Document:

Eigth Amendment to the Amended and Restated Series 2002-2 Supplement, dated
      as of November 30, 2006

    Exhibit
      10.1

    
 

    EIGHTH
      AMENDMENT TO THE AMENDED AND RESTATED

    SERIES
      2002-2 SUPPLEMENT

     

    

     

    This
      EIGHTH AMENDMENT TO THE AMENDED AND RESTATED SERIES 2002-2 SUPPLEMENT (this
      “Amendment”),
      dated
      as of November 30, 2006, amends the Amended and Restated Series 2002-2
      Supplement (the “Series
      2002-2 Supplement”),
      dated
      as of November 22, 2002, as amended by the First Amendment thereto, dated as
      of
      October 30, 2003, the Second Amendment thereto, dated as of June 3, 2004, the
      Third Amendment thereto, dated as of November 30, 2004, the Fourth Amendment
      thereto, dated as of November 28, 2005, the Fifth Amendment thereto, dated
      as of
      December 23, 2005, the Sixth Amendment thereto, dated as of February 17, 2006
      and the Seventh Amendment thereto, dated as of March 21, 2006, among AVIS BUDGET
      RENTAL CAR FUNDING (AESOP) LLC (formerly known as Cendant Rental Car Funding
      (AESOP) LLC, formerly known as AESOP Funding II L.L.C.), a special purpose
      limited liability company established under the laws of Delaware (“ABRCF”),
      AVIS
      BUDGET CAR RENTAL, LLC
      (formerly known as Cendant Car Rental Group, LLC, formerly known as Cendant
      Car
      Rental Group, Inc.) (“Avis
      Budget”),
      a
      limited liability company established under the laws of Delaware, as
      administrator (the “Administrator”),
      JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (formerly known as JPMorgan Chase
      Bank), a national banking association, as administrative agent (the
“Administrative
      Agent”),
      the
      several commercial paper conduits listed on Schedule I thereto (each a
“CP
      Conduit Purchaser”),
      the
      several banks set forth opposite the name of each CP Conduit Purchaser on
      Schedule I thereto (each an “APA
      Bank”
with
      respect to such CP Conduit Purchaser), the several agent banks set forth
      opposite the name of each CP Conduit Purchaser on Schedule I thereto (each
      a
“Funding
      Agent”
with
      respect to such CP Conduit Purchaser), THE BANK OF NEW YORK TRUST COMPANY,
      N.A.
      (as successor in interest to The Bank of New York), a national banking
      association, as trustee (in such capacity, the “Trustee”)
      and as
      agent for the benefit of the Series 2002-2 Noteholders (in such capacity, the
      “Series
      2002-2 Agent”),
      to
      the Second Amended and Restated Base Indenture, dated as of June 3, 2004,
      between ABRCF and the Trustee (as amended, modified or supplemented from time
      to
      time, exclusive of Supplements creating a new Series of Notes, the “Base
      Indenture”).
      All
      capitalized terms used herein and not otherwise defined herein shall have the
      respective meanings provided therefor in the Definitions List attached as
      Schedule I to the Base Indenture (as amended through the date hereof) or the
      Series 2002-2 Supplement, as applicable.

     

    W
      I T
      N E S S E T H:

     

    WHEREAS,
      pursuant to Section 12.2 of the Base Indenture, any Supplement thereto may
      be
      amended with the consent of ABRCF, the Trustee and each affected Noteholder
      of
      the applicable Series of Notes, so long as such amendment only affects the
      Noteholders of such Series of Notes;

     

    WHEREAS,
      the parties desire to amend the Series 2002-2 Supplement to (i) extend the
      Scheduled Expiry Date and (ii) provide for the delivery by ABRCF to the
      Administrative Agent of certain information relating to Avis Budget; 

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    WHEREAS,
      each Acquiring Purchaser Group (as defined below) wishes to purchase a portion
      of the Transferor Purchaser Group’s (as defined below) Commitment and Purchaser
      Group Invested Amount under the Series 2002-2 Supplement and the Series 2002-2
      Notes pursuant to Section 11.1(e) of the Series 2002-2 Supplement; and

     

    WHEREAS,
      ABRCF
      has
      requested the Trustee, the Series 2002-2 Agent, the Administrator, the
      Administrative Agent and each Series 2002-2 Noteholder to, and, upon the
      effectiveness of this Amendment, ABRCF, the Trustee, the Series 2002-2 Agent,
      the Administrator, the Administrative Agent and the Series 2002-2 Noteholders
      have agreed to, amend certain provisions of the Series 2002-2 Supplement as
      set
      forth herein; 

     

    NOW,
      THEREFORE, it is agreed: 

     

    1.  Amendment
      of Definitions.
      The
      following defined term, as set forth in Article I(b) of the Series 2002-2
      Supplement, is hereby amended and restated in its entirety
      as
      follows: 

     

    ““Scheduled
      Expiry Date”
means,
      with respect to any Purchaser Group, November 29, 2007, as such date may be
      extended in accordance with Section 2.6(b).”

     

    

    2.  Miscellaneous.
      The
      following section is hereby added as Section 11.22 of the Series 2002-2
      Supplement:

     

    “Section
      11.22. Information.
      ABCRF
      shall promptly provide to the Administrative Agent a copy of the financial
      information and any other materials required to be delivered to ABCRF
      pursuant to Section 31.5(i) and (ii) under the Leases. The Administrative Agent
      shall provide copies of all such information and other materials furnished
      to it
      by ABCRF pursuant to this Section 11.22 to each Funding Agent.”

    

    3.  Amendment
      to Schedule I.
      (a) On
      the Series 2002-2 Eighth Amendment Effective Date (as defined below), Schedule
      I
      to the Series 2002-2 Supplement shall be amended by deleting such Schedule
      in
      its entirety and substituting in lieu thereof a new Schedule I in the form
      of
      Schedule A to this Amendment, which shall (i) first, effect the sale and
      assignment by Paradigm Funding LLC and WestLB AG, New York Branch (collectively,
      the “Transferor
      Purchaser Group”)
      to
      Thames Asset Global Securitization No. 1, Inc. and The Royal Bank of Scotland
      (collectively, the “New
      Acquiring Purchaser Group”)
      of a
      portion of the Transferor Purchaser Group’s respective rights, obligations and
      commitments under the Series 2002-2 Supplement and the Series 2002-2 Notes
      pursuant to Section 11.1(e) of the Series 2002-2 Supplement, and (ii) second,
      effect the sale and assignment by the Transferor Purchaser Group to Atlantic
      Asset Securitization LLC and Calyon New York Branch (collectively, the
“Existing
      Acquiring Purchaser Group”
and,
      together with the New Acquiring Purchaser Group, the “Acquiring
      Purchaser Groups”)
      of the
      remainder of the Transferor Purchaser Group’s respective rights, obligations and
      commitments under the Series 2002-2 Supplement and the Series 2002-2 Notes
      pursuant to Section 11.1(e) of the Series 2002-2 Supplement. 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (b)
       This
      Amendment shall, for the purposes of Section 11.1(e) of the Series 2002-2
      Supplement, constitute a Purchaser Group Supplement, and the respective transfer
      of the rights and obligations of the Transferor Purchaser Group to each
      Acquiring Purchaser Group shall constitute a valid transfer under the terms
      of
      such Section 11.1(e).

     

    4.  New
      Acquiring Purchaser Group and Transferor Purchaser Group.
      Upon
      the execution and delivery of this Amendment by the New Acquiring Purchaser
      Group, the Funding Agent with respect thereto, and the Transferor Purchaser
      Group on the Series 2002-2 Eighth Amendment Effective Date, (i) the CP Conduit
      Purchaser, the Funding Agent and the APA Bank with respect to such New Acquiring
      Purchaser Group shall be parties to the Series 2002-2 Supplement for all
      purposes thereof and (ii) the CP Conduit Purchaser, the Funding Agent and the
      APA Bank with respect to such Transferor Purchaser Group shall no longer be
      parties to the Series 2002-2 Supplement and shall no longer have any obligations
      in such capacity thereunder, other than as expressly set forth in this
      Amendment.

     

    5.  Assignments.
      (a) The
      Transferor Purchaser Group hereby irrevocably sells, assigns and transfers
      to
      each Acquiring Purchaser Group, without recourse, representation or warranty
      (except as set forth in Section 5(e)(i) hereof), and each Acquiring Purchaser
      Group hereby irrevocably purchases, takes and assumes from the Transferor
      Purchaser Group, the respective portion reflected by the amendment to Schedule
      I
      effected hereby (such Acquiring Purchaser Group’s “Purchased
      Percentage”)
      of the
      Commitment Amount with respect to the APA Banks included in the Transferor
      Purchaser Group under the Series 2002-2 Supplement. 

     

    (b) The
      Transferor Purchaser Group has made arrangements with each Acquiring Purchaser
      Group with respect to (i) the portion, if any, to be paid, and the date or
      dates
      for payment, by the Transferor Purchaser Group to such Acquiring Purchaser
      Group
      of any Commitment Fees with respect to such Acquiring Purchaser Group’s
      Purchased Percentage of the Transferor Purchaser Group’s Commitment heretofore
      received by the Transferor Purchaser Group pursuant to the Series 2002-2
      Supplement prior to the Series 2002-2 Eighth Amendment Effective Date and (ii)
      the portion, if any, to be paid and the date or dates for payment, by such
      Acquiring Purchaser Group to the Transferor Purchaser Group of Commitment Fees
      or Series 2002-2 Monthly Interest received by such Acquiring Purchaser Group
      pursuant to the Series 2002-2 Supplement from and after the Transfer Issuance
      Date. 

     

    (c)
       From
      and
      after the Series 2002-2 Eighth Amendment Effective Date, amounts that would
      otherwise be payable to or for the account of the Transferor Purchaser Group
      pursuant to the Series 2002-2 Supplement shall, instead, be payable to or for
      the accounts of the Acquiring Purchaser Groups in accordance with their
      respective Purchased Percentages, whether such amounts have accrued prior to
      the
      Series 2002-2 Eighth Amendment Effective Date or accrue subsequent to the Series
      2002-2 Eighth Amendment Effective Date. 

     

    (d) Each
      of
      the Transferor Purchaser Group and each Acquiring Purchaser Group
      agrees
      that at any time and from time to time upon the written request of any other
      party, it will execute and deliver such further documents and do such further
      acts and things as such other party may reasonably request in order to effect
      the purposes of the assignment pursuant to this Section 5. 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    (e)
       By
      executing and delivering this Amendment, the Transferor Purchaser Group confirms
      to and agrees with each Acquiring Purchaser Group, and each Acquiring Purchaser
      Group, separately and not jointly, confirms to and agrees with the Transferor
      Purchaser Group as follows: (i) other than the representation and warranty
      that
      the Transferor Purchaser Group is the legal and beneficial owner of the interest
      being assigned hereby free and clear of any adverse claim, the Transferor
      Purchaser Group makes no representation or warranty and assumes no
      responsibility with respect to any statements, warranties or representations
      made in or in connection with the Series 2002-2 Supplement or the execution,
      legality, validity, enforceability, genuineness, sufficiency or value of the
      Indenture, the Series 2002-2 Notes, the Related Documents or any instrument
      or
      document furnished pursuant thereto; (ii) the Transferor Purchaser Group makes
      no representation or warranty and assumes no responsibility with respect to
      the
      financial condition of ABRCF or the performance or observance by ABRCF of any
      of
      ABRCF’s obligations under the Indenture, the Related Documents or any other
      instrument or document furnished pursuant hereto; (iii) each Acquiring Purchaser
      Group confirms that it has received a copy of the Indenture and such other
      Related Documents and other documents and information as it has deemed
      appropriate to make its own credit analysis and decision to enter into this
      Amendment; and (iv) each Acquiring Purchaser Group will, independently and
      without reliance upon the Administrative Agent, the Transferor Purchaser Group
      or any other Person and based on such documents and information as it shall
      deem
      appropriate at the time, continue to make its own credit decisions in taking
      or
      not taking action under the Indenture. 

     

    (f) By
      executing and delivering this Amendment, the New Acquiring Purchaser Group
      confirms to and agrees with the Transferor Purchaser Group as follows: (i)
      the
      New Acquiring Purchaser Group appoints and authorizes the Administrative Agent
      to take such action as agent on its behalf and to exercise such powers under
      the
      Series 2002-2 Supplement as are delegated to the Administrative Agent by the
      terms thereof together with such powers as are reasonably incidental thereto,
      all in accordance with Article IX of the Series 2002-2 Supplement; (ii) each
      member of the New Acquiring Purchaser Group appoints and authorizes the Funding
      Agent with respect to the New Acquiring Purchaser Group to take such action
      as
      agent on its behalf and to exercise such powers under the Series 2002-2
      Supplement as are delegated to such Funding Agent by the terms thereof, together
      with such powers as are reasonably incidental thereto, all in accordance with
      Article X of the Series 2002-2 Supplement; (vii) each member of the New
      Acquiring Purchaser Group agrees that it will perform in accordance with their
      terms all of the obligations which by the terms of the Indenture are required
      to
      be performed by it as a member of the New Acquiring Purchaser Group and (viii)
      each member of the New Acquiring Purchaser Group confirms that it is an Eligible
      Assignee. 

     

    (g)
       The
      address of the New Acquiring Purchaser Group for notices
      for
      the purposes of Section 11.20 of the Series 2002-2 Supplement is:

     

    
      	 	
              The
                Royal Bank of Scotland plc

              Head
                of Securitisation

              135
                Bishopsgate, London EC2M 3UR

              Telephone:
                +44 (0) 207 085 6441

              Securitisation.support@rbos.com

            	 

    

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    

      
        	 	 

                The
                  Royal Bank of Scotland plc, New York Branch

                101
                  Park Avenue

                New
                  York, NY 10178

                Attention:
                  Frank Guerra

                Telephone:
                  212-401-3783

                frank.guerra@rbos.com

              	 
	 	
                 

                With
                  a copy to:

                 

                RBS
                  Greenwich Capital

                600
                  Steamboat Road

                Greenwich,
                  CT 06830

                Attention:
                  Mike Zappaterrini

                Attention:
                  Joe McElroy

                Telephone:
                  203-618-6257

                Telephone:
                  203-618-6234

                michael.zappaterrini@gcm.com

                joe.mcelroy@gcm.com

              	 

      

    

    6.  This
      Amendment is limited as specified and, except as expressly stated herein, shall
      not constitute a modification, acceptance or waiver of any other provision
      of
      the Series 2002-2 Supplement.

     

    7.  Consent
      to Extension under Section 2.6(b).
      Each
      Purchaser Group, by executing this Amendment hereby agrees to the extension
      of
      the Scheduled Expiry Date as effected by this Amendment.

     

    8.  This
      Amendment shall become effective as of the first date (the “Series
      2002-2 Eighth Amendment Effective Date”)
      on
      which each of the following
      have occurred: (i) each of the parties hereto shall have executed and delivered
      this Amendment to the Trustee, and the Trustee shall have executed this
      Amendment, (ii) the Rating Agency Consent Condition shall have been satisfied
      with respect to this Amendment and (iii) all certificates and opinions of
      counsel required under the Base Indenture or by the Series 2002-2 Noteholders
      shall have been delivered to the Trustee and the Series 2002-2 Noteholders,
      as
      applicable. 

     

    9.  From
      and
      after the Series 2002-2 Eighth Amendment Effective Date, all references to
      the
      Series 2002-2 Supplement shall be deemed to be references to the Series 2002-2
      Supplement as amended hereby.

     

    10.  This
      Amendment may be executed in separate counterparts by the parties hereto, each
      of which when so executed and delivered shall be an original but all of which
      shall together constitute one and the same instrument.

     

    11.  THIS
      AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
      CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
      YORK.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
      executed by their respective duly authorized officers as of the date above
      first
      written.

     

    

     

    
      	 	 	
              AVIS
                BUDGET RENTAL CAR FUNDING (AESOP) LLC, as Issuer

               

            	 
	 	
              By:

            	
              /s/
                Lori Gebron

            	 
	 	 	
              Name: Lori
                Gebron

              Title: Vice
                President

            	 

    

    

     

    
      	 	 	
              THE
                BANK OF NEW YORK TRUST COMPANY (as successor in interest to The Bank
                of
                New York), as Trustee and Series 2002-2
                Agent

               

            	 
	 	
              By:

            	
              /s/
                Marian Onischak

            	 
	 	 	
              Name: Marian
                Onischak

              Title: Vice
                President

            	 

    

    

     

    
      	 	 	
              JPMORGAN
                CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent

               

            	 
	 	
              By:

            	
              /s/
                George S. Wilkins

            	 
	 	 	
              Name: George
                S. Wilkins

              Title: Vice
                President

            	 

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    AGREED,
      ACKNOWLEDGED AND CONSENTED:

    

     

    
      	 	
              SHEFFIELD
                RECEIVABLES CORPORATION, 

              as
                a CP Conduit Purchaser under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              Barclays
                Bank PLC

              as
                Attorney-in-Fact

               

            	 	 
	
              By:

            	
              /s/
                Janette Lieu

            	 	 
	 	
              Name: Janette
                Lieu

              Title: Director

            	 	 

    

    

     

    
      	 	
              BARCLAYS
                BANK PLC,

              as
                a Funding Agent and an APA Bank under the Series 2002-2
                Supplement

               

            	 	 
	
              By:

            	
              /s/
                Jeffrey Goldberg

            	 	 
	 	
              Name: Jeffrey
                Goldberg 

              Title: Associate
                Director

            	 	 

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              GEMINI
                SECURITIZATION CORP., LLC, as a CP Conduit Purchaser under the Series
                2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                R. Douglas Donaldson

            	 	 
	 	
              Name: R.
                Douglas Donaldson

              Title:
                 Treasurer

            	 	 

    

     

     

    
      	 	
              DEUTSCHE
                BANK AG, NEW YORK BRANCH, as
                a Funding Agent and an APA Bank under the Series 2002-2
                Supplement

               

            	 	 
	
              By:

            	
              /s/
                Michael Cheng

            	 	 
	 	
              Name: Michael
                Cheng

              Title:
                 Director

            	 	 

    

     

    
      	
              By:

            	
              /s/
                Kevin Tanzer

            	 	 
	 	
              Name: Kevin
                Tanzer 

              Title: Director

            	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              LIBERTY
                STREET FUNDING CORPORATION, 

              as
                a CP Conduit Purchaser under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                Jill A. Gordon

            	 	 
	 	
              Name: Jill
                A. Gordon 

              Title: Vice
                President

            	 	 

    

     

     

    
      	 	
              THE
                BANK OF NOVA SCOTIA,

              as
                a Funding Agent and an APA Bank under the Series 2002-2
                Supplement

               

            	 	 
	
              By:

            	
              /s/
                William R. Collins

            	 	 
	 	
              Name: William
                R. Collins 

              Title: Managing
                Director

            	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	 	
              PARADIGM
                FUNDING LLC,

              as
                a CP Conduit for the Transferor Purchaser Group

               

            	 	 
	
              By:

            	
              /s/
                Evelyn Echevarria

            	 	 
	 	
              Name: Evelyn
                Echevarria

              Title:
                 Vice
                President

            	 	 

    

     

     

    
      	 	
              WESTLB
                AG, NEW
                YORK BRANCH, 

              as
                a Funding Agent and an APA Bank for the Transferor Purchaser
                Group

               

            	 	 
	
              By:

            	
              /s/
                Brian Statfeld

            	 	 
	 	
              Name: Brian
                Statfeld

              Title:
                 Managing
                Director

            	 	 

    

     

     

    
      	
              By:

            	
              /s/
                Matthew F. Tallo

            	 	 
	 	
              Name: Matthew
                F. Tallo

              Title:
                 Director

            	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    
      	 	
              YC
                SUSI TRUST, 

              as
                a CP Conduit Purchaser under the Series 2002-2 Supplement

            	 	 
	
              By:
                

               

            	
              Bank
                of America, National Association, 

              as
                Administrative Trustee

            	 	 

    

    

    
      	
              By:

            	
              /s/
                Jeremy Grubb

            	 	 
	 	
              Name: Jeremy
                Grubb

              Title:
                Vice President

            	 	 

    

     

     

     

    
      	 	
              BANK
                OF AMERICA, NATIONAL ASSOCIATION,
                

              as
                a Funding Agent and an APA Bank under the Series 2002-2
                Supplement

               

            	 	 
	
              By:

            	
              /s/
                Jeremy Grubb

            	 	 
	 	
              Name: Jeremy
                Grubb

              Title:
                 Vice
                President

            	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              THAMES
                ASSET GLOBAL SECURITIZATION NO. 1, INC., 

              as
                a CP Conduit Purchaser for the New Acquiring Purchaser Group and
                under the
                Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                R. Douglas Donaldson

            	 	 
	 	
              Name: R.
                Douglas Donaldson

              Title: Treasurer

            	 	 

    

    

    
      	 	
              THE
                ROYAL BANK OF SCOTLAND PLC,
                as
                a Funding Agent under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                Michael Zappaterrini

            	 	 
	 	
              Name: Michael
                Zappaterrini

              Title: Managing
                Director

            	 	 

    

    

    
      	 	
              THE
                ROYAL BANK OF SCOTLAND PLC, NEW YORK BRANCH,
                as
                an APA Bank under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                Belinda Wheeler

            	 	 
	 	
              Name: Belinda
                Wheeler

              Title: Senior
                Vice President

            	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              CHARTA,
                LLC, 

              as
                a CP Conduit Purchaser under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              Citicorp
                North America, Inc., as

              Attorney-in-fact

            	 	 

    

    

     

    
      	 	
              /s/
                Richard C. Simons

            	 	 
	
              By:

            	
              Name: Richard
                C. Simons

              Title: Vice
                President

            	 	 

    

    

    

    

    
      	 	
              CITIBANK,
                N.A., 

              as
                an
                APA Bank under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                Hugo Arias

            	 	 
	 	
              Name: Hugo
                Arias

              Title: Vice
                President

            	 	 

    

    

    

    
      	 	
              CITICORP
                NORTH AMERICA, INC., 

              as
                a Funding Agent under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                Richard C. Simons

            	 	 
	 	
              Name: Richard
                C. Simons

              Title: Vice
                President

            	 	 

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              JUPITER
                SECURITIZATION CORPORATION,
                

              as
                a
                CP Conduit Purchaser under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                George S. Wilkins

            	 	 
	 	
              Name: George
                S. Wilkins

              Title:
                 Vice
                President

            	 	 

    

    

    
      	 	
              JPMORGAN
                CHASE BANK, NATIONAL
                ASSOCIATION, 

              as
                a Funding Agent under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                George S. Wilkins

            	 	 
	 	
              Name: George
                S. Wilkins

              Title:
                 Vice
                President

            	 	 

    

    

    
      	 	
              JPMORGAN
                CHASE BANK, NATIONAL
                ASSOCIATION,
                

              as
                an APA Bank under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              /s/
                George S. Wilkins

            	 	 
	 	
              Name: George
                S. Wilkins

              Title:
                 Vice
                President

            	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              ATLANTIC
                ASSET SECURITIZATION LLC, as a CP Conduit Purchaser for the Existing
                Acquiring Purchaser Group and under the Series 2002-2
                Supplement

               

            	 	 
	
              By:

            	
              /s/
                Sam Pilcer

            	 	 
	 	
              Name: Sam
                Pilcer

              Title: Managing
                Director

            	 	 

    

    

    
      	
              By:

            	
              /s/
                Kostantina Kourmpetis

            	 	 
	 	
              Name: Kostantina
                Kourmpetis

              Title: Managing
                Director

            	 	 

    

     

     

    
      	 	
              CALYON
                NEW YORK BRANCH,

              as
                a Funding Agent and an APA Bank for the Existing Acquiring Purchaser
                Group
                and under the Series 2002-2 Supplement

               

            	 	 
	
              By:

            	
              Calyon
                New York Branch,

              as
                Attorney-in-Fact

            	 	 

    

     

     

    
      	
              By:

            	
              /s/
                Sam Pilcer

            	 	 
	 	
              Name: Sam
                Pilcer

              Title: Managing
                Director

            	 	 

    

     

     

    
      	
              By:

            	
              /s/
                Kostantina Kourmpetis

            	 	 
	 	
              Name: Kostantina
                Kourmpetis

              Title: Managing
                Director

            	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              AVIS
                BUDGET CAR RENTAL, LLC, as Administrator

               

            	 	 
	
              By:

            	
              /s/
                Karen C. Sclafani

            	 	 
	 	
              Name:
                Karen C. Sclafani 

              Title:
                Executive
                Vice President and Assistant Secretary

            	 	 

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I TO SERIES 2002-2 SUPPLEMENT

     

    
      	 	
              CP
                Conduit

               

            	
              APA
                Bank

               

            	
              Funding
                Agent

               

            	
              APA
                Bank Percentage

               

            	
              Maximum
                

              Purchaser
                Group

              Invested
                Amount

               

            	
              Match
                Funding

               

            	
              Purchased

              Percentage

               

            
	
              1.

               

            	
              Sheffield
                Receivables Corporation

               

            	
              Barclays
                Bank PLC

               

            	
              Barclays
                Bank PLC

               

            	
              100%

               

            	
              $100,000,000

               

            	
              Yes

               

            	
              10.0%

               

            
	
              2.

               

            	
              Atlantic
                Asset Securitization LLC

               

            	
              Calyon
                New York Branch

               

            	
              Calyon
                New York Branch

               

            	
              100%

               

            	
              $100,000,000

               

            	
              No

               

            	
              10.0%

               

            
	
              3.

               

            	
              Thames
                Asset Global Securitization No. 1., Inc. 

            	
              The
                Royal Bank of Scotland plc, New York Branch

               

            	
              The
                Royal Bank of Scotland plc

               

            	
              100%

               

            	
              $100,000,000

               

            	
              No

               

            	
              10.0%

               

            
	
              4.

               

            	
              Gemini
                Securitization Corp., LLC

               

            	
              Deutsche
                Bank AG, New York Branch

               

            	
              Deutsche
                Bank AG, New York Branch

               

            	
              100%

               

            	
              $125,000,000

               

            	
              No

               

            	
              12.5%

               

            
	
              5.

               

            	
              Liberty
                Street Funding Corporation

               

            	
              The
                Bank of Nova Scotia

               

            	
              The
                Bank of Nova Scotia

               

            	
              100%

               

            	
              $125,000,000

               

            	
              No

               

            	
              12.5%

               

            
	
              6.

               

            	
              YC
                SUSI Trust

               

            	
              Bank
                of America, National Association

               

            	
              Bank
                of America, National Association

               

            	
              100%

               

            	
              $125,000,000

               

            	
              No

               

            	
              12.5%

               

            
	
              7.

            	
              Charta,
                LLC

               

            	
              Citibank,
                N.A.

               

            	
              Citicorp
                North America, Inc.

               

            	
              100%

               

            	
              $125,000,000

               

            	
              No

               

            	
              12.5%

               

            
	
              8.

               

            	
              Jupiter
                Securitization Corporation

               

            	
              JPMorgan
                Chase Bank, National Association

               

            	
              JPMorgan
                Chase Bank, National Association

               

            	
              100%

               

            	
              $200,000,000

               

            	
              No

               

            	
              20.0%Purchase Agreement (N16648)

    
      

      

    

     

    SCHEDULE
      10.1

     

     

    

     

     

    PURCHASE
      AGREEMENT (N16648)

     

    

     

    dated
      as
      of December 6, 2006

     

    between

     

    PLM
      CAL II LLC,

    as
      Seller,

     

    and

     

    DOUGHERTY
      AIR TRUSTEE, LLC,

    as
      Purchaser

     

    _______________________________

     

    One
      (1)
      Boeing model 737-524 Aircraft

     

    Manufacturer’s
      Serial Number 28909

     

    _______________________________

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    ARTICLE IDEFINITIONS

    Section
      1.1.Defined
      Terms

     

    ARTICLE IISALE
      AND
      PURCHASE; OTHER AGREEMENTS

    Section
      2.1.Sale
      and
      Purchase

    Section
      2.2.Acquisition
      Price; Payment

    Section
      2.3.Rent
      Payments

    Section
      2.4.Taxes

     

    ARTICLE IIICLOSING;
      CONDITIONS TO CLOSING

    Section
      3.1.Closing

    Section
      3.2.Seller’s
      Conditions to Closing

    Section
      3.3.Purchaser’s
      Conditions to Closing

     

    ARTICLE IVREPRESENTATIONS,
      WARRANTIES AND COVENANTS

    Section
      4.1.Representations,
      Warranties and Covenants of Seller

    Section
      4.2.Representations,
      Warranties and Covenants of Purchaser

     

    ARTICLE VRESERVED
      RIGHTS

    Section
      5.1.Reserved
      Rights

    Section
      5.2.Allocation
      of Amounts

    Section
      5.3.Indemnification

    Section
      5.4.Mutual
      Cooperation

     

    ARTICLE VIMISCELLANEOUS

    Section
      6.1.Transaction
      Costs

    Section
      6.2.Brokers,
      Finders, Etc.

    Section
      6.3.Announcements

    Section
      6.4.Counterparts

    Section
      6.5.Amendments,
      Etc.; Entire Agreement

    Section
      6.6.Successors
      and Assigns

    Section
      6.7.Governing
      Law; Submission to Jurisdiction

    Section
      6.8.WAIVER
      OF
      JURY TRIAL

    Section
      6.9.Notices,
      Etc.

    Section
      6.10.Severability
      of Provisions

    Section
      6.11.Headings,
      Etc.

    Section
      6.12.Further
      Assurances; Confidentiality

    Section
      6.13.Survival

    Section
      6.14.Counterparts

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    

     

     

    

     

     

    SCHEDULES
      AND EXHIBITS

     

    
      	
              SCHEDULE
                1

            	
              Transaction
                Documents 

            
	
              SCHEDULE
                2

            	
              Financial
                Information

            
	
              EXHIBIT
                A

            	
              Form
                of Assignment and Assumption Agreement

            
	
              EXHIBIT
                B

            	
              Form
                of Tax Indemnity Agreement
                Assignment

            

    

    

    

    

    

    

     

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    PURCHASE
      AGREEMENT (N16648)

     

    THIS
      PURCHASE AGREEMENT (N16648), dated
      as
      of December 6, 2006 (this “Agreement”),
      is by
      and between PLM
      CAL II LLC,
      a
      Delaware limited liability company (“Seller”)
      and
DOUGHERTY
      AIR TRUSTEE, LLC, a
      Delaware limited liability company, not in its individual capacity, but solely
      as the investment trustee under the Investment Trust Agreement (“Purchaser”).
      

     

    WHEREAS,
      Seller
      owns the beneficial interest in the trust estate created pursuant to the Trust
      Agreement 648 listed on Schedule 1 hereto;

     

    WHEREAS,
      upon
      the terms and subject to the conditions set forth herein, Seller desires to
      sell, assign, transfer, convey and set over to Purchaser, and Purchaser desires
      to purchase, accept and assume from Seller, Seller’s right, title and interest
      in and to such beneficial interest;

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants and agreements herein contained and for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, subject to the terms and conditions set forth herein,
      the
      parties hereto hereby agree as follows:

     

    ARTICLE I  

     

    DEFINITIONS

     

    Section
      1.1.  Defined
      Terms.
      

     

    (a)  The
      following terms shall have the following meanings for all purposes of this
      Agreement:

     

    “Acquisition
      Price”
shall
      have the meaning set forth in Section 2.2(a).

     

    “Aircraft”
means
      that certain Boeing 737-524 aircraft bearing manufacturer’s serial number 28909
      and Federal Aviation Administration Registration Number N16648 and two CFM
      International, Inc. CFM 56-3-B1 model engines bearing manufacturer’s serial
      numbers 858704 and 858705, respectively.

     

    “Applicable
      Law”
means
      all applicable laws of any Governmental Authority, including, without
      limitation, federal, state and foreign securities laws, tax laws, tariff and
      trade laws, ordinances, judgments, decrees, injunctions, writs and orders or
      like actions of any Governmental Authority and rules, regulations, orders,
      interpretations, licenses, and permits of any federal, regional, state, county,
      municipal or other Governmental Authority.

     

    “Assignment
      and Assumption Agreement”
means
      an assignment and assumption agreement with respect to the Equity Interest
      Transfer, substantially in the form of Exhibit A hereto.

     

    “Business
      Day”
means
      any day other than a Saturday, Sunday or other day on which commercial banks
      are
      authorized or required by law to close in New York, New York, Minneapolis,
      Minnesota, Wilmington, Delaware or Salt Lake City, Utah. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Citizen
      of the United States”
      means a
“citizen of the United States” within the meaning of 49 U.S.C. §
40102(a)(15).

     

    “Closing
      Date”
means
      the date on which the Equity Interest Transfer is consummated, which date shall
      be a Business Day specified by Seller and reasonably acceptable to Purchaser
      (and which date shall be on or before December 10, 2006, unless Seller and
      Purchaser agree to a later date).

     

    “Equity
      Interest”
means
      all of the beneficial interest in the Trust Estate and all of Owner
      Participant’s right, title and interest in, to and under the Transaction
      Documents (including, without limitation, the Trust Agreement, but excluding
      Reserved Rights) arising from and after the Closing Date.

     

    “Equity
      Interest Transfer”
means
      the transfer, sale and assignment from Seller to Purchaser of the Equity
      Interest as contemplated by, and subject to the terms and conditions of, this
      Agreement and the Assignment and Assumption Agreement.

     

    “Event
      of Loss”
means
      an “Event of Loss” under any Transaction Document.

     

    “FAA”
      shall
      have the meaning assigned to such term in the Participation
      Agreement.

     

    “Governmental
      Authority”
means
      any nation or government (including any state or other political subdivision
      of
      either thereof) and any entity exercising executive, legislative, judicial,
      regulatory or administrative functions of or pertaining to
      government.

     

    “Guarantor”
means
      Tennessee Commerce Bank, a Tennessee banking association.

     

    “Guaranty”
means
      that certain Guaranty (N16648) dated as of even date hereof in form and
      substance reasonably satisfactory to Lessee, Owner Trustee, and Mortgagee,
      providing for the guaranty by Guarantor of Purchaser’s obligations under the
      Transaction Documents.

     

    “Indebtedness”
      means
      the
      amount set forth in Schedule 2 hereto. 

     

    “International
      Registry”
      has the
      meaning set forth in the Cape Town Convention on International Interests in
      Mobile Equipment and the related Aircraft Equipment Protocol, as in effect
      in
      the United States. 

     

    “Investment
      Trust Agreement”
      means
      that certain Investment Trust Agreement as to Dougherty Air IV Investment Trust,
      dated as of November 27, 2006, between Dougherty Air Trustee, LLC and Republic
      Bank, Inc.

     

    “Lease”
means
      the Lease Agreement 648 listed on Schedule 1 hereto.

     

    “Lessee”
means
      Continental Airlines, Inc.

     

    “Lien”
means
      any mortgage, pledge, security interest, charge, lien or other
      encumbrance.

     

    “Owner
      Participant”
shall
      have the meaning assigned to such term in the Participation
      Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Owner
      Trustee”
means
      Wells Fargo Bank Northwest, National Association, as successor to First Security
      Bank, National Association, not in its individual capacity except as otherwise
      expressly provided but solely as Owner Trustee.

     

    “Participation
      Agreement”
means
      the Participation Agreement 648 listed on Schedule 1 hereto.

     

    “Person”
means
      any individual, corporation, partnership, joint venture, association, limited
      liability company, joint-stock company, trust, unincorporated organization
      or
      any Governmental Authority or any political subdivision thereof.

     

    “Reserved
      Rights”
means
      any and all rights and interests of Seller in respect of the following:
      (i) Seller’s right to tax and other indemnification under any Transaction
      Document as a result of or arising out of events occurring or circumstances
      existing prior to the Closing Date (or claim asserted against Seller with
      respect to a matter subsequent to such Closing Date, if Seller would otherwise
      be entitled to indemnification for such claim under a Transaction Document),
      (ii) each and every obligation of Lessee to provide liability insurance on
      behalf of or in favor of Seller as an additional insured under any Transaction
      Document, (iii) any interest payable by Lessee on any amount referred to in
      clauses (i) and (ii) above, and (iv) the right to enforce payment of the
      amounts referred to in clauses (i) through (iii) above. 

     

    “Tax
      Indemnity Agreement”
means
      the Tax Indemnity Agreement 648 listed on Schedule 1 hereto.

     

    “Tax
      Indemnity Agreement Assignment”
      means
      that certain Tax Indemnity Agreement 648 Assignment dated as of even date hereof
      in a form acceptable to Purchaser and Lessee.

     

    “Transaction
      Documents”
means,
      collectively, the documentation identified as such on Schedule 1 attached
      hereto.

     

    “Transfer
      Documents”
means,
      collectively, this Agreement, the Assignment and Assumption Agreement, the
      Guaranty and Tax Indemnity Agreement Assignment.

     

    “Trust
      Agreement”
means
      the Trust Agreement 648 listed on Schedule 1 hereto.

     

    “Trust
      Estate”
shall
      have the meaning set forth in the Trust Agreement.

     

    “Trust
      Indenture”
means
      the Trust Indenture and Mortgage 648 listed on Schedule 1 hereto.

     

    (b)  Capitalized
      terms used herein to the extent not defined above shall have the meaning
      specified in the Participation Agreement (as such terms are defined, by
      reference to another document or otherwise).

     

    (c)  Unless
      otherwise indicated, all references in this Agreement to sections, paragraphs,
      clauses, schedules, appendices and exhibits are to sections, paragraphs,
      clauses, schedules, appendices and exhibits in and to this
      Agreement.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    ARTICLE II  

     

    SALE
      AND PURCHASE; OTHER AGREEMENTS

     

    Section
      2.1.  Sale
      and Purchase.

     

    (a)  Sale
      of Equity Interest.
      Subject
      to the terms and conditions set forth herein and in the Assignment and
      Assumption Agreement (including, without limitation, satisfaction of the
      conditions precedent set forth herein and in the Assignment and Assumption
      Agreement), on the Closing Date, Seller hereby agrees to sell, convey, assign,
      transfer and set over unto Purchaser, as of the Closing Date, the Equity
      Interest.

     

    (b)  Purchase
      of Equity Interest.
      Subject
      to the terms and conditions set forth herein and in the Assignment and
      Assumption Agreement (including, without limitation, satisfaction of the
      conditions precedent set forth herein), on the Closing Date, Purchaser hereby
      agrees to purchase and accept from Seller, as of the Closing Date, the Equity
      Interest.

     

    (c)  Closing.
      The
      closing and effectiveness (“Closing”)
      of the
      Equity Interest Transfer contemplated hereby shall take place (i) upon the
      execution and delivery of the Assignment and Assumption Agreement, (ii) upon
      satisfaction (or waiver) of the conditions precedent set forth herein and in
      the
      Assignment and Assumption Agreement, and (iii) on the Closing Date. In the
      event
      that the Closing does not take place on or before December 10, 2006, this
      Agreement shall automatically terminate and be of no further effect with the
      exception of the obligations under Sections 6.1 and 6.12, hereof, which shall
      survive termination.

     

    Section
      2.2.  Acquisition
      Price; Payment.

     

    (a)  Acquisition
      Price for the Equity Interest.
      The
      purchase price payable by Purchaser to Seller for the Equity Interest on the
      Closing Date (the “Acquisition
      Price”)
      shall
      be the amount set forth in Schedule 2 attached hereto. The Acquisition Price
      for
      the Equity Interest shall be payable by Purchaser in lawful dollar currency
      of
      the United States of America in the manner contemplated by, and to Seller’s
      account specified in, paragraph (b) of this Section 2.2.

     

    (b)  Payment
      Instructions.
      Payment
      of the Acquisition Price on the Closing Date shall be made to the account of
      Seller by wire transfer of immediately available funds, without deduction or
      withholding of any kind, to the following account or any other account and
      in
      such other manner as Seller may direct:

     

    Bank:   Comerica
      Bank

    ABA
      Number:  121137522  

    Account
      Number: 1891533166

    Account
      Name: PLM
      International, Inc.

    Reference:  N16648

     

    (c)  Event
      of Loss.
      In the
      event of an Event of Loss with respect to the Aircraft prior to the Closing
      Date, the obligations of Purchaser and Seller hereunder (except under
      Section 6.12(b)) shall terminate.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Section
      2.3.  Rent
      Payments.
      All
      Rent due prior to the Closing Date will be for the account of Seller regardless
      of when paid by Lessee and all Rent due on or after the Closing Date will be
      for
      the Account of Purchaser regardless of when paid by Lessee. If either Purchaser
      or Seller receives from Lessee any Rent for the account of the other party,
      such
      other party receiving such Rent shall pay the amount received to the other
      party
      within three Business Days after receipt.

     

    Section
      2.4.  Taxes.
      Seller
      shall be responsible for payment of and shall pay (at no after-tax cost to
      Purchaser, Owner Trustee or the Trust Estate (collectively, the “Tax
      Indemnitees”
and,
      individually, a “Tax
      Indemnitee”)
      any
      and all license, recording and documentation fees, and sales, use, excise,
      transfer, value added, gross receipts, property or any other similar taxes,
      fees
      or charges imposed on or with respect to the Aircraft, or the ownership,
      leasing, use or operation thereof or the rentals derived therefrom (hereinafter,
      individually, a “Covered
      Tax”,
      and
      collectively, “Covered
      Taxes”)
      imposed by the United States federal or any state or local government or taxing
      authority upon or in respect of the sale, assignment or transfer of the Equity
      Interest as contemplated hereby (provided, however, that Seller shall not be
      responsible for any (a) taxes based on, measured by, or with respect to net
      or gross income or capital of such Tax Indemnitee or (b) taxes related to
      the Aircraft and arising after the Closing). Seller shall indemnify each Tax
      Indemnitee against the imposition of any Covered Tax immediately upon receipt
      of
      such Indemnitee’s demand therefor, which demand shall be accompanied by
      documentation evidencing the imposition of such Covered Tax. Subject to the
      scheduled locations of the equipment constituting the Trust Estate on the
      Closing Date, Purchaser agrees to cooperate with Seller concerning the time
      of
      closing of the transaction contemplated hereby on the Closing Date so as to
      eliminate or minimize the imposition of any Taxes that otherwise might be
      imposed upon or in respect of the Equity Interest Transfer as contemplated
      hereby.

     

    If
      Seller
      disputes the payment of any Covered Taxes payable by Seller or Purchaser for
      which Seller is responsible under this Agreement, Seller shall have the right,
      at Seller’s expense, to contest the payment of such Covered Taxes, provided that
      (i) Purchaser in its sole discretion considers that such contest shall not
      materially prejudice it or result in any risk of criminal penalty or danger
      of
      sale, forfeiture or loss of the Aircraft or Equity Interest, (ii) Seller
      has provided Purchaser with an opinion, reasonably satisfactory to Purchaser,
      that it is more likely than not that the contest will be successful, and
      (iii) Seller has made adequate provision to the satisfaction of Purchaser
      in respect of the expenses concerned.

     

    ARTICLE III  

     

    CLOSING;
      CONDITIONS TO CLOSING

     

    Section
      3.1.  Closing.
      The
      closing in respect of the Equity Interest Transfer shall commence at such time
      as Seller and Purchaser may mutually agree on the Closing Date.

     

    Section
      3.2.  Seller’s
      Conditions to Closing.
      The
      obligation of Seller to sell, convey, assign, transfer and set over the Equity
      Interest to Purchaser on the Closing Date is subject to the satisfaction (to
      the
      reasonable satisfaction of Seller) or the waiver by Seller of the following
      conditions precedent: 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (a)  Representations
      and Warranties.
      The
      representations and warranties of Purchaser contained herein and in all
      other Transfer Documents to which Purchaser is a party and of the Guarantor
      contained in the Guaranty shall be true and correct as of the Closing Date
      with
      the same force and effect as though made on and as of the Closing Date, except
      to the extent that any such representation or warranty relates solely to an
      earlier date in which case such representation or warranty shall have been
      true
      and correct on and as of such earlier date. 

     

    (b)  Due
      Authorization.
      Seller
      shall have received (i) a copy of the articles of organization and operating
      agreement of Purchaser, (ii) a good standing certificate for Purchaser in the
      state of Delaware, and (iii) such officer or incumbency certificates as may
      be
      necessary to establish the authority of the Purchaser’s signatories to the
      Transfer Documents.

     

    (c)  Consents
      and Approvals.
      All
      approvals and consents which are required under the Transaction Documents in
      connection with the transaction contemplated by this Agreement, and the other
      Transfer Documents, shall have been duly obtained, given, accomplished or
      waived.

     

    (d)  No
      Default.
      Purchaser shall not be in default of any of its obligations hereunder or under
      any of the Transfer Documents to which it is a party and Guarantor shall not
      be
      in default of any of its obligations under the Guaranty. No Default or Event
      of
      Default as defined in the Transaction Documents shall have occurred and be
      continuing and each of the Transaction Documents shall be in full force and
      effect.

     

    (e)  Acquisition
      Price.
      Seller
      shall have received the Acquisition Price relating to the Equity Interest to
      be
      transferred on the Closing Date in the manner contemplated by, and to the
      account specified in, Section 2.2 herein.

     

    (f)  Guaranty.
      Purchaser shall have caused the Guarantor to provide the Guaranty to Lessee,
      Owner Trustee and Mortgagee.

     

    (g)  Litigation.No
      action, proceeding or investigation shall have been instituted or threatened
      by
      any Person before any Governmental Authority, nor shall any order, writ,
      judgment or decree have been issued or proposed to be issued by any Governmental
      Authority as of the Closing Date, which in any case questions the validity
      or
      legality of this Agreement, the transactions contemplated hereby or by the
      Transaction Documents or the ability of either party hereto to consummate any
      of
      such transactions.

     

    (h)  Assignment
      and Assumption Agreement.
      Seller
      shall have received this Agreement and the Assignment and Assumption Agreement,
      in each case duly executed and delivered by Purchaser. The Assignment and
      Assumption Agreement shall have been duly filed with the FAA. 

     

    
                (i)  Insurance.
        Seller
        shall have received evidence satisfactory to it that it has been named as
        an
        additional insured under the liability policies maintained pursuant to the
        Lease.

    

     

    (j)  No
      Sales Tax.
      The
      Aircraft shall be located in a jurisdiction in which, in Seller’s judgment, no
      sales, use or similar tax will be due upon or in respect of the sale, assignment
      or transfer of the Equity Interest as contemplated hereby. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (k)  FAA
      Counsel Opinion.
      Seller
      shall have received an opinion from McAfee & Taft, special FAA counsel, in
      the customary form, scope and substance satisfactory to the Seller as to title
      to the Aircraft and related Engines and as to the appropriate filings with
      the
      FAA and the International Registry, if any.

     

    Section
      3.3.  Purchaser’s
      Conditions to Closing.
      The
      obligation of Purchaser to acquire the Equity Interest and to pay the
      Acquisition Price on the Closing Date is subject to the satisfaction of (to
      the
      reasonable satisfaction of Purchaser), or the waiver by Purchaser of the
      following conditions precedent:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of Seller contained herein, in all other Transfer
      Documents to which it is a party and in all of the Transaction Documents shall
      be true and correct as of the Closing Date with the same force and effect as
      though made on and as of the Closing Date, except to the extent that any such
      representation or warranty relates solely to an earlier date in which case
      such
      representation or warranty shall have been true and correct on and as of such
      earlier date. 

     

    (b)  Due
      Authorization.
      Purchaser shall have received (i) a copy of the articles of organization and
      operating agreement of Seller, (ii) a good standing certificate for Seller
      in
      the State of Delaware, and (iii) such officer or incumbency certificates as
      may
      be necessary to establish the authority of the signatories to the Transfer
      Documents.

     

    (c)  Consents
      and Approvals.
      All
      approvals and consents required under the Transaction Documents in connection
      with the transaction contemplated by this Agreement and the Assignment and
      Assumption Agreement relating to the Equity Interest to be transferred on the
      Closing Date shall have been duly obtained, given or accomplished. 

     

    (d)  No
      Default.
      Seller
      shall not be in default of any of its obligations hereunder or under any of
      the
      Transfer Documents to which it is a party. No Default or Event of Default as
      defined in the Transaction Documents shall have occurred and be continuing
      and
      each of the Transaction Documents shall be in full force and
      effect.

     

    (e)  No
      Material Adverse Change.
      On the
      Closing Date, there shall have been no material adverse change in the condition
      of the Aircraft.

     

    (f)  Assignment
      and Assumption Agreement.
      Purchaser shall have received this Agreement and the Assignment and Assumption
      Agreement, in each case duly executed and delivered by Seller. The Assignment
      and Assumption Agreement shall have been duly filed with the FAA.

     

    (g)  Insurance.
      Purchaser shall have received (i) a certificate from Lessee’s independent
      insurance broker evidencing the insurance required to be maintained pursuant
      to
      the Lease and listing Purchaser and Purchaser’s beneficiary as additional
      insureds; and (ii) a report from Lessee’s insurance broker evidencing Lessee’s
      compliance with the terms of the Lease and as to such other matters as Purchaser
      may reasonably request.

     

    (h)  FAA
      Counsel Opinion.
      Purchaser shall have received an opinion from McAfee & Taft, special FAA
      counsel, in the customary form, scope and substance satisfactory to the
      Purchaser as to title to the Aircraft and related Engines and as to the
      appropriate filings with the FAA and the International Registry, if
      any.

     

    
      
        
        

      

      
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    (i)  Tax
      Indemnity Agreement.
      Seller
      has assigned Purchaser, pursuant to an assignment in form and substance as
      the
      attached Exhibit B, all of Sellers right, title and interest in and to that
      certain Tax Indemnity Agreement 648 arising from and after the Closing Date,
      but
      excluding in each case any and all rights and interests of Seller in respect
      of
      the following: (i) Seller’s right to tax and other indemnification under
      the Tax Indemnity Agreement as a result of or arising out of events occurring
      or
      circumstances existing prior to the Closing Date (or claim asserted against
      Seller with respect to a matter subsequent to the Closing Date, if Seller would
      otherwise be entitled to indemnification for such claim under the Tax Indemnity
      Agreement, (ii) any interest payable by Lessee on any amount referred to
      above and (iii) the right to enforce payment of the amounts referred to in
      clauses (i) and (ii) above.

     

    (j)  Litigation.No
      action, proceeding or investigation shall have been instituted or threatened
      by
      any Person before any Governmental Authority, nor shall any order, writ,
      judgment or decree have been issued or proposed to be issued by any Governmental
      Authority as of the Closing Date, which in any case questions the validity
      or
      legality of this Agreement, the transactions contemplated hereby or by the
      Transaction Documents or the ability of either party hereto to consummate any
      of
      such transactions.

     

    ARTICLE IV  

     

    REPRESENTATIONS,
      WARRANTIES AND COVENANTS

     

    Section
      4.1.  Representations,
      Warranties and Covenants of Seller.
      Seller
      hereby represents and warrants to Purchaser, as of the date hereof and as of
      the
      Closing Date as follows:

     

    (a)  Organization,
      Corporate Authority, Etc.
      Seller
      is a limited liability company duly formed, validly existing and in good
      standing under the laws of the State of Delaware. Seller has all requisite
      power
      and authority to enter into and perform its obligations under the Transfer
      Documents.

     

    (b)  Authorization,
      Etc.
      This
      Agreement and the Assignment and Assumption Agreement (when entered into by
      Seller) have been (or will have been) duly authorized, executed and delivered
      by
      Seller and this Agreement and the Assignment and Assumption Agreement
      constitutes (or will constitute) the legal, valid and binding obligations of
      Seller, enforceable against Seller in accordance with its terms, except as
      enforcement of the terms hereof and thereof may be limited by applicable
      bankruptcy, insolvency, reorganization, liquidation, moratorium or similar
      laws
      affecting enforcement of creditors’ rights generally, and by general principles
      of equity.

     

    (c)  No
      Violation.
      None of
      the execution, delivery or performance by Seller of the Transfer Documents,
      or
      the consummation by Seller of the transaction contemplated hereby and thereby,
      will contravene any Applicable Law binding on Seller or any of its property,
      or
      any provision of the certificate of formation or operating agreement of Seller,
      or will result in a breach of, or constitute a default under, or contravene
      any
      provision of, any mortgage, deed of trust, indenture or other agreement or
      instrument to which Seller is a party or by which Seller or all or any of its
      property or assets is bound.

     

    
      
        
        

      

      
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    (d)  Seller’s
      Liens; Indebtedness.
      Seller
      is the sole legal and beneficial owner of the Equity Interest and the
      Indebtedness is equal to the outstanding principal and accrued interest due
      under the Trust Indenture as of the date of this Agreement. There are no Liens
      on the Equity Interest, and on the Closing Date, Seller will transfer to
      Purchaser good and marketable title to the Equity Interest, other than the
      Reserved Rights, free and clear of any and all Liens other than Liens permitted
      by the terms of the Transaction Documents. 

     

    (e)  No
      Consents or Approvals.
      None of
      the execution, delivery or performance by Seller of the Transfer Documents,
      or
      the consummation by Seller of the transaction contemplated hereby and thereby,
      requires the consent or approval of, the giving of notice to, the registration,
      recording or filing of any documents with, or the taking of any other action
      in
      respect of, any Governmental Authority, except such as have been obtained or
      effected on or prior to the Closing Date.

     

    (f)  No
      Litigation.
      There
      are no pending or, to the best of Seller’s knowledge, threatened investigations,
      suits or proceedings against Seller or affecting Seller or its properties,
      that,
      if determined adversely, would adversely affect the consummation of the
      transaction contemplated by, or the performance by Seller of its obligations
      under, the Transfer Documents.

     

    (g)  No
      Violation of Law.
      Seller
      is not in breach of any Applicable Law that would have an adverse effect on
      Seller or on the transaction contemplated by, or on Seller’s ability to perform
      its obligations under, the Transfer Documents.

     

    (h)  Disclaimer.
      EXCEPT
      AS PROVIDED IN ONE OR MORE OF THE TRANSFER DOCUMENTS, SELLER HAS NOT, AND SHALL
      NOT BE DEEMED TO HAVE MADE, AND SELLER HEREBY EXPRESSLY DISCLAIMS, ANY
      REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, STATUTORY OR
      OTHERWISE, WITH RESPECT TO THE AIRCRAFT, THE TRUST ESTATE, THE EQUITY INTEREST
      OR THE TRANSACTION DOCUMENTS, INCLUDING WITHOUT LIMITATION, ANY IMPLIED
      WARRANTIES OF MERCHANTABILITY, COMPLIANCE WITH DESCRIPTION, FITNESS FOR ANY
      PARTICULAR PURPOSE, AIRWORTHINESS, QUALITY, WORKMANSHIP, VALUE, CONDITION,
      DESIGN, MANUFACTURE, PERFORMANCE OR OPERATION, OR ANY WARRANTIES OR
      REPRESENTATIONS ARISING OUT OF CUSTOMARY TRADE USAGE AND PRIOR COURSE OF
      DEALING, WHETHER OR NOT ANY DEFECT IS APPARENT OR LATENT ON THE CLOSING
      DATE.

     

    (i)  Damage
      to Aircraft.
      Seller
      has no knowledge or notice that any loss or damage relating to the Aircraft,
      or
      an event that, with lapse of time or the making of a determination or both,
      might cause any loss or damage, has occurred, except for immaterial losses
      or
      damage that does not interfere with the operational status of the
      Aircraft.

     

    (j)  No
      Prepayment.
      Seller
      has not received any prepayment of Rent under the Lease.

     

    (k)  No
      Lessee Assignment.
      Seller
      has not consented to any assignment by the Lessee of its rights under the Lease
      or to any sublease or transfer of possession of the Aircraft subject thereto,
      and to Seller’s knowledge, no such assignment, sublease or transfer of
      possession has occurred.

     

    
      
        
        

      

      
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    (l)  No
      Lessee Termination.
      Seller
      has not received notice that Lessee has exercised its rights to an early
      termination under Section 9 of the Lease. 

     

    Section
      4.2.  Representations,
      Warranties and Covenants of Purchaser.
      Purchaser hereby represents, warrants and covenants to Seller, as of the date
      hereof and as of the Closing Date, as follows:

     

    (a)  Organization,
      Authority, Etc.
      Purchaser is a limited liability company duly formed, validly existing and
      in
      good standing under the laws of the State of Delaware. Purchaser has all
      requisite power and authority to enter into and perform its obligations under
      the Transfer Documents. 

     

    (b)  Authorization,
      Etc.
      Purchaser has taken, or caused to be taken, all necessary action to authorize
      the execution and delivery of the Transfer Documents, and the performance of
      Purchaser’s obligations thereunder. This Agreement and each of the other
      Transfer Documents (when entered into by Purchaser) has been (or will have
      been), duly authorized, executed and delivered by Purchaser and constitute
      (or
      will constitute) the legal, valid and binding obligations of Purchaser,
      enforceable against Purchaser in accordance with their respective terms, except
      as enforcement of the terms hereof and thereof may be limited by applicable
      bankruptcy, insolvency, reorganization, liquidation, moratorium or similar
      laws
      affecting enforcement of creditors’ rights generally, and by general principles
      of equity.

     

    (c)  No
      Violation.
      None of
      the execution, delivery or performance by Purchaser of this Agreement, or the
      Assignment and Assumption Agreement nor the consummation by Purchaser of the
      transactions contemplated hereby and thereby, will contravene any Applicable
      Law
      binding on Purchaser or any of its property or the terms of the articles of
      organization operating agreement of Purchaser or the Investment Trust Agreement,
      or will result in a breach of, or constitute a default under, or contravene
      any
      provision of, any mortgage, deed of trust, indenture or other agreement or
      instrument to which Purchaser is a party or by which Purchaser or all or any
      of
      its property or assets are bound.

     

    (d)  No
      Consents or Approvals.
      None of
      the execution, delivery or performance by Purchaser of this Agreement, or the
      other Transfer Documents, or the consummation by Purchaser of the transactions
      contemplated hereby and thereby, requires the consent or approval of, the giving
      of notice to, the registration, recording or filing of any documents with,
      or
      the taking of any other action in respect of, any Governmental Authority, except
      such as have been obtained or effected on or prior to the applicable Closing
      Date.

     

    (e)  No
      Litigation.
      There
      are no pending or, to the best of Purchaser’s knowledge, threatened
      investigations, suits or proceedings against Purchaser or affecting Purchaser
      or
      its properties, that, if determined adversely, would adversely affect the
      consummation of the transaction contemplated by, or the performance by Purchaser
      of its obligations under, this Agreement, the other Transfer Documents or the
      Transaction Documents.

     

    
      
        
        

      

      
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    (f)  No
      Violation of Law.
      Purchaser is not in breach of any Applicable Law that would have an adverse
      effect on Purchaser or on the transaction contemplated by, or on Purchaser’s
      ability to perform its obligations under, this Agreement, the other Transfer
      Documents or the Transaction Documents.

     

    (g)  Covenant
      Regarding Insurance.
      Purchaser hereby agrees to use its best efforts to cause Lessee to name Seller
      as an additional insured under the liability insurance policies maintained
      pursuant to the Lease for a period of one year from and after the Closing
      Date.

     

    (h)  Citizenship.
      Purchaser is a Citizen of the United States.

     

    (i)  No
      Liens.
      No
      Lessor Liens attributable to Purchaser will attach in respect of all or any
      part
      of the Trust Estate as a result of the transactions contemplated by the Transfer
      Documents or the Transaction Documents.

     

    (j)  Investment
      by Purchaser.
      Purchaser’s beneficial interest in the Trust Estate is being acquired by it for
      its own account, for investment and not with a view to any resale or
      distribution thereof, provided, however, that, subject to the restrictions
      on
      transfer set forth in Section 10 of the Participation Agreement, the
      disposition by Purchaser of its beneficial interest in the Trust Estate shall
      at
      all times be within its control. 

     

    (k)  ERISA.
      No part
      of the funds to be used by Purchaser to acquire the Equity Interest directly
      or
      indirectly constitute assets of an “employee benefit plan” as defined in section
      3.3(d) of the Employee Retirement Income Security Act of 1974, as amended,
      or a
“plan” within the meaning of Section 4975(e)(1) of the Internal Revenue
      Code of 1986, as amended.

     

    (l)  Securities
      Laws.
      Neither
      Purchaser nor any Person authorized to act on its behalf has directly or
      indirectly offered any beneficial interest in or security relating to the
      ownership of the Aircraft or any interest in the Trust Estate, or any Equipment
      Note or any other interest in or under the Trust Indenture for sale to, or
      solicited any offer to acquire any of the same from, any Person in violation of
      applicable securities Laws.

     

    (m)  Sales
      Tax Matters.
      Purchaser agrees to cooperate with and assist Seller in taking such actions
      as
      may be necessary in order to eliminate or minimize the imposition of any sales,
      use or other transfer taxes arising as a result of the transactions contemplated
      herein.

     

    ARTICLE V  

     

    RESERVED
      RIGHTS

     

    Section
      5.1.  Reserved
      Rights.
      Purchaser will be entitled to all benefits and rights of Owner Participant
      (subject to Seller’s retention of the Reserved Rights), pursuant to any and all
      Transaction Documents in respect of the period from and after the Closing Date.
      Seller hereby reserves, and nothing contained herein shall be construed as
      a
      sale, conveyance, assignment or transfer of Reserved Rights.

     

    
      
        
        

      

      
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    Section
      5.2.  Allocation
      of Amounts.
      If
      Purchaser or Owner Trustee shall receive any amount relating to any Transaction
      Document or any of the transactions contemplated thereby to which Seller is
      entitled under Section 5.1, Purchaser shall promptly remit or shall cause
      the Owner Trustee to remit such amount to Seller (together with, to the extent
      not paid over within ten Business Days, interest at the then- applicable average
      rate for federal funds from and including the date of receipt by Purchaser
      or
      Owner Trustee, as the case may be, to but excluding, the date of payment to
      Seller) and, until so delivered, any such amount received shall be received
      and
      held in trust by Purchaser or Owner Trustee, as the case may be, for the benefit
      of Seller. If Seller shall receive any amount relating to any Transaction
      Document or any of the transactions contemplated thereby to which Purchaser
      or
      Owner Trustee is entitled under Section 5.1, Seller shall promptly remit
      such amount to Purchaser or Owner Trustee, as the case may be (together with,
      to
      the extent not paid over within ten Business Days, interest at the
      then-applicable average rate for federal funds from and including the date
      of
      receipt by Seller to, but excluding, the date of payment to Purchaser or Owner
      Trustee, as the case may be), and until so delivered any such amount received
      by
      Seller shall be received and held in trust by Seller for the benefit of
      Purchaser or Owner Trustee, as the case may be.

     

    Section
      5.3.  Indemnification.
      (a) Purchaser
      shall have no liability or obligation as a result of, and Seller shall indemnify
      and hold Purchaser harmless on an after-tax basis against, and shall be liable
      for and shall pay any loss, cost or other expense arising out of (i) any
      failure by Seller to comply with the terms of the Transaction Documents to
      which
      it is a party prior to the Closing Date, (ii) any liabilities or
      obligations of Seller under the Transaction Documents required to be satisfied
      or performed prior to the Closing Date or (iii) a breach by Seller of any
      of its representations or warranties contained in any of the Transfer
      Documents.

     

    (b)  Seller
      shall have no liability or obligation as a result of, and Purchaser shall
      indemnify and hold Seller harmless on an after-tax basis against, and shall
      be
      liable for and shall pay any loss, cost or other expense arising out of
      (i) any failure by Purchaser to comply with the terms of the Transaction
      Documents on or after the Closing Date, (ii) any liabilities or obligations
      of Purchaser required to be satisfied or performed under the Transaction
      Documents on or after the Closing Date or (iii) a breach by Purchaser of
      any of its representations or warranties contained in any of the Transfer
      Documents.

     

    Section
      5.4.  Mutual
      Cooperation.
      Seller
      and Purchaser shall provide each other with such assistance as may reasonably
      be
      requested by either of them in writing in connection with the preparation of
      any
      tax return, any audit or other examination by any taxing authority, or any
      judicial or administrative proceedings relating to liability for Taxes, and
      each
      will retain and, upon the request of the other, provide the other with any
      records or information which may be relevant to such return, audit or
      examination or proceedings. Such assistance shall include making employees
      available on a mutually convenient basis to provide additional information
      and
      explanation of any material provided hereunder. The party requesting assistance
      hereunder shall reimburse the other for reasonable out-of-pocket expenses
      incurred by the other in providing such assistance.

     

    
      
        
        

      

      
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    ARTICLE VI  

     

    MISCELLANEOUS

     

    Section
      6.1.  Transaction
      Costs.
      Regardless of whether the transactions contemplated hereby are consummated,
      (A) Purchaser agrees to pay all costs, expenses and fees (collectively,
“Costs”)
      incurred by it (including, without limitation, fees and disbursements of counsel
      and/or special counsel to Purchaser) in connection with the transaction
      contemplated hereby, and (B) Seller agrees to pay all Costs incurred by it
      in connection with the transaction contemplated hereby (including, without
      limitation, any and all fees and commissions of AirCapital Aviation Services,
      LLC (“AirCapital”), fees and disbursements of counsel and/or special counsel to
      Seller and any and all Costs incurred by each of Lessee and Owner Trustee in
      connection with the transactions contemplated hereby). Each of Seller and
      Purchaser agrees to pay one-half of the fees and expenses of special FAA counsel
      for services rendered in connection with the transaction contemplated
      hereby.

     

    Section
      6.2.  Brokers,
      Finders, Etc.
      Seller
      states and represents to Purchaser that it has dealt with AirCapital who was
      acting as Seller’s broker or finder in connection with the transaction
      contemplated hereby and that AirCapital is entitled to a brokerage fee,
      financial advisory fee, commission or finder’s fee in connection with this
      transaction. Purchaser
      states and represents to Seller that it has dealt with no broker or finder
      in
      connection with the transaction contemplated hereby, no broker or Person acting
      on such a party’s behalf is entitled to any brokerage fee, financial advisory
      fee, commission or finder’s fee in connection with this transaction. Each of
      Seller and Purchaser agrees to indemnify and hold harmless the other for, from
      and against any and all loss, liability, damage, cost, claim or expense
      (including, without limitation, attorneys’ fees) incurred by reason of any
      commission, brokerage fee, financial advisory fee or finder’s fee alleged to be
      payable because of any act, omission or statement of the indemnifying party.
      

     

    Section
      6.3.  Announcements.
      Purchaser and Seller shall consult with each other regarding press releases
      or
      other public announcements related to the Transfer Documents and the
      transactions contemplated hereby.
      One or
      more of the owners of Seller will file SEC Form 8-Ks in connection with this
      transaction.

     

    Section
      6.4.  Counterparts.
      This
      Agreement may be executed by the parties hereto in separate counterparts, each
      of which when so executed and delivered shall be deemed an original, but all
      such counterparts shall together constitute but one and the same
      instrument.

     

    Section
      6.5.  Amendments,
      Etc.; Entire Agreement.
      Except
      as otherwise specifically provided herein, this Agreement and the other Transfer
      Documents contain the entire agreement of the parties with respect to the
      subject matter hereof and thereof, and supersede all prior agreements and
      understandings between the parties, whether written or oral. Neither this
      Agreement nor any of the terms hereof may be terminated, amended, supplemented,
      waived or modified orally, but only by an instrument which purports to
      terminate, amend, supplement, waive or modify this Agreement, or any of the
      terms hereof, signed by the party against which the enforcement of the
      termination, amendment, supplement, waiver or modification is sought. The
      schedules and exhibits attached to this Agreement constitute a part of this
      Agreement and are incorporated herein by reference as if set forth in full
      in
      the main body of this Agreement.

     

    Section
      6.6.  Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their successors and permitted assigns. Neither party may assign its rights
      hereunder without the prior written consent of the other party prior to the
      Closing Date (and any such attempted assignment without such consent shall
      be
      void).

     

    
      
        
        

      

      
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    Section
      6.7.  Governing
      Law; Submission to Jurisdiction.
      (a) THIS
      AGREEMENT, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
      SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
      LAWS
      OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE IN SUCH STATE, WITHOUT
      GIVING EFFECT TO PRINCIPLES RELATING TO CONFLICTS OF LAW.

     

    (b)  Each
      of
      Seller and Purchaser irrevocably agrees that any legal suit, action or
      proceeding arising out of or relating solely to this Agreement or the Assignment
      and Assumption Agreement (or any document referred to herein or therein) or
      the
      transactions contemplated hereby or thereby or the subject matter hereof or
      thereof, shall be instituted in the state or federal courts in the borough
      of
      Manhattan, City of New York, State of New York, and it hereby irrevocably
      waives, to the fullest extent permitted by law, any objection which it may
      have
      now or hereafter to the laying of the venue or the jurisdiction or the
      convenience of the forum of any such legal suit, action or proceeding and
      irrevocably submits generally and unconditionally to the jurisdiction of any
      such court but only in any such suit, action or proceeding. Each of Seller
      and
      Purchaser further irrevocably agrees to the service of process of any of the
      aforementioned courts but only in any suit, action or proceeding of the nature
      referred to above by the mailing of the copies thereof by certified mail,
      postage prepaid, return receipt requested, to it at its address specified in
      section 6.9 hereof (as the same may be changed from time to time pursuant
      to section 6.9 hereof), such service to be effective upon the date of
      receipt indicated on the postal receipt returned from it.

     

    (c)  Subject
      to any right of appeal, final judgment against Seller or Purchaser in any suit
      shall be conclusive, and may be enforced in other jurisdictions by suit on
      the
      judgment, a certified or true copy of which shall be conclusive evidence of
      the
      fact and of the amount of any indebtedness or liability of Seller or Purchaser,
      as the case may be, therein described.

     

    Section
      6.8.  WAIVER
      OF JURY TRIAL.
      EACH
      PARTY HERETO HEREBY IRREVOCABLY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM
      OR
      CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE ASSIGNMENT
      AND ASSUMPTION AGREEMENT OR RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT,
      OR
      THE ASSIGNMENT AND ASSUMPTION AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED
      TO
      BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT
      AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING WITHOUT
      LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
      COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER
      IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS
      ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH
      WILL
      CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY
      HERETO FURTHER WARRANTS AND REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER WITH
      ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
      TRIAL
      RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
      MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER
      SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS OR MODIFICATIONS TO THIS AGREEMENT
      OR
      ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION. IN THE EVENT
      OF
      LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY
      THE COURT.

     

    
      
        
        

      

      
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    Section
      6.9.  Notices,
      Etc.
      All
      notices, offers, acceptances, approvals, waivers, requests, demands and other
      communications hereunder or under any instrument, certificate or other
      instrument delivered in connection with the transactions described herein shall
      be in writing, shall be addressed as provided below and shall be considered
      as
      properly given (a) if delivered in person, (b) if sent by reputable
      overnight delivery service, (c) in the event overnight delivery services
      are not readily available, if mailed by first class United States mail, postage
      prepaid, registered or certified with return receipt requested, or (d) if
      sent by telecopier and confirmed in writing by any other manner described above.
      Notice so mailed shall be effective upon the earlier of actual receipt or the
      expiration of five (5) days after its deposit. Notice given in any other
      manner shall be effective upon receipt by the addressee; provided,
      however,
      that if
      any notice is tendered to an addressee and the delivery thereof is refused
      by
      such addressee, such notice shall be effective upon such tender. For the
      purposes of notice, the address of the parties shall be as set forth below;
      provided
      that
      either party shall have the right to change its address for notice hereunder
      to
      any other location by the giving of prior notice to the other party in the
      manner set forth hereinabove. The initial addresses of the parties hereto are
      as
      follows:

     

    If
      to
      Purchaser:

    

    Dougherty
      Air Trustee, LLC

    90
      South
      Seventh Street, Suite 4300

    Minneapolis,
      MN 55402-4108

    Telephone: (612)
      376-4005

    Telecopier: (612)
      317-2045

    

    with
      a
      copy to:

     

    Kevin
      Johnson, Esq.

    Fafinski,
      Mark & Johnson

    775
      Prairie Center Drive, Suite 400

    Minneapolis,
      MN 55344

    Telephone: (952)
      995-9500

    Telecopier: (952)
      995-9577

    

    If
      to
      Seller:

    

    PLM
      CAL
      II LLC

    c/o
      PLM
      Investment Management, Inc.

    405
      Lexington Avenue, 67th
      Floor

    New
      York,
      NY 10174 

    Telephone: (212)
      682-3344

    Telecopier: (212)
      682-3464

    

    and
      to:

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    c/o
      Semele Group

    200
      Nyala
      Farm Road

    Westport,
      CT 06880

    Attention:
      James A. Coyne

    Telephone:
      (203) 341-0515

    Telecopier:
      (203) 341-9988

    

    with
      a
      copy to:

     

    John
      Todd, Esq.

    Todd
      & Levi, LLP

    444
      Madison Avenue

    Suite
      1202

    New
      York,
      NY 10022

    Telephone: (212)
      308-7400 (x24)

    Telecopier: (212)
      308-8450

    

    Section
      6.10.  Severability
      of Provisions.
      Any
      provision of this 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 or affecting the validity or enforceability of such provision
      in any other jurisdiction.

     

    Section
      6.11.  Headings,
      Etc.
      The
      headings and the table of contents used herein are for convenience of reference
      only and shall not define or limit any of the terms or provisions
      hereof.

     

    Section
      6.12.  Further
      Assurances; Confidentiality.
      (a) Seller
      and Purchaser shall do and perform such further acts and execute and deliver
      such further instruments as may be required by Applicable Law or reasonably
      requested by either party to carry out and effectuate the purposes of this
      Agreement and the Assignment and Assumption Agreement.

     

    (b)  Purchaser
      and Seller agree that any and all information of any kind obtained pursuant
      to
      this Agreement that shall not then be or have become generally available shall
      be kept and maintained in strictest confidence, and shall not be disclosed
      or
      disseminated to any other Person, except (A) as otherwise required by any
      Transaction Document, (B) to any regulatory agency, (C) in response to
      any subpoena or other legal process, (D) to any prospective successor or
      assign which has agreed with such party that, upon disclosure of such
      information, such prospective successor or assign shall be bound by the
      provisions of this Section 6.12(b), (E) as part of any filing to be
      made with any Governmental Authority and (F) to attorneys, accountants and
      financial, insurance and other independent advisors of any such
      party.

     

    Section
      6.13.  Survival.
      The
      representations, warranties, covenants and indemnities of the parties contained
      in this Agreement shall survive execution and delivery hereof.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Section
      6.14.  Counterparts.
      This
      Agreement may be executed by the parties hereto in separate 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. 

     

    *
      *
      *

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Purchase Agreement (N16648) to be duly executed
      and delivered as of the date first above written.

     

    
      	 	
               PLM
                CAL II LLC,
                Seller

               

               

              By:
                _____________________________

               

              Name:
                ___________________________

               

              Its:
                ______________________________

               

            
	 	
              DOUGHERTY
                AIR TRUSTEE, LLC,
                Purchaser

               

               

              By:
                _____________________________

               

              Name:
                ___________________________

               

              Its:
                ______________________________

               

            

    

    

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

     

    TRANSACTION
      DOCUMENTS

     

    
      	
              1.

            	
              Trust
                Agreement 648, dated as of November 26, 1997, between Ballston Aero
                Trust
                Services, L.C., as Owner Participant, and Wells Fargo Bank Northwest,
                N.A.
                as successor to First Security Bank, N.A., as Owner
                Trustee.

            

    

     

    
      	
              2.

            	
              Trust
                Indenture and Mortgage 648, dated as of November 26, 1997, between
                Wells
                Fargo Bank Northwest, N.A. as successor to First Security Bank, N.A.,
                as
                Owner Trustee and Wilmington Trust Company, as
                Mortgagee.

            

    

    

    
      	
              3.

            	
              Trust
                Indenture and Mortgage 648 Supplement No. 1 dated December 5, 1997,
                by the
                Owner Trustee.

            

    

    

    
      	
              4.

            	
              Lease
                Agreement 648, dated as of November 26, 1997, between Wells Fargo
                Bank
                Northwest, N.A. as successor to First Security Bank, N.A., as Lessor
                and
                Continental Airlines, Inc., as
                Lessee.

            

    

     

    
      	
              5.

            	
              Lease
                Supplement No. 1, dated December 5, 1997, between Wells Fargo Bank
                Northwest, N.A. as successor to First Security Bank, N.A., as Lessor
                and
                Continental Airlines, Inc., as
                Lessee.

            

    

    

    
      	
              6

            	
              Participation
                Agreement 648, dated as of November 26, 1997, among Continental Airlines,
                Inc., as Lessee, Ballston Aero Trust Services, L.C., as Owner Participant,
                Wells Fargo Bank Northwest, N.A. as successor to First Security Bank,
                N.A., as Owner Trustee and Wilmington Trust Company, as Mortgagee,
                Subordination Agent and Pass Through
                Trustee.

            

    

    

    
      	
              7.

            	
              Tax
                Indemnity Agreement 648, dated as of November 26, 1997, between CIT
                Group
                Inc. as successor to AT&T Credit Corporation, and Continental
                Airlines, Inc.

            

    

     

    
      	
              8.

            	
              Assignment
                and Assumption Agreement (N16648), dated as of August 26, 2004, by
                and
                between Ballston Aero Trust Services, L.C. and PLM CAL II
                LLC.

            

    

     

    
      	
              9.

            	
              Partial
                Assignment and Assumption Agreement (N16648), dated as of November
                15,
                2004, between CIT Communications Finance Corporation, as successor
                to
                AT&T Credit Corporation and PLM CAL II
                LLC.

            

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    SCHEDULE
      2

    FINANCIAL
      INFORMATION

    

    

    ACQUISITION
      PRICE

    

    $3,400,000

    

    

    INDEBTEDNESS

    (as
      of November 22, 2006)

    

    
      	
              Principal

            	
              Interest

            	
               Total

            
	
              $11,409,087.30

            	
              $120,591.20

              Per
                diem interest after 11/22/2006: $2,364.53

            	
              $11,529,678.50

            

    

    

    

    

    

    
      
        
        

      

      
        23

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