Document:

Exhibit 10.2

 

EXECUTION COPY

 

  

SECURITY AGREEMENT

 

dated as of February __, 2019

 

between

 

ACY SN 19002 LIMITED,

 

ACY SN 19003 LIMITED,

 

ACY E-175 LLC,

 

ACY SN 15129 LLC

 

and

 

THE LESSORS FROM TIME TO TIME PARTY
HERETO,

as Mortgagors

 

and

 

WILMINGTON
TRUST COMPANY

as Security Trustee and as Mortgagee

 

 

 

Aircraft Credit Facility

 

Up to $47,000,000

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	7
	 	 	 
	Section 1.01	Definitions	7
	 	 	 
	ARTICLE II	THE LOAN CERTIFICATES	7
	 	 	 
	Section 2.01	Form of Loan Certificates	7
	Section 2.02	Issuance and Terms of Loan Certificates	8
	Section 2.03	Certain Accounts	9
	Section 2.04	Method of Payment	10
	Section 2.05	Application of Payments	11
	Section 2.06	Termination of Interest in Mortgaged Property	11
	Section 2.07	Registration, Transfer and Exchange of Loan Certificates	12
	Section 2.08	Mutilated, Destroyed, Lost or Stolen Loan Certificates	12
	Section 2.09	Payment of Expenses on Transfer	13
	Section 2.10	Prepayment of Loan Certificates	13
	Section 2.11	Provisions Relating to Prepayment	15
	Section 2.12	[Intentionally Omitted.]	16
	Section 2.13	Withholding Taxes; General Tax Indemnity	17
	Section 2.14	Additional Costs	21
	 	 	 
	ARTICLE III	RECEIPT, DISTRIBUTION AND APPLICATION OF INCOME FROM THE MORTGAGED PROPERTY	23
	 	 	 
	Section 3.01	Rent Payment Distribution; Event of Loss and Sale Proceeds	23
	Section 3.02	Voluntary Prepayment	24
	Section 3.03	Payments After Event of Default	24
	Section 3.04	Certain Payments	25
	Section 3.05	Other Payments	26
	 	 	 
	ARTICLE IV	COVENANTS OF MORTGAGORS; EVENTS OF DEFAULT; REMEDIES OF MORTGAGEE	27
	 	 	 
	Section 4.01	Covenants of Mortgagors	27
	Section 4.02	Event of Default	27
	Section 4.03	Cure Rights; Remarketing Period	29
	Section 4.04	Remedies	33
	Section 4.05	Return of Aircraft, etc	33
	Section 4.06	Remedies Cumulative	35
	Section 4.07	Discontinuance of Proceedings	35
	Section 4.08	Waiver of Past Defaults	35
	Section 4.09	Appointment of Receiver	35
	Section 4.10	Mortgagee Authorized to Execute Bills of Sale, etc	36
	Section 4.11	Slovenian Mortgage	36
	 	 	 
	ARTICLE V	PAYMENTS FROM MORTGAGED PROPERTY ONLY	36
	 	 	 
	Section 5.01	Payments from Mortgaged Property Only	36

 

    -i- 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE VI	CERTAIN RIGHTS OF MORTGAGOR	36
	 	 	 
	Section 6.01	Certain Rights of Mortgagor	36
	 	 	 
	ARTICLE VII	REPLACEMENT ENGINES	37
	 	 	 
	Section 7.01	Replacement Engines	37
	 	 	 
	ARTICLE VIII	SUPPLEMENTS AND AMENDMENTS TO THIS SECURITY AGREEMENT AND OTHER DOCUMENTS	38
	 	 	 
	Section 8.01	Instructions of Majority; Limitations	38
	Section 8.02	Amendments	39
	Section 8.03	Action Upon Instructions	39
	 	 	 
	ARTICLE IX	MISCELLANEOUS	40
	 	 	 
	Section 9.01	Termination of Security Agreement; Release of Liens	40
	Section 9.02	No Legal Title to Mortgaged Property in Participants	40
	Section 9.03	Sale of Aircraft by Mortgagee Is Binding	41
	Section 9.04	Security Agreement for Benefit of Mortgagors, Mortgagee and Holders of Loan Certificates	41
	Section 9.05	No Action Contrary to Lessee’s Rights Under any Lease	41
	Section 9.06	Notices; Payments	41
	Section 9.07	Severability	41
	Section 9.08	No Oral Modification or Continuing Waivers	41
	Section 9.09	Successors and Assigns	41
	Section 9.10	Headings	42
	Section 9.11	Governing Law; Counterpart Form	42
	Section 9.12	Concerning Prospective International Interests	42
	Section 9.13	Contractual Bail-In	42

 

	Exhibit A	–	Form of Security Agreement Supplement	 
	Exhibit B	–	Form of Loan Certificate	 

 

    -ii- 

     

    

 

SECURITY AGREEMENT , dated as of February __, 2019, among
ACY SN 19002 LIMITED, a limited liability company incorporated under the laws of England (the “19002 Borrower”),
ACY SN 19003 LIMITED, a limited liability company incorporated under the laws of England (the “19003 Borrower”),
ACY E-175 LLC, a limited liability company organized under the laws of the State of Delaware (the “Republic Borrower”),
ACY SN 15129 LLC, a limited liability company organized under the laws of the State of Delaware (the “Adria Borrower”
and, together with the 19002 Borrower, the 19003 Borrower and the Republic Borrower, each individually a “Borrower”
and, collectively, the “Borrowers”), the Lessors from time to time party hereto and identified as a “Mortgagor”
in a Security Agreement Supplement executed in connection herewith (together with the Borrowers, each a “Mortgagor”
and, collectively, the “Mortgagors”) and WILMINGTON TRUST COMPANY, as security trustee under the Credit
Agreement referred to below (in such capacity, the “Security Trustee”) and as the mortgagee hereunder (in such
capacity, the “Mortgagee”).

 

WHEREAS, all capitalized terms used
herein shall have the respective meanings set forth or referred to in Article I hereof;

 

WHEREAS, each Mortgagor (if applicable,
by becoming a party to this Security Agreement by its execution and delivery of a Security Agreement Supplement), desires by this
Security Agreement, among other things, (i) to provide for the issuance by the Borrowers to the Participants of Loan Certificates
evidencing the loans made by the Participants to the Borrowers as provided in the Credit Agreement and (ii) to provide for the
assignment, mortgage and pledge by each Mortgagor to the Mortgagee of, among other things, all of such Mortgagor’s right,
title and interest in and to the Aircraft identified in a Security Agreement Supplement executed by such Mortgagor, and, except
as hereinafter expressly provided as to Excluded Payments and any maintenance reserves, security deposits and supplemental rent
payable under the relevant Lease, all of such Mortgagor’s right, title and interest in, to and under the Lease with respect
to any such Aircraft and all payments and other amounts received hereunder or thereunder in accordance with the terms hereof or
thereof, as security for such Mortgagor’s obligations to the Security Trustee, the Agent, the Swap Counterparty and the Participants
under the Loan Operative Documents and for the benefit and security of the Security Trustee and the Participants;

 

WHEREAS, all
things have been done to make each Loan Certificate, when executed by a Borrower hereunder, the valid, binding and enforceable
obligations of such Borrower; and

 

WHEREAS, all
things necessary to make this Security Agreement the valid, binding and legal obligation of the Mortgagors for the uses and purposes
herein set forth, in accordance with its terms, have been done and performed and have happened.

 

     

    [Security Agreement]

    

 

GRANTING CLAUSE

 

NOW, THEREFORE, THIS SECURITY AGREEMENT
WITNESSETH, that, to secure (i) the prompt payment of the principal, Swap Breakage Loss, LIBOR Breakage, Liquidity Breakage,
interest on, and all other amounts due with respect to, all Loan Certificates from time to time outstanding hereunder according
to their tenor and effect and to secure the performance and observance by the Mortgagors and the Borrower Parent of all the agreements,
covenants and provisions contained herein and in the Credit Agreement, the Loan Certificates and the other Loan Operative Documents,
for the benefit of the Security Trustee, the Agent, the Swap Counterparty and the Participants and the prompt payment of all amounts
from time to time owing under the Credit Agreement and the other Loan Operative Documents to the Security Trustee, the Agent, the
Swap Counterparty and the Participants by the Mortgagors and the Borrower Parent, and (ii) each of the Swap Obligations (collectively,
the “Secured Obligations”), and for the uses and purposes and subject to the terms and provisions hereof, and
in consideration of the premises and of the covenants herein contained, the acceptance of the Loan Certificates by the holders
thereof, and for other good and valuable consideration the receipt and adequacy whereof are hereby acknowledged, each Mortgagor
does hereby grant, bargain, sell, assign, transfer, convey, mortgage, pledge and confirm, unto the Security Trustee, its successors
and assigns, for the security and benefit of the Participants and the Swap Counterparty, a security interest in and mortgage lien
on all right, title and interest of such Mortgagor in, to and under the following described property, rights and privileges, whether
now or hereafter acquired, other than Excluded Payments (which collectively, excluding Excluded Payments but including all property
hereafter specifically subjected to the lien of this Security Agreement by the terms hereof or any mortgage supplemental hereto,
are included within the property mortgaged hereunder and are referred to as the “Mortgaged Property”), to wit:

 

(1)         each
Aircraft more particularly described in each Security Agreement Supplement to be executed and delivered as provided in this Security
Agreement, including the Airframe and Engines associated therewith, each of which Engines has at least 1750 lbs. of thrust, as
the same is now and will hereafter be constituted, whether now owned by such Mortgagor or hereafter acquired, leased or intended
to be leased under any Lease, and in the case of such Engines, whether or not any such Engine shall be installed in or attached
to such Airframe or any other airframe, together with (a) all Parts of whatever nature, which are from time to time incorporated
or installed in or attached to such Airframe and Engines and which are either now owned or hereafter acquired, including all substitutions,
renewals and replacements of and additions, improvements, accessions and accumulations to such Airframe and Engines (other than
substitutions, renewals, replacements, additions, improvements, accessions and accumulations which constitute appliances, parts,
instruments, appurtenances, accessories, furnishings or other equipment excluded from the definition of Parts) and (b) all Aircraft
Documents;

 

(2)         each
Lease more particularly described in each Security Agreement Supplement to be executed and delivered as provided in this Security
Agreement, together with all rights, powers, privileges, options and other benefits of such Mortgagor as lessor under any such
Lease, including, without limitation, the immediate and continuing right to receive and collect all Basic Rent, Return Compensation
Payments, income, revenues, issues, profits, insurance proceeds, condemnation awards and other payments, tenders and security (but
excluding any security deposits, supplemental rent or maintenance reserves payable to such Mortgagor under such Lease) now or hereafter
payable to or receivable by such Mortgagor under such Lease pursuant thereto, and the right of such Mortgagor to execute any election
or option or to give any notice, consent, waiver or approval, to receive copies of all notices and other instruments or communications,
to accept surrender or redelivery of the Aircraft subject to such Lease or any part thereof, as well as all the rights, powers
and remedies on the part of the Mortgagor as lessor under such Lease, to take such action upon the occurrence of a Lease Event
of Default thereunder, including the commencement, conduct and consummation of legal, administrative or other proceedings, in each
case as shall be permitted by such Lease or by law, and to do any and all other things whatsoever which the Mortgagor is entitled
to do under or in respect of such Lease and any right to restitution from any Lessee under such Lease or any other person in respect
of any determination of invalidity of such Lease;

 

    	 	2	 

    [Security Agreement]

    

 

(3)         each
of the following documents:

 

(a)          any
Lease Operative Document (other than any letter of credit issued pursuant to any Lease in respect of any security deposits, maintenance
reserves or supplemental rent);

 

(b)          any
IDERA (if applicable) and any Deregistration Power of Attorney;

 

(c)          the
Adria Repossession Deed;

 

(d)          each
Lease Management Agreement;

 

(e)          the
Consent and Recognition of Rights Agreement; and

 

(f)          any
and all other contracts, agreements and instruments relating to any Airframe and/or any Engines, including any bills of sale,
or any rights or interests (including warranties) therein to which such Mortgagor is now or may hereafter be a party (except
for each Residual Value Guarantee (other than as set forth in clause (8) below));

 

together with all rights, powers, privileges, licenses, easements,
options and other benefits of such Mortgagor under each contract, agreement and instrument referred to in this clause (3), including,
without limitation, the right to receive and collect all payments to such Mortgagor thereunder now or hereafter payable to or receivable
by such Mortgagor pursuant thereto and the right of such Mortgagor to execute any election or option or to give any notice, consent,
waiver or approval, to receive notices and other instruments or communications, or to take any other action under or in respect
of any thereof or to take such action upon the occurrence of a default thereunder, including the commencement, conduct and consummation
of legal, administrative or other proceedings, in each case as shall be permitted thereby or by law, and to do any and all other
things which such Mortgagor is entitled to do thereunder and any right to restitution from any Lessee or any other person in respect
of any determination of invalidity of any thereof;

 

(4)         any
Airframe Warranties and any Engine Warranties with respect to any Aircraft;

 

(5)         each
Swap Agreement, including, but not limited to, (x) all amounts or payments of any kind now or hereafter payable to or receivable
by such Mortgagor under such Swap Agreement, as well as all rights of such Mortgagor to enforce payment of any such amounts or
payments, and (y) all rights of such Mortgagor to exercise any election or option or to give or receive any notice, consent, waiver
or approval or to take any other action under or in respect of such Swap Agreement, as well as the rights, powers and remedies
on the part of such Mortgagor, whether acting under such Swap Agreement or by statute or at law or in equity, or otherwise, arising
out of any default under such Swap Agreement;

 

    	 	3	 

    [Security Agreement]

    

 

(6)         the
Collateral Accounts, the Cash Collateral Account and all moneys and securities now or hereafter paid or deposited or required to
be paid or deposited into such accounts and held or required to be held by the Security Trustee hereunder;

 

(7)         all
rents, issues, profits, revenues and other income of the property subjected or required to be subjected to the Lien of this Security
Agreement including all payments or proceeds payable to such Mortgagor after termination of any Lease with respect to an Aircraft
as the result of the sale, lease or other disposition thereof, and all estate, right, title and interest of every nature whatsoever
of such Mortgagor in and to the same;

 

(8)         all
payments and proceeds required to be paid to such Mortgagor under each Residual Value Guarantee;

 

(9)         without
limiting the generality of the foregoing, all insurance and requisition proceeds paid or payable with respect to any Aircraft or
any part thereof, including but not limited to the insurance required under a Lease with respect to such Aircraft;

 

(10)        without
limiting the generality of the foregoing, all monies and securities from time to time deposited or required to be deposited with
the Mortgagee pursuant to any terms of this Security Agreement or any Lease or required hereby or by any Lease to be held by such
Mortgagor under any Lease or Mortgagee hereunder as security for the obligations of any Lessee under any Lease or of such Mortgagor
hereunder; and

 

(11)        all
proceeds of the foregoing.

 

Excluding, however, in all events from each
of foregoing clauses (1) through (11) all Excluded Payments and the right to specifically enforce the same or to sue for damages
for the breach thereof as provided in the definition of “Excluded Payments” and the rights under Section 6.01(d).

 

Notwithstanding the foregoing or anything
herein to the contrary, the assignment of the documents and instruments subject to the Granting Clause shall be subject to the
terms and conditions hereof, and the Lien of this Security Agreement is subject to each Lease and all of the relevant Lessee’s
rights thereunder.

 

Promptly following the delivery of its respective
Security Agreement Supplement, each Mortgagor shall deliver to the Mortgagee the original executed chattel paper counterpart of
the Lease as defined therein to the extent available to such Mortgagor, including all amendments and letter agreements thereto.

 

TO HAVE AND TO HOLD all and singular
the aforesaid property unto the Mortgagee, and its successors and permitted assigns, for the equal and proportionate benefit and
security of the Secured Parties, without any preference, distinction or priority of any one Secured Party over any other Secured
Party by reason of priority of time of issue, sale, negotiation, date of maturity thereof or otherwise for any reason whatsoever,
and for the uses and purposes and in all cases and as to all property specified in paragraphs (1) through (11) inclusive above,
subject to the terms and provisions set forth in this Security Agreement (including, without limitation, Sections 6.01 and 9.05).

 

    	 	4	 

    [Security Agreement]

    

 

It is expressly agreed that anything herein
contained to the contrary notwithstanding, each Mortgagor shall remain liable under the Granting Clause Documents to which it is
a party, to perform all of the obligations assumed by it thereunder, except to the extent prohibited or excluded from doing so
pursuant to the terms and provisions thereof, and the Mortgagee and the Secured Parties shall have no obligation or liability under
the Granting Clause Documents, other than to abide by the terms of such Granting Clause Documents (including in respect of any
Lessee’s rights of quiet enjoyment) by reason of or arising out of the assignment hereunder, nor shall the Mortgagee or the
Secured Parties be required or obligated in any manner to perform or fulfill any obligations of any Mortgagor under or pursuant
to the Granting Clause Documents, or, except as herein expressly provided, to make any payment, or to make any inquiry as to the
nature or sufficiency of any payment received by it, or present or file any claim, or take any action to collect or enforce the
payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

 

Each Mortgagor, as security for the obligations
secured by the Mortgaged Property, does hereby constitute the Mortgagee, exercisable upon the occurrence and during the continuance
of an Event of Default, the true and lawful attorney of such Mortgagor, irrevocably during the continuance of an Event of Default,
granted for good and valuable consideration and coupled with an interest and with full power of substitution, and with full power
(in the name of such Mortgagor or otherwise) to ask for, require, demand, receive, compound and give acquittance for any and all
monies and claims for monies (in each case including insurance and requisition proceeds but in all cases excluding Excluded Payments,
any maintenance reserves or supplemental rent payable under a Lease and any security deposit payable under a Lease) due and to
become due under or arising out of the Operative Documents, and all other property which now or hereafter constitutes part of the
Mortgaged Property, to endorse any checks or other instruments or orders in connection therewith and to file any claims or to take
any action or to institute any proceedings which the Mortgagee may deem to be necessary or advisable in connection therewith. Without
limiting the generality of the foregoing, but subject to the rights of the Mortgagors under Sections 4.03 and 4.04(a), during the
continuance of any Event of Default under this Security Agreement, the Mortgagee shall have the right under such power of attorney
to accept any offer in connection with the exercise of remedies as set forth herein of any purchaser to purchase any Airframe and
any Engines and upon such purchase to execute and deliver in the name of and on behalf of the Mortgagor an appropriate bill of
sale and other instruments of transfer relating to such Airframe and Engines, to perform all other necessary or appropriate acts
with respect to any such purchase, and in its discretion to file any claim or take any other action or proceedings, either in its
own name or in the name of any Mortgagor or otherwise, which the Mortgagee may deem necessary or appropriate to protect and preserve
the right, title and interest of the Mortgagee in and to such Rents and other sums and the security intended to be afforded hereby;
provided, that no action of the Mortgagee pursuant to this paragraph shall increase the obligations or liabilities of any Mortgagor
to any person beyond those obligations and liabilities specifically set forth in this Security Agreement and in the other Operative
Documents. The Mortgagee shall direct any Lessee, so long as this Security Agreement shall not have been fully discharged, to make
all payments of Rent (other than Excluded Payments), Return Compensation Payments and all other amounts which are required to be
paid to or deposited with a Mortgagor pursuant to any Lease (other than Excluded Payments, any maintenance reserves or supplemental
rent payable under such Lease and any security deposit payable under such Lease) directly to, or as directed by, the Mortgagee
at such address or addresses as the Mortgagee shall specify, for application as provided in Article III of this Security Agreement.
Notwithstanding such direction, if any of the above amounts that are required to be transferred to the Mortgagee are transferred
to such Mortgagor, such Mortgagor agrees that promptly upon receipt thereof, it will transfer to the Mortgagee any and all monies
from time to time received by it constituting part of the Mortgaged Property, for distribution by the Mortgagee pursuant to this
Security Agreement.

 

    	 	5	 

    [Security Agreement]

    

 

Each Mortgagor agrees that at any time and
from time to time, upon the written request of the Mortgagee, such Mortgagor shall promptly and duly execute and deliver or cause
to be duly executed and delivered any and all such further instruments and documents as the Mortgagee may reasonably deem necessary
or desirable to perfect, preserve or protect the mortgage, security interests and assignments created or intended to be created
hereby or to obtain for the Mortgagee the full benefits of the assignment hereunder and of the rights and powers herein granted.

 

Each Mortgagor hereby represents and warrants
that it has not assigned or pledged, and hereby covenants and agrees that it will not assign or pledge, so long as the assignment
hereunder shall remain in effect, and the lien hereof shall not have been released pursuant to Section 9.01 hereof, any of its
right, title or interest hereby assigned to the Mortgaged Property, to anyone other than the Mortgagee, and that it will not, except
as otherwise provided in this Security Agreement (including, but not limited to, Sections 4.03 and 6.01), except with the written
consent of the Mortgagee (such consent not to be unreasonably withheld or delayed), and except with respect to Excluded Payments
to which it is entitled:

 

(a)        accept
any payment from any Lessee Party under any Operative Document (other than any security deposit and/or maintenance reserves and/or
supplemental rent payable under the relevant Lease);

 

(b)        enter
into any agreement amending or supplementing any Lease, any Residual Value Guarantee or any other Lease Operative Document;

 

(c)        except
as expressly provided herein in respect of Day-to-Day Operational Matters, execute any waiver or modification of, or consent under,
the terms of any Lease, any Residual Value Guarantee or any other Lease Operative Document;

 

(d)        settle
or compromise any claim against any Lessee Party arising under any Lease Operative Document or against Bombardier Inc. arising
under any Residual Value Guarantee; or

 

(e)        submit
or consent to the submission of any dispute, difference or other matter against the Lessee or any other Lessee Party arising under
or in respect of any Lease Operative Document or against Bombardier Inc. arising under or in respect of any Residual Value Guarantee
to arbitration thereunder (unless submission is required thereunder, in which case such Mortgagor shall notify the Mortgagee of
such submission as soon as practicable).

 

    	 	6	 

    [Security Agreement]

    

 

Each Mortgagor hereby further agrees that
it will not without the written consent of the Mortgagee:

 

(a)        receive
or collect or agree to the receipt or collection of any payment of Rent, including, without limitation, Basic Rent, Return Compensation
Payments or any other payment to be made pursuant to any Lease prior to the date for the payment thereof provided for by such Lease
or assign, transfer or hypothecate (other than to the Mortgagee hereunder and under the Security Documents) any payment of Rent,
including, without limitation, Basic Rent, Return Compensation Payments or any other payment to be made to such Mortgagor, pursuant
to any Lease or any other Lease Operative Document, then due or to accrue in the future under such Lease in respect of the Airframe
and Engines subject thereto but in all cases excluding Excluded Payments, any maintenance reserves or supplemental rent payable
under a Lease or any security deposits payable under a Lease; or

 

(b)        sell,
mortgage, transfer, assign or hypothecate (other than to the Mortgagee hereunder) its interest in any Aircraft, any Airframe, or
any Engine or any part thereof or in the Aircraft Documents or in any amount to be received by it from the use or disposition of
such Airframe or Engines, other than amounts distributed to it pursuant to Article III hereof.

 

It is hereby further agreed that any and
all property otherwise meeting the definition of Mortgaged Property which is hereafter acquired by any Mortgagor shall ipso facto,
and without any further conveyance, assignment or act on the part of such Mortgagor or the Mortgagee, become and be subject to
the Lien and security interest herein granted as fully and completely as though specifically described herein, but nothing contained
in this paragraph shall be deemed to modify or change the obligations of such Mortgagor contained in the foregoing paragraphs.

 

Each Mortgagor hereby
ratifies and confirms any Lease to which it is a party and does hereby agree that it will not violate any covenant or agreement
made by it therein, herein or in any other Operative Document.

 

Notwithstanding the Granting Clause or anything
to the contrary herein, there is hereby excluded from the foregoing sale, transfer, assignment, grant, pledge and security interest
all Excluded Payments.

 

IT IS HEREBY COVENANTED AND AGREED by
and between the parties hereto as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01   Definitions
..  For all purposes of this Security Agreement the terms used herein in capitalized form but not defined herein are used
as defined in the Credit Agreement.

 

ARTICLE II

 

THE LOAN CERTIFICATES

 

Section 2.01   Form
of Loan Certificates.  The Loan Certificates for each Loan shall be substantially in the form set forth in Exhibit
B hereto.

 

    	 	7	 

    [Security Agreement]

    

 

Section 2.02   Issuance and
Terms of Loan Certificates.

 

(a)        Loan
Certificates .  On the Drawdown Date for a Loan, there shall be issued and delivered to each Participant one or more
Loan Certificates dated such Drawdown Date, captioned as having been issued in connection with the Aircraft related to such Loan,
and payable to such Participant, in an aggregate Original Amount equal to the amount of such Participants’ portion of such
Loan. Subject to Section 2.02(e), each Loan Certificate shall bear interest at the Debt Rate for such Loan (calculated on the basis
of a year of 360 days and actual number of days elapsed) on the unpaid Original Amount thereof from time to time outstanding, payable
in arrears on each Payment Date for such Loan; provided that each Loan Certificate shall instead bear interest at the Past Due
Rate (calculated on the basis of a 360 day year and actual number of days elapsed) on any part of the Original Amount thereof,
and any accrued interest, in each case not paid when due for any period during which the same shall be overdue. Interest payable
on any Payment Date shall be in respect of the Interest Period ending on or about such date. Each Loan Certificate shall mature
on the applicable Maturity Date. The Original Amounts of the Loan Certificates shall be payable on the dates and in the installments
set forth in the Amortization Schedule for such Loan Certificates. Notwithstanding the foregoing, the final payment made under
each Loan Certificate shall be in an amount sufficient to discharge in full the unpaid Original Amount, and all accrued and unpaid
interest on, and any other amounts due under, such Loan Certificate.

 

(b)        Notwithstanding
anything to the contrary herein, if any date on which a payment under any Loan Certificate becomes due and payable is not a Business
Day then such payment shall not be made on such scheduled date but shall be made on the immediately succeeding Business Day; provided
that, if such succeeding Business Day would fall in the next calendar month, then such payment shall be made on the immediately
preceding Business Day.

 

(c)        Each
Loan Certificate shall be executed by the Borrower who borrowed the related Loan by an authorized signatory of such Borrower. Each
Loan Certificate bearing the signatures of individuals who were at any time the authorized signatories of any Borrower shall bind
such Borrower, notwithstanding that such individuals or any of them have ceased to be authorized signatories prior to the execution
and delivery of such Loan Certificates or at the respective dates of such Loan Certificates. Each Loan Certificate shall be dated
the Drawdown Date for the Loan to which such Loan Certificate relates, whether issued on such date or a later date.

 

(d)        The
aggregate principal amount of all Loan Certificates to be issued and outstanding hereunder shall not at any time exceed the Total
Commitment.

 

(e)        If
a Market Disruption Event occurs, each affected Participant will be entitled, so long as the Market Disruption Event shall continue,
to charge interest on the principal amount of the Loans held by such Participant for each Interest Period during which such Market
Disruption Event is continuing, at a per annum rate equal to for each affected Interest Period, the sum of the cost of funds to
such affected Participant for such Interest Period and the relevant Applicable Margin. The report by any Participant to the Agent
of its cost of funds for any Interest Period shall be promptly provided to the Borrowers and, absent manifest error, shall be conclusive
and shall constitute a certification by such Participant that the interest rate so provided is an accurate and fair calculation
of its Treasury-assessed funding costs for such Interest Period, which assessment has been made on a fair and non-discriminatory
basis. As of the date hereof, no Market Disruption Event exists.

 

    	 	8	 

    [Security Agreement]

    

 

 Section 2.03   Certain
Accounts.

 

(a)        Collateral
Accounts.  Each Borrower or Lessor, as the context may require, shall establish prior to the relevant Drawdown Date
at the Security Trustee an account (each a “Collateral Account” and together the “Collateral Accounts”)
in the name of and under the control of the Security Trustee, into which all Basic Rent, Return Compensation Payments and any Event
of Loss proceeds, and any other amounts payable by the relevant Lessee to such Mortgagor under the relevant Lease (including proceeds
of insurance but excluding any Excluded Payment, any maintenance reserves or supplemental rent payable under such Lease and any
security deposit payable under such Lease), and all amounts payable in connection with the Loan related to the related Aircraft
under the Loan Operative Documents, including without limitation any amounts payable to the relevant Borrower under a Swap Agreement
with respect thereto, shall be deposited into the relevant Collateral Account. The balance from time to time in the Collateral
Accounts shall be under the control of the Security Trustee and shall constitute part of the Mortgaged Property hereunder and shall
not constitute payment of the Secured Obligations until applied as herein provided and shall be subject to withdrawal only as provided
herein. All amounts deposited into the Collateral Accounts shall be applied in the manner set forth in Section 3.01 (subject to
Section 3.02 or 3.03, as the case may be). Subject to the foregoing, the relevant Mortgagor and the Security Trustee hereby irrevocably
instruct Wilmington Trust Company to apply amounts on deposit in the Collateral Accounts in the manner set forth in Section 3.01,
3.02 or 3.03, as the case may be. Such Mortgagor and the Security Trustee agree that any amounts received into the relevant Collateral
Account and not immediately applied pursuant to Section 3.01 or 3.02 may be invested from time to time in Agreed Investments unless
otherwise instructed by the relevant Mortgagor, or, following the occurrence of a Default or an Event of Default which is continuing,
the Required Participants, and that any income earned or losses incurred on such investments will be for the account of the relevant
Mortgagor (where funds credited to such Collateral Account are invested). For the avoidance of doubt, the Mortgagee and each Mortgagor
agrees that any maintenance reserves or supplemental rent payable under a Lease and any security deposit payable under a Lease
that is deposited in a Collateral Account may be paid to the relevant Mortgagor or the Borrower Parent.

 

(b)        Cash
Collateral Account.  The relevant Mortgagor shall establish at the Security Trustee prior to the Drawdown Date for
the Adria Aircraft an account (the “Cash Collateral Account”) in the name of and under the control of the Security
Trustee into which there shall be deposited from time to time the Adria Cash Collateral Amount, the Air Nostrum Excess Amounts
and any Excess Sale Proceeds in accordance with Section 2.10(b)(ii). The balance from time to time in the Cash Collateral Account
shall constitute part of the Mortgaged Property hereunder and shall not constitute payment of the Secured Obligations until applied
as herein provided and shall be subject to withdrawal only as provided herein and in the Credit Agreement. The Security Trustee
shall (i) automatically apply the relevant portion of the Adria Cash Collateral Amount to the relevant Collateral Account for application
in accordance with Section 4.03(a) hereof and/or in accordance with Section 5.1(s) of the Credit Agreement, (ii) in accordance
with Section 3.03 hereof, apply the amounts held in the Cash Collateral Account, if applicable, (iii) in accordance with Section
2.10(a)(iii) hereof, apply the amounts held in the Cash Collateral Account to prepay in full the Adria Prepayment Amount and (iv)
in accordance with Section 9.01 hereof, return the Adria Cash Collateral Amount to the relevant Mortgagor at such time as the Lien
hereof is terminated.

 

    	 	9	 

    [Security Agreement]

    

 

(c)        Agreed
Investments.  Each Mortgagor acknowledges that shares or investments in any Agreed Investments shall not be obligations
of the Security Trustee, nor its Affiliates, except that any Agreed Investments that rely on the credit and backing of the Security
Trustee and/or its Affiliates, as set forth in subsection (c) of the definition of Agreed Investments in the Credit Agreement,
or other investment obligations of any kind of the Security Trustee and/or its Affiliates, regardless of whether such obligations
are insured, shall be considered to be obligations of the Security Trustee or its Affiliates repayable according to the terms of
such obligations. For avoidance of doubt any obligations that are obligations of the Security Trustee and/or its Affiliates shall
be obligations of the Security Trustee and/or its Affiliates in their capacity as bank or trust companies that are members of the
Federal Reserve System, and not obligations of the Security Trustee in its capacity as security trustee under the Operative Documents.

 

(d)        Control.  This
Security Agreement is intended to be an authenticated record to establish control of each of the Collateral Accounts and the Cash
Collateral Account within the meaning of Section 9-104(a)(2) of the UCC and is entered into to perfect the Security Trustee’s
security interest in the Mortgaged Property in accordance with Section 9-314(a) of the UCC. Prior to or concurrently with the execution
and delivery of this Security Agreement, the relevant Mortgagor shall file such financing statements and other documents in such
offices as the Security Trustee may reasonably request to perfect the security interests granted hereby. For purposes of Article
9 of the UCC and with respect to the Collateral Accounts and the Cash Collateral Account, the Security Trustee and the Mortgagor
agree that the State of New York is the Security Trustee’s jurisdiction.

 

Section 2.04   Method
of Payment.  The Original Amount of, interest and other amounts due under each Loan Certificate or hereunder will
be payable in Dollars by wire transfer in federal or other immediately available funds, on the due date of payment to the Collateral
Account with respect to the Loan related to such Loan Certificate for the Security Trustee’s distribution among the Secured
Parties in the manner provided herein. The Mortgagee will pay or cause to be paid all amounts payable by the Borrowers hereunder
and under such holder’s Loan Certificate or Loan Certificates to such holder or a nominee therefor (including all amounts
distributed pursuant to Article III of this Security Agreement) by transferring, or causing to be transferred, by wire transfer
in immediately available funds in Dollars, prior to 2:00 p.m., New York City time, on the due date of payment, to an account maintained
by such holder with a bank located in the continental United States the amount to be distributed to such holder, for credit to
the account of such holder maintained at such bank. Any payment made hereunder shall be made without any presentment or surrender
of any Loan Certificate. Prior to the due presentment for registration of transfer of any Loan Certificate, the Borrower party
to such Loan Certificate and the Mortgagee shall deem and treat the person in whose name any Loan Certificate is registered on
the Loan Certificate Register as the absolute owner and holder of such Loan Certificate for the purpose of receiving payment of
all amounts payable with respect to such Loan Certificate and for all other purposes, and none of the Borrowers or the Mortgagee
shall be affected by any notice to the contrary.

 

    	 	10	 

    [Security Agreement]

    

 

Section 2.05   Application
of Payments.  In the case of each Loan Certificate, each payment of Original Amount and interest or other amounts
due thereon shall be applied:

 

first, to the payment of
Swap Breakage Loss, if any, LIBOR Breakage, if any, Liquidity Breakage, if any, and any other amount due under such Loan Certificate
(other than amounts referred to below);

 

second, to the payment
of accrued interest on the unpaid portion of the Original Amount of such Loan Certificate then due and owing (including any interest
on any overdue portion of the Original Amount, and to the extent permitted by law, interest thereon at the Past Due Rate);

 

third, to the payment of
the portion of the Original Amount of such Loan Certificate then due thereunder; and

 

fourth, if applicable pursuant
to Section 2.10 or 2.11, the balance, if any, remaining thereafter, to the payment of the Original Amount of such Loan Certificate
remaining unpaid (provided that such Loan Certificate shall not be subject to prepayment except as provided in Section 2.10 and
2.11).

 

The amounts paid pursuant to clause “fourth”
above shall be applied to the installments of Original Amount of such Loan Certificate in the inverse order of their maturity.

 

Section 2.06   Termination
of Interest in Mortgaged Property.  Subject to Section 9.01, the Security Trustee shall not have any further interest
in, or other right with respect to, the Mortgaged Property when and if the Original Amount of and accrued interest on and other
amounts then due under all Loan Certificates and all other sums then payable to the Security Trustee and each Participant and the
Swap Counterparty hereunder and under the other Loan Operative Documents by the Borrower Parties, including without limitation,
Swap Breakage Loss, LIBOR Breakage, Liquidity Breakage and amounts necessary to reimburse the Security Trustee and each Participant
for payments made pursuant to Section 6.4 of the Credit Agreement (to the extent not previously reimbursed) shall have been indefeasibly
paid in full (except for any obligations explicitly stated to survive such repayment and the termination of the Loan Operative
Documents).

 

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    [Security Agreement]

    

 

Section 2.07   Registration,
Transfer and Exchange of Loan Certificates.

 

(a)        The
Mortgagee shall keep, as agent for the Borrowers, a register (the “Loan Certificate Register”) in which the
Mortgagee shall provide for the registration of Loan Certificates and the registration of transfers and exchanges of Loan Certificates.
The Loan Certificate Register shall be kept at the Mortgagee’s Office, and the Mortgagee is hereby appointed “Loan
Certificate Registrar” for the purpose of registering Loan Certificates and transfers and exchanges of Loan Certificates
as herein provided. A holder of any Loan Certificate intending to transfer such Loan Certificate, shall surrender such Loan Certificate
to the Mortgagee at the Mortgagee’s Office, together with a written request from the registered holder thereof (a copy of
which shall be delivered concurrently to the Borrower party to such Loan Certificate) for the issuance of a new Loan Certificate,
specifying the name and address of the new holder or holders. Upon surrender for registration of transfer of any Loan Certificate,
the Borrower party to such Loan Certificate shall execute and deliver, in the name of the designated transferee or transferees,
one or more new Loan Certificates on the same terms as the replaced Loan Certificate and in the then outstanding portion of the
Original Amount of the Loan Certificate being transferred. At the option of any holder, Loan Certificates may be exchanged for
other Loan Certificates of any authorized denominations of the same aggregate outstanding Original Amount as the Loan Certificates
to be exchanged, and on the same terms as the Loan Certificate(s) to be exchanged, upon surrender of the Loan Certificates to be
exchanged to the Mortgagee at the Mortgagee’s Office. Each new Loan Certificate issued upon transfer or exchange shall be
in an Original Amount of not less than $1,000,000 (or, in either case, such lesser amount as shall constitute 100% of the outstanding
principal amount of such transferred or exchanged Loan Certificate). Whenever any Loan Certificates are so surrendered for exchange,
the Borrower party thereto shall execute and deliver the Loan Certificates which the holder making the exchange is entitled to
receive pursuant to the terms hereof. All Loan Certificates issued upon any registration of transfer or exchange of Loan Certificates
meeting the requirements of this Security Agreement shall be the valid obligations of the Borrower party thereto evidencing the
same respective obligations, and entitled to the same security and benefits under this Security Agreement, as the Loan Certificates
surrendered upon such registration of transfer or exchange. Every Loan Certificate presented or surrendered for registration of
transfer, shall (if so required by the Mortgagee) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Mortgagee duly executed by the holder or such holder’s attorney duly authorized in writing. The Mortgagee
shall make a notation on each new Loan Certificate of the amount of all payments of Original Amount previously made on the old
Loan Certificate or Loan Certificates with respect to which such new Loan Certificate is issued and the date to which interest
on such old Loan Certificate or Loan Certificates has been paid. Interest shall be deemed to have been paid on such new Loan Certificate
to the date on which interest shall have been paid on such old Loan Certificate, and all payments and prepayments of the Original
Amount of such old Loan Certificate shall be deemed to have been made thereon. The Mortgagee will promptly notify the Borrower
party thereto of each registration of a transfer of a Loan Certificate. Notwithstanding the foregoing, no transfer of a Loan Certificate
shall be made hereunder unless (i) the transfer meets the requirements of Section 7.4 of the Credit Agreement and (ii) the transferring
holder shall give prior or contemporaneous notice to the Borrower party to such Loan Certificate of such transfer, which notice
shall identify the proposed new holder and provide contact information for such holder, and the proposed new holder shall accept
all the terms and conditions applicable to a Participant and holder of a Loan Certificate under the terms of the Credit Agreement,
this Security Agreement, the Loan Certificates and the other Loan Operative Documents to and for the benefit of such Borrower.

 

Section 2.08   Mutilated,
Destroyed, Lost or Stolen Loan Certificates.  If any Loan Certificate shall become mutilated, destroyed, lost or
stolen, the Borrower party thereto shall, upon the written request of the holder of such Loan Certificate, execute and deliver
in replacement thereof a new Loan Certificate, payable in the same outstanding Original Amount, dated the same date and captioned
as issued in connection with the Aircraft related thereto. If the Loan Certificate being replaced has become mutilated, such Loan
Certificate shall be surrendered to the Mortgagee and a photocopy thereof shall be furnished to the Borrower party thereto. If
the Loan Certificate being replaced has been destroyed, lost or stolen, the holder of such Loan Certificate shall furnish to the
Borrower party thereto and the Mortgagee such security or indemnity as may be required by them to hold such Borrower and the Mortgagee
harmless in respect thereof and evidence satisfactory to such Borrower and the Mortgagee of the destruction, loss or theft of such
Loan Certificate and of the ownership thereof.

 

    	 	12	 

    [Security Agreement]

    

 

Section 2.09   Payment
of Expenses on Transfer.  Upon the issuance of a new Loan Certificate or Loan Certificates pursuant to Section 2.07
or 2.08 hereof, the Borrower party to such Loan Certificate or such Loan Certificates and/or the Mortgagee may require from the
party requesting such new Loan Certificate or Loan Certificates payment of a sum to reimburse such Borrower and the Mortgagee for,
or to provide funds for, the payment of any Tax or other governmental charge in connection therewith or any other charges and expenses
paid or payable by such Borrower or the Mortgagee.

 

Section 2.10   Prepayment
of Loan Certificates.

 

(a)

 

(i)          
On at least 15 Business Days’, or such shorter period as may be agreed by the Agent, prior irrevocable written notice to
the Agent, a Borrower may voluntarily prepay on any Payment Date in respect of a Loan specified in its notice of prepayment all
Loan Certificates with respect to such Loan in full, together with accrued interest thereon to the date of prepayment plus all
Swap Breakage Loss, if any, LIBOR Breakage, if any, any Prepayment Fee (if applicable) and all other amounts then due and payable
hereunder, under the Loan Certificates and under the other Loan Operative Documents; provided that any partial prepayments
shall be in an amount not less than $5,000,000 and in multiples of $1,000,000 thereafter.

 

(ii)        In
addition, if any Participant shall bring a claim in respect of (x) Additional Costs under Section 2.14 of this Security Agreement,
(y) Taxes under Section 2.13 of this Security Agreement or (z) a Market Disruption Event under Section 2.02(e) of this Security
Agreement, the relevant Borrower may effect a prepayment of all of the Loan Certificates of such Participant as provided in this
Section 2.10(a) on ten Business Days’ notice.

 

(iii)        If
all of the Loan Certificates in respect of the Air Nostrum Aircraft have been repaid in full and the amounts held in the Cash Collateral
Account are sufficient to repay the Loan Certificates in respect of the Adria Aircraft in full, together with accrued interest
thereon to the date of prepayment, all Swap Breakage Loss, if any, LIBOR Breakage, if any, any Prepayment Fee and all other amounts
then due and payable hereunder, under the relevant Loan Certificates and under the Loan Operative Documents in respect of the Adria
Aircraft (collectively, the “Adria Prepayment Amount”), the Adria Borrower may use such amounts held in the
Cash Collateral Account to voluntarily prepay on any Payment Date in respect of the Loan related to the Adria Aircraft the Adria
Prepayment Amount.

 

    	 	13	 

    [Security Agreement]

    

 

(b)          Mandatory
Prepayment Events.

 

(i)        If
there shall have occurred an Event of Loss with respect to any Aircraft, the Borrower of the Loan related to such Aircraft shall
prepay all of the Loan Certificates relating to such Aircraft on the earlier of (x) the date of receipt of insurance proceeds in
respect of such Event of Loss and (y) (i) for all Aircraft other than the Republic Aircraft, the 120th day following such Event
of Loss Date and (ii) for the Republic Aircraft, subject to Section 5.1(t) of the Credit Agreement, the 150th day following
such Event of Loss Date, in each case at 100% of the unpaid Original Amount thereof, together with all accrued interest thereon
to the date of the prepayment and all other amounts then payable hereunder or under the Loan Certificates or under any other Loan
Operative Document together with Swap Breakage Loss, if any, and LIBOR Breakage, if any (collectively and in respect of such Loan,
the “Event of Loss Prepayment Amount”). To the extent any insurance proceeds received by the relevant Borrower
in respect of an Event of Loss of an Aircraft are in excess of the Prepayment Amount in respect of the Loan related to such Aircraft
(such excess amount, the “Event of Loss Excess Proceeds ”), such Event of Loss Excess Proceeds may be retained
by such Borrower and distributed to the Borrower Parent.

 

(ii)        If
there shall have occurred any sale or other disposition of any Aircraft (other than as set forth in Section 5.1(t) of the Credit
Agreement), the Borrower of the Loan related to such Aircraft shall immediately prepay all of the Loan Certificates relating to
such Loan at 100% of the unpaid Original Amount thereof, together with all accrued interest thereon to the date of the prepayment
and all other amounts then payable under the Loan Certificates related to such Loan or under any other Loan Operative Document
with respect to such Loan together with Swap Breakage Loss, LIBOR Breakage and any Prepayment Fee. To the extent that the sale
proceeds in respect of such Aircraft are in excess of the amount required to repay 100% of the unpaid Original Amount of the Loan
related thereto, together with all accrued interest thereon to the date of the prepayment and all other amounts then payable under
the Loan Certificates related to such Loan or under any other Loan Operative Document with respect to such Loan together with Swap
Breakage Loss, LIBOR Breakage and any Prepayment Fee (such excess amount, the "Excess Sales Proceeds"), the Excess
Sale Proceeds may, at the election of the relevant Borrower, either be (A) applied to prepay in part or in full the Loan Certificates
in respect of all remaining Loans of the Borrowers outstanding at 100% of the unpaid Original Amount of such Loans, together with
all accrued interest thereon to the date of the prepayment and all other amounts then payable under the Loan Certificates, including
Swap Breakage Loss, LIBOR Breakage and any Prepayment Fee or (B) deposited as cash collateral in the Cash Collateral Account; provided
that if the Loans in respect of the Air Nostrum Aircraft and the Adria Aircraft have been repaid in full prior to the sale of such
Aircraft, no prepayment as set forth in clause (A) above or cash collateralization as set forth in clause (B) above shall be required
and the relevant Borrower may retain the Excess Sales Proceeds in respect of such Aircraft. To the extent there are Excess Sales
Proceeds in respect of the sale or other disposition of the Air Nostrum Aircraft, the Adria Borrower shall use such Excess Sales
Proceeds and any RVG Payment Amount (together, the sum of such Excess Sales Proceeds and such RVG Payment Amount shall be the Air
Nostrum Excess Amount as set forth in Section 2.8 of the Credit Agreement) to prepay on the Payment Date in respect of the Loan
related to the Adria Aircraft immediately following November 7, 2020 all of the Loan Certificates relating to the Loan related
to the Adria Aircraft at 100% of the unpaid Original Amount thereof, together with all accrued interest thereon to the date of
the prepayment and all other amounts then payable under the Loan Certificates related to such Loan or under any other Loan Operative
Document with respect to such Loan together with Swap Breakage Loss and LIBOR Breakage; provided that if such sale or disposition
of the Air Nostrum Aircraft occurs prior to the Payment Date in respect of the Loan related to the Adria Aircraft immediately following
November 7, 2020, such Air Nostrum Excess Amount shall be deposited in the Cash Collateral Account until such Payment Date when
they shall be applied in accordance with this clause (ii).

 

    	 	14	 

    [Security Agreement]

    

 

(iii)        If
there shall have occurred an Illegality Event, the Security Trustee shall notify the relevant Mortgagor thereof immediately; and
the Security Trustee and the Participants shall take commercially reasonable steps to minimize the effect of any such Illegality
Event. In any case, the parties hereto shall consult together in an attempt to restructure this transaction in a manner that eliminates
or reduces such effect prior to the effectiveness of such illegality. In the event the parties are unable to agree on an acceptable
restructure, the Borrowers shall within 30 days after receipt of such notice or any later date permitted by applicable law, prepay
all of the Loan Certificates at 100% of the unpaid original thereof, together with all accrued interest thereon to the date of
the prepayment and all other amounts then payable hereunder or under the Loan Certificates or under any other Loan Operative Document
together with all Swap Breakage Loss and LIBOR Breakage.

 

(iv)        Upon
the termination or expiration of any Remarketing Period (other than as a result of a sale or re-lease of the Aircraft subject to
such Remarketing Period), all Loan Certificates in respect of the Loan related to such Aircraft then outstanding shall become due
and payable at 100% of the unpaid Original Amount thereof, together with accrued interest thereon to the date of prepayment, any
Swap Breakage Loss, any LIBOR Breakage, any Prepayment Fee and all other amounts then payable under such Loan Certificates.

 

(v)        To
the extent that the initial Drawdown Date under the Credit Agreement is not in respect of the Loans related to the Republic Aircraft
and the Drawdown Date in respect of the Loans related to the Republic Aircraft does not occur within ten Business Days after such
initial Drawdown Date, the relevant Borrower shall immediately prepay all of the Loan Certificates outstanding at 100% of the unpaid
Original Amount thereof, together with all accrued interest thereon to the date of the prepayment and all other amounts then payable
under all of the Loan Certificates outstanding or under any other Loan Operative Document, together with Swap Breakage Loss and
any LIBOR Breakage.

 

Section 2.11   Provisions
Relating to Prepayment.

 

(a)        Notice
of prepayment having been given as aforesaid, the principal amount of the Loan Certificates so to be prepaid, plus accrued interest
thereon to the date of prepayment, together with all Swap Breakage Loss, if any, LIBOR Breakage, if any, any Prepayment Fee (if
applicable), shall become due and payable on the relevant prepayment date.

 

    	 	15	 

    [Security Agreement]

    

 

(b)        On
the date prepayment is required with respect to any Loan under Section 2.10, immediately available funds in Dollars shall be deposited
by the Borrower making such prepayment in the relevant Collateral Account at the place and by the time and otherwise in the manner
provided in Section 2.04, in the amount required by Section 2.10, including all Swap Breakage Loss, if any, LIBOR Breakage, if
any, any Prepayment Fee (if applicable) and all other amounts then due with respect to such Loan to the holders of the Loan Certificates
related to such Loan hereunder, thereunder and under the other Loan Operative Documents.

 

(c)        Any
partial prepayment of Loan Certificates relating to any Aircraft as provided in Section 2.10(a)(i) shall be applied in inverse
order of maturity to the remaining installments.

 

(d)        In
respect of any partial prepayment of a Loan under Section 2.10, any related Swap Agreement shall be terminated on a pro rata basis
to the amount of such Loan being prepaid.

 

(e)        If
the Excess Sales Proceeds in respect of the Air Nostrum Aircraft are not sufficient to prepay the Loan Certificates in respect
of the Loan related to the Adria Aircraft in full under clause (ii) of Section 2.10, (i) the Adria Borrower and the Agent shall
adjust the relevant Amortization Schedule for such Loan to reflect the partial prepayment and (ii) the Adria Borrower and the Swap
Counterparty shall partially terminate the Swap Transaction for such Loan to reflect the partial prepayment.

 

(f)        If
any Excess Sales Proceeds in respect of an Aircraft are used to prepay in part the Loan Certificates in respect of all remaining
Loans of the Borrowers outstanding in accordance with Section 2.10(b)(ii), such partial prepayment shall be applied pro rata amongst
such remaining Loans or as otherwise allocated by the Borrowers and the Administrative Agent, in each case acting reasonably.

 

(g)        Any
amounts prepaid may not be reborrowed. All amounts prepaid shall be applied as provided in Article III and in Section 2.05.

 

Section 2.12   [Intentionally
Omitted.]

 

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    [Security Agreement]

    

 

Section 2.13   Withholding
Taxes; General Tax Indemnity.

 

(a)        Notwithstanding
anything to the contrary contained herein or in any other Operative Document, each Mortgagor agrees that any payment made to or
for the benefit of the Security Trustee, the Agent, any Participant or any other recipient hereunder (a “Recipient”)
with respect to interest, principal, Swap Breakage Loss, LIBOR Breakage, Liquidity Breakage or other amounts payable on or with
respect to the Credit Agreement, any Loan Certificate or this Security Agreement (it being understood, including amounts payable
pursuant to Section 2.14 hereof) shall be free of all withholdings or deductions (“Withholding Taxes”) except
to the extent required by applicable law, and in the event that such Mortgagor or the Security Trustee shall be required by applicable
law to make any such withholding or deduction for any such Withholding Taxes (i) such Mortgagor shall pay an additional amount
so that after such Mortgagor having made all required withholdings or deductions for Withholding Taxes from such payment the Security
Trustee, the Agent and such Participant each receives the same amount it would have received had no such withholdings or deductions
been made (and if such Mortgagor is unable to pay such additional amount, such Mortgagor shall indemnify the Security Trustee,
the Agent and such Participant on an after-Tax basis with respect to the same and upon written demand of the Security Trustee,
the Agent or such Participant shall promptly pay such indemnity to the Security Trustee, the Agent or such Participant, as the
case may be), (ii) such Mortgagor shall make all such withholdings or deductions, and (iii) such Mortgagor shall pay such amount
withheld or deducted to the relevant taxing authority in accordance with applicable law; provided, however, that such Mortgagor
shall only have an obligation to pay an additional amount under this Section 2.13 for Withholding Taxes which are not Excluded
Taxes.

 

(b)        Prior
to making any claim for payment on any Mortgagor of any indemnity under this Section 2.13, the relevant Indemnitee shall notify
such Mortgagor and request that such Mortgagor arrange to make a claim for payment of such amount upon any Lessee pursuant to any
applicable Lease and shall promptly furnish a copy of any such claim to such Mortgagor. If following the making of such claim upon
any Lessee, such Lessee either shall deny liability for such claim or shall not pay such claim for a period of ten Business Days
following the date such claim for payment was made upon such Lessee, then the relevant Indemnitee shall be entitled to make a claim
for payment on such Mortgagor hereunder and such Mortgagor shall be obligated to pay such claim within ten Business Days following
the date such claim for payment was made upon such Mortgagor, provided that to the extent such Mortgagor has made such a payment
to the Indemnitee and the Indemnitee subsequently receives a payment from such Lessee with respect to such Indemnitee’s claim,
such Indemnitee will promptly pay the amount received from such Lessee to such Mortgagor. To the extent that a claim indemnified
by any Mortgagor under this Section 2.13 is in fact paid in full by such Mortgagor, such Mortgagor shall, to the extent permitted
by applicable law, be subrogated to the rights and remedies of the relevant Indemnitee against any Lessee, provided, however, no
such subrogation shall be permitted if it interferes with such Indemnitee’s ability to recover any amounts hereunder or under
the other Operative Documents. Such Indemnitee agrees to take such reasonable actions as any Mortgagor may reasonably request to
effect such subrogation (at the cost and expense of such Mortgagor).

 

(c)        Each
Participant agrees to investigate alternatives for reducing or avoiding any Taxes indemnifiable pursuant to this Section 2.13 and
to use commercially reasonable efforts to avoid or minimize, to the greatest extent possible, any liability with respect to such
Taxes, including by designating a different existing lending office, if (in such Participant’s sole opinion) such efforts
or designation would avoid the need for, or reduce the amount of, any such Taxes and would not, in the sole opinion of such Participant,
result in any operational, economic, legal, or regulatory disadvantage to such Participant; provided, however, that
this sentence shall not obligate any Participant to take any action that would, in its sole judgment, cause such Participant to
incur any loss or cost or expense, unless, in the case of an economic disadvantage, any Mortgagor agrees to promptly reimburse
such Participant therefor in manner satisfactory to the Participant (in such Participant’s sole opinion).

 

    	 	17	 

    [Security Agreement]

    

 

(d)        Each
Mortgagor agrees to pay any present or future stamp, registration, recording or documentary Taxes or any other license, excise
or property Taxes (i) imposed by any taxing authority which arise from the registration, filing, recording, or perfection of any
security interest of or in connection with this Security Agreement or the Credit Agreement (other than any such Taxes attributed
to a voluntary transfer of a Loan Certificate by a Participant, which Taxes would not have arisen had the transfer not occurred
and the exclusion shall only apply in an amount equal to the increase (if any) by which the Taxes resulting from any such transfer
exceed the amount to be compensated for had the transfer not occurred or (ii) imposed by any taxing authority in connection with
an Event of Default that has occurred and is continuing.

 

(e)        Each
Mortgagor will pay to each Indemnitee interest at the Past Due Rate, to the extent permitted by applicable law, on any amount not
paid when due under this Section 2.13 until the same shall be paid.

 

(f)           (i)        Each of the Security Trustee
and each Participant shall deliver to each Borrower (and, in the case of each Participant, to the Security Trustee), on or before
the Closing Date and thereafter upon written request a properly completed and executed and valid IRS Form W-8 BEN, W-8BEN-E, W-8ECI,
W-8IMY, W-9 or other appropriate IRS form (including any other document or information required by applicable law or form instructions
to be provided in connection with such form).

 

(ii)        If
any IRS form (or any information or documentation provided in connection with any IRS form) delivered to the Borrowers pursuant
to this Section 2.13(f) does not, on its face, allow each Mortgagor to determine its U.S. federal withholding tax obligations with
respect to any payment to be made pursuant to the Operative Documents to or for the benefit of the Person to which that form, information
or documentation relates, or if any Mortgagor knows or has reason to know that such form, information or documentation is incorrect,
such Mortgagor shall promptly notify the relevant Person in writing and that Person shall provide to the Borrowers and the Security
Trustee such additional IRS forms, information, certifications and documentation as may be necessary to allow each Mortgagor to
determine its U.S. federal withholding tax obligations with respect to payments to or for the benefit of that Person under the
Operative Documents, or as may be necessary to remedy any incorrect form previously provided to the Borrowers.

 

(iii)        If
any IRS form delivered to the Borrowers pursuant to this Section 2.13(f) (or any information or documentation provided in connection
with any such IRS form) expires or becomes obsolete or ceases to be valid or accurate, the Security Trustee or the relevant Participant,
as the case may be, shall deliver to the Borrowers and the Security Trustee (promptly after receipt of any Mortgagor’s written
request if the IRS form or related information or documentation expires or becomes obsolete or invalid and promptly after becoming
aware thereof if the IRS form or related information or documentation becomes inaccurate) a replacement IRS form (or applicable
successor form) and any additional IRS form (in each case together with any information or documentation required by applicable
law or form instructions to be provided in connection with such IRS form) to the extent it is legally eligible to do so.

 

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(g)        Each
Mortgagor hereby agrees to act as the U.S. withholding agent with respect to this Security Agreement and the Credit Agreement and
to the extent required by applicable law to withhold from each payment due hereunder or under the Credit Agreement or any Loan
Certificate U.S. federal withholding tax at the appropriate rate and, on a timely basis, to deposit such U.S. federal withholding
tax with an authorized depository and make such returns, filings, and other reports in connection therewith, and in the manner
required under applicable law. Each Mortgagor shall furnish no later than March 15 of each year to each Participant, that is not
a “United States person” (as defined in Section 7701(a)(30) of the Code) an IRS Form 1042S (or applicable successor
form),if applicable, indicating payment in full of any Taxes withheld from or with respect to any payments by such Mortgagor or
the Security Trustee to such Participant together with all such other information and documents reasonably requested by such Person
in writing and necessary or appropriate to enable such Person to substantiate a claim for credit or deduction with respect thereto
for income tax purposes of any jurisdiction with respect to which such Person is required to file a tax return.

 

(h)        If
a Participant receives a refund of any Withholding Taxes in respect of which additional amounts were paid by any Mortgagor pursuant
to this Section 2.13, such Participant shall promptly pay to such Mortgagor the amount of such refund plus any interest received
on such refund fairly attributable to such Tax and not in excess of amounts previously paid by such Mortgagor to the Participant
pursuant to this Section 2.13 (other than interest actually received on such refund and fairly attributable to such Tax), provided,
however, that such amount shall be reduced by the amount of any Unpaid Obligation then due and not made (and the amount of such
reduction shall not be payable before such time and to the extent as such Unpaid Obligation shall have been satisfied); and, provided
further; if at such time an Event of Default has occurred and is continuing, such Participant may defer payment of such amount
(after the reduction for any Unpaid Obligations) to such Mortgagor until such time as no Event of Default exists. Any such refund
which is subsequently disallowed in whole or in part shall to the extent disallowed be promptly repaid by the relevant Mortgagor
on the written demand of the relevant Participant (accompanied by reasonable documentary evidence of the disallowance). In addition,
notwithstanding anything that may be to the contrary in this Security Agreement or any other Operative Document, none of the Mortgagors
or any other Person shall have any right to review any tax return, or books and records or workpapers relating to any tax return
or financial statement or any other confidential documents or information of any Participant or other Indemnitee.

 

(i)        As
a condition precedent to any performance by any Mortgagor in connection with any payment of additional amounts pursuant to this
Section 2.13, each transferee of a Participant claiming the benefit of such additional amount shall agree in writing with such
Mortgagor to be bound by all the terms of this Section 2.13.

 

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(j)        Each
Mortgagor shall indemnify, on an after-Tax basis, and hold each Indemnitee harmless from and against any and all Taxes imposed
against any such Indemnitee, any Lessee, any Aircraft, any Airframe, any Engine or any Part thereof or any interest therein or
use thereof, and any and all license, registration and recording fees and assessments, as well as Taxes arising out of the transactions
contemplated by this Security Agreement, any Lease and each other Operative Document, or based on or measured by, the payments
of Rent and other amounts due hereunder, under any Lease or under any other Operative Document, the terms, covenants and conditions
hereof and thereof, or the financing, mortgaging, use, operation, maintenance, possession, condition, control, occupancy, servicing,
installation, transportation, storage, substitution, recording, documentation, import, export, rental, lease, location, repair,
abandonment, replacement, delivery, registration, repossession, improvement, subleasing, manufacture, rental, settlement of any
insurance claim, return or other disposition of any Aircraft, any Airframe, any Engine or any Part thereof or interest therein
regardless of the method of calculation; provided, however, that no Mortgagor shall have any obligation to indemnify an Indemnitee
for any or all of the following Taxes: (i) Taxes to the extent imposed as the result of activities of such Indemnitee in the jurisdiction
imposing the Taxes if they are unrelated such Mortgagor’s dealings with any Lessee or the transactions contemplated by this
Security Agreement or any Lease or any other Operative Document or the operation of any Aircraft, any Airframe, any Engine or any
Part thereof by any Lessee; (ii) Taxes imposed or calculated by reference to the net income, profits, or gains of such Indemnitee
or any franchise, capital or net worth Taxes imposed on such Indemnitee by any taxing authority of a jurisdiction, in each case
as a result of such Indemnitee being organized in such jurisdiction, or having its principal place of business in such jurisdiction,
or (in the case of a Participant) having its lending office for the transactions contemplated by the Operative Documents in such
jurisdiction, or carrying on business in such jurisdiction (unless such Indemnitee would not be deemed to be carrying on such business
in such jurisdiction but for (A) the transactions contemplated by the Operative Documents or (B) the use, operation, presence or
registration of any Aircraft, any Airframe, any Engine, or any Part in the jurisdiction or (C) the situs of organization, any place
of business, or any activity of any Lessee or any person having use, possession, or custody of any Aircraft, any Airframe, any
Engine, or any Part thereof in the jurisdiction); or (iii) Taxes imposed with respect to any period commencing or event occurring
after the payment in full of the unpaid Original Amount of and interest on, all Unpaid Obligations, and all other amounts then
due from such Mortgagor under any Loan Certificates and other Operative Documents, and unrelated to the transactions contemplated
by this Security Agreement and the other Operative Documents, and unrelated to such Mortgagor’s dealings with any Lessee
or any Lease; or (iv) Taxes imposed on or as a result of the voluntary or involuntary sale, transfer, assignment (whether legal
or equitable) or other disposition (including a change in a Participant’s lending office, (other than a change effected pursuant
to Section 2.13(c) or Section 2.14(c) hereof)) by such Indemnitee of any rights with respect to the Loan Certificates or the Operative
Documents), but excluding any voluntary or involuntary sale, transfer, assignment (whether legal or equitable) or other disposition
by such Indemnitee that arises as a result of an Event of Default or at the request of the Borrowers or in order to comply with
any change in applicable law or treaty or other governmental requirement; or (v) Taxes imposed under FATCA.

 

(k)        For
the purposes of this Section 2.13, the term “FATCA” means (i) Sections 1471 through 1474 of the Code as of the date
hereof, any current or future regulations or official written interpretations thereof and any written agreements entered into pursuant
to Section 1471(b)(1) of the Code; (ii) any treaty, law, regulation or official written guidance relating to an intergovernmental
agreement between the United States and any other jurisdiction (and related legislation or official written administrative guidance),
which (in each such case) implements Sections 1471 through 1474 of the Code; or (iii) any agreement pursuant to the implementation
of any authority described in clause (i) or (ii) immediately above with the U.S. Internal Revenue Service, the U.S. government
or any governmental or taxing authority in any other jurisdiction.

 

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    [Security Agreement]

    

 

(l)        Each
Mortgagor shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Taxes other than Excluded
Taxes (including Taxes imposed or asserted on or attributable to amounts payable under this Section 2.13) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to such Mortgagor by a Recipient (with a copy to the Security
Trustee), or by the Security Trustee on its own behalf or on behalf of a Recipient, shall be conclusive absent manifest error.

 

(m)          If:

 

(i)        any
Mortgagor pays to any taxing authority pursuant to any provision of any Operative Document for the account of an Indemnitee any
Tax for which such Mortgagor is not obliged to indemnify such Indemnitee under this Section 2.13, or

 

(ii)        any
Mortgagor pays to an Indemnitee (or to the Security Trustee for the benefit of an Indemnitee) pursuant to any provision of any
Operative Document an indemnity for any Tax for which such Mortgagor is not obliged to indemnify such Indemnitee under this Section
2.13, or

 

(iii)        any
Mortgagor pays to or for the account of an Indemnitee an additional amount to compensate for any Withholding Tax for which such
Mortgagor is not obliged to indemnify such Indemnitee under this Section 2.13,

 

(any payment described in clause (i), (ii) or (iii) is called
herein an “Excluded Tax Payment”), then the Indemnitee to or for whose account that Excluded Tax Payment was
paid shall pay to such Mortgagor, within 30 days after receipt of such Mortgagor’s written request therefor (accompanied
by a description in reasonable detail of the Excluded Tax Payment and, in the case of an Excluded Tax Payment described in clause
(i) or (iii) above, a receipt or other document evidencing payment of the Excluded Tax Payment to the relevant taxing authority),
the amount of that Excluded Tax Payment for application in accordance with Section 3.01 (Rent Payment Distribution) or 3.03 (Payments
After Event of Default), whichever applies at the relevant time.

 

Section 2.14   Additional
Costs .  (a) Subject to the requirements of clause (c) of this Section 2.14, each Mortgagor shall pay directly to
each Participant from time to time such amounts (if any) as such Participant may determine to be necessary to compensate such Participant
for any increase in costs that such Participant reasonably determines are attributable to its making or maintaining of its participation
in the Loans or funding arrangements utilized in connection with such participations, or any reduction in any amount receivable
by such Participant hereunder in respect of any of such participations or such arrangements (such increases in costs and reductions
in amounts receivable being herein called “Additional Costs”), in each case resulting from any Regulatory Change
that:

 

(i)          
imposes any tax that is the functional equivalent of any reserve, special deposit or similar requirement of the sort covered by
clause (ii) below; or

 

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(ii)        imposes
or modifies any reserve, special deposit or similar requirements (including any Reserve Requirement) relating to any extensions
of credit or other assets of, or any deposits with or other liabilities of, such Participant; or

 

(iii)        
imposes any other condition affecting this Security Agreement or its participation in the Loans (or any of such extensions of credit
or liabilities);

 

provided that any Participant which acquires a Loan Certificate
pursuant to Section 2.07 (a “Transferee Participant”) shall not be entitled to compensation for any Additional
Costs in excess of the Additional Costs that would have been imposed on the Participant on the Closing Date under applicable law
in effect on the Closing Date, except to the extent such transfer is effected (i) in connection with mitigation provisions, (ii)
at the request of the Borrowers or (iii) in order to comply with any change in law or governmental requirement.

 

(b)        Without
limiting the effect of the foregoing provisions of this Section 2.14 (but without duplication), and subject to the requirements
of clause (c) of this Section 2.14, each Mortgagor shall pay directly to each Participant from time to time on request such amounts
(if any) as such Participant may determine to be necessary to compensate such Participant (or, without duplication, the holding
company of which such Participant is a subsidiary) for any increase in actual costs that it determines are attributable to the
maintenance by such Participant (or such Participant’s lending office or such holding company), pursuant to any law or regulation
or any interpretation, directive or request (whether or not having the force of law and whether or not failure to comply therewith
would be unlawful so long as compliance therewith is standard banking practice in the relevant jurisdiction) of any court or governmental
or monetary authority following any Regulatory Change of capital or liquidity requirements in respect of its participation in the
Loan Certificates or funding arrangements utilized in connection with such participation; such compensation to include, without
limitation, an amount equal to any reduction of the rate of return on assets or equity of such Participant (or any lending office
or such bank holding company) could have achieved but for such law, regulation, interpretation, directive or request; provided
that no Transferee Participant shall be entitled to compensation for any such additional costs or reduction of rate of return on
assets or equity attributable to compliance with capital adequacy or liquidity requirements in excess of those that would have
applied to the Participant on the Closing Date under applicable law in effect on the Closing Date; except to the extent such transfer
is effected (i) in connection with mitigation provisions, (ii) at the request of the Borrower or (iii) in order to comply with
any change in law or governmental requirement.

 

(c)        Each
Participant shall notify the Borrowers of any event occurring after the date of this Security Agreement entitling such Participant
to compensation under paragraph (a) or (b) of this Section 2.14 as promptly as practicable, but in any event within ten days,
after such Participant obtains Actual Knowledge thereof; provided that each Participant will use commercially reasonable
efforts (at Borrowers’ expense) to mitigate the amount of the additional costs associated with such event, including designating
a different lending office for its participation in the Loan if such designation will avoid the need for, or reduce the amount
of, such compensation and will not, in the sole opinion of such Participant, result in any economic, operational legal or regulatory
disadvantage to such Participant. Each Participant will furnish to the Borrowers a written confirmation of such additional costs,
which will set forth in reasonable detail (i) the events giving rise to such additional costs, (ii) the basis for determining
and allocating such additional costs and (iii) the amount of each request by such Participant for compensation under paragraph
(a) or (b) of this Section 2.14 (subject, however, to any limitations such Participant may require in respect of disclosure of
confidential information relating to its capital structure), together with a statement that the determinations and allocations
made in respect of the additional costs comply with the provisions of this Section 2.14, including as provided in the last proviso
of this paragraph (c). Determinations and allocations by any Participant for purposes of this Section 2.14 of the effect of any
Regulatory Change pursuant to paragraph (a) of this Section 2.14, or of the effect of capital maintained pursuant to paragraph
(b) of this Section 2.14, on its costs or rate of return of maintaining its participation in the Loans or its funding thereof,
or on amounts receivable by it in respect of its participation, and of the amounts required to compensate such Participant under
this Section 2.14, shall be conclusive absent manifest error, provided that such determinations and allocations are made
on a reasonable and non-discriminatory basis and, in the case of allocations, are made fairly.

 

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ARTICLE III

 

RECEIPT, DISTRIBUTION AND APPLICATION OF

INCOME FROM THE MORTGAGED PROPERTY

 

Section 3.01   Rent
Payment Distribution; Event of Loss and Sale Proceeds .  Except as otherwise provided in Section 3.02 or 3.03, (A)
each installment of Basic Rent and any payment of interest by any Lessee on overdue installments of Basic Rent, any Return Compensation
Payments, any Event of Loss proceeds and any other amounts payable by any Lessee to the Lessor under any Lease (including proceeds
of insurance but excluding any Excluded Payment, any maintenance reserves or supplemental rent payable under such Lease and any
security deposit payable under such Lease) and all other amounts payable to any Mortgagor with respect to any Loan in connection
with the Loan Operative Documents , in each case to the extent received into the Collateral Account related to such Lease or such
Loan, (B) any amounts transferred from the Cash Collateral Account in accordance with Section 2.04(b), (C) sale proceeds of the
Aircraft in respect of such Loan (except as otherwise provided in Section 2.10(b)(ii)), (D) all amounts received on account of
payments from the Swap Counterparty under the Swap Transaction in respect of such Loan and (E) any income on the amounts held in
each Collateral Account shall be promptly distributed by the Mortgagee on each relevant Payment Date (or as soon thereafter as
received with respect to amounts due on such Payment Date) in the following order of priority; provided that any Air Nostrum
Proceeds shall be applied as set forth in Section 2.8 of the Credit Agreement:

 

first, so much of such
amounts as shall be required to pay or reimburse the Mortgagee for any fees and expenses (including legal fees and expenses) then
due and owing to the Mortgagee under the Operative Documents and not paid after notice thereof from the Mortgagee to the Borrowers;

 

second, so much of such
amounts as shall be required to pay any reasonable fees and expenses (including reasonable legal fees and expenses) then due and
owing to the Agent under the Operative Documents and not paid after notice thereof from the Agent to the Borrowers;

 

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    [Security Agreement]

    

 

third, on a pari passu
basis, so much of such installment or payment as shall be required to pay in full the aggregate amount of the payment or payments
of (i) outstanding Original Amount, interest and other amounts, including any Liquidity Breakage, LIBOR Breakage and Swap Breakage
Loss (as well as any interest on overdue Original Amount and, to the extent permitted by law, interest thereon) then due under
all Loan Certificates (to be applied as provided in Section 2.05) and (ii) all Swap Obligations shall be paid to the Security Trustee
for distribution to the Participants and the Swap Counterparty on a pro rata basis; and

 

fourth, so long as no Event
of Default shall be continuing, the balance, if any, of such installment or payment or income remaining thereafter shall be paid
to the Borrowers on a pro rata and pari passu basis.

 

Section 3.02   Voluntary
Prepayment .  Except as otherwise provided in Section 3.03, any payments received in any Collateral Account or by
the Mortgagee in connection with a voluntary prepayment of the Loan Certificates with respect to any Loan in accordance with Section
2.10(a) shall be promptly distributed by Mortgagee and applied to prepayment of the relevant Loan Certificates and to all other
amounts payable hereunder or to the Mortgagee or any Participant under the Credit Agreement by applying such funds:

 

first, to reimburse the
Mortgagee for any reasonable out-of-pocket costs or expenses incurred in connection with such prepayment and then to any other
amounts then due to the Mortgagee, the Participants and the Swap Counterparty under this Security Agreement, the Credit Agreement,
the Swap Agreements or the Loan Certificates (other than amounts specified below);

 

second, as provided in clause “second”
of Section 3.03;

 

third, as provided in clause “third”
of Section 3.03;

 

fourth, as provided in clause “fourth”
of Section 3.03; and

 

fifth, the balance, if
any, of such payments or amounts remaining thereafter shall be distributed to the Borrower party to such Loan Certificates.

 

Section 3.03 Payments After Event
of Default. Except as otherwise provided in Sections 3.04(b) and 3.04(c), all payments received in any Collateral Account or
otherwise and amounts held or realized by the Mortgagee (including the Adria Cash Collateral Amount, Air Nostrum Excess Amounts
and any amounts realized by the Mortgagee from the exercise of any remedies pursuant to any Lease or Article IV hereof) in any
Collateral Account and the Cash Collateral Account, as well as all payments or amounts then held by the Mortgagee as part of the
Mortgaged Property in each case after (i) an Event of Default shall have occurred and be continuing and (ii) a Mortgagee Event
shall have occurred and be continuing, shall be promptly distributed by the Mortgagee in the following order of priority:

 

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    [Security Agreement]

    

 

first,
so much of such payments or amounts as shall be required to reimburse the Mortgagee for any tax, expense or other loss (including,
without limitation, all amounts to be expended at the expense of, or charged upon the tolls, rents, revenues, issues, products
and profits of, the property included in the Mortgaged Property pursuant to Section 4.05(b)) incurred by the Mortgagee (to the
extent not previously reimbursed), the expenses of any sale, taking or other proceeding, reasonable attorneys’ fees and expenses,
court costs, and any other expenditures incurred or expenditures or advances made by the Mortgagee or the Participants in the protection,
exercise or enforcement of any right, power or remedy or any damages sustained by the Mortgagee, liquidated or otherwise (it being
agreed and understood that reimbursement for fees, costs and expenses of legal counsel shall be limited to the reasonable and documented
fees and expenses of one primary counsel to all Finance Parties (as defined in the Credit Agreement) taken as a whole and one local
counsel for all Finance Parties in any relevant jurisdiction and, in the case of an actual or perceived conflict of interest, one
additional counsel to each affected person), upon such Event of Default shall be applied by the Mortgagee as between itself and
the Participants in reimbursement of such expenses and any other expenses for which Mortgagee or the Participants are entitled
to reimbursement under any Operative Document;

 

second, on a pari passu
basis so much of such payments or amounts remaining as shall be required to pay all Secured Obligations owing to the Secured Parties
(other than as provided in clause “third” below) to the date of distribution, shall be paid to the Security Trustee
for distribution to the Participants holding Loan Certificates on a pro rata basis to be distributed by such Participants in accordance
with Section 2.05;

 

third, on a pari passu
basis so much of such payments or amounts remaining as shall be required to pay in full (i) the aggregate unpaid Original Amount
of all Loan Certificates, the accrued but unpaid interest to the date of distribution and any related Swap Breakage Loss, LIBOR
Breakage and Liquidity Breakage then due and owing and (ii) all Swap Obligations, shall be paid to the Security Trustee for distribution
to the Participants and the Swap Counterparty on a pro rata and pari passu basis; and

 

fourth, the balance, if
any, of such payments or amounts remaining thereafter shall be distributed to the Borrowers on a pro rata and pari passu
basis.

 

Section 3.04   Certain Payments.

 

(a)        Any
payments received by the Mortgagee for which no provision as to the application thereof is made in this Security Agreement and
for which such provision is made in any Lease, the Credit Agreement or any other Operative Document shall be applied forthwith
to the purpose for which such payment was made in accordance with the terms of such Lease, the Credit Agreement or such other Operative
Document, as the case may be.

 

(b)        The
Mortgagee will distribute promptly upon receipt any indemnity payment received by it from any Mortgagor or any Lessee in respect
of the Mortgagee or any Participant directly to the person entitled thereto.

 

(c)        Notwithstanding
anything to the contrary in this Agreement, any payments received by the Mortgagee which constitute Excluded Payments, any maintenance
reserves or supplemental rent payable under a Lease and any security deposit payable under a Lease shall be distributed promptly
upon receipt by the Mortgagee directly to the relevant Borrower Party.

 

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    [Security Agreement]

    

 

Section 3.05   Other Payments.

 

(a)        Except
as otherwise provided in Section 3.03 and if no Default or Event of Default shall have occurred and be continuing, any payments
received by the Mortgagee for which no provision as to the application thereof is made in any Lease, the Credit Agreement, elsewhere
in this Security Agreement or in any other Operative Document, shall be distributed by the Mortgagee to the extent received or
realized at any time to the extent constituting Excluded Payments, to the relevant Borrower Party, and otherwise (i) if prior to
the payment in full of all Secured Obligations due to the Secured Parties, in the order of priority specified in Section 3.01,
and (ii) if after payment in full of all Secured Obligations due the Participants in the manner provided in clause “fifth”
of Section 3.03.

 

Further, and except as otherwise provided in Sections 3.02,
3.03 and 3.04, all payments received and amounts realized by the Mortgagee under any Lease or otherwise with respect to any Aircraft
(including without limitation, all amounts realized upon the sale or re-lease of such Aircraft after the termination of the Lease
with respect thereto), to the extent received or realized at any time after payment in full of all Secured Obligations then due
to the Secured Parties, shall be distributed by the Mortgagee to the Borrowers on a pro rata and pari passu basis.

 

(b)        All
payments received by the Mortgagee which are Excluded Payments, any maintenance reserves or supplemental rent payable under a Lease
and any security deposit payable under a Lease are not part of the Mortgaged Property and shall promptly be paid over by the Mortgagee
to the relevant Borrower or, if directed, the Borrower Parent. For the avoidance of doubt, the foregoing shall not include and
nothing contained in this subsection shall affect any other payments received under any Lease or any other payments in each case
which are part of the Mortgaged Property (including, without limitation, payments on account of the sale of, or an Event of Loss
with respect to, an Aircraft or insurance proceeds (except as to Excluded Payments)), all of which shall be distributed in accordance
with Sections 3.01 through 3.05(a), as applicable.

 

(c)        Notwithstanding
anything to the contrary set forth herein, any amounts held by the Security Trustee, including, without limitation, pursuant to
any Lease, and any other condemnation, requisition, indemnity or other payments, amounts or proceeds of any kind or nature received
by it with respect to any Aircraft or other collateral subject to the Lien of this Security Agreement, which are payable to any
Lessee pursuant to the terms of such Lease or the Operative Documents or any amounts to be paid by the Participants to such Lessee
hereunder or under any other Operative Document, shall be (i) so paid to such Lessee so long as no Lease Event of Default shall
have occurred and be continuing under such Lease or (ii) held by the Security Trustee or the Participants, as the case may be,
if a Lease Event of Default has occurred and is continuing under such Lease, as security for the obligations of such Lessee until
such time as there shall not be continuing any such Lease Event of Default.

 

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    [Security Agreement]

    

 

ARTICLE IV

 

COVENANTS OF MORTGAGORS; EVENTS OF

DEFAULT; REMEDIES OF MORTGAGEE

 

Section 4.01   Covenants
of Mortgagors.  Each Mortgagor hereby covenants and agrees as follows:

 

(a)        each
Borrower will duly and punctually pay the unpaid Original Amount of, and interest on and all other amounts due under, the Loan
Certificates and hereunder in accordance with the terms of the Loan Certificates and this Security Agreement and the Loan Operative
Documents and all amounts due and payable by it to the Participants and the Swap Counterparty under the Credit Agreement and the
Swap Agreements;

 

(b)        in
the event such Mortgagor shall have Actual Knowledge of an Event of Default, a Default or an Event of Loss, such Mortgagor will
give prompt written notice of such Event of Default, Default or Event of Loss to the Agent;

 

(c)        such
Mortgagor will furnish to the Mortgagee, promptly upon receipt thereof, duplicates or copies of all material reports, notices,
requests, demands, certificates, financial information and other instruments furnished to such Mortgagor under any Lease to the
extent that the same shall not have been furnished to the Agent or the Mortgagee pursuant to such Lease or the Credit Agreement;
and

 

(d)        at
any time and from time to time, upon the request of the Agent, the relevant Borrower or Lessor, as the case may be, shall promptly
and duly execute and deliver any and all such further instruments and documents as may be specified in such request and as are
necessary or desirable to perfect, preserve or protect the security interests created or intended to be created hereby, or to obtain
for the Mortgagee the full benefit of the specific rights and powers herein granted, including, without limitation, the execution
and delivery of Uniform Commercial Code financing statements and continuation statements with respect thereto, or similar instruments
(including such documents and instruments as may be required to register or continue the registration of the international interests
represented hereby in favor of the Mortgagee on behalf of the Participants created by or arising in connection with this Security
Agreement and the other Operative Documents at the International Registry) relating to the perfection of the security interests
created or intended to be created hereby.

 

Section 4.02   Event
of Default .  “Event of Default” means any of the following events (whatever the reason for such Event
of Default and whether such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant
to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):

 

(a)        any
Lease Event of Default which does not remain capable of being cured by the relevant Borrower in accordance with Section 4.03(a)
or which results in the invocation of a Remarketing Period by the relevant Borrower in accordance with Section 4.03(b); or

 

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    [Security Agreement]

    

 

(b)        (i)
the failure of any Borrower to pay when due any payment of the unpaid Original Amount of the Loan Certificates and interest thereon
or any Swap Obligations, and such failure shall have continued unremedied for three Business Days from such due date or (ii) the
failure of any Mortgagor to pay any other amount payable by it under the Loan Operative Documents when due, and in either case
such failure shall have continued unremedied for five Business Days after such Mortgagor, receives written notice of such failure
or written demand from the Mortgagee or any Participant; or

 

(c)        (i)
any Lessor Lien required to be discharged by any Borrower Party pursuant to Section 5.1(d) of the Credit Agreement shall remain
undischarged for a period of ten Business Days after the date when such party shall have received written notice thereof from the
Mortgagee or any Participant or (ii) any failure by any Mortgagor to observe or perform any of its covenants or obligations in
Section 5.1(c), 5.1(e), 5.1(f), 5.1(g), 5.1(n)(i)-(ii), 5.1(o), 5.1(r) or 5.4 of the Credit Agreement or (iii) any failure by the
Borrower Parent to observe its covenants and obligations under Sections 3(e) and 3(m)-(s) of the Borrower Parent Pledge Agreements;
or

 

(d)        any
misrepresentation is made by any Borrower Party herein, in the Credit Agreement or in any other Loan Operative Document that has
or is likely to have a material adverse effect on the ability to perform its obligations or on the rights or interest of any Participant
and such Borrower Party fails to cure such misrepresentation within 30 days after notice of such misrepresentation from Mortgagee;
or

 

(e)        other
than as provided in (c) above, any failure by any Borrower Party to observe or perform any other covenant or obligation of such
Borrower Party contained in the Credit Agreement, this Security Agreement, any Lease or any other Loan Operative Document which
is not remedied within a period of 15 days after notice of such failure has been given to such Borrower Party; or

 

(f)        any
repudiation of this Security Agreement, the Credit Agreement or any other Loan Operative Document by any Borrower Party; or

 

(g)        at
any time either (i) the commencement of an involuntary case or other proceeding in respect of a Borrower Party under bankruptcy
laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar
law in England or the United States seeking the appointment of a receiver, liquidator, assignee, Irish law examiner, custodian,
trustee, sequestrator (or similar official) of such Borrower Party or for all or substantially all of its property, or seeking
the winding-up or liquidation of its affairs and the continuation of any such case or other proceeding undismissed and unstayed
for a period of 30 consecutive days; or (ii) such commencement by such Borrower Party of a voluntary case or proceeding under bankruptcy
laws, as now constituted or hereafter amended, or any other applicable bankruptcy, insolvency or other similar law in the United
States or the consent by such Borrower Party to the appointment of or taking possession by a receiver, liquidator, examiner, assignee,
trustee, custodian, sequestrator (or other similar official) of such Borrower Party for all or substantially all of its property,
or the making by such Borrower Party of any assignment for the benefit of the creditors of such Borrower Party, or such Borrower
Party shall take any action to authorize any of the foregoing; or (iii) such Borrower Party has or suffers to be appointed any
examiner, administrator, administrative receiver, receiver, liquidator, trustee or similar officer of all or a substantial part
of its assets and such appointment is not dismissed for a period of 30 consecutive days; or

 

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(h)        the
security interest on any Aircraft, any Lease or any of the Pledged Collateral shall cease to be valid and enforceable and/or duly
perfected; or

 

(i)        any
termination of the Remarketing Period pursuant to Section 4.03(b)(vi) or a failure to satisfy the Remarketing Period Conditions;
or

 

(j)        any
lapse of, or failure to maintain, insurance coverage on the Aircraft required to be maintained under the Credit Agreement or any
Lease; or

 

(k)        any
suspension or cessation of the business of any Borrower Party, or any materially adverse change in the business or operations of
any Borrower Party, which could be reasonably expected to materially adversely affect such Borrower Party’s ability to perform
its obligations under the Loan Operative Documents or the rights or interests of any Secured Party.

 

Section 4.03   Cure Rights;
Remarketing Period.

 

(a)           Certain
Cure Rights.    (i) With respect to a Republic Aircraft or an Air Nostrum Aircraft, if an Event of
Default occurs as a result of any default by the relevant Lessee in the payment when due of any installment of Rent due under
the relevant Lease, the relevant Borrower may, within ten Business Days after the occurrence of such Event of Default without
the consent or concurrence of any Participant, the Agent or the Security Trustee, pay, as provided in Section 2.04, for
application in accordance with Section 3.01 a sum equal to the amount of all (but not less than all) such overdue Rent under
such Lease (but only to the extent of the component thereof relating to debt service, including interest payments, on the
relevant Loan). With respect to the Adria Aircraft, if an Event of Default occurs as a result of any default by the
relevant Lessee in the payment when due of any installment of Rent due under the relevant Lease and if such Lessee itself
shall have theretofore failed to pay Basic Rent in the manner required by such Lease (after giving effect to any applicable
grace period), the Security Trustee shall promptly transfer from the Cash Collateral Account to the relevant Collateral
Account and apply in accordance with Section 3.01 an amount of the Adria Cash Collateral Amount equal to the amount of all
(but not less than all) such overdue Rent under such Lease (but only to the extent of the component thereof relating to debt
service, including interest payments, on the relevant Loan). If an Event of Default occurs as a result of any default by a
Lessee in any obligation under the Lease other than the payment of Rent, if such Event of Default can be remedied by the
payment of money, the relevant Borrower may, within three Business Days after the date of occurrence of the such Event of
Default, without the consent or concurrence of any Participant, the Agent or the Security Trustee, perform such obligation on
behalf of such Lessee and shall furnish all funds necessary for remedying such Event of Default. Solely for the purpose of
determining whether there exists an Event of Default (a) any timely payment by the relevant Borrower pursuant to, and in
compliance with, the first and second sentences of this Section 4.03(a) shall be deemed to remedy (but solely for purposes of
this Security Agreement) any Event of Default that is a result of a default by such Lessee in the payment of installments of
Rent theretofore due and payable under such Lease and to remedy (but solely for purposes of this Security Agreement) any
default by such Borrower in the payment of any amount of principal due and payable under the related Loan and (b) any timely
performance by such Borrower of any obligation of such Lessee under such Lease pursuant to, and in compliance with, the third
sentence of this Section 4.03 shall be deemed to remedy (but solely for purposes of this Security Agreement) any Event of
Default to the same extent that like performance by such Lessee itself would have remedied such Event of Default (but no such
remedy shall relieve such Lessee of its duty to pay all Rent and perform all of its obligations pursuant to such Lease). If,
on the basis specified in the preceding sentence, any Event of Default shall have been remedied for the purposes of this
Security Agreement, then any declaration pursuant to this Security Agreement that the Loans are due and payable or that an
Event of Default exists hereunder, based solely upon such Event of Default, shall be deemed to be rescinded, and the relevant
Borrower shall (to the extent of any such payments made by it) be subrogated to the rights of the Participants under Section
3.01 to receive from the Security Trustee such payment of overdue Rent (and the payment of interest on account of such Rent
being overdue) and shall be entitled, so long as no other Event of Default or Default shall have occurred and be continuing
or would result therefrom, to receive, subject to the provisions of this Security Agreement, such payment upon receipt
thereof by the Security Trustee; provided that such Borrower shall not otherwise attempt to recover any such amount
paid by it on behalf of such Lessee pursuant to this Section 4.03 except by demanding of such Lessee payment of such amount
or by commencing an action at law against such Lessee for the payment of such amount (or act in any pending action adverse to
such Lessee); provided, further, that at no time while an Event of Default shall have occurred and be continuing shall
any such demand be made or shall any such action be commenced (or continued), and any amounts nevertheless received by the
relevant Borrower in respect thereof shall be held in trust for the benefit of, and promptly paid to, the Security Trustee
for distribution as provided in Section 3.03 (or Section 3.04 with respect to indemnity payments); and further provided
that, in respect of an Air Nostrum Aircraft and a Republic Aircraft, this Section 4.03(a) shall not apply with respect to any
Event of Default that is a result of a default by the relevant Lessee in the payment of Basic Rent under the relevant Lease
if such Lessee itself shall have theretofore failed to pay Basic Rent in the manner required by such Lease (after giving
effect to any applicable grace period) on each of the two Payment Dates immediately preceding the date of such default or a
total of four Payment Dates; and

 

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(ii)        No
Borrower shall have the right to cure any Event of Default arising by reason of a Lease Event of Default except as specified in
this Section 4.03(a).

 

(b)          Certain
Remarketing Rights.

 

(i)        If
a Lease Event of Default shall have occurred and be continuing under any Lease and the relevant Borrower shall have made the election
provided in the following paragraph (ii), and so long as (A) no other Event of Default (not the result of a Lease Event of Default)
shall have occurred and be continuing, (B) such Borrower duly and punctually performs its obligations under this Section 4.03(b)
and (C) the Remarketing Period has not expired or otherwise terminated as provided below, no Lease Event of Default shall be deemed
to have occurred and be continuing for purposes of any Loan Operative Document.

 

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    [Security Agreement]

    

 

(ii)        (A)
So long as no Event of Default (other than a Lease Default or Lease Event of Default) has occurred and is continuing and (B) if
the relevant Borrower or Lessor issues a termination notice under any Lease in respect of a Lease Event of Default not arising
due to an Event of Loss (“Lease Termination Notice”), which Lease Termination Notice shall be issued with the
consent of the Security Trustee (not to be unreasonably withheld or delayed), the relevant Borrower may elect to have a remarketing
period for a period not to exceed 180 days (the “Remarketing Period”) in respect of the Aircraft related to
such Lease Termination Notice (the “Subject Aircraft”) by giving written notice thereof to the Security Trustee
and the Agent promptly following and, in any case, within ten Business Days of the issuance of the relevant Lease Termination Notice;
provided that (i) the consent of the Security Trustee shall not be required for the relevant Borrower or Lessor, as the
case may be, to issue a Lease Termination Notice if a Material Lease Breach has occurred under the relevant Lease, (ii) the relevant
Remarketing Period shall commence on the date the relevant Lease is actually terminated pursuant to the terms of the Lease Termination
Notice (which shall specify a date for the termination of such Lease), (iii) no Remarketing Period may end later than the Maturity
Date in respect of the Loan related to the Subject Aircraft and (iv) such Remarketing Period shall terminate if an Event of Default
occurs and is continuing (other than an Event of Default occurring under Section 4.02(a)). The remarketing services shall be performed
by the relevant Remarketing Agent. The costs of all remarketing services hereunder during the Remarketing Period shall be borne
by the relevant Borrower.

 

(iii)        During
the Remarketing Period, the relevant Borrower agrees that it will do or cause to be done, the following (A) promptly initiate efforts
to cause the Subject Aircraft and any related Aircraft Documents to be repossessed from the relevant Lessee and subsequently store,
maintain and insure the Subject Aircraft, (B) sell or lease and otherwise remarket the Subject Aircraft, (C) keep the Security
Trustee fully informed about all remarketing activities relating to the Subject Aircraft, (D) provide the Security Trustee periodic
progress/status reports of the remarketing efforts, (E) pay all costs and expenses associated with all foregoing activities and
a reasonable restructuring fee (to be assessed by the Mandated Lead Arranger in such amounts as determined thereby (in its absolute
discretion) to compensate it for additional work required of it) for the Security Trustee, the Agent, the Swap Counterparty and
the Participants and (F) such other things as the Security Trustee may require (acting reasonably) so to establish, maintain, perfect,
preserve and/or protect the right, title and interest of such Borrower and each Participant in relation to the Subject Aircraft.

 

(iv)        The
Remarketing Period Conditions shall be performed by or on behalf of the relevant Borrower in a manner consistent with the standards
of a reputable, internationally recognized aircraft lessor.

 

(v)        During
(i) the period commencing on the issuance of a Lease Termination Notice and terminating on the commencement of the relevant Remarketing
Period and (ii) the relevant Remarketing Period, the relevant Borrower shall pay or cause to be paid all installments of principal
of and interest on the Loan with respect to any Subject Aircraft as and when due.

 

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    [Security Agreement]

    

 

(vi)        The
Security Trustee may, by written notice to the relevant Borrower, terminate the Remarketing Period upon the occurrence of any of
the following events: (A) if an Event of Default (other than a Lease Event of Default) has occurred and is continuing; (B) if such
Borrower fails to take commercially reasonably steps to repossess the Subject Aircraft in accordance with clause (iii)(A) above
and such failure continues for 10 Business Days after such Borrower’s receipt of written notice of such failure from the
Security Trustee; or (C) if such Borrower fails to comply in any material respect with any of the other Remarketing Period Conditions
and (other than in respect of insurance) such failure continues for ten Business Days after such Borrower’s receipt of written
notice of such failure from the Security Trustee.

 

(vii)
       The relevant Borrower may not sell, re-lease or otherwise dispose of the Subject
Aircraft during the Remarketing Period without the prior written consent of the Security Trustee (not to be unreasonably
withheld or delayed but subject always to the approval of each Participant’s credit committee); provided that, such
Borrower shall be entitled to sell such Subject Aircraft without the Security Trustee’s consent if the net sale price
received by the Security Trustee in any disposition (together with any additional funds provided by such Mortgagor or the
Remarketing Agent, if any, at their sole option, and without any obligation to provide such funds) equals or exceeds the
Secured Obligations associated with the Loan made for such Aircraft (including associated Swap Obligations) and any other
amounts owing (whether or not then due and payable) to the Participants, the Agent and the Security Trustee under the Credit
Agreement, the Loan Certificates and the other Loan Operative Documents; provided further that upon a successful sale,
re-lease or other disposition of such Subject Aircraft, (A) the Remarketing Period shall expire on the date of such sale,
re-lease or other disposition, (B) no Default or Event of Default shall be deemed to occur as a result of such sale, release
or other disposition, (C) conforming amendments shall be made to the Loan Operative Documents solely so as to reference the
new lease (and its relevant defined terms), sale or other disposition rather than the Lease that was terminated and (D)
such Borrower shall pay, unless such Borrower, Security Trustee and Agent have agreed otherwise in writing (such agreement to
be provided, in each case, in the absolute discretion of the Security Trustee and the Agent) in connection with a re-lease of
such Subject Aircraft, all amounts due and owing under 4.03(b)(iii).

 

(c)        If
the relevant Borrower fails to sell or lease the Subject Aircraft by the expiration of the Remarketing Period, such Borrower shall,
within three Business Days of receipt by such Borrower of notice of such requirement from the Security Trustee, pay all amounts
then due and payable to the Participants and the Security Trustee under the Credit Agreement, the Loan Certificates and the other
Loan Operative Documents with respect to the Loan related to the Subject Aircraft, including Swap Breakage Loss, LIBOR Breakage
and Liquidity Breakage.

 

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Section 4.04   Remedies.

 

(a)        If
an Event of Default shall have occurred and be continuing and so long as the same shall continue unremedied, then and in every
such case the Mortgagee may exercise any or all of the rights and powers and pursue any and all of the remedies pursuant to this
Article IV and shall have and may exercise all of the rights and remedies of a secured party under the UCC (as defined in the Credit
Agreement), the Cape Town Convention or applicable law based on where any Aircraft is located and, in the event such Event of Default
is also a Lease Event of Default under any Lease, any and all of the remedies under and pursuant to the terms of such Lease and
may take possession of all or any part of the properties covered or intended to be covered by the lien and security interest created
hereby or pursuant hereto and may exclude the Mortgagors, and any Lessee and all persons claiming under any of them wholly or partly
therefrom; provided, however, that notwithstanding anything herein to the contrary, and in respect of the exercise of each of the
remedies set forth herein, the Mortgagee shall provide the Borrowers with (i) not less than 10 Business Days written notice (an
“Enforcement Notice”) and (ii) in the case of a Lease Event of Default, an opportunity to cure pursuant to Section
4.03(a) or enter into a Remarketing Period pursuant to Section 4.03(b) prior to exercising any such rights, powers or remedies
hereunder or under any of the Loan Operative Documents or the relevant Lease. Without limiting any of the foregoing, it is understood
and agreed that the Mortgagee may exercise any right of sale of any Aircraft available to it, even though it shall not have taken
possession of such Aircraft and shall not have possession thereof at the time of such sale.

 

(b)        If
an Event of Default shall have occurred and be continuing, then and in every such case the Mortgagee may (and shall, upon receipt
of a written demand therefor from the Required Participants) at any time, by delivery of written notice or notices to the Borrowers,
declare all the Loan Certificates to be due and payable, whereupon (i) the unpaid Original Amount of all Loan Certificates then
outstanding, together with (ii) accrued but unpaid interest thereon (iii) all unpaid Swap Obligations and (iv) any other amounts
due thereunder or hereunder (the “Unpaid Obligations”), together with Liquidity Breakage, LIBOR Breakage and
Swap Breakage Loss, if any, shall immediately become due and payable without presentment, demand, protest or notice, all of which
are hereby waived; provided, that the Loan Certificates will automatically become immediately due and payable without any action
of the Mortgagee or the Participants and without presentment, demand, protest or notice, all of which are hereby waived in the
case of an Event of Default under Section 4.02(g).

 

(c)        The
Security Trustee shall be entitled, at any sale pursuant to any Lease or this Section 4.04, to credit against any purchase price
bid at such sale by the Security Trustee all or any part of the Unpaid Obligations secured by the lien of this Security Agreement.
In connection with any such sale, the Mortgagee agrees to provide the Borrowers with at least ten Business Days’ prior written
notice of such sale, which notice shall, for the purposes of the Uniform Commercial Code in effect in any applicable jurisdiction,
be deemed to be commercially reasonable and for purposes of the Cape Town Convention shall be deemed to satisfy the requirement
of “reasonable prior notice” specified in Article 8(4) of the Convention.

 

(d)        In
the event of any sale of the Mortgaged Property, or of any part thereof, pursuant to any judgment or decree of any court or otherwise
in connection with the enforcement of any of the terms of this Security Agreement, the Unpaid Obligations shall immediately become
due and payable without presentment, demand, protest or notice, all of which are hereby waived.

 

Section 4.05   Return of
Aircraft, etc.

 

(a)        If
an Event of Default shall have occurred and be continuing, at the request of the Mortgagee, each Mortgagor shall promptly execute
and deliver to the Mortgagee such instruments of title and other documents as the Mortgagee may deem necessary or advisable to
enable the Mortgagee or an agent or representative designated by the Mortgagee, at such time or times and place or places as the
Mortgagee may specify, to obtain possession of all or any part of the Mortgaged Property to which the Mortgagee shall at the time
be entitled hereunder. If any Mortgagor shall for any reason fail to execute and deliver such instruments and documents after such
request by the Mortgagee, the Mortgagee may:

 

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    [Security Agreement]

    

 

(i)        obtain
a judgment conferring on the Mortgagee the right to immediate possession and requiring such Mortgagor to execute and deliver such
instruments and documents to the Mortgagee, to the entry of which judgment such Mortgagor hereby specifically consents to the fullest
extent permitted by law; and

 

(ii)        pursue
all or part of such Mortgaged Property wherever it may be found and, in the event that a Lease Event of Default has occurred and
is continuing under any Lease, subject to applicable law, may enter any of the premises of the Lessee under such Lease wherever
such Mortgaged Property may be or be supposed to be and search for such Mortgaged Property and take possession of and remove such
Mortgaged Property.

 

All expenses of obtaining such judgment or of pursuing, searching
for and taking such property shall, until paid, be secured by the Lien of this Security Agreement.

 

(b)        Upon
every such taking of possession, the Mortgagee may, from time to time, at the expense of the Mortgaged Property, make all such
reasonable expenditures for maintenance, use, operation, preservation, storage, insurance, leasing, control, management, disposition,
modifications or alterations to and of the Mortgaged Property, as it may deem proper. In each such case, the Mortgagee shall have
the right to maintain, use, operate, preserve, store, insure, lease, control, manage, dispose of, modify or alter the Mortgaged
Property and to carry on the business and to exercise all rights and powers of any Mortgagor relating to the Mortgaged Property,
as the Mortgagee shall deem best, including the right to enter into any and all such agreements with respect to the maintenance,
use, operation, preservation, storage, insurance, leasing, control, management, disposition, modification or alteration of the
Mortgaged Property or any part thereof as the Mortgagee may reasonably determine, and the Mortgagee shall be entitled to collect
and receive directly all tolls, rents (including Rent), revenues, issues, income, products and profits of the Mortgaged Property
and every part thereof, except Excluded Payments, without prejudice, however, to the right of the Mortgagee under any provision
of this Security Agreement to collect and receive all cash held by, or required to be deposited with, the Mortgagee hereunder.
Such tolls, rents (including Rent), revenues, issues, income, products and profits shall be applied to pay the reasonable expenses
of the maintenance, use, operation, preservation, storage, insurance, leasing, control, management, disposition, improvement, modification
or alteration of the Mortgaged Property and of conducting the business thereof, and to make all payments which the Mortgagee may
be required or may elect to make, if any, for taxes, assessments, insurance or other proper charges upon the Mortgaged Property
or any part thereof (including the employment of engineers and accountants to examine, inspect and make reports upon the properties
and books and records of the Mortgagor), and all other payments which the Mortgagee may be required or authorized to make under
any provision of this Security Agreement, as well as just and reasonable compensation for the services of the Mortgagee, and of
all persons properly engaged and employed by the Mortgagee with respect hereto.

 

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Section 4.06   Remedies
Cumulative.  Each and every right, power and remedy given to the Mortgagee specifically or otherwise in this Security
Agreement shall be cumulative and shall be in addition to every other right, power and remedy herein specifically given or now
or hereafter existing at law, in equity or by statute, including, without limitations and if applicable, any of the remedies specified
in the Cape Town Convention, and each and every right, power and remedy whether specifically herein given or otherwise existing
may be exercised from time to time and as often and in such order as may be deemed expedient by the Mortgagee, and the exercise
or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the same
time or thereafter any other right, power or remedy. No delay or omission by the Mortgagee in the exercise of any right, remedy
or power or in the pursuance of any remedy shall impair any such right, power or remedy or be construed to be a waiver of any default
on the part of any Mortgagor or any Lessee or to be an acquiescence therein.

 

Section 4.07   Discontinuance
of Proceedings.  In case the Mortgagee shall have instituted any proceeding to enforce any right, power or remedy
under this Security Agreement by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned
for any reason or shall have been determined adversely to the Mortgagee, then and in every such case each Mortgagor, the Mortgagee
and each Lessee shall, subject to any determination in such proceedings, be restored to their former positions and rights hereunder
with respect to the Mortgaged Property, and all rights, remedies and powers of the Mortgagee shall continue as if no such proceedings
had been instituted.

 

Section 4.08   Waiver
of Past Defaults.  The Mortgagee may waive any past default hereunder and its consequences and 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 all Loan Operative Documents, but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon; provided, that in the absence of written instructions from all the Participants, the Mortgagee shall not waive any default
(i) in the payment of the unpaid Original Amount, interest, Liquidity Breakage, LIBOR Breakage, Swap Breakage Loss and other amounts
due under any Loan Certificate then outstanding, or (ii) in respect of a covenant or provision hereof which, under Article VIII
hereof, cannot be modified or amended without the consent of each Secured Party.

 

Section 4.09   Appointment
of Receiver.  If an Event of Default shall have occurred and be continuing the Mortgagee shall, as a matter of right,
be entitled to the appointment of a receiver (who may be the Mortgagee or any successor or nominee thereof) for all or any part
of the Mortgaged Property, whether such receivership be incidental to a proposed sale of the Mortgaged Property or the taking of
possession thereof or otherwise, and each Mortgagor hereby consents to the appointment of such a receiver and will not oppose any
such appointment. Any receiver appointed for all or any part of the Mortgaged Property shall be entitled to exercise all the rights
and powers of the Mortgagee with respect to the Mortgaged Property.

 

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Section 4.10   Mortgagee
Authorized to Execute Bills of Sale, etc.  Each Mortgagor irrevocably appoints the Mortgagee its true and
lawful attorney-in-fact in its name and stead and on its behalf for the purpose of effectuating any sale, assignment, transfer
or delivery for the enforcement of the lien of this Security Agreement, whether pursuant to foreclosure or power of sale, assignments
and other instruments as may be necessary or appropriate, with full power of substitution, each Mortgagor hereby ratifying and
confirming all that such attorney or any substitute shall lawfully do by virtue hereof. Nevertheless, if so requested by the Mortgagee
or any purchaser, each Mortgagor shall ratify and confirm any such sale, assignment, transfer or delivery, by executing and delivering
to the Mortgagee or such purchaser all bills of sale, assignments, releases and other proper instruments to effect such ratification
and confirmation as may be designated in any such request.

 

Section 4.11   Slovenian
Mortgage.  Notwithstanding anything to the contrary set forth herein, in the Slovenian Mortgage or in the other Loan
Operative Documents, the Adria Borrower hereby acknowledges and agrees that (i) as a result of requirements of Slovenian law, Norddeutsche
Landesbank Girozentrale, New York Branch, as mortgagee (the “Slovenian Mortgagee”) is acting as the mortgagee
under the Slovenian Mortgage in lieu of the Security Trustee and (ii) the rights and remedies in favor of the Slovenian Mortgagee
under the Slovenian Mortgage, and the method pursuant to which the Slovenian Mortgagee may enforce such rights and remedies as
set forth in the Slovenian Mortgage, does not cut across, conflict with or detract from any of the rights and remedies in favor
of the Security Trustee in respect of the Adria Aircraft set forth herein or in the other Loan Operative Documents (other than
the Slovenian Mortgage).

 

ARTICLE V

 

PAYMENTS FROM MORTGAGED PROPERTY ONLY

 

Section 5.01   Payments
from Mortgaged Property Only.  Except as otherwise expressly provided in the next succeeding sentence of this Section
5.01, all payments to be made by a Mortgagor under the Operative Documents shall be made only from the income and the proceeds
from the Collateral only to the extent that such Mortgagor shall have sufficient income or proceeds from the Collateral to enable
such Mortgagor to make payments in accordance with the terms hereof. Each holder of a Loan Certificate, by its acceptance of a
Loan Certificate, and the Security Trustee, each agrees that it will look solely to the income and proceeds from the Mortgaged
Property to the extent available for distribution to it as above provided in respect of any obligation of any Mortgagor hereunder.

 

ARTICLE VI

 

CERTAIN RIGHTS OF MORTGAGOR

 

Section 6.01   Certain
Rights of Mortgagor.  Notwithstanding any other provisions of this Security Agreement, including the Granting Clause,
but subject to Section 8.01, the following rights shall be reserved to each Mortgagor (as separate and independent rights) to the
extent described herein:

 

(a)        at
all times each Mortgagor and the Mortgagee shall each have the right (i) to receive from any Lessee all notices, certificates,
reports, filings, opinions of counsel and other documents and all information which they are permitted or required to give or furnish
pursuant to any Operative Document and (ii) to retain any rights with respect to insurance maintained for its own account;

 

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(b)        so
long as no Event of Default shall have occurred and be continuing, each Mortgagor shall have the right (A) together with the Mortgagee
(consent of both being required except in the case of clause (iii) below) (i) to approve as satisfactory any accountants, inspectors,
engineers or counsel to render services for or issue opinions to any Mortgagor pursuant to express provisions of the Lease Operative
Documents, (ii) to grant such consents, approvals and waivers as may be requested under the Lease Operative Documents, (iii) subject
to Section 5.1(k) of the Credit Agreement, to exercise inspection rights pursuant to any Lease (provided that if a Lease Event
of Default shall have occurred and be continuing, any Mortgagor shall be permitted to exercise rights of inspection so long as
such inspection does not interfere with Mortgagee’s exercise of its rights) and (iv) to direct the application of any insurance
proceeds payable in connection with the relevant Lease and (B) exclusive of the Mortgagee, to agree to any matter relating to Day-to-Day
Operations;

 

(c)        each
Mortgagor shall have the non-exclusive right, as lessor, to seek specific performance of the covenants of any Lessee under any
Lease relating to the protection, insurance, maintenance, possession and use of any Aircraft, and to maintain separate insurance
with respect to such Aircraft (provided that no such insurance impairs or reduces coverage under any insurance required to be maintained
by such Lessee under such Lease); and

 

(d)        at
all times each Mortgagor shall have the right, to the exclusion of the Mortgagee, to demand, collect, sue for or receive the payment
of Excluded Payments due and payable to it.

 

Notwithstanding anything to the contrary
contained herein (including this Section 6.01), the Mortgagee shall have the right, to the exclusion of the Mortgagors, to (A)
subject to Sections 4.03(a) and 4.03(b), declare any Lease to be in default and (B) subject only to the provisions of Section 4.04(a),
to exercise the remedies set forth in any Lease (other than in connection with Excluded Payments, any maintenance reserves or supplemental
rent payable under a Lease and any security deposit payable under a Lease) at any time that both a Lease Event of Default thereunder
and an Event of Default shall have occurred and be continuing.

 

ARTICLE VII

 

REPLACEMENT ENGINES

 

Section 7.01   Replacement
Engines.  At any time that an Engine is to be replaced under any Lease, the Mortgagee (upon full compliance by the
Lessee under such Lease with the requirements of such Lease and execution and delivery by the Lessor or the Borrower, as the case
may be, under such Lease of an instrument in form and substance reasonably satisfactory to Mortgagee subjecting such Replacement
Engine to the Lien hereof) shall at the request of any Lessor execute and deliver to such Lessor or Borrower, as the case may be,
an appropriate instrument releasing such Engine from the Lien of this Security Agreement; provided however, if any Lease does not
provide for the replacement of Engines thereunder, then such Lessor or Borrower, as the case may be, thereunder may, upon 15 days’
prior written notice to the Mortgagee, replace such Engine with a Replacement Engine subjected to the Lien hereof without the Mortgagee’s
consent and may request that the Mortgagee execute and deliver to such Lessor or Borrower, as the case may be, an appropriate instrument
releasing such Engine from the Lien of this Security Agreement so long as the following conditions are satisfied at the time of
replacement:

 

    	 	37	 

    [Security Agreement]

    

 

(a)          no
Event of Default or Lease Event of Default shall have occurred and be

continuing;

 

(b)        such
Replacement Engine shall be free and clear of all Liens (other than Lessor Liens arising pursuant to the Loan Operative Documents);

 

(c)        such
Replacement Engine shall be of the same make and model as the Engine being replaced (or an engine of the same manufacturer of a
comparable or an improved model and suitable for installation and use on the related Airframe with the other Engine installed thereon)
and shall have a value, utility and remaining useful life at least equal to the Engine to be replaced thereby;

 

(d)        such
Lessor or Borrower, as the case may be, shall have all Aircraft Documents required by any applicable Aviation Authority in respect
of such Replacement Engine; and

 

(e)        such
Lessor or Borrower, as the case may be, shall (i) execute and deliver a Security Agreement Supplement with respect to such Replacement
Engine, (ii) cause such Replacement Engine to be subjected to the Local Law Mortgage (if any) in respect of the Airframe on which
such Replacement Engine shall be installed and (iii) if applicable, cause the international interests of this Security Agreement
as supplemented by such Security Agreement Supplement and such Local Law Mortgage (if any) to be registered on the International
Registry.

 

ARTICLE VIII

 

SUPPLEMENTS AND AMENDMENTS TO THIS SECURITY

AGREEMENT AND OTHER DOCUMENTS

 

Section 8.01   Instructions
of Majority; Limitations.

 

(a)        No
Mortgagor shall (i) enter into any written amendments or supplements to any Lease or the other Lease Operative Documents in respect
of such Lease or to any Residual Value Guarantee, (ii) permit the subleasing of the Aircraft by the Lessee (beyond that which is
expressly permitted by the terms of the Lease) or (iii) deregister or reregister any Aircraft from the register maintained by the
Aviation Authority in the State of Registration for such Aircraft, in each case without the prior written consent of the Mortgagee
(such consent not to be unreasonably withheld or delayed). Provided that the conditions precedent to the Drawdown Date in respect
of the 19003 Aircraft are satisfied or waived in accordance with Section 3.2 of the Credit Agreement, the Mortgagee hereby agrees
to consent to that certain sublease of that certain Engine bearing manufacturer’s serial number 194975 dated October 25,
2018 between Air Nostrum Lineas Aereas del Mediterraneo SA, as sublessor, and Mediterranean Aviation Operations Company Limited,
as sublessee.

 

    	 	38	 

    [Security Agreement]

    

 

(b)        The
Mortgagee agrees for the benefit of the Secured Parties that it shall not enter into any written amendment, waiver or modification
of, supplement or consent to this Security Agreement, any Lease (other than as set forth in Section 7.01 hereof), the Credit Agreement
or any other agreement included in the Mortgaged Property, unless such supplement, amendment, waiver, modification or consent is
consented to in writing by all or such number of the Secured Parties as is specified in Section 8.02.

 

Section 8.02   Amendments.  At
any time and from time to time, the Mortgagee (but only on the written request of the Required Participants) may enter into such
written amendment of or supplement to any Lease or any other Granting Clause Document or any other Operative Document to which
it is party, as may be specified in such request; provided that (A) no modification, supplement or waiver shall, unless by an instrument
signed by all of the Participants or by the Agent acting with the consent of all of the Participants: (i) increase, or extend the
term of any of the Commitments, or extend the time or waive any requirement for the reduction or termination of any of the Commitments,
(ii) extend the date fixed for the payment of principal of or interest on any Loan or any fee under the Loan Operative Documents,
(iii) reduce the amount of any payment of principal, (iv) reduce the rate at which interest is payable thereon or any fee is payable
to the Secured Parties under the Loan Operative Documents, (v) alter the terms of this Section 8.02, (vi) alter the rights or obligations
of the Borrowers to prepay any Loan, (vii) modify the definition of the term “Required Participants” or of the term,
or modify in any other manner the number or percentage of the Participants required to make any determinations or waive any rights
hereunder or to modify any provision hereof , (viii) modify the definitions of “Event of Default”, “Debt Rate”,
“Loan Operative Documents”, "Liquidity Breakage", "Swap Breakage Loss" and "LIBOR Breakage",
(ix) release any of the Mortgaged Property or Pledged Collateral (other than as expressly provided by the Loan Operative Documents)
or (x) modify any Section of Article III of this Security Agreement and (B) no modification of any provision relating to the Swap
Counterparty may be made without the prior written consent of the Swap Counterparty.

 

Section 8.03   Action
Upon Instructions.  (a) Upon the written instructions at any time and from time to time of the Required Participants,
the Mortgagee shall take such of the following actions as may be specified in such instructions: (i) exercise such election or
option, or make such decision or determination, or give such notice, consent, waiver or approval or exercise such right, remedy
or power or take such other action hereunder or under any other Operative Document or in respect of any part or all of the Mortgaged
Property as shall be specified in such instructions and otherwise permitted pursuant to the Operative Documents; (ii) take such
action with respect to, or to preserve or protect, the Mortgaged Property (including the discharge of Liens) as shall be specified
in such instructions and as are consistent with this Security Agreement and the other Operative Documents; and (iii) take such
other action in respect of the subject matter of this Security Agreement as is consistent with the terms of this Security Agreement
and any Lease and the other Operative Documents.

 

(a)        If
any Event of Default shall have occurred and be continuing, on request of the Required Participants, subject to Section 4.03, the
Mortgagee shall exercise such remedies under any Lease as shall be specified in such request.

 

    	 	39	 

    [Security Agreement]

    

 

(b) Any Participant, with the consent of the
Required Participants, may itself, or the Required Participants may direct the Security Trustee to, make the expenditures contemplated
by Section 4.05 hereof. No Participant shall otherwise have the right to reimbursement from the Mortgaged Property.

 

ARTICLE IX

 

MISCELLANEOUS

 

Section 9.01   Termination
of Security Agreement; Release of Liens .  (a) Upon (or at any time after) payment in full of the Original Amount
of and interest on and all other amounts due under all Loan Certificates and provided that (x) no Default or Event of Default shall
have occurred and be continuing and (y) there shall then be no other Secured Obligations then due to the Security Trustee, the
Participants, the Swap Counterparty and the Mortgagee hereunder or under the Credit Agreement, the Mortgagors shall direct the
Mortgagee to execute and deliver to or as directed in writing by the Mortgagors an appropriate instrument releasing the Aircraft
and the Engines from the Lien of this Security Agreement and releasing the Leases, and other Mortgaged Property from the assignment
and pledge thereof hereunder and the Mortgagee shall execute and deliver such instrument as aforesaid and give written notice thereof
to each Lessee; provided, that this Security Agreement shall earlier terminate and this Security Agreement shall be of no further
force or effect upon any sale or other final disposition by the Mortgagee of all property constituting part of the Mortgaged Property
and the final distribution by the Mortgagee of all monies or other property or proceeds constituting part of the Mortgaged Property
in accordance with the terms hereof. Except as aforesaid otherwise provided, this Security Agreement and the trusts created hereby
shall continue in full force and effect in accordance with the terms hereof.

 

(b)        Upon
(or at any time after) payment in full of the principal amount of and interest on and all other amounts due under all Loan Certificates
related to a Mortgagor’s Aircraft and provided that no Default or Event of Default shall have occurred and be continuing,
a Mortgagor or the Mortgagors (as applicable) may direct the Mortgagee to execute and deliver to or as directed in writing by such
Mortgagor an appropriate instrument releasing such Aircraft and the Engines associated therewith from the Lien of this Security
Agreement and releasing the relevant Lease or Leases (as applicable) in respect of such Aircraft, and other Mortgaged Property,
to the extent related to such Aircraft, from the assignment and pledge thereof hereunder and the Mortgagee shall execute and deliver
such instrument as aforesaid and give written notice thereof to the relevant Lessee.

 

Section 9.02   No
Legal Title to Mortgaged Property in Participants.  No holder of a Loan Certificate shall have legal title to any
part of the Mortgaged Property. No transfer, by operation of law or otherwise, of any Loan Certificate or other right, title and
interest of any Security Trustee in and to the Mortgaged Property or hereunder shall operate to terminate this Security Agreement
or entitle such holder or any successor or transferee of such holder to an accounting or to the transfer to it of any legal title
to any part of the Mortgaged Property.

 

    	 	40	 

    [Security Agreement]

    

 

Section 9.03   Sale
of Aircraft by Mortgagee Is Binding.  Any sale or other conveyance of the Mortgaged Property, or any part thereof
(including, without limitation, any part thereof or interest therein), by the Mortgagee made pursuant to the terms of this Security
Agreement and the other Operative Documents shall bind the Participants and shall be effective to transfer or convey all right,
title and interest of the Mortgagee, each Mortgagor and such holders in and to such Mortgaged Property or part thereof. No purchaser
or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance
or as to the application of any sale or other proceeds with respect thereto by the Mortgagee.

 

Section 9.04   Security
Agreement for Benefit of Mortgagors, Mortgagee and Holders of Loan Certificates.  Except as expressly provided in
Section 9.05 hereof, nothing in this Security Agreement, whether express or implied, shall be construed to give any person other
than the Mortgagors, the Mortgagee, the Swap Counterparty and the Participants, any legal or equitable right, remedy or claim under
or in respect of this Security Agreement.

 

Section 9.05   No
Action Contrary to Lessee’s Rights Under any Lease.  Notwithstanding any of the provisions of this Security
Agreement to the contrary, and so long as no Lease Event of Default shall have occurred and be continuing under any Lease or unless
compelled to do so by any applicable law, neither the Mortgagee nor any Mortgagor will take any action contrary to any Lessee’s
rights under any Lease, including the right to possession and use of, and the quiet enjoyment of, the Aircraft subject to such
Lease. Each of the Mortgagors and the Mortgagee agree that each Lessee is an intended third party beneficiary of this Section 9.05.

 

Section 9.06   Notices; Payments.

 

(a)        Unless
otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents,
waivers or documents provided or permitted by this Security Agreement to be made, given, furnished or filed shall be in writing,
and delivered as specified in Section 7.1 of the Credit Agreement.

 

(b)        All
payments to be made under this Security Agreement shall be at the accounts of the Mortgagee or the Borrowers as set forth in Schedule
I to the Credit Agreement.

 

Section 9.07   Severability.  Any
provision of this Security Agreement which is prohibited or unenforceable in any jurisdiction, shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

Section 9.08   No
Oral Modification or Continuing Waivers.  No term or provision of this Security Agreement or the Loan Certificates
may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party or other person
against whom enforcement of the change, waiver, discharge or termination is sought; and any waiver of the terms hereof or of any
Loan Certificate shall be effective only in the specific instance and for the specific purpose given.

 

Section 9.09   Successors
and Assigns .  All covenants and agreements contained herein shall be binding upon, and inure to the benefit of,
each of the parties hereto and the permitted successors and assigns of each, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by any Security Trustee shall bind the successors and assigns of such Security Trustee.

 

    	 	41	 

    [Security Agreement]

    

 

Section 9.10   Headings.  The
headings of the various Articles and sections herein and in the table of contents hereto are for convenience of reference only
and shall not define or limit any of the terms or provisions hereof.

 

Section 9.11   Governing
Law; Counterpart Form.  THIS SECURITY AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401
AND SECTION 5 -1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. THIS SECURITY AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK.
This Security Agreement may be executed by the parties hereto in separate counterparts (or upon separate signature pages bound
together into one or more counterparts), each of which when so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

Section 9.12   Concerning
Prospective International Interests.  To the extent a prospective international interest or a prospective assignment
of associated rights, if any, is created or vested as contemplated hereby, the parties hereto agree that such prospective international
interest or prospective assignment of associated rights, if any, will become an international interest or an assignment of associated
rights, as the case may be, upon the execution and delivery by all parties of this Security Agreement and the Security Agreement
Supplement.

 

Section 9.13   Contractual
Bail-In.  Section 7.15 of the Credit Agreement is hereby incorporated by reference.

 

[Remainder of this page intentionally left blank.]

 

    	 	42	 

    [Security Agreement]

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Security Agreement to be duly executed by their respective officers or attorneys in fact thereof duly authorized
as of the day and year first above written.

 

	 	WILMINGTON TRUST COMPANY, as
	 	Security Trustee,
	 	as Mortgagee

 

	 	By:	/s/
    Robert P. Hines Jr.
	 	Name:	Robert P. Hines Jr.
	 	Title:	Vice President

 

     

    [Security Agreement]

    

 

	 	ACY SN 19002 LIMITED, as a Mortgagor

 

	 	By:	/s/ Barry Mills
	 	Name:	Barry Mills
	 	Title:	Director

 

	 	ACY SN 19003 LIMITED, as a Mortgagor

 

	 	By:	/s/ Barry Mills
	 	Name:	Barry Mills
	 	Title:	Director

 

     

    [Security Agreement]

    

 

	 	ACY E-175 LLC, as a Mortgagor
	 	 
	 	By: AeroCentury Corp., its Manager

 

	 	By:	/s/
    Toni M. Perazzo
	 	Name:	Toni Perazzo
	 	Title:	SVP Finance

 

	 	ACY SN 15129 LLC, as a Mortgagor
	 	 
	 	By: AeroCentury Corp., its Manager

 

	 	By:	/s/
    Toni M. Perazzo
	 	Name:	Toni Perazzo
	 	Title:	SVP Finance

 

     

    [Security Agreement]

    

 

EXHIBIT A

 

SECURITY AGREEMENT SUPPLEMENT AND JOINDER
AGREEMENT (MSN [_____]), dated ________, _____ (herein called the “Security Agreement Supplement”) of [_______]
(the “Mortgagor”), to WILMINGTON TRUST COMPANY, as Security Trustee, as Mortgagee under the Security
Agreement referred to below (“Mortgagee”).

 

WHEREAS, the Security Agreement,
dated as of February __, 2019 (the “Security Agreement”; capitalized terms used herein without definition shall
have the meanings specified therein), between, inter alios, the Mortgagor and the Mortgagee, provides for the execution
and delivery of a supplement thereto substantially in the form hereof, which shall particularly describe the Aircraft, and shall
specifically mortgage such Aircraft to the Mortgagee.

 

NOW, THEREFORE, this Security Agreement
Supplement Witnesseth, that to secure (i) the prompt payment of the principal, Liquidity Breakage, LIBOR Breakage, Swap Breakage
Loss, interest on, and all other amounts due with respect to, all Loan Certificates from time to time outstanding hereunder according
to their tenor and effect and to secure the performance and observance by the Mortgagor of all the agreements, covenants and provisions
contained herein and in the Credit Agreement, the Loan Certificates and the other Loan Operative Documents, for the benefit of
the Security Trustee, the Agent, the Swap Counterparty and the Participants and the prompt payment of all amounts from time to
time owing under the Credit Agreement and the other Loan Operative Documents to the Security Trustee, the Agent, the Swap Counterparty
and the Participants by the Mortgagor, and (ii) each of the Swap Obligations, and for the uses and purposes and subject to the
terms and provisions hereof, and in consideration of the premises and of the covenants herein contained, the acceptance of the
Loan Certificates by the holders thereof, and for other good and valuable consideration the receipt and adequacy whereof are hereby
acknowledged, the Mortgagor does hereby grant, bargain, sell, assign, transfer, convey, mortgage, pledge and confirm, unto the
Mortgagee, its successors and assigns, for the security and benefit of the Participants and the Swap Counterparty, a security interest
in and mortgage lien on all right, title and interest of the Mortgagor in, to and under the following described property:

 

AIRFRAME

 

One Airframe Identified as follows:

 

	 	 	 	 	Registration	 	Manufacturer’s
	Manufacturer	 	Model	 	Mark	 	Serial Number
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

together with all Parts of whatever nature, which are from time
to time incorporated or installed in or attached to or removed from said aircraft.

 

    
Exhibit A
Page 1 

    [Security Agreement]

    

 

AIRCRAFT ENGINES

 

Two aircraft engines, each of which engines
having at least 1750 lbs. of thrust or its equivalent of such horsepower, identified as follows:

 

	 	 	 	 	Manufacturer’s
	Manufacturer	 	Model	 	Serial
    Number
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

together with all Parts of whatever nature, which are from time
to time incorporated or installed in or attached to or removed from such engines.

 

For purposes of the International Registry,
manufacturer and model references for (i) the Airframe shall be “[______]” and “[______]”, respectively,
and (ii) each Engine shall be “[______]” and “[______]”, respectively, which constitute the airframe manufacturer’s
and the engine manufacturer’s name and respective generic model designations for such Airframe and Engines (as required by
the International Registry regulations).

 

Together with all Aircraft Documents maintained in
respect of the Aircraft.

 

As further security for the obligations
referred to above and secured by the Security Agreement and hereby, the Mortgagor has granted, bargained, sold, assigned, transferred,
conveyed, mortgaged, pledged and confirmed, and does hereby grant, bargain, sell, assign, transfer, convey, mortgage, pledge and
confirm, unto the Mortgagee, its successors and assigns, for the security and benefit of the Participants, all of the right, title
and interest of the Mortgagor in, to and under the Lease, the Lease Operative Documents and any Residual Value Guarantee, if applicable,
with respect to the Aircraft (as more particularly described in Annex A hereto).

 

Notwithstanding any provision hereof, no
Excluded Payments and no maintenance reserves, security deposits or supplemental rent payable under a Lease shall constitute security
for any of the aforementioned obligations.

 

TO HAVE AND TO HOLD all and singular
the aforesaid property unto the Mortgagee, its successors and assigns, in trust for the equal and proportionate benefit and security
of the Security Trustee and the Participants, without any preference, distinction or priority of any one Loan Certificate over
any other Loan Certificate by reason of priority of time of issue, sale, negotiation, date of maturity thereof or otherwise for
any reason whatsoever, and for the uses and purposes and in each case subject to the terms and provisions set forth in the Security
Agreement.

 

[The location of the Mortgagor for purposes
of Article 9 of the New York Uniform Commercial Code is [________]].

 

This Security Agreement Supplement shall
be construed as supplemental to the Security Agreement and shall form a part of the Security Agreement and the Security Agreement
is hereby incorporated by reference herein and is hereby ratified, approved and confirmed.

 

    
Exhibit A
Page 2 

    [Security Agreement]

    

 

This Security Agreement Supplement shall
in all respects be governed by, and construed in accordance with, the internal laws of the State of New York without reference
to principles of conflicts of law other than Section 5-1401 and Section 5-1402 of the New York General Obligations Law. This Security
Agreement Supplement is being delivered in the State of New York.

 

AND, FURTHER, the Mortgagor hereby
acknowledges that the Aircraft referred to in this Security Agreement Supplement is included in the property of the Mortgagor covered
by all the terms and conditions of the Security Agreement.

 

AND, FURTHER, the Mortgagor hereby
becomes a party to the Security Agreement, and shall be, for all purposes, a “Mortgagor” thereunder as if it were an
original party thereto. The Mortgagor hereby (i) represents that the representations and warranties set forth in Section 4.1 of
the Credit Agreement are true and correct with respect to it as though made on the date of this Security Agreement Supplement,
except to the extent that such representations and warranties relate to a date prior to this Security Agreement Supplement and
(ii) agrees to perform the covenants set forth in Section 5.1 of the Credit Agreement, in each case as if Sections 4.1 and 5.1
of the Credit Agreement were incorporated in this Security Agreement Supplement mutatis mutandis.

 

AND, FURTHER, the Mortgagor hereby
acknowledges and accepts, and shall be bound by the provisions set forth in Section 7.15 of the Credit Agreement as if Section
7.15 were incorporated in this Security Agreement Supplement.

 

*      *      *

 

    
Exhibit A
Page 3 

    [Security Agreement]

    

 

IN WITNESS WHEREOF , the Mortgagor
has caused this Security Agreement Supplement and Joinder Agreement (MSN [_____]) to be duly executed by one of its officers or
attorneys in fact thereunto duly authorized, on the day and year first above written.

 

	 	[_______], as Mortgagor

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    
Exhibit A
Page 4 

    [Security Agreement]

    

 

ANNEX A

 

Lease:

 

Lease Expiration Date:

 

Lessee:

 

Lease Operative Documents:

 

Lessee Parties:

 

    
Exhibit
                                         A
Page 5 

    [Security Agreement]

    

 

EXHIBIT B

 

THIS LOAN CERTIFICATE HAS NOT BEEN REGISTERED
PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR PURSUANT TO THE SECURITIES LAWS OF ANY STATE.
ACCORDINGLY, THIS LOAN CERTIFICATE MAY NOT BE SOLD, UNLESS EITHER REGISTERED UNDER THE ACT AND SUCH APPLICABLE STATE LAWS OR AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

 

[________________], AS BORROWER

 

LOAN CERTIFICATE

ISSUED IN CONNECTION WITH THE

[________] MODEL [________] AIRCRAFT BEARING

[________] REGISTRATION MARK [________]

AND MANUFACTURER’S SERIAL NUMBER [________]

 

	No. __	Date: _______ __, 20__

 

$________

 

[______________] (herein called the
“Borrower”), hereby promises to pay to _______________, or the registered assignee thereof, the
principal sum of $__________ (the “Original Amount”), together with interest on the amount of the Original
Amount remaining unpaid from time to time from the date hereof until paid in full at the Debt Rate (calculated on the basis
of a year of 360 days and actual number of days elapsed). The Original Amount of this Loan Certificate shall be payable in
monthly installments on the dates and in the corresponding amounts set forth in Annex A hereto. Accrued but unpaid interest
shall be due and payable on each Payment Date in the amounts set forth in Annex A hereto. Notwithstanding the foregoing, the
final payment due on the Maturity Date shall be in an amount sufficient to discharge in full the unpaid Original Amount and
all accrued and unpaid interest on, and any other amounts due under, this Loan Certificate. Notwithstanding anything to the
contrary contained herein, if any date on which a payment under this Loan Certificate becomes due and payable is not a
Business Day then such payment shall not be made on such scheduled date but shall be made on the immediately succeeding
Business Day; provided that, if such succeeding Business Day would fall in the next calendar month, then such payment shall
be made on the immediately preceding Business Day.

 

For purposes hereof, the term “Security
Agreement” means the Security Agreement, dated as of February __, 2019, between, inter alios , the Borrower and Wilmington
Trust Company, as Security Trustee (the “Mortgagee”), as the same may be amended or supplemented from time to
time. All other capitalized terms used in this Loan Certificate and not defined herein shall have the respective meanings assigned
in the Security Agreement.

 

This Loan Certificate shall bear interest,
payable on demand, at the Past Due Rate (calculated on the basis of a year of 360 days and actual number of days elapsed) on any
overdue portion of the Original Amount, and (to the extent permitted by applicable law) on overdue interest and any other amounts
payable hereunder which are overdue, in each case for the period the same is overdue. Amounts shall be overdue if not paid when
due (whether at stated maturity, by acceleration or otherwise).

 

    
EXHIBIT B
Page 1 

    [Security Agreement]

    

 

The Mortgagee shall maintain a Register
for the purpose of registering transfers and exchanges of Loan Certificates or at the office of any successor in the manner provided
in Section 2.07 of the Security Agreement.

 

The Original Amount and interest and other
amounts due hereunder shall be payable in Dollars in immediately available funds at the Mortgagee’s Office, or as otherwise
provided in the Security Agreement. Each such payment shall be made on the date such payment is due and without any presentment
or surrender of this Loan Certificate.

 

The holder hereof, by its acceptance of
this Loan Certificate, agrees that each payment received by it hereunder shall be applied as provided in Section 2.05 of the Security
Agreement.

 

This Loan Certificate is one of the Loan
Certificates referred to in the Security Agreement which have been or are to be issued by the Borrower pursuant to the terms of
the Security Agreement. The Mortgaged Property is held by the Mortgagee as security, in part, for the Loan Certificates. The provisions
of this Loan Certificate are subject to the Security Agreement. Reference is hereby made to the Security Agreement for a complete
statement of the rights and obligations of the holder of, and the nature and extent of the security for, this Loan Certificate
and the rights and obligations of the holders of, and the nature and extent of the security for, any other Loan Certificates executed
and delivered under the Security Agreement, and to all of which terms and conditions in the Security Agreement each holder hereof
agrees by its acceptance of this Loan Certificate.

 

As provided in the Security Agreement and
subject to certain limitations therein set forth, this Loan Certificate is exchangeable for a like aggregate Original Amount of
Loan Certificates of different authorized denominations, as requested by the holder surrendering the same; provided that in connection
with any such exchange, the Security Trustee shall indicate on the new Loan Certificate the Payment Date through which payments
on the Original Amounts have been made.

 

Prior to due presentment for registration
of transfer of this Loan Certificate, the Borrower and the Mortgagee shall treat the person in whose name this Loan Certificate
is registered as the owner hereof for all purposes, whether or not this Loan Certificate be overdue, and none of the Borrower or
the Mortgagee shall be affected by notice to the contrary.

 

This Loan Certificate
is subject to prepayment as provided in Sections 2.10 and 2.11 of the Security Agreement but not otherwise and to acceleration
by the Mortgagee as provided in Section 4.04 of the Security Agreement.

 

The holder hereof, by its acceptance of
this Loan Certificate, agrees to be bound by the terms of the Security Agreement and the Credit Agreement.

 

THIS LOAN CERTIFICATE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICTS OF LAW OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

*      *      *

 

    
EXHIBIT B
Page 2 

    [Security Agreement]

    

 

ANNEX A

TO

LOAN CERTIFICATE

 

	Payment Date	 	Original Amount To Be Paid
	 	 	 
	 	 	 
	 	 	 

 

    
EXHIBIT B
Page 3Exhibit 10.3 

 

ISDA 

International Swaps and
Derivatives Association, Inc. 

 

2002 MASTER AGREEMENT

 

dated as of ___________________________________________

 

	 	and	 

 

have entered and/or anticipate
entering into one or more transactions (each a “Transaction”) that are or will be governed by this 2002 Master Agreement,
which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”)
exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002
Master Agreement and the Schedule are together referred to as this “Master Agreement”.

 

Accordingly, the parties
agree as follows:―

 

1.           Interpretation

 

(a)          Definitions.
The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose
of this Master Agreement.

 

(b)          Inconsistency.
In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the
Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement,
such Confirmation will prevail for the purpose of the relevant Transaction.

 

(c)          Single
Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form
a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise
enter into any Transactions.

 

2.           Obligations

 

(a)          General
Conditions.

 

(i)          Each
party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this
Agreement.

 

(ii)         Payments
under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant
Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in
the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt
on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or
elsewhere in this Agreement.

 

Copyright © 2002 by International
Swaps and Derivatives Association, Inc.

 

     

     

    

(iii)        Each
obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential
Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination
Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other condition specified
in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii).

 

(b)          Change
of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party
at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies
unless such other party gives timely notice of a reasonable objection to such change.

 

(c)          Netting
of Payments. If on any date amounts would otherwise be payable:―

 

(i)          in
the same currency; and

 

(ii)         in
respect of the same Transaction,

 

by each party to the other,
then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged
and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise
have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have
been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.

 

The parties may elect in
respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable
on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect
of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that “Multiple Transaction
Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above
will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those
Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified
in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately
for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

 

(d)          Deduction
or Withholding for Tax.

 

(i)          Gross-Up.
All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless
such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:―

 

(1)         promptly
notify the other party (“Y”) of such requirement;

 

(2)         pay
to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted
or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such
deduction or withholding is required or receiving notice that such amount has been assessed against Y;

 

(3)         promptly
forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment
to such authorities; and

 

    	 	2	ISDA® 2002 

     

    

(4)         if
such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such
additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes,
whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required.
However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:―

 

(A)         the
failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

 

(B)         the
failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred
but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered
into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax
Law.

 

(ii)         Liability.
If:―

 

(1)         X
is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction
or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

 

(2)         X
does not so deduct or withhold; and

 

(3)         a
liability resulting from such Tax is assessed directly against X,

 

then, except to
the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such
liability (including any related liability for interest, but including any related liability for penalties only if Y has failed
to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

 

3.           Representations

 

Each party makes the representations
contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party
(which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in
the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional
Representation” is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional
Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified
for such Additional Representation.

 

(a)          Basic
Representations.

 

(i)          Status.
It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant
under such laws, in good standing;

 

(ii)         Powers.
It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform
its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has
taken all necessary action to authorise such execution, delivery and performance;

 

    	 	3	ISDA® 2002 

     

    

(iii)        No
Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it,
any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it
or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

 

(iv)        Consents.
All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents
have been complied with; and

 

(v)         Obligations
Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal,
valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation,
insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable
principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

 

(b)          Absence
of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect
to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing
its obligations under this Agreement or any Credit Support Document to which it is a party.

 

(c)          Absence
of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or
any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental
body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this
Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement
or such Credit Support Document.

 

(d)          Accuracy
of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party
and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and
complete in every material respect.

 

(e)          Payer
Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e)
is accurate and true.

 

(f)          Payee
Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section
3(f) is accurate and true.

 

(g)          No
Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or
entity.

 

4.           Agreements

 

Each party agrees with the
other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to
which it is a party:―

 

(a)          Furnish
Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to such government
or taxing authority as the other party reasonably directs:―

 

(i)          any
forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation;

 

(ii)         any
other documents specified in the Schedule or any Confirmation; and

 

    	 	4	ISDA® 2002 

     

    

(iii)        upon
reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to
allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document
without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long
as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position
of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory
to such other party and to be executed and to be delivered with any reasonably required certification,

 

in each case by the date
specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

 

(b)          Maintain
Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental
or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which
it is a party and will use all reasonable efforts to obtain any that may become necessary in the future.

 

(c)          Comply
With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure
so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document
to which it is a party.

 

(d)          Tax
Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true
promptly upon learning of such failure.

 

(e)          Payment
of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution
or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered
to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located (“Stamp Tax
Jurisdiction”), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect
of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp
Tax Jurisdiction with respect to the other party.

 

5.           Events
of Default and Termination Events

 

(a)          Events
of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party
or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event
of default (an “Event of Default”) with respect to such party:―

 

(i)          Failure
to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i)
or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the
case of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure
is given to the party;

 

(ii)         Breach
of Agreement; Repudiation of Agreement.

 

(1)         Failure
by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement
or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation
under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such
failure is not remedied within 30 days after notice of such failure is given to the party; or

 

(2)         the
party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement,
any Confirmation executed and delivered by that party or any Transaction evidenced by such a Confirmation (or such action is taken
by any person or entity appointed or empowered to operate it or act on its behalf);

 

    	 	5	ISDA® 2002 

     

    

(iii)        Credit
Support Default.

 

(1)         Failure
by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied
with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace
period has elapsed;

 

(2)         the
expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security
interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document,
to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to
the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without
the written consent of the other party; or

 

(3)         the
party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity
of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on
its behalf);

 

(iv)        Misrepresentation.
A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated
by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been
incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated;

 

(v)         Default
Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of
such party:―

 

(1)         defaults
(other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified
Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation
of, an acceleration of obligations under, or an early termination of, that Specified Transaction;

 

(2)         defaults,
after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange
date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace
period, such default continues for at least one Local Business Day);

 

(3)         defaults
in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction
or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement
or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all
transactions outstanding under the documentation applicable to that Specified Transaction; or

 

(4)         disaffirms,
disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support
arrangement relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming
evidence executed and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person
or entity appointed or empowered to operate it or act on its behalf);

 

    	 	6	ISDA® 2002 

     

    

(vi)        Cross-Default.
If “Cross-Default” is specified in the Schedule as applying to the party, the occurrence or existence of:―

 

(1)         a
default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support
Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to
Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or
instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable
Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable
at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and
payable; or

 

(2)         a
default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more
payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement
or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of
not less than the applicable Threshold Amount;

 

(vii)       Bankruptcy.
The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:―

 

(1)         is
dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts
or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement
or composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor
or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation
or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or
any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against
it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding
or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment
of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or
(II) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof;
(5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation
or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession
of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced
or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not
dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with
respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses
(1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any of the foregoing acts; or

 

    	 	7	ISDA® 2002 

     

    

(viii)      Merger
Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges
with or into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as,
another entity and, at the time of such consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:―

 

(1)         the
resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under
this Agreement or any Credit Support Document to which it or its predecessor was a party; or

 

(2)         the
benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting,
surviving or transferee entity of its obligations under this Agreement.

 

(b)         Termination
Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such
party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality
if the event is specified in clause (i) below, a Force Majeure Event if the event is specified in clause (ii) below, a Tax
Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv)
below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below
or an Additional Termination Event if the event is specified pursuant to clause (vi) below:―

 

(i)          Illegality.
After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation
or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any
Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable
law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party
or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance
were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):―

 

(1)         for
the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to
such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction,
to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement
relating to such Transaction; or

 

(2)         for
such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent
obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating
to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other material provision
of such Credit Support Document;

 

(ii)         Force
Majeure Event. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant
to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction
is entered into, on any day:―

 

(1)         the
Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such
Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such
Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision
of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required
on that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible
or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that
day); or

 

    	 	8	ISDA® 2002 

     

    

(2)         such
party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute
or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support
Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying
with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance
were required on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform,
receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive
or comply if such payment, delivery or compliance were required on that day),

 

so long as the
force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate,
and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party
or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility
or impracticability;

 

(iii)        Tax
Event. Due to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction
is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change
in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding
Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required
to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount
is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

 

(iv)        Tax
Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will
either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect
of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account
of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A)
or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all
or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date
of this Master Agreement) to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the
Affected Party) where such action does not constitute a Merger Without Assumption;

 

(v)         Credit
Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated
Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified
Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption,
and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account
any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that
of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving
or transferee entity, as appropriate, will be the Affected Party). A “Designated Event” with respect to X means that:―

 

(1)         X
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial
part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates
or reconstitutes into or as, another entity;

 

    	 	9	ISDA® 2002 

     

    

(2)         any
person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having
the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it
to exercise control of X; or

 

(3)         X
effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance
of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities
other than corporations, any other form of ownership interest; or

 

(vi)        Additional
Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as
applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such
Additional Termination Event in the Schedule or such Confirmation).

 

(c)          Hierarchy
of Events.

 

(i)          An
event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is
the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such
event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision
of this Agreement or a Credit Support Document, as the case may be.

 

(ii)         Except
in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to
an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated
as an Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality
or a Force Majeure Event.

 

(iii)        If
an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality,
it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event.

 

(d)          Deferral
of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing
with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will
be deferred to, and will not be due until:―

 

(i)          the
first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local
Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving
rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality
or Force Majeure Event, as the case may be; or

 

(ii)         if
earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases
to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following
day that is a Local Business Day or Local Delivery Day, as appropriate.

 

    	 	10	ISDA® 2002 

     

    

(e)          Inability
of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section
5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies,
(iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the Affected Party’s
head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence
of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and
receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force
Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i)or 5(a)(iii)(1) with respect
to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred
to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will
not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

 

6.           Early
Termination; Close-Out Netting

 

(a)          Right
to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting
Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than
20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such
notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section
5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution
of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event
of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

 

(b)          Right
to Terminate Following Termination Event.

 

(i)          Notice.
If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify
the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party
such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs,
each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature
of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other
party may reasonably require.

 

(ii)         Transfer
to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs
and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination
Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial,
incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under
this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases
to exist.

 

If the Affected
Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon
the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).

 

Any such transfer
by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which
consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions
with the transferee on the terms proposed.

 

(iii)        Two
Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts
to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.

 

    	 	11	ISDA® 2002 

     

    

(iv)        Right
to Terminate.

 

(1)         If:―

 

(A)         a
transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect
to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or

 

(B)         a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is
not the Affected Party,

 

the Burdened Party
in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there
are two Affected Parties, or the Nonaffected Party in the case of a Credit Event Upon Merger or an Additional Termination Event
if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice
to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of
all Affected Transactions.

 

(2)         If
at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:―

 

(A)         Subject
to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than
the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by
specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as an Early Termination
Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination
Date in respect of less than all Affected Transactions. Upon receipt of a notice designating an Early Termination Date in respect
of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on
or before the day so designated, designate that same day as an Early Termination Date in respect of any or all other Affected Transactions.

 

(B)         An
Affected Party (if the Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of
such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant
Credit Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result
of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by
the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions.

 

(c)          Effect
of Designation.

 

(i)          If
notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the
date so designated, whether or not the relevant Event of Default or Termination Event is then continuing.

 

(ii)         Upon
the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or
9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of
this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e)
and 9(h)(ii).

 

    	 	12	ISDA® 2002 

     

    

(d)          Calculations;
Payment Date.

 

(i)          Statement.
On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the
calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in
reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making
such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving
details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the
source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation
or market data will be conclusive evidence of the existence and accuracy of such quotation or market data.

 

(ii)         Payment
Date. An Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest
payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case
of an Early Termination Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local
Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the
day on which the statement provided pursuant to clause (i) above by the second party to provide such a statement is effective)
in the case of an Early Termination Date which is designated as a result of a Termination Event.

 

(e)          Payments
on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination
Date (the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section
6(f).

 

(i)          Events
of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount
equal to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive
or negative) determined by the Nondefaulting Party for each Terminated Transaction or group of Terminated Transactions, as the
case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination
Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number,
the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the
absolute value of the Early Termination Amount to the Defaulting Party.

 

(ii)         Termination
Events. If the Early Termination Date results from a Termination Event:―

 

(1)         One
Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be determined
in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed
to be references to the Affected Party and to the Non-affected Party, respectively.

 

(2)         Two
Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal
to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for
each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will be an
amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party “X”)
and the lower amount so determined (by party “Y”) and (II) the Termination Currency Equivalent of the Unpaid Amounts
owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a
positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of the Early Termination Amount
to Y.

 

    	 	13	ISDA® 2002 

     

    

(3)         Mid-Market
Events. If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined
in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out
Amounts, the Determining Party will:―

 

(A)         if
obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third party
or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document
and (II) to provide mid-market quotations; and

 

(B)         in
any other case, use mid-market values without regard to the creditworthiness of the Determining Party.

 

(iii)        Adjustment
for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in
respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable
law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party)
during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).

 

(iv)        Adjustment
for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when
due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure
is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance
related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest
and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an
Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions
are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).

 

(v)         Pre-Estimate.
The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such
amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in
this Agreement, neither party will be entitled to recover any additional damages as a consequence of the termination of the Terminated
Transactions.

 

(f)          Set-Off.
Any Early Termination Amount payable to one party (the “Payee”) by the other party (the “Payer”), in circumstances
where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has
occurred or any other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred,
will, at the option of the Non-defaulting Party or the Nonaffected Party, as the case may be (“X”) (and without prior
notice to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts
(“Other Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent
and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts
are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any
set-off effected under this Section 6(f).

 

For this purpose, either
the Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency
in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially
reasonable procedures, to purchase the relevant amount of such currency.

 

    	 	14	ISDA® 2002 

     

    

If an obligation is unascertained,
X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to
the other when the obligation is ascertained.

 

Nothing in this Section 6(f)
will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to
any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement
to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).

 

7.           Transfer

 

Subject to Section 6(b)(ii)
and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement
may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party,
except that:―

 

(a)          a
party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer
of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement);
and

 

(b)          a
party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting
Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest
pursuant to Sections 8, 9(h) and 11.

 

Any purported transfer that
is not in compliance with this Section 7 will be void.

 

8.           Contractual
Currency

 

(a)          Payment
in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this
Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation
to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency
other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment
is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason
the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of
this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual
Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the
payment will refund promptly the amount of such excess.

 

(b)          Judgments.
To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency
is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to
any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment
of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount
to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party
the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency
and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums
paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange
at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order
and the rate of exchange at which such party is able, acting in good faith and using commercially reasonable procedures in converting
the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the
judgment or order actually received by such party.

 

    	 	15	ISDA® 2002 

     

    

(c)          Separate
Indemnities. To the extent permitted by applicable law, the indemnities in this Section 8 constitute separate and independent
obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will
apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of this Agreement.

 

(d)          Evidence
of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered
a loss had an actual exchange or purchase been made.

 

9.           Miscellaneous

 

(a)          Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject
matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation,
warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which
might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability
of a party for fraud.

 

(b)          Amendments.
An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing
evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange
of electronic messages on an electronic messaging system.

 

(c)          Survival
of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement
will survive the termination of any Transaction.

 

(d)          Remedies
Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement
are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

 

(e)          Counterparts
and Confirmations.

 

(i)          This
Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including
by facsimile transmission and by electronic messaging system), each of which will be deemed an original.

 

(ii)         The
parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether
orally or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts
(including by facsimile transmission) or be created by an exchange of telexes, by an exchange of electronic messages on an electronic
messaging system or by an exchange of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement
to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex, electronic
message or e-mail constitutes a Confirmation.

 

(f)          No
Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not
be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude
any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

 

(g)          Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken
into consideration in interpreting this Agreement.

 

    	 	16	ISDA® 2002 

     

    

(h)          Interest
and Compensation.

 

(i)          Prior
to Early Termination. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction:―

 

(1)         Interest
on Defaulted Payments. If a party defaults in the performance of any payment obligation, it will, to the extent permitted by
applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other
party on demand in the same currency as the overdue amount, for the period from (and including) the original due date for payment
to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect
of the overdue amount is due pursuant to clause (3)(B) or (C) below), at the Default Rate.

 

(2)         Compensation
for Defaulted Deliveries. If a party defaults in the performance of any obligation required to be settled by delivery,
it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement
and (B) unless otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable
law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair
market value of that which was required to be delivered in the same currency as that amount, for the period from (and including)
the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect
of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair
market value of any obligation referred to above will be determined as of the originally scheduled date for delivery, in good faith
and using commercially reasonable procedures, by the party that was entitled to take delivery.

 

(3)         Interest
on Deferred Payments. If:―

 

(A)         a
party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable
law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to
the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including)
the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes
payable, at the Applicable Deferral Rate;

 

(B)         a
payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to
the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default
with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the
deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment,
for the period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier
of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event
of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or

 

    	 	17	ISDA® 2002 

     

    

 

(C)         a
party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral
period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so
long as the event or circumstance giving rise to that Illegality or Force Majeure Event continues and no Event of Default or Potential
Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on
the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including)
the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later,
the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance
giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period upon which an Event of Default
or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation
in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable Deferral Rate.

 

(4)         Compensation
for Deferred Deliveries. If:―

 

(A)         a
party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery;

 

(B)         a
delivery is deferred pursuant to Section 5(d); or

 

(C)         a
party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting
Period has expired,

 

the party required
(or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and subject to
Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery
is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

 

(ii)         Early
Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of a Transaction:―

 

(1)         Unpaid
Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted
by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of
any obligation required to be settled by delivery included in such determination in the same currency as that amount, for the period
from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have
been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate.

 

(2)         Interest
on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount
will, to the extent permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount
in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount
is paid, at the Applicable Close-out Rate.

 

(iii)        Interest
Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual
number of days elapsed.

 

    	 	18	ISDA® 2002 

     

    

10.         Offices;
Multibranch Parties

 

(a)          If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than
its head or home office represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction
of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction
through its head or home office, except that a party will not have recourse to the head or home office of the other party in respect
of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation
and agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction.

 

(b)          If
a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction
through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed
in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing).

 

(c)          The
Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation
or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise
agreed by the parties in writing, its head or home office. Unless the parties otherwise agree in writing, the Office through which
a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes
and receives payments and deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the
Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect
to a Transaction without the prior written consent of the other party.

 

11.         Expenses

 

A Defaulting Party will on
demand indemnify and hold harmless the other party for and against all reasonable out-ofpocket expenses, including legal fees,
execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this
Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any
Transaction, including, but not limited to, costs of collection.

 

12.         Notices

 

(a)          Effectiveness.
Any notice or other communication in respect of this Agreement may be given in any manner described below (except that
a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address
or number or in accordance with the electronic messaging system or e-mail details provided (see the Schedule) and will be deemed
effective as indicated:―

 

(i)          if
in writing and delivered in person or by courier, on the date it is delivered;

 

(ii)         if
sent by telex, on the date the recipient’s answerback is received;

 

(iii)        if
sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being
agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s
facsimile machine);

 

(iv)        if
sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered
or its delivery is attempted;

 

(v)         if
sent by electronic messaging system, on the date it is received; or

 

    	 	19	ISDA® 2002 

     

    

(vi)        if
sent by e-mail, on the date it is delivered,

 

unless the date of that delivery
(or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted)
or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed
given and effective on the first following day that is a Local Business Day.

 

(b)          Change
of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging
system or e-mail details at which notices or other communications are to be given to it.

 

13.         Governing
Law and Jurisdiction

 

(a)          Governing
Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule.

 

(b)          Jurisdiction.
With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Agreement (“Proceedings”),
each party irrevocably:―

 

(i)          submits:―

 

(1)         if
this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings
do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention
Court; or

 

(2)         if
this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts
of the State of New York and the United States District Court located in the Borough of Manhattan in New York City;

 

(ii)         waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim
that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings,
that such court does not have any jurisdiction over such party; and

 

(iii)        agrees,
to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude
the bringing of Proceedings in any other jurisdiction.

 

(c)          Service
of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive,
for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to
act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i),
12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted
by applicable law.

 

(d)          Waiver
of Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its
revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds
from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery
of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment
to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably
agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

 

    	 	20	ISDA® 2002 

     

    

14.         Definitions

 

As used in this Agreement:―

 

“Additional Representation”
has the meaning specified in Section 3.

 

“Additional Termination
Event” has the meaning specified in Section 5(b).

 

“Affected Party”
has the meaning specified in Section 5(b).

 

“Affected
Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event,
Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case
of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless
the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the
relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect to any
other Termination Event, all Transactions.

 

“Affiliate”
means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person,
any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the
person. For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the
entity or person.

 

“Agreement”
has the meaning specified in Section 1(c).

 

“Applicable Close-out
Rate” means:―

 

(a)          in
respect of the determination of an Unpaid Amount:―

 

(i)          in
respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default
Rate;

 

(ii)         in
respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate;

 

(iii)        in
respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and for so long as the deferral period
continues, the Applicable Deferral Rate; and

 

(iv)        in
all other cases following the occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above),
the Applicable Deferral Rate; and

 

(b)          in
respect of an Early Termination Amount:―

 

(i)          for
the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable:―

 

(1)         if
the Early Termination Amount is payable by a Defaulting Party, the Default Rate;

 

(2)         if
the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and

 

(3)         in
all other cases, the Applicable Deferral Rate; and

 

    	 	21	ISDA® 2002 

     

    

(ii)         for
the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable to (but
excluding) the date of actual payment:―

 

(1)         if
a party fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred
with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and
for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable
Deferral Rate;

 

(2)         if
the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect of which clause (1) above applies),
the Default Rate;

 

(3)         if
the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause (1) above
applies), the Non-default Rate; and

 

(4)         in
all other cases, the Termination Rate.

 

“Applicable Deferral
Rate” means:―

 

(a)          for
the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank
in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the
payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that
relevant market;

 

(b)          for
purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the
relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable,
for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant
market; and

 

(c)          for
purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate,
a rate equal to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost
(without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount.

 

“Automatic Early
Termination” has the meaning specified in Section 6(a).

 

“Burdened Party”
has the meaning specified in Section 5(b)(iv).

 

“Change in Tax
Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or
in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction.

 

“Close-out Amount”
means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the
amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed
as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed
as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms
of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under
Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence
of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in
Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions.

 

    	 	22	ISDA® 2002 

     

    

Any Close-out Amount will
be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures
in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated
Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each
Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the
date or dates following the Early Termination Date as would be commercially reasonable.

 

Unpaid Amounts in respect
of a Terminated Transaction or group of Terminated Transactions and legal fees and outof-pocket expenses referred to in Section
11 are to be excluded in all determinations of Close-out Amounts.

 

In determining a Close-out
Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following
types of information: ―

 

(i)          quotations
(either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness
of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support
documentation, between the Determining Party and the third party providing the quotation;

 

(ii)         information
consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation,
relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant
market; or

 

(iii)        information
of the types described in clause (i) or (ii) above from internal sources (including any of the Determining Party’s Affiliates)
if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of
similar transactions.

 

The Determining Party will
consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause (i) above
or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such
quotations or relevant market data are not readily available or would produce a result that would not satisfy those standards.
When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding,
to the extent costs of funding are not and would not be a component of the other information being utilised. Third parties supplying
quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in
the relevant markets, end-users of the relevant product, information vendors, brokers and other sources of market information.

 

Without duplication of amounts
calculated based on information described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially
reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred
in connection with its terminating, liquidating or re-establishing any hedge related to a Terminated Transaction or group of Terminated
Transactions (or any gain resulting from any of them).

 

Commercially reasonable procedures
used in determining a Close-out Amount may include the following:―

 

(1)         application
to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause
(iii) above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the
Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated
third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and

 

    	 	23	ISDA® 2002 

     

    

(2)         application
of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity,
size or number of the Terminated Transactions or group of Terminated Transactions.

 

“Confirmation”
has the meaning specified in the preamble.

 

“consent”
includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

 

“Contractual
Currency” has the meaning specified in Section 8(a).

 

“Convention Court”
means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and
the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the
Enforcement of Judgments in Civil and Commercial Matters.

 

“Credit Event
Upon Merger” has the meaning specified in Section 5(b).

 

“Credit Support
Document” means any agreement or instrument that is specified as such in this Agreement.

 

“Credit Support
Provider” has the meaning specified in the Schedule.

 

“Cross-Default”
means the event specified in Section 5(a)(vi).

 

“Default Rate”
means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by
it) if it were to fund or of funding the relevant amount plus 1% per annum.

 

“Defaulting Party”
has the meaning specified in Section 6(a).

 

“Designated Event”
has the meaning specified in Section 5(b)(v).

 

“Determining
Party” means the party determining a Close-out Amount.

 

“Early Termination
Amount” has the meaning specified in Section 6(e).

 

“Early Termination
Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

 

“electronic messages”
does not include e-mails but does include documents expressed in markup languages, and “electronic messaging system”
will be construed accordingly.

 

“English law”
means the law of England and Wales, and “English” will be construed accordingly.

 

“Event of Default”
has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

 

“Force Majeure
Event” has the meaning specified in Section 5(b).

 

“General Business
Day” means a day on which commercial banks are open for general business (including dealings in foreign exchange
and foreign currency deposits).

 

“Illegality”
has the meaning specified in Section 5(b).

 

    	 	24	ISDA® 2002 

     

    

“Indemnifiable
Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for
a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient
of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient
or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present
or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business
in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 

 

“law”
includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant
governmental revenue authority), and “unlawful” will be construed accordingly.

 

“Local Business
Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places
specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the
relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing
or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining
when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise
to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business
Day in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency
of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement
system necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated
under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an
event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute
or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient
and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e)
in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified
Transaction.

 

“Local Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement
systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being
accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified,
in a location as determined in accordance with customary market practice for the relevant delivery.

 

“Master Agreement”
has the meaning specified in the preamble.

 

“Merger Without
Assumption” means the event specified in Section 5(a)(viii).

 

“Multiple Transaction
Payment Netting” has the meaning specified in Section 2(c).

 

“Non-affected
Party” means, so long as there is only one Affected Party, the other party.

 

“Non-default
Rate” means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by
a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in
good faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market.

 

“Non-defaulting
Party” has the meaning specified in Section 6(a).

 

“Office”
means a branch or office of a party, which may be such party’s head or home office.

 

“Other Amounts”
has the meaning specified in Section 6(f).

 

    	 	25	ISDA® 2002 

     

    

“Payee”
has the meaning specified in Section 6(f).

 

“Payer”
has the meaning specified in Section 6(f).

 

“Potential Event
of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event
of Default.

 

“Proceedings”
has the meaning specified in Section 13(b).

 

“Process Agent”
has the meaning specified in the Schedule.

 

“rate of exchange”
includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion
into the Contractual Currency.

 

“Relevant Jurisdiction”
means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled
or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located,
(c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made.

 

“Schedule”
has the meaning specified in the preamble.

 

“Scheduled Settlement
Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.

 

“Specified Entity”
has the meaning specified in the Schedule.

 

“Specified Indebtedness”
means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety
or otherwise) in respect of borrowed money.

 

“Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing
or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified
Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable
Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction,
swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity
index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit
default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction,
buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security,
commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which
is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future
becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement)
and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities
or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value,
or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and (c) any
other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

 

“Stamp Tax”
means any stamp, registration, documentation or similar tax.

 

“Stamp Tax Jurisdiction”
has the meaning specified in Section 4(e).

 

    	 	26	ISDA® 2002 

     

    

“Tax”
means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other
than a stamp, registration, documentation or similar tax.

 

“Tax Event”
has the meaning specified in Section 5(b).

 

“Tax Event Upon
Merger” has the meaning specified in Section 5(b).

 

“Terminated Transactions”
means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions
specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions
and (c) if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness of the notice
designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date.

 

“Termination
Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely available,
that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if
this Agreement is expressed to be governed by the laws of the State of New York. 

 

“Termination Currency Equivalent”
means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any
amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination
Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency
as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date,
with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below)
for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign
exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other
Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party
is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by
the parties.

 

“Termination
Event” means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable,
a Credit Event Upon Merger or an Additional Termination Event.

 

“Termination
Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost)
to each party (as certified by such party) if it were to fund or of funding such amounts.

 

“Threshold Amount”
means the amount, if any, specified as such in the Schedule.

 

“Transaction”
has the meaning specified in the preamble.

 

“Unpaid Amounts”
owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions,
the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such
party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination
Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but
for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or
would have been) required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event
Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any
Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in
each case together with any amount of interest accrued or other compensation in respect of that obligation or deferred obligation,
as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation referred to
in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable
procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it will be the average
of the Termination Currency Equivalents of the fair market values so determined by both parties.

 

    	 	27	ISDA® 2002 

     

    

“Waiting Period”
means:―

 

(a)          in
respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment,
delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three
Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance; and

 

(b)          in
respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment,
delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight
Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance.

 

IN WITNESS WHEREOF the parties
have executed this document on the respective dates specified below with effect from the date specified on the first page of this
document.

 

	By: 	 	 

 

    	 	28	ISDA® 2002 

     

    

 

ISDA®

International Swaps and Derivatives Association,
Inc.

 

SCHEDULE

to the

2002 Master Agreement

 

dated as of ...................[tbd].....................

 

between

 

	
        Norddeutsche Landesbank

        - Girozentrale -

         

        (“Party A”)

         

        a credit institution incorporated
        under public law in Germany
	and	
        ACY [1900X]
        LIMITED

         

        (“Party B”)

         

        a limited liability company incorporated
        under the laws of England

         

 

Preamble.

 

All Transactions governed by this Agreement
shall be derivative transactions entered into between Party A and Party B in respect of the credit agreement dated on or about
the date of this Agreement, up to an amount of $47,000,000 and made between, inter alios, Party B as Borrower and Party
A as Swap Counterparty, as the same may be amended, restated, amended and restated, extended, supplemented, replaced, refinanced,
renewed, refunded or modified from time to time (the "Facility Agreement").This Agreement is subject to the terms
and provisions of the Facility Agreement and the parties will exercise their rights and obligations hereunder accordingly. This
Agreement and any Transaction entered into hereunder each constitute a Hedging Agreement in terms of the Facility Agreement. In
the event of any inconsistency between the Facility Agreement and this Agreement, the Facility Agreement shall prevail. Capitalised
terms not otherwise defined in this Agreement shall have the meaning given to them in the Facility Agreement unless the context
requires otherwise.

 

Each party acknowledges and agrees that
no Transaction may be entered into under this Agreement other than for the purpose of hedging the liabilities of Party B under
the Facility Agreement.

 

Part 1.

Termination Provisions.

 

		(a)	"Specified Entity" means in relation to the Parties: Not Applicable.

 

		(b)	"Specified Transaction" will have the meaning specified in Section 14 of
this Agreement.

 

		(c)	The “Cross-Default” provisions of Section 5(a)(vi) will not apply to
Party A and will not apply to Party B.

 

    	 	29	 

     

    

 

		(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(v) will not
apply to Party A and will not apply to Party B.

 

		(e)	The "Automatic Early Termination" provisions of Section 6(a) will not apply
to Party A or Party B.

 

		(f)	"Termination Currency" means the freely available and transferable currency
selected by the Non-Affected Party or the Non-Defaulting Party, as the case may be, or, if there are two Affected Parties, by agreement
between the parties, provided, however, that the Termination Currency shall be one of the currencies in which payments are required
to be made under the relevant Transactions. If such currency is not freely available or failing a mutual agreement, the Termination
Currency shall be US-Dollars.

 

		(g)	Additional Termination Event will apply.

 

The following will each constitute
an Additional Termination Event:

 

		(i)	Facility Agreement - no outstanding liabilities.
All outstanding liabilities under the Facility Agreement are irrevocably cancelled, repaid or prepaid in full, or have
expired, terminated or otherwise ceased to be in full force and effect, including by way of refinancing, in each case whether
or not prior to its scheduled maturity. Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions.

 

		(ii)	Facility Agreement - acceleration. Subject to the Mortgagor ́s rights
with respect to a Remarketing Period and any right to cure (or actual cure of) an Event of Default, the Mortgagee declaring the
Loan Certificates to be due and payable and taking any of the steps in Section 4.04 of the Security Agreement. Party B shall be
the sole Affected Party and all Transactions then outstanding shall be Affected Transactions.

 

		(iii)	Overhedging. At any time following a partial repayment, prepayment and/or cancellation
of the Advance, the Aggregate Hedging Amount exceeds the Hedging Limit Amount.

 

Where “Aggregate Hedging
Amount” means the aggregate of the notional amount(s) of the Transactions under this Agreement and

 

“Hedging Limit Amount”
means an amount which is equal to 100% of the Loan following such prepayment, repayment or cancellation.

 

This Additional Termination
Event shall be deemed to occur only in respect of the Transaction(s) or portions of Transactions corresponding to the amount by
which the Aggregate Hedging Amount exceeds the Hedging Limit Amount, and such Transaction(s) or portion of Transactions shall be
the Affected Transaction(s) and Party B will be the sole Affected Party.

 

Party B shall, where reasonably
practicable, give prior written notice to Party A of any future prepayment of the Loan (whether in whole or part) promptly upon
becoming aware that such prepayment will or is reasonably likely to occur, specifying the intended date and amount of such prepayment.

 

		(iv)	Permanent discontinuation of LIBOR. If LIBOR is permanently discontinued without
an adequate replacement falling within the definition of “Screen Rate”or other replacement being agreed between the
Parties. For the purpose of this Additional Termination Event, Party A and Party B will both be Affected Parties and all Transactions
will be Affected Transactions.

 

    	 	30	 

     

    

  

Part 2.

 

Tax Representations.

 

		(a)	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A
and Party B make the following representation:

 

It is not required by any applicable
law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction
or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made
by it to the other party under this Agreement. In making this representation, it may rely on:

 

		(i)	the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement;

 

		(ii)	the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement;
and

 

		(iii)	the satisfaction of the agreement of the other party contained in Section 4(d) of this

Agreement,

 

except that it will not be a
breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document
under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

 

		(b)	Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
Account Tax Compliance Act. “Tax” as used in Part 2(a) of this Schedule (Payer Tax Representation) and “Indemnifiable
Tax” as defined in Section 14 of the ISDA Master Agreement shall not include any U.S. federal withholding tax imposed or
collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (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 (a "FATCA Withholding Tax"). For the avoidance
of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes
of Section 2(d) of this Agreement.

 

		(c)	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A
and Party B make no representations the following representations:

 

		(i)	Party A is a credit institution incorporated under public
law in Germany

 

		(ii)	Party B is a limited liability company incorporated under
the laws of England

 

    	 	31	 

     

    

  

Part 3.

Agreement to Deliver Documents.

 

For the purpose of Sections 4 (a)(i) and
(ii) of this Agreement, each party agrees to deliver the following documents, as applicable:

 

		(a)	Tax forms, documents or certificates to be delivered are:

 

	Party required to 

deliver document	 	Form / Document / Certificate	 	Date by which to be

delivered	 	Covered by Section

3(d)Representation?
	Party A and Party B	 	Any form or document, accurately completed and in a manner reasonably satisfactory to the other party, that may be required or reasonably requested in writing in order to allow the other party to make payments under this Agreement, including any Credit Support Document, without any deduction or withholding for or on account of any Tax or with such a deduction or withholding at a reduced rate.	 	Promptly upon request of the other party. 	 	No

 

		(b)	Other documents to be delivered are:

 

	Party required to

deliver document	 	Form/Document/Certificate	 	Date by which to be

delivered	 	Covered by Section

3(d)Representation?
	Party B	 	
        Certified copies of all

        documents evidencing necessary corporate and other authorizations
        and approvals with respect to the execution, delivery and performance of this Agreement, any Confirmation and any Credit Support
        Document
	 	The date of execution of this Agreement	 	Yes

 

    	 	32	 

     

    

 

	
         

        Party required to

        deliver document
	 	Form/Document/Certificate	 	Date by which to be

delivered	 	Covered by Section

                                                                                   3(d)Representation?

	
        Party B

         
	 	
        Legal opinion of a recognized law firm confirming that
(i) Party B has the corporate power and capacity to validly enter into this Agreement (including due execution and valid existence),
and (ii) that the choice of law provision in Sec. 13 of this Agreement is valid and enforceable with respect to Party B.
	 	The date of execution of this Agreement	 	No
	 	 	 	 	 	 	 
	Party B	 	
        Certified copies of each

        Credit Support Document and any amendments thereto
	 	The date of execution of this Agreement	 	Yes
	 	 	 	 	 	 	 
	Party B	 	Written notification of appointment of its Process Agent and evidence of the acceptance of such appointment by the Process Agent.	 	Upon execution of this Agreement and immediately upon any change in the Process Agent of Party B.	 	No
	 	 	 	 	 	 	 
	Party B	 	
        Appropriate evidence to the

        satisfaction of the other Party, of the legal capacity of the
        Credit Support Provider, and the authority of its signatory or signatories to enter into the Credit Support Documents.
	 	
        The date of execution of

        this Agreement.
	 	Yes

 

All documents, if not in the English language,
shall be accompanied by a free translation into the English language certified by an authorized officer of the party.

 

Each of Party B’s obligations under
the above table will be considered satisfied if the relevant documents and confirmations are provided to the Agent for Party A
pursuant to the terms of the Facility Agreement to the Agent’s reasonable satisfaction.

 

    	 	33	 

     

    

 

Part 4.

Miscellaneous.

 

		(a)	Addresses for Notices. For the purpose
of Section 12 (a) of this Agreement:

 

		(i)	Address for notices or communications to Party A:

 

If not otherwise specified for in the relevant Confirmation:  

 

Address for notices or communications to Party A when acting through its Head Office in Hannover or with regard to legal issues:

 

	Address	:	
        Norddeutsche Landesbank
        Girozentrale

        Friedrichswall 10, D-30159
        Hannover

        Federal Republic of Germany

	Attention  	:	Legal Department
	Email	:	
        ****

	 	 	 
	Facsimile	:	
        ****

 

		(ii)	Address for notices or communications to Party B:

 

	Address:	 	
        c/o AeroCentury Corp.

        1440 Chapin Avenue, Suite 310

        Burlingame, CA 94010

	Attention: 	 	[...]Chief
    Financial Officer
	Facsimile:	 	[...]****

 

		(b)	Process Agent. For the purpose of Section
13 (c):

 

		(i)	Party A appoints as its Process Agent: Norddeutsche Landesbank Girozentrale, New York Branch, 1114
Avenue of the Americas, 20th Floor, New York, N.Y. 10036.

 

		(ii)	Party B appoints as its Process Agent: AeroCentury Corp., 1440 Chapin Avenue, Suite 310, Burlingame,
CA 94010

 

With respect to Section 13(c)
of this Agreement, the reference therein to Section 12(a)(iii) notwithstanding, no consent is given by either party to service
of process by facsimile transmission.

 

		(c)	Offices. The provisions of Section 10 (a) will apply to this Agreement. For the avoidance
of doubt, the only offices of Party A which are included in this Agreement are Party A’s Head Office in Hannover and the
branches in Part 4 (d) of this Agreement.

 

		(d)	Multibranch Party. For the purpose of Section 10 (c):

 

Party A is
not a Multibranch Party.

 

Party B is not a
Multibranch Party.

 

    	 	34	 

     

    

 

		(e)	Calculation Agent. The Calculation Agent
is Party A unless otherwise specified in a Confirmation in relation to the relevant Transaction but failure by Party A to perform
its obligations hereunder shall not be construed as an Event of Default or a Termination Event but shall entitle the other party,
upon notice to Party A, to designate a reputable and internationally recognizable third party bank or financial institution reasonably
selected by such other party as a replacement Calculation Agent (the “Replacement Calculation Agent”) and upon
such designation, the Replacement Calculation Agent shall be Calculation Agent for the purposes of the relevant Transaction accordingly.
If an Event of Default occurs with respect to Party A, for so long as such event shall be continuing with respect to Party A,
Party B may designate a Replacement Calculation Agent. If a calculation, determination or adjustment is disputed by the party
which is not the Calculation Agent, the parties shall first endeavor to resolve such dispute. If the parties are unable to resolve
such dispute within a commercially reasonable time, the parties shall mutually appoint a Replacement Calculation Agent with respect
to the issue in dispute.

 

		(f)	Credit Support Document. Details of any
Credit Support Document:

 

	 	(i)	Party A	-	Not Applicable
	 	 	 	 	 
	 	(ii)	Party B	-	Each Security Document (as defined in the Facility Agreement) including any other document or provisions contained therein under which a guarantee, indemnity or security interest is provided for all or any of the obligations of Party B or any Credit Support Provider of Party B to Party A.

 

		(g)	Credit Support Provider. Credit Support Provider means in relation to:

 

	 	(i)	Party A	-	Not Applicable.
	 	 	 	 	 
	 	(ii)	Party B	-	Each provider of a Credit Support Document.

 

		(h)	Governing Law.

 

		(i)	This Agreement and any non-contractual obligations arising out of or in connection with it will
be governed by and construed in accordance with the law of the state of New York without reference to the choice of law doctrine.

 

		(ii)	Section 13(b) is deleted and replaced with the following, to which the parties irrevocably submit:

 

(b) ”Jurisdiction.
The courts of the state of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination
of this Agreement) ("Proceedings").”

 

		(i)	Netting of Payments. "Multiple Transaction Payment Netting" will not apply
for the purpose of Section 2(c) of this Agreement.

 

		(j)	"Affiliate" shall have the meaning specified in Section 14 of this Agreement.

 

		(k)	Absence of Litigation. For the purpose of Section 3(c):

 

"Specified Entity"
means in relation to Party A,            Not Applicable.

 

"Specified
Entity" means in relation to Party B,            Not
Applicable.

 

		(l)	No Agency. The provisions of Section 3(g) will apply to this Agreement.

 

		(m)	Additional Representation will apply. For the purpose of Section 3 of this Agreement,
the following will constitute an Additional Representation:

 

    	 	35	 

     

    

  

(i) Relationship Between Parties. Each
party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement
between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

 

		(1)	Non-Reliance. It is acting for its own account, and it has made its own independent
decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own
judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral)
of the other party as investment advice or as a recommendation to enter into that Transaction, it being understood that information
and explanations related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation
to enter into that Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance
or guarantee as to the expected results of that Transaction.

 

		(2)	Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of
that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction.

 

		(3)	Status of Parties. The other party is not acting as a fiduciary for or an
adviser to it in respect of that Transaction.

 

(ii) Eligible
Contract Participant. Each party shall be deemed to represent to the other party on the date on which it enters into a
Transaction that it is an “eligible contract participant” within the meaning of the Commodity Exchange Act.

 

(iii) EMIR Representation.
Party B will be deemed to represent to Party A on each date on which it enters into a Transaction that it is a “non-financial
counterparty” (as such term is defined in Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC
derivatives, central counterparties and trade repositories dated 4 July 2012 (“EMIR”)) and it is not subject
to a clearing obligation pursuant to EMIR in respect of such Transaction. If at any time Party B becomes subject to a clearing
obligation pursuant to EMIR it shall notify Party A thereof as soon as is reasonably practicable.

 

(iv) Pari passu.
Party B will be deemed to represent to Party A on each date on which it enters into a Transaction that its payment obligations
under this Agreement will rank at least pari passu in all respects with all of Party B’s other unsecured and unsubordinated
obligations (except for those which are mandatorily preferred by the operation of law).

 
(vi) Non-“U.S.
person” Representation.

 

(1)        Both
parties represent to the other party and agree that this representation shall be deemed to be repeated by each party on each date
on which a Transaction is entered into that, as the relevant party reasonably believes, in respect of the Interpretive Guidance
and Policy Statement Regarding Compliance With Certain Swap Regulations issued by the U.S. Commodity Futures Trading Commission
on 26 July 2013 (78 FR 45292) (“Interpretive Guidance”) neither of the parties:

 
(A)       falls
within any of the U.S. Person Categories and would not otherwise be deemed to be a “U.S. person” under the Interpretive
Guidance; and/or

 

(B)       is
an Affiliate Conduit under the Interpretive Guidance.

 

    	 	36	 

     

    

 

(2)        Both
parties further represent to the other party and agree that this representation shall be deemed to be repeated by each party on
each date on which a Transaction is entered into that in respect of the Interpretive Guidance its obligations under this Agreement
are not supported by any Guarantee (of which it is aware) other than any Guarantee provided by a person who the relevant party
reasonably believes does not fall within any of the U.S. Person Categories and who the relevant party believes in good faith would
not otherwise be deemed a U.S. person under the Interpretive Guidance.

 
(3)       Both
parties further agree to notify each other immediately of any event or change in their status that causes any statement contained
in this Agreement to be untrue in any respect.

 
“Affiliate Conduit”
means:

 

(i)       a
non-U.S. person which is a majority owned affiliate of a U.S. person;

 
(ii)         a
non-U.S. person which is controlling, controlled by or under common control with a U.S. person;

 
(iii)        a
non U.S. person whose financial results are included in the consolidated financial statements of a U.S. person; and

 
(iv)       a
non U.S. person who, in the regular course of business, engages in swaps with non-U.S. third-party(ies) for the purpose of hedging
or mitigating risks faced by, or to take positions on behalf of, its U.S. affiliate(s) and enters into offsetting swaps or other
arrangements with its U.S. affiliate(s) in order to transfer the risks and benefits of such swaps with third party(ies) to its
U.S. affiliates.

 
“Guarantee” means
an agreement or arrangement under which a person commits to provide a financial backstop or funding against potential losses that
may be incurred by another person in connection with a Swap.

 

“Swap” means a “swap”
as defined in the Section 1a(47) of the U.S. Commodity Exchange Act, as amended, and the U.S. Commodity Futures Trading Commission
Regulation 1.3(xxx). The term “Swap” also includes any foreign exchange swaps and foreign exchange forwards that may
be exempted from regulation as “swaps” by the Secretary of the Treasury pursuant to authority granted by Section 1a(47)(E)
of the U.S. Commodity Exchange Act.

 

“United States” or “U.S.”
means the United States, its states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and any other territories
or possessions of the United States government, or enclave of the United States government, its agencies or instrumentalities.

 

“U.S. Person Categories”
means the enumerated categories of “U.S. persons” that are provided in the Interpretive Guidance and which are reproduced
below:

 
(i)         any
natural person who is a resident of the United States;

 

(ii)        any estate of a decedent who
was a resident of the United States at the time of death;

 
(iii)       any
corporation, partnership, limited liability company, business or other trust, association, joint-stock company, fund or any form
of enterprise similar to any of the foregoing (other than an entity described in prongs (iv) or (v), below) (a “legal entity”),
in each case that is organized or incorporated under the laws of a state or other jurisdiction in the United States or having
its principal place of business in the United States;

 
(iv)       any
pension plan for the employees, officers or principals of a legal entity described in prong (iii), unless the pension plan is primarily
for foreign employees of such entity;

 
(v)       any
trust governed by the laws of a state or other jurisdiction in the United States, if a court within the United States is able to
exercise primary supervision over the administration of the trust;

 

    	 	37	 

     

    

 

(vi)       any
commodity pool, pooled account, investment fund, or other collective investment vehicle that is not described in prong (iii) and
that is majority-owned by one or more persons described in prong (i), (ii), (iii), (iv), or (v), except any commodity pool, pooled
account, investment fund, or other collective investment vehicle that is publicly offered only to non-U.S. persons and not offered
to U.S. persons;

 
(vii)       any
legal entity (other than a limited liability company, limited liability partnership or similar entity where all of the owners
of the entity have limited liability) that is directly or indirectly majority-owned by one or more persons described in prong
(i), (ii), (iii), (iv), or (v) and in which such person(s) bears unlimited responsibility for the obligations and liabilities
of the legal entity; and

 
(viii)       any
individual account or joint account (discretionary or not) where the beneficial owner (or one of the beneficial owners in the case
of a joint account) is a person described in prong (i), (ii), (iii), (iv), (v), (vi), or (vii).

 

		(n)	Consent to Recording. The parties agree that each may electronically record all telephonic
conversations between their trading and marketing personnel in connection with this Agreement or any potential Transaction and
that any such tape recordings may be submitted in evidence in any Proceedings relating to the Agreement or any potential Transaction.
In the event of any dispute between the parties as to the terms of any Transaction governed by this Agreement, the parties may,
to the extent permitted by law, use the electronic recordings as the evidence of the terms of the Transaction, notwithstanding
the existence of anything writing to the contrary.

 

    
	 	38	 

     

    

 

Part
5.

Other
Provisions.

 

		(a)	Amendment to Section 5(a)(i). Section 5(a)(i)
(“Failure to Pay or Deliver”) shall be amended by replacing the term “first Local Business Day”
with the term “third Local Business Day”.

 

		(b)	Amendment to Section 11 of the Agreement. Section 11 of this Agreement shall be amended
(i) to include "or the Affected Party, in the case of the occurrence of an Additional Termination Event under Part 1(g) of
this Agreement," after the words "A Defaulting Party" in line 1 thereof; and (ii) to include "or the Affected
Party, as the case may be," after "Defaulting Party" in line 4 thereof.

 

		(c)	Early Termination Date. Section 6(a) shall be amended by:

 

		(i)	deleting the reference to "not more than 20 days"
in the second line of Section 6 (a); and

 

		(ii)	inserting at the end of such section the following sentence: "If the Early Termination Date
designated in such notice would fall on a date prior to the date on which such notice is effective, the Early Termination Date
shall be deemed to be the date on which such notice is effective".

 

		(d)	Disapplication of certain Events of Default and
Termination Events. Party A may not designate an early Termination Date as a consequence of the following Events of Defaults
and Termination Events with respect to Party B without the written consent of the Agent:

 

Section 5(a)(ii) (Breach of Agreement; Repudiation
of Agreement)

 

Section 5(a)(iii) (Credit
Support Default)

 

Section 5(a)(iv) (Misrepresentation)

 

Section 5(a)(v) (Default
under Specified Transaction)

 

Section 5(a)(vi) (Cross-Default)

 

Section 5(a)(vii) (Bankruptcy)

 

Section 5(a)(viii) (Merger
without Assumption)

 

Section 5(b)(v) (Credit
Event Upon Merger).

 

		(e)	Third Party Rights. The terms of this Agreement may be enforced only by a party to
it or its successors and the Contracts (Rights of Third Parties) Act 1999 is expressly excluded.

 

		(f)	Change of Account. Section 2(b) of this Agreement is hereby amended by the addition
of the following at the end thereof: "provided that, if any new account of one party is not in the same jurisdiction as the
original account, the other party shall not be obliged to pay, for tax reasons, any greater amount and shall not receive any lesser
amount as a result of such change than would have been the case if such change had not taken place".

 

    	 	39	 

     

    

 

		(g)	Exchange
                                         of Confirmations and Timely Confirmations.

 

		(i)	Transactions will usually be entered into through binding
oral agreements concluded over the telephone by authorized representatives of the parties. For each Transaction entered into hereunder,
a Confirmation shall be sent by Party A to Party B as soon as reasonably practicable after the terms of the respective Transaction
have been agreed upon. Party B agrees to respond to such Confirmation as soon as reasonably practicable after receipt of the aforementioned
Confirmation, either confirming agreement thereto or requesting a correction of any error(s) contained therein.

 

		(ii)	Section 9(e)(ii) is amended by:

 

		(1)	replacing the word "practicable" with the word
"possible" in the third line thereof; and

 

		(2)	inserting "or by other method intended by the parties
to be effective for the purpose of confirming or evidencing such Transaction" immediately before the words "which in
each case will be sufficient".

 

		(h)	Conditions Precedent. The condition precedent in Section 2(a)(iii)(1) does not apply
to a payment or delivery owing by a party if the other party shall have satisfied in full all its payment or delivery obligations
under Section 2(a)(i) or Section 9(h) of this Agreement, as applicable, and shall at the relevant time have no future payment or
delivery obligations, whether absolute or contingent, under Section 2(a)(i) or Section 9(h), as applicable.

 

		(i)	Security. Notwithstanding Section 7, Party
A hereby agrees and consents to the granting of security by Party B of its interests under this Agreement (and for the avoidance
of doubt, without prejudice to, and after giving effect to, any contractual netting or set-off provision contained in this Agreement)
to the Security Agent.

 

		(j)	ISDA Definitions. The definitions and provisions contained in the 2006 ISDA Definitions
(the "ISDA Definitions"), as published by the International Swaps and Derivatives Association, Inc. ("ISDA")
and any other relevant definitions booklet published by or in conjunction with ISDA, as may be amended, supplemented or updated
from time to time (together, the "Definitions") are incorporated into this Agreement, each Transaction and each
Confirmation. All terms appearing in a Confirmation with initial capital letters shall have the meaning set forth in the Definitions,
unless otherwise defined in such Confirmation. Any amendments, supplements or updates to the Definitions shall be deemed to apply
to Transactions entered into after the relevant publication date and the prior Definitions will be deemed superseded thereby, unless
otherwise stated in the relevant Confirmation.

 

		(k)	Additional Agreements. Party B agrees, upon learning of the occurrence of any event
which constitutes (or which with the giving of notice or passage of time or both would constitute) a Termination Event with respect
to Party B, promptly to give Party A notice of such event or condition (or, in lieu of giving notice, to cause such event to cease
to exist before becoming a Termination Event).

 

		(l)	Severability. If any term, provision, covenant or condition of this Agreement, or
the application thereof to any party or circumstance, shall be held to be invalid or unenforceable (in whole or in part) for any
reason, the remaining terms, provisions, covenants and conditions hereof shall continue in full force and effect as if this Agreement
had been executed with the invalid or unenforceable portion eliminated, so long this Agreement as so modified continues to express,
without material change, the original intention of the parties as to the subject matter of this Agreement and deletion of such
portion of this Agreement will not substantially impair the respective benefits or expectations of the parties to this Agreement.
The parties hereto shall endeavour in good faith to conduct negotiations to replace the invalid or unenforceable provision with
a valid provision, the economic effect of which comes as close as possible to that prohibited or unenforceable provision.

 

    	 	40	 

     

    

 

		(m)	Standard Form. The parties agree that it
is their intention that the text of the ISDA Master Agreement conforms exactly to the text of the standard form of an 2002 ISDA
Master Agreement as published by the International Swaps and Derivatives Association, Inc. (the “Standard Form”)
except as set forth in this Schedule or as otherwise agreed between the parties in writing. In the event of any discrepancies
between the Standard Form and the printed form signed between the parties, except as set forth in this Schedule or otherwise as
agreed between the parties in writing, the Standard Form shall prevail.

 

		(n)	Conditions precedent to delivery of Credit Support Documents. For the purposes of
Section 2(a)(iii) of this Agreement, and notwithstanding anything to the contrary included in this Agreement, each obligation of
Party A under this Agreement, including those set forth under Section 2(a)(i) with respect to each Transaction entered into pursuant
hereto, is, where there is a Credit Support Document specified in this Agreement or in any Confirmation, subject to the condition
precedent that Party A will have received all Credit Support Documents duly executed and in a form satisfactory to Party A.

 

		(o)	Amendment of Section 5 (b) (iii) of the Agreement. Section 5 (b) (iii) of the Agreement
is amended by inserting after the words „...substantial likelihood...“ in the fourth line thereof the words „as
evidenced by a written opinion of an internal legal counsel of the Affected Party, which shall evaluate the „substantial
likelihood“ in reasonable detail and in good faith.

 

		(p)	LIMITATION OF LIABILITY. NO PARTY SHALL
BE REQUIRED TO PAY OR BE LIABLE FOR PUNITIVE, EXEMPLARY, CONSEQUENTIAL, SPECIAL, INCIDENTAL OR INDIRECT DAMAGES (WHETHER OR NOT
ARISING FROM ITS NEGLIGENCE OR STRICT LIABILITY) TO ANY OTHER PARTY; PROVIDED, HOWEVER, THAT NOTHING IN THIS PROVISION SHALL AFFECT
THE ENFORCEABILITY OF SECTION 6(e) OF THIS AGREEMENT OR THE OBLIGATION TO PAY ANY AMOUNT REQUIRED PURSUANT TO SECTION 6(e) OF
THIS AGREEMENT. IF AND TO THE EXTENT ANY PAYMENT REQUIRED TO BE MADE PURSUANT TO THIS AGREEMENT IS DEEMED TO CONSTITUTE LIQUIDATED
DAMAGES, THE PARTIES ACKNOWLEDGE AND AGREE THAT SUCH DAMAGES ARE DIFFICULT OR IMPOSSIBLE TO DETERMINE AND THAT SUCH PAYMENT IS
INTENDED TO BE A REASONABLE APPROXIMATION OF THE AMOUNT OF SUCH DAMAGES AND NOT A PENALTY.

 

		(q)	WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING INSTITUTED IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION TO THE FULLEST EXTENT PERMITTED BY
LAW. EACH PARTY ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE OTHER PARTY TO ENTER INTO THIS AGREEMENT AND EACH TRANSACTION.

 

		(r)	USA Patriot Act Notice. Party A hereby notifies Party B that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required
to obtain, verify and record information that identifies Party B, which information includes the name and address of Party B and
other information that will allow Party A to identify Party B in accordance with the Act.

 

		(s)	ERISA. Each party represents to the other on the date on which it enters into this
Agreement and at all times thereafter that it is not (i) an employee benefit plan as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), or a plan as defined in Section 4975(e)(1) of the Code, subject
to Title I of ERISA or Section 4975 of the Code, or a plan as so defined but which is not subject to Title I of ERISA or Section
4975 of the Code but which is subject to another law materially similar to Title I of ERISA or Section 4975 of the Code (each,
an “ERISA Plan”), (ii) a person or entity acting on behalf of an ERISA Plan, or (iii) a person or entity the assets
of which constitute assets of an ERISA Plan.

 

		(t)	Safe Harbors. Each party to this Agreement acknowledges that:

 

		(i)	This Agreement, including any Credit Support Document,
is a “swap agreement” and a “master netting agreement” as defined in the U.S. Bankruptcy Code (the “Bankruptcy
Code”), and a “netting contract” as defined in the netting provisions of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (“FDICIA”); and

 

    	 	41	 

     

    

 

		(ii)	Party A is a “master netting agreement participant,” a “financial institution,”
a “financial participant,” a “forward contract merchant” and a “swap participant” as defined
in the Bankruptcy Code, and a “financial institution” as defined in the netting provisions of FDICIA.

 

		(u)	ISDA 2013 EMIR Portfolio Reconciliation, Dispute
Resolution and Disclosure Protocol. Parts I, II & III of the attachment to the ISDA 2013 EMIR Portfolio Reconciliation,
Dispute Resolution and Disclosure Protocol published by ISDA on 19th July 2013 and available on the ISDA website (www.isda.org)
(the “PDD Protocol”) are incorporated herein as if set out in full in this Agreement but with the following
amendments:

 

		(i)	The definition of “Adherence Letter” is deleted and references to “Adherence
Letter” and “such party’s Adherence Letter” are deemed to be references to this Part 5(u) (ISDA 2013 EMIR
Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol).

 

		(ii)	References to "Implementation Date" are deemed to be references to the
date of this Agreement and references to a "Covered Master Agreement" in the PDD Protocol shall be deemed to be references
to this Agreement.

 

		(iii)	The definition of "Protocol" is deleted.

 

		(iv)	"PR Due Date" means

 

		(1)	if the Portfolio Reconciliation Requirements require Data Reconciliation to occur each business
day:

Each Joint Business Day;

 

		(2)	if the Portfolio Reconciliation Requirements require Data Reconciliation to occur once per week:

Tuesday;

 

		(3)	if the Portfolio Reconciliation Requirements require Data Reconciliation to occur once per quarter:

15 February, 15 May, 15 August, 15 November;

 

		(4)	if the Portfolio Reconciliation Requirements require Data Reconciliation to occur once per year:

15 November.

 

		(v)	The definitions of "Portfolio Data Sending Entity" and "Portfolio
Data Receiving Entity" are replaced with the following:

 

"Portfolio
Data Sending Entity" means Party A.

 

"Portfolio
Data Receiving Entity" means Party B.

 

		(vi)	Local Business Days

 

Party A specifies the following
place for the purposes of the definition of Local Business Day as it applies to it: Hannover.

 

Party B specifies the following
place(s) for the purposes of the definition of Local Business Day as it applies to it: California and New York

 

    	 	42	 

     

    

 

		(vii)	Appointment of an Affiliate as agent:

 

For the purposes of Part I(3)(a)
of the attachment to the PDD Protocol:

 

		(4)	Party A appoints the following Affiliates as its agent: None.

 

		(5)	Party B appoints the following Affiliates as its agent: AeroCentury Corp.

 

		(viii)	Use of a third party service provider:

 

For the purposes of Part I (3)
of the attachment to the PDD Protocol:

 

		(6)	Party A is a party that may use a third party service provider.

 

		(7)	Party B is may use a third party service provider.

 

		(ix)	Contact details for Portfolio Data, discrepancy notices and Dispute Notices.

 

The following items may be delivered
to Party A at the contact details shown below:

 

	Portfolio Data:	****
	 	 
	Notice of a discrepancy:	****
	 	 
	Dispute Notice:	****

 

The following
items may be delivered to Party B at the contact details shown below:

 

	Portfolio Data:	c/o AeroCentury Corp.
	 	1440 Chapin Avenue, Suite 310
	 	Burlingame, CA 94010
	 	Chief Financial Officer
	 	****
	 	 
	Notice of a discrepancy:	c/o AeroCentury Corp.
	 	1440 Chapin Avenue, Suite 310
	 	Burlingame, CA 94010
	 	Chief Financial Officer
	 	****
	 	 
	Dispute Notice:	c/o AeroCentury Corp.
	 	1440 Chapin Avenue,
    Suite 310
	 	Burlingame, CA 94010
	 	****

 

+ 1 650-696-3929

 

		(v)	Unique Trade Identifier.

 

		(i)	Party A will generate an unique trade identifier (Unique Trade Identifier, or “UTI”)
for each Transaction entered into pursuant to the terms of this Agreement and will make available the UTI to Party B as soon as
reasonably practicable after the entry into the respective Transaction, provided, however that the Parties have not concluded an
agreement (the “Reporting Services Agreement”) for the delegation of the mandatory trade reporting obligation pursuant
to Article 9 Regulation (EU) No 648/2012 ("EMIR"). Where the parties hereto have entered into a Reporting Services Agreement,
Section 4.3. thereof shall apply in addition to this Part 5(r), and, notwithstanding the foregoing, Party A shall be under no obligation
to report an UTI separately to Party B.

 

    	 	43	 

     

    

 

		(ii)	Part 5(v)(i) above shall not apply to:

 

		(1)	Transactions that are concluded or confirmed via an electronic trading facility or affirmation
platform, provided that the respective UTI is generated by the trading facility or affirmation platform, respectively; AND

 

		(2)	Transactions to which Party A becomes a party by virtue of a novation or transfer, provided that
an UTI has already been generated for such Transaction and transmitted to a trade repository according to Art. 55 EMIR.

 

		(w)	Bail-in and Resolution Stay. Notwithstanding
anything contained in this Agreement, the parties agree that (i) the provisions of the attachment to the ISDA 2016 Bail-in Art
55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK entity-in-resolution version) published on 14 July 2016
by the International Swaps and Derivatives Association, Inc., as amended from time to time, shall be deemed to be incorporated
into this Agreement as if references in those provisions to “Protocol Covered Agreement” were references to this Agreement,
and on the basis that references to the “Implementation Date” shall be deemed to be references to the date of this
Agreement; and (ii) the provisions of paragraphs 1 to 4 (inclusive) of the ISDA German Jurisdictional Module to the ISDA Resolution
Stay Jurisdictional Modular Protocol published on 28 June 2016 by the International Swaps and Derivatives Association, Inc., as
amended from time to time, shall be deemed to be incorporated into this Agreement as if references in those provisions to “Covered
Agreement” were references to this Agreement, and on the basis that: (A) Party A shall be treated as a “Regulated
Entity Counterparty” with respect to Party B, (B) Party B shall be treated as a “Module Adhering Party”, and
(C) references to the “Implementation Date” shall be deemed to be references to the date of this Agreement.

 

- Signature page to follow -

 

    	 	44	 

     

    

 

IN WITNESS whereof
the parties have executed this document on the respective dates specified below with effect from the date specified on the first
page of this document.

 

	Party A	 	Party B
	Norddeutsche Landesbank - Girozentrale - 	 	ACY SN [1900X] LIMITED
	 	 	 
	By	 	By
	 	 	 
	Name:	 	Name:
	Title:	 	Title:
	Date:	 	Date:

 

	By	 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

 

    	 	45	 

     

    

 

WB Comments

ISDA®

International Swaps and Derivatives Association,
Inc.

 

SCHEDULE

to the

2002 Master Agreement

 

dated as of ...................[tbd].....................

 

between

 

	
        Norddeutsche Landesbank

        - Girozentrale -

         

        (“Party A”)

         

        a credit institution incorporated
        under public law in Germany
	and	
        [US LLC]

         

        (“Party B”)

         

        a limited liability company organized under
        the laws of the State of Delaware

 

Preamble.

 

All Transactions governed by this Agreement
shall be derivative transactions entered into between Party A and Party B in respect of the credit agreement dated on or about
the date of this Agreement, up to an amount of $47,000,000 and made between, inter alios, Party B as Borrower and Party
A as Swap Counterparty, as the same may be amended, restated, amended and restated, extended, supplemented, replaced, refinanced,
renewed, refunded or modified from time to time (the "Facility Agreement"). This Agreement is subject to the terms
and provisions of the Facility Agreement and the parties will exercise their rights and obligations hereunder accordingly. This
Agreement and any Transaction entered into hereunder each constitute a Hedging Agreement in terms of the Facility Agreement. In
the event of any inconsistency between the Facility Agreement and this Agreement, the Facility Agreement shall prevail. Capitalised
terms not otherwise defined in this Agreement shall have the meaning given to them in the Facility Agreement unless the context
requires otherwise.

 

Each party acknowledges and agrees that
no Transaction may be entered into under this Agreement other than for the purpose of hedging the liabilities of Party B under
the Facility Agreement.

 

Part 1.

Termination Provisions.

 

		(a)	"Specified Entity" means in relation
to the Parties: Not Applicable.

 

		(b)	"Specified Transaction" will
have the meaning specified in Section 14 of this Agreement.

 

		(c)	The “Cross-Default” provisions
of Section 5(a)(vi) will not apply to Party A and will not apply to Party B.

 

    	 	46	 

     

    

 

		(d)	The “Credit Event Upon Merger”
provisions of Section 5(b)(v) will not apply to Party A and will not apply to Party B.

 

		(e)	The "Automatic Early Termination"
provisions of Section 6(a) will not apply to Party A or Party B.

 

		(f)	"Termination Currency" means
the freely available and transferable currency selected by the Non-Affected Party or the Non-Defaulting Party, as the case may
be, or, if there are two Affected Parties, by agreement between the parties, provided, however, that the Termination Currency
shall be one of the currencies in which payments are required to be made under the relevant Transactions. If such currency is
not freely available or failing a mutual agreement, the Termination Currency shall be US-Dollars.

 

		(g)	Additional Termination Event will apply.

 

The following will each constitute
an Additional Termination Event:

 

		(i)	Facility Agreement - no outstanding liabilities. All outstanding liabilities under
the Facility Agreement are irrevocably cancelled, repaid or prepaid in full, or have expired, terminated or otherwise ceased to
be in full force and effect, including by way of refinancing, in each case whether or not prior to its scheduled maturity. Party
B shall be the sole Affected Party and all Transactions shall be Affected Transactions.

 

		(ii)	Facility Agreement – acceleration. Subject to the Mortgagor's rights
with respect to a Remarketing Period and any right to cure (or actual cure of) an Event of Default, the Mortgagee declaring the
Loan Certificates to be due and payable and taking any of the steps in Section 4.04 of the Security Agreement. Party B shall be
the sole Affected Party and all Transactions then outstanding shall be Affected Transactions.

 

		(iii)	Overhedging. At any time following a partial repayment, prepayment and/or cancellation
of the Advance, the Aggregate Hedging Amount exceeds the Hedging Limit Amount.

 

Where “Aggregate Hedging
Amount” means the aggregate of the notional amount(s) of the Transactions under this Agreement and

 

“Hedging Limit Amount”
means an amount which is equal to 100% of the Loan following such prepayment, repayment or cancellation.

 

This Additional Termination
Event shall be deemed to occur only in respect of the Transaction(s) or portions of Transactions corresponding to the amount by
which the Aggregate Hedging Amount exceeds the Hedging Limit Amount, and such Transaction(s) or portion of Transactions shall be
the Affected Transaction(s) and Party B will be the sole Affected Party.

 

Party B shall, where reasonably
practicable, give prior written notice to Party A of any future prepayment of the Loan (whether in whole or part) promptly upon
becoming aware that such prepayment will or is reasonably likely to occur, specifying the intended date and amount of such prepayment.

 

		(iv)	Permanent discontinuation
                                         of LIBOR. If LIBOR is permanently discontinued without an adequate replacement
                                         falling within the definition of “Screen Rate” or other replacement being
                                         agreed between the Parties. For the purpose of this Additional Termination Event, Party
                                         A and Party B will both be Affected Parties and all Transactions will be Affected Transactions.

 

    	 	47	 

     

    

 

Part 2.

Tax Representations.

 

		(a)	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A
and Party B make the following representation:

 

It is not required by any applicable
law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction
or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made
by it to the other party under this Agreement. In making this representation, it may rely on:

 

		(i)	the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement;

 

		(ii)	the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and
the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement;
and

 

		(iii)	the satisfaction of the agreement of the other party contained in Section 4(d) of this

Agreement,

 

except that it will not be a
breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document
under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

 

		(b)	Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
Account Tax Compliance Act. “Tax” as used in Part 2(a) of this Schedule (Payer Tax Representation) and “Indemnifiable
Tax” as defined in Section 14 of the ISDA Master Agreement shall not include any U.S. federal withholding tax imposed or
collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (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 (a "FATCA Withholding Tax"). For the avoidance
of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes
of Section 2(d) of this Agreement.

 

		(c)	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A
and Party B make the following representations:

 

(i) Party A is a credit institution incorporated
under public law in Germany

 

(ii) Party B is a limited liability company organized under
the laws of the State of Delaware

 

    	 	48	 

     

    

 

Part 3.

Agreement to Deliver Documents.

 

For the purpose of Sections 4 (a)(i) and
(ii) of this Agreement, each party agrees to deliver the following documents, as applicable:

 

		(a)	Tax forms, documents or certificates to be delivered
are:

 

	Party required to 

                                                                                deliver
                                                                                document
	 	Form / Document / Certificate	 	Date by which to be

delivered	 	Covered by Section

3(d)Representation?
	Party A and Party B	 	Any form or document, accurately completed and in a manner reasonably satisfactory to the other party, that may be required or reasonably requested in writing in order to allow the other party to make payments under this Agreement, including any Credit Support Document, without any deduction or withholding for or on account of any Tax or with such a deduction or withholding at a reduced rate.	 	Promptly upon request of the other party. 	 	No

 

		(b)	Other documents to be delivered are:

 

	Party required to

deliver document	 	Form/Document/Certificate	 	Date by which to be

delivered	 	Covered by Section

3(d)Representation?
	Party B	 	
        Certified copies of all

        documents evidencing necessary corporate and other authorizations
        and approvals with respect to the execution, delivery and performance of this Agreement, any Confirmation and any Credit Support
        Document
	 	The date of execution of this Agreement	 	Yes

 

    	 	49	 

     

    

 

 

	Party required to

deliver document	 	Form/Document/Certificate	 	Date by which to be

delivered	 	Covered by Section

3(d)Representation?
	
        Party B

         
	 	Legal opinion of a recognized law firm  confirming that (i) Party B has the corporate power and capacity to validly enter into this Agreement (including due execution and valid existence), and (ii) that the choice of law provision in Sec. 13 of this Agreement is valid and enforceable with respect to Party B.	 	The date of execution of this Agreement	 	No
	 	 	 	 	 	 	 
	Party B	 	
        Certified copies of each

        Credit Support Document and any amendments thereto
	 	The date of execution of this Agreement	 	Yes
	 	 	 	 	 	 	 
	Party B	 	Written notification of appointment of its Process Agent and evidence of the acceptance of such appointment by the Process Agent.	 	Upon execution of this Agreement and immediately upon any change in the Process Agent of Party B.	 	no
	 	 	 	 	 	 	 
	Party B	 	
        Appropriate evidence to the

        satisfaction of the other Party, of the legal capacity of the
        Credit Support Provider, and the authority of its signatory or signatories to enter into the Credit Support Documents.
	 	
        The date of execution of

        this Agreement.
	 	Yes

 

All documents, if not in the English language,
shall be accompanied by a free translation into the English language certified by an authorized officer of the party.

 

Each of Party B’s obligations under
the above table will be considered satisfied if the relevant documents and confirmations are provided to the Agent for Party A
pursuant to the terms of the Facility Agreement to the Agent’s reasonable satisfaction.

 

    	 	50	 

     

    

 

Part 4.

 Miscellaneous.

 

		(a)	Addresses for Notices. For the purpose
of Section 12 (a) of this Agreement:

 

		(i)	Address for notices or communications to Party A:

 

If not otherwise specified for in the relevant Confirmation:

 

Address
for notices or communications to Party A when acting through its Head Office in Hannover or with regard to legal issues:

 

	Address  	:	
        Norddeutsche Landesbank
        Girozentrale

        Friedrichswall 10, D-30159
        Hannover

        Federal Republic of Germany

	Attention	:	Legal Department
	Email	:	
        ****

         

	Facsimile	:	
        ****

 

		(ii)	Address for notices or communications to Party B:

 

	Address:	 	c/o AeroCentury
                           Corp.

        1440 Chapin Avenue, Suite 310

        Burlingame, CA 94010

	Attention:	 	[Chief Financial
    Officer
	Facsimile:	 	[...]****

 

		(b)	Process Agent. For the purpose of Section
13 (c):

 

		(i)	Party A appoints as its Process Agent: Norddeutsche Landesbank
Girozentrale, New York Branch, 1114 Avenue of the Americas, 20th Floor, New York, N.Y. 10036.

 

		(ii)	Party B appoints as its Process Agent: Not Applicable

 

With respect to Section 13(c)
of this Agreement, the reference therein to Section 12(a)(iii) notwithstanding, no consent is given by either party to service
of process by facsimile transmission.

 

		(c)	Offices. The provisions of Section 10 (a) will apply to this Agreement. For the avoidance
of doubt, the only offices of Party A which are included in this Agreement are Party A’s Head Office in Hannover and the
branches in Part 4 (d) of this Agreement.

 

		(d)	Multibranch Party. For the purpose of Section 10 (c):

 

Party A is
not a Multibranch Party.

 

Party B is not a Multibranch
Party.

 

    	 	51	 

     

    

 

		(e)	Calculation Agent. The Calculation Agent
is Party A unless otherwise specified in a Confirmation in relation to the relevant Transaction but failure by Party A to perform
its obligations hereunder shall not be construed as an Event of Default or a Termination Event but shall entitle the other party,
upon notice to Party A, to designate a reputable and internationally recognizable third party bank or financial institution reasonably
selected by such other party as a replacement Calculation Agent (the “Replacement Calculation Agent”) and upon
such designation, the Replacement Calculation Agent shall be Calculation Agent for the purposes of the relevant Transaction accordingly.
If an Event of Default occurs with respect to Party A, for so long as such event shall be continuing with respect to Party A,
Party B may designate a Replacement Calculation Agent. If a calculation, determination or adjustment is disputed by the party
which is not the Calculation Agent, the parties shall first endeavor to resolve such dispute. If the parties are unable to resolve
such dispute within a commercially reasonable time, the parties shall mutually appoint a Replacement Calculation Agent with respect
to the issue in dispute.

 

		(f)	Credit Support Document. Details of any Credit Support Document:

 

	 	(i)	Party A	-	Not Applicable
	 	 	 	 	 
	 	(ii)	Party B	-	Each Security Document (as defined in the Facility Agreement) including any other document or provisions contained therein under which a guarantee, indemnity or security interest is provided for all or any of the obligations of Party B or any Credit Support Provider of Party B to Party A.

 

		(g)	Credit Support Provider. Credit Support
Provider means in relation to:

 

	 	(i)	Party A	-	Not Applicable.
	 	 	 	 	 
	 	(ii)	Party B	-	Each provider of a Credit Support Document.

 

		(h)	Governing Law.

 

		(i)	This Agreement and any non-contractual obligations arising
out of or in connection with it will be governed by and construed in accordance with the law of the state of New York without
reference to the choice of law doctrine.

 

		(ii)	Section 13(b) is deleted and replaced with the following,
to which the parties irrevocably submit:

 

(b) ”Jurisdiction.
The courts of the state of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination
of this Agreement) ("Proceedings").”

 

		(i)	Netting of Payments. "Multiple Transaction
Payment Netting" will not apply for the purpose of Section 2(c) of this Agreement.

 

		(j)	"Affiliate" shall have the meaning
specified in Section 14 of this Agreement.

 

		(k)	Absence of Litigation. For the purpose
of Section 3(c):

 

	"Specified Entity" means in relation to Party A,	Not Applicable.
	 	 
	"Specified Entity" means in relation to Party B,	Not Applicable.

 

		(l)	No Agency. The provisions of Section 3(g)
will apply to this Agreement.

 

		(m)	Additional Representation will apply. For
the purpose of Section 3 of this Agreement, the following will constitute an Additional Representation:

 

    	 	52	 

     

    

 

(i)Relationship Between Parties. Each
party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement
between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

 

		(1)	Non-Reliance. It is acting for its own
account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate
or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying
on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction,
it being understood that information and explanations related to the terms and conditions of a Transaction will not be considered
investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other
party will be deemed to be an assurance or guarantee as to the expected results of that Transaction.

 

		(2)	Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of
that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction.

 

		(3)	Status of Parties. The other party is not acting as a fiduciary for or an
adviser to it in respect of that Transaction.

 

(ii) Eligible
Contract Participant. Each party shall be deemed to represent to the other party on the date on which it enters into a
Transaction that it is an “eligible contract participant” within the meaning of the Commodity Exchange Act.

 

(iii) EMIR Representation.
Party B will be deemed to represent to Party A on each date on which it enters into a Transaction that it is a “non-financial
counterparty” (as such term is defined in Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC
derivatives, central counterparties and trade repositories dated 4 July 2012 (“EMIR”)) and it is not subject
to a clearing obligation pursuant to EMIR in respect of such Transaction. If at any time Party B becomes subject to a clearing
obligation pursuant to EMIR it shall notify Party A thereof as soon as is reasonably practicable.

 

(iv) Pari passu.
Party B will be deemed to represent to Party A on each date on which it enters into a Transaction that its payment obligations
under this Agreement will rank at least pari passu in all respects with all of Party B’s other unsecured and unsubordinated
obligations (except for those which are mandatorily preferred by the operation of law).

 

		(n)	Consent to Recording. The parties agree
that each may electronically record all telephonic conversations between their trading and marketing personnel in connection with
this Agreement or any potential Transaction and that any such tape recordings may be submitted in evidence in any Proceedings
relating to the Agreement or any potential Transaction. In the event of any dispute between the parties as to the terms of any
Transaction governed by this Agreement, the parties may, to the extent permitted by law, use the electronic recordings as the
evidence of the terms of the Transaction, notwithstanding the existence of anything writing to the contrary.

 

    	 	53	 

     

    

 

Part 5.

Other Provisions.

 

		(a)	Amendment to Section 5(a)(i). Section 5(a)(i) (“Failure to Pay or Deliver”)
shall be amended by replacing the term “first Local Business Day” with the term “third Local Business Day”.

 

		(b)	Amendment to Section 11 of the Agreement. Section 11 of this Agreement shall be amended
(i) to include "or the Affected Party, in the case of the occurrence of an Additional Termination Event under Part 1(g) of
this Agreement," after the words "A Defaulting Party" in line 1 thereof; and (ii) to include "or the Affected
Party, as the case may be," after "Defaulting Party" in line 4 thereof.

 

		(c)	Early Termination Date. Section 6(a) shall be amended by:

 

		(i)	deleting the reference to "not more than 20 days" in the second line of Section 6 (a);
and

 

		(ii)	inserting at the end of such section the following sentence: "If the Early Termination Date
designated in such notice would fall on a date prior to the date on which such notice is effective, the Early Termination Date
shall be deemed to be the date on which such notice is effective".

 

		(d)	Disapplication of certain Events of Default and Termination Events. Party A may not
designate an early Termination Date as a consequence of the following Events of Defaults and Termination Events with respect to
Party B without the written consent of the Agent:

 

Section 5(a)(ii) (Breach of Agreement; Repudiation
of Agreement)

 

Section 5(a)(iii) (Credit
Support Default)

 

Section 5(a)(iv) (Misrepresentation)

 

Section 5(a)(v) (Default
under Specified Transaction)

 

Section 5(a)(vi) (Cross-Default)

 

Section 5(a)(vii) (Bankruptcy)

 

Section 5(a)(viii) (Merger
without Assumption)

 

Section 5(b)(v) (Credit
Event Upon Merger).

 

		(e)	Third Party Rights. The terms of this Agreement may be enforced only by a party to
it or its successors and the Contracts (Rights of Third Parties) Act 1999 is expressly excluded.

 

		(f)	Change of Account. Section 2(b) of this Agreement is hereby amended by the addition
of the following at the end thereof: "provided that, if any new account of one party is not in the same jurisdiction as the
original account, the other party shall not be obliged to pay, for tax reasons, any greater amount and shall not receive any lesser
amount as a result of such change than would have been the case if such change had not taken place".

 

    	 	54	 

     

    

 

		(g)	Exchange of Confirmations and Timely Confirmations. 

 

		(i)	Transactions will usually be entered into through binding oral agreements concluded over the telephone
by authorized representatives of the parties. For each Transaction entered into hereunder, a Confirmation shall be sent by Party
A to Party B as soon as reasonably practicable after the terms of the respective Transaction have been agreed upon. Party B agrees
to respond to such Confirmation as soon as reasonably practicable after receipt of the aforementioned Confirmation, either confirming
agreement thereto or requesting a correction of any error(s) contained therein.

 

(ii)        Section 9(e)(ii) is amended by inserting "or by other method intended by the parties to be effective for the purpose of confirming
or evidencing such Transaction" immediately before the words "which in each case will be sufficient".

 

		(h)	Conditions Precedent. The condition precedent in Section 2(a)(iii)(1) does not apply
to a payment or delivery owing by a party if the other party shall have satisfied in full all its payment or delivery obligations
under Section 2(a)(i) or Section 9(h) of this Agreement, as applicable, and shall at the relevant time have no future payment or
delivery obligations, whether absolute or contingent, under Section 2(a)(i) or Section 9(h), as applicable.

 

		(i)	Security. Notwithstanding Section 7, Party A hereby agrees and consents to the granting
of security by Party B of its interests under this Agreement (and for the avoidance of doubt, without prejudice to, and after giving
effect to, any contractual netting or set-off provision contained in this Agreement) to the Security Agent.

 

		(j)	ISDA Definitions. The definitions and provisions contained in the 2006 ISDA Definitions
(the "ISDA Definitions"), as published by the International Swaps and Derivatives Association, Inc. ("ISDA")
and any other relevant definitions booklet published by or in conjunction with ISDA, as may be amended, supplemented or updated
from time to time (together, the "Definitions") are incorporated into this Agreement, each Transaction and each
Confirmation. All terms appearing in a Confirmation with initial capital letters shall have the meaning set forth in the Definitions,
unless otherwise defined in such Confirmation. Any amendments, supplements or updates to the Definitions shall be deemed to apply
to Transactions entered into after the relevant publication date and the prior Definitions will be deemed superseded thereby, unless
otherwise stated in the relevant Confirmation.

 

		(k)	Additional Agreements. Party B agrees, upon learning of the occurrence of any event
which constitutes (or which with the giving of notice or passage of time or both would constitute) a Termination Event with respect
to Party B, promptly to give Party A notice of such event or condition (or, in lieu of giving notice, to cause such event to cease
to exist before becoming a Termination Event).

 

		(l)	Severability. If any term, provision, covenant or condition of this Agreement, or
the application thereof to any party or circumstance, shall be held to be invalid or unenforceable (in whole or in part) for any
reason, the remaining terms, provisions, covenants and conditions hereof shall continue in full force and effect as if this Agreement
had been executed with the invalid or unenforceable portion eliminated, so long this Agreement as so modified continues to express,
without material change, the original intention of the parties as to the subject matter of this Agreement and deletion of such
portion of this Agreement will not substantially impair the respective benefits or expectations of the parties to this Agreement.
The parties hereto shall endeavour in good faith to conduct negotiations to replace the invalid or unenforceable provision with
a valid provision, the economic effect of which comes as close as possible to that prohibited or unenforceable provision.

 

		(m)	Standard Form. The parties agree that it is their intention that the text of the
ISDA Master Agreement conforms exactly to the text of the standard form of an 2002 ISDA Master Agreement as published by the International
Swaps and Derivatives Association, Inc. (the “Standard Form”) except as set forth in this Schedule or as otherwise
agreed between the parties in writing. In the event of any discrepancies between the Standard Form and the printed form signed
between the parties, except as set forth in this Schedule or otherwise as agreed between the parties in writing, the Standard Form
shall prevail.

 

    	 	55	 

     

    

 

		(n)	Conditions precedent to delivery of Credit Support Documents. For the purposes of
Section 2(a)(iii) of this Agreement, and notwithstanding anything to the contrary included in this Agreement, each obligation of
Party A under this Agreement, including those set forth under Section 2(a)(i) with respect to each Transaction entered into pursuant
hereto, is, where there is a Credit Support Document specified in this Agreement or in any Confirmation, subject to the condition
precedent that Party A will have received all Credit Support Documents duly executed and in a form satisfactory to Party A.

 

		(o)	Amendment of Section 5 (b) (iii) of the Agreement. Section 5 (b) (iii) of the Agreement
is amended by inserting after the words „...substantial likelihood...“ in the fourth line thereof the words „as
evidenced by a written opinion of an internal legal counsel of the Affected Party, which shall evaluate the „substantial
likelihood“ in reasonable detail and in good faith.

 

		(p)	LIMITATION OF LIABILITY. NO PARTY SHALL BE REQUIRED TO PAY OR BE LIABLE FOR PUNITIVE,
EXEMPLARY, CONSEQUENTIAL, SPECIAL, INCIDENTAL OR INDIRECT DAMAGES (WHETHER OR NOT ARISING FROM ITS NEGLIGENCE OR STRICT LIABILITY)
TO ANY OTHER PARTY; PROVIDED, HOWEVER, THAT NOTHING IN THIS PROVISION SHALL AFFECT THE ENFORCEABILITY OF SECTION 6(e) OF THIS AGREEMENT
OR THE OBLIGATION TO PAY ANY AMOUNT REQUIRED PURSUANT TO SECTION 6(e) OF THIS AGREEMENT. IF AND TO THE EXTENT ANY PAYMENT REQUIRED
TO BE MADE PURSUANT TO THIS AGREEMENT IS DEEMED TO CONSTITUTE LIQUIDATED DAMAGES, THE PARTIES ACKNOWLEDGE AND AGREE THAT SUCH DAMAGES
ARE DIFFICULT OR IMPOSSIBLE TO DETERMINE AND THAT SUCH PAYMENT IS INTENDED TO BE A REASONABLE APPROXIMATION OF THE AMOUNT OF SUCH
DAMAGES AND NOT A PENALTY.

 

		(q)	WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING INSTITUTED IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION TO THE FULLEST EXTENT PERMITTED BY
LAW. EACH PARTY ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE OTHER PARTY TO ENTER INTO THIS AGREEMENT AND EACH TRANSACTION.

 

		(r)	USA Patriot Act Notice. Party A hereby notifies Party B that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required
to obtain, verify and record information that identifies Party B, which information includes the name and address of Party B and
other information that will allow Party A to identify Party B in accordance with the Act.

 

		(s)	ERISA. Each party represents to the other on the date on which it enters into this
Agreement and at all times thereafter that it is not (i) an employee benefit plan as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), or a plan as defined in Section 4975(e)(1) of the Code, subject
to Title I of ERISA or Section 4975 of the Code, or a plan as so defined but which is not subject to Title I of ERISA or Section
4975 of the Code but which is subject to another law materially similar to Title I of ERISA or Section 4975 of the Code (each,
an “ERISA Plan”), (ii) a person or entity acting on behalf of an ERISA Plan, or (iii) a person or entity the assets
of which constitute assets of an ERISA Plan.

 

		(t)	Safe Harbors. Each party to this Agreement acknowledges that:

 

		(i)	This Agreement, including any Credit Support Document, is a “swap agreement” and a
“master netting agreement” as defined in the U.S. Bankruptcy Code (the “Bankruptcy Code”), and a
“netting contract” as defined in the netting provisions of the Federal Deposit Insurance Corporation Improvement Act
of 1991 (“FDICIA”); and

 

		(ii)	Party A is a “master netting agreement participant,” a “financial institution,”
a “financial participant,” a “forward contract merchant” and a “swap participant” as defined
in the Bankruptcy Code, and a “financial institution” as defined in the netting provisions of FDICIA.

 

    	 	56	 

     

    

 

Part 6.

Regulatory Provisions

 

		(a)	CFTC Regulation 50.50.

 

		(i)	Party B agrees that with respect to any Transaction that is a “swap” (as defined in
Section 1a(47) of the CEA) that is subject to a mandatory clearing determination under Section 2(h) of the CEA (a “Clearing-required
Swap”), Party B shall be deemed to have elected the exception from mandatory clearing provided under Section 2(h)(7) of the
CEA and CFTC Regulation 50.50.

 

By executing any such Clearing-required
Swap, Party B shall be deemed to represent to Party A for purposes of Section 3(a) of the Agreement, and agrees that Party A may
rely on the representations in this provision for reporting purposes, that:

 

		(1)	it is not a “financial entity” as defined in Section 2(h)(7)(C)(i) of the CEA and is
eligible for an exception from mandatory clearing with respect to such Clearing-required Swap under Section 2(h)(7) of the CEA
and CFTC Regulation 50.50;

 

		(2)	it is using such Clearing-required Swap for which it is electing the exception to hedge or mitigate
commercial risk as provided in CFTC Regulation 50.50(c);

 

		(3)	it generally meets its financial obligations associated with entering into non-cleared Swaps through
its available financial resources; and

 

		(4)	it is not an issuer of securities registered under section 12 of, or is required to file reports
under section 15(d) of, the Securities Exchange Act of 1934.

 

		(ii)	Party B agrees that the price, rate and other financial terms of any Transaction are premised on
such Transaction being a noncleared Transaction and that clearing any Transaction after it is entered into is subject to the mutual
agreement of the parties, which either Party A or Party B may withhold in its sole discretion.

 

		(iii)	Party B and Party A hereby agree, that:

 

		(1)	Party A shall transmit the information specified in CFTC Regulation 50.50(b)(1)(i) and (ii) to
a registered swap data repository (“SDR”), PROVIDED THAT any transmission of data in relation to the election of the
End-user exception by Party A shall be governed by and subject to the terms of the Dodd-Frank Swap Data Reporting Services and
Designation Agreement entered into on or about the date of this Agreement between the parties hereto; and that

 

		(2)	Party B shall report to SDR the information required under CFTC Regulation 50.50(b)(1)(iii) in
an annual filing made pursuant to CFTC Regulation 50.50(b)(2) prior to entering into any such Clearing-required Swap.

 

	 	(iv)	Party
B covenants and agrees to notify Party A in writing promptly (and in all events prior to entering into any Transaction) following
any change in circumstances that would make any representation made in this Part 6(a) untrue in any respect (assuming for the purposes
of this provision that such representations were made continuously).

  

		(b)	ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol.
Parts I, II & III of the attachment to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol
published by ISDA on 19th July 2013 and available on the ISDA website (www.isda.org) (the “PDD Protocol”) are
incorporated herein as if set out in full in this Agreement but with the following amendments:

 

    	 	57	 

     

    

 

		(i)	The definition of “Adherence Letter” is deleted and references to “Adherence
Letter” and “such party’s Adherence Letter” are deemed to be references to this Part 6(b) (ISDA 2013 EMIR
Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol).

 

		(ii)	References to "Implementation Date" are deemed to be references to the
date of this Agreement and references to a "Covered Master Agreement" in the PDD Protocol shall be deemed to be references
to this Agreement.

 

		(iii)	The definition of "Protocol" is deleted.

 

		(iv)	"PR Due Date" means

 

(1)        if
the Portfolio Reconciliation Requirements require Data Reconciliation to occur each business day:

Each Joint Business Day;

 

(2)       if
the Portfolio Reconciliation Requirements require Data Reconciliation to occur once per week:

Tuesday;

 

(3)       if
the Portfolio Reconciliation Requirements require Data Reconciliation to occur once per quarter:

15 February, 15 May, 15 August, 15 November;

 

(4)       if
the Portfolio Reconciliation Requirements require Data Reconciliation to occur once per year:

15 November.

 

		(v)	The definitions of "Portfolio Data Sending Entity" and "Portfolio
Data Receiving Entity" are replaced with the following:

 

"Portfolio
Data Sending Entity" means Party A.

 

"Portfolio
Data Receiving Entity" means Party B.

 

		(vi)	Local Business Days

 

Party A specifies the following
place for the purposes of the definition of Local Business Day as it applies to it: Hannover.

 

Party B specifies the following
place(s) for the purposes of the definition of Local Business Day as it applies to it: California and New York

 

		(vii)	Appointment of an Affiliate as agent:

 

For the purposes of Part I(3)(a)
of the attachment to the PDD Protocol:

 

		(1)	Party A appoints the following Affiliates as its agent: None.

 

		(2)	Party B appoints the following Affiliates as its agent: AeroCentury Corp.

 

		(viii)	Use of a third party service provider:

 

For the purposes of Part I (3)
of the attachment to the PDD Protocol:

 

    	 	58	 

     

    

 

		(1)	Party A is a party that may use a third party service provider.

 

		(2)	Party B may use a third party service provider.

 

		(ix)	Contact details for Portfolio Data, discrepancy notices and Dispute Notices.

 

The following items may be delivered
to Party A at the contact details shown below:

 

	Portfolio Data:	****
	 	 
	Notice of a discrepancy:	****
	 	 
	Dispute Notice:	****

 

The following
items may be delivered to Party B at the contact details shown below:

 

Portfolio
Data:

	c/o
    AeroCentury Corp.
	1440 Chapin Avenue,
    Suite 310
	Burlingame, CA 94010
	Chief Financial
    Officer
	****

 

Notice of a discrepancy:

	c/o
    AeroCentury Corp.
	1440 Chapin Avenue,
    Suite 310
	Burlingame, CA 94010
	Chief Financial
    Officer
	****

 

Dispute Notice:

	c/o
    AeroCentury Corp.
	1440 Chapin Avenue, Suite 310
	Burlingame, CA 94010
	Chief Financial Officer
	****

 

		(c)	Confidentiality Waiver.

 

Notwithstanding
anything to the contrary in this Agreement or in any non-disclosure, confidentiality or Other Agreement between us, each party
hereby consents to the disclosure of information:

 

		(1)	to the extent required or permitted by any applicable law, rule or regulation which mandates reporting
and/or retention of transaction and similar information or to the extent required by any order or directive regarding reporting
and/or retention of transaction and similar information issued by any authority or body or agency in accordance with which the
other party is required or accustomed to act (“Reporting Requirements”); or

 

		(2)	to and between the other party’s head office, branches or affiliates, or any persons or entities
who provide services to such other party or its head office, branches or affiliates, in each case, in connection with such Reporting
Requirements.

 

    	 	59	 

     

    

 

Each party acknowledges that
pursuant to global regulatory reform initiatives, regulators require reporting of trade data to increase market transparency and
enable regulators to monitor systemic risk to ensure safeguards are implemented globally.

 

Each party further acknowledges
that disclosures made pursuant hereto may include, without limitation, the disclosure of trade information including a party’s
identity (by name, address, corporate affiliation, identifier or otherwise) to any swap or trade data repository or one or more
systems or services operated by any trade repository (“TR”) and any relevant regulators (including without limitation,
the U.S. Commodity Futures Trading Commission or other U.S. regulators in the case of trade reporting under applicable U.S. laws,
and the European Securities and Markets Authority and national regulators in the E.U. under the E.U. Regulation No. 648/2012 on
OTC derivatives, central counterparties and trade repositories in the case of trade reporting under applicable E.U. laws) and that
such disclosures could result in certain anonymous swap transaction and pricing data becoming available to the public. Each party
further acknowledges that, for purposes of complying with regulatory reporting obligations, a party may use a third party service
provider to transfer trade information into a TR and that a TR may engage the services of a global trade repository regulated by
one or more governmental regulators. Each party also acknowledges that disclosures made pursuant hereto may be made to recipients
in a jurisdiction other than that of the disclosing party or a jurisdiction that may not necessarily provide an equivalent or adequate
level of protection for personal data as the counterparty’s home jurisdiction. For the avoidance of doubt, (i) to the extent
that applicable non-disclosure, confidentiality, bank secrecy, data privacy or other law imposes non-disclosure requirements on
transaction and similar information required or permitted to be disclosed as contemplated herein but permits a party to waive such
requirements by consent, the consent and acknowledgements provided herein shall be a consent by each party for purposes of such
law; (ii) any agreement between the parties to maintain confidentiality of information contained in this Agreement or in any non-disclosure,
confidentiality or other agreement shall continue to apply to the extent that such agreement is not inconsistent with the disclosure
of information in connection with the Reporting Requirements as set out herein; and (iii) nothing herein is intended to limit the
scope of any other consent to disclosure separately given by each party to the other party.

 

The consenting party represents
and warrants that any third party to whom it owes a duty of confidence in respect of the information disclosed has consented to
the disclosure of that information.

 

Without prejudice to the rights,
powers, remedies and privileges provided by law, any inaccuracy of the representation and warranty in this Part 6(c) will not constitute
an event of default in respect of such party or any other event which permits either party to terminate any Relevant Transaction
or other transaction under this agreement.

 

		(d)	Unique Trade Identifier.

 

		(i)	Party A will generate an unique trade identifier (Unique Trade Identifier, or “UTI”)
for each Transaction entered into pursuant to the terms of this Agreement and will make available the UTI to Party B as soon as
reasonably practicable after the entry into the respective Transaction.

 

		(ii)	Part 6(d)(i) above shall not apply to:

 

		(1)	Transactions that are concluded or confirmed via an electronic trading facility or affirmation
platform, provided that the respective UTI is generated by the trading facility or affirmation platform, respectively; AND

 

		(2)	Transactions to which Party A becomes a party by virtue of a novation or transfer, provided that
an UTI has already been generated for such Transaction and transmitted to a trade repository.

 

    	 	60	 

     

    

 

		(e)	Bail-in and Resolution Stay. Notwithstanding anything contained in this Agreement,
the parties agree that (i) the provisions of the attachment to the ISDA 2016 Bail-in Art 55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK
entity-in-resolution version) published on 14 July 2016 by the International Swaps and Derivatives Association, Inc., as amended
from time to time, shall be deemed to be incorporated into this Agreement as if references in those provisions to “Protocol
Covered Agreement” were references to this Agreement, and on the basis that references to the “Implementation Date”
shall be deemed to be references to the date of this Agreement; and (ii) the provisions of paragraphs 1 to 4 (inclusive) of the
ISDA German Jurisdictional Module to the ISDA Resolution Stay Jurisdictional Modular Protocol published on 28 June 2016 by the
International Swaps and Derivatives Association, Inc., as amended from time to time, shall be deemed to be incorporated into this
Agreement as if references in those provisions to “Covered Agreement” were references to this Agreement, and on the
basis that: (A) Party A shall be treated as a “Regulated Entity Counterparty” with respect to Party B, (B) Party B
shall be treated as a “Module Adhering Party”, and (C) references to the “Implementation Date” shall be
deemed to be references to the date of this Agreement.

 

-Signature page to follow -

 

    	 	61	 

     

    

 

IN WITNESS whereof the parties have executed
this document on the respective dates specified below with effect from the date specified on the first page of this document.

 

	Party A	 	Party B
	Norddeutsche Landesbank - Girozentrale - 	 	[USA LLC]
	 	 	 
	By	 	By: AeroCentury Corp., Manager
	 	 	By;
	 	 	 
	Name:	 	Name:
	Title:	 	Title:
	Date:	 	Date:

 

	By	 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

 

    	 	62	 

     

    

 

 

	ACY
    E-175 LLC	 	 
	Suite
    310	 	OTC
    Confirmations
	Chapin
    Avenue 1440	 	Constanze
    Beckert
	94010
    Burlingame	 	 
	United
    States	 	Georgsplatz
    1
	 	 	D-30159
    Hannover
	 	 	Germany
	 	 	 
	 	 	Phone:
    ****
	 	 	Fax:
    ****
	 	 	 
	 	 	Our
    Reference:
	 	 	IRD/IRS/10520730/HAN
	 	 	UTI:
    ****
	 	 	 
	Fax:
****	 	 
		 	 
	 	 	 
	 	 	Your
    Reference:
	 	 	 
	 	 	February
    11, 2019

 

Interest
Rate Swap

 

Dear
Sirs,

 

The
purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between us on the
Trade Date specified below (the “Transaction”).

 

This
letter agreement constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The
definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

 

1.
This Confirmation supplements, forms part of, and is subject to, the 2002 ISDA Master Agreement dated as of February 07, 2019,
as amended and supplemented from time to time (the “Agreement”), between you and us.

 

All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.

 

2.
The terms of the Transaction to which this Confirmation relates are as follows:

 

	Trade Date
    :	February
    07, 2019
	 	(time of trade : 5:50
    pm Hannover time)

 

	IRD/IRS/10520730/HAN	1
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Effective
    Date :	February
    08, 2019
	 	 
	Termination Date :	April 30, 2025, subject
    to adjustment in accordance with the Modified Following Business Day Convention.
	 	 
	FIXED
    AMOUNTS	 
	 	 
	Fixed Rate Payer :	ACY E-175 LLC
	 	 
	Fixed Rate Payer Notional
    Amount :	USD 6,320,000.00, subject
    to change as set forth in Annex A
	 	 
	Fixed Rate :	5.378000 % p.a.
	 	 
	Fixed Rate Day Count
    Fraction :	ACT/360
	 	 
	Fixed Rate Payer Payment
    Dates :	Each Fixed Rate Payer
    Period End Date.
	 	 
	Fixed Rate Payer Period
    End Dates :	The 04th day of each
    month, from and including March 04, 2019 to and including April 04, 2025 and the Termination Date, subject to adjustment in
    accordance with the Modified Following Business Day Convention.
	 	 
	Business Days :	London, New York
	 	 
	FLOATING
    AMOUNTS	 
	 	 
	Floating Rate Payer
    :	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 
	Floating Rate Payer
    Notional Amount :	USD 6,320,000.00, subject
    to change as set forth in Annex A
	 	 
	Floating Rate Option
    :	USD-LIBOR-BBA
	 	 
	Designated Maturity
    :	1 month(s)
	 	 
	 	- except for the initial
    Calculation Period where Linear Interpolation will apply.
	 	 
	 	- except for the final
    Calculation Period where Linear Interpolation will apply.

 

	IRD/IRS/10520730/HAN	2
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Spread
    :	Plus
    2.80000 %     p.a.
	 	 
	Floating Rate Day Count
    Fraction :	ACT/360
	 	 
	1st Floating Period
    :	Februar 08, 2019 -
    March 04, 2019 (24 days)
	 	 
	1st Floating Rate :	5.29353 % p.a. (including
    Spread)
	 	 
	1st Floating Rate Interest
    Amount :	USD 22,303.41
	 	 
	Reset Dates :	The first day of each
    Calculation Period.
	 	 
	Floating Rate Payer
    Payment Dates :	Each Floating Rate
    Payer Period End Date.
	 	 
	Floating Rate Payer
    Period End Dates :	The 04th day of each
    month, from and including March 04, 2019 to and including April 04, 2025 and the Termination Date, subject to adjustment in
    accordance with the Modified Following Business Day Convention.
	 	 
	Business Days :	London, New York
	 	 
	Calculation Agent :	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 
	ACCOUNT
    DETAILS	 
	 	 
	Your
    account	 
	- for payments in USD	PLEASE ADVISE
	 	 
	Our
    account	 
	- for payments in USD	JP MORGAN CHASE BANK,
    NEW YORK 

    ****

    SWIFT CHASUS33

 

OFFICES

 

(a)
The Office of NORDDEUTSCHE LANDESBANK GIROZENTRALE for this Transaction is HANNOVER.

 

(b)
The Office of ACY E-175 LLC for this Transaction is BURLINGAME.

 

	IRD/IRS/10520730/HAN	3
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

OTHER
PROVISIONS

 

MSN17000168

 

We
would like to inform you that due to the EMIR (European Market Infrastructure Regulation) regulatory requirements, contracting
parties are obliged to comply with very short confirmation deadlines. Thus, transactions among Financial Counterparties are to
be signed by all parties 1 business day after Trade Date and transactions under participation of at least one Non-Financial Counterparty
within 2 business days after Trade Date. In order to observe these deadlines, we kindly ask you to return the countersigned confirmation
before the expiry of these deadlines.

 

For
a person or company registered in Germany liable for taxation:

As
from 01 January 2009, NORD/LB as paying agent must meet the requirement to withhold and pay “Kapitalertragsteuer”
(withholding tax) for derivatives where no legally specified exemption is applicable. Please bear in mind that when engaging yourself
in derivative trading, this is the reason why credit and debit entries might be reduced.

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by signing this Confirmation and returning it to us.

 

Yours
sincerely,

 

Norddeutsche
Landesbank Girozentrale

 

	/s/
    Grünewald	 	/s/
Beckert
	Grünewald	 	Beckert

 

Confirmed
as of the date first written:

 

ACY
E-175 LLC

 

		 	

 

	IRD/IRS/10520730/HAN	4
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

Annex
A

 

	Calculation Period Start
 Date*:	 	Calculation Period End
 Date*:	 	Notional Amount in USD	 	 	Change in Currency

    Amount** in USD	 
	February 08, 2019	 	March 04, 2019	 	 	6,320,000.00	 	 	 	—	 
	March 04, 2019	 	April 04, 2019	 	 	6,243,087.79	 	 	 	-76,912.21	 
	April 04, 2019	 	May 04, 2019	 	 	6,172,428.36	 	 	 	-70,659.43	 
	May 04, 2019	 	June 04, 2019	 	 	6,103,285.88	 	 	 	-69,142.48	 
	June 04, 2019	 	July 04, 2019	 	 	6,029,243.73	 	 	 	-74,042.15	 
	July 04, 2019	 	August 04, 2019	 	 	5,957,593.97	 	 	 	-71,649.76	 
	August 04, 2019	 	September 04, 2019	 	 	5,885,612.40	 	 	 	-71,981.57	 
	September 04, 2019	 	October 04, 2019	 	 	5,812,418.24	 	 	 	-73,194.16	 
	October 04, 2019	 	November 04, 2019	 	 	5,738,896.04	 	 	 	-73,522.20	 
	November 04, 2019	 	December 04, 2019	 	 	5,665,901.67	 	 	 	-72,994.37	 
	December 04, 2019	 	January 04, 2020	 	 	5,591,722.83	 	 	 	-74,178.84	 
	January 04, 2020	 	February 04, 2020	 	 	5,519,717.58	 	 	 	-72,005.25	 
	February 04, 2020	 	March 04, 2020	 	 	5,444,059.01	 	 	 	-75,658.57	 
	March 04, 2020	 	April 04, 2020	 	 	5,368,072.67	 	 	 	-75,986.34	 
	April 04, 2020	 	May 04, 2020	 	 	5,294,964.85	 	 	 	-73,107.82	 
	May 04, 2020	 	June 04, 2020	 	 	5,218,332.59	 	 	 	-76,632.26	 
	June 04, 2020	 	July 04, 2020	 	 	5,142,147.90	 	 	 	-76,184.69	 
	July 04, 2020	 	August 04, 2020	 	 	5,067,158.13	 	 	 	-74,989.77	 
	August 04, 2020	 	September 04, 2020	 	 	4,989,538.95	 	 	 	-77,619.18	 
	September 04, 2020	 	October 04, 2020	 	 	4,913,074.27	 	 	 	-76,464.68	 
	October 04, 2020	 	November 04, 2020	 	 	4,836,255.47	 	 	 	-76,818.80	 
	November 04, 2020	 	December 04, 2020	 	 	4,758,358.43	 	 	 	-77,897.04	 
	December 04, 2020	 	January 04, 2021	 	 	4,680,112.29	 	 	 	-78,246.14	 
	January 04, 2021	 	February 04, 2021	 	 	4,602,214.63	 	 	 	-77,897.66	 
	February 04, 2021	 	March 04, 2021	 	 	4,523,956.23	 	 	 	-78,258.40	 
	March 04, 2021	 	April 04, 2021	 	 	4,443,307.91	 	 	 	-80,648.32	 
	April 04, 2021	 	May 04, 2021	 	 	4,365,641.16	 	 	 	-77,666.75	 
	May 04, 2021	 	June 04, 2021	 	 	4,284,330.64	 	 	 	-81,310.52	 
	June 04, 2021	 	July 04, 2021	 	 	4,204,600.09	 	 	 	-79,730.55	 
	July 04, 2021	 	August 04, 2021	 	 	4,125,128.43	 	 	 	-79,471.66	 
	August 04, 2021	 	September 04, 2021	 	 	4,043,428.12	 	 	 	-81,700.31	 
	September 04, 2021	 	October 04, 2021	 	 	3,964,394.07	 	 	 	-79,034.05	 
	October 04, 2021	 	November 04, 2021	 	 	3,880,812.93	 	 	 	-83,581.14	 

 

	IRD/IRS/10520730/HAN	5
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	November 04, 2021	 	December 04, 2021	 	 	3,799,213.67	 	 	 	-81,599.26	 
	December 04, 2021	 	January 04, 2022	 	 	3,717,804.09	 	 	 	-81,409.58	 
	January 04, 2022	 	February 04, 2022	 	 	3,634,339.13	 	 	 	-83,464.96	 
	February 04, 2022	 	March 04, 2022	 	 	3,551,598.44	 	 	 	-82,740.69	 
	March 04, 2022	 	April 04, 2022	 	 	3,466,882.86	 	 	 	-84,715.58	 
	April 04, 2022	 	May 04, 2022	 	 	3,383,366.67	 	 	 	-83,516.19	 
	May 04, 2022	 	June 04, 2022	 	 	3,298,958.27	 	 	 	-84,408.40	 
	June 04, 2022	 	July 04, 2022	 	 	3,215,650.07	 	 	 	-83,308.20	 
	July 04, 2022	 	August 04, 2022	 	 	3,130,009.64	 	 	 	-85,640.43	 
	August 04, 2022	 	September 04, 2022	 	 	3,044,465.78	 	 	 	-85,543.86	 
	September 04, 2022	 	October 04, 2022	 	 	2,959,902.97	 	 	 	-84,562.81	 
	October 04, 2022	 	November 04, 2022	 	 	2,872,712.40	 	 	 	-87,190.57	 
	November 04, 2022	 	December 04, 2022	 	 	2,786,444.57	 	 	 	-86,267.83	 
	December 04, 2022	 	January 04, 2023	 	 	2,699,777.23	 	 	 	-86,667.34	 
	January 04, 2023	 	February 04, 2023	 	 	2,612,305.21	 	 	 	-87,472.02	 
	February 04, 2023	 	March 04, 2023	 	 	2,525,611.92	 	 	 	-86,693.29	 
	March 04, 2023	 	April 04, 2023	 	 	2,436,604.76	 	 	 	-89,007.16	 
	April 04, 2023	 	May 04, 2023	 	 	2,347,589.29	 	 	 	-89,015.47	 
	May 04, 2023	 	June 04, 2023	 	 	2,258,538.88	 	 	 	-89,050.41	 
	June 04, 2023	 	July 04, 2023	 	 	2,169,764.19	 	 	 	-88.774.69	 
	July 04, 2023	 	August 04, 2023	 	 	2
                                         079,916.83	 	 	 	-89,847.36	 
	August 04, 2023	 	September 04, 2023	 	 	1,989,666.80	 	 	 	-90,250.03	 
	September 04, 2023	 	October 04, 2023	 	 	1,899,606.78	 	 	 	-90,060.02	 
	October 04, 2023	 	November 04, 2023	 	 	1,808,264.88	 	 	 	-91,341.90	 
	November 04, 2023	 	December 04, 2023	 	 	1,717,607.81	 	 	 	-90,657.07	 
	December 04, 2023	 	January 04, 2024	 	 	1,625,220.85	 	 	 	-92,386.96	 
	January 04, 2024	 	February 04, 2024	 	 	1,533,175.82	 	 	 	-92,045.03	 
	February 04, 2024	 	March 04, 2024	 	 	1,440,933.57	 	 	 	-92,242.25	 
	March 04, 2024	 	April 04, 2024	 	 	1,347,389.31	 	 	 	-93,544.26	 
	April 04, 2024	 	May 04, 2024	 	 	1,254,057.63	 	 	 	-93,331.68	 
	May 04, 2024	 	June 04, 2024	 	 	1,160,668.41	 	 	 	-93,389.22	 
	June 04, 2024	 	July 04, 2024	 	 	1,065,951.83	 	 	 	-94,716.58	 
	July 04, 2024	 	August 04, 2024	 	 	971,316.80	 	 	 	-94,635.03	 
	August 04, 2024	 	September 04, 2024	 	 	876,243.50	 	 	 	-95,073.30	 
	September 04, 2024	 	October 04, 2024	 	 	780,599.01	 	 	 	-95,644.49	 
	October 04, 2024	 	November 04, 2024	 	 	684,525.88	 	 	 	-96,073.13	 
	November 04, 2024	 	December 04, 2024	 	 	588,124.44	 	 	 	-96,401.44	 
	December 04, 2024	 	January 04, 2025	 	 	491,188.70	 	 	 	-96,935.74	 

 

	IRD/IRS/10520730/HAN	6
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	January 04, 2025	 	February 04, 2025	 	 	394,038.66	 	 	 	-97,150.04	 
	February 04, 2025	 	March 04, 2025	 	 	296,174.23	 	 	 	-97,864.43	 
	March 04, 2025	 	April 04, 2025	 	 	197,841.57	 	 	 	-98,332.66	 
	April 04, 2025	 	April 30, 2025	 	 	99,186.27	 	 	 	-98,655.30	 

 

*
subject to adjustment in accordance with the applicable Business Day Convention

**on
the Calculation Period Start Date

 

	IRD/IRS/10520730/HAN	7
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	ACY
    SN 15129 LLC	 
	Suite
    310	OTC
    Confirmations
	Chapin
    Avenue 1140	Ilka
    Bredemann
	94010
    Burlingame	 
	United
    States	Georgsplatz
    1
	 	D-30159
    Hannover 

    Germany
	 	 
	 	Phone:
    ****

    Fax: ****
	 	 
	 	Our
    Reference:

    IRD/IRS/10520728/HAN

    UTI: ****
	 	 
	 	Your
    Reference:
	 	 
	 	February
    08, 2019

 

Interest
Rate Swap

 

Dear
Sirs,

 

The
purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between us on the
Trade Date specified below (the “Transaction”).

 

This
letter agreement constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The
definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

 

1.
This Confirmation supplements, forms part of, and is subject to, the 2002 ISDA Master Agreement dated as of February 07, 2019,
as amended and supplemented from time to time (the “Agreement”), between you and us.

 

All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.

 

2.
The terms of the Transaction to which this Confirmation relates are as follows:

 

	Trade Date
    :	February
    07, 2019
	 	(time
    of trade : 5:50 pm Hannover time)
	Effective Date :	February 08, 2019

 

	IRD/IRS/10520728/HAN	1
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Termination
    Date :	December
    11, 2022, subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 
	FIXED
    AMOUNTS	 
	 	 
	Fixed Rate Payer :	ACY SN 15129 LLC
	 	 
	Fixed Rate Payer Notional
    Amount :	USD 7,150,000.00, subject
    to change as set forth in Annex A
	 	 
	Fixed Rate :	6.304000 % p.a.
	 	 
	Fixed Rate Day Count
    Fraction :	ACT/360
	 	 
	Fixed Rate Payer Payment
    Dates :	Each Fixed Rate Payer
    Period End Date.
	 	 
	Fixed Rate Payer Period
    End Dates :	The 19th day of each
    month, from and including February 19, 2019 to and including November 19, 2022 and the Termination Date, subject to adjustment
    in accordance with the Modified Following Business Day Convention.
	 	 
	Business Days :	London, New York
	 	 
	FLOATING
    AMOUNTS	 
	 	 
	Floating Rate Payer
    :	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 
	Floating Rate Payer
    Notional Amount :	USD 7,150,000.00, subject
    to change as set forth in Annex A
	 	 
	Floating Rate Option
    :	USD-LIBOR-BBA
	 	 
	Designated Maturity
    :	1 month(s)
	 	 
	 	except for the initial
    Calculation Period where Linear interpolation will apply.
	 	 
	 	- except for the final
    Calculation Period where Linear Interpolation will apply.
	 	 
	Spread :	Plus 3.45000 % p.a.

 

	IRD/IRS/10520728/HAN	2
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Floating
    Rate Day Count Fraction :	ACT/360
	 	 
	1st Floating Period
    :	Februar 08, 2019 -
    Februar 19, 2019 (11 days)
	 	 
	1st Floating Rate :	5.88148 % p.a. (including
    Spread)
	 	 
	1st Floating Rate Interest
    Amount :	USD 12,849.40
	 	 
	Reset Dates :	The first day of each
    Calculation Period.
	 	 
	Floating Rate Payer
    Payment Dates :	Each Floating Rate
    Payer Period End Date.
	 	 
	Floating Rate Payer
    Period End Dates :	The 19th day of each
    month, from and including February 19, 2019 to and including November 19, 2022 and the Termination Date, subject to adjustment
    in accordance with the Modified Following Business Day Convention.
	 	 
	Business Days :	London, New York
	 	 
	Calculation Agent :	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 
	ACCOUNT
    DETAILS	 
	 	 
	Your
    account	 
	- for payments in USD	PLEASE ADVISE
	 	 
	Our
    account	 
	- for payments in USD	JP MORGAN CHASE BANK,
    NEW YORK 

    **** 

    SWIFT CHASUS33

 

OFFICES

 

(a)
The Office of NORDDEUTSCHE LANDESBANK GIROZENTRALE for this Transaction is HANNOVER.

 

(b)
The Office of ACY SN 15129 LLC for this Transaction is BURLINGAME.

 

	IRD/IRS/10520728/HAN	3
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	OTHER PROVISIONS	 	 
	 	 	 
	Early Termination	 	 
	 	 	 
	Optional Early Termination:	 	Applicable
	 	 	 
	Option Style:	 	European
	Buyer:	 	ACY SN 15129 LLC
	Seller:	 	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 	 
	Expiration Date :	 	Two Exercise Business
    Days prior to the Optional Early Termination Date
	Expiration Time:	 	11:00:00 a.m. New York
    time
	Exercise Business Days:	 	New York, London
	Optional Early Termination
    Date:	 	November 19, 2020
	Partial Exercise:	 	Inapplicable
	Multiple Exercise:	 	Inapplicable
	Automatic Exercise:	 	Applicable
	 	 	 
	Written Confirmation
    of Exercise :	 	Applicable
	Contact Details for
    Purpose	 	Norddeutsche Landesbank
    Girozentrale
	of Giving Notice :	 	Head of Fixed Income
    Trading
	 	 	TRADING: ****
	 	 	FAX:           ****
	 	 	 
	Cash Settlement:	 	Inapplicable

  

We
would like to inform you that due to the EMIR (European Market Infrastructure Regulation) regulatory requirements, contracting
parties are obliged to comply with very short confirmation deadlines. Thus, transactions among Financial Counterparties are to
be signed by all parties 1 business day after Trade Date and transactions under participation of at least one Non-Financial Counterparty
within 2 business days after Trade Date. In order to observe these deadlines, we kindly ask you to return the countersigned confirmation
before the expiry of these deadlines.

 

For
a person or company registered in Germany liable for taxation:

 

As
from 01 January 2009, NORD/LB as paying agent must meet the requirement to withhold and pay “Kapitalertragsteuer”
(withholding tax) for derivatives where no legally specified exemption is applicable. Please bear in mind that when engaging yourself
in derivative trading, this is the reason why credit and debit entries might be reduced.

 

	IRD/IRS/10520728/HAN	4
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by signing this Confirmation and returning it to us.

 

Yours
sincerely,

 

	Norddeutsche
    Landesbank Girozentrale	 	 
	 	 	 
	/s/
    Thies	 	/s/
     Bredemann
	Thies	 	Bredemann
	 	 	 
	Confirmed as of the
    date first written:	 	 
	 	 	 
	ACY SN 15129 LLC	 	 
	 	 	 
		 	

 

	IRD/IRS/10520728/HAN	5
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

Annex A

 

	Calculation Period Start
 Date*:	 	Calculation Period End

    Date*:	 	 	Notional Amount in USD	 	 	Change in Currency

    Amount** in USD	 
	 February
    08, 2019	 	 	February
                                         19, 2019	 	 	 	7,150,000.00	 	 	 	—	 
	February
    19, 2019	 	 	March
                                         19, 2019	 	 	 	7,014,561.79	 	 	 	-135,436.21	 
	March
    19, 2019	 	 	 April
                                         19, 2019	 	 	 	6,899,744.27	 	 	 	-114,817.52	 
	April
    19, 2019	 	 	 May
                                         19, 2019	 	 	 	6,792,821.34	 	 	 	-106,922.93	 
	May
    19, 2019	 	 	June
                                         19, 2019	 	 	 	6,675,727.10	 	 	 	-117,094.24	 
	June
    19, 2019	 	 	July
                                         19, 2019	 	 	 	6,561,586.22	 	 	 	-114,140.68	 
	July
    19, 2019	 	 	August
                                         19, 2019	 	 	 	6,446,845.72	 	 	 	-114,740.50	 
	August
    19, 2019	 	 	September
                                         19, 2019	 	 	 	6,332,637.36	 	 	 	-114,214.36	 
	 September
    19, 2019	 	 	October
                                         19, 2019	 	 	 	6,217,797.00	 	 	 	-114,834.36	 
	October
    19, 2019	 	 	November
                                         19, 2019	 	 	 	6,103,428.07	 	 	 	-114,368.93	 
	November
    19, 2019	 	 	 December
                                         19, 2019	 	 	 	5,985,211.94	 	 	 	-118,216.13	 
	December
    19, 2019	 	 	January
                                         19, 2020	 	 	 	5,867,443.55	 	 	 	-117,768.39	 
	January
    19, 2020	 	 	February
                                         19, 2020	 	 	 	5,752,138.86	 	 	 	-115,304.69	 
	February
    19, 2020	 	 	March
                                         19, 2020	 	 	 	5,632,138.80	 	 	 	-120,000.06	 
	March
    19, 2020	 	 	April
                                         19, 2020	 	 	 	5,511,529.35	 	 	 	-120,609.45	 
	April
    19, 2020	 	 	May
                                         19, 2020	 	 	 	5,393,202.81	 	 	 	-118,326.54	 
	May
    19, 2020	 	 	June
                                         19, 2020	 	 	 	5,271,380.00	 	 	 	-121,822.81	 
	June
    19, 2020	 	 	July
                                         19, 2020	 	 	 	5,150,784.69	 	 	 	-120,595.31	 
	July
    19, 2020	 	 	August
                                         19, 2020	 	 	 	5,029,534.74	 	 	 	-121,249.95	 
	August
    19, 2020	 	 	September
                                         19, 2020	 	 	 	4,906,745.87	 	 	 	-122,788.87	 
	September
    19, 2020	 	 	October
                                         19, 2020	 	 	 	4,785,889.62	 	 	 	-120,856.25	 
	October
    19, 2020	 	 	November
                                         19, 2020	 	 	 	4,660,144.67	 	 	 	-125,744.95	 
	November
    19, 2020	 	 	 December
                                         19, 2020	 	 	 	4,536,231.30	 	 	 	-123,913.37	 
	December
    19, 2020	 	 	January
                                         19, 2021	 	 	 	4,412,439.63	 	 	 	-123,791.67	 
	January
    19, 2021	 	 	February
                                         19, 2021	 	 	 	4,285,636.28	 	 	 	-126,803.35	 
	Februany
    19, 2021	 	 	March
                                         19, 2021	 	 	 	4,159,689.92	 	 	 	-125,946.36	 
	March
    19, 2021	 	 	April
                                         19, 2021	 	 	 	4,030,874.64	 	 	 	-128,815.28	 
	April
    19, 2021	 	 	May
                                         19, 2021	 	 	 	3,903,545.32	 	 	 	-127,329.32	 
	May
    19, 2021	 	 	June
                                         19, 2021	 	 	 	3,774,841.25	 	 	 	-128,704.07	 
	June
    19, 2021	 	 	July
                                         19, 2021	 	 	 	3,647,444.10	 	 	 	-127,397.15	 
	July
    19, 2021	 	 	August
                                         19, 2021	 	 	 	3,516,117.23	 	 	 	-131,326.87	 
	August
    19, 2021	 	 	September
                                         19, 2021	 	 	 	3,385,993.57	 	 	 	-130,123.66	 
	September
    19, 2021	 	 	October
                                         19, 2021	 	 	 	3,255,756.48	 	 	 	-130,237.09	 

 

	IRD/IRS/10520728/HAN	6
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

  

 

	October
    19, 2021	 	 	November
                                         19, 2021	 	 	 	3,123,079.24	 	 	 	-132,677.24	 
	November
    19, 2021	 	 	December
                                         19, 2021	 	 	 	2,990,822.00	 	 	 	-132,257.24	 
	December
    19, 2021	 	 	January
                                         19, 2022	 	 	 	2,857,846.81	 	 	 	-132,975.19	 
	January
    19, 2022	 	 	February
                                         19, 2022	 	 	 	2,723,649.33	 	 	 	-134,197.48	 
	February
    19, 2022	 	 	March
                                         19, 2022	 	 	 	2,590,654.64	 	 	 	-132,994.69	 
	March
    19, 2022	 	 	April
                                         19, 2022	 	 	 	2,453,692.56	 	 	 	-136,962.08	 
	April
    19, 2022	 	 	May
                                         19, 2022	 	 	 	2,316,942.25	 	 	 	-136,750.31	 
	May
    19, 2022	 	 	June
                                         19, 2022	 	 	 	2,179,903.22	 	 	 	-137,039.03	 
	June
    19, 2022	 	 	July
                                         19, 2022	 	 	 	2,042,907.73	 	 	 	-136,995.49	 
	July
    19, 2022	 	 	August
                                         19, 2022	 	 	 	1,904,071.38	 	 	 	-138,836.35	 
	August
    19, 2022	 	 	September
                                         19, 2022	 	 	 	1,765,196.82	 	 	 	-138,874.56	 
	September
    19, 2022	 	 	October
                                         19, 2022	 	 	 	1,625,568.40	 	 	 	-139,628.42	 
	October
    19, 2022	 	 	November
                                         19, 2022	 	 	 	1,484,897.35	 	 	 	-140,671.05	 
	November
    19, 2022	 	 	December
                                         11, 2022	 	 	 	1,344,267.38	 	 	 	-140,629.97	 

 

*
subject to adjustment in accordance with the applicable Business Day Convention 

**on
the Calculation Period Start Date

 

	IRD/IRS/10520728/HAN	7
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

  

 

	ACY
    E-175 LLC	 
	 	OTC
    Confirmations
	 	Constanze
    Beckert
	Suite
    310	 
	Chapin
    Avenue 1440	Georgsplatz
    1
	 	D-30159
    Hannover
	94010
    Burlingame	Germany
	United
    States	 
	 	Phone:
    ****
	 	Fax:
    ****
	 	 
	 	Our
    Reference:
	 	IRD/IRS/10520738/HAN
	 	UTI:
    ****
	Fax:  ****	 
	 	Your
    Reference:
	 	 
	 	February
    08, 2019

 

Interest
Rate Swap

 

Dear
Sirs,

 

The
purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between us on the
Trade Date specified below (the “Transaction”).

 

This
letter agreement constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The
definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

 

1.  This
Confirmation supplements, forms part of, and is subject to, the 2002 ISDA Master Agreement dated as of February 07, 2019, as amended
and supplemented from time to time (the “Agreement”), between you and us.

All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.

 

2.  The
terms of the Transaction to which this Confirmation relates are as follows:

 

	IRD/IRS/10520738/HAN	1
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Trade
    Date :	 	February
                           07, 2019

        (time
        of trade : 5:50 pm Hannover time)

	Effective Date :	 	February
    08, 2019
	Termination Date :	 	May
    30, 2025, subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	FIXED AMOUNTS	 	 
	 	 	 
	Fixed Rate Payer:	 	ACY
    E-175 LLC
	 	 	 
	Fixed Rate Payer Notional
    Amount:	 	USD 6,320,000.00, subject
    to change as set forth in Annex A
	 	 	 
	Fixed Rate:	 	5.381000
    % p.a.
	 	 	 
	Fixed Rate Day Count
    Fraction :	 	ACT/360
	 	 	 
	Fixed Rate Payer Payment
    Dates :	 	Each
    Fixed Rate Payer Period End Date.
	 	 	 
	Fixed Rate Payer Period
    End Dates :	 	The 04th day of each
    month, from and including March 04, 2019 to and including May 04, 2025 and the Termination Date, subject to adjustment in
    accordance with the Modified Following Business Day Convention.
	 	 	 
	Business Days:	 	London,
    New York
	 	 	 
	FLOATING AMOUNTS	 	 
	 	 	 
	Floating Rate Payer:	 	NORDDEUTSCHE LANDESBANK
    

GIROZENTRALE
	 	 	 
	Floating Rate Payer
    Notional Amount:	 	USD 6,320,000.00, subject
    to change as set forth in Annex A
	 	 	 
	Floating Rate Option
    :	 	USD-LIBOR-BBA
	 	 	 
	Designated Maturity:	 	1
    month(s)
	 	 	 
	 	 	- except for the initial
    Calculation Period where Linear Interpolation will apply.
	 	 	 
	 	 	-
    except for the final Calculation Period where

 

	IRD/IRS/10520738/HAN	2
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	 	 	Linear
    Interpolation will apply.
	 	 	 
	Spread:	 	Plus 2.80000 % p.a.
	 	 	 
	Floating Rate Day Count
    Fraction :	 	ACT/360
	 	 	 
	1st Floating Period:	 	Februar 08, 2019 -
    March 04, 2019 ( 24 days)
	 	 	 
	1st Floating Rate:	 	5.29353 % p.a. (including
    Spread)
	 	 	 
	1st Floating Rate Interest
    Amount:	 	USD 22,303.41
	 	 	 
	Reset Dates:	 	The first day of each
    Calculation Period.
	 	 	 
	Floating Rate Payer
    Payment Dates :	 	Each Floating Rate
    Payer Period End Date.
	 	 	 
	Floating Rate Payer
    Period End Dates :	 	The 04th day of each
    month, from and including March 04, 2019 to and including May 04, 2025 and the Termination Date, subject to adjustment in
    accordance with the Modified Following Business Day Convention.
	 	 	 
	Business Days:	 	London, New York
	 	 	 
	Calculation Agent:	 	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 	 
	ACCOUNT
    DETAILS	 	 
	 	 	 
	Your
    account	 	 
	- for payments in USD	 	PLEASE ADVISE.
	 	 	 
	Our
    account	 	 
	- for payments in USD	 	JP MORGAN CHASE BANK,
    NEW YORK 

    **** 

    SWIFT CHASUS33

 

OFFICES

 

(a)
The Office of NORDDEUTSCHE LANDESBANK GIROZENTRALE for this Transaction is HANNOVER.

 

	IRD/IRS/10520738/HAN	3
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

  

 

(b)
The Office of ACY E-175 LLC for this Transaction is BURLINGAME.

 

OTHER
PROVISIONS

 

MSN17000172

 

We
would like to inform you that due to the EMIR (European Market Infrastructure Regulation) regulatory requirements, contracting
parties are obliged to comply with very short confirmation deadlines. Thus, transactions among Financial Counterparties are to
be signed by all parties 1 business day after Trade Date and transactions under participation of at least one Non-Financial Counterparty
within 2 business days after Trade Date. In order to observe these deadlines, we kindly ask you to return the countersigned confirmation
before the expiry of these deadlines.

 

For
a person or company registered in Germany liable for taxation:

As
from 01 January 2009, NORD/LB as paying agent must meet the requirement to withhold and pay “Kapitalertragsteuer”
(withholding tax) for derivatives where no legally specified exemption is applicable. Please bear in mind that when engaging yourself
in derivative trading, this is the reason why credit and debit entries might be reduced.

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by signing this Confirmation and returning it to us.

 

Yours
sincerely,

 

Norddeutsche
Landesbank Girozentrale

 

	/s/
    Thies	 	/s/
    Beckert
	Thies	 	Beckert
	 	 	 
	Confirmed as of the
    date first written:	 	 
	 	 	 
	ACY E-175 LLC	 	 
	 	 	 
		 	

 

	IRD/IRS/10520738/HAN	4
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

Annex A

 

	Calculation Period Start
 Date*:	 	Calculation Period End

    Date*:	 	 	Notional Amount in USD	 	 	Change in Currency

    Amount** in USD	 
	February
    08, 2019	 	 	March
                                         04, 2019	 	 	 	6,320,000.00	 	 	 	—	 
	March
    04, 2019	 	 	April
                                         04, 2019	 	 	 	6,244,191.11	 	 	 	-75,808.89	 
	April
    04, 2019	 	 	May
                                         04, 2019	 	 	 	6,174,643.60	 	 	 	-69,547.51	 
	May
    04, 2019	 	 	June
                                         04, 2019	 	 	 	6,106,619.70	 	 	 	-68,023.90	 
	June
    04, 2019	 	 	July
                                         04, 2019	 	 	 	6,033,696.42	 	 	 	-72,923.28	 
	July
    04, 2019	 	 	August
                                         04, 2019	 	 	 	5,963,173.55	 	 	 	-70,522.87	 
	August
    04, 2019	 	 	September
                                         04. 2019	 	 	 	5,892,323.91	 	 	 	-70,849.64	 
	September
    04, 2019	 	 	October
                                         04, 2019	 	 	 	5,820,265.23	 	 	 	-72,058.68	 
	October
    04, 2019	 	 	November
                                         04, 2019	 	 	 	5,747,883.43	 	 	 	-72,381.80	 
	November
    04, 2019	 	 	December
                                         04, 2019	 	 	 	5,676,036.21	 	 	 	-71,847.22	 
	December
    04, 2019	 	 	January
                                         04, 2020	 	 	 	5,603,007.66	 	 	 	-73,028.55	 
	January
    04, 2020	 	 	February
                                         04, 2020	 	 	 	5,532,164.13	 	 	 	-70,843.53	 
	February
    04, 2020	 	 	March
                                         04, 2020	 	 	 	5,457,663.53	 	 	 	-74,500.60	 
	March
    04, 2020	 	 	April
                                         04, 2020	 	 	 	5,382,839.99	 	 	 	-74,823.54	 
	April
    04, 2020	 	 	May
                                         04, 2020	 	 	 	5,310,910.46	 	 	 	-71,929.53	 
	May
    04, 2020	 	 	June
                                         04, 2020	 	 	 	5,235,450.80	 	 	 	-75,459.66	 
	June
    04, 2020	 	 	July
                                         04, 2020	 	 	 	5,160,446.59	 	 	 	-75,004.21	 
	July
    04, 2020	 	 	August
                                         04, 2020	 	 	 	5,086,648.74	 	 	 	-73,797.85	 
	August
    04, 2020	 	 	September
                                         04, 2020	 	 	 	5,010,216.97	 	 	 	-76,431.77	 
	September
    04, 2020	 	 	October
                                         04, 2020	 	 	 	4,934,951.67	 	 	 	-75,265.30	 
	October
    04, 2020	 	 	November
                                         04, 2020	 	 	 	4,859,337.61	 	 	 	-75,614.06	 
	November
    04, 2020	 	 	December
                                         04, 2020	 	 	 	4,782,646.85	 	 	 	-76,690.76	 
	December
    04, 2020	 	 	January
                                         04, 2021	 	 	 	4,705,612.20	 	 	 	-77,034.65	 
	January
    04, 2021	 	 	February
                                         04, 2021	 	 	 	4,628,935.47	 	 	 	-76,676.73	 
	February
    04, 2021	 	 	March
                                         04, 2021	 	 	 	4,551,903.44	 	 	 	-77,032.03	 
	March
    04, 2021	 	 	April
                                         04, 2021	 	 	 	4,472,473.33	 	 	 	-79,430.11	 
	April
    04, 2021	 	 	May
                                         04, 2021	 	 	 	4,396,053.34	 	 	 	-76,419.99	 
	May
    04, 2021	 	 	June
                                         04, 2021	 	 	 	4,315,970.96	 	 	 	-80,082.38	 
	June
    04, 2021	 	 	July
                                         04, 2021	 	 	 	4,237,488.77	 	 	 	-78,482.19	 
	July
    04, 2021	 	 	August
                                         04, 2021	 	 	 	4,159,276.32	 	 	 	-78,212.45	 
	August
    04, 2021	 	 	September
                                         04, 2021	 	 	 	4,078,824.67	 	 	 	-80,451.65	 
	September
    04, 2021	 	 	October
                                         04, 2021	 	 	 	4,001,072.64	 	 	 	-77,752.03	 
	October
    04, 2021	 	 	November
                                         04, 2021	 	 	 	3,918,739.13	 	 	 	-82,333.51	 

 

	IRD/IRS/10520738/HAN	5
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	November 04, 2021	 	 	December
                                         04, 2021	 	 	 	3,838,416.32	 	 	 	-80,322.81	 
	December 04, 2021	 	 	January
                                         04, 2022	 	 	 	3,758,295.05	 	 	 	-80,121.27	 
	January 04, 2022	 	 	February
                                         04, 2022	 	 	 	3,676,105.27	 	 	 	-82,189.78	 
	February 04, 2022	 	 	March
                                         04, 2022	 	 	 	3,594,658.18	 	 	 	-81,447.09	 
	March 04, 2022	 	 	April
                                         04, 2022	 	 	 	3,511,221.78	 	 	 	-83,436.40	 
	April 04, 2022	 	 	May
                                         04, 2022	 	 	 	3,429,010.67	 	 	 	-82,211.11	 
	May 04, 2022	 	 	June
                                         04, 2022	 	 	 	3,345,906.09	 	 	 	-83,104.58	 
	June 04, 2022	 	 	July
                                         04, 2022	 	 	 	3,263,929.21	 	 	 	-81,976.88	 
	July 04, 2022	 	 	August
                                         04, 2022	 	 	 	3,179,596.51	 	 	 	-84,332.70	 
	August 04, 2022	 	 	September
                                         04, 2022	 	 	 	3,095,373.51	 	 	 	-84,223.00	 
	September 04, 2022	 	 	October
                                         04, 2022	 	 	 	3,012,160.86	 	 	 	-83,212.65	 
	October 04, 2022	 	 	November
                                         04, 2022	 	 	 	2,926,286.581	 	 	 	-85,874.28	 
	November 04, 2022	 	 	December
                                         04, 2022	 	 	 	2,841,365.10	 	 	 	-84,921.48	 
	December 04, 2022	 	 	January
                                         04, 2023	 	 	 	2,756,050.12	 	 	 	-85,314.98	 
	January 04, 2023	 	 	February
                                         04, 2023	 	 	 	2,669,927.87	 	 	 	-86,122.25	 
	February 04, 2023	 	 	March
                                         04, 2023	 	 	 	2,584,616.67	 	 	 	-85,311.20	 
	March 04, 2023	 	 	April
                                         04, 2023 	 	 	 	2,496,953.03	 	 	 	-87,663.64	 
	April 04, 2023	 	 	May
                                         04, 2023	 	 	 	2,409,295.72	 	 	 	-87,657.31	 
	May 04, 2023	 	 	June
                                         04, 2023	 	 	 	2,321,618.56	 	 	 	-87,677.16	 
	June 04, 2023	 	 	July
                                         04, 2023	 	 	 	2,234,242.28	 	 	 	-87,376.28	 
	July 04, 2023	 	 	August
                                         04, 2023	 	 	 	2,145,780.16	 	 	 	-88,462.12	 
	August 04, 2023	 	 	September
                                         04, 2023	 	 	 	2,056,921.36	 	 	 	-88,858.80	 
	September 04, 2023	 	 	October
                                         04, 2023	 	 	 	1,968,279.00	 	 	 	-88,642.36	 
	October 04, 2023	 	 	November
                                         04, 2023	 	 	 	1,878,330.05	 	 	 	-89,948.95	 
	November 04, 2023	 	 	December
                                         04, 2023	 	 	 	1,789,114.23	 	 	 	-89,215.82	 
	December 04, 2023	 	 	January
                                         04, 2024	 	 	 	1,698,121.23	 	 	 	-90,993.00	 
	January 04, 2024	 	 	February
                                         04, 2024 	 	 	 	1,607,508.87	 	 	 	-90,612.36	 
	February 04, 2024	 	 	March
                                         04, 2024	 	 	 	1,516,716.93	 	 	 	-90,791.94	 
	March 04, 2024	 	 	April
                                         04, 2024	 	 	 	1,424,583.89	 	 	 	-92,133.04	 
	April 04, 2024	 	 	May
                                         04, 2024	 	 	 	1,332,704.05	 	 	 	-91,879.84	 
	May 04, 2024	 	 	June
                                         04, 2024	 	 	 	1,240,796.89	 	 	 	-91,907.16	 
	June 04, 2024	 	 	July
                                         04, 2024	 	 	 	1,147,509.06	 	 	 	-93,287.83	 
	July 04, 2024	 	 	August
                                         04, 2024	 	 	 	1,054,345.37	 	 	 	-93,163.69	 
	August 04, 2024	 	 	September
                                         04, 2024	 	 	 	960,749.98	 	 	 	-93,595.39	 
	 September 04, 2024	 	 	October
                                         04, 2024	 	 	 	866,577.31	 	 	 	-94,172.67	 
	October 04, 2024	 	 	November
                                         04, 2024	 	 	 	771,982.34	 	 	 	-94,594.97	 
	November 04, 2024	 	 	December
                                         04, 2024	 	 	 	677,078.59	 	 	 	-94,903.75	 
	December 04, 2024	 	 	January
                                         04, 2025	 	 	 	581,633.89	 	 	 	-95,444.70	 

 

	IRD/IRS/10520738/HAN	6
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	January
    04, 2025	 	February
    04, 2025	 	 	486,022.01	 	 	 	-95,611.88	 
	February 04, 2025	 	March 04, 2025	 	 	389,647.92	 	 	 	-96,374.09	 
	March 04, 2025	 	April 04, 2025	 	 	292,797.85	 	 	 	-96,850.07	 
	April 04, 2025	 	May 04, 2025	 	 	195,673.73	 	 	 	-97,124.12	 
	May 04, 2025	 	May 30, 2025	 	 	98,128.82	 	 	 	-97,544.91	 

 

*
subject to adjustment in accordance with the applicable Business Day Convention 

**on
the Calculation Period Start Date

 

	IRD/IRS/10520738/HAN	7
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	ACY
    SN 19002 Limited	 	 
	Suite
    310	 	OTC
    Confirmations
	Chapin
    Avenue 1440	 	Ilka
    Bredemann
	94010
    Burlingame	 	 
	United
    States	 	Georgsplatz
    1
	 	 	D-30159
    Hannover
	 	 	Germany
	 	 	 
	 	 	Phone:
    ****
	 	 	Fax:
    ****
	 	 	 
	 	 	Our
    Reference:
	 	 	IRD/IRS/10520675/HAN
	 	 	UTI:
    ****
	 	 	 
	 	 	Your
    Reference:
	 	 	 
	 	 	February
    11, 2019

 

Interest
Rate Swap

 

Dear
Sirs,

 

The
purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between us on the
Trade Date specified below (the "Transaction").

 

This
letter agreement constitutes a "Confirmation" as referred to in the Agreement specified below.

 

The
definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
Inc. ("ISDA"), are incorporated into this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

 

1.
This Confirmation supplements, forms part of, and is subject to, the 2002 ISDA Master Agreement dated as of February 07, 2019,
as amended and supplemented from time to time (the "Agreement"), between you and us.

All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.

 

2.
The terms of the Transaction to which this Confirmation relates are as follows:

 

	

        Trade
        Date:
	 	February
    07, 2019
	 	 	(time
    of trade ; 5:50 pm Hannover time)
	Effective Date:	 	February 08, 2019

 

	IRD/IRS/10520675/HAN	1
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Termination
    Date:	 	October
    03, 2020, subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	FIXED
    AMOUNTS	 	 
	 	 	 
	Fixed Rate Payer:	 	ACY SN 19002 Limited
	 	 	 
	Fixed Rate Payer Notional
    Amount:	 	USD 9,100,000.00, subject
    to change as set forth in Annex A
	 	 	 
	Fixed Rate:	 	5.957000 % p.a.
	 	 	 
	Fixed Rate Day Count
    Fraction :	 	ACT/360
	 	 	 
	Fixed Rate Payer Payment
    Dates :	 	Each Fixed Rate Payer
    Period End Date.
	 	 	 
	Fixed Rate Payer Period
    End Dates :	 	Each 24 March, 24 June,
    24 September, 24 December, from and including March 24, 2019 to and including September 24, 2020 and the Termination Date,
    subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	Business Days:	 	London, New York
	 	 	 
	FLOATING
    AMOUNTS	 	 
	 	 	 
	Floating Rate Payer:	 	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 	 
	Floating Rate Payer
    Notional Amount:	 	USD 9,100,000.00, subject
    to change as set forth in Annex A
	 	 	 
	Floating Rate Option
    :	 	USD-LIBOR-BBA
	 	 	 
	Designated Maturity:	 	3 month(s)
	 	 	 
	 	 	-
    except for the initial Calculation Period where Linear Interpolation will apply.
	 	 	 
	 	 	-
    except for the final Calculation Period where Linear Interpolation will apply.
	 	 	 
	Spread :	 	Plus 3.20000 % p.a.

 

	IRD/IRS/10520675/HAN	2
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Floating
    Rate Day Count Fraction :	 	ACT/360
	 	 	 
	1st Floating Period
    :	 	Februar 08, 2019 -
    March 25, 2019 (45 days)
	 	 	 
	1st Floating Rate:	 	5.76562 % p.a. (including
    Spread)
	 	 	 
	1st Floating Rate Interest
    Amount:	 	USD 65,583.93
	 	 	 
	Reset Dates:	 	The first day of each
    Calculation Period.
	 	 	 
	Floating Rate Payer
    Payment Dates :	 	Each Floating Rate
    Payer Period End Date.
	 	 	 
	Floating Rate Payer
    Period End Dates :	 	Each 24 March, 24 June,
    24 September, 24 December, from and including March 24, 2019 to and including September 24,2020 and the Termination Date,
    subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	Business Days :	 	London, New York
	 	 	 
	Calculation Agent :
    	 	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 	 
	ACCOUNT DETAILS	 	 
	 	 	 
	Your
    account	 	 
	- for payments in USD	 	PLEASE ADVISE
	 	 	 
	Our
    account	 	 
	- for payments in USD	 	JP MORGAN CHASE BANK,
    NEW YORK 

    **** 

    SWIFT CHASUS33

 

OFFICES

 

(a)
The Office of NORDDEUTSCHE LANDESBANK GIROZENTRALE for this Transaction is HANNOVER.

 

(b) The Office
of ACY SN 19002 Limited for this Transaction is BURLINGAME.

 

	IRD/IRS/10520675/HAN	3
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

OTHER
PROVISIONS

 

none.

 

We
would like to inform you that due to the EMIR (European Market Infrastructure Regulation) regulatory requirements, contracting
parties are obliged to comply with very short confirmation deadlines. Thus, transactions among Financial Counterparties are to
be signed by all parties 1 business day after Trade Date and transactions under participation of at least one Non-Financial Counterparty
within 2 business days after Trade Date. In order to observe these deadlines, we kindly ask you to return the countersigned confirmation
before the expiry of these deadlines.

 

For
a person or company registered in Germany liable for taxation:

As
from 01 January 2009, NORD/LB as paying agent must meet the requirement to withhold and pay "Kapitalertragsteuer" (withholding
tax) for derivatives where no legally specified exemption is applicable. Please bear in mind that when engaging yourself in derivative
trading, this is the reason why credit and debit entries might be reduced.

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by signing this Confirmation and returning it to us.

 

Yours
sincerely,

 

	Norddeutsche
    Landesbank Girozentrale	 	 
	 	 	 
	/s/
    Grünewald	 	/s/
    Bredemann
	Grünewald	 	Bredemann
	 	 	 
	Confirmed
    as of the date first written:	 	 
	 	 	 
	ACY
    SN 19002 Limited	 	 

 

		 	

 

	IRD/IRS/10520675/HAN	4
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

Annex A

 

	Calculation Period Start
 Date*:	 	Calculation Period End
 Date*:	 	Notional Amount in USD	 	 	Change in Currency

    Amount** in USD	 
	February 08, 2019	 	March 24, 2019	 	 	9,100,000.00	 	 	 	—	 
	March 24, 2019	 	June 24, 2019	 	 	8,549,081.85	 	 	 	-550,918.15	 
	June 24, 2019	 	September 24, 2019	 	 	8,059,134.67	 	 	 	-489,947.18	 
	September 24, 2019	 	December 24, 2019	 	 	7,563,143.44	 	 	 	-495,991.23	 
	December 24, 2019	 	March 24, 2020	 	 	7,058,350.02	 	 	 	-504,793.42	 
	March 24, 2020	 	June 24, 2020	 	 	6,545,955.44	 	 	 	-512,394.58	 
	June 24, 2020	 	September 24, 2020	 	 	6,026,928.41	 	 	 	-519,027.03	 
	 September 24, 2020	 	October 03, 2020	 	 	5,500,000.00	 	 	 	-526,928.41	 

 

*
subject to adjustment in accordance with the applicable Business Day Convention 

**on
the Calculation Period Start Date

 

	IRD/IRS/10520675/HAN	5
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	ACY
    SN 19003 Limited	 	 
	Chapin
    Avenue 1440	 	OTC
    Confirmations
	Suite
    310	 	Constanze
    Beckert
	94010
    Burlingame	 	 
	United
    States	 	Georgsplatz
    1
	 	 	D-30159
    Hannover
	 	 	Germany
	 	 	 
	 	 	Phone:
    +49-511-361-9748
	 	 	Fax:+49-511-361-4429
	 	 	 
	 	 	Our
    Reference:
	 	 	IRD/IRS/10520729/HAN
	 	 	UTI:
	 	 	****
	 	 	 
	Fax:
    ****	 	 
	 	 	Your
    Reference:
	 	 	 
	 	 	February
    08, 2019

 

Interest
Rate Swap

 

Dear
Sirs,

 

The
purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between us on the
Trade Date specified below (the "Transaction").

 

This
letter agreement constitutes a "Confirmation" as referred to in the Agreement specified below.

 

The
definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
Inc. ("ISDA"), are incorporated into this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

 

1.
This Confirmation supplements, forms part of, and is subject to, the 2002 ISDA Master Agreement dated as of February 07, 2019,
as amended and supplemented from time to time (the "Agreement"), between you and us.

All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.

 

2.
The terms of the Transaction to which this Confirmation relates are as follows:

 

	Trade Date:	February
    07, 2019

 

	IRD/IRS/10520729/HAN	1
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	 	 	(time
    of trade : 5:50 pm Hannover time)
	Effective Date:	 	February 08, 2019
	 	 	 
	Termination Date:	 	November 07, 2020,
    subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	FIXED
    AMOUNTS	 	 
	 	 	 
	Fixed Rate Payer:	 	ACY SN 19003 Limited
	 	 	 
	Fixed Rate Payer Notional
    Amount:	 	USD 9,100,000.00, subject
    to change as set forth in Annex A
	 	 	 
	Fixed Rate:	 	5.958000 % p.a.
	 	 	 
	Fixed Rate Day Count
    Fraction :	 	ACT/360
	 	 	 
	Fixed Rate Payer Payment
    Dates :	 	Each Fixed Rate Payer
    Period End Date.
	 	 	 
	Fixed Rate Payer Period
    End Dates :	 	Each
    24 March, 24 June, 24 September and 24 December, from and including March 24, 2019 to and including September 24, 2020 and
    the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	Business Days:	 	London, New York
	 	 	 
	FLOATING
    AMOUNTS	 	 
	 	 	 
	Floating Rate Payer:	 	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 	 
	Floating Rate Payer
    Notional Amount:	 	USD 9,100,000.00, subject
    to change as set forth in Annex A
	 	 	 
	Floating Rate Option
    :	 	USD-LIBOR-BBA
	 	 	 
	Designated Maturity:	 	3 month(s)
	 	 	 
	 	 	-
    except for the initial Calculation Period where Linear Interpolation will apply.
	 	 	 
	 	 	-
    except for the final Calculation Period where Linear Interpolation will apply.

 

	IRD/IRS/10520729/HAN	2
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	Spread
    :	 	Plus
    3.20000 % p.a.
	 	 	 
	Floating Rate Day Count
    Fraction :	 	ACT/360
	 	 	 
	1st Floating Period
    :	 	Februar
    08, 2019 - March 25, 2019 (45 days)
	 	 	 
	1st Floating Rate:	 	5.76562
    % p.a. (including Spread)
	 	 	 
	1st Floating Rate Interest
    Amount:	 	USD
    65,583.93
	 	 	 
	Reset Dates :	 	The
    first day of each Calculation Period.
	 	 	 
	Floating Rate Payer
    Payment Dates :	 	Each
    Floating Rate Payer Period End Date.
	 	 	 
	Floating Rate Payer
    Period End Dates :	 	Each
    24 March, 24 June, 24 September and 24 December, from and including March 24, 2019 to and including September 24, 2020 and
    the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
	 	 	 
	Business Days
    :	 	London,
    New York
	 	 	 
	Calculation Agent
    :	 	NORDDEUTSCHE LANDESBANK
    

    GIROZENTRALE
	 	 	 
	ACCOUNT
    DETAILS	 	 
	 	 	 
	Your
    account	 	 
	- for payments in USD	 	PLEASE
    ADVISE
	 	 	 
	Our
    account	 	 
	- for payments in USD	 	JP MORGAN CHASE BANK,
    NEW YORK 

    ****

    SWIFT CHASUS33

 

OFFICES

 

(a)
The Office of NORDDEUTSCHE LANDESBANK GIROZENTRALE for this Transaction is HANNOVER.

 

	IRD/IRS/10520729/HAN	3
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

(b)
The Office of ACY SN 19003 Limited for this Transaction is BURLINGAME.

 

OTHER
PROVISIONS

 

none

 

We
would like to inform you that due to the EMIR (European Market Infrastructure Regulation) regulatory requirements, contracting
parties are obliged to comply with very short confirmation deadlines. Thus, transactions among Financial Counterparties are to
be signed by all parties 1 business day after Trade Date and transactions under participation of at least one Non-Financial Counterparty
within 2 business days after Trade Date. In order to observe these deadlines, we kindly ask you to return the countersigned confirmation
before the expiry of these deadlines.

 

For
a person or company registered in Germany liable for taxation:

 

As
from 01 January 2009, NORD/LB as paying agent must meet the requirement to withhold and pay “Kapitalertragsteuer”
(withholding tax) for derivatives where no legally specified exemption is applicable. Please bear in mind that when engaging yourself
in derivative trading, this is the reason why credit and debit entries might be reduced.

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by signing this Confirmation and returning it to us.

 

Yours
sincerely,

 

Norddeutsche
Landesbank Girozentrale

 

	/s/
    Thies 	 	/s/
    Beckert 
	Thies	 	Beckert

 

Confirmed
as of the date first written:

 

ACY
SN 19003 Limited

 

		 	

 

	IRD/IRS/10520729/HAN	4
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

Annex
A

 

	Calculation Period Start
 Date*:	 	Calculation Period End
 Date*:	 	Notional Amount in USD	 	 	Change in Currency

    Amount** in USD	 
	February 08, 2019	 	March 24, 2019	 	 	9,100,000.00	 	 	 	—	 
	March 24, 2019	 	June 24, 2019	 	 	8,549,075.71	 	 	 	-550,924.29	 
	June 24, 2019	 	September 24, 2019	 	 	8,059,132.51	 	 	 	-489,943.20	 
	September 24, 2019	 	December 24, 2019	 	 	7,563,144.32	 	 	 	-495,988.19	 
	December 24, 2019	 	March 24, 2020	 	 	7,058,352.51	 	 	 	-504,791.81	 
	March 24, 2020	 	June 24, 2020	 	 	6,545,958.29	 	 	 	-512,394.22	 
	June 24, 2020	 	September 24, 2020	 	 	6,026,930.50	 	 	 	-519,027.79	 
	September 24, 2020	 	November 07, 2020	 	 	5,500,000.00	 	 	 	-526,930.50	 

 

*
subject to adjustment in accordance with the applicable Business Day Convention

**on the Calculation Period Start Date

 

	IRD/IRS/10520729/HAN	5
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	ACY
    E-175 LLC	 
	 	OTC
    Confirmations
	 	Constanze
    Beckert
	Suite
    310	 
	Chapin
    Avenue 1440	Georgsplatz
    1
	 	D-30159
    Hannover
	94010
    Burlingame	Germany
	United
    States	 
	 	Phone:
    ****
	 	Fax:
    ****
	 	 
	 	Our
    Reference:
	 	IRD/IRS/10520740/HAN
	 	UTI:
    ****
	 	 
	Fax:  ****	 
	 	 
	 	 
	 	Your
    Reference:
	 	 
	 	February
    08, 2019

 

Interest
Rate Swap

 

Dear
Sirs,

 

The
purpose of this letter agreement is to confirm the terms and conditions of the Swap Transaction entered into between us on the
Trade Date specified below (the “Transaction”).

 

This
letter agreement constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The
definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between those definitions
and provisions and this Confirmation, this Confirmation will govern.

 

1.
This Confirmation supplements, forms part of, and is subject to, the 2002 ISDA Master Agreement dated as of February 07, 2019,
as amended and supplemented from time to time (the “Agreement”), between you and us.

 

All
provisions contained in the Agreement govern this Confirmation except as expressly modified below.

 

	IRD/IRS/10520740/HAN	1
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

2.
The terms of the Transaction to which this Confirmation relates are as follows:

 

	Trade Date
    :	February
    07, 2019

    (time of trade : 5:50 pm Hannover time)
	 	 
	Effective Date
    :	February 08, 2019
	 	 
	Termination Date
    :	May 30, 2025, subject
    to adjustment in accordance with the Modified Following Business Day Convention.
	 	 
	FIXED
    AMOUNTS	 
	 	 
	Fixed Rate Payer
    :	ACY E-175 LLC
	 	 
	Fixed Rate Payer Notional
    Amount :	USD 6,320,000.00, subject
    to change as set forth in Annex A
	 	 
	Fixed Rate
    :	5.381000 %
    p.a.
	 	 
	Fixed Rate Day Count
    Fraction :	ACT/360
	 	 
	Fixed Rate Payer Payment
    Dates :	Each Fixed Rate Payer
    Period End Date.
	 	 
	Fixed Rate Payer Period
    End Dates :	The 04th day of each
    month, from and including March 04, 2019 to and including May 04, 2025 and the Termination Date, subject to adjustment in
    accordance with the Modified Following Business Day Convention.
	 	 
	Business Days
    :	London, New York
	 	 
	FLOATING
    AMOUNTS	 
	 	 
	Floating Rate Payer
    :	NORDDEUTSCHE LANDESBANK

    GIROZENTRALE
	 	 
	Floating Rate Payer
    Notional Amount :	USD 6,320,000.00, subject
    to change as set forth in Annex A
	 	 
	Floating Rate Option
    :	USD-LIBOR-BBA
	 	 
	Designated Maturity
    :	1 month(s)
	 	 
	 	- except for the initial
    Calculation Period where Linear Interpolation will apply.

 

	IRD/IRS/10520740/HAN	2
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	 	- except
    for the final Calculation Period where Linear Interpolation will apply.
	 	 
	Spread :	Plus 2.80000 %
    p.a.
	 	 
	Floating Rate Day Count
    Fraction :	ACT/360
	 	 
	1st Floating Period
    :	Februar 08, 2019 -
    March 04, 2019 (24 days)
	 	 
	1st Floating Rate
    :	5.29353 % p.a. (including
    Spread)
	 	 
	1st Floating Rate Interest
    Amount :	USD 22,303.41
	 	 
	Reset Dates
    :	The first day of each
    Calculation Period.
	 	 
	Floating Rate Payer
    Payment Dates :	Each Floating Rate
    Payer Period End Date.
	 	 
	Floating Rate Payer
    Period End Dates :	The 04th day of each
    month, from and including March 04, 2019 to and including May 04, 2025 and the Termination Date, subject to adjustment in
    accordance with the Modified Following Business Day Convention.
	 	 
	Business Days
    :	London, New York
	 	 
	Calculation Agent
    :	NORDDEUTSCHE LANDESBANK

    GIROZENTRALE
	 	 
	ACCOUNT
    DETAILS	 
	 	 
	Your account	PLEASE ADVISE.
	- for payments in USD	 
	 	 
	Our
    account	 
	- for payments in USD	JP MORGAN CHASE BANK,
    NEW YORK 

    ****

    SWIFT CHASUS33

 

OFFICES

 

	(a)
    The Office of NORDDEUTSCHE LANDESBANK GIROZENTRALE for this Transaction is HANNOVER.

 

	IRD/IRS/10520740/HAN	3
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

(b)
The Office of ACY E-175 LLC for this Transaction is BURLINGAME.

 

OTHER
PROVISIONS

 

MSN17000173

 

We
would like to inform you that due to the EMIR (European Market Infrastructure Regulation) regulatory requirements, contracting
parties are obliged to comply with very short confirmation deadlines. Thus, transactions among Financial Counterparties are to
be signed by all parties 1 business day after Trade Date and transactions under participation of at least one Non-Financial Counterparty
within 2 business days after Trade Date. In order to observe these deadlines, we kindly ask you to return the countersigned confirmation
before the expiry of these deadlines.

 

For
a person or company registered in Germany liable for taxation:

 

As
from 01 January 2009, NORD/LB as paying agent must meet the requirement to withhold and pay “Kapitalertragsteuer”
(withholding tax) for derivatives where no legally specified exemption is applicable. Please bear in mind that when engaging yourself
in derivative trading, this is the reason why credit and debit entries might be reduced.

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by signing this Confirmation and returning it to us.

 

Yours
sincerely,

 

Norddeutsche
Landesbank Girozentrale

 

	/s/
    Thies 	 	/s/
    Beckert 
	Thies	 	Beckert

 

Confirmed
as of the date first written:

 

ACY
E-175 LLC

 

		 	

 

	IRD/IRS/10520740/HAN	4
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

Annex
A

 

	Calculation Period Start
 Date*:	 	Calculation Period End
 Date*:	 	Notional Amount in USD	 	 	Change in Currency

    Amount** in USD	 
	February 08, 2019	 	March 04, 2019	 	 	6,320,000.00	 	 	 	—	 
	March 04, 2019	 	April 04, 2019	 	 	6,244,191.11	 	 	 	-75,808.89	 
	April 04, 2019	 	May 04, 2019	 	 	6,174,643.60	 	 	 	-69,547.51	 
	May 04,2019	 	June 04, 2019	 	 	6,106,619.70	 	 	 	-68,023.90	 
	June 04, 2019	 	July 04, 2019	 	 	6,033,696.42	 	 	 	-72,923.28	 
	July 04, 2019	 	August 04, 2019	 	 	5,963,173.55	 	 	 	-70,522.87	 
	August 04, 2019	 	September 04, 2019	 	 	5,892,323.91	 	 	 	-70,849.64	 
	September 04, 2019	 	October 04, 2019	 	 	5,820,265.23	 	 	 	-72,058.68	 
	October 04, 2019	 	November 04, 2019	 	 	5,747,883.43	 	 	 	-72,381.80	 
	November 04, 2019	 	December 04, 2019	 	 	5,676,036.21	 	 	 	-71,847.22	 
	December 04, 2019	 	January 04, 2020	 	 	5,603,007.66	 	 	 	-73,028.55	 
	January 04, 2020	 	February 04, 2020	 	 	5,532,164.13	 	 	 	-70,843.53	 
	February 04, 2020	 	March 04, 2020	 	 	5,457,663.53	 	 	 	-74,500.60	 
	March 04, 2020	 	April 04, 2020	 	 	5,382,839.99	 	 	 	-74,823.54	 
	April 04, 2020	 	May 04, 2020	 	 	5,310,910.46	 	 	 	-71,929.53	 
	May 04, 2020	 	June 04, 2020	 	 	5,235,450.80	 	 	 	-75,459.66	 
	June 04, 2020	 	July 04, 2020	 	 	5,160,446.59	 	 	 	-75,004.21	 
	July 04, 2020	 	August 04, 2020	 	 	5,086,648.74	 	 	 	-73,797.85	 
	August 04, 2020	 	September 04, 2020	 	 	5,010,216.97	 	 	 	-76,431.77	 
	September 04, 2020	 	October 04, 2020	 	 	4,934,951.67	 	 	 	-75,265.30	 
	October 04, 2020	 	November 04, 2020	 	 	4,859,337.61	 	 	 	-75,614.06	 
	November 04, 2020	 	December 04, 2020	 	 	4,782,646.85	 	 	 	-76,690.76	 
	December 04, 2020	 	January 04, 2021	 	 	4,705,612.20	 	 	 	-77,034.65	 
	January 04, 2021	 	February 04, 2021	 	 	4,628,935.47	 	 	 	-76,676.73	 
	February 04, 2021	 	March 04, 2021	 	 	4,551,903.44	 	 	 	-77,032.03	 
	March 04, 2021	 	April 04, 2021	 	 	4,472,473.33	 	 	 	-79,430.11	 
	April 04, 2021	 	May 04, 2021	 	 	4,396,053.34	 	 	 	-76,419.99	 
	May 04, 2021	 	June 04, 2021	 	 	4,315,970.96	 	 	 	-80,082.38	 
	June 04, 2021	 	July 04, 2021	 	 	4,237,488.77	 	 	 	-78,482.19	 
	July 04, 2021	 	August 04, 2021	 	 	4,159,276.32	 	 	 	-78,212.45	 
	August 04, 2021	 	September 04, 2021	 	 	4,078,824.67	 	 	 	-80,451.65	 
	September 04, 2021	 	October 04, 2021	 	 	4,001,072.64	 	 	 	-77,752.03	 
	October 04, 2021	 	November 04, 2021	 	 	3,918,739.13	 	 	 	-82,333.51	 

 

	IRD/IRS/10520740/HAN	5
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	November 04, 2021	 	December 04, 2021	 	 	3,838,416.32	 	 	 	-80,322.81	 
	December 04, 2021	 	January 04, 2022	 	 	3,758,295.05	 	 	 	-80,121.27	 
	January 04, 2022	 	February 04, 2022	 	 	3,676,105.27	 	 	 	-82,189.78	 
	February 04, 2022	 	March 04, 2022	 	 	3,594,658.18	 	 	 	-81,447.09	 
	March 04, 2022	 	April 04, 2022	 	 	3,511,221.78	 	 	 	-83,436.40	 
	April 04, 2022	 	May 04, 2022	 	 	3,429,010.67	 	 	 	-82,211.11	 
	May 04, 2022	 	June 04, 2022	 	 	3,345,906.09	 	 	 	-83,104.58	 
	June 04, 2022	 	July 04, 2022	 	 	3,263,929.21	 	 	 	-81,976.88	 
	July 04, 2022	 	August 04, 2022	 	 	3,179,596.51	 	 	 	-84,332.70	 
	August 04, 2022	 	September 04, 2022	 	 	3,095,373.51	 	 	 	-84,223.00	 
	September 04, 2022	 	October 04, 2022	 	 	3,012,160.86	 	 	 	-83,212.65	 
	October 04, 2022	 	November 04, 2022	 	 	2,926,286.58	 	 	 	-85,874.28	 
	November 04, 2022	 	December 04, 2022	 	 	2,841,365.10	 	 	 	-84,921.48	 
	December 04, 2022	 	January 04, 2023	 	 	2,756,050.12	 	 	 	-85,314.98	 
	January 04, 2023	 	February 04, 2023	 	 	2,669,927.87	 	 	 	-86,122.25	 
	February 04, 2023	 	March 04, 2023	 	 	2,584,616.67	 	 	 	-85,311.20	 
	March 04, 2023	 	April 04, 2023	 	 	2,496,953.03	 	 	 	-87,663.64	 
	April 04, 2023	 	May 04, 2023	 	 	2,409,295.72	 	 	 	-87,657.31	 
	May 04, 2023	 	June 04, 2023	 	 	2,321,618.56	 	 	 	-87,677.16	 
	June 04, 2023	 	July 04, 2023	 	 	2,234,242.28	 	 	 	-87,376.28	 
	July 04, 2023	 	August 04, 2023	 	 	2,145,780.16	 	 	 	-88,462.12	 
	August 04, 2023	 	September 04, 2023	 	 	2,056,921.36	 	 	 	-88,858.80	 
	September 04, 2023	 	October 04, 2023	 	 	1,968,279.00	 	 	 	-88,642.36	 
	October 04, 2023	 	November 04, 2023	 	 	1,878,330.05	 	 	 	-89,948.95	 
	November 04, 2023	 	December 04, 2023	 	 	1,789,114.23	 	 	 	-89,215.82	 
	December 04, 2023	 	January 04, 2024	 	 	1,698,121.23	 	 	 	-90,993.00	 
	January 04, 2024	 	February 04, 2024	 	 	1,607,508.87	 	 	 	-90,612.36	 
	February 04, 2024	 	March 04, 2024	 	 	1,516,716.93	 	 	 	-90,791.94	 
	March 04, 2024	 	April 04, 2024	 	 	1,424,583.89	 	 	 	-92,133.04	 
	April 04, 2024	 	May 04, 2024	 	 	1,332,704.05	 	 	 	-91,879.84	 
	May 04, 2024	 	June 04, 2024	 	 	1,240,796.89	 	 	 	-91,907.16	 
	June 04, 2024	 	July 04, 2024	 	 	1,147,509.06	 	 	 	-93,287.83	 
	July 04, 2024	 	August 04, 2024	 	 	1,054,345.37	 	 	 	-93,163.69	 
	August 04, 2024	 	September 04, 2024	 	 	960,749.98	 	 	 	-93,595.39	 
	September 04, 2024	 	October 04, 2024	 	 	866,577.31	 	 	 	-94,172.67	 
	October 04, 2024	 	November 04, 2024	 	 	771,982.34	 	 	 	-94,594.97	 
	November 04, 2024	 	December 04, 2024	 	 	677,078.59	 	 	 	-94,903.75	 
	December 04, 2024	 	January 04, 2025	 	 	581,633.89	 	 	 	-95,444.70	 

 

	IRD/IRS/10520740/HAN	6
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

 

     

     

    

 

 

	January 04, 2025	 	February 04, 2025	 	 	486,022.01	 	 	 	-95,611.88	 
	February 04, 2025	 	March 04, 2025	 	 	389,647.92	 	 	 	-96,374.09	 
	March 04, 2025	 	April 04, 2025	 	 	292,797.85	 	 	 	-96,850.07	 
	April 04, 2025	 	May 04, 2025	 	 	195,673.73	 	 	 	-97,124.12	 
	May 04, 2025	 	May 30, 2025	 	 	98,128.82	 	 	 	-97,544.91	 

 

*
subject to adjustment in accordance with the applicable Business Day Convention

**on
the Calculation Period Start Date

 

	IRD/IRS/10520740/HAN	7
	 	 	 	 
	Norddeutsche Landesbank	Friedrichswall 10	www.nordlb.de	Anstalt des öffentlichen
    Rechts mit Sitz in
	-Girozentrale-	30159 Hannover	Telefon ****	Hannover –
    AG Hannover HRA 26247
	 	 	Telefax ****	Braunschweig –
    AG Braunschweig HRA 10261
	 Finanzgruppe	Postfach 30151 Hannover	BIC NOLADE2HXXX	Magdeburg –
    AG Stendal HRA 22150

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]