Release, and that, if he chooses not to so rescind, the Release shall then become effective and enforceable. Puishys represents that if he signs the Release before the expiration of the 21-day review period, it is because Puishys does not need any additional time to decide whether to sign the Release. Changes to this Agreement, whether material or immaterial, will not restart the 21-day period. The Release shall be subject to the exceptions set forth in the last sentence of Section 1 thereof. 

6.    Confidential Information. Puishys will not make any unauthorized use, publication or disclosure, either prior
to, on or after the Retirement Date, of any confidential, secret or proprietary documents, materials or other information of or regarding Apogee, its affiliates or any of their respective existing businesses generated or acquired by him during his
employment with Apogee, including, but not limited to, information of a confidential or trade secret nature (“Confidential Information”). Confidential Information includes information not generally known by or available to the
public about or belonging to Apogee or belonging to other persons to whom Puishys knows, or has reason to know, that Apogee may have an obligation to maintain information in confidence including, without limitation, all strategic plans and all
financial, operational and other forecasts for Apogee or any of its affiliates. Authorization for disclosure of Confidential Information, which may be withheld at Apogee’s sole discretion, may be obtained only from Apogee’s General Counsel
or designee. Puishys will not disclose to Apogee, or induce Apogee to use, any confidential or trade secret information or material belonging to others. Notwithstanding anything in this Section to the contrary, nothing in this Agreement shall be
deemed to prevent Puishys from providing information about Apogee to, or otherwise participating in any investigation or proceeding conducted by, the U.S. Equal Opportunity Employment Commission, U.S. National Labor Relations Board, the U.S.
Occupational Health and Safety Administration, U.S. Securities and Exchange Commission or any other comparable state or local agency nor from disclosing Confidential Information as may be required by

  
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applicable law or regulation, or pursuant to the valid order or subpoena of a court of competent jurisdiction or an authorized governmental agency, provided that the disclosure does not exceed
the extent of disclosure required by such law, regulation, order or subpoena. 

7.    Non-Competition. 

a.    As a material inducement for Apogee to enter into this Agreement, Puishys agrees to protect Apogee’s
Confidential Information and business goodwill and to not to compete with Apogee during the period prior to the Retirement Date and in accordance with the terms and for the additional periods set forth below: 

 

	 	i.	 Non-Competition – Executive Managerial. Puishys may not,
directly or indirectly, establish, operate, or have any ownership interest in, or perform executive or managerial services for a Competing Business in the Restricted Area for a period of one (1) year following the Retirement Date. For purposes
of this Agreement, “Competing Business” means any person, entity or business that provides any product or service provided by Apogee or any of its affiliates (the “Company”) during the forty- eight (48) months
immediately preceding the Retirement Date or any technology currently under development that may lead to a product or service to be provided by the Company. Because the Executive received and will receive Confidential Information about the
Company’s entire business, the “Restricted Area” means the United States, Canada, and those additional geographic regions within North America and South America in which the Company is doing business or is actively-planning to do
business as of the Retirement Date. This Agreement is not intended to prohibit a passive and non-controlling ownership of less than 1% of the stock in a publicly traded company. 

 

	 	ii.	
Non-Competition—Non-Employee Board of Directors,
Advising or Consulting. Puishys may not advise, consult with, or serve as a non-employee director of a Competing Business in the Restricted Area for a period of two (2) years following the Retirement
Date. 

  

	 	iii.	 Non-Recruitment. Without the prior written approval of Apogee,
Executive shall not, for a period of two (2) years following the Retirement Date, hire, solicit for employment, induce or encourage to leave the employment of the Company, or otherwise cease their employment with the Company, on behalf of
himself/herself or any other person or entity, any employee, independent contractor or any former employee of the Company whose employment with the 

  
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Company ceased less than six (6) months earlier. The foregoing shall not apply to hourly Company employees. 

b.    The parties intend that each of the covenants referenced in Sections 6 and 7 shall be construed as a series of
separate covenants, one for each state of the United States and each county of each state of the United States. If, in any judicial proceeding, a court shall refuse to enforce any of the separate covenants (or any part thereof) deemed included in
such clauses, then such unenforceable covenant (or such part) shall be deemed eliminated from this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants (or portions thereof) to be
enforced. In the event that the provisions of this Section 7 should ever be deemed to exceed the time or geographic limitations, or the scope of this covenant, permitted by applicable law, then such provisions shall be reformed to the maximum
time or geographic limitations, as the case may be, permitted by applicable laws. The unenforceability of any covenant in Sections 6 or 7 shall not preclude the enforcement of any other of said covenants or provisions or of any other obligation of
Puishys or Apogee hereunder, and the existence of any claim or cause of action of Puishys or Apogee against the other, whether predicated on the Agreement or otherwise, shall not constitute a defense to the enforcement by Apogee of any of said
covenants. 
 c.    Puishys understands and agrees that damages may be an inadequate remedy in the event of a breach or
intended or threatened breach by him of any of his obligations in Sections 6 or 7, and that any such breach may cause Apogee irreparable injury and damage. Accordingly, Puishys agrees that Apogee shall be entitled, without waiving any additional
rights or remedies otherwise available to Apogee and without the necessity of proving the inadequacy of damages or of posting any bond, to injunctive and other such equitable relief in the event of a breach or intended or threatened breach of any of
said covenants by Puishys. 
 8.    Return of Property. On or before the Retirement Date, Puishys shall return
all equipment and property in his possession that belongs to Apogee, including all files and programs stored electronically or otherwise that relate or refer to Apogee, and all original and copies of documents, notes, memoranda or any other written
materials that relate or refer to Apogee, including material that constitutes Confidential Information, other than information or documents relating to Puishys’ Apogee compensation or benefit plans or programs in which he participates or
participated. 
 9.    Non-Disparagement. 

a.    Puishys agrees that he will not, and will use his reasonable efforts not to allow anyone acting on his behalf or at
his direction at any time to, criticize, defame or disparage Apogee, its affiliates, any of their directors, officers or employees, any of their plans, or their actions to any third party, either orally or in writing. The

  
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provisions of this Section 9(a) shall not apply to any truthful statement(s) required to be made by Puishys or by any representative of Puishys in any legal proceeding or governmental
(including all agencies thereof) or regulatory filing, investigation or proceeding. 
 b.    Apogee agrees that none of
its Senior Executives (as defined below) will criticize, defame or disparage Puishys, his performance with Apogee, his plans, or his actions to any third party, either orally or in writing. The provisions of this Section 9(b) shall not apply to
any truthful statement(s) required to be made by Apogee or by any representative of Apogee in any legal proceeding or governmental (including all agencies thereof) or regulatory filing, investigation or proceeding. For purposes of this
Section 9(b), the term “Senior Executives” shall mean each of Apogee’s directors and its Chief Executive Officer, Chief Financial Officer, Vice President and General Counsel, Chief Human Resources Officer, and Vice
President and Treasurer. 
 10.    Apogee’s Default in Payment. Should Apogee default in timely payment on
the due date of any payment or amount due under this Agreement, Puishys shall give written notice of such default to the person specified in or pursuant to this Agreement to receive notice on behalf of Apogee. Apogee shall have ten
(10) calendar days after the receipt of such a notice of default to cure any payment default. Puishys’ failure to provide such notice shall not negate Apogee’s obligation to make payment of any amounts due to Puishys under this
Agreement, but Apogee’s ten-calendar-day cure period shall not commence until it receives such notice from Puishys. 

11.    Breach of this Agreement. If a court of competent jurisdiction determines that either party has breached or
failed to perform any part of this Agreement, the parties agree that the non-breaching party shall be entitled to injunctive relief to enforce this Agreement and that the breaching party shall be responsible
for paying the non-breaching party’s costs and attorneys’ fees incurred in enforcing this Agreement. 

12.    Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid,
void or unenforceable, the remaining provisions shall nevertheless continue in full force and effect. 

13.    Ambiguities in this Agreement. The parties acknowledge that this Agreement has been drafted, prepared,
negotiated and agreed to jointly, with advice of each party’s respective counsel, and to the extent that any ambiguity should appear, now or at any time in the future, latent or apparent, such ambiguity shall not be resolved or construed
against either party. 
 14.    Notices. All notices and other communications hereunder shall be in writing. Any
notice or other communication hereunder shall be deemed duly given if it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth: 

  
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 If to Puishys, to his current residence address maintained in Apogee’s records.

 If to Apogee: 

Apogee Enterprises, Inc. 
 4400
West 78th Street – Suite 520 
 Minneapolis, Minnesota 55435 

Attention: General Counsel 
 Any
party may send any notice or other communication hereunder to the intended recipient at the address set forth using any other means (including personal delivery, expedited courier, messenger services, facsimile, ordinary mail or electronic mail),
but no such notice or other communication shall be deemed to have been duly given unless and until it is actually received by the intended recipient. Any party may change the address to which notices and other communications hereunder are to be
delivered by giving the other party notice in the manner set forth herein. 
 15.    Counterpart Agreements. This
Agreement may be executed in multiple counterparts, whether or not all signatories appear on these counterparts, and each counterpart shall be deemed an original for all purposes. 

16.    Choice of Law. This Agreement shall be deemed performable by all parties in, and venue shall be in the state
or federal courts located in, Hennepin County, Minnesota, and the construction and enforcement of this Agreement shall be governed by Minnesota law without regard to its conflict of laws rules. 

17.    No Assignment of Claims. Puishys shall not assign or delegate any of his rights or obligations under this
Agreement (subject to the rights under Section 4(c) of this Agreement) without the prior written consent of Apogee, and any attempted assignment without Apogee’s consent shall be void ab initio. Apogee may assign this Agreement to any
successor of Apogee or any purchaser of all or substantially all of the assets of Apogee. No other assignment by Apogee shall be effective except with the prior written consent of Puishys. 

18.    Entire Agreement; Amendment or Modification. This Agreement, the Release, any stock option agreements, any
restricted stock agreements, any performance share awards, and any employee benefit plans or programs sponsored by Apogee in which Puishys is a participant, set forth the entire agreement between the parties with respect to the subject matter
hereof, and any and all prior agreements, understandings, or representations between the parties pertaining to the subject matter of this Agreement are superseded; provided, however, that the CIC Severance Agreement continues in full force
and effect until terminated in accordance with Section 1 hereof. No amendment or modification of this Agreement shall be valid or binding on the parties hereto unless in writing and signed by both parties. 

  
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 19.    Binding Effect of Agreement. This Agreement shall be
binding upon Puishys, Apogee and their heirs, administrators, representatives, executors, successors and permitted assigns. 

20.    Authority. The undersigned director of Apogee represents and warrants that he has authority to enter into
this Agreement on behalf of Apogee. 
 21.    Attorney’s Fees. Apogee shall reimburse Puishys (or his heirs,
representatives or his estate) for the appropriately documented fees and expenses of legal counsel to Puishys incurred in connection with the negotiation and execution of this Agreement, up to a maximum total reimbursement of $25,000.00. 

22.    Section 409A Compliance. This Agreement is intended to comply with Section 409(A) of the Internal
Revenue Code of 1986, as amended (“Section 409A”), including the exclusions thereto, and shall be construed and administered in accordance with such intent. Apogee and Puishys acknowledge that he is a
“specified employee” (as determined in accordance with Section 409A) and that certain payments to be made hereunder may be subject to the terms of Section 409A. Therefore, notwithstanding anything to the contrary set forth in
this Agreement, to the extent that any payment due hereunder constitutes “nonqualified deferred compensation” subject to Section 409A , and is payable on account of Puishys’ “separation from service” (as such term is
defined in Section 409A), then the payment of any part of such amount that would have been made during the six (6) months following the separation from service shall be paid in a lump sum on the first day of the seventh (7th) month
following the separation from service, and thereafter any remaining payments shall be paid without delay in accordance with their original schedule. For the avoidance of doubt, each payment made hereunder, whether or not part of a series of
payments, will be treated as a separate payment for purposes of application of Section 409A. Neither Apogee nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to Puishys or any other person for
any taxes, penalties, interest or like amounts that may be imposed on Puishys or other person due to any failure to comply with Section 409A. 

[Signature Page to Follow] 

  
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 The parties have duly executed this Agreement as of the date first written above. 

 

			
	APOGEE ENTERPRISES, INC.
		
		 	/s/Donald A. Nolan
	By:	 	Donald A. Nolan
		
	Title:	 	Director and Non-Executive Chair of the Board of Directors
		
		 	/s/Joseph F. Puishys
		 	Joseph F. Puishys

  
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 EXHIBIT A 

FORM OF RELEASE OF CLAIMS 

1.    Release of Claims. Joseph F. Puishys (“Puishys”), on behalf of himself, his spouse,
successors, heirs, and assigns, and except as expressly set forth herein, hereby forever releases and discharges Apogee Enterprises, Inc., including its parents, affiliates, subsidiaries, business units, directors, officers, employees, agents,
predecessors, successors, insurers (other than providers of directors and officers liability insurance) and assigns (the “Released Parties”) to the fullest extent permitted by law from, and covenants not to sue or otherwise
institute or cause to be instituted any legal or administrative proceedings against any Released Party with respect to, any and all claims, debts, liabilities, demands, promises, agreements, costs and expenses (including but not limited to
attorneys’ fees), damages, actions, and causes of action, of whatever kind or nature, whether known or unknown, suspected or unsuspected, fixed or contingent, arising out of any act or omission occurring before Puishys’ execution of this
Release of Claims (“Release”) based on, arising out of, or related to Puishys’ employment with, transition from, or the ending of employment with Apogee including, without limitation any claims arising from rights under
federal, state and/or local laws, including but not limited to those related to contract, or any form of retaliation, harassment or discrimination on any basis, or any related cause of action, including but not limited to any alleged violation of
Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United States Code, as amended; the Americans with Disabilities Act of 1990, as amended; the Age Discrimination in Employment Act
(“ADEA”); the Older Workers Benefit Protection Act (“OWBPA”); the Family and Medical Leave Act; the Minnesota Human Rights Act (“MHRA”); the Employee Retirement and Income Security Act; any claims
grounded in contract or tort theories, including but not limited to breach of express or implied contract; tortious interference with contractual relations; promissory estoppel; breach of promise; breach of fiduciary or other duty; breach of manuals
or other policies; assault; battery; fraud; false imprisonment; invasion of privacy; misrepresentation; defamation, including libel, slander, and self-publication defamation; infliction of emotional distress; and/or harassment; or any other claim of
any kind whatsoever, including but not limited to any claim for damages or declaratory or injunctive relief of any kind (collectively, the “Released Claims”). The Released Claims shall not include any claims for compensation or
benefits (collectively, the “Excluded Claims”): (i) set forth in Sections 2, 3, and/or 4 of the Transition Agreement between Puishys and Apogee dated [September ●, 2020] (the “Transition Agreement”),
consistent with the terms set forth therein, or otherwise expressly preserved by the Transition Agreement, (ii) workers’ compensation benefits, unemployment compensation benefits, or claims for vested benefits that are due under the
written terms of any Apogee benefit plan arising under the Employee Retirement Income Security Act or the Comprehensive Omnibus Budget Reconciliation Act that are not 

  
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otherwise addressed in the Transition Agreement, (iii) rights under other vested equity awards, if any, or (iv) with respect to Puishys’ rights to be indemnified and to have costs
of defense advanced to him as a current or former director, officer or employee of Apogee pursuant to the Minnesota Business Corporation Act and Apogee’s Articles of Incorporation and Bylaws or under any liability insurance policy carried by
Apogee for the benefit of its current and past directors, officers and/or employees. 
 2.    No Lawsuits.
Puishys warrants and represents that he has not filed any claims, charges, complaints or actions against any Released Party, or assigned or transferred or purported to assign or transfer to any person or entity all or any part of or any interest in
any claim released herein. Puishys also agrees that if any claim arising out of any act or omission occurring before Puishys’ execution of this Release based on, arising out of, or related to Puishys’ employment with, transition from, or
the ending of employment with Apogee is prosecuted in his name before any court or administrative agency, he waives and agrees not to take any award or other damages from such suit to the fullest extent permitted by law. Notwithstanding the prior
sentence, this Release is not intended to and does not restrict Puishys from seeking or obtaining a U.S. Securities and Exchange Commission whistleblower award. If any agency or court assumes jurisdiction of any complaints, claims, or actions
against any Released Party by or on behalf of Puishys arising out of any act or omission occurring before Puishys’ execution of this Release based on, arising out of, or related to Puishys’ employment with, transition from, or the ending
of employment with Apogee, Puishys will request that the agency or court withdraw the matter or dismiss the matter in its entirety, with prejudice, and will execute all necessary documents to effect such withdrawal and/or dismissal with prejudice.
To the extent required by law, nothing contained in this Release will be interpreted to prevent Puishys from filing a charge with a governmental agency or participating in or cooperating with an investigation conducted by a governmental agency. 

3.    ADEA Waiver. Puishys specifically agrees and acknowledges: (a) that his waiver of rights under this
Release is knowing and voluntary as required under the ADEA and the OWBPA; (b) that he understands the terms of this Release; (c) that Apogee advises Puishys to consult with an attorney prior to executing this Release; (d) that Apogee
has given him a period of up to twenty-one (21) days within which to consider this Release; (e) that nothing in this Release prevents or precludes Puishys from challenging or seeking a determination
in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law; and (f) that, following his execution of this Release, he
has fifteen (15) days in which to rescind this Release insofar as it extends to potential claims under the ADEA, OWBPA, or MHRA, and that, if he chooses not to so rescind, the payments set forth in Section 3, and extension of benefits set
forth in Section 4, of the Transition Agreement shall then be made to him in accordance with the terms of the Transition Agreement. Puishys understands that any changes to this Release, whether material or immaterial, will not restart the 21-day period. 

  
 13 

 4.    Revocation. Puishys understands that any rescission of this
Release as set forth in Paragraph 3 must be in writing and delivered by hand or by certified mail, return receipt requested, within the applicable period to the attention of the General Counsel of Apogee. Puishys understands that if he exercises his
right to rescind, then Apogee will have no further obligations to him under the Transition Agreement or to others whose rights derive from him. Rescission by Puishys will have no effect upon his retirement. 

ACCEPTED AND AGREED TO: 
  

									
	DATE:	 	                        	 		 	DATE:	 	                        

  

									
	APOGEE ENTERPRISES, INC.	 		 	JOSEPH F. PUISHYS
					
	By:	 	                        	 		 		 	                        
	Donald A. Nolan, Director and Non-Executive Chair of the Board of Directors	 		 		 	                        

  
 14Exhibit 4.1

 

 

 

 

INDENTURE*

Dated as of September 17, 2020

Among

SPIRIT IP CAYMAN LTD. and 

SPIRIT LOYALTY CAYMAN Ltd.,

 

as Co-Issuers

SPIRIT AIRLINES, INC.

as Parent Guarantor

THE OTHER GUARANTORS FROM TIME TO TIME PARTY HERETO

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee and Collateral Custodian

8.00% SENIOR SECURED NOTES DUE 2025

 

 

 

 

* Exhibits and schedules have
been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be furnished on a supplemental basis to the Securities and
Exchange Commission upon request.

 

     

     

    

TABLE
OF CONTENTS

 

Page

 

	Article 1 DEFINITIONS
    AND INCORPORATION BY REFERENCE	1
	 	Section 1.01	Definitions	1
	 	Section 1.02	Other Definitions	42
	 	Section 1.03	[Reserved]	44
	 	Section 1.04	Rules of Construction	44
	 	Section 1.05	Acts of Holders	44
	Article 2 THE
    NOTES	46
	 	Section 2.01	Form and Dating; Terms	46
	 	Section 2.02	Execution and Authentication	47
	 	Section 2.03	Registrar and Paying Agent	48
	 	Section 2.04	Paying Agent to Hold Money in Trust	48
	 	Section 2.05	Holder Lists	49
	 	Section 2.06	Transfer and Exchange	49
	 	Section 2.07	Replacement Notes	62
	 	Section 2.08	Outstanding Notes	62
	 	Section 2.09	Treasury Notes; Competitors	63
	 	Section 2.10	Temporary Notes	63
	 	Section 2.11	Cancellation	64
	 	Section 2.12	Defaulted Interest	64
	 	Section 2.13	CUSIP and ISIN Numbers	65
	 	Section 2.14	Prohibition on Transfers to Competitors	65
	 	Section 2.15	Co-Issuers	65
	Article 3 REDEMPTION	67
	 	Section 3.01	Notices to Trustee	67
	 	Section 3.02	Selection of Notes to Be Redeemed	67
	 	Section 3.03	Notice of Redemption	68
	 	Section 3.04	Effect of Notice of Redemption	69
	 	Section 3.05	Deposit of Redemption or Purchase Price	69
	 	Section 3.06	Notes Redeemed or Purchased in Part	70
	 	Section 3.07	Optional Redemption	70
	 	Section 3.08	Mandatory Prepayments	71
	 	Section 3.09	Mandatory Repurchase Offers	72
	Article 4 COVENANTS	75
	 	Section 4.01	Payment of Notes	75
	 	Section 4.02	Collections	77
	 	Section 4.03	Collection Account; Debt Service Coverage Ratio Cure	77
	 	Section 4.04	Notes Payment Account	78

 

    i 

     

    

 

	 	Section 4.05	Notes Reserve Account	79
	 	Section 4.06	Operation of the Free Spirit Program	81
	 	Section 4.07	Maintenance of Rating	82
	 	Section 4.08	Restricted Payments	83
	 	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Stock	84
	 	Section 4.10	Liens	85
	 	Section 4.11	Restrictions on Disposition of Collateral	85
	 	Section 4.12	ECF Account	85
	 	Section 4.13	Restrictions on Business Activities	86
	 	Section 4.14	Independent Directors of the SPV Parties; Special Shareholder of
    the SPV Parties	89
	 	Section 4.15	Liquidity	89
	 	Section 4.16	Appraisals	89
	 	Section 4.17	Financial Statements and Other Reports	89
	 	Section 4.18	Corporate Existence	92
	 	Section 4.19	Use of Proceeds	92
	 	Section 4.20	Specified Organizational Documents	93
	 	Section 4.21	Intellectual Property	93
	 	Section 4.22	Required Excess Cash Flow Repurchase Offers	94
	 	Section 4.23	Offer to Repurchase Upon Parent Change of Control	96
	 	Section 4.24	Maintenance of Office or Agency	99
	 	Section 4.25	Taxes	99
	 	Section 4.26	Stay, Extension and Usury Laws	99
	 	Section 4.27	Compliance with Laws	100
	 	Section 4.28	Regulatory Matters; Citizenship, Utilization; Collateral Requirements	100
	 	Section 4.29	[Reserved]	100
	 	Section 4.30	Further Assurances	100
	 	Section 4.31	Collateral Ownership	101
	 	Section 4.32	Mandatory Prepayments	101
	Article 5 SUCCESSORS	102
	 	Section 5.01	Merger, Consolidation and Sale of Assets	102
	 	Section 5.02	Successor Corporation Substituted	102
	Article 6 CASH
    TRAP, DEFAULTS AND REMEDIES	103
	 	Section 6.01	Cash Trap	103
	 	Section 6.02	Events of Default	103
	 	Section 6.03	Remedies Exercisable by the Trustee	107
	 	Section 6.04	Waiver of Past Defaults	108
	 	Section 6.05	Control by Majority	108
	 	Section 6.06	Limitation on Suits	109
	 	Section 6.07	Rights of Holders of Notes to Receive Payment	109
	 	Section 6.08	Collection Suit by Trustee	109
	 	Section 6.09	Restoration of Rights and Remedies	109

 

    ii 

     

    

 

	 	Section 6.10	Rights and Remedies Cumulative	110
	 	Section 6.11	Delay or Omission Not Waiver	110
	 	Section 6.12	Trustee May File Proofs of Claim	110
	 	Section 6.13	Undertaking for Costs	111
	Article 7 TRUSTEE	111
	 	Section 7.01	Duties of Trustee	111
	 	Section 7.02	Rights of Trustee and Collateral Custodian	112
	 	Section 7.03	Individual Rights of Trustee	115
	 	Section 7.04	Trustee’s Disclaimer	115
	 	Section 7.05	Notice of Defaults	115
	 	Section 7.06	[Reserved.]	116
	 	Section 7.07	Compensation and Indemnity	116
	 	Section 7.08	Replacement of Trustee	117
	 	Section 7.09	Successor Trustee by Merger, Etc	118
	 	Section 7.10	Eligibility; Disqualification	118
	 	Section 7.11	Replacement of Collateral Custodian	118
	Article 8 LEGAL
    DEFEASANCE AND COVENANT DEFEASANCE	118
	 	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	118
	 	Section 8.02	Legal Defeasance and Discharge	118
	 	Section 8.03	Covenant Defeasance	119
	 	Section 8.04	Conditions to Legal or Covenant Defeasance	120
	 	Section 8.05	Deposited Money and Government Securities to Be Held in Trust;
    Other Miscellaneous Provisions	121
	 	Section 8.06	Repayment to Co-Issuers	121
	 	Section 8.07	Reinstatement	122
	 	Section 8.08	Application of Trust Money	122
	Article 9 AMENDMENT,
    SUPPLEMENT AND WAIVER	122
	 	Section 9.01	Without Consent of Holders of Notes	122
	 	Section 9.02	With Consent of Holders of Notes	124
	 	Section 9.03	[Reserved]	126
	 	Section 9.04	Revocation and Effect of Consents	126
	 	Section 9.05	Notation on or Exchange of Notes	126
	 	Section 9.06	Trustee to Sign Amendments, Etc.	126
	Article 10 GUARANTEES	127
	 	Section 10.01	Guarantee	127
	 	Section 10.02	Limitation on Guarantor Liability	128
	 	Section 10.03	Execution and Delivery	129
	 	Section 10.04	Benefits Acknowledged	129
	 	Section 10.05	Release of Note Guarantees	129

 

    iii 

     

    

 

	Article 11 SATISFACTION
    AND DISCHARGE	129
	 	Section 11.01	Satisfaction and Discharge	129
	 	Section 11.02	Application of Trust Money	130
	Article 12 MISCELLANEOUS	131
	 	Section 12.01	[Reserved]	131
	 	Section 12.02	Notices	131
	 	Section 12.03	[Reserved]	132
	 	Section 12.04	Certificate and Opinion as to Conditions Precedent	132
	 	Section 12.05	Statements Required in Certificate or Opinion	133
	 	Section 12.06	Rules by Trustee and Agents	133
	 	Section 12.07	No Personal Liability of Directors, Officers, Employees and Stockholders	133
	 	Section 12.08	Governing Law	133
	 	Section 12.09	Waiver of Jury Trial	134
	 	Section 12.10	No Adverse Interpretation of Other Agreements	134
	 	Section 12.11	Successors	134
	 	Section 12.12	Severability	134
	 	Section 12.13	Counterpart Originals	134
	 	Section 12.14	Table of Contents, Headings, Etc.	135
	 	Section 12.15	U.S.A. PATRIOT Act	135
	 	Section 12.16	Jurisdiction	135
	 	Section 12.17	Legal Holidays	136
	 	Section 12.18	Currency Indemnity	136
	 	Section 12.19	Waiver of Immunity	137
	Article 13 COLLATERAL	137
	 	Section 13.01	Collateral Documents	137
	 	Section 13.02	Non-Impairment of Liens	138
	 	Section 13.03	Release of Collateral	138
	 	Section 13.04	Release upon Termination of the Co-Issuers’ Obligations	139
	 	Section 13.05	Suits to Protect the Collateral	139
	 	Section 13.06	Authorization of Receipt of Funds by the Trustee Under the Collateral
    Documents	139
	 	Section 13.07	Lien Sharing and Priority Confirmation	140
	 	Section 13.08	Limited Recourse; Non-Petition	140

 

EXHIBITS

 

	Exhibit A	Form of Note
	Exhibit B	Form of Certificate of Transfer
	Exhibit C	Form of Certificate of Exchange
	Exhibit D	Form of Supplemental Indenture to be Delivered by Subsequent Guarantors
	Exhibit E	Form of Payment Date Statement

 

SCHEDULES

 

	Schedule 1.01(a)	Contribution Agreements
	Schedule 4.06(e)	Material Free Spirit Agreements

 

 

    iv 

     

    

INDENTURE,
dated as of September 17, 2020 among Spirit IP Cayman Ltd., an exempted company incorporated with limited liability under the
laws of the Cayman Islands (the “Brand Issuer”), Spirit Loyalty Cayman Ltd., an exempted company incorporated
with limited liability under the laws of the Cayman Islands (the “Loyalty Issuer,” and together with the Brand
Issuer, the “Co-Issuers” and each a “Co-Issuer”), Spirit Airlines, Inc. (“Spirit”),
as the parent guarantor (the “Parent Guarantor”), the other Guarantors from time to time party hereto, and
Wilmington Trust, National Association, a national banking association, as Trustee and Collateral Custodian.

 

W I T
N E S S E T H

 

WHEREAS,
the Co-Issuers have duly authorized the execution and delivery of this Indenture to provide for the issuance of (i) $850,000,000
aggregate principal amount of 8.00% Senior Secured Notes due 2025 (the “Initial Notes”) and (ii) any Additional
Notes that may be issued after the Closing Date in compliance with this Indenture;

 

WHEREAS,
the obligations of the Co-Issuers with respect to the due and punctual payment of interest, principal and premium, if any, on
the Notes and the performance and observation of each covenant and agreement under this Indenture on the part of the Co-Issuers
to be performed or observed will be unconditionally and irrevocably guaranteed by the Guarantors;

 

WHEREAS,
all things necessary (i) to make the Notes, when executed and duly issued by the Co-Issuers and authenticated and delivered hereunder,
the valid obligations of the Co-Issuers and (ii) to make this Indenture a valid agreement of the Co-Issuers have been done; and

 

WHEREAS,
the Guarantors party hereto have duly authorized the execution and delivery of this Indenture as guarantors of the Notes, and
all things necessary (i) to make the Note Guarantee, when the Notes are executed and duly issued by the Co-Issuers and authenticated
and delivered hereunder, the valid obligations of such Guarantors and (ii) to make this Indenture a valid agreement of such Guarantors,
in accordance with its terms, have been done.

 

NOW,
THEREFORE, the Co-Issuers, the Guarantors, the Trustee and the Collateral Custodian agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders of the Notes.

 

Article
1 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
1.01Definitions.

 

“$9
Fare Club” means the Loyalty Program under the name the “$9 Fare Club” as of the Closing Date which is operated,
owned or controlled, directly or indirectly by Spirit or any of its Subsidiaries, or principally associated with Spirit or any
of its Subsidiaries, as in effect from time to time, whether under the “$9 Fare Club” name or otherwise, in each case
including any successor program.

 

    1 

     

    

“$9
Fare Club Transaction Revenues” means, with respect to any period, the aggregate amount of reasonably identifiable revenues
(as determined by Spirit in its commercially reasonable judgment) of the $9 Fare Club during such period (whether received by
Spirit or any of its Subsidiaries).

 

“144A
Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Notes Depositary or its
nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule
144A.

 

“Account
Control Agreements” means each multi-party security and control agreement entered into by any Grantor, a financial institution
which maintains one or more deposit accounts or securities accounts and the Trustee or the Collateral Agent, as applicable, that
have been pledged to the Trustee or Collateral Agent, as applicable, as Collateral under the Collateral Documents or any other
Notes Document, in each case giving the Trustee or Collateral Agent, as applicable, “control” (as defined in Section
8-106 or 9-104 of the UCC) over the applicable account and in form and substance reasonably satisfactory to the Trustee or the
Collateral Agent, as applicable.

 

“Act
of Required Debtholders” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Section
2.01 and Section 4.09 hereof, as part of the same series as the Initial Notes.

 

“Additional
Senior Secured Debt” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Administrator”
means Walkers Fiduciary Limited in its capacity as administrator under the Administration Agreements.

 

“Administration
Agreements” means the administration agreements, dated on or about the Closing Date, between each of (i) the Co-Issuers
and the Cayman Guarantors (as applicable), (ii) the Administrator, (iii) Walkers Fiduciary Limited in its capacity as share trustee
and (iv) Spirit.

 

“AEOI
Regulations” means the Cayman Islands regulations which have been issued to give effect to the US IGA and CRS.

 

“Affiliate”
means, as to any Person, any other Person which directly or indirectly is in control of, or is controlled by, or is under common
control with, such Person. For purposes of this definition, a Person shall be deemed to be “controlled by” another
Person, if such controlling person possesses, directly or indirectly, the power to direct or cause the direction of the management
and policies of such Person, whether by contract or otherwise; provided that the PBGC shall not be an Affiliate of any
Co-Issuer or any Guarantor; and provided further that Walkers Fiduciary Limited shall not be an Affiliate of the Co-Issuers
or the Cayman Guarantors.

 

    2 

     

    

“Agent”
means each of the Trustee, the Collateral Agent, the Depositary and the Collateral Custodian.

 

“Airport
Authority” means any city or any public or private board or other body or organization chartered or otherwise established
for the purpose of administering, operating or managing airports or related facilities, which in each case is an owner, administrator,
operator or manager of one or more airports or related facilities.

 

“Allocable
Share” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Allocation
Date” means, with respect to any Payment Date and the related Quarterly Reporting Period, the Business Day that is two
(2) Business Days prior to such Payment Date.

 

“Anti-Corruption
Laws” means all laws, rules and regulations of the United States applicable to Spirit or its Subsidiaries from time
to time intended to prevent or restrict bribery or corruption.

 

“Appeal
Amounts” has the meaning ascribed to such term in the definition of “Spirit Case Milestones.”

 

“Applicable
Procedures” means, with respect to any selection of Notes, transfer or exchange of or for beneficial interests in any
Global Note, the rules and procedures of the Notes Depositary, Euroclear and/or Clearstream that apply to such selection, transfer
or exchange.

 

“Appraisal”
means an appraisal of the value of the Collateral by an Approved Appraisal Firm delivered by Spirit to the Trustee pursuant to
Section 4.16.

 

“Approved
Appraisal Firm” means each of MBA Aviation, BDO and Duff & Phelps, LLC.

 

“Available
Funds” means, with respect to any Payment Date, the sum of (i) the amount of funds allocated to the Notes pursuant to
the Collateral Agency and Accounts Agreement for such Payment Date and transferred from any Collection Account to the Notes Payment
Account on or prior to such Payment Date as contemplated under Section 4.03 and pursuant to the terms of the Collateral
Agency and Accounts Agreement, (ii) any amounts transferred to the Notes Payment Account from the Notes Reserve Account for application
on such Payment Date as set forth in Section 4.05, and (iii) any other amount deposited into the Notes Payment Account
by or on behalf of any Co-Issuer on or prior to such Payment Date.

 

“Bank
of America Affinity Agreement” means the Second Amended and Restated Affinity Agreement, dated as of August 6, 2020,
between Spirit and Bank of America, N.A., as amended, amended and restated, supplemented or otherwise modified from time to time.

 

“Bankruptcy
Case” means (i) an entity (A) commences a voluntary case or proceeding, (B) consents to the entry of an order for relief
against it in an involuntary case, (C) consents to the appointment of a receiver, trustee, liquidator, provisional liquidator,
custodian,

 

    3 

     

    

conservator
or other similar official of it or for all or substantially all of its property, (D) makes a general assignment for the benefit
of its creditors, or (E) admits in writing its inability generally to, pay its debts as they become due or (ii) a court of competent
jurisdiction enters an order or decree under any bankruptcy law that (A) is for relief against such entity, (B) appoints a receiver,
trustee, liquidator, provisional liquidator, custodian, conservator or other similar official of such entity or for all or substantially
all of the property of such entity or (C) orders the liquidation of such entity, and in each case under clause (ii) the order
or decree remains unstayed and in effect for 60 consecutive days.

 

“Bankruptcy
Code” means the Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified as 11 U.S.C. Section
101 et seq.

 

“Bankruptcy
Default” means any Event of Default described in Section 6.02(a)(v), Section 6.02(a)(vi), and Section 6.02(a)(xiv).

 

“Bankruptcy
Law” means the Bankruptcy Code or any similar federal, state or foreign law relating to reorganization, arrangement,
adjustment, winding-up, liquidation, dissolution, composition or other debtor relief, including, without limitation, Part V and
sections 86-88 (inclusive) of the Companies Law (as amended) of the Cayman Islands and the Companies Winding Up Rules 2018 of
the Cayman Islands, each as amended from time to time, and any bankruptcy, insolvency, winding up, reorganization or similar law
enacted under the laws of the Cayman Islands or any other applicable jurisdiction.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the
right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have
a corresponding meaning.

 

“Board
of Directors” means:

 

(1)       with
respect to a corporation or an exempted company, the board of directors of the corporation or exempted company, as applicable,
or any committee thereof duly authorized to act on behalf of such board;

 

(2)       with
respect to a partnership, the board of directors of the general partner of the partnership;

 

(3)       with
respect to a limited liability company, the managing member or members, manager or managers or any controlling committee of managing
members or managers thereof; and

 

(4)       with
respect to any other Person, the board or committee of such Person serving a similar function.

 

    4 

     

    

“Brand
Collection Account” means the non-interest bearing trust account of Brand Issuer held at Wilmington Trust, National
Association, account name: “Brand Collection Account,” which account is established and maintained at the New York
office of the Depositary and under the control of the Collateral Agent pursuant to the Collateral Agency and Accounts Agreement,
or any successor account that is an Eligible Account and which is under the control of the Collateral Agent pursuant to the Collateral
Agency and Accounts Agreement.

 

“Brand
Intellectual Property” means all worldwide rights, owned or purported to be owned, or later developed or acquired and
owned or purported to be owned, by Spirit or any of its Subsidiaries, in and to all Intellectual Property comprising (a) all trademarks,
service marks, brand names, designs, and logos that include the word “Spirit” or any successor brand (collectively,
the “Trademarks”) and (b) the “spirit.com” domain name and similar domain names or any successor
domain names (collectively, the “Domain Names”), including (i) all causes of action and claims now or hereafter
held by Spirit or any of its Subsidiaries in respect of the Trademarks and Domain Names, including, without limitation, the right
to sue or otherwise recover for any and all past, present and future infringements or dilutions thereof and (ii) all other trademark
rights corresponding thereto and all other trademark rights of any kind whatsoever accruing under the Trademarks and Domain Names;
together, in each case, with the goodwill of the business connected with such use of, and symbolized by, each of the Trademarks
and Domain Names.

 

“Brand
IP Case Milestones Termination Event” means during a Spirit Bankruptcy Case any of clause (f), (h) or (i) of the definition
of “Spirit Case Milestones” (and without giving effect to the lead-in to such definition, which excludes the Brand
IP Licenses) are not met or satisfied with respect to any Brand IP License or at the conclusion of the Spirit Bankruptcy Case,
Spirit has not assumed the Parent Brand Sublicense or, to the extent applicable, HoldCo 2 has not assumed the HoldCo 2 Brand License.

 

“Brand
IP License Assumption Order” has the meaning ascribed to it in each Brand IP License, as context requires.

 

“Brand
IP Licenses” means the HoldCo 2 Brand License and the Parent Brand Sublicense.

 

“Brand
Issuer to Loyalty Issuer License” means that certain Loyalty Program Brand License Agreement, dated as of the date hereof,
by and between the Brand Issuer, as licensor, and Loyalty Issuer, as licensee.

 

“Brand
License Termination Payment” has the meaning ascribed to it in the Parent Brand Sublicense.

 

“Brand
Management Agreement” means that certain Brand Management Agreement, dated as of the date hereof, among the Brand Issuer,
HoldCo 2, Spirit, as manager, and the Collateral Agent.

 

“Brand
Suspension Event” has the meaning ascribed to it in each Brand IP License, as context requires.

 

    5 

     

    

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City, Wilmington,
Delaware or such other domestic city in which the corporate trust office of the Trustee or Collateral Agent is located (in each
case, as set forth in the Collateral Agency and Accounts Agreement, as such locations may be updated pursuant to the Collateral
Agency and Accounts Agreement) are required or authorized to remain closed.

 

“Capital
Lease Obligations” means, at the time any determination is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be capitalized and reflected as a liability on a balance sheet prepared in accordance
with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease
prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty.

 

“Capital
Markets Offering” means any offering of “securities” (as defined under the Securities Act) in (a) a public
offering registered under the Securities Act, or (b) an offering not required to be registered under the Securities Act (including,
without limitation, a private placement under Section 4(a)(2) of the Securities Act, an exempt offering pursuant to Rule 144A
and/or Regulation S of the Securities Act and an offering of exempt securities).

 

“Capital
Stock” means:

 

(1)       in
the case of a corporation, corporate stock;

 

(2)       in
the case of an association, exempted company or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock;

 

(3)       in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)       any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock,
whether or not such debt securities include any right of participation with Capital Stock.

 

“Cash
Equivalents” means:

 

(1)       direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States (or
by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case
maturing within one year from the date of acquisition thereof;

 

(2)       direct
obligations of state and local government entities, in each case maturing within one year from the date of acquisition thereof,
which have a rating of at least A- (or the equivalent thereof) from S&P or A3 (or the equivalent thereof) from Moody’s;

 

(3)       obligations
of domestic or foreign companies and their subsidiaries (including, without limitation, agencies, sponsored enterprises or instrumentalities
chartered by an

 

    6 

     

    

Act
of Congress, which are not backed by the full faith and credit of the United States), including, without limitation, bills, notes,
bonds, debentures, and mortgage-backed securities, in each case maturing within one year from the date of acquisition thereof;

 

(4)       Investments
in commercial paper maturing within 365 days from the date of acquisition thereof and having, at such date of acquisition, a rating
of at least A-2 (or the equivalent thereof) from S&P or P-2 (or the equivalent thereof) from Moody’s;

 

(5)       Investments
in certificates of deposit (including Investments made through an intermediary, such as the certificated deposit account registry
service), banker’s acceptances, time deposits, eurodollar time deposits and overnight bank deposits maturing within one
year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or
offered by, any domestic office of any other commercial bank of recognized standing organized under the laws of the United States
or any State thereof that has a combined capital and surplus and undivided profits of not less than $250.0 million;

 

(6)       fully
collateralized repurchase agreements with a term of not more than six months for underlying securities that would otherwise be
eligible for investment;

 

(7)       Investments
in money in an investment company registered under the Investment Company Act of 1940, as amended, or in pooled accounts or funds
offered through mutual funds, investment advisors, banks and brokerage houses which invest its assets in obligations of the type
described in clauses (1) through (6) of this definition. This could include, but not be limited to, money market
funds or short-term and intermediate bonds funds;

 

(8)       money
market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended,
(ii) are rated AAA (or the equivalent thereof) by S&P and Aaa (or the equivalent thereof) by Moody’s and (iii) have
portfolio assets of at least $5.0 billion;

 

(9)       deposits
available for withdrawal on demand with commercial banks organized in the United States having capital and surplus in excess of
$100.0 million;

 

(10)       securities
with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any
foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign
government (as the case may be) are rated at least A- by S&P or A3 by Moody’s; and

 

(11)       any
other securities or pools of securities that are classified under GAAP as cash equivalents or short-term investments on a balance
sheet.

 

“Cash
Trap Cure” shall be deemed to occur on, (a) in the case of a Cash Trap Event that arises under Section 6.01(a)(i),
the earlier of (i) the occurrence of a deposit of funds into the Collection Accounts in an amount sufficient to satisfy the Debt
Service Coverage Ratio Test with respect to the Cash Trap Event before the related Payment Date and (ii) the first day of the
Quarterly Reporting Period following the Quarterly Reporting Period related to the Determination

 

    7 

     

    

Date
on which the Debt Service Coverage Ratio Test has been satisfied for two consecutive Determination Dates following the Determination
Date on which the Cash Trap Event was triggered, (b) in the case of a Cash Trap Event that arises under Section 6.01(a)(ii),
the date on which the balance in the Notes Reserve Account is at least equal to the Notes Reserve Account Required Balance, and
(c) in the case of a Cash Trap Event that arises under Section 6.01(a)(iii), the date that no Event of Default under this
Indenture shall exist or be continuing.

 

“Cash
Trap Period” means the period commencing on the occurrence of a Cash Trap Event, and ending on the earlier of (a) the
date (if any) on which the Cash Trap Cure is consummated and (b) the date all Obligations (other than contingent obligations not
due and owing) have been paid in full in cash.

 

“Cayman
AML Regulations” means the Anti-Money Laundering Regulations (2020 Revision) and The Guidance Notes on the Prevention
and Detection of Money Laundering and Terrorist Financing in the Cayman Islands (or equivalent legislation and guidance, as applicable),
and each as amended and revised from time to time.

 

“Cayman
Guarantors” means HoldCo 1 and HoldCo 2.

 

“Cayman
Share Mortgages” means the equitable mortgages over shares in (a) the Loyalty Issuer, dated the Closing Date, between
HoldCo 2 and the Collateral Agent, (b) the Brand Issuer, dated the Closing Date, between HoldCo 2 and the Collateral Agent, (c)
HoldCo 2, dated the Closing Date, between HoldCo 1 and the Collateral Agent, and (d) HoldCo 1, dated the Closing Date, between
Spirit and the Collateral Agent, each for the benefit of the Senior Secured Parties.

 

“Clearstream”
means Clearstream Banking S.A. and its successors.

 

“Closing
Date” means the date of original issuance of the Notes.

 

“Co-Issuers”
has the meaning set forth in the preamble hereto until a successor replaces the applicable entity in accordance with the applicable
provisions of this Indenture and, thereafter, includes such successor.

 

“Co-Issuer
Change of Control” means the occurrence of any of the following:

 

(i)       the
failure of Spirit to directly own 100% of the equity interests (other than the special share issued to the Special Shareholder)
of HoldCo 1;

 

(ii)       the
failure of HoldCo 1 to directly own 100% of the equity interests (other than the special share issued to the Special Shareholder)
of HoldCo 2; or

 

(iii)       the
failure of HoldCo 2 to directly own 100% of the equity interests (other than the special shares issued to the Special Shareholder)
of each Co-Issuer.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended from time to time.

 

    8 

     

    

“Collateral”
means all the assets and properties subject to the Liens created by the Collateral Documents.

 

“Collateral
Agency and Accounts Agreement” means that certain Collateral Agency and Accounts Agreement dated as of the Closing Date,
among the Co-Issuers, the other Grantors from time to time party thereto, the Trustee, each other Senior Secured Debt Representative
from time to time party thereto, Wilmington Trust, National Association, as the depositary (the “Depositary”)
and the Collateral Agent.

 

“Collateral
Agent” means Wilmington Trust, National Association, in its capacity as collateral agent for the Senior Secured Parties.

 

“Collateral
Custodian” means Wilmington Trust, National Association, as collateral custodian, together with its permitted successors
and assigns in such capacity, or any successor or replacement thereto selected pursuant to and in accordance with Section 7.11.

 

“Collateral
Documents” means, collectively, this Indenture, any Account Control Agreements, the Security Agreement, the Parent Security
Agreement, each IP Security Agreement, the Collateral Agency and Accounts Agreement, the Cayman Share Mortgages and other agreements,
instruments or documents that create or purport to create a Lien in favor of the Collateral Agent for the benefit of the Senior
Secured Parties or the Trustee for the benefit of the Notes Secured Parties, in each case, as may be amended and restated from
time to time, and so long as such agreement, instrument or document shall not have been terminated in accordance with its terms.

 

“Collateral
Sale” means the Disposition of any Collateral.

 

“Collection
Account” means, individually or collectively as the context may require, (i) the Loyalty Collection Account and (ii)
the Brand Collection Account.

 

“Collections”
means, with respect to any Quarterly Reporting Period, the aggregate amount of Transaction Revenues deposited in the Collection
Accounts during such period. For the avoidance of doubt, amounts deposited into any Collection Account to pre-fund the Required
Deposit Amount shall not constitute Collections.

 

“Competitor”
means (i) any Person operating a commercial passenger air carrier business, (ii) any other Person that competes with the business
of Spirit, any Cayman Guarantor, any Co-Issuer or any Subsidiary thereof and (iii) any Affiliate of any Person described in clause
(i) or (ii) (other than any Affiliate of such Person under common control with such Person, which Affiliate is not actively involved
in the management and/or operations of such Person).

 

“Contingent
Payment Event” means any indemnity, termination payment or liquidated damages under a Free Spirit Agreement.

 

“Contribution
Agreement” means each of the agreements set forth on Schedule 1.01(a) and each other contribution agreement entered
into after the date hereof pursuant to which Spirit contributes (a) all of its rights, title and interest to the Brand Intellectual
Property owned or purported to be owned, or later developed or acquired and owned, by Spirit, directly or indirectly,

 

    9 

     

    

to
the Brand Issuer or (b) (i) all of its rights, title and interest to the Loyalty Program Intellectual Property owned or purported
to be owned, or later developed or acquired and owned, by Spirit, (ii) all rights to establish, create, organize, initiate, participate,
operate, assist, benefit from, promote or otherwise be involved in or associated with, in any capacity, the Free Spirit Program,
$9 Fare Club or any other customer loyalty miles program or any similar customer loyalty program, other than in connection with
any Permitted Acquisition Loyalty Program, (iii) all of its payment rights under any Free Spirit Agreement (but not any of its
obligations thereunder), including its rights to receive payment under or with respect to any Free Spirit Agreement and all payments
due and to become due thereunder, and (iv) membership fees from members of the $9 Fare Club, in each case of clauses (i) through
(iv), directly or indirectly, to the Loyalty Issuer.

 

“Controlled
Accounts” means each Collection Account, the Notes Payment Account, the Notes Reserve Account and the ECF Account.

 

“Corporate
Trust Office” shall be at the address of the Trustee or the Collateral Custodian, as applicable, specified in Section
12.02 hereof or such other address as to which the Trustee or the Collateral Custodian, respectively, may give notice to the
Holders and the Co-Issuers.

 

“CreditShop
Co-Brand Agreement” means the Credit Card Co-Brand Program Agreement dated as of August 7, 2020 between Spirit and CreditShop
LLC, as amended, amended and restated, supplemented or otherwise modified from time to time.

 

“CRS”
means the OECD Standard for Automatic Exchange of Financial Account Information—Common Reporting Standard.

 

“Currency”
means miles, points and/or other units that are a medium of exchange constituting a convertible, virtual, and private currency
that is tradable property and that can be sold or issued to Persons.

 

“Data
Protection Laws” means all laws, rules and regulations applicable to each applicable Co-Issuer, Guarantor or Subsidiary
thereof regarding privacy, data protection and data security, including with respect to the collection, storage, transmission,
transfer (including cross-border transfers), processing, encryption, security, safeguarding, loss, disclosure and use of Personal
Data (including Personal Data of employees, contractors, customers, loan applicants and third parties), On-line Tracking Data,
and email and mobile communications, including any approvals or notices required in connection therewith.

 

“Day
Count Fraction” means the number of days elapsed in such period on a 30/360 basis.

 

“Debt
Service Coverage Ratio” means, with respect to any Determination Date commencing with the Determination Date for the
Quarterly Reporting Period ending on December 31, 2020, the ratio obtained by dividing (i) the sum of (x) the aggregate amount
of Collections deposited to the Collection Accounts during the related Quarterly Reporting Period and (y) Cure Amounts deposited
to the Collection Accounts on or prior to such Payment Date (and which remain on deposit in a Collection Account on such Payment
Date) by (ii) the Interest Distribution Amount for the related Payment Date.

 

    10 

     

    

“Debt
Service Coverage Ratio Test” shall be satisfied as of any Determination Date if the Debt Service Coverage Ratio is not
less than:

 

(i)
       for the Determination Dates in January 2021, April 2021, July 2021 and October 2021,
1.25 to 1.0;

 

(ii)
       for the Determination Dates in January 2022, April 2022, July 2022 and October 2022,
1.50 to 1.0;

 

(iii)
       for the Determination Dates in January 2023, April 2023, July 2023 and October 2023,
1.75 to 1.0; and

 

(iv)
       for any Determination Date thereafter, 2.0 to 1.0.

 

“Deeds
of Undertaking” means (i) the deed of undertaking in respect of the Loyalty Issuer to be entered into on or about the
Closing Date among the Loyalty Issuer, HoldCo 2, the Collateral Agent and Walkers Fiduciary Limited, (ii) the deed of undertaking
in respect of the Brand Issuer to be entered into on or about the Closing Date among the Brand Issuer, HoldCo 2, the Collateral
Agent and Walkers Fiduciary Limited, (iii) the deed of undertaking in respect of HoldCo 2 to be entered into on or about the Closing
Date among HoldCo 2, HoldCo 1, the Collateral Agent and Walkers Fiduciary Limited, and (iv) the deed of undertaking in respect
of HoldCo 1 to be entered into on or about the Closing Date among HoldCo 1, Spirit, the Collateral Agent and Walkers Fiduciary
Limited.

 

“Default”
means any event that, unless cured or waived, is, or with the passage of time or the giving of notice or both would be, an Event
of Default.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section
2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend
and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Deposit
Account” has the meaning given to it in the UCC.

 

“Depositary”
means Wilmington Trust, National Association, as depositary under the Collateral Agency and Accounts Agreement.

 

“Determination
Date” means, with respect to any Payment Date and the related Quarterly Reporting Period, commencing with the Quarterly
Reporting Period ending December 31, 2020, the Business Day that is three Business Days prior to such Payment Date.

 

“Direction
of Payment” means a notice to each counterparty of a Free Spirit Agreement, which shall include instructions to such
counterparties to pay all amounts due to Spirit or any Subsidiary thereof under the applicable Free Spirit Agreement directly
to the Loyalty Collection Account.

 

“Discharge
of Senior Secured Debt Obligations” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

    11 

     

    

“Disposition”
means, with respect to any property, any sale, lease, sale and leaseback, conveyance, transfer or other disposition thereof. The
terms “Dispose” and “Disposed of” shall have correlative meanings.

 

“DTC”
means The Depository Trust Company.

 

“Eligible
Account” means: (a) a segregated deposit account maintained with a depository institution or trust company whose short
term unsecured debt obligations are rated at least, if rated by S&P, A-1 by S&P, if rated by Moody’s, P-1 by Moody’s,
and, if rated by Fitch, F-1 by Fitch, (b) a segregated account which is maintained with a depository institution or trust company
whose long term unsecured debt obligations are rated at least, if rated by S&P, A by S&P, if rated by Moody’s, A2
by Moody’s and, if rated by Fitch, BBB- by Fitch or (c) a segregated trust account maintained in the corporate trust department
of a federally or state chartered depository institution whose long-term unsecured debt obligations are rated at least, if rated
by S&P, A by S&P, if rated by Moody’s, A2 by Moody’s and, if rated by Fitch, BBB- by Fitch, subject to regulations
regarding fiduciary funds on deposit substantially similar to 12 C.F.R. §9.10(b) in effect on the Closing Date.

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

 

“Euroclear”
means Euroclear Bank SA/NV and its successors, as operator of the Euroclear System.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Exchange
Rate” means, on any day, the rate at which the currency other than the Required Currency may be exchanged into the Required
Currency at approximately 11:00 a.m., New York City time, on such date on the Bloomberg Key Cross Currency Rates Page for the
relevant currency. To the extent that such rate does not appear on any Bloomberg Key Cross Currency Rate Page, the Exchange Rate
shall be determined by Spirit in good faith.

 

“Excluded
Intellectual Property” means (a) all Intellectual Property other than (i) the Loyalty Program Intellectual Property
and (ii) the Brand Intellectual Property and (b) all Spirit Traveler Data.

 

“Excluded
Property” means:

 

(i)       any
lease, license, instrument, charter, permit, franchise, authorization, contract or other agreement, and any of its rights or interest
thereunder or any property subject thereto, if and to the extent (but only to the extent) that a security interest:

 

    12 

     

    

(A)is
prohibited by or in violation of any law, rule or regulation applicable to such Grantor;

 

(B)would
(x) result in a breach of the terms of, or constitute a default under, such lease, license, instrument, charter, permit, franchise,
authorization, contract or other agreement unless and until any required consent shall have been obtained or (y) give any other
party to such lease, license, instrument, charter, permit, franchise, authorization, contract or other agreement the right to
terminate its obligations thereunder pursuant to a valid and enforceable provision;

 

(C)is
expressly permitted under such lease, license, instrument, charter, permit, franchise, authorization, contract or other agreement
only with consent of the parties thereto (other than consent of a Grantor) and such necessary consents to such grant of a security
interest have not been obtained;

 

in
each case of the foregoing clauses (A) through (C) unless such law, rule, regulation, term, provision or condition would be rendered
ineffective with respect to the creation of the security interest under the Collateral Documents pursuant to Sections 9-406, 9-407,
9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other Requirement of
Law (including the Bankruptcy Code); provided that the Collateral shall include (and such security interest shall attach)
immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall
attach immediately to any portion of such lease, license, instrument, charter, permit, franchise, authorization, contract or other
agreement not subject to the prohibitions specified in the foregoing clauses (A) through (C) above;

 

(ii)       any
“intent to use” trademark applications for which a statement of use has not been filed with and accepted by the United
States Patent and Trademark Office (but only until such statement is filed and accepted);

 

(iii)       cash
and Cash Equivalents that are earmarked to be used to satisfy or discharge Senior Secured Debt or Junior Lien Debt in connection
with a permitted repayment thereof and in favor of the Collateral Agent (in the case of Senior Secured Debt) or the collateral
agent, administrative agent or trustee in respect of such Junior Lien Debt; provided that (A) such cash and/or Cash Equivalents
are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons holding the Indebtedness
that is to be satisfied or discharged and (B) the satisfaction or discharge of such Indebtedness is expressly permitted under
the Transaction Documents; and

 

(iv)       cash
and Cash Equivalents distributed to Spirit by the Co-Issuers in accordance with the terms of this Indenture;

 

provided,
however, that (1) “Excluded Property” shall not include any proceeds, products, substitutions or replacements
of Excluded Property (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Property)
and (2) in the case of any lease, license, instrument, charter, permit, franchise, authorization, contract or other agreement
to which any Obligor is a party, and any of its rights or interest thereunder or any

 

    13 

     

    

property
subject thereto (including any general intangibles), if and to the extent (but only to the extent) that a security interest therein
to be granted by such Obligor would (a) result in a breach of the terms of, or constitute a default under, such lease, license,
instrument, charter, permit, franchise, authorization, contract or other agreement unless and until any required consent of any
Obligor shall have been obtained or (b) give any other Obligor party to such lease, license, instrument, charter, permit, franchise,
authorization, contract or other agreement the right to terminate its obligations thereunder, each such Obligor hereby agrees
that its consent to such security interest is hereby provided and any such right to terminate such obligations is hereby waived,
in each case in connection with the security interests granted hereby or by any Collateral Document (and such Obligor agrees that
such property referred to in this clause (2) shall not constitute Excluded Property) solely to the extent the consent of such
Obligor would be sufficient to overcome such prohibition.

 

“Extraordinary
Resolution” has the meaning ascribed to such term in the Specified Organizational Documents of each SPV Party, as applicable.

 

“FATCA”:
Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, or
any U.S. or non-U.S. fiscal or regulatory legislation, rules, practices or guidance notes adopted pursuant to any such intergovernmental
agreement, including the US IGA.

 

“Fees”
means the fees set forth in the fee letter, dated as of September 14, 2020, between the Trustee, the Collateral Agent and the
Co-Issuers, at the times set forth therein.

 

“Fitch”
means Fitch, Inc., also known as Fitch Ratings, and its successors.

 

“Free
Spirit Agreements” means, at any time, all currently existing, future and successor co-branding, partnering or similar
agreements related to or entered into in connection with the Free Spirit Program, including each Material Free Spirit Agreement,
but excluding each Retained Agreement existing at such time. For the avoidance of doubt, the Bank of America Affinity Agreement
shall in all cases be deemed to be a Free Spirit Agreement and shall in no case constitute a Retained Agreement.

 

“Free
Spirit Customer Data” means all data owned or purported to be owned, or later developed or acquired and owned or purported
to be owned, by Spirit or any of its Subsidiaries (including the Loyalty Issuer) and used, generated or produced as part of the
Free Spirit Program or $9 Fare Club, including all of the following: (a) a list of all members of the Free Spirit Program and
the $9 Fare Club; and (b) the Free Spirit Member Profile Data for each member of the Free Spirit Program and/or $9 Fare Club,
but excluding Spirit Traveler Data.

 

The
parties hereto acknowledge and agree that customer name, contact information (including name, mailing address, email address,
and phone numbers) and communication and promotion opt-ins (as described in clause (b) of the definition of “Free Spirit
Member Profile Data”) are included in both Free Spirit Customer Data and Spirit Traveler Data; provided that the

 

    14 

     

    

foregoing
communication and promotion opt-ins are not specific to the Free Spirit Program or the $9 Fare Club, and if such communication
and promotion opt-ins are specific to the Free Spirit Program or the $9 Fare Club, such information and data shall only be considered
to be Free Spirit Customer Data (it being understood that Spirit shall be entitled to continue marketing its airline business
in the ordinary course).

 

“Free
Spirit Member Profile Data” means, with respect to each member of the Free Spirit Program or the $9 Fare Club, in each
case to the extent applicable, such member’s (a) name, mailing address, email address, and phone numbers, (b) communication
and promotion opt-ins, (c) total miles balance, (d) third party engagement history, (e) accrual and redemption activity, including
any data related to member segment designations or member segment activity or qualifications, (f) Free Spirit Program account
number, and (g) Free Spirit Program annual member status and $9 Fare Club annual member status, but in the case of clauses (b),
(d) and (e), excluding Spirit Traveler Data.

 

“Free
Spirit Transaction Revenues” means, with respect to any period and without duplication, the aggregate amount of revenues
of the Loyalty Issuer under the Free Spirit Agreements during such period together with all other payments to the Loyalty Issuer
under the Free Spirit Agreements during such period.

 

“Free
Spirit Program” means any Loyalty Program which is operated, owned or controlled, directly or indirectly by Spirit or
any of its Subsidiaries, or principally associated with Spirit or any of its Subsidiaries, as in effect from time to time, whether
under the “Free Spirit” name or otherwise, in each case including any successor program, but excluding any Permitted
Acquisition Loyalty Program.

 

“Free
Spirit Program Revenues” means, with respect to any period, the aggregate amount of revenues of the Free Spirit Program
during such period (including any Retained Agreement Revenues).

 

“GAAP”
means generally accepted accounting principles in the United States, which are in effect from time to time, including those set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants,
statements and pronouncements of the Financial Accounting Standards Board, such other statements by such other entity as have
been approved by a significant segment of the accounting profession and the rules and regulations of the SEC governing the inclusion
of financial statements in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions
and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC.

 

“Global
Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which is required to be placed on all
Global Notes issued under this Indenture.

 

“Global
Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes,
substantially in the form of Exhibit A hereto, issued in accordance with Section 2.01, Section 2.06(b) or
Section 2.06(d) hereof.

 

“Government
Securities” means securities that are:

 

    15 

     

    

(1)       direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or

 

(2)       obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in
either case, are not callable or redeemable at the option of the Person thereof, and shall also include a depository receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or
a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the
holder of such depository receipt; provided, that (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect
of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such
depository receipt.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank organization, or other
entity exercising executive, legislative, judicial, taxing or regulatory powers or functions of or pertaining to government. Governmental
Authority shall not include any Person in its capacity as an Airport Authority.

 

“Grantor”
means each Co-Issuer and each other Obligor that shall at any time pledge Collateral under a Collateral Document.

 

“Guarantee”
means a guarantee (other than (i) by endorsement of negotiable instruments for collection or (ii) customary contractual indemnities,
in each case in the ordinary course of business), direct or indirect, in any manner including, without limitation, by way of a
pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness
(whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or
services, to take or pay or to maintain financial statement conditions).

 

“Guarantor”
means Spirit, the Cayman Guarantors or any other entity that becomes a guarantor with respect to the Notes.

 

“Hedging
Obligations” means, with respect to any Person, all obligations and liabilities of such Person under:

 

(1)       interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate
collar agreements;

 

(2)       other
agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)       other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates, fuel prices or other
commodity prices, but excluding (x)

 

    16 

     

    

clauses
in purchase agreements and maintenance agreements pertaining to future prices and (y) fuel purchase agreements and fuel sales
that are for physical delivery of the relevant commodity.

 

“HoldCo
1” means Spirit Finance Cayman 1 Ltd., an exempted company incorporated with limited liability under the laws of the
Cayman Islands.

 

“HoldCo
2” means Spirit Finance Cayman 2 Ltd., an exempted company incorporated with limited liability under the laws of the
Cayman Islands.

 

“HoldCo
2 Brand License” means that certain Brand License Agreement, dated as of the date hereof, by and between the Brand Issuer,
as licensor, and HoldCo 2, as licensee.

 

“HoldCo
2 Loyalty Program License” means that certain Loyalty Program Intellectual Property License Agreement, dated as of the
date hereof, by and between the Loyalty Issuer, as licensor, and HoldCo 2, as licensee.

 

“Holder”
means, in the case of the Notes, a “noteholder,” which means the Person in whose name a Note is registered on the
Registrar’s books, which shall initially be the respective nominee of DTC.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables),
whether or not contingent:

 

(1)       in
respect of borrowed money;

 

(2)       evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

 

(3)       in
respect of banker’s acceptances;

 

(4)       representing
Capital Lease Obligations;

 

(5)       representing
the balance deferred and unpaid of the purchase price of any property or services due more than six (6) months after such property
is acquired or such services are completed, but excluding in any event trade payables arising in the ordinary course of business;
or

 

(6)       representing
any Hedging Obligations,

 

if
and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability
upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness
of any other Person. Indebtedness shall be calculated without giving effect to the effects of Financial Accounting Standards Board
Accounting Standards Codification 815—Derivatives and Hedging and related interpretations to the extent such effects would
otherwise

 

    17 

     

    

increase
or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives
created by the terms of such Indebtedness.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Independent
Director” means, at any time with respect to any SPV Party, a director of such SPV Party that (1) satisfies the Independent
Director Criteria at such time and (2) is a duly appointed “Independent Director” under and as defined in such SPV
Party’s Specified Organizational Document.

 

“Independent
Director Criteria” means criteria that shall be satisfied only in respect of a natural person that (a) is a director
who has prior experience as an independent director, independent manager or independent member with at least three years of employment
experience; (b) is provided by a company nationally recognized in the United States or the Cayman Islands for providing professional
independent managers and directors, that is not an Affiliate of any Obligor or the Collateral Agent and that provides professional
independent managers and directors and other corporate services in the ordinary course of its business, and which individual is
duly appointed as an Independent Director; and (c) is not, and has never been, and will not while serving as Independent Director
be, any of the following: (i) a member, partner, equityholder, manager, director, officer or employee of any Co-Issuer or any
of its equityholders, the Collateral Agent or any Affiliates of the foregoing (except immaterial equity ownership in Parent Guarantor
or other than as an Independent Director of any SPV Party or any other Affiliate of a Co-Issuer that is required by a creditor
to be a single purpose bankruptcy-remote entity, provided that such Person is employed by a company that routinely provides
professional independent managers or directors); (ii) a creditor, supplier or service provider (including provider of professional
services) to either Co-Issuer, the Collateral Agent or any of their respective equityholders or Affiliates (other than a nationally
recognized company that routinely provides professional independent managers and directors and other corporate services to the
Co-Issuers, the Collateral Agent or any of their respective equityholders or Affiliates in the ordinary course of business); (iii) a
family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider;
or (iv) a Person that controls (whether directly, indirectly or otherwise) any of clause (i), (ii) or (iii)
above.

 

Any
director who is an employee of Walkers Fiduciary Limited shall be deemed to meet the requirements of an “Independent Director”
for purposes of this definition.

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial
Purchasers” means the persons named as initial purchasers in the Purchase Agreement, dated as of September 2, 2020.

 

“Intellectual
Property” means all patents and patent applications, registered trademarks or service marks and applications to register
any trademarks or service marks, brand names, trade dress, know how, registered copyrights and applications for registration of
copyrights, Trade Secrets, domain names, social media accounts and other intellectual property,

 

    18 

     

    

whether
registered or unregistered, including unregistered copyrights in software and source code and applications to register any of
the foregoing.

 

“Intercreditor
Agreements” means the Junior Lien Intercreditor Agreement and the Collateral Agency and Accounts Agreement.

 

“Interest
Distribution Amount” means, with respect to each Payment Date, an amount equal to (a) the product of (i) the Interest
Rate for the related Interest Period, multiplied by (ii) the Day Count Fraction, multiplied by (iii) the outstanding principal
amount of the Notes as of the first day of the related Interest Period, plus (b) any unpaid Interest Distribution
Amounts from prior Payment Dates plus, to the extent permitted by law, interest thereon at the applicable Interest Rate for the
related Interest Period.

 

“Interest
Period” means, for each Payment Date, the period from and including the Payment Date immediately preceding such Payment
Date (or, with respect to the initial Payment Date, the Closing Date) to but excluding such Payment Date.

 

“Interest
Rate” means, at any time, the sum of (a) 8.00% per annum plus (b) the Special Interest Rate at such time.

 

“Investments”
means, with respect to any Person, all direct or indirect investments made by such Person in other Persons (including Affiliates)
in the forms of loans (including Guarantees or other obligations), advances (but excluding advance payments and deposits for goods
and services in the ordinary course of business) or capital contributions (excluding commission, travel and similar advances to
officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities of other Persons, together with all items that are or would be classified
as investments on a balance sheet prepared in accordance with GAAP.

 

“IP
Agreements” means (a) each Contribution Agreement; (b) each IP License and the Brand Issuer to Loyalty Issuer License;
(c) each Management Agreement and (d) each other contribution agreement, license or sublicense related to the Brand Intellectual
Property or the Loyalty Program Intellectual Property that is required to be entered into after the Closing Date pursuant to the
terms of any Transaction Document.

 

“IP
License Transaction Revenues” means, with respect to any period and without duplication, the aggregate amount of payments
received by the Co-Issuers pursuant to the IP Licenses during such period.

 

“IP
Licenses” means (a) the Brand IP Licenses and (b) the Loyalty IP Licenses.

 

“IP
Security Agreements” shall have the meaning set forth in the Security Agreement.

 

“Issuer”
means any Co-Issuer.

 

“Issuer
Bankruptcy Event” means (i) a Co-Issuer (A) commences a voluntary case or proceeding, (B) consents to the entry of an
order for relief against it in an involuntary case, (C)

 

    19 

     

    

consents
to the appointment of a receiver, trustee, liquidator, provisional liquidator, custodian, conservator or other similar official
of it or for all or substantially all of its property, (D) makes a general assignment for the benefit of its creditors, (E) admits
in writing its inability generally to, pay its debts as they become due, or (F) passes a resolution for its voluntary winding
up or liquidation or (ii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for
relief against such Co-Issuer, (B) appoints a receiver, trustee, liquidator, provisional liquidator, custodian, conservator or
other similar official of such Co-Issuer or for all or substantially all of the property of such Co-Issuer or (C) orders the liquidation
of such Co-Issuer, and in each case under clause (ii) the order or decree remains unstayed and in effect for 60 consecutive days.

 

“Issuer
Order” means a written request or order signed on behalf of each Co-Issuer by an Officer of such Co-Issuers and delivered
to the Trustee.

 

“Junior
Lien Debt” means, any Indebtedness owed to any other Person, so long as (i) such Indebtedness is expressly subordinated
in right of payment to the Notes and any other Senior Secured Debt Obligations in the agreement, indenture or other instrument
governing such Indebtedness and in a Junior Lien Intercreditor Agreement, (ii) the Liens on the Collateral securing such Indebtedness
are subordinated to the Liens on the Collateral securing the Notes and any other Senior Secured Debt Obligations pursuant to a
Junior Lien Intercreditor Agreement, (ii) the Weighted Average Life to Maturity of such Indebtedness shall be no shorter than
the Weighted Average Life to Maturity of the Notes, (iii) the maturity date for such Indebtedness shall be at least 91 days after
the latest maturity date of any Notes, (iv) such Indebtedness shall not be subject to or benefit from any Guarantee by any Person
other than an Obligor, and (v) the terms and conditions governing such Indebtedness of the Obligors shall (a) be reasonably acceptable
to the Required Debtholders or (b) not be materially more restrictive, when taken as a whole, on the Co-Issuers (as determined
in good faith by the Co-Issuers), than the terms of the then-outstanding Notes (except for (x) terms that are conformed (or added)
in the Transaction Documents for the benefit of the Holders holding then-outstanding Notes pursuant to an amendment hereto or
thereto subject solely to the reasonable satisfaction of the Co-Issuers, (y) covenants, events of default and guarantees applicable
only to periods after the latest maturity date then in effect for any Notes (as of the date of the incurrence of such Junior Lien
Debt) and (z) pricing, fees, rate floors, premiums, optional prepayment or redemption terms) unless the Holders under the then-outstanding
Notes receive the benefit of such more restrictive terms; provided that (I) in no event shall such Indebtedness be subject
to events of default, mandatory prepayment or acceleration resulting (either directly or through a cross-default or cross-acceleration
provision) from a Bankruptcy Case of Spirit or any of its Subsidiaries (other than the SPV Parties) except on the same terms as
the Notes and (II) any such Indebtedness shall include separateness provisions regarding the SPV Parties substantially similar
to the provisions set forth in Section 4.13.

 

“Junior
Lien Debt Documents” means any documents, instruments, notes, credit agreements, purchase agreements or other agreements
entered into in connection with the incurrence or issuance of any Junior Lien Debt.

 

“Junior
Lien Intercreditor Agreement” means an intercreditor and subordination agreement among the Collateral Agent, the Grantors
party thereto, the Trustee and the other representatives party thereto, including the representative of the holders of Junior
Lien Debt, and

 

    20 

     

    

substantially
in the form attached as an exhibit to the Collateral Agency and Accounts Agreement with any necessary changes so long as no such
change is adverse to the interests of the Senior Secured Parties, as evidenced by an Officer’s Certificate delivered to
the Trustee pursuant to Section 12.04 and to the Collateral Agent pursuant to the Collateral Agency and Accounts Agreement.

 

“Legal
Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in
the State of New York or in the place of payments.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (but excluding any lease, sublease,
use or license agreement or swap agreement or similar arrangement by any Grantor described in the definition of “Permitted
Disposition”), including any conditional sale or other title retention agreement, any option or other agreement to sell
or give a security interest in and any agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction.

 

“Liquidity”
means the sum of (i) all unrestricted cash and Cash Equivalents and “short-term investment securities” (as referred
to in the Spirit’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and/or other
public filings with the SEC) of Spirit (excluding, for the avoidance of doubt, any cash or Cash Equivalents held in the Controlled
Accounts and any other accounts subject to account control agreements), (ii) the aggregate principal amount committed and available
to be drawn by Spirit and the Co-Issuers (taking into account all borrowing base limitations or other restrictions) under all
revolving credit facilities of Spirit and the Co-Issuers and (iii) the scheduled net proceeds (after giving effect to any expected
repayment of existing Indebtedness using such proceeds) of any Capital Markets Offering of Spirit or the Co-Issuers that has priced
but has not yet closed (until the earliest of the closing thereof, the termination thereof without closing or the date that falls
five (5) Business Days after the initial scheduled closing date thereof).

 

“Loyalty
Collection Account” means the non-interest bearing trust account of Loyalty Issuer held at Wilmington Trust, National
Association, account name: “Loyalty Collection Account,” which account is established and maintained at the New York
office of the Depositary and under the control of the Collateral Agent pursuant to the Collateral Agency and Accounts Agreement,
or any successor account that is an Eligible Account and which is under the control of the Collateral Agent pursuant to the Collateral
Agency and Accounts Agreement.

 

“Loyalty
IP Licenses” means the HoldCo 2 Loyalty Program License and the Parent Loyalty Program Sublicense.

 

“Loyalty
Program” means (a) any customer loyalty program available to individuals (i.e. natural persons) that grants members
in such program Currency based on a member’s purchasing behavior and that entitles a member to accrue and redeem such Currency
for a benefit or reward, including flights and/or other goods and services, or (b) any other membership program available to individuals
(i.e. natural persons) that grants members in such program

 

    21 

     

    

benefits
in connection with travel on an airline, including reduced costs on airfare, bag fees and upgrades.

 

“Loyalty
Program Intellectual Property” means (a) the Free Spirit Customer Data and (b) all Intellectual Property (but excluding
data, which is addressed in clause (a)) owned or purported to be owned, or later developed or acquired and owned or purported
to be owned, by Spirit or any of its Subsidiaries (including the Co-Issuers) and required or necessary to operate the Free Spirit
Program or $9 Fare Club, but excluding (i) all Intellectual Property used to operate the Spirit airline business that, even if
used in connection with the Free Spirit Program or $9 Fare Club, would be required or necessary to operate the Spirit airline
business in the absence of the Free Spirit Program or $9 Fare Club, and (ii) the following specified Intellectual Property: (1)
the Brand Intellectual Property, (2) SAVE as a stock symbol and (3) the Spirit website (including all content and source code)
and the Spirit mobile app.

 

“Loyalty
Program Management Agreement” means that certain Loyalty Program Management Agreement, dated as of the date hereof,
among the Loyalty Issuer, HoldCo 2, Spirit, as manager, and the Collateral Agent.

 

“LTV
Ratio” means, on any date, the ratio (expressed as a percentage) equal to (a) the aggregate principal amount of Senior
Secured Debt outstanding on such date, divided by (b) the value of the Collateral determined pursuant to the most recent
Appraisal submitted to the Trustee in accordance with Section 4.16 (including any additional Appraisal submitted to the Trustee
in accordance with Section 4.16); it being acknowledged and agreed that the LTV Ratio will be deemed to be less than 62.5% from
and after the Closing Date until the first date on which an Appraisal is submitted to the Trustee in accordance with Section
4.16.

 

“Make-Whole
Amount” means, an amount equal to the greater of (a) 1.00% of the principal amount of the Notes to be redeemed and (b)
the excess (to the extent positive) of:

 

(i)
the present value at such redemption date of (1) the redemption price of such Notes at September 20, 2023 (such redemption price
(expressed in percentage of principal amount) being set forth in accordance with Section 3.07), plus (2) all required interest
payments due on such Notes to and including the date set forth in clause (1) (excluding accrued but unpaid interest), computed
upon the redemption date using a discount rate equal to the Treasury Rate at such redemption date plus 50 basis points and assuming
that the rate of interest on the principal amount from such redemption date to the date set forth in clause (1) will equal the
rate of interest on that principal amount in effect on the applicable redemption date; over

 

(ii)
the principal amount of the Notes to be redeemed.

 

“Management
Agreements” means each of the Brand Management Agreement and the Loyalty Program Management Agreement.

 

“Material
Adverse Effect” means a material adverse effect on (a) the consolidated business, operations or financial condition
of Spirit and its Subsidiaries, taken as a whole, (b) the validity or enforceability of the Transaction Documents or the rights
or remedies of the Holders and the Senior Secured Parties thereunder, (c) the ability of the Co-Issuers to pay the Obligations
under the Transaction Documents, (d) the validity, enforceability or collectability of the Material

 

    22 

     

    

Free
Spirit Agreements or the IP Agreements generally or any material portion of the Material Free Spirit Agreements or the IP Agreements,
taken as a whole, (e) the business and operations of the Free Spirit Program, taken as a whole, or (f) the ability of the Obligors
to perform their material obligations under the IP Agreements, the Spirit Intercompany Loan or the Material Free Spirit Agreements
to which it is a party; provided, that no condition or event that (i) has been disclosed in the public filings for Spirit
or (ii) relates to the COVID-19 pandemic and is generally known, in each case, on or prior to September 2, 2020 shall be considered
a “Material Adverse Effect” under this Indenture.

 

“Material
Free Spirit Agreements” means (a) any Significant Free Spirit Agreement and (b) each other Free Spirit Agreement identified
as a Material Free Spirit Agreement as set forth on Schedule 4.06(e) hereto, as updated from time to time pursuant to the terms
of this Indenture.

 

“Material
Indebtedness” means (a) with respect to Spirit and its Subsidiaries, Indebtedness of Spirit and its Subsidiaries (other
than the Notes) outstanding under the same agreement in a principal amount exceeding $100.0 million; and (b) with respect to any
SPV Party, Indebtedness of any SPV Party (other than the Notes) outstanding under the same agreement in a principal amount exceeding
$100.0 million.

 

“Material
Modification” means:

 

(1)       any
amendment or waiver of, or modification or supplement to, a Significant Free Spirit Agreement occurring on or after the Closing
Date which: (a) extends, waives, delays or contractually or structurally subordinates one or more payments due to any Obligor
or any Subsidiary thereof with respect to such Free Spirit Agreement; (b) reduces the rate or amount of payments due to any Obligor
or any Subsidiary thereof with respect to such Free Spirit Agreement; (c) gives any Person other than Obligors party to such Free
Spirit Agreement additional or improved termination rights with respect to such Free Spirit Agreement; (d) shortens the term of
such Free Spirit Agreement or expands or improves any counterparty’s rights or remedies following a termination; or (e)
imposes new payment obligations on any Obligor or any Subsidiary thereof under such Free Spirit Agreement; in each case under
this clause (1), if such amendment, waiver, modification or supplement could reasonably be expected to result in a Material Adverse
Effect; and

 

(2)
       any amendment or waiver of, or modification or supplement to, an IP Agreement or the
Spirit Intercompany Loan which: (a) shortens the scheduled maturity or term thereof, (b) amends, modifies or otherwise changes
the calculation or rate of fees, expenses or termination payments due and owing thereunder in a manner reducing the amount owed
to any Co-Issuer, (c) changes the contractual subordination of payments thereunder, reduces the frequency of payments thereunder
or permits payments due to any Co-Issuer to be deposited to an account other than a Collection Account, (d) changes the amendment
standards applicable to such agreement (other than changes affecting rights of the Trustee or the Collateral Agent to consent
to amendments, which is covered by clause (e)) in a manner that would reasonably be expected to result in a Material Adverse Effect,
or (e) materially impairs the rights of the Trustee or the Collateral Agent to enforce or consent to amendments to any provisions
of any such agreement in accordance therewith.

 

    23 

     

    

Notwithstanding
anything to the contrary in this definition of “Material Modification”, the entrance into a Permitted Replacement
Free Spirit Agreement shall not constitute a Material Modification.

 

“Material
Subsidiaries” means one or more Subsidiaries, for which (a) the assets of all such Subsidiaries constitute, in the aggregate,
more than 5.0% of the total assets of Spirit and its Subsidiaries on a consolidated basis (determined as of the last day of the
most recent fiscal quarter of Spirit for which financial statements are available to the Trustee pursuant to Section 4.17)
and (b) the revenues of all such Subsidiaries account for, in the aggregate, more than 5.0% of the total revenues of Spirit and
its Subsidiaries on a consolidated basis for the twelve-month period ending on the last day of the most recent fiscal quarter
of Spirit for which financial statements are available to the Trustee pursuant to Section 4.17.

 

“Miles”
means the Currency under the Free Spirit Program.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Net
Proceeds” means (a) with respect to any Collateral Sale, Recovery Event or Contingent Payment Event, the aggregate cash
and Cash Equivalents received by Spirit or any of its Subsidiaries in respect thereof, net of: (i) the direct costs and expenses
relating to such Collateral Sale, Recovery Event or Contingent Payment Event, including, without limitation, legal, accounting
and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Collateral Sale, Recovery
Event or Contingent Payment Event, taxes paid or payable as a result of the Collateral Sale, Recovery Event or Contingent Payment
Event, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements; and (ii)
any reserve for adjustment or indemnification obligations in respect of the sale price of such asset or assets established in
accordance with GAAP; and (b) with respect to any issuance or incurrence of Indebtedness (including Permitted Pre-paid Miles Purchases),
the cash proceeds thereof, net of (i) any fees, underwriting discounts and commissions, premiums, and other costs and expenses
incurred in connection with such issuance and (ii) attorney’s fees, investment banking fees, survey costs, title insurance
premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses,
and brokerage, consultant, accountant, and other customary fees.

 

“Notes”
means the Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. For all purposes
of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental
indenture.

 

“Notes
Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified
in Section 2.03 hereof as the Notes Depositary with respect to the Notes, and any and all successors thereto appointed
as Notes Depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

 

“Notes
Documents” means this Indenture, the Collateral Documents, any supplemental indentures executed in favor of the Trustee
or the Collateral Agent and any other

 

    24 

     

    

instrument
or agreement (which is designated as a Notes Document therein) executed and delivered by any Co-Issuer or any Guarantor to the
Trustee or the Collateral Agent.

 

“Notes
Reserve Account Required Balance” means, with respect to any date, an amount equal to the Interest Distribution Amount
due with respect to the Notes on the next occurring Payment Date.

 

“Notes
Secured Parties” means the Holders of the outstanding Notes from time to time.

 

“Obligations”
means the unpaid principal of and interest on (including interest accruing after the maturity of the Notes and interest accruing
after the filing of any petition of bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating
to any Co-Issuer, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Notes and
all other obligations and liabilities of the Co-Issuers to any Agent or any Holder, whether direct or indirect, absolute or contingent,
due or to become due, or now existing or hereafter incurred, which arise under this Indenture or the other Collateral Documents,
whether on account of principal, interest, reimbursement obligations, fees, indemnities, out-of-pocket costs, and expenses (including
all fees, charges and disbursements of counsel to any Agent or any Holder that are required to be paid by the Co-Issuers pursuant
hereto or under any other Collateral Document) or otherwise.

 

“Obligors”
means collectively Spirit, the Co-Issuers, and the Cayman Guarantors, each an “Obligor.”

 

“Offering
Memorandum” means the Offering Memorandum, dated September 2, 2020 relating to the offering of the Notes.

 

“Officer’s
Certificate” means a certificate signed on behalf of a Co-Issuer or Spirit (or such other applicable Person) by a Responsible
Officer of a Co-Issuer or Spirit (or such other applicable Person), respectively.

 

“On-line
Tracking Data” means any information or data collected in relation to on-line activities that can reasonably be associated
with a particular user or computer or other device.

 

“Opinion
of Counsel” means a written opinion from legal counsel. Such counsel may be an employee of or counsel to the Co-Issuers
or the Guarantors.

 

“Parent
Brand Sublicense” means that certain Brand Sublicense Agreement, dated as of the date hereof, by and between HoldCo
2, as licensor, and Spirit, as licensee.

 

“Parent
Change of Control” means any of the following events:

 

(1)       the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of Spirit and its
Subsidiaries, taken as a whole, to any Person, other than to any Person which owns or operates (directly or indirectly through
a contractual arrangement) a Permitted Airline Business (a “Permitted Person”) or a Subsidiary of a Permitted
Person, in each case, if immediately after such transaction no Person is the Beneficial Owner,

 

    25 

     

    

directly
or indirectly, of more than 50% of the total Voting Stock of such Permitted Person (measured by voting power rather than number
of shares); or

 

(2)       the
acquisition by any Person or group of 50% or more of the total voting power of the Voting Stock of Spirit other than in connection
with (A) any transaction or series of transactions in which Spirit shall become a wholly owned subsidiary of a Parent Entity of
which no Person or group, as noted above, holds 50% or more of the total voting power or (B) any merger or consolidation of Spirit
with or into a Permitted Person or a Subsidiary of a Permitted Person, in each case, if immediately after such transaction no
Person is the Beneficial Owner, directly or indirectly, of more than 50% of the total Voting Stock of the entity that ultimately
acquired the Voting Stock of Spirit or into whose Voting Stock the Voting Stock of Spirit is converted in the merger or other
transaction (measured by voting power rather than number of shares);

 

provided,
in each case, there is also a Rating Decline. For the avoidance of doubt, any Permitted Parent Reorganization shall be deemed
not to constitute a Parent Change of Control. For purposes of the foregoing definition, (i) “Parent Entity”
means, with respect to any Person, any other Person of which such Person is a direct or indirect wholly-owned Subsidiary, and
(ii) “Person” shall include any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act).

 

“Parent
Loyalty Program Sublicense” means that certain Loyalty Program Intellectual Property Sublicense Agreement, dated as
of the date hereof, by and between HoldCo 2, as licensor, and Spirit, as licensee.

 

“Parent
Security Agreement” means that certain Parent Security Agreement, dated on the Closing Date, among Spirit and the Collateral
Agent, as it may be amended and restated from time to time.

 

“Participant”
means, with respect to the Notes Depositary, Euroclear or Clearstream, a Person who has an account with the Notes Depositary,
Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Payment
Date” means (a) the 20th calendar day of January, April, July and October of each year, or if such day is
not a Business Day, the next succeeding Business Day, commencing January 20, 2021, and (b) each Termination Date.

 

“Payment
Date Statement” means a written statement substantially in the form attached hereto as Exhibit E setting forth the amounts
to be paid pursuant to Section 4.01 on the related Payment Date.

 

“Payroll
Accounts” means depository accounts used only for payroll.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same functions.

 

“Permitted
Airline Business” means any business that is the same as, or reasonably related, ancillary, supportive or complementary
to, or a reasonable extension of, the business in which Spirit and its Subsidiaries (other than the SPV Parties) are engaged on
the Closing Date,

 

    26 

     

    

including
travel-related and leisure-related businesses, and travel, leisure and support services and experiences and other similar services
and experiences.

 

“Permitted
Acquisition Loyalty Program” means a Loyalty Program owned, operated or controlled, directly or indirectly, by a Specified
Acquisition Entity or any of its Subsidiaries, or principally associated with such Specified Acquisition Entity or any of its
Subsidiaries so long as (a) the Permitted Acquisition Loyalty Program is not operated in a fashion that is more competitive, taken
as a whole, than the Free Spirit Program (as determined by Spirit in good faith), (b) Spirit does not take any action that would
reasonably be expected to disadvantage the Free Spirit Program relative to the Permitted Acquisition Loyalty Program, (c) no members
of the Free Spirit Program are targeted for membership in the Permitted Acquisition Loyalty Program (excluding any general advertisements,
promotions or similar general marketing activities related to the Permitted Acquisition Loyalty Program), (d) except as attributable
to market or business conditions as determined in good faith by Spirit, Spirit will devote substantially similar resources to
the Free Spirit Program, including Spirit distribution and marketing channels, as were applicable immediately prior to the consummation
of the acquisition of the Specified Acquisition Entity and (e) Spirit does not announce to the public, the members of the Free
Spirit Program or the members of the Permitted Acquisition Loyalty Program that the Permitted Acquisition Loyalty Program is the
primary Loyalty Program for Spirit.

 

“Permitted
Disposition” means any of the following:

 

(1)       the
Disposition of Collateral expressly permitted under the applicable Collateral Documents;

 

(2)       the
licensing or sub-licensing or granting of similar rights of Intellectual Property or other general intangibles pursuant to any
Free Spirit Agreement or as otherwise permitted by (or pursuant to) the IP Agreements;

 

(3)       the
Disposition of cash or Cash Equivalents constituting Collateral in exchange for other cash or Cash Equivalents constituting Collateral
and having reasonably equivalent value therefor;

 

(4)       to
the extent constituting a Disposition, (i) the incurrence of Liens that are expressly permitted to be incurred pursuant to Section
4.10 or (ii) the making of (x) any Restricted Payment that is expressly permitted to be made, and is made, pursuant to Section
4.08 or (y) any Permitted Investment;

 

(5)       Dispositions
pursuant to the terms of any IP Agreement;

 

(6)       surrender
or waive contractual rights and settle, release, surrender or waive contractual or litigation claims (or other Disposition of
assets in connection therewith);

 

(7)       the
expiration of the following registered Intellectual Property: (A) any copyright, the term of which has expired under applicable
law; (B) any patent, the term of which has expired under applicable law, taking into account all patent term adjustments and extensions,
and provided that all maintenance fees are paid; and (C) any trademark or service mark, the term of which has expired under applicable
law because a declaration or statement of use to maintain

 

    27 

     

    

the
registration cannot be submitted to, or has been finally rejected by, the relevant governmental authority because such trademark
or service mark is no longer in use; in each case, subject to the terms and conditions of the IP Agreements;

 

(8)
       the abandonment or cancellation of Intellectual Property in the ordinary course of business;
and

 

(9)
       any transfer, deletion, de-identification or purge of any Personal Data that is required
or permitted under applicable privacy laws, under any of the Co-Issuers’ or Guarantors’ public-facing privacy policies
or in the ordinary course of business (including in connection with terminating inactive Free Spirit Program or $9 Fare Club member
accounts) pursuant to the applicable Co-Issuer’s or other Guarantor’s privacy and data retention policies consistent
with past practice.

 

“Permitted
Investments” means:

 

(1)       to
the extent constituting an Investment, Investments in any SPV Party arising from the transactions contemplated in the Transaction
Documents;

 

(2)       any
Investment in cash, Cash Equivalents and any foreign equivalents;

 

(3)       any
Investments received in a good faith compromise or resolution of (i) obligations of trade creditors or customers that were incurred
in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy
or insolvency of any trade creditor or customer or (ii) litigation, arbitration or other disputes;

 

(4)       prepayment
of any Senior Secured Debt in accordance with the terms and conditions of this Indenture and the other Transaction Documents and
Senior Secured Debt Documents;

 

(5)       any
guarantee of Indebtedness of the SPV Parties to the extent otherwise expressly permitted under this Indenture;

 

(6)       accounts
receivable arising in the ordinary course of business;

 

(7)       redemption
or purchase of the Notes; and

 

(8)       any
Investment made as a result of the receipt of non-cash consideration from a Disposition of assets.

 

“Permitted
Liens” means:

 

(1)       Liens
securing the Senior Secured Debt, including pursuant to the this Indenture and the other Collateral Documents, so long as (other
than with respect to Liens granted under this Indenture) such Indebtedness and such Liens are subject to the Collateral Agency
and Accounts Agreement;

 

    28 

     

    

(2)       Liens
securing Junior Lien Debt; provided that such Liens secured by the Collateral shall (i) rank junior to the Liens secured
by the Collateral securing the Obligations and (ii) be subject to a Junior Lien Intercreditor Agreement;

 

(3)       Liens
of a collection bank arising under Section 4-208 of the New York Uniform Commercial Code or any comparable or successor provision
on items in the course of collection and liens in favor of banking or other financial institutions or other electronic payment
service providers arising as a matter of law or customary contract within the general parameters customary in the industry;

 

(4)       Liens
in favor of depositary banks arising as a matter of law encumbering deposits (including the right of setoff) and that are within
the general parameters customary in the banking industry;

 

(5)       Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

 

(6)       Liens
imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred
in the ordinary course of business;

 

(7)       Liens
arising by operation of law in connection with judgments, attachments or awards which do not constitute an Event of Default under
this Indenture;

 

(8)       to
the extent constituting Liens, the rights granted by any Obligor to another Obligor or the Collateral Agent pursuant to any IP
Agreement (other than any rights granted thereunder following any amendment or modification thereof that is not permitted by the
terms of such agreement, this Indenture, an IP License or any other Transaction Document);

 

(9)       (i)
any overdrafts and related liabilities arising from treasury, netting, depositary and cash management services or in connection
with any automated clearing house transfers of funds, in each case as it relates to cash or Cash Equivalents, if any, and (ii)
Liens arising by operation of law or that are contractual rights of set off in favor of the depositary bank or securities intermediary
in respect of any deposit or securities accounts;

 

(10)       to
the extent constituting Liens, licenses, sub-licenses and similar rights as they relate to any Intellectual Property (A) granted
to any third-party counterparty of any Free Spirit Agreement pursuant to the terms of such agreement or (B) as otherwise expressly
permitted by the IP Licenses and the Collateral Documents to be granted to any Person (other than any sub-license or similar right
granted thereunder following any amendment or modification thereof that is not permitted by the terms of such agreement or this
Indenture);

 

(11)       Liens
incurred in the ordinary course of business of Spirit or any Subsidiary of Spirit with respect to obligations that do not exceed
in the aggregate $10.0 million at any one time outstanding;

 

    29 

     

    

(12)       rights
reserved or vested in any Person by the terms of any lease, license, franchise, grant, or permit held by any Obligor or by a statutory
provision, to terminate any such lease, license, franchise, grant, or permit, or to require annual or periodic payments as a condition
to the continuance thereof, in each case so long as such rights (A) do not interfere in any material respect with the business
of Spirit and its Subsidiaries, taken as a whole, and (B) do not relate to Intellectual Property or Free Spirit Agreements except
as expressly provided in the Collateral Documents;

 

(13)       Liens
on cash and Cash Equivalents that are earmarked to be used to satisfy or discharge Senior Secured Debt or Junior Lien Debt in
connection with a permitted repayment thereof and in favor of the Collateral Agent (in the case of Senior Secured Debt) or the
collateral agent, administrative agent or trustee in respect of such Junior Lien Debt; provided that (a) such cash and/or
Cash Equivalents are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons
holding the Indebtedness that is to be satisfied or discharged, (b) such Liens extend solely to the account in which such cash
and/or Cash Equivalents are deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any agent
or trustee for such Person or Persons) that is to be satisfied or discharged, and (c) the satisfaction or discharge of such Indebtedness
is expressly permitted under the Transaction Documents;

 

(14)       with
respect to any Subsidiary organized under the law of a jurisdiction outside of the United States, other liens and privileges arising
mandatorily by any Requirement of Law;

 

(15)       Liens
arising in connection with the IP Agreements;

 

(16)       Liens
(including all rights) of counterparties under the Free Spirit Agreements under the terms thereof; and

 

(17)       any
extension, modification, renewal or replacement of the Liens described in clauses (1) through (16) above, provided that
such extension, modification, renewal or replacement does not increase the amount of Indebtedness associated therewith.

 

“Permitted
Noteholders” means, at any time, Holders holding more than 50% of the aggregate outstanding principal amount of the
Notes.

 

“Permitted
Parent Reorganization” means the entry by Spirit into any reorganization pursuant to Section 251(g) of the General Corporation
Law of the State of Delaware pursuant to which a new holding company structure is implemented above Spirit.

 

“Permitted
Pre-paid Miles Purchases” means Pre-paid Miles Purchases permitted by Section 4.09.

 

“Permitted
Replacement Free Spirit Agreement” means any Free Spirit Agreement entered into by Spirit or the Loyalty Issuer to replace
any Significant Free Spirit Agreement that has been (or will be) terminated, cancelled or expired; provided that:

 

(1)       the
Rating Agency Condition has been met;

 

    30 

     

    

(2)       the
counterparty to such Permitted Replacement Free Spirit Agreement shall have a corporate rating from at least two of S&P, Moody’s
and Fitch of not lower than the lower of (x) BBB, Baa2 and BBB, respectively and (y) the corresponding corporate ratings of the
counterparty so replaced;

 

(3)       the
projected revenues (as determined in good faith by the Obligors) under such Permitted Replacement Free Spirit Agreement for the
immediately succeeding 12 months shall equal no less than 85% of the actual revenues of the Significant Free Spirit Agreement
that it is replacing for the 12 months preceding the termination of such Significant Free Spirit Agreement;

 

(4)       such
Permitted Replacement Free Spirit Agreement shall expressly permit the applicable Obligor to pledge its rights thereunder to the
Collateral Agent;

 

(5)       such
Permitted Replacement Free Spirit Agreement shall have confidentiality obligations applicable to the applicable Obligors that
are not materially more restrictive (taken as a whole) than the confidentiality obligations in the Significant Free Spirit Agreement
so replaced (as determined in good faith by the Obligors); and

 

(6)       such
Permitted Replacement Free Spirit Agreement shall not have a scheduled termination date prior to the scheduled termination date
of the Significant Free Spirit Agreement so replaced.

 

“Permitted
SPV Business” any business that is the same as, or reasonably related, ancillary, supportive or complementary to, or
a reasonable extension of, the business in which the SPV Parties are engaged on the Closing Date after giving effect to the transactions
contemplated to occur on the Closing Date by the Transaction Documents.

 

“Person”
means any natural person, corporation, division of a corporation, partnership, limited liability company, trust, joint venture,
association, company, estate, unincorporated organization, Airport Authority or Governmental Authority or any agency or political
subdivision thereof.

 

“Personal
Data” means (a) any information or data that alone or together with any other data or information can be used to identify,
directly or indirectly, a natural person or otherwise relates to an identified or identifiable natural person and (b) any other
information or data considered to be personally identifiable information or data under applicable law.

 

“Plan”
means a Single Employer Plan or a Multiple Employer Plan that is a pension plan subject to the provisions of Title IV of ERISA,
Sections 412 or 430 of the Code or Section 302 of ERISA.

 

“Pre-paid
Miles Purchases” means the sale by Spirit or any Subsidiary thereof of pre-paid Miles to a counterparty of a Free Spirit
Agreement or any similar transaction involving a counterparty of a Free Spirit Agreement advancing funds to Spirit or any Subsidiary
thereof against future payments to Spirit or any Subsidiary thereof by such counterparty under such Free Spirit Agreement.

 

    31 

     

    

“Private
Placement Legend” means the legend set forth in Section 2.06(g)(i) hereof to be placed on all Notes issued under
this Indenture, except where otherwise permitted by the provisions of this Indenture.

 

“proceeds”
means all “proceeds” as such term is defined in Article 9 of the UCC, including, without limitation, payments or distributions
made with respect to any investment property, whatever is receivable or received when Collateral or proceeds are sold, leased,
licensed, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary, and any and all
proceeds of loans.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible or intangible.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.

 

“Qualified
Replacement Assets” means assets used or useful in the business of the Co-Issuers and the Guarantors that shall be Collateral.

 

“Quarterly
Reporting Period” means (a) initially, the period commencing on the Closing Date and ending on December 31, 2020 and
(b) thereafter, each successive period of three consecutive months.

 

“Rating
Agency” means each of Moody’s and Fitch.

 

“Rating
Agency Condition” means, with respect to the Notes and any action, a Co-Issuer has provided evidence to the Trustee
that each Rating Agency that has provided (and continues to maintain) a rating for the Notes as required under the Transaction
Documents has provided a written confirmation that such action will not result in either (A) a withdrawal of its credit ratings
on the then-existing Notes or (B) the assignment of credit ratings on the then-existing Notes below the lower of (x) the then-current
credit ratings on such Notes or (y) the initial credit ratings assigned to such Notes (in each case, without negative implications);
provided that any time that there are no Notes rated by a Rating Agency, references to any condition or requirement that
the “Rating Agency Condition” shall have been satisfied shall have no effect and no such action shall be required.

 

“Rating
Decline” means if, within 60 days after public notice of the occurrence of a Parent Change of Control (which period
shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any Rating
Agency), the rating of the Notes by each Rating Agency that has provided a rating for the Notes shall be decreased by one or more
gradations; provided that a Rating Decline shall not be deemed to have occurred if each such Rating Agency has not expressly
indicated that such downgrade is a result of such Parent Change of Control.

 

“Recovery
Event” means any settlement of or payment in respect of any property or casualty insurance claim or any condemnation
proceeding relating to any Collateral.

 

“Redemption
Premium” means an amount equal to: (a) on or prior to September 20, 2023, the Make-Whole Amount, (b) after September
20, 2023 but on or prior September 20,

 

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2024,
50.0% of the Interest Rate at such time multiplied by the principal amount of the Notes being redeemed; and (c) after September
20, 2024, zero.

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

 

“Regulation
S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Notes Depositary
or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon
expiration of the Restricted Period.

 

“Regulation
S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto bearing the Global Note
Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and
registered in the name of the Notes Depositary or its nominee, issued in a denomination equal to the outstanding principal amount
of the Notes initially sold in reliance on Rule 903.

 

“Regulation
S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(iii) hereof.

 

“Required
Debtholders” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Required
Deposit Amount” means, at any time for any Quarterly Reporting Period, the sum of (1) the amount (as estimated by Spirit)
necessary to pay in full on the related Payment Date (a) all outstanding payments estimated to be due pursuant to Section 4.01(a)
through (d) and (b) if a Mandatory Prepayment Event has occurred or Cash Trap Period is in effect at such time, under
Section 4.01(e) through (h) and (2) the corresponding amount described in clause (1) for each Series of Senior Secured
Debt other than the Notes. Solely for the Quarterly Reporting Period ended December 31, 2020, the Required Deposit Amount shall
include the amount necessary to pay payments due pursuant to Section 4.01(a) through (d) for the period from the
Closing Date until September 30, 2020.

 

“Required
Excess Cash Flow” means, (a) with respect to any Payment Date relating to a Quarterly Reporting Period in which a Cash
Trap Period was in effect as of the first day of the related Quarterly Reporting Period, an amount equal to the lesser of (i)
50% of the excess of (A) the Notes’ Allocable Share of the Collections received in the Collection Accounts during such Quarterly
Reporting Period while such Cash Trap Period was in effect, over (B) the amount to be distributed pursuant to Section 4.01(a)
through (g) on such Payment Date and (ii) the amount necessary to pay the outstanding principal balance of the Notes
(and accrued interest thereon and all other Obligations) in full and (b) with respect to any Quarterly Reporting Period in which
a Cash Trap Event is not in effect at the beginning of such period but is in effect at the end, 50% of the excess of (A) the Notes’
Allocable Share of the sum of (1) the amounts on deposit in the Collection Accounts on the date of such Cash Trap Event plus (2)
the amounts deposited in the Collection Accounts during the period from such Cash Trap Event until the last day of such

 

    33 

     

    

Quarterly
Reporting Period, over (B) the amount to be distributed pursuant to Section 4.01(a) through (g) on the related Payment
Date (or under this clause (b), such lesser amount as is necessary to pay the outstanding principal balance of the Notes (and
accrued interest thereon and all other Obligations) in full); provided that, in each case with respect to clauses (a) and
(b), if a Cash Trap Cure has occurred on or prior to such Payment Date or a Cash Trap Period is otherwise no longer in effect
as of such Payment Date, “Required Excess Cash Flow” with respect to such Payment Date shall equal $0. For the avoidance
of doubt, a Cash Trap Event under Section 6.01(a) shall be in effect for a Quarterly Reporting Period if the relevant Debt
Service Coverage Ratio Test was not satisfied at the end of the immediately preceding period.

 

“Requirement
of Law” means, with respect to any Person, the common law and any federal, state, local, foreign, multinational or international
laws, statutes, codes, treaties, standards, rules and regulations, ordinances, orders, judgments, writs, injunctions, decrees
(including administrative or judicial precedents or authorities) and the interpretation or administration thereof by, and other
determinations, directives, or requirements of, any Governmental Authority, in each case having the force of law and that are
applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject.

 

“Responsible
Officer” means, (a) with respect to any Person (other than the Trustee or the Collateral Custodian), the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary, any Director, any Manager, any Managing Member or any Vice-President of
such Person, and (b) with respect to the Trustee or the Collateral Custodian, any officer within the Corporate Trust Office of
the Trustee or the Collateral Custodian, as applicable (or any successor division, unit or group of the Trustee or the Collateral
Custodian, as applicable) who shall have direct responsibility for the administration of this Indenture.

 

“Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend.

 

“Restricted
Global Note” means a Global Note bearing the Private Placement Legend.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S.

 

“Retained
Agreement” means, at any time, all currently existing (at such time) co-branding, partnering or similar agreements related
to or entered into in connection with the Free Spirit Program and with respect to which the payment rights thereunder have not
been transferred to the Loyalty Issuer (including pursuant to Section 4.06).

 

“Retained
Agreement Revenues” means, with respect to any period, the aggregate amount of revenues attributable to the Retained
Agreements during such period.

 

“Rule
144” means Rule 144 promulgated under the Securities Act.

 

    34 

     

    

“Rule
144A” means Rule 144A promulgated under the Securities Act.

 

“Rule
903” means Rule 903 promulgated under the Securities Act.

 

“Rule
904” means Rule 904 promulgated under the Securities Act.

 

“S&P”
means Standard & Poor’s Ratings Services.

 

“Sanctioned
Country” means, at any time, a country, territory or region which is itself the subject or target of any Sanctions,
which as of the Closing Date include Crimea, Cuba, Iran, North Korea and Syria.

 

“Sanctioned
Person” means, at any time, (a) a Person which is subject or target of any Sanctions or (b) any Person owned or controlled
by any such Person or Persons.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the United States
government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the
U.S. Department of State.

 

“Sale
of a Grantor” means, with respect to any Collateral, an issuance, sale, lease, conveyance, transfer or other disposition
of the Capital Stock of the applicable Grantor that owns such Collateral.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Security
Agreement” means that certain Security Agreement, dated on the Closing Date, among the Co-Issuers, the Cayman Guarantors
and the Collateral Agent, as it may be amended and restated from time to time.

 

“Senior
Secured Debt” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Senior
Secured Debt Documents” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Senior
Secured Debt Obligations” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Senior
Secured Debt Representative” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Senior
Secured Parties” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

    35 

     

    

“Series
of Senior Secured Debt” has the meaning ascribed to such term in the Collateral Agency and Accounts Agreement.

 

“Significant
Free Spirit Agreement” means (a) the Bank of America Affinity Agreement, (b) the CreditShop Co-Brand Agreement, (c)
any Permitted Replacement Free Spirit Agreement and (d) as of any date, each other Free Spirit Agreement that generated Free Spirit
Transaction Revenues equal to 15% or more of the Free Spirit Transaction Revenues received over the twelve months prior to such
date, in each case, as amended, restated, extended, replaced, supplemented, or otherwise modified from time to time as permitted
by this Indenture and the other Collateral Documents.

 

“Special
Interest Rate” means (a) if the LTV Ratio exceeds 62.5% on a Determination Date, 2.0% for each subsequent Interest Period
until such time as the LTV Ratio does not exceed 62.5%, and (b) otherwise, zero.

 

“Special
Purpose Provision” means, with respect to any SPV Party, the provisions specified as “Special Purpose Provisions”
in such SPV Party’s Specified Organizational Document.

 

“Special
Shareholder” means, with respect to each SPV Party, the Special Shareholder (as defined in such SPV Party’s Specified
Organizational Document) with respect to such SPV Party.

 

“Specified
Accounts” means accounts of Spirit or any Subsidiary thereof (other than any SPV Party), solely to the extent any such
accounts hold funds set aside by Spirit or any Subsidiary thereof (other than any SPV Party) to manage the collection and payment
of amounts collected, withheld or incurred by Spirit or such Subsidiary thereof for the benefit of unaffiliated third parties
relating to: (a) escrow accounts; (b) payroll accounts; (c) federal income tax withholding and backup withholding tax, employment
taxes, transportation excise taxes and security related charges; (d) any and all state and local income tax withholding, employment
taxes and related charges and fees and similar taxes, charges and fees, including, but not limited to, state and local payroll
withholding taxes, unemployment and supplemental unemployment taxes, disability taxes, workman’s or workers’ compensation
charges and related charges and fees; (e) state and local taxes imposed on overall gross receipts, sales and use taxes, fuel excise
taxes and hotel occupancy taxes; (f) passenger facility fees and charges collected on behalf of and owed to various administrators,
institutions, authorities, agencies and entities; (g) other similar federal, state or local taxes, charges and fees (including
without limitation any amount required to be withheld or collected under applicable law); (h) accrued and unpaid employee compensation
payments (including salaries, wages, benefits and expense reimbursements, 401(k) and other retirement plans and employee benefits,
including rabbi trusts for deferred compensation and health care benefits); or (i) other fiduciary, tax or trust accounts or accounts
held in trust for, or otherwise pledged to or segregated for the benefit of, an unaffiliated third party; provided that
in no event shall any Controlled Account be a “Specified Account”.

 

“Specified
Acquisition Entity” means any entity that is (x) acquired by Spirit or any of its Subsidiaries (other than Loyalty Issuer,
Brand Issuer, HoldCo 1 or HoldCo 2) after the Closing Date (whether such entity becomes wholly or less than one hundred percent
(100%) owned

 

    36 

     

    

by
Spirit or any of its Subsidiaries (other than Loyalty Issuer, Brand Issuer, HoldCo 1 or HoldCo 2)) or (y) another commercial airline
(including any business lines or divisions thereof) with which Spirit or such a Subsidiary of Spirit merges or enters into an
acquisition transaction with.

 

“Specified
Collateral” means the property of the Co-Issuers described in Sections 4.04(c), 4.05(c) and 4.12(b) with respect to
which the Co-Issuers have granted a Lien on in favor of the Trustee to secure the Obligations.

 

“Specified
IP” means that certain Intellectual Property which cannot be transferred or contributed to the applicable Co-Issuer
due to applicable law, domain registrar restrictions or existing contractual restrictions.

 

“Specified
Organizational Documents” means (i) the Amended and Restated Memorandum of Association of the Loyalty Issuer, dated
as of the Closing Date, (ii) the Amended and Restated Memorandum of Association of the Brand Issuer, dated as of the Closing Date,
(iii) the Amended and Restated Memorandum of Association of HoldCo 2, dated as of the Closing Date, and (iv) the Amended and Restated
Memorandum of Association of HoldCo 1, dated as of the Closing Date, in each case, as amended, restated or otherwise modified
from time to time as permitted thereby and by this Indenture and the other Collateral Documents.

 

“Spirit
Bankruptcy Case” means (1) Spirit (A) commences a voluntary case or proceeding, (B) consents to the entry of an order
for relief against it in an involuntary case, (C) consents to the appointment of a receiver, trustee, liquidator, provisional
liquidator, custodian, conservator or other similar official of it or for all or substantially all of its property, (D) makes
a general assignment for the benefit of its creditors, or (E) admits in writing its inability generally to, pay its debts as they
become due or (2) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief
against Spirit, (B) appoints a receiver, trustee, liquidator, provisional liquidator, custodian, conservator or other similar
official of Spirit or for all or substantially all of the property of Spirit or (C) orders the liquidation of Spirit, and in each
case under clause (2) the order or decree remains unstayed and in effect for 60 consecutive days.

 

“Spirit
Case Milestones” means that, during a Spirit Bankruptcy Case:

 

Each
of the following, other than with respect to the Brand IP Licenses:

 

(a)       each
Co-Issuer and each Guarantor shall continue to perform its respective obligations under the Transaction Documents and there shall
be no material interruption in the flow of funds under such Transaction Documents in accordance with the terms thereunder; provided,
that (i) the performance by the Co-Issuers and the Guarantors under this clause (a) shall in all respects be subject to any applicable
materiality qualifiers, cure rights and/or grace periods provided for under the respective Transaction Documents, and (ii) the
Guarantors shall have thirty (30) days from the Petition Date (as defined below) to cure any failure to perform that requires
court authorization to perform;

 

(b)       the
debtors in respect of the Spirit Bankruptcy Case (the “Debtors”) shall file with the applicable U.S. bankruptcy
court (the “Bankruptcy Court”), within ten (10) days of the date of petition in respect of the Spirit Bankruptcy
Case (the “Petition Date”), a customary and

 

    37 

     

    

reasonable
motion to assume, under section 365 of title 11 of the Bankruptcy Code, the IP Agreements, the Material Free Spirit Agreements,
and the Administration Agreements to which the Debtors are a party (the “Executory Documents”) and continue
to perform all obligations under the Transaction Documents (the “Assumption Motion”), and shall thereafter
pursue (including by contesting any objections to) the approval of the Assumption Motion;

 

(c)       the
Bankruptcy Court shall have entered a customary and reasonable final order (the “Assumption Order”) granting
the Assumption Motion, within sixty (60) days after the Petition Date, and such Assumption Order shall not be amended, stayed
(unless the party seeking a stay has posted a cash bond in an amount equal to or greater than the maximum amount of the Brand
License Termination Payment that could be asserted if the Parent Brand Sublicense were to terminate (without reduction for any
potential mitigation)), vacated, or reversed;

 

(d)       the
parties agree and acknowledge that the Assumption Motion and Assumption Order shall be customary and reasonable and the Assumption
Order shall provide, among other things, that: (i) the Debtors are authorized to assume the Executory Documents and perform
all obligations under the Transaction Documents and implement actions contemplated thereby and, pursuant to the Assumption Order,
will assume such Executory Documents pursuant to section 365 of the Bankruptcy Code; (ii) Transaction Documents are binding
and enforceable against the parties thereto in accordance with their terms, without exception or amendment; (iii) any amounts
payable under the Transaction Documents are actual and necessary costs and expenses of preserving the Debtors’ estates and
shall be entitled to priority as an allowed administrative expenses of the Debtors pursuant to sections 503(b) and 507(a)(2) of
the Bankruptcy Code; (iv) the Debtors must cure any defaults under the Transaction Documents as a condition to assumption; and
(v) the Debtors are authorized to take any action necessary to implement the terms of the Assumption Order;

 

(e)       each
Debtor, each Co-Issuer and each Guarantor (i) shall not take any action to materially interfere with the assumption of the Executory
Documents or performance under the Transaction Documents, or support any other Person to take any such action; and (ii) shall
take all steps commercially reasonably necessary, to contest any action that would materially interfere with the assumption of
the Transaction Documents, including, without limitation, litigating any objections and/or appeals;

 

(f)       each
Debtor, each Co-Issuer and each Guarantor (i) shall not file any motion seeking to avoid, reject, disallow, subordinate, or recharacterize
any obligation under the Transaction Documents or support any other Person to take any such action and (ii) shall take all steps
commercially reasonably necessary, to contest any action that would seek to avoid, reject, disallow, subordinate, or recharacterize
any obligation under the Transaction Documents, including, without limitation, litigating any objections and/or appeals;

 

(g)       in
the event there is an appeal of the Assumption Order:

 

(i)       if
the appeal has not been dismissed within sixty (60) days, then (A) the Notes Reserve Account Required Balance shall increase by
$750,000 per month as long as such appeal is pending, up to a cap of $15.0 million, and (B) such additional amounts accrued

 

    38 

     

    

pursuant
to clause (A) above shall be released to Spirit within five (5) Business Days after the end of such appeal; and

 

(ii)       the
Debtors shall pursue a court order requiring any appellants to post a cash bond in an amount equal to $15.0 million, to an account
held solely for the sole benefit of the Senior Secured Parties (clauses (i) and (ii) the “Appeal Amounts”).
For the avoidance of doubt, in the event that there are separate appeals of the Assumption Order and an order approving the assumption
of either of the Brand IP Licenses or the Brand Issuer to Loyalty Issuer License, there shall only be one Appeal Amount;

 

(h)       the
Spirit Bankruptcy Case shall not, and is not converted into, a case under chapter 7 of the Bankruptcy Code; and

 

(i)       each
of any plan of reorganization filed or supported by any Debtor and the plan of reorganization shall either (i) expressly provide
for assumption or reinstatement of the Transaction Documents to which such Debtor is party and reinstatement or replacement of
each of the related guarantees, subject to applicable cure periods or (ii) provide that the Notes are paid in full in cash on
the effective date of the plan of reorganization.

 

For
the avoidance of doubt, notwithstanding the foregoing, during the pendency of and following any stay or appeal of the Assumption
Order, each Co-Issuer and other Guarantor must continue to perform all obligations under the Transaction Documents, including
making any and all payments under the Transaction Documents in accordance with the terms thereof and as described above and, in
the event of any such payment default (subject to any applicable cure or grace periods under the applicable Transaction Documents),
nothing shall limit any of the Holders’, the Trustee’s or the Collateral Agent’s rights and remedies including
but not limited to any termination rights under the Transaction Documents.

 

“Spirit
Intercompany Loan” means any loan made by the Co-Issuers to Spirit with proceeds from the issuance of the Notes.

 

“Spirit
Intercompany Note” means the promissory note(s) evidencing the Spirit Intercompany Loan.

 

“Spirit
Traveler Data” means data (a) generated, produced or acquired as a result of the issuance, modification or cancellation
of customer tickets from Spirit or for flights on Spirit, including data in or derived from passenger name records (including
name and contact information) associated with flights on Spirit, or (b) that relates to a customer’s flight-related experience,
but excluding in the case of clause (a) information that would not be generated, produced or acquired in the absence of the Free
Spirit Program, the $9 Fare Club or any other loyalty program.

 

“SPV
Parties” means the Co-Issuers, HoldCo 1 and HoldCo 2.

 

“Stated
Maturity” means, with respect to any installment of interest or principal on the Notes, the date on which the payment
of interest or principal was scheduled to be paid under this Indenture as of the Closing Date, and will not include any contingent
obligations to repay,

 

    39 

     

    

redeem
or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

“Stock”
means all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership,
limited liability company or membership interests, joint venture interests, participations or other ownership or profit interests
in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting; provided,
that any instrument evidencing Indebtedness convertible or exchangeable for Stock shall not be deemed to be Stock, unless and
until any such instruments are so converted or exchanged.

 

“Stock
Equivalents” means all equity securities convertible into or exchangeable for Stock and all warrants, options or other
rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible,
exchangeable or exercisable; provided, that any instrument evidencing Indebtedness convertible or exchangeable for Stock
shall not be deemed to be Stock, unless and until any such instruments are so converted or exchanged.

 

“Subsidiary”
means, with respect to any Person:

 

(1)       any
corporation, company, association or other business entity (other than a partnership, joint venture or limited liability company)
of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any
contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting
power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is
at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of such Person (or a combination thereof); and

 

(2)       any
partnership, joint venture or limited liability company of which (a) more than 50% of the capital accounts, distribution rights,
total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly
or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof, whether in the
form of membership, general, special or limited partnership interests or otherwise and (b) such Person or any Subsidiary
of such Person is a controlling general partner or otherwise controls such entity.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, assessments, fees, deductions, charges or withholdings imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Termination
Date” means the earlier to occur of (a) September 20, 2025 and (b) the date of acceleration of the Notes in accordance
with the terms of this Indenture.

 

“Third
Party Processors” means a third party provider or other third party that accesses, collects, stores, transmits, transfers,
processes, discloses or uses Personal Data on behalf of a Co-Issuer.

 

    40 

     

    

“Third-Party
Rights” means, with respect to any Intellectual Property, any rights existing on the Closing Date granted to any Person
(other than Spirit or any of its Affiliates) to use such Intellectual Property under the Free Spirit Agreements or other third-party
non-exclusive licenses granted in the ordinary course.

 

“Total
DSCR” means, with respect to any proposed incurrence or issuance of Senior Secured Debt or Junior Lien Debt on any date
of determination, the ratio obtained by dividing (i) the aggregate amount of Collections deposited to the Collection Accounts
during the most recently completed Quarterly Reporting Period by (ii) the aggregate amount of interest that will accrue on the
Senior Secured Debt and the Junior Lien Debt for a three-month period, determined based on the outstanding amount of the Senior
Secured Debt and the Junior Lien Debt as of such date of determination and the amount Senior Secured Debt and/or Junior Lien Debt
to be issued or incurred, which calculation will be determined by Spirit in good faith and certified to the Trustee.

 

“Trade
Secrets” means all confidential and proprietary information, including trade secrets (as defined under the Uniform Trade
Secrets Act or the federal Defend Trade Secrets Act of 2016) and proprietary know-how, which may include all inventions (whether
or not patentable), invention disclosures, methods, processes, designs, algorithms, source code, customer lists and data (including
Free Spirit Customer Data), databases, compilations, collections of data, practices, processes, specifications, test procedures,
flow diagrams, research and development, and formulas.

 

“Transaction
Documents” means the Notes Documents, the IP Agreements, the Spirit Intercompany Note, the Material Free Spirit Agreements,
the Deeds of Undertaking, the Administration Agreements and the Specified Organizational Documents.

 

“Transaction
Revenues” means, with respect to any period and without duplication, (a) the $9 Fare Club Transaction Revenues during
such period, (b) the Free Spirit Transaction Revenues during such period and (c) the IP License Transaction Revenues during such
period. For the avoidance of doubt, (i) amounts deposited into the Collection Accounts to pre-fund the Required Deposit Amount
and (ii) Cure Amounts shall not constitute Transaction Revenues.

 

“Treasury
Rate” means with respect to any redemption date, the yield to maturity as of such redemption date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519)
that has become publicly available at least two (2) Business Days prior to the redemption date (or, if such Federal Reserve Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the
redemption date to the third anniversary of the Closing Date (or, if such period is shorter than the shortest period which such
yield is so published or otherwise so publicly available, such shortest period).

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, and the rules and regulations thereunder as in effect
on the date hereof.

 

“Trustee”
means Wilmington Trust, National Association, as trustee, until a successor replaces it in accordance with the applicable provisions
of this Indenture and thereafter means the successor serving hereunder.

 

    41 

     

    

“UCC”
means the Uniform Commercial Code as in effect from time to time in any applicable jurisdiction.

 

“Unrestricted
Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement
Legend.

 

“Unrestricted
Global Note” means a permanent Global Note, substantially in the form of Exhibit A hereto that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is
deposited with or on behalf of and registered in the name of the Notes Depositary, representing Notes that do not bear the Private
Placement Legend.

 

“US
IGA” means the intergovernmental agreement to improve international tax compliance and the exchange of information between
the Cayman Islands and the United States.

 

“U.S.
Person” means a U.S. person as defined in Rule 902(k) under the Securities Act.

 

“Voting
Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to
vote in the election of the Board of Directors of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(x)
the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

(y)
the then outstanding principal amount of such Indebtedness; provided that for purposes of determining the Weighted Average
Life to Maturity of any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended, the effects
of any prepayments or amortization made on such Indebtedness prior to the date of the applicable modification, refinancing, refunding,
renewal, replacement or extension shall be disregarded.

 

Section
1.02Other Definitions.

 

	Term	Defined
        in Section 

	“Applicable Mandatory Repurchase Offer Proceeds”	3.09(a)
	“Applied Mandatory Prepayment Amount”	3.08(a)
	“Authentication Order”	2.02
	“Brand Issuer”	Preamble
	“Cash Trap Events”	6.01
	“Contingent Payment Event Proceeds”	3.09(a)

 

    42 

     

    

 

	Term	Defined
        in Section 

	“Covenant Defeasance”	8.03
	“Cure Amounts”	4.03(e)
	“ECF Account”	4.12
	“ECF Repurchase Date” 	4.22(b)
	“ECF Repurchase Offer”	4.22(a)
	“ECF Repurchase Offer Notices” 	4.22(d)
	“ECF Repurchase Offer Period” 	4.22(b)
	“ECF Repurchase Price” 	4.22(b)
	“Event of Default”	6.02(a)
	“Excess PPM Net Proceeds”	3.08(a)
	“Excess Recovery Event Proceeds”	3.09(a)
	“Executory Documents”	Definition of “Spirit Case Milestones”
	“Initial Notes”	Recitals
	“Legal Defeasance”	8.02
	“Loyalty Issuer”	Preamble
	“Mandatory Offer Repurchase Price”	3.09(c)
	“Mandatory Prepayment Event”	3.08(a)
	“Mandatory Repurchase Date”	3.09(c)
	“Mandatory Repurchase Offer”	3.09(a)
	“Mandatory Repurchase Offer Amount”	3.09(c)
	“Mandatory Repurchase Offer Event”	3.09(a)
	“Mandatory Repurchase Offer Period”	3.09(c)
	“Mandatory Repurchase Offer Notices”	3.09(c)
	“Note Guarantees” 	10.01(a)
	“Note Register”	2.03
	“Notes Payment Account”	4.04(a)
	“Notes Reserve Account”	4.05(a)
	“Parent Change of Control Offer”	4.23(a)
	“Parent Change of Control Payment”	4.23(a)
	“Parent Change of Control Payment Date”	4.23(a)
	“Parent” or “Parent Guarantor”	Preamble
	“Paying Agent”	2.03
	“Payment Waterfall”	4.01
	“Permitted Person”	Definition of “Parent Change of Control”
	“Prepayment Date”	3.08(a)
	“Prepayment Record Date”	3.08(b)
	“Recovery Event Proceeds”	3.09(a)
	“Redemption Date”	3.07(a)
	“Registrar”	2.03

 

    43 

     

    

 

	Term	Defined
        in Section 

	“Remedies Direction”	13.09
	“Remitted Amount”	3.08(a)
	“Required Currency”	12.18
	“Restricted Payments”	4.08(a)
	“Spirit”	Preamble
	 	 

Section
1.03[Reserved].

 

Section
1.04Rules of Construction.

 

Unless
the context otherwise requires:

 

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

 

(b)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)       “or”
is not exclusive;

 

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

 

(e)       “will”
shall be interpreted to express a command;

 

(f)       provisions
apply to successive events and transactions;

 

(g)       references
to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor sections or
rules adopted by the SEC from time to time;

 

(h)       unless
the context otherwise requires, any reference to an “Article,” “Section,” “clause” or “Exhibit”
refers to an Article, Section, clause or Exhibit, as the case may be, of this Indenture; and

 

(i)       the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not any particular Article, Section, clause, other subdivision or Exhibit.

 

Section
1.05Acts of Holders.

 

(a)       Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments or record or both are

 

    44 

     

    

delivered
to the Trustee, the Collateral Custodian, if applicable, and, where it is hereby expressly required, to the Co-Issuers. Proof
of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be
sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee, the Collateral
Custodian and the Co-Issuers, if made in the manner provided in this Section 1.05.

 

(b)       The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of
the authority of the Person executing the same. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient.

 

(c)       The
ownership of Notes shall be proved by the Note Register.

 

(d)       Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every
future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Collateral Custodian or the Co-Issuers
in reliance thereon, whether or not notation of such action is made upon such Note.

 

(e)       The
Co-Issuers may set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization,
direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or
permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Co-Issuers prior to the first solicitation
of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record
date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation.

 

(f)       Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its
agents with regard to different parts of such principal amount pursuant to this Section 1.05(f) shall have the same effect
as if given or taken by separate Holders of each such different part.

 

(g)       Without
limiting the generality of the foregoing, a Holder, including DTC that is the Holder of a Global Note, may make, give or take,
by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other
action provided in this Indenture to be made, given or taken by Holders, and DTC that is the Holder of a Global Note may provide
its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions
and customary practices.

 

    45 

     

    

(h)       The
Co-Issuers may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global
Note held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed
in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture
to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed
proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction,
notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand,
authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than
90 days after such record date.

 

Article
2 

THE NOTES

 

Section
2.01Form and Dating; Terms.

 

(a)       General.
The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated
the date of its authentication. The Notes shall be in minimum denominations of $1.00 and integral multiples of $1.00 in excess
thereof.

 

(b)       Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in
definitive form shall be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent
such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note”
attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time
endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced
or increased, as applicable, to reflect prepayments, exchanges and redemptions. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby resulting from exchange
from one Global Note to another shall be made by the Trustee or the Collateral Custodian, at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

 

(c)       Temporary
Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S
Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee,
as custodian for the Notes Depositary, and registered in the name of the Notes Depositary or the nominee of the Notes Depositary
for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Co-Issuers and authenticated
by the Trustee as hereinafter provided.

 

    46 

     

    

Following
the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for
beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the
authentication of the Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary Global Note. The
aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time
to time be increased or decreased by adjustments made on the records of the Trustee and the Notes Depositary or its nominee, as
the case may be, in connection with transfers of interest, exchanges, prepayments and redemption as hereinafter provided.

 

(d)       Terms.
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 

The
terms and provisions contained in the Notes in Exhibit A attached hereto shall constitute, and are hereby expressly made,
a part of this Indenture and the Co-Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts
with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

 

The
Notes shall be subject to repurchase by the Co-Issuers pursuant to a Mandatory Repurchase Offer as provided in Section 3.09
hereof, an ECF Repurchase Offer as provided in Section 4.22 hereof or a Parent Change of Control Offer as provided
in Section 4.23 hereof. The Notes shall not be redeemable or prepayable, other than as provided in Article 3.

 

Additional
Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Co-Issuers without notice
to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the
same terms as to status, redemption or otherwise as the Initial Notes; provided that if such Additional Notes are not fungible
with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will have one or more separate CUSIP and/or
other securities numbers; provided further, that the Co-Issuers’ ability to issue Additional Notes shall be subject
to the Co-Issuers’ compliance with Section 4.09 hereof. Any Additional Notes shall be issued with the benefit of
an indenture supplemental to this Indenture.

 

(e)       Euroclear
and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation
S Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream.

 

Section
2.02Execution and Authentication.

 

One
or more Responsible Officers of each Co-Issuer shall sign the Notes on behalf of the Co-Issuers by manual or facsimile signature.

 

    47 

     

    

If
a Responsible Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall
nevertheless be valid.

 

A
Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall
be conclusive evidence that the Note has been authenticated under this Indenture. A Note shall be dated the date of its authentication
unless otherwise provided by a board resolution, a supplemental indenture or an Officer’s Certificate. On the Closing Date,
the Trustee shall, upon receipt of an Issuer Order (an “Authentication Order”), authenticate and deliver the
Initial Notes. In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate
and deliver any Additional Notes for an aggregate principal amount specified in such Authentication Order for such Additional
Notes issued hereunder.

 

The
Trustee may appoint an authenticating agent acceptable to the Co-Issuers to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent of services of notices and
demands.

 

Section
2.03Registrar and Paying Agent.

 

The
Co-Issuers shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep
a register of the Notes (“Note Register”) and of their transfer and exchange. The Co-Issuers may have one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the
term “Paying Agent” includes any additional paying agent. The Co-Issuers may change any Paying Agent or Registrar
without prior notice to any Holder. If the Co-Issuers fail to appoint or maintain another entity as Registrar or Paying Agent,
the Trustee shall act as such. The Co-Issuers hereby appoint the Trustee at its Corporate Trust Office as Registrar and Paying
Agent for the Notes unless another Registrar or Paying Agent, as the case may be, is appointed prior to the time the Notes are
first issued. The Co-Issuers shall notify the Trustee of the name and address of any Agent not a party to this Indenture.

 

The
Co-Issuers initially appoint DTC to act as Notes Depositary with respect to the Global Notes.

 

Section
2.04Paying Agent to Hold Money in Trust.

 

The
Co-Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust
for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of interest, principal and premium,
if any, on the Notes, and shall notify the Trustee of any default by the Co-Issuers in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Co-Issuers at any time
may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if
other than the Co-Issuers or a Subsidiary) shall have no further liability for the money. If the Co-Issuers or a Subsidiary acts

 

    48 

     

    

as
Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Co-Issuers, the Trustee shall serve as Paying Agent for
the Notes.

 

Section
2.05Holder Lists.

 

The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of Holders. If the Trustee is not the Registrar, the Co-Issuers shall furnish to the Trustee at least five Business
Days before each Payment Date and at such other times as the Trustee may reasonably request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes.

 

Section
2.06Transfer and Exchange.

 

(a)       Transfer
and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred,
in whole and not in part, only to another nominee of the Notes Depositary or to a successor Notes Depositary or a nominee of such
successor Notes Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the Notes
Depositary (x) notifies the Co-Issuers that it is unwilling or unable to continue as Notes Depositary for such Global Note or
(y) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Notes Depositary is
not appointed by the Co-Issuers within 120 days or (ii) there shall have occurred and be continuing a Default with respect to
the Notes. Upon the occurrence of any of the preceding events in (i) or (ii) above, Definitive Notes delivered in exchange for
any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested
by or on behalf of the Notes Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced,
in whole or in part, as provided in Section 2.07 and Section 2.10 hereof. Every Note authenticated and delivered
in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07
or Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for
Definitive Notes issued subsequent to any of the preceding events in (i) or (ii) above and pursuant to Section 2.06(b)(ii)(B)
and Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section
2.06(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided
in Section 2.06(b) or Section 2.06(c) hereof.

 

(b)       Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Notes Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth
herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require
compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs,
as applicable:

 

(i)       Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to
Persons who take delivery

 

    49 

     

    

thereof
in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth
in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers
of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit
of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i).

 

(ii)       All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to
the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Notes Depositary in accordance
with the Applicable Procedures directing the Notes Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B)
(1) subsequent to any of the events in clauses (i) or (ii) of Section 2.06(a), a written order from
a Participant or an Indirect Participant given to the Notes Depositary in accordance with the Applicable Procedures directing
the Notes Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given by the Notes Depositary to the Registrar containing information regarding the Person in whose
name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided, that
in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary
Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of the certificates in the
form of Exhibit B hereto. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests
in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall
adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof.

 

(iii)       Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the following:

 

(A)       if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or

 

(B)       if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a

 

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certificate
in the form of Exhibit B hereto, including the certifications in item (2) thereof.

 

(iv)       Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial
interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global
Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the
following:

 

(A)       if
the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto,
including the certifications in item (1)(a) thereof; or

 

(B)       if
the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this Section 2.06(b)(iv), if the Registrar or Co-Issuers so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and Co-Issuers to the effect that
such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

If
any such transfer is effected pursuant to this Section 2.06(b)(iv) at a time when an Unrestricted Global Note has not yet
been issued, the Co-Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to this Section 2.06(b)(iv).

 

Beneficial
interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note.

 

(c)       Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(i)       Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted

 

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Definitive
Note, then, upon the occurrence of any of the events in clauses (i) or (ii) of Section 2.06(a) hereof and
receipt by the Registrar of the following documentation:

 

(A)       if
the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications
in item (2)(a) thereof;

 

(B)       if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)       if
such beneficial interest is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule
904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)       if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

(E)       if
such beneficial interest is being transferred to the Co-Issuers, the Guarantors or any of their respective Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(F)       if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee
shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h)
hereof, and the Co-Issuers shall execute and upon receipt of an Authentication Order, the Trustee shall authenticate and mail
to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered
in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct
the Registrar through instructions from the Notes Depositary and the Participant or Indirect Participant. The Trustee shall mail
such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend
and shall be subject to all restrictions on transfer contained therein.

 

(ii)       Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Section 2.06(c)(i)(A) and Section
2.06(c)(i)(C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for

 

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a
Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration
of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Exhibit B hereto,
except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than
Rule 903 or Rule 904.

 

(iii)       Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A Holder of a beneficial interest in a Restricted Global
Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in subsection
(i) or (ii) of Section 2.06(a) hereof and if the Registrar receives the following:

 

(A)       if
the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications
in item (1)(b) thereof; or

 

(B)       if
the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and,
in each such case, if the Registrar or Co-Issuers so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar and Co-Issuers to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.

 

(iv)       Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any Holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subsection (i)
or (ii) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(ii)
hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant
to Section 2.06(h) hereof, and the Co-Issuers shall execute and, upon receipt of an Authentication Order, the Trustee shall
authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive
Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name
or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar
through instructions from or through the Notes Depositary and the Participant or Indirect Participant. The Trustee shall mail
such Definitive Notes to the Persons in whose names

 

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such
Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv)
shall not bear the Private Placement Legend.

 

(d)       Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(i)       Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to
a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)       if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global
Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item
(2)(b) thereof;

 

(B)       if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)       if
such Restricted Definitive Note is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)       if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

(E)       if
such Restricted Definitive Note is being transferred to the Co-Issuers, the Guarantors or any of the Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(F)       if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee
shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case
of clause (A) of this Section 2.06(d)(i), the applicable Restricted Global Note, in the case of clause (B)
of this Section 2.06(d)(i), the applicable 144A Global Note, and in the case of clause (C) of this Section 2.06(d)(i),
the applicable Regulation S Global Note.

 

    54 

     

    

(ii)       Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the
following:

 

(A)       if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c)
thereof; or

 

(B)       if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of
a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit
B hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this Section 2.06(d)(ii), if the Registrar or Co-Issuers so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and Co-Issuers to the effect that
such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

Upon
satisfaction of the applicable conditions in this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and
increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

 

(iii)       Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
the aggregate principal amount of one of the Unrestricted Global Notes.

 

If
any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to clauses (ii) or (iii)
of this Section 2.06(d) at a time when an Unrestricted Global Note has not yet been issued, the Co-Issuers shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one
or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred.

 

(e)       Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the

 

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Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e):

 

(i)       Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the
name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)       if
the transfer will be made pursuant to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)       if
the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; or

 

(C)       if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof,
if applicable.

 

(ii)       Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for
an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following:

 

(A)       if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(B)       if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

 

and,
in each such case set forth in this Section 2.06(e)(ii), if the Registrar or Co-Issuers so requests, an Opinion of Counsel
in form reasonably acceptable to the Registrar and Co-Issuers to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.

 

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(iii)       Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a
transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)       [Reserved].

 

(g)       Legends.
The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture:

 

(i)       Private
Placement Legend.

 

(A)       Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear a legend in substantially the following form:

 

“[[in
the case of Rule 144A Global Note:] THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO SPIRIT AIRLINES, INC., HOLDCO 1, HOLDCO 2, BRAND ISSUER, LOYALTY
ISSUER OR ONE OF THEIR RESPECTIVE SUBSIDIARIES, (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (3) TO NON-U.S. PERSONS IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER (IF AVAILABLE) OR ANOTHER AVAILABLE EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS
OTHER THAN RULE 144A OR REGULATION S, OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B)
IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. IN ADDITION, THE
NOTES MAY NOT TRANSFERRED TO OR HELD BY A COMPETITOR (AS DEFINED IN THE INDENTURE).]

 

[[in
the case of Regulation S Global Note:] THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”) AND MAY NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY US PERSON,
UNLESS SUCH NOTES ARE REGISTERED UNDER THE SECURITIES ACT OR AN

 

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EXEMPTION
FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THE FOREGOING SHALL NOT APPLY FOLLOWING THE EXPIRATION OF FORTY DAYS
FROM THE LATER OF (I) THE DATE ON WHICH THESE NOTES WERE FIRST OFFERED AND (II) THE DATE OF ISSUANCE OF THESE NOTES.]”

 

(B)       Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii),
(e)(ii), or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the
Private Placement Legend.

 

(ii)       Global
Note Legend. Each Global Note shall bear a legend in substantially the following form:

 

“THIS
GLOBAL NOTE IS HELD BY THE NOTES DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE
MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(H) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(A) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR NOTES DEPOSITARY
WITH THE PRIOR WRITTEN CONSENT OF THE CO-ISSUERS. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE NOTES DEPOSITARY TO A NOMINEE OF THE NOTES DEPOSITARY OR BY A
NOMINEE OF THE NOTES DEPOSITARY TO THE NOTES DEPOSITARY OR ANOTHER NOMINEE OF THE NOTES DEPOSITARY OR BY THE NOTES DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR NOTES DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR NOTES DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE CO-ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.”

 

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(iii)       Regulation
S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a legend in substantially the following
form:

 

“THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY US PERSON, UNLESS SUCH NOTES ARE
REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THE FOREGOING SHALL
NOT APPLY FOLLOWING THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (I) THE DATE ON WHICH THESE NOTES WERE FIRST OFFERED AND (II)
THE DATE OF ISSUANCE OF THESE NOTES”

 

(h)       Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any
time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will
take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount
of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by
the Trustee or by the Notes Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Notes Depositary at the direction of the Trustee to reflect such increase.

 

(i)       General
Provisions Relating to Transfers and Exchanges.

 

(i)       To
permit registrations of transfers and exchanges, the Co-Issuers shall execute and the Trustee shall authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s
request.

 

(ii)       No
service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Co-Issuers may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Section 2.07, Section 2.10, Section 3.06, Section 3.07,
Section 3.08, Section 3.09, Section 4.22, Section 4.23 and Section 9.05 hereof).

 

(iii)       Neither
the Registrar nor the Co-Issuers shall be required to register the transfer of or exchange any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

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(iv)       All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Co-Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(v)       The
Co-Issuers shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning
at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and
ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for
redemption or tendered (and not withdrawn) for repurchase in connection with a Parent Change of Control Offer, ECF Repurchase
Offer, a Mandatory Repurchase Offer or other tender offer, in whole or in part, except the unredeemed or untendered portion of
any Note being redeemed or repurchased in part or (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding Payment Date.

 

(vi)       Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Co-Issuers may deem and treat
the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of interest,
principal and premium, if any, on such Notes and for all other purposes, and none of the Trustee, any Agent or the Co-Issuers
shall be affected by notice to the contrary.

 

(vii)       Upon
surrender for registration of transfer of any Note at the office or agency of the Co-Issuers designated pursuant to Section
4.24 hereof, the Co-Issuers shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.

 

(viii)       At
the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate
principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive
Notes are so surrendered for exchange, the Co-Issuers shall execute, and the Trustee shall authenticate and deliver, the replacement
Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section
2.02 hereof.

 

(ix)       All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile.

 

(x)       The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a Participant or
Indirect Participant in, the Notes Depositary or other Person with respect to the accuracy of the records of the Notes Depositary
or its nominee or of any Participant or Indirect Participant or member thereof, with respect to any ownership interest in the
Notes or with respect to the delivery

 

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to
any Participant or Indirect Participant, member, beneficial owner, or other Person (other than the Notes Depositary) of any notice
(including any notice of redemption or purchase) or the payment of any amount or delivery of any Notes (or other security or property)
under or with respect to such Notes. The Trustee may rely and shall be fully protected in relying upon information furnished by
the Notes Depositary with respect to its members, Participants or Indirect Participants, and any beneficial owners.

 

(xi)       The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among the Notes Depositary’s participants, members, or beneficial owners in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. None of the Trustee, the Collateral Custodian nor any of their agents shall have any responsibility for any
actions taken or not taken by the Notes Depositary.

 

(xii)       Each
purchaser of the Notes offered hereby will be deemed to have represented and agreed to provide the Co-Issuers and its agents with
any correct, complete and accurate information and documentation that may be required for the Co-Issuers to comply with FATCA,
the AEOI Regulations and the CRS, and to prevent the imposition of U.S. federal withholding tax under FATCA on payments to or
for the benefit of the Co-Issuers, including but not limited to a properly completed and executed “Entity Self-Certification
Form” or “Individual Self-Certification Form” (in the forms published by the Cayman Islands Department for International
Tax Cooperation, which forms can be obtained at http://www.tia.gov.ky/pdf/CRS_Legislation.pdf) on or prior to the date on which
it becomes a holder of Notes. In the event such purchaser fails to provide such information or documentation, or to the extent
that its ownership of Notes would otherwise cause the Co-Issuers to be subject to any tax under FATCA, (A) the Co-Issuers (and
any agent acting on their behalf) are authorized to withhold amounts otherwise distributable to the purchaser as compensation
for any tax imposed under FATCA or any fine or penalty imposed under the CRS as a result of such failure or the purchaser’s
ownership, and (B) to the extent necessary to avoid an adverse effect on the Co-Issuers as a result of such failure or the purchaser’s
ownership, the Co-Issuers will have the right to compel the purchaser to sell its Notes and, if it does not sell its Notes within
10 Business Days after notice from the Co-Issuers or its agents, the Co-Issuers will have the right to sell such Notes at a public
or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account
any taxes incurred by the Co-Issuers in connection with such sale) to the purchaser as payment in full for such Notes. The Co-Issuers
may also assign each such Note a separate securities identifier in the Co-Issuers’ sole discretion. It agrees that the Co-Issuers
and its agents or representatives may (1) provide any information and documentation concerning its investment in its Notes to
the Cayman Islands Tax Information Authority, the IRS and any other relevant tax authority and (2) take such other steps as they
deem necessary or helpful to ensure that the Co-Issuers comply with FATCA, the AEOI Regulations and the CRS.

 

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(xiii)       Each
Co-Issuer is subject to anti-money laundering legislation in the Cayman Islands. Accordingly, if Notes are issued in the form
of certificated Notes, each Co-Issuer may, except in relation to certain categories of institutional investors, require a detailed
verification of the identity of the purchaser of such certificated Notes and the source of the payment used by such purchaser
for purchasing such certificated Notes. The laws of other major financial centers may impose similar obligations upon the Co-Issuers.
Each Holder of a beneficial interest will, by its acquisition of such an interest, be deemed to have represented and agreed to
provide the Co-Issuers or their agents with such information and documentation that may be required for the Co-Issuers to achieve
compliance with Cayman AML Regulations and shall update or replace such information or documentation, as necessary.

 

Section
2.07Replacement Notes.

 

If
any mutilated Note is surrendered to the Trustee, the Co-Issuers shall execute, and the Trustee shall authenticate and deliver
in exchange therefor, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If
there shall be delivered to the Co-Issuers and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft
of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Co-Issuers or the Trustee that such Note has been acquired by a bona fide purchaser,
the Co-Issuers shall execute, and upon the Co-Issuers’ request the Trustee shall authenticate and make available for delivery,
in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

In
case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Co-Issuers, in their
discretion, may, instead of issuing a new Note, pay such Note.

 

Upon
the issuance of any new Note under this Section, the Co-Issuers may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith.

 

Every
replacement Note is a contractual obligation of the Co-Issuers and shall be entitled to all of the benefits of this Indenture
equally and proportionately with all other Notes duly issued hereunder.

 

The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section
2.08Outstanding Notes.

 

The
Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest

 

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in
a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08
as not outstanding. Except as set forth in this Section 2.08 or Section 2.09 hereof, a Note does not cease to be
outstanding because the Co-Issuers or an Affiliate of the Co-Issuers holds the Note.

 

If
a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory
to it that the replaced Note is held by a bona fide purchaser.

 

If
the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest
on it ceases to accrue.

 

If
the Paying Agent (other than the Co-Issuers, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date, repurchase
date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed
to be no longer outstanding and shall cease to accrue interest.

 

Subject
to Section 2.09, in determining whether the Holders of the requisite principal amount of outstanding Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of Notes that shall be deemed
to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date
of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

Section
2.09Treasury Notes; Competitors.

 

(a)       In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Co-Issuers, or by any Affiliate of the Co-Issuers, shall be considered as though not outstanding, except that
for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned which have
been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Co-Issuers or
any obligor upon the Notes or any Affiliate of the Co-Issuers or of such other obligor.

 

(b)       In
determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand,
authorization, direction, notice, consent, waiver or other action pursuant to, or in connection with, this Indenture, the Notes,
Guarantees, or Notes Documents, Notes owned by a Competitor will be disregarded and deemed not to be outstanding (it being understood
that in determining whether the Trustee is protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Notes in respect of which the Trustee has received prior written notice from the Co-Issuers
that such Notes are owned by a Holder that is a Competitor will be so disregarded).

 

Section
2.10Temporary Notes.

 

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Until
certificates representing Notes are ready for delivery, the Co-Issuers may prepare and the Trustee, upon receipt of an Authentication
Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have
variations that the Co-Issuers consider appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee.
Without unreasonable delay, the Co-Issuers shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary
Notes.

 

Holders
and beneficial Holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or
beneficial Holders, respectively, of Notes under this Indenture.

 

Section
2.11Cancellation.

 

The
Co-Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the
Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of cancelled Notes (subject to the record retention requirement of the
Exchange Act) in accordance with its customary procedures. Certification of the disposal of all cancelled Notes shall be delivered
to the Co-Issuers upon its written request. The Co-Issuers may not issue new Notes to replace Notes that it has paid or that have
been delivered to the Trustee for cancellation.

 

Section
2.12Defaulted Interest.

 

If
the Co-Issuers or the Guarantors default in a payment of interest or principal on the Notes or in the payment of any other amount
become due under this Indenture, whether at the Stated Maturity, by acceleration or otherwise, the Co-Issuers shall on written
demand of the Trustee pay interest, to the extent permitted by law, on all overdue amounts up to (but not including) the date
of actual payment (after as well as before judgment) at a rate equal to the rate then applicable, pursuant to clause (a)
or (b) below, as the Co-Issuers shall elect:

 

(a)       The
Co-Issuers may elect to make such payment to the persons who are Holders of the Notes on a subsequent special record date. The
Co-Issuers shall fix the payment date for such defaulted interest and the special record date therefor, which shall not be more
than 15 days nor less than 10 days prior to such payment date. At least 10 days before the special record date, the Co-Issuers
shall mail to the Trustee and to each Holder of the Notes a notice that states the special record date, the payment date and the
amount of interest to be paid.

 

(b)       The
Co-Issuers may elect to make such payment in any other lawful manner.

 

Payment
of defaulted interest and any interest thereon to the Trustee shall be deemed to satisfy the Co-Issuers’ obligation to pay
such defaulted interest and any interest thereon for all purposes of this Indenture.

 

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Section
2.13CUSIP and ISIN Numbers.

 

The
Co-Issuers in issuing the Notes may use “CUSIP” and/or “ISIN” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” and/or “ISIN” numbers in notices as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Notes or as contained in any notice and that reliance may be placed only on the other elements of identification printed on the
Notes, and any such notice shall not be affected by any defect in or omission of such numbers.

 

Section
2.14Prohibition on Transfers to Competitors.

 

The
transfer of any Notes to any Competitor is prohibited, and by acceptance of any transferred Note the transferee shall be deemed
to represent that it is not a Competitor.

 

Section
2.15Co-Issuers.

 

(a)       Joint
and Several Liability. All Obligations of the Co-Issuers under this Indenture and the other Transaction Documents shall be
joint and several Obligations of the Co-Issuers, each as principal. Anything contained in this Indenture and the other Transaction
Documents to the contrary notwithstanding, the Obligations of each Co-Issuer hereunder, solely to the extent that such Co-Issuer
did not receive proceeds of Notes hereunder, shall be limited to a maximum aggregate amount equal to the largest amount that would
not render its Obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under §548 of the Bankruptcy
Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law
to the extent applicable to the Obligations of such Co-Issuer (collectively, the “Fraudulent Transfer Laws”),
in each case after giving effect to all other liabilities of such Co-Issuer, contingent or otherwise, that are relevant under
the Fraudulent Transfer Laws (specifically excluding, however, any liabilities of such Co-Issuer in respect of intercompany Indebtedness
to any other Obligor or Affiliates of any other Obligor to the extent that such Indebtedness would be discharged in an amount
equal to the amount paid by Obligor hereunder) and after giving effect as assets to the value (as determined under the applicable
provisions of the Fraudulent Transfer Laws) of any rights to subrogation or contribution of such Co-Issuer pursuant to (i) applicable
law or (ii) any agreement providing for an equitable allocation among such Co-Issuer and other Affiliates of any Obligor of Obligations
arising under guarantees by such parties.

 

(b)       Subrogation.
Until the Obligations shall have been paid in full in cash, each Co-Issuer shall withhold exercise of any right of subrogation,
contribution or any other right to enforce any remedy which it now has or may hereafter have against the other Co-Issuer or any
other Obligor of the Obligations. Each Co-Issuer further agrees that, to the extent the waiver of its rights of subrogation, contribution
and remedies as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any such
rights such Co-Issuer may have against the other Co-Issuer, any collateral or security or any such other Obligor, shall be junior
and subordinate to any rights the Notes Secured Parties may have against the other Co-Issuer, any such collateral or security,
and any such other Obligor.

 

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(c)       Obligations
Absolute. Each Co-Issuer hereby waives, for the benefit of the Notes Secured Parties: (1) any right to require any Notes Secured
Parties, as a condition of payment or performance by such Co-Issuer, to (i) proceed against any other Co-Issuer or any other Person,
(ii) proceed against or exhaust any security held from any other Co-Issuer, any Guarantor or any other Person, (iii) proceed against
or have resort to any balance of any deposit account or credit on the books of any Notes Secured Party in favor of any other Co-Issuer
or any other Person, or (iv) pursue any other remedy in the power of any Notes Secured Party whatsoever; (2) any defense arising
by reason of the incapacity, lack of authority or any disability or other defense of any other Co-Issuer including any defense
based on or arising out of the lack of validity or the unenforceability of the Obligations or any agreement or instrument relating
thereto or by reason of the cessation of the liability of the other Co-Issuer from any cause other than payment in full of the
Obligations; (3) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither
larger in amount nor in other respects more burdensome than that of the principal; (4) any defense based upon any Notes Secured
Party’s errors or omissions in the administration of the Obligations, except behavior which amounts to bad faith, gross
negligence or willful misconduct; (5) (i) any principles or provisions of law, statutory or otherwise, which are or might be in
conflict with the terms hereof and any legal or equitable discharge of such Co-Issuer’s obligations hereunder, (ii) the
benefit of any statute of limitations affecting such Co-Issuer’s liability hereunder or the enforcement hereof, (iii) any
rights to set-offs, recoupments, recharacterization and counterclaims, and (iv) promptness, diligence and any requirement that
any Notes Secured Party protect, secure, perfect or insure any security interest or lien or any property subject thereto; (6)
notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including
acceptance hereof, notices of default hereunder or any agreement or instrument related thereto, notices of any renewal, extension
or modification of the Obligations or any agreement related thereto, notices of any extension of credit to such Co-Issuer and
any right to consent to any thereof; (7) any defense based upon any rescission, waiver, compromise, acceleration, amendment or
modification of any of the terms or provisions of any of the Transaction Documents and (8) any defenses or benefits that may be
derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the
terms hereof.

 

The
obligations of the Co-Issuers hereunder shall not, to the extent permitted by applicable law, be affected by (i) the failure of
the Trustee, the Collateral Agent or a Holder to assert any claim or demand or to enforce any right or remedy against any other
Obligor under the provisions of this Indenture or any other Transaction Document or otherwise; (ii) any extension or renewal of
any provision hereof or thereof; (iii) any rescission, waiver, compromise, acceleration, amendment or modification of any of the
terms or provisions of any of the Transaction Documents; (iv) the release, exchange, waiver or foreclosure of any security held
by the Collateral Agent or the Trustee for the Obligations or any of them; (v) the failure of the Trustee or a Holder to exercise
any right or remedy against any other Obligor; or (vi) the release or substitution of any Collateral or any other Obligor.

 

To
the extent permitted by applicable law, each Co-Issuer hereby waives any defense that it might have based on a failure to remain
informed of the financial condition of the other Co-Issuer and of any other Obligor and any circumstances affecting the ability
of the Co-Issuers to perform under this Indenture.

 

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Each
Co-Issuer further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if
at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Trustee, any Holder
or any other Notes Secured Party upon the bankruptcy or reorganization of the other Co-Issuer or any Guarantor, or otherwise.

 

Article
3 

REDEMPTION

 

Section
3.01Notices to Trustee.

 

If
the Co-Issuers elect to redeem Notes pursuant to Section 3.07 hereof, they shall furnish to the Trustee, not less than
10 days before notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 3.03 hereof
but not more than 60 days before a redemption date (except that redemption notices may be delivered more than 60 days prior to
a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this
Indenture), an Officer’s Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this
Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of the Notes to be
redeemed and (iv) the redemption price.

 

Section
3.02Selection of Notes to Be Redeemed.

 

If
less than all of the Notes are to be redeemed at any time, such Notes shall be selected for redemption by the Trustee (1) if the
Notes are listed on an exchange and such listing is known to the Trustee, in compliance with the requirements of such exchange
or in the case of Global Notes, in accordance with customary procedures of the Notes Depositary or (2) on a pro rata basis
to the extent practicable, or, if the pro rata basis is not practicable for any reason, by lot or by such other method
as most nearly approximates a pro rata basis subject to customary procedures of the Notes Depositary. Such Notes to be
redeemed shall be selected, unless otherwise provided herein, not less than 10 days nor more than 60 days prior to the redemption
date from the outstanding Notes not previously called for redemption.

 

The
Trustee shall promptly notify the Co-Issuers in writing of the Notes selected for redemption and, in the case of any Note selected
for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in minimum
amounts of $1.00 or integral multiples of $1.00 in excess thereof; no Notes of $1.00 or less can be redeemed in part, except that
if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even
if not a multiple of $1.00, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture
that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

The
Trustee shall not be responsible for any actions taken or not taken by DTC pursuant to its Applicable Procedures.

 

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Section
3.03Notice of Redemption.

 

If
the Co-Issuers elect to redeem Notes pursuant to Section 3.07 hereof, the Co-Issuers shall deliver notices of redemption
electronically or by first-class mail, postage prepaid, at least 10 but not more than 60 days before the purchase or redemption
date to each Holder of Notes (with a copy to the Trustee) at such Holder’s registered address or otherwise in accordance
with the procedures of DTC, except that redemption notices may be delivered electronically or mailed more than 60 days prior to
a redemption date if the notice is issued in connection with Article 8 or Article 11 hereof. Notices of redemption may be conditional.

 

The
notice shall identify the Notes to be redeemed and shall state:

 

(a)       the
redemption date;

 

(b)       the
redemption price;

 

(c)       if
any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and that, after
the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the
original Note representing the same indebtedness to the extent not redeemed shall be issued in the name of the Holder of the Notes
upon cancellation of the original Note;

 

(d)       the
name and address of the Paying Agent;

 

(e)       that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)       that,
unless the Co-Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date;

 

(g)       the
paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are
being redeemed;

 

(h)       that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Notes; and

 

(i)       any
condition to such redemption.

 

At
the Co-Issuers’ request, the Trustee shall give the notice of redemption in the Co-Issuers’ names and at their expense;
provided that the Co-Issuers shall have delivered written notice to the Trustee, at least 5 Business Days prior to the
date on which notice of redemption is to be sent (unless a shorter notice shall be agreed to by the Trustee) in the form of an
Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such
notice as provided in the preceding paragraph.

 

Any
notice of any redemption may be given prior to the redemption thereof, and any such redemption or notice may, at the Co-Issuers’
discretion, be subject to one or more conditions precedent, including, without limitation, the consummation of an incurrence or
issuance

 

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of
debt or equity or a Parent Change of Control or other corporate transaction. If such redemption is so subject to satisfaction
of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the
Co-Issuers’ discretion, the redemption date may be delayed until such time (including more than 60 days after the date the
notice of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied,
or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall
not have been satisfied by the redemption date, or by the redemption date as so delayed. In addition, the Co-Issuers may provide
in such notice that payment of the redemption price and performance of the Co-Issuers’ obligations with respect to such
redemption may be performed by another Person.

 

Section
3.04Effect of Notice of Redemption.

 

Once
notice of redemption is sent in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due
and payable on the redemption date at the redemption price, unless such redemption is conditioned on the happening of a future
event. The notice, if sent in a manner herein provided, shall be conclusively presumed to have been given, whether or not the
Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note designated
for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject
to Section 3.05 hereof, on and after the redemption date, interest ceases to accrue on Notes or portions of Notes called
for redemption.

 

Section
3.05Deposit of Redemption or Purchase Price.

 

Prior
to 4:00 p.m. (Eastern time) on the Business Day prior to the redemption or purchase date, the Co-Issuers shall deposit with the
Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on
all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Co-Issuers any
money deposited with the Trustee or the Paying Agent by the Co-Issuers in excess of the amounts necessary to pay the redemption
price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased.

 

If
the Co-Issuers comply with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest shall
cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on
or after a record date but on or prior to the related Payment Date, then any accrued and unpaid interest to the redemption or
purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such record date.
If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of the failure
of the Co-Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption
or purchase date until such principal is paid, and to the extent lawful on any interest accrued to the redemption or purchase
date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

 

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Section
3.06Notes Redeemed or Purchased in Part.

 

Upon
surrender of a Definitive Note that is redeemed or purchased in part, the Co-Issuers shall issue and the Trustee shall authenticate
for the Holder at the expense of the Co-Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion
of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased; provided, that each
new Note shall be in a principal amount of $1.00 or an integral multiple of $1.00 in excess thereof. It is understood that, notwithstanding
anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate
is required for the Trustee to authenticate such new Note.

 

Section
3.07Optional Redemption.

 

(a)       At
any time prior to September 20, 2023, the Co-Issuers may on one or more occasions redeem all or a part of the Notes, upon notice
as described under Section 3.03 hereof, at a redemption price equal to 100.0% of the principal amount of the Notes to be
redeemed plus the Redemption Premium as of the date of redemption (the “Redemption Date”), plus accrued and
unpaid interest, if any, thereon, to, but not including, the applicable Redemption Date; provided that on or prior to September
20, 2023, the Co-Issuers may redeem up to 40% of original outstanding principal amount of the Notes with proceeds from any one
or more equity offerings of the Parent Guarantor at a redemption price equal to 108.0%, plus accrued and unpaid interest on the
principal amount being redeemed up to, but excluding, the applicable Redemption Date.

 

(b)       On
and after September 20, 2023, the Co-Issuers may on one or more occasions redeem all or a part of the Notes upon notice as described
under Section 3.03 hereof, at a redemption price equal to 100.0% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest, if any, thereon to, but not including the Redemption Date, plus the applicable Redemption Premium
as of such Redemption Date.

 

Without
limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due
prior to their stated maturity, in each case, in respect of any Event of Default (including any Bankruptcy Default) (each an “Acceleration
Event”), the Redemption Premium with respect to an optional redemption of the Notes shall also be due and payable as
though the Notes had been optionally redeemed in full at the time of such Acceleration Event and shall constitute part of the
Obligations payable to Holders of the Notes in view of the impracticability and extreme difficulty of ascertaining actual damages
and by mutual agreement of the parties as to a reasonable calculation of each Holder’s loss as a result thereof. If the
Redemption Premium becomes due and payable, it shall be deemed to be principal of the Notes, and interest shall accrue on the
full principal amount of the Notes (including the Redemption Premium) from and after the applicable Acceleration Event. Any Redemption
Premium payable above shall be presumed to be the liquidated damages sustained by each Holder of the Notes as the result of the
acceleration of the Notes and each Co-Issuer agrees that it is reasonable under the circumstances currently existing. The Redemption
Premium shall also be payable in the event the Notes (and/or this Indenture) are satisfied, released or discharged by foreclosure
(whether by power of judicial proceeding or otherwise), deed in lieu of foreclosure or by any other similar means. Each
Co-Issuer EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR 

 

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LAW
THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING Redemption PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION event.
Each Co-Issuer expressly agrees (to the fullest extent it may lawfully do so) that: (A) the Redemption Premium is reasonable and
is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (B) the
Redemption Premium shall be payable notwithstanding the then prevailing market rates at the time acceleration occurs; (C) there
has been a course of conduct between the Holders of the Notes and the Co-Issuers giving specific consideration in this transaction
for such agreement to pay the Redemption Premium; and (D) each Co-Issuer shall be estopped hereafter from claiming differently
than as agreed to in this paragraph. Each Co-Issuer expressly acknowledges that its agreement to pay the Redemption Premium to
the Holders of the Notes as herein described is a material inducement to the Holders to purchase the Notes.

 

(c)       Notwithstanding
this Section 3.07, in connection with a Parent Change of Control Offer, if Holders of not less than 90.0% in aggregate
principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Co-Issuers,
or any third party making such a tender offer in lieu of the Co-Issuers, purchase all of the Notes validly tendered and not withdrawn
by such Holders, the Co-Issuers or such third party will have the right upon not less than 20 nor more than 60 days’ prior
notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase
at a redemption price equal to 101% of the principal amount thereof plus, to the extent not included in the tender offer payment,
accrued and unpaid interest, if any, thereon, to, but not including, the applicable Redemption Date (subject to the right of Holders
on record on the relevant record date to receive interest on the relevant interest payment).

 

(d)       If
the optional Redemption Date is on or after a record date and on or before the corresponding Payment Date, the accrued and unpaid
interest, if any, to, but not including, the Redemption Date will be paid on the Redemption Date to the Holder in whose name the
Note is registered at the close of business on such record date in accordance with the applicable procedures of DTC, and no additional
interest will be payable to Holders whose Notes will be subject to redemption by the Co-Issuers.

 

(e)       Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through Section
3.06 hereof.

 

Section
3.08Mandatory Prepayments.

 

(a)       Upon
the receipt of Net Proceeds by Spirit or any of its Subsidiaries from (i) the issuance or incurrence of any Indebtedness of the
Co-Issuers (other than with respect to any Indebtedness permitted to be incurred pursuant to Section 4.09), (ii) any
Collateral Sale or (iii) a Permitted Pre-paid Miles Purchase for which Net Proceeds, together with the aggregate amount of Net
Proceeds previously received from Permitted Pre-paid Miles Purchases during the same fiscal year, are in excess of $25.0 million
(such excess, “Excess PPM Net Proceeds”) (each of the events set forth in the foregoing clauses (i), (ii),
and (iii), a “Mandatory Prepayment Event”), the Co-Issuers will cause the Notes’ Allocable
Share of such Net Proceeds or Excess PPM Net Proceeds, as applicable (the “Applied Mandatory Prepayment Amount”),
plus accrued and unpaid interest on the aggregate principal amount of Notes to be prepaid to, but excluding, the Prepayment Date

 

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(as
defined below) (the “Remitted Amount”), to be remitted to the Trustee to be paid by the Trustee to Holders
as of the Prepayment Record Date (as defined below) by a date that is (a) with respect to the Mandatory Prepayment Event set forth
in clause (i), five (5) Business Days after the receipt of such Net Proceeds, (b) with respect to the Mandatory Prepayment
Event set forth in clause (ii), five (5) Business Days after the receipt of such Net Proceeds, and (c) with respect to
the Mandatory Prepayment Event set forth in clause (iii), ten (10) Business Days after the receipt of such Net Proceeds (such
remittance date, as the case may be, a “Prepayment Date”).

 

(b)       On
such Prepayment Date, the Trustee will apply the Remitted Amount to prepay the maximum principal amount of Notes that may be prepaid
with the portion of such Remitted Amount representing the Applied Mandatory Prepayment Amount at a prepayment price equal to the
redemption price that would be due if the Notes were being redeemed pursuant to Section 3.07 on the applicable Prepayment
Date, plus accrued and unpaid interest on the principal amount being prepaid up to, but excluding, the Prepayment Date. The “Prepayment
Record Date” for any Prepayment Date will be the Business Day prior to the Prepayment Date.

 

(c)       Notwithstanding
anything to the contrary in Section 3.08(a) or (b), if following a Mandatory Prepayment Event but prior to the related
Prepayment Date, the Co-Issuers pay the related Applied Mandatory Prepayment Amount (inclusive of any applicable premium) to the
Holders on an intervening Payment Date pursuant to the provisions of Section 4.01, no mandatory prepayment pursuant to
the provisions of Section 3.08(a) and (b) will be required.

 

(d)       In
connection with any mandatory prepayment of the Notes pursuant to this Section 3.08, the Co-Issuers, or the Trustee of
behalf of the Co-Issuers pursuant to written instructions from the Co-Issuers to the Trustee, shall issue a written notice to
the Holders at least two (2) Business Days prior to the Prepayment Date, which notice shall include a description of the Mandatory
Prepayment Event, the aggregate principal amount of Notes to be prepaid, the prepayment price and the Prepayment Date.

 

(e)       Any
prepayment made pursuant to this Section 3.08 shall be made pursuant to the procedures set forth in this Indenture, except
to the extent inconsistent with Section 3.08(c). The Co-Issuers shall not be required to make any mandatory prepayment
or sinking fund payment with respect to the Notes, except pursuant this Section 3.08 and Section 3.09(b).

 

Section
3.09Mandatory Repurchase Offers.

 

(a)       In
the event that Spirit or any of its Subsidiaries receives Net Proceeds in respect of (i) a Recovery Event (“Recovery
Event Proceeds”) that causes the aggregate amount of all Recovery Event Proceeds received since the Closing Date to
exceed $10.0 million (such excess amounts, “Excess Recovery Event Proceeds”) or (ii) any Contingent Payment
Event (“Contingent Payment Event Proceeds”) that causes the aggregate amount of all Contingent Payment Event
Proceeds received since the Closing Date to exceed $10.0 million (each of the events set forth in clauses (i) and
(ii), a “Mandatory Repurchase Offer Event”), the Co-Issuers shall make, except as provided in Section
3.09(b), an offer (a “Mandatory Repurchase Offer”) to all Holders to purchase the maximum principal amount
of Notes on a pro rata basis that may be purchased out of the Notes’ Allocable Share of such Excess Recovery Event
Proceeds or Contingent Payment Event Proceeds, as applicable (the “Applicable Mandatory Repurchase Offer Proceeds”).

 

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(b)       Upon
the occurrence of a Mandatory Repurchase Offer Event in respect of a Recovery Event, the Co-Issuers must provide notice to the
Trustee of the Recovery Event and, as long as no Event of Default shall have occurred and be continuing at the time of such Mandatory
Repurchase Offer Event, the Co-Issuers shall have the option to (x) invest the Recovery Event Proceeds within 365 days of receipt
thereof in Qualified Replacement Assets or (y) repair, replace or restore the assets which are the subject of such Recovery Event;
provided further, that any Recovery Event Proceeds from such Recovery Event that are not invested within such 365-day period
will thereafter not constitute Excess Recovery Event Proceeds, but any such amounts in excess of $10.0 million will be deemed
to be an Applied Mandatory Prepayment Amount and must be applied as a mandatory prepayment in accordance with Section 3.08.

 

(c)       The
Mandatory Repurchase Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except
to the extent that a longer period is required by applicable law (the “Mandatory Repurchase Offer Period”).
Promptly after the expiration of the Mandatory Repurchase Offer Period (the “Mandatory Repurchase Date”), the
Co-Issuers shall apply all of the Applicable Mandatory Repurchase Offer Proceeds to repurchase all of the Notes tendered in the
Mandatory Repurchase Offer at a repurchase price equal to 100.0% of the principal amount of the Notes to be repurchased, plus
accrued and unpaid interest thereon to, but excluding, the Mandatory Repurchase Date (the “Mandatory Offer Repurchase
Price”); provided that if the aggregate Mandatory Offer Repurchase Price for all Notes tendered in such Mandatory
Repurchase Offer exceeds the total amount of Applicable Mandatory Repurchase Offer Proceeds, then such tendered Notes shall be
repurchased pro rata up to the maximum amount of Notes that can be repurchased with such Applicable Mandatory Repurchase
Offer Proceeds.

 

(d)       If
the Mandatory Repurchase Date is on or after a record date and on or before the related Payment Date, any accrued and unpaid interest
up to but excluding the Mandatory Repurchase Date, shall be paid to the Person in whose name a Note is registered at the close
of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Mandatory
Repurchase Offer.

 

(e)       Subject
to Section 3.09(b), notices of a Mandatory Repurchase Offer (“Mandatory Repurchase Offer Notices”) shall
be sent by first class mail or sent electronically, no later than (a) with respect to the Mandatory Repurchase Offer Event set
forth in clause (i) of Section 3.09(a), five (5) Business Days after the receipt of Net Proceeds therefrom and (b)
with respect to the Mandatory Repurchase Offer Event set forth in clause (ii) of Section 3.09(a), ten (10) Business
Days after the receipt of Net Proceeds therefrom, in each case, to each Holder at such Holder’s registered address or otherwise
in accordance with the applicable procedures of DTC. The Mandatory Repurchase Offer Notice shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the Mandatory Repurchase Offer. The Mandatory Repurchase
Offer shall be made to all Holders. The Mandatory Repurchase Offer Notice, which shall govern the terms of the Mandatory Repurchase
Offer, shall state:

 

(i)       that
the Mandatory Repurchase Offer is being made pursuant to this Section 3.09 and the length of time the Mandatory Repurchase
Offer shall remain open;

 

(ii)       the
Applicable Mandatory Repurchase Offer Proceeds, the repurchase price and the Mandatory Repurchase Date;

 

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(iii)       that
any Note not tendered or accepted for payment shall continue to accrue interest;

 

(iv)       that,
unless the Co-Issuers default in making such payment, any Note accepted for payment pursuant to the Mandatory Repurchase Offer
shall cease to accrue interest after the Mandatory Repurchase Date;

 

(v)       that
Holders electing to have a Note purchased pursuant to a Mandatory Repurchase Offer may elect to have Notes purchased in minimum
amounts of $1.00 or integral multiples of $1.00 in excess thereof only;

 

(vi)       that
Holders electing to have a Note purchased pursuant to any Mandatory Repurchase Offer shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry
transfer, to the Co-Issuers, the Notes Depositary, if appointed by the Co-Issuers, or a Paying Agent at the address specified
in the notice at least two (2) Business Days before the Mandatory Repurchase Date;

 

(vii)       that
Holders shall be entitled to withdraw their election if the Co-Issuers, the Notes Depositary or the Paying Agent, as the case
may be, receives, not later than the expiration of the Mandatory Repurchase Offer Period, a facsimile or other electronic transmission
or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement
that such Holder is withdrawing his election to have such Notes purchased;

 

(viii)       that,
if the aggregate principal amount of Notes surrendered by the Holders thereof exceeds the amount that can be repurchased with
the Applicable Mandatory Repurchase Offer Proceeds, the Trustee shall select the Notes (while the Notes are in global form pursuant
to the procedures of the Notes Depositary) to be purchased on a pro rata basis based on the principal amount of the Notes
tendered (with such adjustments as may be deemed appropriate by the Co-Issuers so that only Notes in denominations of $1.00, or
integral multiples of $1.00 in excess thereof, shall remain outstanding after such purchase) to the extent practicable, or, if
the pro rata basis is not practicable for any reason, by lot or by such other method as most nearly approximates a pro
rata basis subject to customary procedures of the Notes Depositary; and

 

(ix)       that
Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased.

 

(f)       To
the extent that the aggregate principal amount of Notes validly tendered or otherwise surrendered in connection with a Mandatory
Repurchase Offer is less than the Applicable Mandatory Repurchase Offer Proceeds, the Co-Issuers may, after purchasing all such
Notes validly tendered and not withdrawn, use the remaining Applicable Mandatory Repurchase Offer Proceeds for any purpose not
otherwise prohibited by this Indenture. If the aggregate principal amount of the Notes validly tendered pursuant to any Mandatory
Repurchase Offer

 

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exceeds
the amount that can be repurchased with the Applicable Mandatory Repurchase Offer Proceeds, the Co-Issuers will allocate the Applicable
Mandatory Repurchase Offer Proceeds to purchase Notes on a pro rata basis on the basis of the aggregate principal amount
of tendered Notes; provided that no Notes will be selected and purchased in an unauthorized denomination. Upon completion
of any repurchase of Notes in a Mandatory Repurchase Offer, the amount of Applicable Mandatory Repurchase Offer Proceeds shall
be reset at zero.

 

(g)       On
or before the Mandatory Repurchase Date, the Co-Issuers shall, to the extent lawful, (1) accept for payment, on a pro rata
basis to the extent necessary, the Notes or portions thereof validly tendered pursuant to the Mandatory Repurchase Offer,
or if the aggregate Mandatory Offer Repurchase Price for all Notes so tendered in such Mandatory Repurchase Offer does not exceed
the total amount of Applicable Mandatory Repurchase Offer Proceeds, all Notes tendered and (2) deliver or cause to be delivered
to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount
of Notes or portions thereof so tendered.

 

(h)       The
Co-Issuers, the Notes Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder
an amount equal to the repurchase price of the Notes properly tendered by such Holder and accepted by the Co-Issuers for repurchase,
and the Co-Issuers shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate
and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding
anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate is required for the Trustee to
authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered
representing the same indebtedness to the extent not repurchased; provided, that each such new Note shall be in a minimum
denomination of $1.00 or an integral multiple of $1.00 in excess thereof. Any Note not so accepted shall be promptly mailed or
delivered by the Co-Issuers to the Holder thereof. The Co-Issuers shall publicly announce the results of the Mandatory Repurchase
Offer on or as soon as practicable after the Mandatory Repurchase Date.

 

(i)       To
the extent that the provisions of any securities laws or regulations, including Rule 14e-1 under the Exchange Act, conflict with
the provisions of this Indenture, the Co-Issuers shall not be deemed to have breached their obligations described in this Indenture
by virtue of compliance therewith.

 

Article
4 

COVENANTS

 

Section
4.01Payment of Notes.

 

On
each Payment Date prior to (i) the occurrence and continuance of an Issuer Bankruptcy Event or (ii) the occurrence and continuance
of any other Event of Default with respect to which the Collateral Agent (at the direction of the Required Debtholders) or the
Trustee (at the direction of the Permitted Noteholders) has provided the Co-Issuers with at least two (2) Business Days’
prior written notice that this Section 4.01 shall no longer apply, all Available Funds in the Notes Payment Account on
such Payment Date (based upon instructions in the Payment Date

 

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Statement
furnished to it on the related Determination Date by the Co-Issuers) shall be distributed by the Trustee in the following order
of priority (the “Payment Waterfall”):

 

(a)       first,
(x) ratably to the Trustee and the Collateral Custodian, Fees, costs, expenses, reimbursements and indemnification amounts due
and payable to such Persons pursuant to the terms of this Indenture and the other Collateral Documents in an amount not to exceed
$200,000 in the aggregate per annum and then (y) ratably, for the Notes’ Allocable Share of the fees, expenses,
government fees and other amounts due and owing to any Independent Director (or any such service provider providing the services
of an Independent Director) of any SPV Party (to the extent not otherwise paid) in an amount not to exceed $100,000 in the aggregate
per annum;

 

(b)       second,
to the Trustee, on behalf of the Holders, an amount equal to the Interest Distribution Amount with respect to such Payment Date
minus the amount of interest paid by the Co-Issuers in connection with any redemptions, prepayments or repurchases of any Notes
pursuant to this Indenture after the immediately preceding Payment Date and prior to such Payment Date;

 

(c)       third,
on the Termination Date only, to the Trustee, on behalf of the Holders, in an amount equal to the outstanding principal amount
of the Notes;

 

(d)       fourth,
to the Notes Reserve Account, to the extent the amount on deposit in the Notes Reserve Account is less than the Notes Reserve
Account Required Balance for the following Payment Date;

 

(e)       fifth,
to the extent not already paid, to the Trustee on behalf of the Holders, the Remitted Amount for any mandatory prepayments required
pursuant to Section 3.08;

 

(f)       sixth,
any premium without any duplication for any premium paid pursuant to Section 4.01(e) due and unpaid as of such Payment
Date;

 

(g)       seventh,
to pay (x) ratably to the Trustee and the Collateral Custodian, and then (y) to any other Person (other than Spirit and any of
its Subsidiaries), any additional Obligations due and payable to such Person on such Payment Date to the extent not paid pursuant
to clause (a) through clause (f) of this Section 4.01;

 

(h)       eighth,
if a Cash Trap Period is in effect as of the last day of the related Quarterly Reporting Period and a Cash Trap Cure has not occurred
on or prior to such Payment Date, then to the ECF Account, an amount equal to the Required Excess Cash Flow for such Payment Date;

 

(i)       ninth,
to the extent any amounts are due and owing under any other Senior Secured Debt, to the Collateral Agent for further distribution
to the appropriate Person pursuant to the Collateral Agency and Accounts Agreement; and

 

(j)       tenth,
(i) if an Event of Default has occurred and is continuing, all remaining amounts shall be remitted to, and remain on deposit in,
the applicable Collection Account (as specified in the Payment Date Statement) (and held under the sole control of the Collateral
Agent) or (ii) if no Event of Default has occurred and is continuing, all remaining amounts shall be

 

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released
to or at the direction of the Co-Issuers, which may be distributed directly or indirectly to Spirit without any restriction.

 

For the
avoidance of doubt, to the extent Available Funds with respect to any Payment Date are insufficient to pay amounts due under this
Indenture to the Agents, Holders or any other Person on such Payment Date, the Co-Issuers, and to the extent provided in Article
10 hereof, the Guarantors, are fully obligated to timely pay such amounts to the Agents, Holders or other Persons.

 

Section
4.02Collections.

 

(a)       Spirit
shall instruct and use commercially reasonable efforts to cause sufficient counterparties to Free Spirit Agreements to direct
all payments of Free Spirit Program Revenues into the Loyalty Collection Account such that in any Quarterly Reporting Period,
at least 90% of the aggregate amount of Free Spirit Program Revenues are deposited directly into the Loyalty Collection Account.
To the extent any Co-Issuer or Guarantor or any of their respective controlled Affiliates receives any such payments to an account
other than the Loyalty Collection Account, such Person shall cause such amounts to be deposited into the Loyalty Collection Account
within two (2) Business Days after receipt and identification thereof.

 

(b)       Spirit
shall cause all reasonably identifiable revenues of the $9 Fare Club, but in any event no less than 90% of all $9 Fare Club Transaction
Revenues, received by Spirit to be deposited into the Loyalty Collection Account within two business days after receipt and identification
thereof.

 

(c)       Other
than as required to provide for any successor account that becomes the Loyalty Collection Account, no Co-Issuer or Guarantor shall
revoke, or permit to be revoked, any Direction of Payment.

 

Section
4.03Collection Account; Debt Service Coverage Ratio Cure.

 

(a)       Spirit
shall determine the Required Deposit Amount and notify the Trustee and the Collateral Agent in writing of such Required Deposit
Amount for each Quarterly Reporting Period no later than the fifth Business Day of such Quarterly Reporting Period; provided
that at any time that Spirit determines that the Required Deposit Amount for a Quarterly Reporting Period is greater (including
as a result of the occurrence of a Cash Trap Event) or less, than the Required Deposit Amount for such Quarterly Reporting Period
as previously calculated, then Spirit shall promptly (i) notify the Trustee and the Collateral Agent in writing and (ii) such
revised Required Deposit Amount shall thereafter be applicable for such Quarterly Reporting Period, unless subsequently revised;
provided that the effect of such increase shall be to stop further withdrawals from any Collection Account but shall not
require the deposit of additional funds. The Co-Issuers shall only be permitted to withdraw or release funds from the Collection
Accounts in accordance with the terms of the Collateral Agency and Accounts Agreement.

 

(b)       Subject
to the terms of the Collateral Documents, the Guarantors may or may cause any of their Affiliates (with written notice to the
Collateral Agent) to deposit amounts into a Collection Account from time to time prior to a Payment Date, but such amounts (other
than Cure Amounts or to the extent constituting Transaction Revenues) shall not constitute “Collections” for purposes
of the Debt Service Coverage Ratio.

 

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(c)       [Reserved].

 

(d)       [Reserved].

 

(e)       To
the extent that Collections received in the Collection Accounts with respect to any Quarterly Reporting Period are insufficient
to satisfy the Debt Service Coverage Ratio Test for such Quarterly Reporting Period, the Co-Issuers may deposit, or cause to be
deposited into the Collection Accounts, funds in an amount necessary to satisfy the Debt Service Coverage Ratio Test for such
Quarterly Reporting Period (such deposited amounts, the “Cure Amounts”); provided that such deposit
and deemed cures shall not occur more than five (5) times in the aggregate since the Closing Date and no more than two (2) times
in any four (4) fiscal periods. To the extent that Cure Amounts are received in a Collection Account on or prior to the Payment
Date with respect to the Quarterly Reporting Period in which such funds are necessary to satisfy the Debt Service Coverage Ratio
Test, Cure Amounts will be treated as Collections for such Quarterly Reporting Period for purposes of the Debt Service Coverage
Ratio. Any Cure Amounts received in a Collection Account on or prior to the Determination Date for such Quarterly Reporting Period
shall be allocated to the Notes Payment Account and other Senior Secured Debt, if any, on the Allocation Date with respect to
such Quarterly Reporting Period pursuant to the terms of the Collateral Agency and Accounts Agreement. Any Cure Amounts received
in a Collection Account following the Determination Date with respect to such Quarterly Reporting Period shall not be allocated
to the Notes Payment Account on the Allocation Date with respect to such Quarterly Reporting Period and shall be allocated to
the Quarterly Reporting Period in which such funds were deposited.

 

Section
4.04Notes Payment Account.

 

(a)       The
Co-Issuers shall establish and maintain or cause to be maintained at the Collateral Custodian, a segregated non-interest bearing
trust account in the name of one or both Co-Issuers (as specified in the applicable Account Control Agreement), for the purpose
of holding amounts transferred thereto from the Collection Accounts on each Allocation Date pursuant to the terms of the Collateral
Agency and Accounts Agreement (such account, the “Notes Payment Account”). The Notes Payment Account shall
be subject at all times to an Account Control Agreement. Amounts on deposit in the Notes Payment Account shall remain uninvested.

 

(b)       On
each Allocation Date, the Notes Payment Account shall be funded with amounts allocated from the Collection Accounts as contemplated
under Section 4.03 in accordance with the terms of the Collateral Agency and Accounts Agreement.

 

(c)       As
security for the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise, of
all Obligations, the Co-Issuers hereby grant to the Trustee for the benefit of the Notes Secured Parties a security interest in
and lien upon, all of the Co-Issuers’ right, title and interest in and to (i) the Notes Payment Account, (ii) all funds
held in the Notes Payment Account, and all certificates and instruments, if any, from time to time representing or evidencing
any account or such funds, (iii) all Investments from time to time of amounts in the Notes Payment Account and all certificates
and instruments, if any, from time to time representing or evidencing such Investments, (iv) all notes, certificates of deposit
and other instruments from time to time delivered to or otherwise possessed by the Trustee or any Notes

 

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Secured
Party or any assignee or agent on behalf of the Trustee or any Notes Secured Party in substitution for or in addition to any of
the then existing Collateral in the Notes Payment Account, and (v) all interest, dividends, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or in exchange for any and all of the then existing
Collateral in the Notes Payment Account.

 

(d)       Each
Co-Issuer and Guarantor hereby acknowledges and agrees that at all times, the Trustee shall be the only Person that has a right
to withdraw from the Notes Payment Account and the funds on deposit in the Notes Payment Account shall at all times continue to
be Collateral security for all of the Obligations.

 

(e)       If,
at any time, the Notes Payment Account shall no longer be an Eligible Account, the Co-Issuers shall provide prompt written notice
to the Trustee and, within sixty (60) days, move the Notes Payment Account to a new depositary institution pursuant to Section
7.11.

 

Section
4.05Notes Reserve Account.

 

(a)       The
Co-Issuers shall establish and maintain or cause to be maintained at the Collateral Custodian, a segregated non-interest bearing
trust account in the name of one or both Co-Issuers (as specified in the applicable Account Control Agreement) (such account,
the “Notes Reserve Account”), for the purpose of holding a minimum balance of not less than the Notes Reserve
Account Required Balance at all times, and the Co-Issuers will maintain a minimum balance of not less than the Notes Reserve Account
Required Balance in the Notes Reserve Account at all times, except for periods between any Determination Date and Payment Date
to the extent resulting from the application of funds in the Notes Reserve Account into the Notes Payment Account. The Notes Reserve
Account shall be subject at all times to an Account Control Agreement.

 

(b)       So
long as the Collateral Custodian has not been notified by the Trustee or any Co-Issuer that an Event of Default exists, then the
Collateral Custodian shall, at the written direction of either Co-Issuer from time to time cause the funds held in the Notes Reserve
Account, from time to time, to be invested in one or more Cash Equivalents selected by such Co-Issuer (which Cash Equivalents
shall at all times be subject to the Lien created hereunder); provided that in no event shall the Collateral Custodian:
(i) have any responsibility whatsoever as to the validity or quality of any Cash Equivalent, (ii) be liable for the selection
of Cash Equivalents or for investment losses incurred thereon or in respect of losses incurred as a result of the liquidation
of any Cash Equivalent before its stated maturity pursuant to this Section 4.05 or the failure of a Co-Issuer to provide
timely written investment direction or (iii) have any obligation to invest or reinvest any such amounts in the absence of such
investment direction. Notwithstanding anything else in this Indenture to the contrary, in no event shall any Co-Issuer direct
any investment in any such Cash Equivalent that will mature later than the Business Day before the next occurring Payment Date.
It is agreed and understood that the entity serving as the Trustee or the Collateral Custodian may earn fees associated with the
investments outlined above in accordance with the terms of such investments. In no event shall the Trustee or the Collateral Custodian
be deemed an investment manager or adviser in respect of any selection of investments hereunder. It is understood and agreed that
the Trustee, the Collateral Custodian or their respective affiliates are permitted to receive additional compensation that could
be deemed to be in the Trustee’s or the

 

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Collateral
Custodian’s economic self-interest for (1) serving as investment adviser, administrator, shareholder servicing agent, custodian
or sub custodian with respect to certain of the investments, (2) using affiliates to effect transactions in certain investments
and (3) effecting transactions in investments. All income from such Cash Equivalents shall be retained in the Notes Reserve Account,
subject to release as permitted by this Indenture. All investments in such Cash Equivalents shall be at the risk of the Co-Issuers.
All income from Investments in the Notes Reserve Account shall be taxable to the Co-Issuers (or their regarded parent entity),
and the Collateral Custodian shall prepare and timely distribute to the Co-Issuers, as required, Form 1099 or other appropriate
U.S. federal and state income tax forms with respect to such income.

 

(c)       As
security for the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise, of
all Obligations, each Co-Issuer hereby grants to the Trustee for the benefit of the Notes Secured Parties a security interest
in and lien upon, all of the Co-Issuers’ right, title and interest in and to (i) the Notes Reserve Account, (ii) all funds
held in the Notes Reserve Account, and all certificates and instruments, if any, from time to time representing or evidencing
any account or such funds, (iii) all Investments from time to time of amounts in the Notes Reserve Account and all certificates
and instruments, if any, from time to time representing or evidencing such Investments, (iv) all notes, certificates of deposit
and other instruments from time to time delivered to or otherwise possessed by the Trustee or any Notes Secured Party or any assignee
or agent on behalf of the Trustee or any Notes Secured Party in substitution for or in addition to any of the then existing Collateral
in the Notes Reserve Account, and (v) all interest, dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any and all of the then existing Collateral in the Notes
Reserve Account.

 

(d)       The
Co-Issuers hereby acknowledge and agree that the Trustee shall be the only Person that has a right to withdraw from the Notes
Reserve Account. The funds on deposit in the Notes Reserve Account shall at all times continue to be Collateral security for the
benefit of the Notes Secured Parties.

 

(e)       If,
at any time, the Notes Reserve Account shall no longer be an Eligible Account, the Co-Issuers shall provide prompt written notice
to the Trustee and, within sixty (60) days, move the Notes Reserve Account to a new depositary institution pursuant to Section
7.11.

 

(f)       If,
on any Determination Date, the amount on deposit in the Notes Reserve Account would exceed the then applicable Notes Reserve Account
Required Balance for the related Payment Date, the Co-Issuers shall be entitled to request the Trustee by notice in writing (which
may be the Payment Date Statement) to transfer such excess amounts in the Notes Reserve Account to a Collection Account. In such
circumstances, the Trustee shall promptly direct the Collateral Custodian to wire such excess amounts from the Notes Reserve Account
to the Collection Account specified by the Co-Issuers.

 

(g)       If,
on any Determination Date, the Available Funds for the related Payment Date will not be sufficient to pay the amounts due in accordance
with Section 4.01(a) through Section 4.01(c) on the related Payment Date, the Co-Issuers shall request by notice
in writing (which may be the Payment Date Statement) to the Trustee that the Trustee, on or prior to the related Payment Date,
transfer amounts in the Notes Reserve Account to the Notes Payment

 

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Account
to the extent necessary so that the Available Funds on the related Payment Date will be sufficient to pay such amounts. In such
circumstances, the Trustee shall promptly direct the Collateral Custodian to wire such amounts from the Notes Reserve Account
to the Notes Payment Account.

 

Section
4.06Operation of the Free Spirit Program.

 

(a)       Each
Co-Issuer and Guarantor (as applicable) agrees to honor Miles according to the policies and procedure of the Free Spirit Program,
subject to cure, except to the extent that would not be reasonably expected to cause a Material Adverse Effect, and shall take
any action permitted under the Free Spirit Agreements and applicable law that it, in its reasonable business judgment, determines
is advisable, in order to diligently and promptly (i) enforce its rights and any remedies available to it under the Free Spirit
Agreements, (ii) perform its obligations under the Free Spirit Agreements and (iii) cause the applicable counterparties to perform
their obligations under the related Free Spirit Agreements, including such counterparties’ obligations to make payments
to and indemnify the applicable Co-Issuer or Guarantor in accordance with the terms thereof, in each case except as would not
reasonably be expected to result in a Material Adverse Effect.

 

(b)       Neither
any Co-Issuer nor Spirit shall substantially reduce the Free Spirit Program business or modify the terms of the Free Spirit Program
in any manner that would reasonably be expected to result in a Material Adverse Effect.

 

(c)       Spirit
shall not and shall not permit any of its Subsidiaries to change the policies and procedures of the Free Spirit Program except
to the extent that such change would not be reasonably expected to cause a Material Adverse Effect.

 

(d)       Each
of the Co-Issuers and the Guarantors shall not, and shall not permit any of their respective Subsidiaries to, establish, create
or operate any Loyalty Program, other than a Permitted Acquisition Loyalty Program, unless substantially all such Loyalty Program
cash proceeds (which excludes, for the avoidance of doubt, airline revenues such as ticket sales and non-loyalty ancillary revenue),
accounts in which such cash receipts are deposited, Intellectual Property and member data (but solely to the extent that such
Intellectual Property and member data would be included in the definition of Loyalty Program Intellectual Property, substituting
references to the Free Spirit Program and the $9 Fare Club, as applicable, with references to such other Loyalty Program) are
pledged as Collateral on a first lien basis, subject to Third-Party Rights and other Permitted Liens; provided that, for
the avoidance of doubt, nothing will prohibit the Co-Issuers or the Guarantors or any of their respective Subsidiaries from offering
and providing discounts or other incentives (other than any Currency) for travel or carriage on Spirit.

 

With
respect to any Permitted Acquisition Loyalty Program, the Co-Issuers and the Guarantors will be permitted to undertake the following
actions at any time after such actions are permitted under the Material Free Spirit Agreements, such Permitted Acquisition Loyalty
Program’s co-branding, partnering or similar agreements and debt obligations and applicable law: (i) terminate the Permitted
Acquisition Loyalty Program; (ii) merge and consolidate the Permitted Acquisition Loyalty Program into the Free Spirit Program;
or (iii) cause the Permitted Acquisition Loyalty Program’s cash receipts (which excludes airline revenues such as ticket
sales and non-

 

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loyalty
ancillary revenue), accounts in which such cash receipts are deposited, Intellectual Property and member data to be pledged as
Collateral.

 

Until
it is merged into or consolidated with the Free Spirit Program, any Permitted Acquisition Loyalty Program shall not constitute
a Free Spirit Program and its co-branding, partnering or similar agreements shall not constitute Free Spirit Agreements.

 

(e)       On
each Determination Date, the Loyalty Issuer shall deliver or cause to be delivered to the Trustee an updated Schedule 4.06(e),
attached as Annex I to the corresponding Payment Date Statement, to the extent necessary to cause the Material Free Spirit Agreements
listed on such updated schedule, in the aggregate, to represent at least 85% of the Free Spirit Program Revenues in the prior
twelve (12) months.

 

(f)       If,
as of any Determination Date, the aggregate amount of Retained Agreement Revenues for the preceding four Quarterly Reporting Periods
(or, in the case of the first three Quarterly Reporting Periods, since the Closing Date) are greater than or equal to 5.0% of
the Free Spirit Program Revenues for such period, (i) Spirit shall promptly assign its rights to receive payment under one or
more Retained Agreements to the Loyalty Issuer such that the aggregate amount of revenues produced by the Retained Agreements
not so assigned is less than 5.0% of the Free Spirit Program Revenues in such period (on a pro forma basis). Upon the effectiveness
of such assignment, such Retained Agreement(s) shall become Free Spirit Agreement(s).

 

(g)       Each
Co-Issuer and Guarantor shall maintain in effect commercially reasonable privacy and data security policies. Without limiting
the generality of the foregoing, except as would not reasonably be expected to result in a Material Adverse Effect, each applicable
Co-Issuer and Guarantor shall comply in all material respects, and shall cause each of its Subsidiaries and each of its Third
Party Processors to be in compliance in all material respects with (i) all internal privacy policies and privacy policies contained
on any websites maintained by or on behalf of such Co-Issuer or Guarantor or such Subsidiary and such policies are accurate, not
misleading and consistent with the actual practices of such Co-Issuer or Guarantor, (ii) all Data Protection Laws with respect
to Personal Data of the United States, the State of California, the United Kingdom, the Cayman Islands, and the European Union
and (iii) its contractual commitments and obligations regarding Personal Data.

 

Section
4.07Maintenance of Rating.

 

The
Co-Issuers and the Guarantors shall cooperate with the Rating Agencies in obtaining a rating for the Notes from both of the Rating
Agencies and shall use commercially reasonable efforts to cause the Notes to be continuously rated by such Rating Agencies but
shall not be required to obtain any specific rating. The Co-Issuers and the Guarantors shall make commercially reasonable efforts
to provide the Rating Agencies (at Spirit’s sole expense) such reports, records and documents as each shall reasonably request
to monitor or affirm such ratings, except to the extent the disclosure of any such document or any such discussion would result
in the violation of any Co-Issuer’s or Guarantor’s contractual (including all confidentiality obligations set forth
in the Free Spirit Agreements) or legal obligations; provided that the Co-

 

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Issuers’
or Guarantors’ failure to obtain such a rating after using commercially reasonable efforts shall not constitute an Event
of Default.

 

Section
4.08Restricted Payments.

 

(a)       The
SPV Parties shall not, directly or indirectly:

 

(i)       declare
or pay any dividend or make any other payment or distribution on account of any SPV Party’s Equity Interests (including,
without limitation, any payment in connection with any merger or consolidation) or to the direct or indirect holders of any SPV
Party’s Equity Interests in their capacity as such;

 

(ii)       purchase,
redeem or otherwise acquire or retire for value any Equity Interests of any SPV Party;

 

(iii)       make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness other
than the Senior Secured Debt; or

 

(iv)       make
any Restricted Investment,

 

(all such
payments and other actions set forth in this Section 4.08(a)(i) through (iv) being collectively referred to as “Restricted
Payments”), other than solely with respect to:

 

(A)       Restricted
Payments (including the making of any intercompany loans and any payments in respect of intercompany debt or Junior Lien Debt)
with amounts released to the Co-Issuers under Section 4.01(j), Section 4.22(e) or pursuant to the terms of the Collateral
Agency and Accounts Agreement; and

 

(B)       the
making of the Spirit Intercompany Loan on the Closing Date;

 

provided that notwithstanding
anything to the contrary herein, no SPV Party shall be permitted to make any Restricted Payment at any time when an Event of Default
has occurred and is continuing.

 

(b)       Spirit
will not, and will not permit any of its Subsidiaries to, directly or indirectly, make any Investment to create or acquire, or
in furtherance or support of, any Loyalty Program (for the avoidance of doubt, other than the Free Spirit Program) other than
any Loyalty Program which Spirit and its Subsidiaries are expressly permitted to operate under the Transaction Documents, including
a Permitted Acquisition Loyalty Program.

 

Section
4.09Incurrence of Indebtedness and Issuance of Preferred Stock.

 

The
SPV Parties shall not, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly
liable, contingently or otherwise, with respect to any Indebtedness other than the following (and Spirit shall not, directly or
indirectly, create,

 

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incur,
issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to any Indebtedness
with respect to any Pre-paid Miles Purchase other than as set forth in Section 4.09(b)):

 

(a)       Junior
Lien Debt; provided that (i) prior to the incurrence of such Indebtedness, the Rating Agency Condition shall have been
satisfied, (ii) no Event of Default or Cash Trap Event shall have occurred and be continuing or would result from the issuance
of such Junior Lien Debt and (iii) the pro forma Total DSCR immediately after giving effect to the issuance of such Indebtedness
shall be more than 3.50 to 1:00;

 

(b)       Pre-paid
Miles Purchases, so long as (i) the aggregate amount of Miles purchased or other Indebtedness incurred in connection with such
Pre-paid Miles Purchases during any fiscal year does not exceed $25.0 million, (ii) the proceeds of such Pre-paid Miles Purchases
are deposited to the Loyalty Collection Account (iii) such sale is non-refundable and non-recourse to the SPV Parties, (iv) the
Indebtedness related thereto is unsecured or secured by assets of Spirit or its Subsidiaries (other than the SPV Parties) that
do not constitute Collateral and (v) the Indebtedness related thereto is unsecured and subordinated to the Obligations pursuant
to an agreement in form and substance reasonably satisfactory to the Trustee;

 

(c)       (x)
Indebtedness represented by the Notes issued and outstanding on the Closing Date, and the Note Guarantees related thereto; and
(y) Additional Notes or other secured first lien Indebtedness incurred on or after the two (2) year anniversary of the Closing
Date; provided that (i) any such Indebtedness (A) shall have a maturity date not earlier than the latest maturity date
for the Notes, (B) shall have a Weighted Average Life to Maturity thereof no shorter than the Weighted Average Life to Maturity
of the Notes (determined at the time of the issuance of such Indebtedness), and (C) shall not be subject to or benefit from any
Guarantee by any Person other than an Obligor, (ii) the pro forma Total DSCR immediately after giving effect to the issuance of
such Indebtedness shall be more than 4.00 to 1:00, (iii) prior to the issuance of any such Indebtedness after the initial incurrence
on the Closing Date the Rating Agency Condition shall have been satisfied, (iv) the terms and conditions governing such Indebtedness
shall be substantially similar to, or (taken as a whole) no more favorable (as reasonably determined by Spirit) to the investors
or holders providing such Indebtedness than those applicable to the then-outstanding Notes (except for (1) terms that are conformed
(or added) in the Transaction Documents for the benefit of the Holders holding then-outstanding Notes pursuant to an amendment
hereto or thereto subject solely to the reasonable satisfaction of Spirit, (2) covenants, events of default and guarantees applicable
only to periods after the latest maturity date then in effect for any Notes (as of the date of the incurrence of such Indebtedness)
and (3) pricing, fees, rate floors, premiums, optional prepayment or redemption terms), (v) in no event shall such Additional
Senior Secured Debt be subject to events of default, mandatory prepayment or acceleration resulting (either directly or through
a cross-default or cross-acceleration provision) from a Bankruptcy Case by Spirit or any of its Subsidiaries (other than the SPV
Parties) except on the same terms as the Notes, (vi) no Event of Default or Cash Trap Event shall have occurred and be continuing
or would result from the issuance of such Indebtedness, (vii) the liens on the Collateral securing such Indebtedness are pari
passu to the liens on the Collateral securing the Notes, (viii) the collateral agent, administrative agent or trustee in respect
of such Indebtedness (on behalf of the holders of such Indebtedness) becomes party to the Collateral Agency and Accounts Agreement
as a Senior Secured Debt Representative and (ix) any such Indebtedness shall

 

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include
separateness provisions regarding the SPV Parties substantially similar to the provisions set forth in Section 4.13;

 

(d)       Indebtedness
arising from customary indemnification or other similar obligations under the Transaction Documents and the other agreements entered
into on the Closing Date in connection therewith (or permitted replacements or amendments thereto).

 

Section
4.10Liens.

 

Spirit
will not directly or indirectly create, incur, assume or suffer to exist any Lien of any kind on any property or asset that constitutes
Collateral, except Permitted Liens. No SPV Party will directly or indirectly create, incur, assume or suffer to exist any Lien
of any kind on any of its property or assets other than Permitted Liens.

 

Section
4.11Restrictions on Disposition of Collateral.

 

(a)
Spirit shall not sell or otherwise Dispose of any Collateral (including by way of any Sale of a Grantor) and (b) no SPV Party
shall sell or otherwise Dispose of any of its property or assets (including the Collateral, and including by way of any Sale of
a Grantor), in each case except for a Permitted Disposition.

 

Section
4.12ECF Account.

 

(a)       The
Co-Issuers shall establish and maintain or cause to be maintained at the Collateral Custodian, a segregated non-interest bearing
trust account in the name of one or both Co-Issuers (as specified in the applicable Account Control Agreement), for the purpose
of holding Required Excess Cash Flow amounts deposited therein from time to time pursuant to Section 4.01 (such account,
the “ECF Account”). Amounts on deposit in the ECF Account shall be applied to offer to repurchase Notes as
set forth under Section 4.22. Only Required Excess Cash Flow deposited into the ECF Account pursuant to Section 4.01
will be permitted to be deposited in the ECF Account. The ECF Account shall be subject at all times to an Account Control
Agreement. Amounts on deposit in the ECF Account shall remain uninvested.

 

(b)       As
security for the prompt payment or performance in full when due, whether at stated maturity, by acceleration or otherwise, of
all Obligations, the Co-Issuers hereby grants to the Trustee for the benefit of the Notes Secured Parties a security interest
in and lien upon, all of the Co-Issuers’ right, title and interest in and to (i) the ECF Account, (ii) all funds held in
the ECF Account, and all certificates and instruments, if any, from time to time representing or evidencing any account or such
funds, (iii) all Investments from time to time of amounts in the ECF Account and all certificates and instruments, if any, from
time to time representing or evidencing such Investments, (iv) all notes, certificates of deposit and other instruments from time
to time delivered to or otherwise possessed by the Trustee or any Notes Secured Party or any assignee or agent on behalf of the
Trustee or any Notes Secured Party in substitution for or in addition to any of the then existing Collateral in the ECF Account,
and (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any and all of the then existing Collateral in the ECF Account.

 

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(c)       Each
Co-Issuer and Guarantor hereby acknowledges and agrees that at all times, the Trustee shall be the only Person that has a right
to withdraw from the ECF Account and, so long as such funds remain on deposit in the ECF Account, such funds shall at all times
continue to be Collateral security for all of the Obligations.

 

(d)       If,
at any time, the ECF Account shall no longer be an Eligible Account, the Co-Issuers shall provide prompt written notice to the
Trustee and, within sixty (60) days, move the ECF Account to a new depositary institution pursuant to Section 7.11.

 

Section
4.13Restrictions on Business Activities.

 

(a)       Spirit
will not, and will not permit any of its Subsidiaries (other than the SPV Parties) to, engage in any business other than the Permitted
Airline Business, except to such extent as would not reasonably be expected to have a Material Adverse Effect on Spirit and its
Subsidiaries taken as a whole.

 

(b)       The
SPV Parties will not engage in any business other than the Permitted SPV Business.

 

(c)       Other
than as required or permitted by the Transaction Documents, the SPV Parties have not and shall not:

 

(i)       engage
in any business or activity other than (A) the purchase, receipt, management and sale of Collateral and Excluded Property; provided
that in no event shall any SPV Party purchase, receive, manage or sell real property, (B) the transfer and pledge of Collateral
pursuant to the terms of the Collateral Documents and the Senior Secured Debt Documents and the Junior Lien Debt Documents, (C)
the entry into and the performance under the Transaction Documents to which it is a party and (D) such other activities as are
incidental thereto;

 

(ii)       acquire
or own any material assets other than (A) the Collateral and Excluded Property; provided that in no event shall any SPV
Party acquire or own real property, or (B) incidental property as may be necessary or desirable for the operation of any SPV Party
and the performance of its obligations under the Transaction Documents to which it is a party and the Senior Secured Debt Documents
and the Junior Lien Debt Documents;

 

(iii)       except
as permitted by this Indenture (A) merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in
part, transfer or otherwise dispose of all or substantially all of its assets, or (B) change its legal structure, or jurisdiction
of incorporation, unless, in connection with any of the foregoing, such action shall result in the substantially contemporaneous
occurrence of the Discharge of Senior Secured Debt Obligations;

 

(iv)       except
as otherwise permitted under Section 4.13(c)(iii), fail to preserve its existence as an entity duly incorporated, validly
existing and in good standing under the laws of the jurisdiction of its incorporation;

 

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(v)       form,
acquire or own any Subsidiary (other than another SPV Party that is a wholly-owned Subsidiary of such SPV Party), own any Equity
Interests in any other entity, or make any Investment in any Person other than to the extent permitted in its memorandum and articles;

 

(vi)       except
as contemplated in the Senior Secured Debt Documents, commingle its assets with the assets of any of its Affiliates, or of any
other Person;

 

(vii)       incur
any Indebtedness other than (A) Senior Secured Debt, (B) Junior Lien Debt and (C) ordinary course contingent obligations under
or any terms thereof related to the Free Spirit Agreements (such as customary indemnities to fronting banks, administrative agents,
collateral agents, depository banks, escrow agents, etc.);

 

(viii)       become
insolvent or fail to pay its debts and liabilities from its assets as the same shall become due in the ordinary course of business;

 

(ix)       fail
to maintain its records, books of account and bank accounts separate and apart from those of any other Person;

 

(x)       enter
into any contract or agreement with any Person, except (A) the Transaction Documents to which it is a party and the Senior Secured
Debt Documents and the Junior Lien Debt Documents, (B) the Specified Organizational Documents and (C) other contracts or agreements
that (x) are upon terms and conditions that are commercially reasonable and substantially similar to those that would be available
on an arm’s-length basis with third parties other than such Person and (y) contain non-recourse and non-petition covenants
with respect to any SPV Party consistent with the provisions set forth in this Indenture;

 

(xi)       seek
its dissolution or winding up in whole or in part;

 

(xii)       fail
to use commercially reasonable efforts to correct promptly any material known misunderstandings regarding the separate identities
of any SPV Party, on the one hand, and any Affiliate or any principal thereof or any other Person, on the other hand;

 

(xiii)       except
pursuant to the Transaction Documents, the Senior Secured Debt Documents and the Junior Lien Debt Documents, guarantee, become
obligated for, or hold itself out to be responsible for the Indebtedness of another Person;

 

(xiv)       fail,
in any material respect, either to hold itself out to the public as a legal entity separate and distinct from any other Person
or to conduct its business, solely in its own name in order not (A) to mislead others as to the identity of the Person with which
such other party is transacting business, or (B) to suggest that it is responsible for the Indebtedness of any third party (including
any of its principals or Affiliates (other than as contemplated or required pursuant to the Transaction Documents));

 

(xv)       fail,
to the extent of its own funds (taking into account the requirements in the Transaction Documents), to maintain adequate capital
for the normal

 

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obligations
reasonably foreseeable in a business of its size and character and in light of its contemplated business operations;

 

(xvi)       except
as may be required or permitted by the Code and regulations thereunder or other applicable state or local tax law, hold itself
out as or be considered as a department or division of (A) any of its principals or Affiliates, (B) any Affiliate of a principal
or (C) any other Person;

 

(xvii)       fail
to maintain adequate books and records; provided that the SPV Parties’ assets may be included in a consolidated financial
statement of its Affiliates so long as appropriate notation shall be made on such consolidated financial statements to indicate
the separateness of the SPV Parties from such Person and to indicate that the SPV Parties’ assets and credit are not available
to satisfy the Indebtedness and other obligations of such Person or any other Person except for Indebtedness incurred and other
obligations pursuant to the Transaction Documents, the Senior Secured Debt Documents and the Junior Lien Debt Documents;

 

(xviii)       fail
to pay its own separate liabilities and expenses only out of its own funds;

 

(xix)       maintain,
hire or employ any individuals as employees;

 

(xx)       acquire
the obligations or securities issued by its Affiliates or members (other than any equity interests of another SPV Party that is
a wholly-owned Subsidiary of such SPV Party and the Spirit Intercompany Note);

 

(xxi)       fail
to allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including paying for office space and
services performed by any employee of an Affiliate;

 

(xxii)       pledge
its assets to secure the obligations of any other Person other than pursuant to the Transaction Documents, the Senior Secured
Debt Documents and the Junior Lien Debt Documents;

 

(xxiii)       
fail to have such Independent Directors as are required under Section 4.14;

 

(xxiv)       (A)
institute proceedings to be adjudicated bankrupt or insolvent, (B) institute or consent to the institution of bankruptcy, winding
up or insolvency proceedings against it, (C) file a petition seeking or consent to reorganization or relief under any applicable
federal or state law relating to bankruptcy or insolvency, (D) seek or consent to the appointment of a receiver, liquidator, provisional
liquidator, assignee, trustee, sequestrator, collateral agent or any similar official for any SPV Party, (E) make any general
assignment for the benefit of any SPV Party’s creditors, (F) admit in writing its inability to pay its debts generally as
they become due, or (G) take any corporate action to approve any of the foregoing; or

 

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(xxv)       fail
to file its own tax returns separate from those of any other Person, except to the extent that any SPV Party is treated as a disregarded
entity for U.S. federal and applicable state and local income tax purposes.

 

Section
4.14Independent Directors of the SPV Parties; Special Shareholder of the SPV Parties.

 

(a)       No
SPV Party shall fail for seven (7) consecutive Business Days to have at least one (1) Independent Director. Pursuant to this Indenture
and each SPV Party’s Specified Organizational Document, (a) no SPV Party shall be permitted to vote upon, or hold any vote
on, any “Material Action” (as defined in such SPV Party’s Specified Organizational Document) unless such SPV
Party has one (1) Independent Director at such time and such Independent Director is present for such vote and (b) any “Material
Action” (as defined in such SPV Party’s Specified Organizational Document) shall require the affirmative vote of such
Independent Director for such SPV Party.

 

(b)       No
SPV Party shall fail to have a Special Shareholder, and no Extraordinary Resolution shall be passed by, or with respect to, any
SPV Party without the unanimous vote of all shareholders thereof, including the affirmative vote of the Special Shareholder of
such SPV Party.

 

Section
4.15Liquidity.

 

Spirit
will not permit the aggregate amount of Liquidity to be less than $400,000,000 at the end of any Business Day following the Closing
Date.

 

Section
4.16Appraisals.

 

Spirit
shall be required to deliver an Appraisal of the value of the Collateral to the Trustee on a semi-annual basis. Spirit shall deliver
such Appraisals on the Determination Date occurring on April and October of each year, and such Appraisal shall be determined
no earlier than 10 days prior to such Determination Date. The value of the Collateral determined in such Appraisal will be used
to test the LTV Ratio on such Determination Date. Spirit may also elect (at its sole discretion) to deliver an Appraisal to the
Trustee on any other Determination Date on which no Appraisal was required (which Appraisal shall be determined no earlier than
10 days prior to such Determination Date) and shall be permitted to re-test the LTV Ratio on such Determination Date using such
updated Appraisal. All Appraisals delivered to the Trustee must be performed by an Approved Appraisal Firm. If at any time the
LTV Ratio exceeds 62.5% on a Determination Date, the interest rate on the Notes for subsequent Interest Periods shall increase
by 2.0% to 10% until such time as the LTV Ratio does not exceed 62.5%.

 

Section
4.17Financial Statements and Other Reports.

 

(a)       From
and after the Closing Date, Spirit shall furnish or cause to be furnished to the Trustee:

 

(i)       within
ninety (90) days after the end of each fiscal year, Spirit’s consolidated balance sheet and related statement of income
and cash flows, showing the financial condition of Spirit and its Subsidiaries on a consolidated basis as of the close of such
fiscal year and the results of their respective operations during such year, the

 

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consolidated
statement of Spirit to be audited for Spirit by independent public accountants of recognized national standing and to be accompanied
by an opinion of such accountants (which opinion shall be without any qualification or exception as to the scope of such audit)
to the effect that such consolidated financial statements fairly present in all material respects the financial condition and
results of operations of Spirit and its Subsidiaries on a consolidated basis in accordance with GAAP; provided that the
foregoing delivery requirement shall be satisfied if Spirit shall have filed with the SEC its Annual Report on Form 10-K for such
fiscal year, which is available to the public via EDGAR or any similar successor system;

 

(ii)       within
forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year, Spirit’s consolidated
balance sheets and related statements of income and cash flows, showing the financial condition of Spirit and its Subsidiaries
on a consolidated basis as of the close of such fiscal quarter and the results of their operations during such fiscal quarter
and the then elapsed portion of the fiscal year, each certified by a Responsible Officer of Spirit as fairly presenting in all
material respects the financial condition and results of operations of Spirit and its Subsidiaries on a consolidated basis in
accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes; provided that the foregoing
delivery requirement shall be satisfied if Spirit shall have filed with the SEC its Quarterly Report on Form 10-Q for such fiscal
quarter, which is available to the public via EDGAR or any similar successor system; and

 

(iii)       within
ninety (90) days after the end of the fiscal year, a certificate of a Responsible Officer of Spirit certifying that, to the knowledge
of such Responsible Officer, no Cash Trap Event or Event of Default has occurred and is continuing, or, if, to the knowledge of
such Responsible Officer, such a Cash Trap Event or Event of Default has occurred and is continuing, specifying the nature and
extent thereof and any corrective action taken or proposed to be taken with respect thereto;

 

(iv)       within
(A) ninety (90) days after the end of each fiscal year, and (B) forty-five (45) days after the end of each of the first three
fiscal quarters of each fiscal year thereafter, a certificate of a Responsible Officer demonstrating in reasonable detail compliance
with Section 4.15 as of the end of such preceding fiscal quarter;

 

(v)       no
later than each Determination Date with respect to each Quarterly Reporting Period, a certificate of a Responsible Officer of
the Loyalty Issuer (which may be the Payment Date Statement), (i) setting forth the name of each new Material Free Spirit
Agreement entered into as of such date and each of the parties thereto, (ii) certifying compliance with deposit requirements
under the Transaction Documents with respect to such Free Spirit Agreements, (iii) verifying that 90% of all Free Spirit
Program Revenues for such Quarterly Reporting Period were deposited directly into the Loyalty Collection Account, and (iv)
certifying whether there has been any Material Modification to any Material Free Spirit Agreement and, if there has been,
specifying the date of such Material Modification and the Material Free Spirit Agreement to which such Material Modification
applied and certifying that the Material Modification was made in compliance with this Indenture;

 

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(vi)       on
each Determination Date, a Payment Date Statement to the Trustee. The Trustee may, prior to the related Payment Date, provide
notice to the Co-Issuers of any information contained in the Payment Date Statement that the Trustee believes to be incorrect.
If the Trustee provides such a notice, the Co-Issuers shall use their reasonable efforts to resolve the discrepancy and provide
an updated Payment Date Statement on or prior to the related Payment Date. If the discrepancy is not resolved and a replacement
Payment Date Statement is not received by the Trustee prior to the payment of Available Funds on the related Payment Date pursuant
to Section 4.01 and it is later determined that the information identified by the Trustee as incorrect was in fact incorrect
and such error resulted in a party receiving a smaller distribution on the Payment Date than they would have received had there
not been such an error, then the Co-Issuers shall indemnify such party for such shortfall. For the avoidance of doubt and, notwithstanding
anything to the contrary in this Indenture or in any Collateral Document, the Trustee shall have no obligation to inquire into,
investigate, verify or perform any calculations in connection with a Payment Date Statement or notice from the Trustee in respect
of the same; it being understood and agreed that the Trustee shall be entitled to conclusively rely, and shall not be liable for
so relying, on the Payment Date Statement last received by it on or prior to each Payment Date and the Trustee shall have no obligation,
responsibility or liability in connection with any indemnification payment of the Co-Issuers pursuant to the immediately preceding
sentence;

 

(vii)       promptly
after the occurrence thereof, written notice of the termination of a Plan of Spirit pursuant to Section 4042 of ERISA to the extent
such termination would constitute an Event of Default; and

 

(viii)       promptly
after the Chief Financial Officer or the Treasurer of Spirit becoming aware of the occurrence of a Default, a Cash Trap Event
or an Event of Default that is continuing, an Officer’s Certificate specifying such Default, Cash Trap Event or Event of
Default and what action Spirit and its Subsidiaries are taking or propose to take with respect thereto.

 

(b)       [Reserved].

 

(c)       In
no event shall the Trustee be entitled to inspect, receive and make copies of materials (except in connection with any enforcement
or exercise of remedies in the case of clause (i)) (i) that constitute non registered Intellectual Property, Excluded Intellectual
Property, non-financial Trade Secrets (including the Free Spirit Customer Data) or non-financial proprietary information, (ii)
in respect of which disclosure to the Trustee, the Collateral Agent or any Holder (or their respective representatives or contractors)
is prohibited by law or any binding agreement (or would otherwise cause a breach or default thereunder) or (iii) that are subject
to attorney client or similar privilege or constitute attorney work product.

 

(d)       Information
required to be delivered pursuant to this Indenture to the Trustee pursuant to Section 4.17(a)(i) through Section 4.17(a)(viii)
may be made available by the Trustee to the Holders by posting such information on the Trustee’s website on the Internet
at http://wilmingtontrustconnect.com. Information required to be delivered pursuant to this Indenture shall be deemed to have
been delivered to the Trustee on the date on which Spirit provides written

 

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notice
to the Trustee that such information has been posted on Spirit’s general commercial website on the Internet (to the extent
such information has been posted or is available as described in such notice), as such website may be specified by Spirit to the
Trustee from time to time, and shall be in a format which is suitable for transmission.

 

(e)       Delivery
of reports, information, appraisals, and documents to the Trustee is for informational purposes only and its receipt of such reports,
information, appraisals, and documents shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including compliance by any Co-Issuer, Guarantor or any other Person with any of its covenants
under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The
Trustee shall have no liability or responsibility for the content, filing or timeliness of any report, appraisal, or other information
delivered, filed or posted under or in connection with this Indenture, the other Transaction Documents or the transactions contemplated
thereunder. The Trustee has no duty to monitor or confirm, on a continuing basis or otherwise, the Obligors’ compliance
with this Article 4 or with respect to matters disclosed in any reports or other documents filed with the SEC or EDGAR or any
website under this Indenture, or participate in any conference calls.

 

Section
4.18Corporate Existence.

 

Each
Obligor shall do or cause to be done all things reasonably necessary to preserve and keep in full force and effect:

 

(a)       its
corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of such Obligor or such Subsidiary; and

 

(b)       its
and its Subsidiaries’ rights (charter and statutory) and material franchises; provided, however, that Spirit shall
not be required to preserve any such right or franchise, or the corporate, partnership or other existence of it or any of its
Subsidiaries (other than any SPV Party), if its Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of Spirit and its Subsidiaries, taken as a whole, and that the loss thereof would not,
individually or in the aggregate, have a Material Adverse Effect.

 

For
the avoidance of doubt, this Section 4.18 shall not prohibit any actions permitted by Article 5.

 

Section
4.19Use of Proceeds.

 

Spirit
will not use, and will not permit any of its Subsidiaries to use, the proceeds of the Notes (A) in violation of any Anti-Corruption
Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country (except to the extent permitted by applicable law), or (C) in any manner that would result
in the violation of any Sanctions applicable to Spirit or any of its Subsidiaries.

 

Section
4.20Specified Organizational Documents.

 

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No
Obligor shall amend, modify or waive any Special Purpose Provision in any Specified Organizational Document. No Obligor shall
amend, modify or waive any other provision of any Specified Organizational Document in a manner adverse to the Holders.

 

Section
4.21Intellectual Property.

 

(a)       The
Obligors shall not terminate, amend, waive, supplement or otherwise modify any IP Agreement or any provision thereof or exercise
any right or remedy under or pursuant to or under any IP Agreement, in each case without the prior written consent of the Required
Debtholders if such termination, amendment, waiver, supplement or modification or exercise of remedies would reasonably be expected
to result in a Material Adverse Effect; provided that (i) termination of any IP Agreement or any amendment to the termination
provisions thereof, or (ii) any amendment to an IP Agreement that (A) materially and adversely affects rights to the Loyalty Program
Intellectual Property, Brand Intellectual Property or, in the case of the Contribution Agreements, other applicable Collateral,
or rights to use Loyalty Program Intellectual Property, Brand Intellectual Property or, in the case of the Contribution Agreements,
other applicable Collateral, (B) shortens the scheduled term thereof, (C) in the case of any IP License, materially and adversely
changes the amount or calculation of the termination payment, or the amount, calculation or rate of fees due and owing thereunder,
(D) changes the contractual subordination of payments thereunder in a manner materially adverse to the Senior Secured Parties,
(E) reduces the frequency of payments thereunder to an SPV Party or permits payments due to an SPV Party thereunder to be deposited
to an account other than a Collection Account, (F) changes the amendment standards applicable to such IP Agreement (other than
changes affecting rights of the Trustee or the Collateral Agent to consent to amendments, which is covered by clause (G))
in a manner that would reasonably be expected to result in a Material Adverse Effect or (G) materially impairs the rights of the
Trustee or the Collateral Agent to enforce or consent to amendments to any provisions thereof in accordance therewith shall, in
each case, be deemed to have a Material Adverse Effect.

 

(b)       Any
assignment, pursuant to a Contribution Agreement, of Intellectual Property registered in the United States shall be filed in the
applicable intellectual property office and applicable internet domain name registrars on or before the date that is thirty (30)
days after the Closing Date (as extendable automatically without consent of the Trustee to the extent the Co-Issuers are diligently
pursuing satisfaction of the terms hereof, but such completion has been delayed as a result of the COVID-19 pandemic or other
events and conditions (e.g., natural disaster), which are outside the control of the Obligors). Any assignment, pursuant to a
Contribution Agreement, of Intellectual Property registered outside the United States shall be filed in the applicable intellectual
property office and applicable internet domain name registrars on or before the date that is one hundred and eighty (180) days
after the Closing Date (as extendable automatically without consent of the Trustee to the extent the Co-Issuers are diligently
pursuing satisfaction of the terms hereof, but such completion has been delayed as a result of the COVID-19 pandemic or other
events and conditions (e.g., natural disaster) in a manner that is outside the control of the Obligors).

 

(c)       On
or before the date that is six (6) months after the Closing Date, Spirit shall, or shall cause its third party vendor to, segregate,
compile, host and maintain Free Spirit Customer Data on a database separate from the database containing any data owned or purported

 

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to
be owned, or later developed or acquired and owned or purported to be owned, by Spirit or any of its Subsidiaries (other than
the Free Spirit Customer Data).

 

Section
4.22Required Excess Cash Flow Repurchase Offers.

 

(a)       On
each Payment Date if a Cash Trap Period is in effect as of the last day of the related Quarterly Reporting Period and a Cash Trap
Cure has not occurred on or prior to such Payment Date, then the Co-Issuers, in the Payment Date Statement, shall direct the Trustee
to deposit any Required Excess Cash Flow for such Payment Date to the ECF Account pursuant to Section 4.01. Within 30 days of
any such Payment Date, the Co-Issuers shall make an offer (an “ECF Repurchase Offer”) to all Holders to purchase
the maximum principal amount of Notes on a pro rata basis that may be purchased out of such Required Excess Cash Flow at
a repurchase price equal to 100.0% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest thereon
to, but excluding, the ECF Repurchase Date (as defined below).

 

(b)       The
ECF Repurchase Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to the
extent that a longer period is required by applicable law (the “ECF Repurchase Offer Period”). Promptly after
the expiration of the ECF Repurchase Offer Period (the “ECF Repurchase Date”), the Trustee shall apply all
of the Required Excess Cash Flow to effect the repurchase by the Co-Issuers of all of the Notes tendered in the ECF Repurchase
Offer at a repurchase price equal to 100.0% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest
thereon to, but excluding, the ECF Repurchase Date (the “ECF Offer Repurchase Price”); provided that
if the aggregate ECF Offer Repurchase Price for all Notes tendered in such ECF Repurchase Offer exceeds the total amount of Required
Excess Cash Flow, then such tendered Notes shall be repurchased pro rata up to the maximum amount of Notes that can be
repurchased with such Required Excess Cash Flow.

 

(c)       If
the ECF Repurchase Date is on or after a record date and on or before the related Payment Date, any accrued and unpaid interest
up to but excluding the ECF Repurchase Date, shall be paid to the Person in whose name a Note is registered at the close of business
on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the ECF Repurchase Offer.

 

(d)       Notices
of an ECF Repurchase Offer (“ECF Repurchase Offer Notices”) shall be sent by the Co-Issuers by first class
mail or sent electronically, no later than 30 days after the applicable Payment Date, to each Holder at such Holder’s registered
address or otherwise in accordance with the applicable procedures of DTC. The ECF Repurchase Offer Notice shall contain all instructions
and materials necessary to enable such Holders to tender Notes pursuant to the ECF Repurchase Offer. The ECF Repurchase Offer
shall be made to all Holders. The ECF Repurchase Offer Notice, which shall govern the terms of the ECF Repurchase Offer, shall
state:

 

(i)       that
the ECF Repurchase Offer is being made pursuant to this Section 4.22 and the length of time the ECF Repurchase Offer shall
remain open;

 

(ii)       the
Required Excess Cash Flow for such Payment Date, the repurchase price and the ECF Repurchase Date;

 

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(iii)       that
any Note not tendered or accepted for payment shall continue to accrue interest;

 

(iv)       that,
unless the Co-Issuers default in making such payment, any Note accepted for payment pursuant to the ECF Repurchase Offer shall
cease to accrue interest after the ECF Repurchase Date;

 

(v)       that
Holders electing to have a Note purchased pursuant to an ECF Repurchase Offer may elect to have Notes purchased in minimum amounts
of $1.00 or integral multiples of $1.00 in excess thereof only;

 

(vi)       that
Holders electing to have a Note purchased pursuant to any ECF Repurchase Offer shall be required to surrender the Note, with the
form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer,
to the Co-Issuers, the Notes Depositary, if appointed by the Co-Issuers, or a Paying Agent at the address specified in the notice
at least two (2) Business Days before the ECF Repurchase Date;

 

(vii)       that
Holders shall be entitled to withdraw their election if the Co-Issuers, the Notes Depositary or the Paying Agent, as the case
may be, receives, not later than the expiration of the ECF Repurchase Offer Period, a facsimile or other electronic transmission
or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement
that such Holder is withdrawing his election to have such Notes purchased;

 

(viii)       that,
if the aggregate principal amount of Notes surrendered by the Holders thereof exceeds the amount that can be repurchased with
the Required Excess Cash Flow for such Payment Date, the Trustee shall select the Notes (while the Notes are in global form pursuant
to the procedures of the Notes Depositary) to be purchased on a pro rata basis based on the principal amount of the Notes
tendered (with such adjustments as may be deemed appropriate by the Co-Issuers so that only Notes in denominations of $1.00, or
integral multiples of $1.00 in excess thereof, shall remain outstanding after such purchase) to the extent practicable, or, if
the pro rata basis is not practicable for any reason, by lot or by such other method as most nearly approximates a pro
rata basis subject to customary procedures of the Notes Depositary; and

 

(ix)       that
Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased.

 

(e)       To
the extent that the aggregate principal amount of Notes validly tendered or otherwise surrendered in connection with an ECF Repurchase
Offer is less than the Required Excess Cash Flow, the Co-Issuers may, after purchasing all such Notes validly tendered and not
withdrawn, use the remaining Required Excess Cash Flow for any purpose not otherwise prohibited by this Indenture. If the aggregate
principal amount of the Notes validly tendered pursuant to any ECF Repurchase Offer exceeds the Required Excess Cash Flow, the
Co-Issuers

 

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will
allocate the Required Excess Cash Flow to purchase Notes on a pro rata basis on the basis of the aggregate principal amount
of tendered Notes; provided that no Notes will be selected and purchased in an unauthorized denomination. Upon completion
of any repurchase of Notes in an ECF Repurchase Offer, the amount of Required Excess Cash Flow shall be reset at zero.

 

(f)       On
or before the ECF Repurchase Date, the Co-Issuers shall, to the extent lawful, (1) accept for payment, on a pro rata basis
to the extent necessary, the Notes or portions thereof validly tendered pursuant to the ECF Repurchase Offer, or if the aggregate
ECF Offer Repurchase Price for all Notes so tendered in such ECF Repurchase Offer does not exceed the total amount of Required
Excess Cash Flow, all Notes tendered and (2) deliver or cause to be delivered to the Trustee the Notes properly accepted together
with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so tendered.

 

(g)       The
Trustee, the Notes Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder
from amounts held in the ECF Account an amount equal to the repurchase price of the Notes properly tendered by such Holder and
accepted by the Co-Issuers for repurchase, and the Co-Issuers shall promptly issue a new Note, and the Trustee, upon receipt of
an Authentication Order, shall authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such
Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s
Certificate is required for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any
unpurchased portion of the Note surrendered representing the same indebtedness to the extent not repurchased; provided,
that each such new Note shall be in a minimum denomination of $1.00 or an integral multiple of $1.00 in excess thereof. Any Note
not so accepted shall be promptly mailed or delivered by the Co-Issuers to the Holder thereof. The Co-Issuers shall publicly announce
the results of the ECF Repurchase Offer on or as soon as practicable after the ECF Repurchase Date.

 

(h)       The
Co-Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result
of a ECF Repurchase Offer. To the extent that the provisions of any securities laws or regulations, including Rule 14e-1 under
the Exchange Act, conflict with the provisions of this Indenture, the Co-Issuers shall not be deemed to have breached its obligations
described in this Indenture by virtue of compliance therewith.

 

Section
4.23Offer to Repurchase Upon Parent Change of Control.

 

(a)       If
a Parent Change of Control occurs, each Holder of Notes will have the right to require the Co-Issuers to repurchase all or any
part of that Holder’s Notes pursuant to an offer (a “Parent Change of Control Offer”) at a purchase price
in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest on the Notes repurchased
to the date of repurchase (the “Parent Change of Control Payment”), subject to the rights of Holders of Notes
on the relevant record date to receive interest due on the relevant Payment Date. Within thirty (30) days following any Parent
Change of Control, the Co-Issuers will mail or send electronically pursuant to applicable DTC procedures a notice to each Holder
and the Trustee describing the transaction or transactions that constitute the Parent Change of

 

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Control
and offering to repurchase Notes on the date specified in the notice (the “Parent Change of Control Payment Date”),
which date will be no earlier than thirty (30) days and no later than sixty (60) days from the date such notice is mailed or sent,
pursuant to the procedures required by this Indenture and described in such notice and stating:

 

(i)       that
the Parent Change of Control Offer is being made pursuant to this Section 4.23 and that all Notes tendered will be accepted
for payment;

 

(ii)       the
purchase price and the Parent Change of Control Payment Date, which shall be no earlier
than 30 days and no later than 60 days from the date such notice is mailed or sent;

 

(iii)       that
any Note not tendered will continue to accrue interest;

 

(iv)       that,
unless the Co-Issuers default in the payment of the Parent Change of Control Payment,
all Notes accepted for payment pursuant to the Parent Change of Control Offer will
cease to accrue interest after the Parent Change of Control Payment Date;

 

(v)       that
Holders of Notes electing to have any Notes purchased pursuant to a Parent Change
of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase”
attached to the Notes completed, or transfer such Notes by book-entry transfer, to the Paying Agent at the address specified in
the notice prior to the close of business on the third Business Day preceding the Parent
Change of Control Payment Date; and

 

(vi)       that
Holders of Notes will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business
on the second Business Day preceding the Parent Change of Control Payment Date, a
facsimile or other electronic transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered
for purchase, and a statement that such Holder is withdrawing its election to have the Notes purchased.

 

The
Co-Issuers will provide a copy of such notice to the Trustee.

 

The
Co-Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result
of a Parent Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions
of this Section 4.23, the Co-Issuers will comply with the applicable securities laws and regulations and will not be deemed
to have breached its obligations under this Section 4.23 by virtue of such compliance.

 

(b)       On
the Parent Change of Control Payment Date, the Co-Issuers will, to the extent lawful:

 

(i)       accept
for payment all Notes or portions of Notes properly tendered pursuant to the Parent Change of Control Offer;

 

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(ii)       deposit
with the paying agent an amount equal to the Parent Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and

 

(iii)       deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Co-Issuers.

 

(c)       The
paying agent will promptly mail or otherwise pay in accordance with this Indenture and applicable DTC procedures to each Holder
of Notes properly tendered the Parent Change of Control Payment for the Notes, and the Co-Issuers will issue and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new note equal in principal amount
to any unpurchased portion of the Notes surrendered, if any.

 

(d)       The
provisions of this Section 4.23 that require the Co-Issuers to make a Parent Change of Control Offer following a Parent
Change of Control will be applicable whether or not any other provisions of this Indenture are applicable.

 

(e)       The
Co-Issuers will not be required to make a Parent Change of Control Offer upon a Parent Change of Control if (1) a third party
makes the Parent Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth
in this Indenture applicable to a Parent Change of Control Offer made by the Co-Issuers and purchases all Notes properly tendered
and not withdrawn under the Parent Change of Control Offer, or (2) notice of redemption with respect to all Notes has been given
pursuant to Section 3.07 unless and until there is a default in payment of the applicable redemption price; and a Parent
Change of Control Offer may be made in advance of a Parent Change of Control, conditioned upon the consummation of such Parent
Change of Control, if a definitive agreement is in place for the Parent Change of Control at the time the Parent Change of Control
Offer is made. If a Parent Change of Control occurs at a time when the Co-Issuers are prohibited, by the terms of any of their
indebtedness, from purchasing the Notes, the Co-Issuers may seek the consent of their lenders to the purchase of the Notes or
may attempt to refinance the borrowings that contain such prohibition. If the Co-Issuers do not obtain such a consent or repay
such borrowings, they would remain prohibited from purchasing the Notes. In such case, the Co-Issuers’ failure to offer
to purchase the Notes shall constitute an Event of Default under this Indenture. For the avoidance of doubt, the Co-Issuers’
failure to offer to purchase the Notes shall constitute an Event of Default under Section 6.02(a)(iii) and not Section
6.02(a)(i), but the failure of the Co-Issuers to pay the Parent Change of Control Payment when due shall constitute an Event
of Default under Section 6.02(a)(i).

 

(f)       If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw the Notes
in a Parent Change of Control Offer and the Co-Issuers, or any third party making a Parent Change of Control Offer in lieu of
the Co-Issuers, purchase all of such Notes validly tendered and not withdrawn by such Holders, the Co-Issuers will have the right,
upon not less than twenty (20) nor more than sixty (60) days’ prior notice, given not more than thirty (30) days following
such purchase pursuant to the Parent Change of Control Offer described above, to redeem all Notes that remain outstanding following
such purchase at a redemption price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon,
if any, to but not including the date of redemption (subject to

 

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the
right of Holders of record on the relevant record date to receive interest on the relevant interest payment date).

 

Section
4.24Maintenance of Office or Agency.

 

(a)       The
Co-Issuers shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar
or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to
or upon the Co-Issuers in respect of the Notes and this Indenture may be served. The Co-Issuers shall give prompt written notice
to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Co-Issuers shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made at the Corporate Trust Office of the Trustee.

 

(b)       The
Co-Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, that no such designation or
rescission shall in any manner relieve the Co-Issuers of their obligation to maintain an office or agency for such purposes. The
Co-Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

 

(c)       The
Co-Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or agency of the Co-Issuers in accordance
with Section 2.03 hereof; provided, that no service of legal process on the Co-Issuers or any Guarantor may be made
at any office of the Trustee.

 

Section
4.25Taxes.

 

Each
Obligor shall pay, and cause each of its Subsidiaries to pay, all material taxes, assessments, and governmental levies before
the same shall become more than ninety (90) days delinquent, other than taxes, assessments and levies (i) being contested in good
faith by appropriate proceedings and (ii) the failure to effect such payment of which are not reasonably expected to have a Material
Adverse Effect.

 

Section
4.26Stay, Extension and Usury Laws.

 

Each
Obligor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, that may affect the covenants in or the performance of this Indenture; and each Obligor (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the Trustee or the Collateral Agent, but will suffer
and permit the execution of every such power as though no such law has been enacted.

 

Section
4.27Compliance with Laws.

 

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Spirit
shall comply, and cause each of its Subsidiaries to comply, with all applicable laws, rules, regulations and orders of any Governmental
Authority applicable to it or its property, except where such noncompliance, individually or in the aggregate, would not reasonably
be expected to result in a Material Adverse Effect. Without limiting the foregoing, Spirit will maintain in effect policies and
procedures intended to ensure compliance by Spirit, its Subsidiaries and, when acting in such capacity, their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

Section
4.28Regulatory Matters; Citizenship, Utilization; Collateral Requirements.

 

Spirit
will:

 

(a)       maintain
at all times its status as an “air carrier” within the meaning of Section 40102(a)(2) of Title 49, and hold a certificate
under Section 41102(a)(1) of Title 49;

 

(b)       be
a United States Citizen;

 

(c)       maintain
at all times its status at the FAA as an “air carrier” and hold an air carrier operating certificate under Section
44705 of Title 49 and operations specifications issued by the FAA pursuant to Parts 119 and 121 of Title 14 as currently in effect
or as may be amended or recodified from time to time; and

 

(d)       possess
and maintain all necessary certificates, exemptions, franchises, licenses, permits, designations, rights, concessions, authorizations,
frequencies and consents that are material to the operation of the Free Spirit Program, and to the conduct of its business and
operations as currently conducted, except to the extent that any failure to possess or maintain would not reasonably be expected
to result in a Material Adverse Effect.

 

Section
4.29[Reserved].

 

Section
4.30Further Assurances.

 

(a)       In
each case, subject to the terms, conditions and limitations in the Notes Documents, each Co-Issuer and other Guarantor shall execute
any and all further documents and instruments, and take all further actions, that may be required or advisable under applicable
law or that the Collateral Agent may reasonably request, in order to create, grant, establish, preserve, protect and perfect the
validity, perfection and priority of the Liens and security interests created or intended to be created by the Collateral Documents,
including but not limited to making entries in the registers of mortgages and charges of each Co-Issuer and Cayman Guarantor maintained
at its registered office, in each case to the extent required under this Indenture or the Collateral Documents.

 

(b)       [Reserved.]

 

(c)       Pursuant
to the Notes Documents, and subject to certain limitations herein and therein, Spirit may identify one or more co-branding, partnering
or similar agreements related to or entered into in connection with the Free Spirit Program to constitute “Retained Agreements,”
provided that the aggregate amount of Retained Agreement Revenues over the preceding four

 

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Quarterly
Reporting Periods (or, in the case of the first three Quarterly Reporting Periods, since the Closing Date) must be less than 5.0%
of the Free Spirit Program Revenues over the same period. If the aggregate amount of Retained Agreement Revenues in any applicable
test period (determined on each Determination Date) is greater than or equal to 5.0% of the Free Spirit Program Revenues over
such period, Spirit shall promptly assign the payment rights under one or more Retained Agreements to the Loyalty Issuer such
that the aggregate amount of revenues produced by the Retained Agreements not so assigned is less than 5.0% of the Free Spirit
Program Revenues in such period on a pro forma basis. All of the Loyalty Issuer’s rights under the Retained Agreements assigned
to it shall be pledged as Collateral on a first lien basis and each such assigned Retained Agreement shall thereafter be a Free
Spirit Agreement and not a Retained Agreement. The terms of each Free Spirit Agreement entered into following the Closing Date
will provide that (i) the counterparty thereto will deposit all payments directly into the Loyalty Collection Account, (ii) acknowledge
and agree to the assignment of all payment rights thereunder to the Loyalty Issuer and (iii) consent to the pledge of the Obligors’
rights, title and interest in such agreement as the Collateral.

 

(d)       Promptly
after the date upon which it is permissible to transfer and assign any Specified IP, Spirit and the Cayman Guarantors shall, if
such Specified IP is not transferred and assigned pursuant to an existing Contribution Agreement, execute and deliver one or more
Contribution Agreements together with all further documents and instruments that may be required and advisable, and take all further
actions that may be required or advisable under applicable law or that the Collateral Agent may reasonably request, to transfer
and assign all of such Guarantors’ right, title and interest in and to such Specified IP to the applicable Co-Issuer, and
shall promptly provide the Trustee and the Collateral Agent copies of any such documents.

 

Section
4.31Collateral Ownership.

 

Subject
to the provisions of (including the actions permitted under) Section 4.11 and Article 5, the Contribution Agreements
and the IP Licenses, each Grantor will continue to maintain its interest in and right to use all property and assets so long as
such property and assets constitute Collateral.

 

Section
4.32Mandatory Prepayments 

 

To
the extent not applied in accordance with Section 3.08 and Section 3.09, the Co-Issuers shall, cause an amount equal
to (a) in the case of Section 3.08, the applicable Applied Mandatory Prepayment Amount and/or (b) in the case of Section
3.09, the relevant Applicable Mandatory Repurchase Offer Proceeds, to be deposited promptly into a Collection Account, which
amounts shall be applied in accordance with the terms of the Collateral Agency and Accounts Agreement.

 

Article
5 

SUCCESSORS

 

Section
5.01Merger, Consolidation and Sale of Assets.

 

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(a)       Spirit
shall not directly or indirectly: (i) consolidate or merge with or into another Person (whether or not Spirit is the surviving
corporation) or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets
of Spirit and its Subsidiaries taken as a whole, in one or more related transactions, to another Person, unless:

 

(i)       either:
(A) Spirit is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other
than Spirit) or to which such sale, assignment, transfer, conveyance or other disposition has been made is an entity organized
or existing under the laws of the United States, any state of the United States or the District of Columbia; and, if such
entity is not a corporation, a co-obligor of the Notes is a corporation organized or existing under any such laws;

 

(ii)       the
Person formed by or surviving any such consolidation or merger (if other than Spirit) or the Person to which such sale, assignment,
transfer, conveyance or other disposition has been made assumes all the obligations of Spirit under the Transaction Documents
pursuant to agreements reasonably satisfactory to the Trustee;

 

(iii)       immediately
after such transaction, no Event of Default exists; and

 

(iv)       Spirit
shall have delivered to the Trustee an Officer’s Certificate stating that such consolidation, merger or transfer complies
with this Indenture and the other Collateral Documents.

 

(b)       Spirit
will not, directly or indirectly, lease all or substantially all of the properties and assets of Spirit and its Subsidiaries taken
as a whole, in one or more related transactions, to any other Person.

 

(c)       The
requirements set forth in Section 5.01(a) will not apply to any Permitted Parent Reorganization or to any sale, assignment,
transfer, conveyance, lease or other disposition of assets between or among Spirit and/or any Subsidiary of Spirit that, immediately
following such transaction, guarantees the Notes on a senior unsubordinated basis pursuant to the applicable Transaction Documents
and assume all other obligations pursuant to the Transaction Documents.

 

(d)       No
SPV Party shall: (i) consolidate or merge with or into another Person, or permit any other Person to merge into or consolidate
with it, or (ii) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of its properties, in
one or more related transactions, to another Person.

 

Section
5.02Successor Corporation Substituted.

 

Upon
any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially
all of the properties or assets of Spirit in a transaction that is subject to, and that complies with the provisions of Section
5.01(a), the successor Person formed by such consolidation or into or with which Spirit is merged or to which such sale, assignment,
transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the
date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this
Indenture referring to Spirit shall refer instead to the successor Person and not to Spirit), and may exercise every right and

 

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power
of Spirit under this Indenture with the same effect as if such successor Person had been named as Spirit herein; provided,
however, that Spirit, if applicable, shall not be relieved from the obligation to pay the principal of, and interest, if
any, on the Notes except in the case of a sale of all of Spirit’s assets in a transaction that is subject to, and that complies
with the provisions of Section 5.01(a).

 

Article
6 

CASH TRAP, DEFAULTS AND REMEDIES

 

Section
6.01Cash Trap.

 

(a)       The
occurrence of any of the following shall constitute a “Cash Trap Event”:

 

(i)       the
Debt Service Coverage Ratio Test as set forth in the related Payment Date Statement is not satisfied on any Determination Date;

 

(ii)       the
balance in the Notes Reserve Account is less than the Notes Reserve Account Required Balance on any Payment Date after giving
effect to the deposits set forth in Section 4.01 on such Payment Date; or

 

(iii)       the
Co-Issuers have received written notice from the Trustee, or a Co-Issuer has actual knowledge, that an Event of Default shall
have occurred and is continuing.

 

(b)       In
the case of the occurrence of any Cash Trap Event, the Trustee may, and at the direction of the Permitted Noteholders shall, provide
written notice to the Co-Issuers that a Cash Trap Event has occurred.

 

Section
6.02Events of Default.

 

(a)       Each
of the following is an “Event of Default”:

 

(i)       default
in any payment of:

 

(A)       any
principal amount or premium, if any, on any of the Notes when such amount becomes due and payable;

 

(B)       any
interest on the Notes and such default shall have continued for a period of more than 30 days (or, upon the occurrence of a Spirit
Bankruptcy Case, the earlier of (x) 60 days after the date of such failure to pay and (y) fifteen days after the date on which
a Brand Assumption Order is entered); or

 

(C)       any
other amount payable under this Indenture when due and such default shall have continued unremedied for more than thirty (30)
days after the earlier of (x) a Responsible Officer of an Obligor obtaining

 

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knowledge
of such default or (y) receipt by an Obligor of notice from the Trustee of such default; provided that, if any default
shall have been made by any Obligor in the due observance or performance of the covenants set forth in Article 4 hereof
it shall not constitute a default under this Section 6.02(a)(i)(C); or

 

(ii)       default
shall have been made by any Obligor in the due observance or performance of any of the covenants in Section 4.02(a), Section
4.03(a), Section 4.04, Section 4.05 or Section 4.15 and such default shall continue unremedied for more
than ten (10) Business Days after the earlier of (i) a Responsible Officer of an Obligor obtaining knowledge of such default or
(ii) receipt by an Obligor of notice from the Trustee of such default; or

 

(iii)       default
by any Obligor in the due observance or performance of any other covenant, condition or agreement to be observed or performed
by it pursuant to the terms of this Indenture or any of the other Notes Documents and such default continues unremedied or uncured
for more than forty-five (45) days after the earlier of (i) a Responsible Officer of an Obligor obtaining knowledge of such default
or (ii) receipt by an Obligor of notice from the Trustee of such default; provided that, if such Person is proceeding with
diligence and good faith to cure or remedy such default and such default is susceptible to cure or remedy, such forty-five (45)
day period shall be extended to sixty (60) days in the aggregate (inclusive of the original forty-five (45) day period); or

 

(iv)       (A)
any material provision of this Indenture or of any Notes Document to which any Obligor is a party ceases to be a valid and binding
obligation of such party, or any action shall be taken to discontinue or to assert the invalidity or unenforceability of any Notes
Document, (B) the Lien on any material portion of the Collateral intended to be created by the Collateral Documents shall cease
to be or shall not be a valid and perfected Lien having the priorities contemplated in this Indenture (subject to Permitted Liens,
and except as permitted by the terms of this Indenture and the other Collateral Documents or other than as a result of the action,
delay or inaction of the Trustee) or (C) the Note Guarantee set forth in Article 10 shall fail to remain in full force
or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of such Note Guarantee,
or any Guarantor shall fail to comply with any of the terms or provisions of such Note Guarantee, or any Guarantor shall deny
that it has any further liability under such Note Guarantee, provided that, in each case, unless Spirit or any of its Subsidiaries
shall have contested or challenged, other than good faith disputes regarding interpretation of contractual provisions, the validity,
perfection or priority of, or attempted to invalidate, such liens or the validity or enforceability of a material provision of
any Collateral Document or material portion of any Collateral or Guarantee document, such breach shall not be an Event of Default
unless such breach continues unremedied or uncured for more than twenty (20) Business Days after the earlier of (x) a Responsible
Officer of Spirit or any Co-Issuer obtaining knowledge of such default or (y) receipt by any Co-Issuer of written notice from
the Trustee of such default; provided that, if such Person is proceeding with diligence and good faith to cure or remedy
such default and such default is susceptible to cure, such twenty (20) Business Days shall be extended as may be

 

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necessary
to cure such failure, such extended period not to exceed thirty (30) Business Days in the aggregate (inclusive of the original
twenty (20) Business Day period); or

 

(v)       any
SPV Party (A) commences a voluntary case or procedure, (B) consents to the entry of an order for relief against it in an involuntary
case, (C) consents to the appointment of a receiver, trustee, liquidator, provisional liquidator, custodian, conservator or other
similar official of it or for all or substantially all of its property, (D) makes a general assignment for the benefit of its
creditors, (E) admits in writing its inability generally to pay its debts as they become due, or (F) proposes or passes a resolution
for its voluntary winding up or liquidation; or

 

(vi)       a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)       is
for relief against any SPV Party;

 

(B)       appoints
a receiver, trustee, liquidator, provisional liquidator, custodian, conservator or other similar official of any SPV Party or
for all or substantially all of the property of any SPV Party; or

 

(C)       orders
the liquidation of any SPV Party, in each case, the order or decree remains unstayed and in effect for sixty (60) consecutive
days; or

 

(vii)       failure
by any SPV Party, Spirit, or any of Spirit’s Material Subsidiaries to pay one or more final judgments entered by a court
or courts of competent jurisdiction aggregating in excess of $100.0 million (determined net of amounts covered by insurance policies
issued by creditworthy insurance companies or by third party indemnities or a combination thereof), which judgments are not paid,
discharged, bonded, satisfied or stayed for a period of sixty (60) days; or

 

(viii)       (A)
any Obligor shall default in the performance of any obligation relating to Material Indebtedness and any applicable grace periods
shall have expired and any applicable notice requirements shall have been complied with, and as a result of such default the holder
or holders of such Material Indebtedness or any trustee or agent on behalf of such holder or holders shall have caused such Material
Indebtedness to become due prior to its scheduled final maturity date or (B) any Obligor shall default in the payment of the outstanding
principal amount due on the scheduled final maturity date of any Indebtedness outstanding under one or more agreements of such
Obligor, any applicable grace periods shall have expired and such failure to make payment when due shall be continuing for a period
of more than five (5) consecutive Business Days following the applicable scheduled final maturity date thereunder, in an aggregate
principal amount at any time unpaid exceeding $100.0 million; provided that any such payment default or acceleration resulting
from any Spirit Bankruptcy Case shall not constitute a default under this Section 6.02(a)(viii); or

 

(ix)       (A)
any SPV Party shall default in the performance of any obligation relating to Material Indebtedness and any applicable grace periods
shall have expired and

 

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any
applicable notice requirements shall have been complied with, and as a result of such default the holder or holders of such Material
Indebtedness or any trustee or agent on behalf of such holder or holders shall have caused, or shall be entitled or have the right
to cause, such Material Indebtedness to become due prior to its scheduled final maturity date or (B) any SPV Party shall default
in the payment of the outstanding principal amount due on the scheduled final maturity date of any Indebtedness outstanding under
one or more agreements of such party, any applicable grace periods shall have expired following the applicable scheduled final
maturity date thereunder, in an aggregate principal amount at any time unpaid exceeding $100.0 million; or

 

(x)       a
termination of a Plan of any Obligor pursuant to Section 4042 of ERISA that would reasonably be expected to result in a Material
Adverse Effect; or

 

(xi)       (A)
an exit from, or a termination or cancellation of, the Free Spirit Program, (B) an exit from, or a termination or cancellation
of, the $9 Fare Club program as a whole by Spirit (and not any individual termination or cancellation by a consumer), or (C) any
termination, expiration or cancellation of (1) any IP Agreement, (2) the Spirit Intercompany Loan or (3) a Significant Free Spirit
Agreement for which, solely in the case of this clause (3), a Permitted Replacement Free Spirit Agreement is not entered into
as of the effective date of such termination, expiration or cancellation; or

 

(xii)       any
Obligor makes a Material Modification to any Significant Free Spirit Agreement, any IP Agreement, or the Spirit Intercompany Loan
without the prior written consent of the Collateral Agent (acting at the direction of the Required Debtholders); or

 

(xiii)       [reserved];
or

 

(xiv)       (A)
the occurrence of a Spirit Bankruptcy Case, and any of the Spirit Case Milestones shall cease to be met or complied with, as applicable;
or (B) the occurrence of a Brand IP Case Milestones Termination Event; or

 

(xv)       a
Co-Issuer Change of Control; or

 

(xvi)       
(A) failure of any SPV Party to maintain at least one Independent Director for more than
seven (7) consecutive Business Days or (B) the removal of any Independent Director of any SPV Party without “Cause”
(as such term is defined in the Specified Organizational Documents of such SPV Party) or without giving prior written notice to
the Trustee, each as required in the Specified Organizational Documents of such SPV Party.

 

(b)       Subject
to the terms of the Collateral Agency and Accounts Agreement, after (i) the occurrence and continuance of an Issuer Bankruptcy
Event or (ii) the occurrence and continuance of any other Event of Default of which the Collateral Agent (at the direction of
the Required Debtholders) or the Trustee (at the direction of the Permitted Noteholders) has provided the Co-Issuers (with a copy
to the Collateral Agent, or the Trustee, as applicable) with at least two (2) Business Days’ prior written notice that the
Available Funds will be distributed pursuant to the priority set forth below, any payments, recoveries or distributions received
in any proceeding under

 

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any
Bankruptcy Laws, including adequate protection and Chapter 11 plan distributions, to the extent received by the Trustee from the
Collateral Agent as the Notes’ Allocable Share thereof shall be applied by the Trustee together with any Available Funds,
as follows:

 

(i)       first,
(x) to the Trustee and the Collateral Custodian, Fees, costs, expenses, reimbursements and indemnification amounts due and payable
to such Agents pursuant to the terms of the Collateral Documents and then (y) ratably, to the Trustee and the Collateral Custodian,
Fees, costs, expenses, reimbursements and indemnification amounts due and payable to such Agents pursuant to the terms of this
Indenture or the Collateral Documents and then (z) ratably, for the Notes’ Allocable Share of the fees, expenses
and other amounts due and owing to any Independent Director (or any such service provider providing the services of an Independent
Director) of any SPV Party (to the extent not otherwise paid);

 

(ii)       second,
to the Trustee, on behalf of the Holders, in the amount necessary to pay any due and unpaid interest on the Notes;

 

(iii)       third,
to the Trustee, on behalf of the Holders, in an amount equal to the amount necessary to pay the outstanding principal balance
of the Notes in full;

 

(iv)       fourth,
to pay to the Trustee on behalf of the Holders, any additional Obligations then due and payable, including any premium; and

 

(v)       fifth,
all remaining amounts shall be deposited into a Collection Account as directed by the Co-Issuers (provided that the Trustee shall
have no obligation to make the distribution in this clause (v) in the absence of such direction by the Co-Issuers).

 

Section
6.03Remedies Exercisable by the Trustee.

 

(a)       Upon
the occurrence of an Event of Default and at any time during the continuance thereof, the Trustee shall, at the request of the
Permitted Noteholders, by written notice to the Obligors and Holders (with a copy to the Collateral Agent and the Collateral Custodian),
take or direct, as applicable, one or more of the following actions, at the same or different times:

 

(i)       declare
the Notes or any portion thereof then outstanding to be forthwith due and payable, whereupon the principal of the Notes and other
Obligations and all other liabilities of the Obligors accrued under this Indenture and under any other Collateral Document, shall
become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are expressly
waived by the Obligors, anything contained herein or in any other Collateral Document to the contrary notwithstanding;

 

(ii)       provide
notice to the Co-Issuers that any funds, payments, recoveries, distributions or Available Funds received shall be applied as set
forth in Section 6.02(b) rather than as set forth in Section 4.01;

 

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(iii)       subject
to the terms of the Intercreditor Agreements and any limitations therein (including the limitation in Section 4.4 of the Collateral
Agency and Accounts Agreement), set-off amounts in any Controlled Account or any other account (other than (w) accounts pledged
to secure other Indebtedness of any Obligor, (x) the Specified Accounts or (y) the Payroll Accounts) maintained with the Trustee,
the Collateral Custodian, the Collateral Agent or the Depositary (or any of their respective affiliates) and apply such amounts
to the obligations of the Obligors under this Indenture and the Collateral Documents; and

 

(iv)       subject
to the terms of the Collateral Documents and any limitations therein (including the limitation in Section 4.4 of the Collateral
Agency and Accounts Agreement), exercise any and all remedies under the Collateral Documents and under applicable law available
to the Trustee, the Collateral Agent and the Holders.

 

(b)       In
case of any Event of Default in Section 6.02(a)(v) or Section 6.02(a)(vi) hereof, the actions and events in Section 6.03(a)(i)
and Section 6.03(a)(ii) hereof shall be required or taken automatically, without presentment, demand, protest or other
notice of any kind, all of which will be waived by the Obligors.

 

Section
6.04Waiver of Past Defaults.

 

The
Permitted Noteholders by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and
its consequences under this Indenture, except a continuing Default in the payment of interest, principal and premium, if any,
on any Note held by a non-consenting Holder; provided, that subject to Section 6.03 hereof, the Permitted Noteholders
may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration.
Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been
cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

 

Section
6.05Control by Majority.

 

The
Holders of a majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture or that, subject to Section 7.01, the Trustee determines is unduly prejudicial to
the rights of any other Holder of a Note or that would subject the Trustee to personal liability; provided, however
that the Trustee has no duty to determine whether any such action is prejudicial to any Holder or beneficial owner of the
Notes.

 

Section
6.06Limitation on Suits.

 

(a)       Subject
to Section 6.07 hereof, no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless:

 

(i)       such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

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(ii)       Holders
of at least 25.0% in aggregate principal amount of the total outstanding Notes have made a written request to the Trustee to pursue
the remedy;

 

(iii)       Holders
of the Notes have offered and, if requested, provide to the Trustee indemnity or security reasonably satisfactory to the Trustee
against any loss, liability or expense;

 

(iv)       the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and

 

(v)       the
Permitted Noteholders have not given the Trustee a direction inconsistent with such request within such 60-day period.

 

(b)       A
Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority
over another Holder of a Note.

 

Section
6.07Rights of Holders of Notes to Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, interest and premium,
if any, on the Notes, on or after the respective due dates expressed in the Note (including in connection with a Mandatory Repurchase
Offer, ECF Repurchase Offer, or a Parent Change of Control Offer), or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section
6.08Collection Suit by Trustee.

 

If
an Event of Default specified in Section 6.02(a)(i) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Co-Issuers for the whole amount of interest remaining
unpaid, principal and premium, if any, on the Notes and interest on overdue principal and, to the extent lawful, interest and
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

Section
6.09Restoration of Rights and Remedies.

 

If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case, subject to any determination in such proceedings, the Co-Issuers, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders
shall continue as though no such proceeding has been instituted.

 

Section
6.10Rights and Remedies Cumulative.

 

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Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07
hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

Section
6.11Delay or Omission Not Waiver.

 

No
delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section
6.12Trustee May File Proofs of Claim.

 

The
Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel), the Collateral Custodian (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Collateral Custodian, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings
relative to the Co-Issuers (or any other obligor upon the Notes including the Guarantors), its creditors or its property and shall
be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect,
receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, the Collateral Custodian, their agents and counsel, and any other amounts
due the Trustee or Collateral Custodian under Section 7.07 hereof. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, the Collateral Custodian, their agents and counsel, and any other amounts
due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment
of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and
other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section
6.13Undertaking for Costs.

 

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In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken
or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking
to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.13 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes.

 

Article
7 

TRUSTEE

 

Section
7.01Duties of Trustee.

 

(a)       If
an Event of Default has occurred and is continuing (which is known to the Trustee), the Trustee shall exercise such of the rights
and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)       Except
during the continuance of an Event of Default:

 

(i)       the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

 

(ii)       in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein).

 

(c)       the
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(i)       this
Section 7.01(c) does not limit the effect of Section 7.01(b);

 

(ii)       the
Trustee shall not be liable for any error of judgment made in good faith, unless it is proved in a court of competent jurisdiction
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)       the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.06 hereof.

 

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(d)       Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to the
provisions of this Article 7.

 

(e)       The
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction
of any of the Holders of the Notes, unless the Holders have offered, and if requested, provided to the Trustee indemnity or security
satisfactory to the Trustee against any loss, liability or expense.

 

(f)       The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Co-Issuers.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

Section
7.02Rights of Trustee and Collateral Custodian.

 

(a)       The
Trustee and the Collateral Custodian may conclusively rely upon any document believed by it to be genuine and to have been signed
or presented by the proper Person and upon any order or decree of a court of competent jurisdiction. The Trustee and the Collateral
Custodian need not investigate any fact or matter stated in the document, but the Trustee and the Collateral Custodian, in their
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or
the Collateral Custodian shall determine to make such further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Co-Issuers, personally or by agent or attorney at the sole cost of Spirit and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation.

 

(b)       Before
the Trustee or the Collateral Custodian acts or refrains from acting, they may require an Officer’s Certificate or an Opinion
of Counsel or both. Neither the Trustee nor the Collateral Custodian shall be liable for any action it takes or omits to take
in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee and the Collateral Custodian
may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel or both shall be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.

 

(c)       The
Trustee and the Collateral Custodian may act through their attorneys and agents and shall not be responsible for the misconduct
or negligence of any agent or attorney appointed with due care.

 

(d)       The
Trustee and the Collateral Custodian shall not be liable for any action they take or omit to take in good faith that they believe
to be authorized or within the rights or powers conferred upon it by this Indenture.

 

(e)       Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Co-Issuers shall be sufficient
if signed by a Responsible Officer of the Co-Issuers.

 

(f)       None
of the provisions of this Indenture shall require the Trustee or the Collateral Custodian to expend or risk their own funds or
otherwise to incur any liability, financial or otherwise, in the performance of any of their duties hereunder, or in the exercise
of any of their

 

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rights
or powers if they shall have reasonable grounds for believing that repayment of such funds or security or indemnity satisfactory
to them against such risk or liability is not assured to them.

 

(g)       Neither
the Trustee nor the Collateral Custodian shall be deemed to have notice of any Default or Event of Default unless a Responsible
Officer of the Trustee or the Collateral Custodian, as applicable, has actual knowledge thereof or unless written notice of any
event which is in fact such a Default is received by a Responsible Officer of the Trustee or the Collateral Custodian, as applicable,
at the Corporate Trust Office of the Trustee or Collateral Custodian, respectively, and such notice references the Notes and this
Indenture. Neither the Trustee nor the Collateral Custodian shall be responsible for knowledge of the terms and conditions of
any other agreement, instrument or document other than this Indenture and the other Collateral Documents to which it is party.

 

(h)       In
no event shall the Trustee or the Collateral Custodian be responsible or liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee or the
Collateral Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(i)       The
rights, privileges, protections, immunities and benefits given to the Trustee and the Collateral Custodian, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee and the Collateral Custodian
in each of its capacities hereunder and under the Collateral Documents, and each agent, custodian and other Person employed to
act hereunder.

 

(j)       The
Trustee and the Collateral Custodian may request that the Co-Issuers and any Guarantor deliver an Officer’s Certificate
(upon which the Trustee and the Collateral Custodian may conclusively rely) setting forth the names of the individuals and/or
titles of Responsible Officers (with specimen signatures) authorized at such times to take specific actions pursuant to this Indenture,
which Officer’s Certificate may be signed by any person specified as so authorized in any certificate previously delivered
and not superseded.

 

(k)       The
Trustee and the Collateral Custodian shall not be required to give any bond or surety in respect of the performance of its powers
and duties hereunder.

 

(l)       The
permissive right of the Trustee and the Collateral Custodian to take or refrain from taking any actions enumerated herein shall
not be construed as a duty.

 

(m)       The
Trustee shall not be bound to make any investigation into (i) the performance or observance by the Co-Issuers or any other Person
of any of the covenants, agreements or other terms or conditions set forth in this Indenture or in any related document, (ii)
the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture, any related document
or any other agreement, instrument or document, (iii) the creation, perfection or priority of any Lien purported to be created
by this Indenture or any related document or (iv) the value or the sufficiency of any Collateral.

 

(n)       The
Trustee shall not have any duty or responsibility in respect of (i) any recording, filing, or depositing of this Indenture or
any other agreement or instrument, monitoring

 

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or
filing any financing statement or continuation statement evidencing a security interest, the maintenance of any such recording,
filing or depositing or to any re-recording, re-filing or re-depositing of any thereof, or otherwise monitoring the perfection,
continuation of perfection or the sufficiency or validity of any security interest in or related to the Collateral, (ii) the acquisition
or maintenance of any insurance or (iii) the payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral.

 

(o)       The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct
or defend any litigation hereunder or in relation hereto, at the request, order or direction of any of the Holders pursuant to
the provisions of this Indenture or any related document, unless such Holders shall have offered to the Trustee security, indemnity
or prefunding satisfactory to the Trustee, in its sole discretion, against the losses, costs, expenses (including attorneys’
fees and expenses) and liabilities that might be incurred by the Trustee in compliance with such request, order or direction.

 

(p)       Each
Holder, by its acceptance of a Note hereunder, represents that it has, independently and without reliance upon the Trustee or
any other Person, and based on such documents and information as it has deemed appropriate, made its own investment decision in
respect of the Notes. Each Holder also represents that it will, independently and without reliance upon the Trustee or any other
Person, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions
in taking or not taking action under this Indenture and in connection with the Notes. Except for notices, reports and other documents
expressly required to be furnished to the Holders by the Trustee hereunder, the Trustee shall not have any duty or responsibility
to provide any Holder with any other information concerning the Co-Issuers, the servicer or any other parties to any related documents
which may come into the possession of the Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

 

(q)       If
the Trustee requests instructions from the Co-Issuers or the Holders with respect to any action or omission in connection with
this Indenture, the Trustee shall be entitled (without incurring any liability therefor) to refrain from taking such action and
continue to refrain from acting unless and until the Trustee shall have received written instructions from the Co-Issuers or the
Holders, as applicable, with respect to such request.

 

(r)       In
no event shall the Trustee be liable for any failure or delay in the performance of its obligations under this Indenture or any
related documents because of circumstances beyond the Trustee’s control, including, but not limited to, a failure, termination,
or suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of
the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear
or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances,
pandemics, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or
the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of
the services contemplated by this Indenture or any related documents, or the unavailability of communications or computer facilities,
the failure of equipment or interruption of communications or computer facilities, or the

 

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unavailability
of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Trustee’s
control whether or not of the same class or kind as specified above; it being understood that the Trustee shall use reasonable
efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under
the circumstances.

 

(s)       The
Trustee shall not be liable for failing to comply with its obligations under this Indenture in so far as the performance of such
obligations is dependent upon the timely receipt of instructions and/or other information from any other person which are not
received or not received by the time required.

 

(t)       The
Trustee shall be fully justified in failing or refusing to take any action under this Indenture or any other related document
if such action (A) would, in the reasonable opinion of the Trustee, in good faith (which may be based on the advice or opinion
of counsel), be contrary to applicable law, this Indenture or any other related document, or (B) is not provided for in this Indenture
or any other related document.

 

Section
7.03Individual Rights of Trustee.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Co-Issuers
or any Affiliate of the Co-Issuers with the same rights it would have if it were not Trustee. The Collateral Custodian and any
Agent may do the same with like rights.

 

Section
7.04Trustee’s Disclaimer.

 

The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes,
it shall not be accountable for the Co-Issuers’ use of the proceeds from the Notes or any money paid to the Co-Issuers or
upon the Co-Issuers’ direction under any provision of this Indenture, it shall not be responsible for the use or application
of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital
herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication.

 

Section
7.05Notice of Defaults.

 

If
a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall send to Holders of Notes a notice of the
Default within 90 days after it occurs. Except in the case of a Default relating to the payment of interest, principal and premium,
if any, on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as a committee
of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.
The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof
or unless written notice of any event which is such a Default is received by a Responsible Officer of the Trustee at the Corporate
Trust Office of the Trustee.

 

Section
7.06[Reserved.]

 

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Section
7.07Compensation and Indemnity.

 

(a)       The
Co-Issuers shall pay to the Trustee and Collateral Custodian from time to time such compensation for its acceptance of this Indenture
and services hereunder as the parties shall agree in writing from time to time. Neither the Trustee’s nor Collateral Custodian’s
compensation shall be limited by any law on compensation of a trustee of an express trust. The Co-Issuers shall reimburse the
Trustee and Collateral Custodian promptly upon request for all reasonable disbursements, advances and expenses incurred or made
by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements
and expenses of the Trustee’s and Collateral Custodian’s agents and counsel.

 

(b)       The
Co-Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee and the Collateral Custodian, each of their
officers, directors, employees and agents for, and hold the Trustee and Collateral Custodian harmless against, any and all loss,
damage, claim, liability or expense (including attorneys’ fees) incurred by it in connection with the acceptance or administration
of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against
the Co-Issuers and the Guarantors (including this Section 7.07) or defending itself against any claim whether asserted
by any Holder, the Co-Issuers or any Guarantors, or liability in connection with the acceptance, exercise or performance of any
of its powers or duties hereunder). The Trustee or Collateral Custodian, as applicable, shall notify the Co-Issuers promptly of
any claim for which it may seek indemnity. Failure by the Trustee or Collateral Custodian, as applicable, to so notify the Co-Issuers
shall not relieve the Co-Issuers of their obligations hereunder. The Co-Issuers shall defend the claim and the Trustee and Collateral
Custodian may have separate counsel and the Co-Issuers shall pay the fees and expenses of such counsel. The Co-Issuers need not
reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee or Collateral Custodian through
the Trustee’s or Collateral Custodian’s, respectively, own willful misconduct or gross negligence.

 

(c)       The
obligations of the Co-Issuers and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of
this Indenture or the earlier resignation or removal of the Trustee or Collateral Custodian.

 

(d)       To
secure the payment obligations of the Co-Issuers and the Guarantors in this Section 7.07, the Trustee shall have a Lien
prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest
on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal
of the Trustee.

 

(e)       When
the Trustee or Collateral Custodian incurs expenses or renders services after an Event of Default specified in Section 6.02(a)(v)
or Section 6.02(a)(vi) hereof occurs, the expenses and the compensation for the services (including the fees and expenses
of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section
7.08Replacement of Trustee.

 

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(a)       A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and be discharged
from the trust hereby created by so notifying the Co-Issuers. The Holders of a majority in principal amount of the then outstanding
Notes may remove the Trustee by so notifying the Trustee and the Co-Issuers in writing. The Co-Issuers may remove the Trustee
if:

 

(i)       the
Trustee fails to comply with Section 7.10 hereof;

 

(ii)       the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(iii)       a
custodian or public officer takes charge of the Trustee or its property; or

 

(iv)       the
Trustee becomes incapable of acting.

 

(b)       If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Co-Issuers shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Co-Issuers.

 

(c)       If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
(at the Co-Issuers’ expense), the Co-Issuers or the Holders of at least 10.0% in principal amount of the then outstanding
Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(d)       If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section
7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

 

(e)       A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Co-Issuers. Thereupon,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders.
The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, all
sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Co-Issuers’ obligations under Section 7.07 hereof
shall continue for the benefit of the retiring Trustee.

 

Section
7.09Successor Trustee by Merger, Etc.

 

If
the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
entity, the successor entity without any further act shall be the successor Trustee.

 

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Section
7.10Eligibility; Disqualification. 

 

There
shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States
of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to
supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition.

 

Section
7.11Replacement of Collateral Custodian.

 

In
the event that the Collateral Custodian shall no longer have the deposit rating necessary for the Notes Payment Account, Notes
Reserve Account and the ECF Account to be Eligible Accounts, the Loyalty Issuer and Brand Issuer, or if any such account is not
jointly held, either Loyalty Issuer or Brand Issuer, as applicable, as the sole accountholder, shall be permitted to and shall
promptly, and in any event within 60 days, move the Notes Payment Account, the Notes Reserve Account and the ECF Account, as applicable,
to another depository institution selected by the applicable Co-Issuer that has the deposit rating necessary for the Notes Payment
Account, Notes Reserve Account and ECF Account to be Eligible Accounts, and will cause such depositary institution to execute
an Account Control Agreement.

 

Article
8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section
8.01Option to Effect Legal Defeasance or Covenant Defeasance.

 

The
Co-Issuers may, at their option and at any time, elect to have either Section 8.02 or Section 8.03 hereof applied
to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

 

Section
8.02Legal Defeasance and Discharge.

 

(a)       Upon
the Co-Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Co-Issuers
and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to
have been discharged from their obligations with respect to all outstanding Notes and Note Guarantees on the date the conditions
set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Co-Issuers
shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter
be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in this Section 8.02(a) and Section 8.02(b), and to have satisfied all its other obligations under such
Notes and this Indenture including that of the Guarantors (and the Trustee, on demand of and at the expense of the Co-Issuers,
shall execute such instruments reasonably requested by the Co-Issuers acknowledging the same), except for the following provisions
which shall survive until otherwise terminated or discharged hereunder:

 

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(i)       the
rights of Holders of Notes to receive payments in respect of the interest, principal and premium, if any, on the Notes when such
payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof;

 

(ii)       the
Co-Issuers’ obligations with respect to Notes concerning issuing temporary Notes, registration of such Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in
trust;

 

(iii)       the
rights, powers, trusts, duties and immunities of the Trustee, and the Co-Issuers’ obligations in connection therewith; and

 

(iv)       this
Article 8.

 

(b)       Subject
to compliance with this Article 8, the Co-Issuers may exercise their option under this Section 8.02 notwithstanding
the prior exercise of its option under Section 8.03 hereof.

 

Section
8.03Covenant Defeasance.

 

Upon
the Co-Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Co-Issuers
and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from
their obligations under Section 4.06 through Section 4.17, Section 4.19 through Section 4.21, Section
4.27 through Section 4.31 and Section 5.01 (except for Section 5.01(a)(i) and (ii) and Section
5.01(d)) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04
hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes may not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes, the Co-Issuers may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under Section 6.02 hereof, but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Co-Issuers’ exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, Section 6.02(a)(ii) (solely with respect to the defeased covenants listed above),
Section 6.02(a)(iii) (solely with respect to the defeased covenants listed above) or Section 6.02(a)(iv) (solely
with respect to the defeased covenants listed above) hereof shall not constitute Events of Default.

 

Section
8.04Conditions to Legal or Covenant Defeasance.

 

The
following shall be the conditions to the application of either Section 8.02 or Section 8.03 hereof to the outstanding
Notes:

 

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(a)       the
Co-Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
non-callable U.S. Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a
nationally recognized independent registered public accounting firm, to pay the principal of, premium, if any, and interest on
the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be;

 

(b)       in
the case of Legal Defeasance, the Co-Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that,

 

(i)       the
Co-Issuers have received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 

(ii)       since
the date of this Indenture, there has been a change in the applicable U.S. federal income tax law,

 

in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm that the beneficial owners of the Notes
shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such Legal Defeasance had not occurred;

 

(c)       in
the case of Covenant Defeasance, the Co-Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that the
Holders of the Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;

 

(d)       such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which any Co-Issuer is a party or by which any Co-Issuer is bound;

 

(e)       the
Co-Issuers shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Co-Issuers
with the intent of preferring Holders over any other creditors of the Co-Issuers or with the intent of defeating, hindering, delaying
or defrauding any other creditors of the Co-Issuers or others;

 

(f)       the
Co-Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been
complied with; and

 

(g)       no
Event of Default shall have occurred and be continuing either: (x) on the date of such deposit (other than an Event of Default
resulting from the borrowing of funds to be applied to such deposit); or (y) insofar as the Events of Default under Section
6.02(a)(v) or Section 6.02(a)(vi) or Section 6.02(a)(xiv) are concerned, at any time in the period ending on
the 91st day after the date of deposit.

 

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Section
8.05Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions.

 

(a)       Subject
to Section 8.06 hereof, all money and Government Securities (including the proceeds thereof) deposited with the Trustee
(or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant
to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Co-Issuers or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and
to become due thereon in respect of interest, principal and premium, if any, on the Note, but such money need not be segregated
from other funds except to the extent required by law.

 

(b)       The
Co-Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof
other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

(c)       Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Co-Issuers from time to time
upon the request of the Co-Issuers any money or Government Securities held by it as provided in Section 8.04 hereof which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04 hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section
8.06Repayment to Co-Issuers.

 

Subject
to applicable abandoned property law, any money deposited with the Trustee or any Paying Agent, or then held by the Co-Issuers,
in trust for the payment of the interest, principal and premium, if any, on any Note and remaining unclaimed for two years after
such interest, principal and premium, if any, on such Note has become due and payable shall be paid to the Co-Issuers on their
request or (if then held by the Co-Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter
look only to the Co-Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Co-Issuers as trustee thereof, shall thereupon cease.

 

Section
8.07Reinstatement.

 

If
the Trustee or Paying Agent is unable to apply any United States dollars or Government Securities in accordance with Section
8.02 or Section 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Co-Issuers’ obligations under the Notes Documents
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or
Section 8.03 hereof, as the case may be; provided, however, that if the Co-Issuers make any payment of interest,
principal and premium, if

 

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any,
on any Note following the reinstatement of its obligations, the Co-Issuers shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 

Section
8.08Application of Trust Money 

 

Subject
to the provisions of Section 8.06, all money deposited with the Trustee pursuant to this Article 8 shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent (including either of the Co-Issuers acting as Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the interest, principal and premium, if any, on the Notes for whose payment such money has been deposited
with or received by the Trustee; but such money need not be segregated from other funds except to the extent required by law.
Money so held in trust is subject to the Trustee’s rights under Section 7.07.

 

Article
9 

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section
9.01Without Consent of Holders of Notes.

 

(a)       Notwithstanding
anything to the contrary in Section 9.02 hereof, the Co-Issuers, any Guarantor (with respect to a Note Guarantee or this
Indenture) and the Trustee, subject to the restrictions in the Collateral Agency and Accounts Agreement and, in the case of any
Collateral Document, the restrictions in such Collateral Document, may amend or supplement this Indenture, any other Notes Documents
and any Intercreditor Agreement (including, for the avoidance of doubt, any exhibit, schedule or other attachment to any Notes
Document or Intercreditor Agreement) without the consent of any Holder and the Co-Issuers may direct the Trustee, and the Trustee
shall (upon receipt of the documents required by the last paragraph of this Section 9.01), enter into an amendment to this
Indenture, any other Notes Documents or any Intercreditor Agreement, as applicable, to:

 

(i)       effect
the issuance of additional Notes or any other Series of Senior Secured Debt permitted under the Notes Documents in accordance
with the terms of this Indenture and the other Collateral Documents or the terms thereof; or amend or supplement any Intercreditor
Agreement; provided, that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or
duties of the Trustee under this Indenture, any other Notes Document or Intercreditor Agreement without its prior written consent;

 

(ii)       evidence
the succession of another Person to Spirit pursuant to a consolidation, merger or conveyance, transfer or lease of assets permitted
under this Indenture;

 

(iii)       surrender
any right or power conferred upon any Obligor;

 

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(iv)       add
to the covenants herein or in any Collateral Document such further covenants, restrictions, conditions or provisions for the protection
of the Holders of the Notes, and to add any additional Events of Default for the Notes;

 

(v)       (x)
cure any ambiguity, omission, mistake, defect or inconsistency, (y) effect administrative changes of a technical or immaterial
nature and (z) correct or cure any incorrect cross references or similar inaccuracies and such amendment shall be deemed approved
by the Holders if the Holders shall have received at least five (5) Business Days’ prior written notice of such change and
the Trustee shall not have received, within five (5) Business Days of the date of such notice to the Holders, a written notice
from the Permitted Noteholders stating that the Permitted Noteholders object to such amendment;

 

(vi)       convey,
transfer, assign, mortgage or pledge any property to or with the Trustee or the Collateral Agent or to make such other provisions
in regard to matters or questions arising under this Indenture, any other Notes Documents or any Intercreditor Agreement as shall
not adversely affect the interests of any Holders;

 

(vii)       modify
or amend this Indenture in such a manner as to permit the qualification of this Indenture or any supplemental Indenture under
the Trust Indenture Act as then in effect;

 

(viii)       add
to or change any provisions of this Indenture to such extent as necessary to permit or facilitate the issuance of the Notes in
bearer or uncertificated form, provided that any such action shall not adversely affect the interests of the Holders of
Notes in any material respect;

 

(ix)       (A)
effect the granting, perfection, protection, expansion or enhancement of any security interest for the benefit of the Senior Secured
Parties, in any property or so that the security interests therein comply with applicable requirements of law, (B) as required
by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Senior Secured Parties,
in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cause such guarantee,
collateral or security document or other document to be consistent with this Indenture and the other Notes Documents;

 

(x)       provide
additional guarantees for the Notes;

 

(xi)       evidence
the release of liens in favor of the Trustee or the Collateral Agent in the Collateral in accordance with the terms of this Indenture,
the other Collateral Documents and the Intercreditor Agreements;

 

(xii)       evidence
and provide for the acceptance of appointment of a separate or successor Trustee and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of this Indenture by more than one Trustee;
or

 

(xiii)       conform
the text of the Notes, the Note Guarantees or any of the Notes Documents to any provision of the section “Description of
Notes” in the Offering

 

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Memorandum
to the extent that such provision in the Offering Memorandum was intended to be a verbatim recitation of a provision of the Notes,
the Note Guarantees or any of the Notes Documents, as set forth in an Officer’s Certificate delivered to the Trustee.

 

(b)       Upon
the request of the Co-Issuers and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the Trustee
shall join with the Co-Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted
by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained,
but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties
or immunities under this Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection
with the addition of a Guarantor under this Indenture upon (i) execution and delivery by such Guarantor and the Trustee of a supplemental
indenture to this Indenture, the form of which is attached as Exhibit D hereto and (ii) delivery of an Officer’s
Certificate complying with the provisions of Section 9.06, Section 12.04 and Section 12.05 hereof.

 

Section
9.02With Consent of Holders of Notes.

 

(a)       Except
as otherwise provided in this Section 9.02, the Co-Issuers and the Trustee may amend or supplement this Indenture and any
other Notes Document with the consent of the Permitted Noteholders voting as a single class (including, without limitation, consents
obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 and Section
2.09 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section
9.02.

 

(b)       Upon
the request of the Co-Issuers and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders as aforesaid, and upon receipt by the Trustee and Collateral Agent, if applicable, of the documents described in Section
9.06 hereof, the Trustee shall join with the Co-Issuers and the Guarantors in the execution of such amended or supplemental
indenture or amendment or supplement to the Collateral Documents unless such amended or supplemental indenture or amendment or
supplement to any Collateral Document affects the Trustee’s own rights, duties or immunities under this Indenture, any Collateral
Document or otherwise, in which case the Trustee, may in its discretion, but shall not be obligated to, enter into such amended
or supplemental indenture or amendment or supplement to any Collateral Document.

 

(c)       It
shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of
any proposed amendment, supplement or waiver. It shall be sufficient if such consent approves the substance of the proposed amendment
or supplement. A consent to any amendment, supplement or waiver under this Indenture by any Holder given in connection with a
tender of such Holder’s Notes will not be rendered invalid by such tender.

 

(d)       After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Co-Issuers shall send to the Holders
of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. The failure to give such notice to
all the Holders, or any defect in the notice will not impair or affect the validity of any such amendment, supplement

 

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or
waiver. Furthermore, by its acceptance of the Notes, each Holder of the Notes is deemed to have consented to the terms of the
Intercreditor Agreements and the Collateral Documents and to have authorized and directed each of the Trustee and Collateral Agent
to execute, deliver and perform each of the Intercreditor Agreements and Collateral Documents to which it is a party, binding
the Holders to the terms thereof.

 

(e)       Except
as provided in Section 9.01, no modification, amendment or waiver of any provision of this Indenture or any other Notes
Document (other than any Account Control Agreement), and no consent to any departure by any Obligor therefrom, shall in any event
be effective unless the same shall be in writing and signed by the Permitted Noteholders (or signed by the Trustee with the written
consent of the Permitted Noteholders); and, with respect to any Collateral Document, subject to the restrictions contained therein,
provided that no such modification, amendment or supplement shall without the prior written consent of:

 

(i)       each
Holder directly and adversely affected thereby, (A) reduce the principal amount of, premium, if any, or interest if any, on, or
(B) extend the Stated Maturity or interest payment periods, of the Notes or (C) modify such Holder’s ability to vote its
obligations pursuant to the Collateral Agency and Accounts Agreement;

 

(ii)       all
of the Holders, (A) amend or modify any provision of this Indenture which provides for the unanimous consent or approval of the
Holders to reduce the percentage of principal amount of Notes of the Holders required thereunder or (B) release all or substantially
all of the Liens granted to the Collateral Agent or the Trustee under this Indenture or under any Collateral Document (other than
as permitted under this Indenture and by the terms of the applicable Collateral Document and the Junior Lien Intercreditor Agreement);

 

(iii)       all
of the Holders, except as referred to under Article 8, release all or substantially all of the Guarantors;

 

(iv)       the
Holders holding no less than 66.67% of the outstanding principal amount of the Notes, (A) release any of the Collateral (other
than as otherwise permitted under this Indenture and the Collateral Documents), (B) release any Note Guarantees of the Notes,
(C) amend, modify or waive any provision of Section 4.20 or (D) effect any shortening or subordination of term or reduction
in liquidated damages under any IP License;

 

(v)       the
Permitted Noteholders, to make the Notes of such holder payable in money or securities other than that as stated in the Notes;

 

(vi)       the
Permitted Noteholders, to impair the right of such holder to institute suit for the enforcement of any payment with respect to
the Notes;

 

(vii)       all
Holders, to reduce the percentage specified in the definition of “Permitted Noteholders;” and

 

(viii)       all
Holders, to modify any of the foregoing Section 9.02(e)(i) through (vii).

 

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Section
9.03[Reserved].

 

Section
9.04Revocation and Effect of Consents.

 

(a)       Until
an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder
of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s
Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note
may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement
or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder.

 

(b)       The
Co-Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent
to any amendment, supplement or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to
such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more than 120 days after such record date unless the consent
of the requisite number of Holders has been obtained.

 

Section
9.05Notation on or Exchange of Notes.

 

(a)       The
Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Co-Issuers
in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that
reflect the amendment, supplement or waiver.

 

(b)       Failure
to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver.

 

Section
9.06Trustee to Sign Amendments, Etc.

 

The
Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment or supplement
does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amendment, supplement
or waiver, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying
upon, in addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and an Opinion
of Counsel stating that such amendment, supplement or waiver is the legal, valid and binding obligation of the Co-Issuers and
any Guarantors party thereto, enforceable against them in accordance with its terms, and complies with the provisions hereof.
Notwithstanding the foregoing and upon satisfaction of the requirements set forth in the last sentence of Section 9.01
hereof, no Opinion of Counsel shall be required for the Trustee to execute any amendment or supplement adding a new Guarantor
under this Indenture.

 

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Article
10 

GUARANTEES

 

Section
10.01Guarantee.

 

(a)       Subject
to this Article 10, each of the Guarantors hereby, jointly and severally irrevocably and unconditionally guarantees (the
“Note Guarantees”), to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee,
the Collateral Custodian, the Collateral Agent and their respective successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes or the obligations of the Co-Issuers hereunder or thereunder, the due and punctual payment of the
unpaid principal and interest on (including defaulted interest, if any, and interest accruing after the Stated Maturity of after
the filing of any petition of bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to
any Co-Issuer, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) each Note, whether
at the Stated Maturity, upon redemption, upon required prepayment, upon acceleration, upon required repurchase at the option of
the holder or otherwise according to the terms thereof and of this Indenture and all other obligations of the Co-Issuers to the
Holders, the Trustee or the Collateral Custodian hereunder or thereunder shall be promptly paid in full or performed, all in accordance
with the terms hereof and thereof. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is
a guarantee of payment and not a guarantee of collection.

 

(b)       The
Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to or any amendment of any provisions hereof or thereof, the recovery of any judgment against the Co-Issuers, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense
of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
of insolvency or bankruptcy of the Co-Issuers, any right to require a proceeding first against the Co-Issuers, protest, notice
and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except pursuant to Article 8
or Article 10 or by complete performance of the obligations contained in the Notes and this Indenture.

 

(c)       If
any Holder, the Trustee or the Collateral Custodian is required by any court or otherwise to return to the Co-Issuers, the Guarantors
or any custodian, trustee, liquidator or other similar official acting in relation to either the Co-Issuers or the Guarantors,
any amount paid either to the Trustee, the Collateral Custodian or such Holder, this Note Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect.

 

(d)       Each
Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders, the Trustee and the Collateral Agent, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof

 

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for
the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided
in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors
for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor
so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantees.

 

(e)       Each
Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Co-Issuers for liquidation or reorganization, should the Co-Issuers become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any significant part of the Co-Issuers’ assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment
and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or
returned by any obligee on the Notes or Note Guarantees, whether as a “voidable preference,” “fraudulent transfer”
or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof,
is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed
reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

Section
10.02Limitation on Guarantor Liability.

 

Each
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the
Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount
and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to
any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of
the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Note
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law or to comply with corporate benefit,
financial assistance and other laws.

 

Section
10.03Execution and Delivery.

 

(a)       To
evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture shall be
executed on behalf of such Guarantor by one of its Responsible Officers.

 

(b)       Each
Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 hereof shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes.

 

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(c)       If
a Responsible Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the
Note, the Note Guarantee shall be valid nevertheless.

 

(d)       The
delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee
set forth in this Indenture on behalf of the Guarantors.

 

Section
10.04Benefits Acknowledged.

 

Each
Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements contemplated by this
Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of
such benefits.

 

Section
10.05Release of Note Guarantees.

 

A
Note Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and no further action by such
Guarantor, the Co-Issuers or the Trustee is required for the release of such Guarantor’s Note Guarantee, upon the Co-Issuers’
exercising their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 hereof or the satisfaction
and discharge of the Co-Issuers’ obligations under this Indenture in accordance with the terms of this Indenture, so long
as (i) no Event of Default shall have occurred and be continuing or shall result therefrom, (ii) the Co-Issuers shall have delivered
a certificate of a Responsible Officer certifying that such conditions to the release of such Note Guarantee have been satisfied
together with such information relating thereto as the Trustee may reasonably request and (iii) the Trustee shall execute and
deliver, at the Co-Issuers’ expense, such documents as any Co-Issuer or Guarantor may reasonably request and prepare to
evidence the release of the Note Guarantee of such Guarantor provided herein.

 

Article
11 

SATISFACTION AND DISCHARGE

 

Section
11.01Satisfaction and Discharge.

 

This
Indenture shall be discharged and shall cease to be of further effect as to all Notes, when:

 

(a)       either

 

(i)       all
Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or

 

(ii)       all
Notes not theretofore delivered to the Trustee for cancellation have become due and payable, shall become due and payable at their
maturity within one year or are to be called for redemption within one year, and, at the expense of the Co-

 

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Issuers,
the Co-Issuers or any Guarantor have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust
solely for the benefit of the Holders of the Notes, cash in U.S. dollars, Government Securities or a combination thereof, in such
amounts sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes
not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest, if any, to the
date of such deposit (in the case of Notes which have become due and payable) or to the final maturity date or redemption date,
as the case may be;

 

(b)       the
Co-Issuers have paid or caused to be paid all sums payable by it under this Indenture; and

 

(c)       the
Co-Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes
at maturity or the redemption date, as the case may be.

 

In
addition, the Co-Issuers must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the provisions of Section 7.07 hereof shall survive and, if money shall
have been deposited with the Trustee pursuant to subclause (i) of clause (a) of this Section 11.01, the provisions
of Section 11.02 and Section 8.06 hereof shall survive.

 

Section
11.02Application of Trust Money.

 

(a)       Subject
to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof
shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Co-Issuers acting as their own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the interest, principal and premium, if any on the Notes for whose payment such money has
been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

(b)       If
the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Co-Issuers’ and any Guarantor’s obligations under this Indenture and
the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided,
that if the Co-Issuers have made any payment of interest, principal and premium, if any, on any Notes because of the reinstatement
of its obligations, the Co-Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from
the money or Government Securities held by the Trustee or Paying Agent.

 

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Article
12 

MISCELLANEOUS

 

Section
12.01[Reserved].

 

Section
12.02Notices.

 

(a)       Any
notice or communication shall be in writing and delivered in person or mailed by first-class mail (registered or certified, return
receipt requested), fax or other electronic transmission or overnight air courier guaranteeing next day delivery addressed as
follows:

 

If to the Co-Issuers
and/or any Guarantor:

 

c/o Spirit Airlines,
Inc.

2800 Executive Way

Miramar, FL 33025

Telephone: (954) 447-7932

Attention: Legal Department

 

Email: legaldepartment@spirit.com

 

With a copy (which shall
not constitute notice) to:

 

Davis Polk & Wardwell
LLP

450 Lexington Avenue

New York, NY 10017

Telephone: (212) 450-4000

Attention: John B. Meade / Monica Holland

 

Email: john.meade@davispolk.com
/ monica.holland@davispolk.com

 

If to the Trustee or
the Collateral Custodian:

 

1100 North Market Street 

Wilmington, DE 19890 

Attention: Jacqueline
Solone 

Email: JSolone@WilmingtonTrust.com

 

The
Co-Issuers, any Guarantor, the Trustee or the Collateral Custodian, by notice to the others, may designate additional or different
addresses for subsequent notices or communications.

 

(b)       The
Co-Issuers or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

(c)       Any
notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the registration
books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

 

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(d)       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.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

(e)       Notwithstanding
any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including
any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently
given if given to the Notes Depositary pursuant to the standing instructions from the Notes Depositary.

 

(f)       If
a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not
the addressee receives it.

 

(g)       If
the Co-Issuers mail a notice or communication to Holders, they shall mail a copy to the Trustee, the Collateral Custodian and
each Agent at the same time.

 

(h)       The
Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods. If the Co-Issuers, any Guarantor or any Holder elects to give the
Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects
to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee
shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and
compliance with such instructions notwithstanding if such instructions conflict or are inconsistent with a subsequent written
instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties.

 

Section
12.03[Reserved].

 

Section
12.04Certificate and Opinion as to Conditions Precedent.

 

Upon
any request or application by the Co-Issuers or any of the Guarantors to the Trustee to take or refrain from taking any action
under this Indenture, the Co-Issuers or such Guarantor, as the case may be, shall furnish to the Trustee:

 

(a)       An
Officer’s Certificate in form and substance satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(b)       An
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth
in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants, if
any, provided for in this Indenture relating to the proposed action have been satisfied.

 

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Section
12.05Statements Required in Certificate or Opinion.

 

Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.17 hereof) shall include:

 

(a)       a
statement that the individual making such certificate or opinion has read such covenant or condition;

 

(b)       a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)       a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the
case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(d)       a
statement as to whether or not, in the opinion of such individual, such condition or covenant has been complied with; provided,
that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public
officials.

 

Section
12.06Rules by Trustee and Agents.

 

The
Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable
rules and set reasonable requirements for its functions.

 

Section
12.07No Personal Liability of Directors, Officers, Employees and Stockholders.

 

No
past, present or future director, officer, employee, incorporator, member, partner or stockholder of Spirit or any Guarantor or
any of their direct or indirect parent companies shall have any liability for any obligations of the Co-Issuers or the Guarantors
under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations
or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

 

Section
12.08Governing Law.

 

THE
INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

Section
12.09Waiver of Jury Trial.

 

    133 

     

    

EACH
OF THE CO-ISSUERS, THE GUARANTORS, THE TRUSTEE, COLLATERAL CUSTODIAN AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
12.10No Adverse Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret any other indenture, loan or debt agreement of the Co-Issuers or Guarantors or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
12.11Successors.

 

All
agreements of the Co-Issuers and the Guarantors in this Indenture and the Notes shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors.

 

Section
12.12Severability.

 

In
case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
12.13Counterpart Originals.

 

The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent
one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile, PDF or other electronic
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture and signature pages for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. The words “execution,” “signed,” “signature,”
and words of like import in this Indenture or any related document shall be deemed to include electronic signatures or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Neither the Trustee nor the
Collateral Custodian shall have a duty to inquire into or investigate the authenticity or authorization of any electronic signature
and both shall be entitled to conclusively rely on any electronic signature without any liability with respect thereto.

 

Section
12.14Table of Contents, Headings, Etc.

 

    134 

     

    

The
Table of Contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions
hereof.

 

Section
12.15U.S.A. PATRIOT Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee and Collateral Custodian
are required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship
or opens an account with the Trustee or Collateral Custodian. The parties to this Indenture agree that they will provide the Trustee
and Collateral Custodian with such information as the Trustee or Collateral Custodian may reasonably request in order for the
Trustee and Collateral Custodian to satisfy the requirements of the U.S.A. PATRIOT Act.

 

Section
12.16Jurisdiction.

 

The
Co-Issuers and each Guarantor agree that any suit, action or proceeding against the Co-Issuers or any Guarantor brought by any
Holder, the Trustee or the Collateral Custodian arising out of or based upon this Indenture, the Note Guarantees or the Notes
may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from
any thereof, and each of them irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding.
The Co-Issuers and each Guarantor irrevocably waive, to the fullest extent permitted by law, any objection to any suit, action,
or proceeding that may be brought in connection with this Indenture, the Note Guarantees or the Notes, including such actions,
suits or proceedings relating to securities laws of the United States of America or any state thereof, in such courts whether
on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an
inconvenient forum. The Co-Issuers and each Guarantor agree that final judgment in any such suit, action or proceeding brought
in such court shall be conclusive and binding upon the Co-Issuers or the Guarantors, as the case may be, and may be enforced in
any court to the jurisdiction of which the Co-Issuers or the Guarantors, as the case may be, are subject by a suit upon such judgment.
The Co-Issuers and each Guarantor hereby designate and appoint Spirit as their authorized agent upon which process may be served
in any such action or proceeding that may be instituted in any such court, and agree that service of any process, summons, notice
or document by U.S. registered mail addressed to Spirit, with written notice of said service to such Person at the address of
Spirit set forth in Section 12.02 hereof, shall be effective service of process for any such legal action or proceeding
brought in any such court.

 

Section
12.17Legal Holidays.

 

If
a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue for the intervening period. If a record date is a Legal Holiday, the record date shall not be affected.

 

Section
12.18Currency Indemnity.

 

Dollars
are the sole currency (the “Required Currency”) of account and payment for all sums payable by the Co-Issuers
or any Guarantor under or in connection with the Notes,

 

    135 

     

    

this
Indenture and the Note Guarantees, including damages. Any amount with respect to the Notes, this Indenture the Note Guarantees
or the other Notes Documents received or recovered in a currency other than the Required Currency, whether as a result of, or
the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Co-Issuers or
any Guarantor or otherwise by any Holder or by the Trustee or Paying Agent or Collateral Agent, in respect of any sum expressed
to be due to it from the Co-Issuers or any Guarantor will only constitute a discharge to the Co-Issuers or any Guarantor to the
extent of the Required Currency amount which the recipient is able to purchase with the amount so received or recovered in that
other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the
first date on which it is practicable to do so).

 

If
the Required Currency amount is less than the Required Currency amount expressed to be due to the recipient or the Trustee or
Paying Agent or Collateral Custodian under the Notes, each of the Co-Issuers and each Guarantor will indemnify such recipient
and/or the Trustee or Paying Agent or Collateral Custodian against any loss sustained by it as a result. In any event, the Co-Issuers
and each Guarantor will indemnify the recipient against the cost of making any such purchase. For the purposes of this currency
indemnity provision, it will be prima facie evidence of the matter stated therein, for the Holder of a Note or the Trustee or
Paying Agent or Collateral Custodian to certify in a manner satisfactory to the Co-Issuers (indicating the sources of information
used) the loss it incurred in making any such purchase. These indemnities constitute a separate and independent obligation from
the Co-Issuers’ and each Guarantor’s other obligations, will give rise to a separate and independent cause of action,
will apply irrespective of any waiver granted by any Holder of a Note or the Trustee or Paying Agent or Collateral Custodian (other
than a waiver of the indemnities set out herein) and will continue in full force and effect despite any other judgment, order,
claim or proof for a liquidated amount in respect of any sum due under any Note or to the Trustee or Collateral Custodian. For
the purposes of determining the amount in a currency other than the Required Currency, such amount shall be determined using the
Exchange Rate then in effect.

 

Section
12.19Waiver of Immunity.

 

With
respect to any proceeding, each party irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether
on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and
execution to which it might otherwise be entitled in any court of competent jurisdiction, and with respect to any judgment, each
party waives any such immunity in any court of competent jurisdiction, and will not raise or claim or cause to be pleaded any
such immunity at or in respect of any such proceeding or judgment, including, without limitation, any immunity pursuant to the
United States Foreign Sovereign Immunities Act of 1976, as amended.

 

    136 

     

    

Article
13 

COLLATERAL

 

Section
13.01Collateral Documents.

 

The
due and punctual payment of the interest, principal and premium, if any, on the Notes and Note Guarantees when and as the same
shall be due and payable, whether on a Payment Date, at maturity, by acceleration, repurchase, redemption, prepayment or otherwise,
and interest on the overdue principal of and interest on the Notes and Note Guarantees and performance of all other Obligations
of the Co-Issuers and the Guarantors to the Notes Secured Parties under this Indenture, the Notes, the Note Guarantees, the Intercreditor
Agreements and the Collateral Documents, according to the terms hereunder or thereunder, shall be secured as provided in the Collateral
Documents, which define the terms of the Liens that secure the Obligations, subject to the terms of the Intercreditor Agreements.
The Trustee, the Collateral Custodian, the Co-Issuers and the Guarantors hereby acknowledge and agree that the Collateral Agent
holds the Collateral in trust for the benefit of the Notes Secured Parties pursuant to the terms of the Collateral Documents and
the Intercreditor Agreements. Each Holder, by accepting a Note, consents and agrees to the terms of the Collateral Documents (including
the provisions providing for the possession, use, release and foreclosure of Collateral) and the Intercreditor Agreements as each
may be in effect or may be amended from time to time in accordance with their terms and this Indenture and the Intercreditor Agreements,
and authorizes and directs the Trustee, Collateral Custodian and the Collateral Agent to enter into the Collateral Documents and
the Intercreditor Agreements and authorizes and directs the Trustee to enter into the Collateral Agency and Accounts Agreement
and any Junior Lien Intercreditor Agreement and authorizes and directs each of the Collateral Agent, the Collateral Custodian
and the Trustee to perform its respective obligations and exercise its respective rights under and in accordance with the Collateral
Documents and Intercreditor Agreements to which it is a party. The Co-Issuers and the Guarantors shall deliver to the Collateral
Agent copies of all documents required to be filed pursuant to the Collateral Documents, and will do or cause to be done all such
acts and things as required by the next sentence of this Section 13.01, to assure and confirm to the Collateral Agent a
first-priority security interest in the Collateral, by the Collateral Documents or any part thereof, as from time to time constituted,
so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to
the intent and purposes herein expressed. The Co-Issuers and Spirit shall, in each case at their own expense, (A) promptly execute
and deliver (or cause such Subsidiary to execute and deliver) to the Collateral Agent such documents and take such actions to
create, grant, establish, preserve and perfect the applicable priority Liens (subject to Permitted Liens) (including to obtain
any release or termination of Liens not permitted under Section 4.10 and the filing of UCC financing statements, as applicable)
in favor of the Collateral Agent for the benefit of the Senior Secured Parties on such assets of such Co-Issuer or such other
Guarantor, as applicable, to secure the Obligations to the extent required under the applicable Collateral Documents, and to ensure
that such Collateral shall be subject to no other Liens other than any Permitted Liens and (B) if reasonably requested by the
Trustee or the Collateral Agent, deliver to the Trustee, for the benefit of the Trustee, the Notes Secured Parties, the Collateral
Agent and the Collateral Custodian, a customary written opinion of counsel to such Co-Issuer or such other Guarantor, as applicable,
with respect to the matters described in clause (A) of this Section 13.01, in each case within twenty (20)
Business Days after the addition of such Collateral.

 

    137 

     

    

Section
13.02Non-Impairment of Liens.

 

Any
release of Collateral permitted by Section 13.03 will be deemed not to impair the Liens under this Indenture and the other
Collateral Documents in contravention thereof.

 

Section
13.03Release of Collateral.

 

The
Liens granted to the Trustee or the Collateral Agent, as applicable, by the Co-Issuers and the other Guarantors on any Collateral
shall be automatically and unconditionally released with respect to the Notes:

 

(a)       upon
the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition
permitted under this Indenture) to any Person other than another Guarantor or Co-Issuer, to the extent such sale or other disposition
is made in compliance with the terms of this Indenture and the other Collateral Documents (and the Trustee or Collateral Agent,
as applicable, shall, without further inquiry, rely conclusively on an Officer’s Certificate and/or Opinion of Counsel to
that effect provided to it by any Co-Issuer or other Guarantor, including upon its reasonable request);

 

(b)       to
the extent such Collateral is comprised of property leased to a Co-Issuer or a Guarantor, upon termination or expiration of such
lease;

 

(c)       if
the release of such Lien is approved, authorized or ratified in writing by the Holders holding more than 66.67% of the aggregate
outstanding principal amount of the Notes;

 

(d)       to
the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations
under its Note Guarantee (in accordance with this Indenture);

 

(e)       as
required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent
pursuant to the Collateral Documents; and

 

(f)       if
such assets constitute Excluded Property.

 

Any
such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released)
upon (or obligations (other than those being released) of the Co-Issuers and the other Guarantors in respect of) all interests
retained by the Co-Issuers and the other Guarantors, including the proceeds of any sale, all of which shall continue to constitute
part of the Collateral except to the extent otherwise released in accordance with the provisions of this Indenture or the Collateral
Documents.

 

The
terms of the Collateral Agency and Accounts Agreement shall provide that, during the continuance of an Event of Default under
any Senior Secured Debt Document, the Collateral Agent shall not release any Lien permitted to be released under the Collateral
Agency and Accounts Agreement and the other Senior Secured Debt Documents unless the Required Debtholders have consented to such
release pursuant to an Act of Required Debtholders.

 

    138 

     

    

Section
13.04Release upon Termination of the Co-Issuers’ Obligations.

 

Upon
any Discharge of Senior Secured Debt Obligations with respect to any Series of Senior Secured Debt, (i) the application of the
provisions of the Collateral Agency and Accounts Agreement to such Senior Secured Debt shall automatically cease, (ii) such Senior
Secured Debt shall automatically no longer be secured by the Liens granted in favor of the Collateral Agent and (iii) the Collateral
Agent, at the request and sole expense of the Grantors, shall, upon its receipt of the deliverables required by the Collateral
Agency and Accounts Agreement, execute and deliver to the Grantors all releases or other documents reasonably necessary or desirable
to evidence the foregoing.

 

Section
13.05Suits to Protect the Collateral.

 

(a)       Subject
to the provisions of the Collateral Documents and the Intercreditor Agreements, the Trustee, without the consent of the Holders,
on behalf of the Holders, may or may direct the Collateral Agent to take all actions it determines in order to:

 

(i)       enforce
any of the terms of the Collateral Documents; and

 

(ii)       collect
and receive any and all amounts payable in respect of the Obligations hereunder.

 

(b)       Subject
to the provisions of the Collateral Documents and the Intercreditor Agreements, the Trustee and the Collateral Agent shall have
power to institute and to maintain such suits and proceedings as the Trustee may determine to prevent any impairment of the Collateral
by any acts which may be unlawful or in violation of any of the Collateral Documents or this Indenture, and such suits and proceedings
as the Trustee and/or the Collateral Agent may determine to preserve or protect its interests and the interests of the Holders
in the Collateral. Nothing in this Section 13.05 shall be considered to impose any such duty or obligation to act on the
part of the Trustee or the Collateral Agent.

 

Section
13.06Authorization of Receipt of Funds by the Trustee Under the Collateral Documents.

 

Subject
to the provisions of the Collateral Documents and the Intercreditor Agreements, the Trustee is authorized to receive any funds
for the benefit of the Holders distributed under the Collateral Documents, and to make further distributions of such funds to
the Holders according to the provisions of this Indenture.

 

Section
13.07Lien Sharing and Priority Confirmation.

 

Each
Holder hereby agrees (i) that all Obligations will be and are secured equally and ratably by all Priority Liens (as defined in
the Collateral Agency and Account Agreement) at any time granted by any Grantor to the Collateral Agent to secure any obligations
in respect of any other Series of Senior Secured Debt (as defined in the Collateral Agency and Account Agreement), whether or
not upon property otherwise constituting Collateral, and that all such Priority Liens will be enforceable by the Collateral Agent
for the benefit of all holders of Senior Secured Debt Obligations (as defined in the Collateral Agency and Account Agreement)
equally and ratably; and (ii) that each Holder is bound by the provisions of the Collateral Agency and Account

 

    139 

     

    

Agreement,
including the provisions relating to the ranking of Priority Liens and the order of application of proceeds from enforcement of
Priority Liens; and each Holder consents to the terms of the Collateral Agency and Account Agreement and the Collateral Agent’s
performance of, and directing the Collateral Agent to enter into and perform its obligations under, the Collateral Agency and
Account Agreement and the other Senior Secured Debt Documents.

 

Section
13.08Limited Recourse; Non-Petition.

 

Notwithstanding
any other provision of this Indenture or any other document to which it may be a party, the obligations of each SPV Party from
time to time and at any time hereunder are limited recourse obligations of such SPV Party and are payable solely from the assets
thereof available at such time and amounts derived therefrom and following realization of the assets of such SPV Party, and application
of the Proceeds (including proceeds of assets upon which a Lien was purported to be granted) thereof in accordance with this Indenture
and the other Collateral Documents, all obligations of and any remaining claims against such SPV Party hereunder or in connection
herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer,
director, employee, shareholder, or incorporator of the SPV Parties, their respective Affiliates or their respective successors
or assigns for any amounts payable hereunder other than any guaranty by such shareholder expressly provided in the Transaction
Documents. Notwithstanding any other provision of this Indenture, no Person may, prior to the date which is one year (or if longer,
any applicable preference period) and one day after the Discharge of Senior Secured Debt Obligations, institute against, or join
any other Person in instituting against, any SPV Party any insolvency or liquidation proceeding, or other proceedings under Cayman
Islands, U.S. federal or state bankruptcy or similar laws. Nothing in this Section 13.08 shall preclude, or be deemed to
estop, the parties hereto (i) from taking any action prior to the expiration of the aforementioned period in (A) any case or insolvency
or liquidation proceeding voluntarily filed or commenced by any SPV Party or (B) any involuntary insolvency or liquidation proceeding
filed or commenced by any non-affiliated Person, or (ii) from commencing against any SPV Party or any of their respective property
any legal action which is not an insolvency or liquidation proceeding. It is understood that the foregoing provisions of this
Section shall not (x) prevent recourse to the assets of the SPV Parties (including the Collateral) or (y) constitute a waiver,
release or discharge of any Indebtedness or obligation secured hereby until all assets of SPV Parties (including the Collateral)
have been realized. It is further understood that the foregoing provisions of this Section 13.08 shall not limit the right
of any Person to name any SPV Party as a party defendant in any proceeding or in the exercise of any other remedy hereunder, so
long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced
against any such Persons.

 

[Signature
pages follow]

 

    140 

     

    

SPIRIT IP CAYMAN LTD.

 

By:   /s/
Thomas Canfield                                

Name: Thomas Canfield

Title: Director

 

SPIRIT LOYALTY CAYMAN
LTD.

 

By:   /s/
Thomas Canfield                                

Name: Thomas Canfield

Title: Director

 

SPIRIT AIRLINES, INC.

 

By:   /s/
Thomas Canfield                                

Name: Thomas Canfield

Title: Director

 

SPIRIT FINANCE CAYMAN
1 LTD.

 

By:   /s/
Thomas Canfield                                

Name: Thomas Canfield

Title: Director

 

SPIRIT FINANCE CAYMAN
2 LTD.

 

By:   /s/
Thomas Canfield                                

Name: Thomas Canfield

Title: Director

 

 

[Signature
Page to Indenture]

 

     

     

    

WILMINGTON TRUST, NATIONAL
ASSOCIATION,

as Trustee and as Collateral Custodian

 

By:   /s/
Anita Roselli Woolery                              

Name: Anita Roselli Woolery

Title: Vice President

 

 

[Signature
Page to Indenture]

 

     

     

    

EXHIBIT A

 

[Face of
Note]

 

[Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture]

 

[Insert the
Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

 

[Insert the
Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture]

 

 

    A-1 

     

    

CUSIP [ ]

 

ISIN [ ]1

 

[[RULE 144A][REGULATION
S] GLOBAL NOTE

representing up to

$______________]

 

8.00% Senior
Secured Notes due 2025

 

No. ___ [$______________]

 

SPIRIT IP
CAYMAN LTD. and 

SPIRIT LOYALTY
CAYMAN LTD.

 

promise to
pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Global
Note attached hereto] of ________________________ United States Dollars on September 20, 2025.

 

Payment Dates: 20th
calendar day of January, April, July, and October, or if such day is not a Business Day, the next succeeding Business Day

 

Record Dates: Each Business Day
immediately preceding each Payment Date

 

 

 

		1	Rule
                                         144A Note CUSIP: 84859BAA9

Rule
144A Note ISIN: US84859BAA98 

Regulation
S Note CUSIP: G83518AA1 

Regulation
S Note ISIN: USG83518AA19

 

    A-2 

     

    

IN WITNESS
HEREOF, the Co-Issuers have caused this instrument to be duly executed.

 

Dated:

 

 

	 	

SPIRIT
IP CAYMAN LTD.

	 	 
	 	By: 	
	 	 	Name:
Title:

  

 

	 	

SPIRIT
LOYALTY CAYMAN LTD.

	 	 
	 	By: 	
	 	 	Name:
Title:

 

 

 

    A-3 

     

    

This is one of the Notes
referred to in the within-mentioned Indenture:

 

 

	 	

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee

	 	 
	 	By: 	
	 	 	Name:
Title:

   

Dated:

 

 

	 	 
	 	By: 	
	 	 	Authorized Signatory

  

 

    A-4 

     

    

[Back
of Note]

8.00% Senior Secured Notes due 2025

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.       INTEREST
AND PRINCIPAL. The Co-Issuers promise to pay the outstanding principal amount on the Notes in full on September 20, 2025. The
Notes will bear interest at a rate of 8.00% per annum on the outstanding principal amount thereof, provided that if
the LTV Ratio (as defined in the Indenture) exceeds 62.50%, the interest rate on the Notes for each subsequent interest period
will increase by 2.00% to 10.00% until such time as the LTV Ratio does not exceed 62.5%. Interest on the Notes is payable quarterly
in arrears on each Payment Date and will accrue from and including the most recent date to which interest has been paid or, if
no interest has been paid, from and including the date of issuance, to but excluding such Payment Date, calculated on the basis
of a 360-day year composed of twelve 30-day months. Interest will also be paid on each prepayment date, redemption date or repurchase
date, as the case may be, as provided in the Indenture on the amount of principal so paid for the period from and including the
most recent date to which interest has been paid or, if no interest has been paid, from and including the date of issuance to
but excluding such date of payment.

 

2.       METHOD
OF PAYMENT. The Co-Issuers will pay interest, principal and premium, if any, on the Notes to the Persons who are registered Holders
of Notes at the close of business on the Business Day immediately preceding the Payment Date, even if such Notes are canceled
after such record date and on or before such Payment Date, except as provided in Section 2.12 of the Indenture with respect
to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the register
of Holders, provided, that payment by wire transfer of immediately available funds will be required with respect to interest,
principal and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Co-Issuers or the Paying Agent. U.S. Dollars are the sole currency of account and payment for all sums payable
by the Co-Issuers or any Guarantor under or in connection with the Notes, the Indenture and the Guarantees.

 

3.       PAYING
AGENT AND REGISTRAR. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Co-Issuers may change any Paying Agent or Registrar without notice to the Holders. Either Co-Issuer may act
in any such capacity.

 

4.       INDENTURE.
The Co-Issuers issued the Notes under an Indenture, dated as of September 17, 2020 (the “Indenture”), among
the Co-Issuers, the Guarantors from time to time party thereto, the Trustee and Wilmington Trust, National Association, as Collateral
Custodian. This Note is one of a duly authorized issue of Notes of the Co-Issuers designated as its 8.00% Senior Secured Notes
due 2025. The Co-Issuers shall be entitled to issue Additional Notes pursuant to Section 2.01 and Section 4.09 of
the Indenture. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders
are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

5.       REDEMPTION,
PREPAYMENT AND REPURCHASE. The Notes may be redeemed at the option of the Co-Issuers and may be the subject of a Mandatory Prepayment
Event, ECF Repurchase Offer, Parent Change of Control Offer, and a Mandatory Repurchase Offer, as further

 

    A-5 

     

    

provided
in the Indenture. Except as provided in the Indenture, the Co-Issuers shall not be required to make any mandatory prepayments,
redemptions, repurchases or sinking fund payments with respect to the Notes.

 

6.       DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum denominations of $1.00 and integral multiples
of $1.00 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Co-Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Co-Issuers
need not exchange or register the transfer of any Note or portion of a Note selected for prepayment, redemption or tendered (and
not withdrawn) for repurchase in connection with a Mandatory Prepayment Event, ECF Repurchase Offer, Parent Change of Control
Offer, a Mandatory Repurchase Offer, or other tender offer, respectively, in whole or in part, except for the unredeemed portion
of any Note being redeemed in part.

 

7.       PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

 

8.       AMENDMENT,
SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 

9.       CASH
TRAP, DEFAULTS AND REMEDIES. The Cash Trap Events and Events of Default relating to the Notes are defined in Section 6.01
and Section 6.02 of the Indenture, respectively. Upon the occurrence of a Cash Trap Event or Event of Default, as applicable,
the rights and obligations of the Co-Issuers, the Guarantors, the Trustee and the Holders shall be set forth in the applicable
provisions of the Indenture.

 

10.       AUTHENTICATION.
This Note shall not be entitled to any benefit under the Indenture or be valid for any purpose until authenticated by the manual
signature of the Trustee or an authenticating agent.

 

11.       Limited
Recourse and Non-petition. The provisions of Section 13.08 of the Indenture are incorporated herein mutatis mutandis.

 

12.       GOVERNING
LAW. THE INDENTURE, the notes and the guarantees SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO
THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

13.       NOTICES.
Any notice or communication shall be in writing and delivered in person or mailed by first-class mail (registered or certified,
return receipt requested), fax or other electronic transmission or overnight air courier guaranteeing next day delivery addressed
as follows:

 

Spirit Airlines, Inc. 

2800 Executive Way 

Miramar, FL 33025 

Telephone: (954) 447-7932 

Attention: Legal Department 

Email: legaldepartment@spirit.com

 

    A-6 

     

    

With a copy (which shall
not constitute notice) to:

 

Davis Polk & Wardwell
LLP 

450 Lexington Avenue 

New York, NY 10017 

Telephone: (212) 450-4000

Attention: John B. Meade / Monica Holland 

Email: john.meade@davispolk.com
/ monica.holland@davispolk.com

 

If to the Trustee or
the Collateral Custodian:

 

1100 North Market Street

Wilmington, DE 19890

Attention: Jacqueline Solone

Email: JSolone@WilmingtonTrust.com

 

The Co-Issuers,
any Guarantor, the Trustee or the Collateral Custodian, by notice to the others, may designate additional or different addresses
for subsequent notices or communications.

 

Any notice
or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the registration
books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

 

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.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 

Notwithstanding
any other provision of the Indenture or this Note, where the Indenture or this Note provides for notice of any event (including
any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently
given if given to the Notes Depositary pursuant to the standing instructions from the Notes Depositary.

 

If a notice
or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it.

 

The Trustee
agrees to accept and act upon instructions or directions pursuant to the Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods. If the Co-Issuers, any Guarantor or any Holder elects to give the Trustee e-mail
or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon
such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be
liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding if such instructions conflict or are inconsistent with a subsequent written instruction.
The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.

 

    A-7 

     

    

ASSIGNMENT
FORM

 

To assign this
Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 

(Insert
assignee’s legal name)

 

	 
	(Insert assignee’s soc.
    sec. or tax I.D. no.)
	 

(Print
or type assignee’s name, address and zip code)

 

	and irrevocably appoint 	 

 

to transfer this Note on the
books of the Co-Issuers. The agent may substitute another to act for him.

 

Date: _____________________

 

Your
Signature: _________________________________________________

(Sign
exactly as your name appears on the face of this Note)

 

Signature Guarantee:* __________________________________

 

		*	Participant
                                         in a recognized Signature Guarantee Medallion Program (or other

                                         signature guarantor acceptable to the Trustee).

 

    A-8 

     

    

OPTION OF
HOLDER TO ELECT PURCHASE

 

If you want
to elect to have this Note purchased by the Co-Issuers pursuant to Section 3.09, Section 4.22, or Section 4.23
of the Indenture, check the appropriate box below:

 

[ ] Section
3.09[ ] Section 4.22[ ] Section 4.23

 

If you want
to elect to have only part of this Note purchased by the Co-Issuers pursuant to Section 3.09, Section 4.22, or Section
4.23 of the Indenture, state the amount you elect to have purchased:

 

$_______________

 

Date: _____________________

 

Your
Signature:_________________________________________________

(Sign exactly as your name appears on the face of this Note)

 

Tax
Identification No.:________________________________________

 

Signature Guarantee:* __________________________________

 

		*	Participant
                                         in a recognized Signature Guarantee Medallion Program (or other

                                         signature guarantor acceptable to the Trustee).

 

    A-9 

     

    

SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

 

The initial
outstanding principal amount of this Global Note is $__________. The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest
in this Global Note, have been made:

 

	Date
                                         of Exchange 
	Amount
                                         of decrease

                                         in Principal Amount 
	Amount
                                         of increase

                                         in Principal

                                         Amount of this

                                         Global Note 
	Principal
                                         Amount of

                                         this Global Note

                                         following such

                                         decrease or increase 
	Signature
                                         of

                                         authorized officer

                                         of Trustee or

                                         Note Custodian 

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

__________________

		*	This
                                         schedule should be included only if the Note is issued in global form.

 

    A-10 

     

    

EXHIBIT B

 

FORM OF CERTIFICATE
OF TRANSFER

 

Spirit Airlines, Inc. 

2800 Executive Way 

Miramar, FL 33025 

Telephone: (954) 447-7932

Attention: Treasurer and General Counsel

 

With a copy to:

 

Wilmington Trust, National Association 

1100 North Market Street 

Wilmington, DE 19890 

Attention: Jacqueline Solone 

Email: JSolone@WilmingtonTrust.com

 

Re: Spirit
IP Cayman Ltd. and Spirit Loyalty Cayman Ltd. 8.00% Senior Secured Notes due 2025

 

Reference is
hereby made to the Indenture, dated as of September 17, 2020 (the “Indenture”), among Spirit IP Cayman Ltd.
and Spirit Loyalty Cayman Ltd., the Guarantors named therein, the Trustee and the Collateral Custodian. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture. 

_______________
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to _______________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL
THAT APPLY]

 

1.       [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933,
as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States.

 

2.       [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT
TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act
and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States
and (x) at the time the buy order was originated, the

 

    B-1 

     

    

Transferee
was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged
with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule
903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade
the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of
the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than
an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities
Act.

 

3.       [
] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE DEFINITIVE NOTE PURSUANT TO ANY PROVISION
OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor
hereby further certifies that (check one):

 

(a)       [
] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)       [
] such Transfer is being effected to the Co-Issuers or a subsidiary thereof;

 

or

 

(c)       [
] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and, if applicable,
in compliance with the prospectus delivery requirements of the Securities Act.

 

4.       [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.

 

(a)       [
] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(b)       [
] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue

 

    B-2 

     

    

sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(c)       [
] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture,
the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

    B-3 

     

    

This certificate
and the statements contained herein are made for your benefit and the benefit of the Co-Issuers.

 

 

	 	[Insert Name of Transferor]
	 	 
	 	By: 	
	 	 	Name:
Title:

    

Dated: _______________________

 

    B-4 

     

    

ANNEX A TO
CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE
OF (a) OR (b)]

 

(a)       [
] a beneficial interest in the:

 

(i)       [
] 144A Global Note (CUSIP [ ]), or

 

(ii)       [
] Regulation S Global Note (CUSIP [ ]), or

 

(b)       [
] a Restricted Definitive Note.

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)       [
] a beneficial interest in the:

 

(i)       [
] 144A Global Note (CUSIP [ ]), or

 

(ii)       [
] Regulation S Global Note (CUSIP [ ]), or

 

(iii)       [
] Unrestricted Global Note (CUSIP [ ]); or

 

(b)       [
] a Restricted Definitive Note; or

 

		(c)	[
                                         ] an Unrestricted Definitive Note,

                                         in accordance with the terms of the Indenture.

 

    B-5 

     

    

EXHIBIT C

 

FORM OF CERTIFICATE
OF EXCHANGE

 

Spirit Airlines, Inc. 

2800 Executive Way 

Miramar, FL 33025 

Telephone: (954) 447-7932 

Attention: Legal Department 

Email: legaldepartment@spirit.com

 

With a copy to:

 

Wilmington Trust, National Association 

1100 North Market Street 

Wilmington, DE 19890 

Attention: Jacqueline Solone 

Email: JSolone@WilmingtonTrust.com

 

Re: Spirit
IP Cayman Ltd. and Spirit Loyalty Cayman Ltd. 8.00% Senior Secured Notes due 2025

 

Reference is
hereby made to the Indenture, dated as of September 17, 2020 (the “Indenture”), Spirit IP Cayman Ltd. and Spirit
Loyalty Cayman Ltd., Spirit Airlines, Inc., as the Parent Guarantor, the Guarantors named therein, the Trustee and the Collateral
Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

___________
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:

 

1)       EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

 

a)       [
] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

    C-1 

     

    

b)       [
] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

c)       [
] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States.

 

d)       [
] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

2)       EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES

 

a)       [
] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive
Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Definitive Note and in the Indenture and the Securities Act.

 

    C-2 

     

    

b)       [
] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with
the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note
[ ] Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate
and the statements contained herein are made for your benefit and the benefit of the Co-Issuers.

 

	 	[Insert Name of Transferor]
	 	 
	 	By: 	
	 	 	Name:
Title:

  

Dated: _______________________

 

    C-3 

     

    

EXHIBIT D

 

[FORM OF
SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 

[__________]
Supplemental Indenture (this “Supplemental Indenture”), dated as of __________, [between][among] __________________
(the “Guaranteeing Subsidiary”), Spirit IP Cayman Ltd. (“Brand Issuer”) and Spirit Loyalty
Cayman Ltd. (“Loyalty Issuer” together with Brand Issuer, the “Co-Issuers”), and Wilmington
Trust, National Association, as trustee (the “Trustee”) and as collateral custodian (the “Collateral
Custodian”).

 

W I T N E
S S E T H

 

WHEREAS, each
of the Co-Issuers and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to
the Trustee and the Collateral Custodian an indenture, dated as of September 17, 2020 (as further amended and supplemented, the
“Indenture”), providing for the initial issuance of $850,000,000 of 8.00% Senior Secured Notes due 2025 (the
“Notes”);

 

WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee and the
Collateral Custodian a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all
of the Co-Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under
the Indenture (the “Guarantee”); and

 

WHEREAS, pursuant
to Section 9.01 of the Indenture, the Guaranteeing Subsidiary, the Trustee and the Collateral Custodian are authorized
to execute and deliver this Supplemental Indenture to amend or supplement the Indenture without the consent of Holders.

 

NOW THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

(1)       Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(2)       Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees to be a Guarantor under the Indenture and to be bound by the terms
of the Indenture applicable to a Guarantor, including Article 10 thereof, as if it were an original signatory thereto.

 

(3)       Execution
and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Guarantee on the Notes.

 

(4)       Governing
Law. THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

    D-1

     

    

(5)       Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent one and the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when
taken together, shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of signature pages
by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this Supplemental Indenture
as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.
Signatures of the parties hereto transmitted by facsimile, PDF or other electronic transmission shall be deemed to be their original
signatures for all purposes.

 

(6)       Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

(7)       The
Trustee and the Collateral Custodian. Neither the Trustee nor the Collateral Custodian shall be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.

 

(8)       Benefits
Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture.
The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated
by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are
knowingly made in contemplation of such benefits.

 

(9)       Successors.
All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided
in this Supplemental Indenture and the Indenture. All agreements of the Trustee and the Collateral Custodian in this Supplemental
Indenture shall bind their respective successors.

 

(10)       Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder shall be bound hereby.

 

    D-2

     

    

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

 

	 	Executed
                    as a deed on behalf of:

 

SPIRIT
IP CAYMAN LTD.

	 	 
	 	By: 	
	 	 	Name:
Title:

 

 

	 	

Executed
as a deed on behalf of:

 

SPIRIT
LOYALTY CAYMAN LTD.

	 	 
	 	By: 	
	 	 	Name:
Title:

 

 

	 	

[GUARANTEEING
SUBSIDIARY]

	 	 
	 	By: 	
	 	 	Name:
Title:

 

 

	 	

WILMINGTON
TRUST, national Association, as Trustee and as Collateral Custodian

	 	 
	 	By: 	
	 	 	Name:
Title:

 

 

 

    D-3

     

    

EXHIBIT
E

to Indenture

 

FORM OF PAYMENT DATE STATEMENT

 

[Date]

 

Wilmington Trust, National Association,

 

as Trustee

 

1100 North Market Street

Wilmington, DE 19890

Attention: Jacqueline Solone

email: JSolone@WilmingtonTrust.com

 

Pursuant to (i) Section
4.01 and Section 4.17(a)(vi) of that Indenture, dated as of
September 17, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”),
among Spirit IP Cayman Ltd. and Spirit Loyalty Cayman Ltd. (together with Spirit IP Cayman Ltd., the “Co-Issuers”),
the guarantors from time to time party thereto and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”)
and collateral custodian (in such capacity, the “Collateral Custodian”), the Co-Issuers are required
to provide to the Trustee a Payment Date Statement on each Determination Date and
(ii) Section 4.17(a)(v) of the Indenture, the Co-Issuers are required to provide a certificate of a Responsible Officer
(which may be in this Payment Date Statement) certifying as to the matters set forth therein and herein.

 

This Payment Date Statement is being delivered
to the Trustee with respect to the [_____] 20[_] Determination Date. Capitalized terms used and not otherwise defined herein shall
have the meanings assigned thereto in the Indenture.

 

Pursuant to
Section 4.17(a)(v) of the Indenture, the undersigned, [each] being [a] Responsible Officer[s] of [each of] Spirit IP Cayman
Ltd. and Spirit Loyalty Cayman Ltd. hereby [certify][certifies] that (i) [no new Material Free Spirit Agreements were entered
into since the [immediately prior Determination Date][Closing Date]][Exhibit A hereto sets forth the name of each new Material
Free Spirit Agreement entered into since the [immediately prior Determination Date][Closing Date]], (ii) the Co-Issuers have
complied with the deposit requirements under the Transaction Documents with respect to such Free Spirit Agreements, (iii) 90%
of all Free Spirit Program Revenues for such Quarterly Reporting Period were deposited directly into the Loyalty Collection Account,
and (iv) [There have not been any Material Modification to any Material Free Spirit Agreement since the [immediately prior
Determination Date][Closing Date]][Each Material Modification to each Material Free Spirit Agreement occurring since the [immediately
prior Determination Date][Closing Date] is set forth in Annex II hereto, together with the date of such Material Modification
and the Material Free Spirit Agreement to which such Material Modification applied, and
each such Material Modification was made in compliance with the Indenture].

 

[Pursuant to
Section 4.06(e) of the Indenture, attached hereto as Annex I is an updated Schedule 4.06(e).1]

 

 

_____________________

1
Attach an updated Schedule 4.06(e) to the extent necessary to the extent necessary
to cause the Material Free Spirit Agreements listed on such updated schedule, in the aggregate, to represent at least 85% of the
Free Spirit Program Revenues in the prior twelve (12) months. 

    E-1

     

    

Determination Date:

Payment Date:

Quarterly Reporting Period Beginning:

Quarterly Reporting Period Ending:

Days in Quarterly Reporting Period:

Interest Period Beginning:

Interest Period Ending:

Days in Interest Period:

Occurrence of Event of Default During Quarterly
Reporting Period (Yes/No):

Occurrence of Cash Trap Event During Quarterly
Reporting Period (Yes/No):

Cash Trap Period as of Last Day of Quarterly Reporting
Period (Yes/No):

Cash Trap Cure (Yes/No/N/A):

Amount of Allocable Funds: $__________

Amount of Available Funds: $__________

 

Pursuant to Section 4.01 of the Indenture,
the Co-Issuers hereby instruct the Trustee to make the distributions specified in the “Payment” line items below:

 

I. Amounts to be distributed pursuant
to Section 4.01(a):

 

Payment 1: First, ratably,
to the Trustee, $[        ] and to the Collateral Custodian, $[        ] (subject to an aggregate cap of $200,000 per annum)

 

Payment 2: Second, amounts
due to any Independent Director (or any such service provider providing the services of an Independent Director) subject to a cap
of $100,000 per annum, as follows: [insert specific payment instructions and amounts]

 

II. Amounts to be distributed pursuant
to Section 4.01(b):

 

A. Interest Distribution Amount: 

		i.	Interest Rate:

		ii.	Day Count Fraction

		iii.	Outstanding principal amount of Notes as of the first day of the related Interest Period

		iv.	Unpaid Interest Distribution Amounts from prior Payment Dates

		v.	Total [(product of II.A.i, II.A.ii and II.A.iii) plus II.A.iv plus (product of II.A.i, II.A.ii
and II.A.iv)]

 

B. Interest paid after preceding
Payment Date and prior to Payment Date

 

Payment: To the Trustee,
on behalf of the Holders pursuant to Section 4.01(b), $[II.A minus II.B]2

 

III. Amounts to be distributed pursuant
to Section 4.01(c) (on the Termination Date only):

 

 

_____________________

2
Insert final dollar amount in lieu of bracketed formula prior to each instruction

    E-2

     

    

Payment: To the Trustee, on behalf of the Holders
pursuant to Section 4.01(c), $[        ]

 

IV.
Amounts to be distributed pursuant to Section 4.01(d):

 

A. Amount on deposit in the Notes Reserve Account: 

B. Notes Reserve Account Required Balance

 

Payment: To the Notes Reserve Account pursuant
to Section 4.01(d), $[positive difference, if any, of IV.B minus IV.A]3

 

V. Remitted Amounts to be distributed pursuant to Section
4.01(e) as mandatory prepayments required but unpaid:

 

Payment: To the Trustee, on behalf of the Holders
pursuant to Section 4.01(e),  $[        ]

 

VI. Amounts to be distributed
pursuant to Section 4.01(f) as premium due and unpaid without any duplication for any premium paid pursuant to Section 4.01(e):

 

Payment: To the Trustee,
on behalf of the Holders pursuant to Section 4.01(f), $[        ]

 

VII. Amounts to be distributed
pursuant to Section 4.01(g):

 

Payment 1: First, ratably to the Trustee,
$[        ] and to the Collateral Custodian, $[        ] 

Payment 2: Second, amounts due to any other
Person (if any), as follows: [insert specific payment instructions and amounts] 

 

VIII. Amounts to be paid pursuant
to Section 4.01(h) to the ECF Account if a Cash Trap Period is in effect as of the last day of the Quarterly Reporting Period and
a Cash Trap Cure has not occurred:

 

Payment: To the ECF Account
pursuant to Section 4.01(h), $[        ]

 

IX. Amounts to be distributed
pursuant to Section 4.01(i) to the extent any amounts are due and owing under any other Senior Secured Debt:

 

Payment: To the Collateral Agent, for distribution
to any other Person under the Collateral Agency and Accounts Agreement pursuant to Section 4.01(i), $[        ]

 

X. Amounts to be distributed
pursuant to Section 4.01(j):

 

Payment:4
[If an Event of Default has occurred and is continuing, all remaining amounts to be remitted to, and remain on deposit in, the
Collection Accounts as follows:

 

 

_______________________

3
Insert final dollar amount in lieu of bracketed formula prior to each instruction.

 

4
Select one of the two bracketed options and fill in prior to each instruction.

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		i.	Brand Collection Account: $[        ]

		ii.	Loyalty Collection Account: $[        ]]

[If no Event of Default has occurred and is continuing,
the Co-Issuers hereby direct the Collateral Agent to release all remaining amounts to the following deposit account on the Payment
Date:

 

	Bank Name: 	[●]
	Account No.:	[●]
	ABA No.:	[●]
	Account Name:	[●]
	Reference:	[●]
	Attention: 	[●]]

 

XI: Debt Service Coverage
Ratio calculation:

 

A. 

		i.	aggregate amount of Collections deposited to the Collection Accounts during the Quarterly Reporting
Period: $[        ]

		ii.	Cure Amounts deposited to the Collection Accounts on or prior to the Payment Date (and which remain
on deposit in a Collection Account): $[        ]

 

B. the
Interest Distribution Amount: $[        ]

 

C.
Debt Service Coverage Ratio: [quotient of (sum of XI.A.i and XI.A.ii) divided by B]

 

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IN WITNESS WHEREOF, the
undersigned has duly executed this Payment Date Statement as of the date first set forth above.

 

 

	 	

SPIRIT
IP CAYMAN LTD.

	 	 
	 	By: 	
	 	 	Name:
Title:

 

 

	 	

SPIRIT
LOYALTY CAYMAN LTD.

	 	 
	 	By: 	
	 	 	Name:
Title:

 

 

    E-5

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