Document:

Exhibit 4.15

	 	 	 
	 AGREED FORM 	   	   
	   	
      

 	
      

 
	   	 ABN AMRO Bank N.V. 	 CIT Aerospace International 
	   	 as Arranger 	   

 Proceeds and Intercreditor Deed

in respect of one (1) Airbus [**               ] aircraft with manufacturer's serial number [**               ],

registration mark [**               ] and equipped with two [Engine Type] engines

 Dated

Madeleine Leasing Limited

(as Borrower and Lessor)

Various Financial Institutions

(as Original ECA Lenders)

ABN AMRO BANK N.V., Paris branch

(as French National Agent)

ABN AMRO BANK N.V., Niederlassung Deutschland

(as German National Agent)

ABN AMRO BANK N.V., London branch

(as British National Agent)

ABN AMRO BANK N.V., London branch

(as ECA Facility Agent)

ABN AMRO BANK N.V. London branch

(as Security Trustee)

  Contents

	 	 	 
	 1 	 Interpretation 	 1 
	 	 	 
	 2 	 The administrative parties 	 2 
	 	 	 
	 3 	 Undertakings of the Borrower 	 10 
	 	 	 
	 4 	 Decision-making process 	 10 
	 	 	 
	 5 	 Application of moneys 	 12 
	 	 	 
	 6 	 [Intentionally left blank] 	 15 
	 	 	 
	 7 	 Turnover of non-permitted and Default recoveries 	 15 
	 	 	 
	 8 	 [Intentionally left blank] 	 15 
	 	 	 
	 9 	 Restructuring rights 	 15 
	 	 	 
	 10 	 Appropriations – Finance Party rights 	 15 
	 	 	 
	 11 	 Borrower rights 	 16 
	 	 	 
	 12 	 Governing law 	 16 
	 	 	 
	 13 	 Dispute resolution 	 16 
	 	 	 
	 14 	 Counterparts 	 16 

	 
	
      

      Contents (i) 

 Proceeds and Intercreditor Deed

Dated

Between

	 (1)        	
Madeleine Leasing Limited, a limited liability company incorporated under the laws of Ireland and having its registered office at 5 Harbourmaster Place, International Financial Services Centre, Dublin 1, Ireland (the Borrower);

         
	  
	 (2)        	
The Financial Institutions which are the Original ECA Lenders;

         
	  
	 (3)        	
ABN AMRO BANK N.V., a banking institution established under the laws of the Netherlands and acting through its office at 40, rue de Courcelles, 75388 Paris Cedex 08, France as agent for the French Lenders (in this capacity the French National Agent);

         
	  
	 (4)        	
ABN AMRO BANK N.V., Niederlassung Deutschland, a banking institution established under the laws of the Netherlands whose address is Theodor Heuss Allee 80, 60486 Frankfurt am Main, Germany as agent for the German Lenders (in this capacity the German National Agent);

         
	  
	 (5)        	
ABN AMRO BANK N.V., a banking institution established under the laws of the Netherlands and acting through its office at 250 Bishopsgate, London, EC2M 4AA, England as agent for the British Lenders (in this capacity the British National Agent);

         
	  
	 (6)        	
ABN AMRO BANK N.V., a banking institution established under the laws of the Netherlands and acting through its office at 250 Bishopsgate, London, EC2M 4AA, England as facility agent for the ECA Lenders (in this capacity the ECA Facility Agent); and

         
	  
	 (7)        	
ABN AMRO BANK N.V., a banking institution established under the laws of the Netherlands and acting through its office at 250 Bishopsgate, London, EC2M 4AA, England as security trustee for the Finance Parties (in this capacity the Security Trustee).

         
	  

 It is agreed:

	 	 	 
	
      1 

      1.1

    	
      Interpretation 

      Definitions

      In this Deed:

      All Parties Agreement means the agreement of the same date as this Deed relating to the aircraft referred to on the cover of this Deed and made between, inter alios, the parties to this Deed and CIT Aerospace International as Head Lessee.

    
	 	 
	
      1.2

    	
      Construction

    
	 	 	 
	   	 (a) 	 Unless otherwise defined in this Deed, capitalised terms used in this Deed have the meaning given to them in the All Parties Agreement. 
	   	   	  
	   	 (b) 	 In this Deed the provisions of clause 1.2(a) to (g) (Construction) of the All Parties Agreement will be deemed to be set out herein in their entirety as if each reference to "this Agreement" were a reference instead to this Deed.
	  	
       

    
	   	 (c) 	 If there is any conflict between the terms of this Deed and the terms of other Transaction Documents (other than the All Parties Agreement), this Deed prevails. 

	 
	
      

      Page  1 

	 	 	 	 
	 2 	 The administrative parties 
	 	 
	 2.1 	 Appointment and duties of the ECA Facility Agent 
	 	 	 
	   	 (a) 	 Each Finance Party (other than the ECA Facility Agent) irrevocably appoints the ECA Facility Agent to act as its agent under the Transaction Documents. 
	   	   	  
	   	 (b) 	 Each Finance Party irrevocably authorises the ECA Facility Agent to: 
	 	 	 	 
	   	   	 (i) 	 perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Transaction Documents, together with any other incidental rights, powers and discretions; and
	  	
       

    
	   	   	 (ii) 	 execute each Transaction Document expressed to be executed by the ECA Facility Agent. 
	   	   	   	  
	   	 (c) 	 The ECA Facility Agent has only those duties which are expressly specified in the Transaction Documents or expressly instructed by the National Agents. These duties are solely of a mechanical and administrative nature.
	  	
       

    
	
      2.2

    	
      Appointment and duties of the French National Agent

    
	 	 	 
	   	 (a) 	 Each French Lender irrevocably appoints the French National Agent to act as its agent under the Transaction Documents. 
	   	   	  
	   	 (b) 	 Each French Lender irrevocably authorises the French National Agent to: 
	 	 	 	 
	   	   	 (i) 	 perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Transaction Documents, together with any other incidental rights, powers and discretions; and
	  	
       

    
	   	   	 (ii) 	 execute each Transaction Document expressed to be executed by the French National Agent. 
	   	   	   	  
	   	 (c) 	 The French National Agent has only those duties which are expressly specified in the Transaction Documents. These duties are solely of a mechanical and administrative nature.
	  	
       

    
	
      2.3

    	
      Appointment and duties of the German National Agent

    
	 	 	 
	   	 (a) 	 Each German Lender irrevocably appoints the German National Agent to act as its agent under the Transaction Documents. 
	   	   	  
	   	 (b) 	 Each German Lender irrevocably authorises the German National Agent to: 
	 	 	 	 
	   	   	 (i) 	 perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Transaction Documents, together with any other incidental rights, powers and discretions; and
	  	
       

    
	   	   	 (ii) 	 execute each Transaction Document expressed to be executed by the German National Agent. 
	   	   	   	  
	   	 (c) 	 The German National Agent has only those duties which are expressly specified in the Transaction Documents. These duties are solely of a mechanical and administrative nature.
	  	
       

    
	
      2.4

    	
      Appointment and duties of the British National Agent

    
	 	 	 
	   	 (a) 	 Each British Lender irrevocably appoints the British National Agent to act as its agent under the Transaction Documents. 

	 
	
      

      Page  2 

	 	 	 	 
	   	 (b) 	 Each British Lender irrevocably authorises the British National Agent to: 
	   
	   	   	 (i) 	 perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Transaction Documents, together with any other incidental rights, powers and discretions; and
	  	
       

    
	   	   	 (ii) 	 execute each Transaction Document expressed to be executed by the British National Agent. 
	   	   	   	  
	   	 (c) 	 The British National Agent has only those duties which are expressly specified in the Transaction Documents. These duties are solely of a mechanical and administrative nature.
	   
	
      2.5

    	
      Appointment and duties of the Security Trustee

    
	   
	   	 (a) 	 Each Finance Party (other than the Security Trustee) irrevocably appoints the Security Trustee to act as its agent and trustee under the Transaction Documents. 
	   
	   	 (b) 	 Each Finance Party irrevocably authorises the Security Trustee to: 
	   
	   	   	 (i) 	 perform the duties and to exercise the rights, powers and discretions that are specifically given to it under the Transaction Documents, together with any other incidental rights, powers and discretions;
	   
	   	   	 (ii) 	 execute each Transaction Document expressed to be executed by the 
	   	   	   	 Security Trustee; and 
	   
	   	   	 (iii) 	 perform such other duties as are expressly instructed by the National Agents. 
	   
	   	 (c) 	 The Security Trustee has only those duties which are expressly specified in the Transaction Documents or such other duties as are expressly instructed by the National Agents.
	   
	
      2.6

    	
      No fiduciary duties

      Except as specifically provided in a Transaction Document:

    
	   
	   	 (a) 	 nothing in the Transaction Documents makes an ECA Administrative Party (other than the Security Trustee) a trustee or fiduciary for any other Party or any other person; and
	   
	   	 (b) 	 unless expressly provided to the contrary in the Transaction Documents, no ECA Administrative Party (other than the Security Trustee) need hold on trust any moneys paid to it for a Party or be liable to account for interest on those moneys.
	   
	
      2.7

    	
      Individual position of an ECA Administrative Party

    
	   
	   	 (a) 	 If it is also an ECA Lender, each ECA Administrative Party has the same rights and powers under the Transaction Documents as any other ECA Lender and may exercise those rights and powers as though it were not an ECA Administrative Party.
	   
	   	 (b) 	 Each ECA Administrative Party may: 
	   
	   	   	 (i) 	 carry on any business with the Borrower or the Head Lessee or their respective related entities (including acting as an agent or a trustee for any other financing); and
	   
	   	   	 (ii) 	 unless expressly provided to the contrary in the Transaction Documents, retain any profits or remuneration it receives under the Transaction 

	 
	
      

      Page  3 

	 	 	 	 
	   	  	 Documents or in relation to any other business it carries on with the Borrower or the Head Lessee or their respective related entities.
	  	
       

    
	   	 (c) 	 In acting as an ECA Administrative Party, the agency or trustee division of that ECA Administrative Party is treated as a separate entity from its other divisions and departments.
	   
	
      2.8

    	
      Reliance

      An ECA Administrative Party may:

    
	   
	   	 (a) 	 rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 
	   
	   	 (b) 	 rely on any statement made by any person regarding any matters which may reasonably be assumed to be within its knowledge or within its power to verify; 
	   
	   	 (c) 	 engage, pay for and rely on professional advisers selected by it (including those already representing a Party or an Export Credit Agency); and 
	   
	   	 (d) 	 act under the Transaction Documents through its personnel and agents. 
	   
	 2.9 	 Instructions of National Agents 
	   
	   	 (a) 	 Each Finance Party acknowledges and agrees that, except as otherwise provided in the Transaction Documents, in the exercise of any right, power or discretion or any matter not expressly provided for in the Transaction Documents:
	   
	   	   	 (i) 	 the ECA Facility Agent and the Security Trustee shall act in accordance with the instructions of the National Agents; and 
	   
	   	   	 (ii) 	 each of the National Agents shall act in accordance with the instructions, directly or indirectly, of the appropriate Export Credit Agency under its respective ECA Support Arrangements.
	   
	   	 (b) 	 Each ECA Administrative Party shall have no liability to the other Finance Parties if it acts on instructions provided in accordance with Clause 2.9(a). Any such instructions will be binding on the relevant Finance Parties. In the absence of such instructions, and within a reasonable period of time following written request from the relevant ECA Administrative Party, such ECA Administrative Party may act as it considers to be in the best interests of all the relevant Finance Parties and the Export Credit Agencies subject always to the ECA Support Arrangements.
	   
	   	 (c) 	 Each ECA Administrative Party may assume that, unless it has received notice to the contrary, any right, power, authority or discretion vested in any Party has not been exercised.
	  	
       

    
	   	 (d) 	 Clause 2.9(a) shall not interfere with the exercise of rights of the ECA Facility Agent or the Security Trustee to require the Borrower or the Head Lessee to comply with its notification obligations to such ECA Administrative Party or to the Borrower or otherwise to prevent such ECA Administrative Party, in accordance with the terms of this Deed, in carrying out its day to day management and administration functions relating to the Aircraft under or in relation to the Transaction Documents.
	  	
       

    
	   	 (e) 	 Subject to Clause 2.9(a), no ECA Administrative Party is authorised to act on behalf of an ECA Lender (without first obtaining that ECA Lender's consent) in any legal or arbitration proceedings in connection with any Transaction Document.

	 
	
      

      Page  4 

	 	 	 	 
	 2.10 	 Responsibility 	   
	   
	   	 (a) 	 No ECA Administrative Party is responsible for the adequacy, accuracy or completeness of any statement or information (whether written or oral) made in or supplied in connection with any Transaction Document.
	   
	   	 (b) 	 No ECA Administrative Party is responsible for the legality, validity, effectiveness, adequacy, completeness or enforceability of any Transaction Document or any other document.
	   
	   	 (c) 	 Without affecting the responsibility of the Borrower for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party confirms that it:
	   
	   	   	 (i) 	 has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Transaction Documents (including the financial condition and affairs of the Borrower, the Guarantor and the Head Lessee and their respective related entities and the nature and extent of any recourse against any Party or its assets); and
	   
	   	   	 (ii) 	 has not relied exclusively on any information provided to it by any other Finance Party in connection with any Transaction Document. 
	   
	 2.11 	 Exclusion of liability 
	   
	   	 (a) 	 No ECA Administrative Party is liable or responsible to any other Finance Party for any action taken or not taken by it in connection with any Transaction Document, unless directly caused by its gross negligence or wilful misconduct.
	   
	   	 (b) 	 No Party (other than the ECA Administrative Party itself) may take any proceedings against any officer, employee or agent of any ECA Administrative Party in respect of any claim it might have against the ECA Administrative Party or in respect of any act or omission of any kind by that officer, employee or agent in connection with any Transaction Document. Any officer, employee or agent of an ECA Administrative Party may rely on this Clause 2.11 and enforce its terms under the Contracts (Rights of Third Parties) Act 1999.
	   
	   	 (c) 	 No ECA Administrative Party is liable for any delay (or any related consequences) in crediting an account with an amount required under the Transaction Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.
	   
	   	 (d) 	 Nothing in the Transaction Documents will oblige any ECA Administrative Party to satisfy any know your customer requirements in relation to the identity of any person on behalf of any Finance Party.
	   
	   	 (e) 	 Each Finance Party confirms to each ECA Administrative Party that that Finance Party is solely responsible for any know your customer requirements it is required to carry out and that it may not rely on any statement in relation to those requirements made by any other person.
	   
	
      2.12

    	
      Information

    
	   
	   	 (a) 	 Each ECA Administrative Party shall, upon receipt of the original or a copy of any document which is delivered to that ECA Administrative Party by a Party for any person, promptly forward it to that person.
	   
	   	 (b) 	 If an ECA Administrative Party learns that the ECA Support Arrangement from any Export Credit Agency or any requisite approval of the competent authorities of the 

	 
	
      

      Page  5 

	 	 	 	 
	   	  	 French Republic, the Federal Republic of Germany or the United Kingdom has ceased to be in full force and effect, that ECA Administrative Party shall promptly notify the other ECA Administrative Parties accordingly.
	  	
       

    
	   	 (c) 	 The Security Trustee and the ECA Facility Agent shall each promptly notify each of the National Agents of the contents of each notice it receives from any person in connection with the Transaction Documents and each National Agent shall notify the same to each of its respective Lenders and the relevant Export Credit Agency.
	  	
       

    
	   	 (d) 	 Except where a Transaction Document specifically provides otherwise, none of the ECA Administrative Parties is obliged to review or check the adequacy, accuracy or completeness of any document it forwards pursuant to the Transaction Documents.
	   
	   	 (e) 	 Except where a Transaction Document specifically provides otherwise, no ECA Administrative Party has any duty: 
	   
	   	   	 (i) 	 either initially or on a continuing basis to provide any other Finance Party with any credit or other information concerning the risks arising under or in connection with the Transaction Documents (including any information relating to the financial condition or affairs of the Borrower, the Guarantor or the Head Lessee or its related entities or the nature or extent of recourse against the Borrower, the Guarantor or the Head Lessee or their respective assets) whether coming into its possession before, on or after the date of this Deed; or
	   
	   	   	 (ii) 	 unless specifically requested to do so by a Finance Party in accordance with a Transaction Document, to request any certificate or other document from any person.
	   
	   	 (f) 	 Subject to any relevant ECA Support Arrangements, any information acquired by an ECA Administrative Party which, in its opinion, is acquired by it other than in its capacity as an ECA Administrative Party may be treated as confidential by the ECA Administrative Party and will not be treated as information possessed by the ECA Administrative Party in its capacity as such.
	   
	   	 (g) 	 No ECA Administrative Party is obliged to disclose to any person any confidential information supplied to it by the Head Lessee or the Borrower solely for the purpose of evaluating whether any waiver or amendment is required in respect of any term of the Transaction Documents.
	   
	   	 (h) 	 Each Party irrevocably authorises each ECA Administrative Party to disclose to the other ECA Administrative Parties any information which, in its opinion, is received by it in its capacity as an ECA Administrative Party.
	   
	
      2.13

    	
      Compliance

      Each ECA Administrative Party may refrain from doing anything (including disclosing any information) which might, in its opinion (acting reasonably), constitute a breach of any Applicable Law or be otherwise actionable at the suit of any person, and may do anything which, in its opinion (acting reasonably), is necessary or desirable to comply with any Applicable Law.

    
	   
	
      2.14

    	
      Resignation of an ECA Administrative Party

    
	   
	   	 (a) 	 Subject to Clause 2.14(d), an ECA Administrative Party may resign and appoint any of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower.
	   
	   	 (b) 	 Alternatively, and subject to Clause 2.14(d), an ECA Administrative Party may resign by giving notice to the Finance Parties, the Head Lessee and the Borrower, in which case:

	 
	
      

      Page  6 

	 		 	 
	   	 	 (i) 	 the relevant French Lenders, German Lenders and British Lenders, as appropriate, (in the case of a replacement National Agent); 
	   
	   	 	 (ii) 	 the National Agents (in the case of a replacement ECA Facility Agent); or 
	   
	   	 	 (iii) 	 the National Agents (in the case of a replacement Security Trustee), 
	   
	  	 	
      may appoint a successor for such resigning ECA Administrative Party.

    
	   
	
       

    	(c)	
      If no successor has been appointed under Clause 2.14(b) within thirty (30) days after notice of resignation was given, subject to Clause 2.14(d), the retiring ECA Administrative Party may appoint a successor in consultation with the relevant Finance Parties referred to in Clause 2.14(b).

    
	   
	
       

    	(d)	
      Any such resignation and appointment of a successor is subject to:

    
	   
	   	 	 (i) 	 the approval in writing of each Relevant Export Credit Agency prior to its appointment; 
	   
	   	 	 (ii) 	 in the case of the resignation and appointment of a successor Security Trustee, evidence satisfactory to each Export Credit Agency that neither the Security nor the interests of the Finance Parties would be adversely affected or prejudiced by such resignation or appointment; and
	   
	   	 	 (iii) 	 unless otherwise agreed by the Relevant Export Credit Agency, in the case of a successor National Agent, such person fulfilling its role of National Agent out of an office in the same jurisdiction as the relevant office of the resigning National Agent.
	 	 	 
	 	 	where Relevant Export Credit Agency means, in relation to:
	 	 	 	 
	   	 	 (aa) 	 the ECA Facility Agent or the Security Trustee, each Export Credit Agency; and 
	   
	   	 	 (bb) 	 a National Agent, the Export Credit Agency of the country which its National Agent represents. 
	   
	
       

    	(e)	
      The resignation of an ECA Administrative Party and the appointment of any successor ECA Administrative Party will both become effective only upon the successor duly executing and delivering an Accession Deed. Thereupon, the successor ECA Administrative Party will succeed to the position of the resigning ECA Administrative Party and the term ECA Facility Agent, French National Agent, German National Agent, British National Agent or Security Trustee, as applicable, will mean the successor.

    
	   
	
       

    	(f)	
      The resigning ECA Administrative Party shall, at its own cost, make available to the successor ECA Administrative Party such documents and records and provide such assistance as the successor ECA Administrative Party may reasonably request for the purposes of performing its functions as an ECA Administrative Party under the Transaction Documents.

    
	   
	
       

    	(g)	
      In the case of a resignation of the Security Trustee pursuant to the terms of this Clause 2.14, the Borrower and the Finance Parties shall take whatever action the successor Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Transaction Documents or to ensure that the Security Documents constitute perfected and enforceable security in its favour.

    
	   
	
       

    	(h)	
      Upon the resigning ECA Administrative Party's resignation becoming effective, the provisions of the Transaction Documents will continue to apply in relation to the retiring ECA Administrative Party in respect of any action taken or not taken by it in

    

	 
	
      

      Page  7 

	 	 	 	 
	   	  	 connection with the Transaction Documents while it was an ECA Administrative Party, and, subject to paragraph (f) above, it will have no further obligations under any Transaction Document.
	  	
       

    
	   	 (i) 	 The ECA Lenders may, by notice to an ECA Administrative Party, require it to resign under Clause 2.14(b). 
	   
	 2.15 	 Relationship with ECA Lenders 
	   
	   	 (a) 	 Each ECA Administrative Party may treat each relevant Finance Party as a Finance Party, entitled to payments under this Deed and the other Transaction Documents and as acting through its Facility Office(s) until it has received not less than five (5) Business Days' prior written notice from that Finance Party to the contrary.
	   
	   	 (b) 	 The ECA Facility Agent may at any time, and shall if requested to do so by the National Agents, convene a meeting of the ECA Lenders. 
	   
	   	 (c) 	 The ECA Facility Agent shall keep a register of all the relevant Finance Parties and supply any other party to the ECA Loan Agreement with a copy of the register on request. The register will include each Lender's Facility Office(s) and contact details for the purposes of this Deed.
	   
	
      2.16

    	
      ECA Administrative Party and Export Credit Agency's management time

      Each ECA Administrative Party and Export Credit Agency may receive Management Time Expenses incurred by it under the Transaction Documents after the date of this Deed or payable to it under any other term of the Transaction Documents but only to the extent:

    
	   
	   	 (a) 	 if no Event of Default is continuing, the Head Lessee pays the same pursuant to an express provision of the Transaction Documents; or 
	   
	   	 (b) 	 if an Event of Default is continuing, expressly available for such purpose pursuant to Clause 5 (Application of moneys). 
	   
	 2.17 	 Security Trustee as trustee 
	   
	   	 (a) 	 Except as provided in Clause 2.17(b), the Security Trustee holds: 
	   
	   	   	 (i) 	 the Security; and 
	   
	   	   	 (ii) 	 all other assets paid to, held by or received or recovered by it under or in connection with the Transaction Documents and the Security Documents, 
	   
	   	   	 on trust for the Secured Parties. 
	   
	   	 (b) 	 Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation to the trusts constituted by this Deed. Where there are any inconsistencies between the Trustee Acts 1925 and 2000 and the provisions of this Deed, the provisions of this Deed shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Deed shall constitute a restriction or exclusion for the purposes of that Act.
	   
	
      2.18

    	
      Responsibility

      The Security Trustee is not responsible to any Relevant Party for any failure in perfecting or protecting any Security, unless directly caused by its negligence or misconduct. This failure includes any failure to:

    
	   
	   	 (a) 	 make any necessary registration, recording or filing of or otherwise protect the relevant Security under any law in any jurisdiction; 

	 
	
      

      Page  8 

	 	 	 
	   	 (b) 	 give notice to any person of the execution of any Security Document; or 
	   
	   	 (c) 	 obtain any authorisation for the creation of any Security. 
	   
	
      2.19

    	
      Title

      The Security Trustee may accept without enquiry the title (if any) which the Borrower or the Head Lessee may have to any asset over which any Security is intended to be created by a Security Document.

    
	   
	
      2.20

    	
      Investments

      Except as otherwise provided in any Security Document, all moneys which are received by the Security Trustee under that Security Document may, until such moneys are distributed pursuant to Clause 5 (Application of moneys), be placed on deposit in the name of or under the control of the Security Trustee at such bank or institution (including itself) and upon such terms as it may think fit.

    
	   
	
      2.21

    	
      Authority

      Each Finance Party:

    
	   
	   	 (a) 	 confirms its approval of each Security Document; and 
	   
	   	 (b) 	 authorises the Security Trustee (by itself or by any person(s) as it may nominate) to execute and enforce the Security Documents as trustee, agent or in any other role and (whether or not expressly in that Finance Party's name) on its behalf in accordance with their terms and those of this Deed.
	   
	
      2.22

    	
      Co-operation

      Each Party agrees to use reasonable endeavours to ensure that any Security is held by the Security Trustee (to the extent legally possible) for the joint benefit of the Secured Parties in accordance with the priority arrangements set out in this Deed.

    
	   
	
      2.23

    	
      Enforcement instructions

      Subject to Clause 2.9 (Instructions of National Agents) and without prejudice to Clause 4 (Decision-making process):

    
	   
	   	 (a) 	 the Security Trustee may refrain from enforcing the Security unless instructed otherwise by the National Agents; 
	   
	   	 (b) 	 the National Agents may give or refrain from giving instructions to the Security Trustee to enforce or refrain from enforcing the Security; 
	   
	   	 (c) 	 the Security Trustee shall, subject to the terms of the relevant Security Document and as provided below, enforce the Security in accordance with the instructions of the National Agents; and
	   
	   	 (d) 	 the Security Trustee may, with the consent of the National Agents and without prejudice to the duties of the Security Trustee arising by operation of law, cease any such enforcement at any time.
	   
	
      2.24

    	
      Capabilities

      If a Finance Party acts in the capacity of more than one ECA Administrative Party, it is not necessary for there to be any formal communications or instructions between such ECA Administrative Parties notwithstanding that the Transaction Documents provide otherwise and such communications and instructions will be deemed to have been made or given.

    

	 
	
      

      Page  9 

	 	 	 
	
      2.25

      2.25.1

    	
      Delegation

      Until the first anniversary of the Delivery Date and subject to the prior written consent of each of the Export Credit Agencies each of the ECA Administrative Parties may when it thinks necessary or desirable, delegate, upon such terms as each of the Export Credit Agencies may require, to any person who is an Affiliate of ABN AMRO Bank N.V. or an Affiliate of The Royal Bank of Scotland plc, all or any duties, trusts, powers, authorities and discretions vested in it hereunder or any other Transaction Document.

    
	   
	
      2.25.2

    	
      Each of the ECA Administrative Parties shall be personally liable for the actions of their delegate.

    
	   
	
      2.25.3

    	
      Each of the ECA Administrative Parties shall when delegating any duties, trusts, powers, authorities and discretions in accordance with Clause 2.25.1 exercise all reasonable skill and care in the selection of any such delegate.

    
	   
	
      2.25.4

    	
      This Clause 2.25 does not affect or otherwise prejudice the rights of the ECA Lenders to require any ECA Administrative Party together with their relevant respective delegates or sub- delegates, as the case may be, to retire in accordance with Clause 2.14(i).

    
	   
	
      2.25.5

    	
      In the event that any ECA Administrative Party wishes to retire from its appointment under this Deed, Clause 2.14 shall prevail.

    
	   
	 3 	 Undertakings of the Borrower 
	   
	 3.1 	 No exercise of rights 
	   
	   	 Subject to Clause 3.2, the Borrower shall not: 
	   
	   	 (a) 	 exercise any of its powers, discretions or termination rights under the Head Lease or any other Borrower Document (except for the ECA Loan Agreement); or 
	   
	   	 (b) 	 request or agree to amend any provision of the Head Lease or any other Borrower Document (except for the ECA Loan Agreement), 
	   
	  	
      without having first obtained the prior written consent of the ECA Facility Agent.

    
	   
	
      3.2

    	
      Exercise of rights

The Borrower shall, if so requested by notice in writing from the Security
Trustee or the ECA Facility Agent, each acting upon the instructions of the
National Agents, exercise those of its rights, powers or discretions under the
Head Lease or any other Borrower Document (other than this Agreement or the ECA
Loan Agreement), as the Security Trustee or, as the case may be, the ECA
Facility Agent may require, including proceeding by appropriate court action to
enforce performance by the Head Lessee of its obligations under the Head Lease,
terminating the leasing of the Aircraft under the Head Lease, taking possession
of the Aircraft and otherwise asserting or enforcing its rights under any of the
Transaction Documents. The Security Trustee or, as the case may be, the ECA
Facility Agent shall not be responsible to the Borrower if any such exercise by
the such ECA Administrative Party of any of its rights and powers under or
pursuant to the Borrower Documents is judged improper or to constitute a
termination of any other Transaction Document.

    
	   
	 4 	 Decision-making process 
	   
	 4.1 	 Notice 	   
	   
	   	 (a) 	 Each Finance Party must promptly give written notice to the ECA Facility Agent and the Security Trustee if it has actual knowledge of any Event of Default, First Trigger 

	 
	
      

      Page  10 

	 	 	 	 
	   	  	 Event, Second Trigger Event or Net Worth Event in respect of which the ECA Facility Agent or, as the case may be, the Security Trustee has not already received a notice.
	  	
       

    
	   	 (b) 	 Without prejudice to Clause 2.12 (Information): 
	   
	   	   	 (i) 	 no Finance Party is obliged to monitor or enquire whether a Default, First Trigger Event, Second Trigger Event, Net Worth Event or a Mandatory Prepayment Event has occurred and is continuing;
	   
	   	   	 (ii) 	 no Finance Party shall be deemed to have knowledge of the occurrence of a Default, Mandatory Prepayment Event, Illegality Event, Increased Costs Event, First Trigger Event, Second Trigger Event or Net Worth Event.
	   
	
      4.2

    	
      Decision procedure

    
	   
	   	 (a) 	 If at any time until the Discharge Date in relation to the ECA Debt, the Security Trustee receives a notice under Clause 4.1 (Notice) or under Clause 2.12 (Information) stating that an Event of Default has or may have occurred (a
Preliminary Notice) relating to a Default and, within thirty (30) days after its receipt of that notice, all of the National Agents each give written notice (a Notice of Inaction) to the Security Trustee requiring it to do so, the Security Trustee shall by notice in writing to the Borrower and the Head Lessee (a Notice) reserve all of the rights of the Finance Parties under the Transaction Documents arising on the occurrence of the relevant event.
	   
	   	 (b) 	 A Notice may, if all the National Agents so request, require the Borrower or, as the case may be, the Head Lessee to remedy such event (if capable of remedy) within thirty (30) days after the date on which the Notice is given or such other period as the National Agents may agree and notify to the Security Trustee in writing.
	   
	   	 (c) 	 Upon the expiry of the period specified in a Notice, the Security Trustee shall, if it is instructed in writing to do so by all of the National Agents and if an Event of Default is continuing, give to the Borrower and the Head Lessee a further Notice, on the same terms and conditions as the previous Notice, save only that the period given for remedying the relevant event shall be thirty (30) days after the giving of the further Notice or such other period as the National Agents may agree and notify to the Security Trustee in writing.
	   
	   	 (d) 	 If within a period of thirty (30) days following the receipt of a Preliminary Notice under Clause 4.2(a) prior to or upon the expiry of the period specified in the latest Notice given pursuant to Clause 4.2(b) or (c) (and without prejudice to the giving of any further notices under this Clause 4:
	   
	   	   	 (i) 	 not all of the National Agents have given a Notice of Inaction; or 
	   
	   	   	 (ii) 	 any National Agent gives notice (a Notice for Action) in writing to the Security Trustee requiring such action to be taken, 
	   
	 	 	and the Event of Default is continuing, to the extent permitted by the Transaction Documents and Applicable Law:
	 	 	 	 
	   	   	 (aa) 	 if the ECA Loans have not already become due and payable in accordance with the ECA Loan Agreement, the ECA Facility Agent shall give notice pursuant to clause 14.14 (Acceleration) of the ECA Loan Agreement; and
	   
	   	   	 (bb) 	 the Security Trustee shall take such steps as may be available to it and as may be prudent to enforce the Security in accordance with the instructions of the National Agents.

	 
	
      

      Page  11 

	 	 	 	 
	   	 (e) 	 If any National Agent has given a Notice for Action pursuant to this Clause 4.2 and one or more National Agents gives (a) Notice(s) for Inaction pursuant to this Clause 4.2, the Security Trustee may disregard the Notice(s) for Inaction and shall act in accordance with the Notice for Action.
	   
	
      4.3

    	
      Enforcement

      None of the ECA Lenders:

    
	   
	   	 (a) 	 has any independent power to enforce any of the Security Documents, to exercise any rights, discretions or powers or to grant any consents or releases under the Transaction Documents; or
	   
	   	 (b) 	 otherwise have direct recourse to the Security, 
	   
	  	
      and, if there is an inconsistency between this provision and any other provision in a Transaction Document, this provision will prevail.

    
	   
	
      5

      5.1

    	
      Application of moneys

      Application

      While no Event of Default is continuing, the Proceeds shall, except as otherwise provided in this Clause 5 and subject to Clause 7 (Turnover of non-permitted and Default recoveries), be applied by the Finance Parties in the manner contemplated by the Transaction Documents.

    
	   
	
      5.2

    	
      Application of Proceeds

      If an Event of Default is continuing, each Party shall pay any Proceeds received by it (other than pursuant to a distribution under this Clause 5.2) to the Security Trustee and the Security Trustee shall apply all Proceeds in the following order:

    
	   
	   	 (a) 	 first, in or towards payment of any costs and expenses duly incurred by any ECA Administrative Party under or in connection with the Transaction Documents in relation to the enforcement of any Security or otherwise arising from an Event of Default (other than Break Costs, any ECA Lender's administrative fees and Management Time Expenses and any interest payable thereon) pro rata to each ECA Administrative Party;
	   
	   	 (b) 	 secondly, in or towards payment to each National Agent (in the Relevant Proportion of the amount available for distribution for such purpose) for the account of each ECA Lender of such ECA Lender's Pro Rata Share of the following elements of the ECA Debt then due but unpaid in the following order:
	   
	   	   	 (i) 	 first, in or towards payment of interest due but unpaid under the ECA Loan Agreement; and 
	   
	   	   	 (ii) 	 second, in or towards payment of any principal due but unpaid under the ECA Loan Agreement; 
	   
	   	 (c) 	 thirdly, in or towards payment to each National Agent (for the account of the relevant ECA Lenders or Export Credit Agency) and to each relevant ECA Administrative Party for its own account, pro rata, of any Break Costs to the extent covered by the Export Credit Agencies;
	   
	   	 (d) 	 fourthly, in or towards payment to each Finance Party pro rata of any other amounts, to the extent covered by the Export Credit Agencies, due and owing but unpaid to such ECA Finance Party pursuant to any Transaction Document under or in connection with the ECA Loan;

	 
	
      

      Page  12 

	 	 	 	 	 
	   	 (e) 	 fifthly, in or towards payment to each Finance Party pro rata of any other amounts, to the extent that the same are not covered under Clauses 5.2(b) to (d), due and owing but unpaid to such Finance Party pursuant to any Transaction Document under or in connection with the ECA Loan;
	   
	   	 (f) 	 sixthly, in or towards payment to the ECA Administrative Parties, Export Credit Agencies or each applicable security trustee of amounts due but unpaid pursuant to the Other Transaction Documents for application in accordance with the relevant Other Transaction Documents in such order or proportions as are applicable under the relevant documents or as directed by the Export Credit Agencies, as applicable;
	   
	   	 (g) 	 seventhly, in or towards payment to the applicable security trustee or security agent of amounts due but unpaid under any loan or other agreements supported by the Export Credit Agencies in respect of the Other ECA Indebtedness for application in accordance with the terms of the relevant documentation in respect of the Other ECA Indebtedness in such order or proportions as are applicable under the relevant documents or as directed by the Export Credit Agencies, as applicable;
	   
	   	 (h) 	 eighthly, in or towards payment to the Borrower (or other person entitled thereto) of amounts owing to it under the Transaction Documents (to the extent not already paid or deemed to have been paid);
	   
	   	 (i) 	 ninthly, in or towards payment to the Servicing Agent of amounts owing to it under the Servicing Agreement (to the extent not already paid or deemed to have been paid); and
	   
	   	 (j) 	 tenthly, any balance to be paid to the Head Lessee (or other person entitled thereto) pursuant to clause 21.3 (Return of surplus Proceeds) of the All Parties Agreement. 
	   
	
      5.3

    	
      Total Loss Proceeds

      Any Total Loss Proceeds received by the Relevant Agent shall be applied in accordance with Clause 5.2 (Application of Proceeds).

    
	   
	
      5.4

    	
      Retention of surplus

    
	   
	   	 (a) 	 At any time while an Event of Default is continuing, if the Security Trustee has been instructed by the National Agents that further sums which are not currently due and payable to a Party may become due and payable to such Party, any Proceeds received by the Security Trustee up to the amount of such further sums may be retained by the Security Trustee and, instead of being applied in or towards the discharge of amounts owing to any creditor ranking below such Party pursuant to Clause 5.2 (Application of Proceeds), the Security Trustee may credit the amount to an interest-bearing suspense account (with interest at market rates being credited to that account) for payment of such amount to such Party as and when it becomes due.
	   
	   	 (b) 	 Any amounts received by the Security Trustee pursuant to Clause 7 (Turnover of non-permitted and Default recoveries) or clauses 10.3(f) (Second Trigger Event), 14.6.2 (Tax Credit) or 26.1.2 (Substitution of Aircraft) of the All Parties Agreement, shall be applied in accordance with Clause 5.2 (Application of Proceeds), except that if a Default (but not an Event of Default) is continuing, such amounts shall be held in an interest bearing suspense account (with interest at market rates credited to that account) and:
	   
	   	   	 (i) 	 if the Default ceases to continue, any amounts so held shall be: 
	   
	   	   	   	 (aa) 	 if such amounts were received pursuant to Clause 7 (Turnover of non-permitted and Default recoveries), returned to the Finance Party (or, as the case may be, the relevant National Agent for the account of

	 
	
      

      Page  13 

	 	 	 	 	 
	   	   	   	  	 such Finance Party) which paid them to the Security Trustee for application in accordance with the Transaction Documents;
	  	
       

    
	   	   	   	 (bb) 	 if such amounts were received pursuant to 10.3(f) (Second Trigger Event) of the All Parties Agreement, either paid into the Security Deposit Account or, if at that time no Second Trigger Event is continuing, paid to the Head Lessee;
	   
	   	   	   	 (cc) 	 if such amounts were received pursuant to clause 14.6.2 (Tax Credit) of the All Parties Agreement, paid to the Party who would have been entitled to payment of such amounts under that clause had no Default been continuing at the time of the original payment; or
	   
	   	   	   	 (dd) 	 if such amounts were received pursuant to clause 26.1.2 (Substitution  of Aircraft) of the All Parties Agreement, paid to the Head Lessee; or 
	   
	   	   	 (ii) 	 if an Event of Default subsequently occurs prior to their return under paragraph (a) above, such amounts shall be applied in accordance with the provisions of Clause 5.2 (Application of Proceeds).
	   
	
      5.5

    	
      Distribution by National Agents

    
	   
	   	 (a) 	 All moneys received by the National Agents with respect to amounts due under the ECA Loan Agreement under the provisions of this Clause 5 or otherwise under the ECA Loan Agreement shall:
	   
	   	   	 (i) 	 if a relevant Export Credit Agency so directs in relation to an amount paid by that Export Credit Agency under its ECA Support Arrangement, be paid to that Export Credit Agency instead of an ECA Lender by operation of the Export Credit Agency's right of subrogation; and
	   
	   	   	 (ii) 	 otherwise be distributed by them among the ECA Lenders in a different order of allocation to that set out in Clause 5.2 (Application of Proceeds) to the extent so directed by the relevant Export Credit Agencies.
	   
	   	 (b) 	 Each ECA Lender hereby irrevocably agrees with the Security Trustee on behalf of each Export Credit Agency that to the extent permitted by Applicable Law if an Export Credit Agency makes a payment to an ECA Lender under its ECA Support Arrangement that Export Credit Agency is immediately subrogated to the rights of that ECA Lender under the Transaction Documents to the extent such rights relate to such payment.
	   
	
      5.6

    	
      Currency Conversion

    
	   
	   	 (a) 	 All moneys received by the Security Trustee under this Deed in a currency other than the currency in which the relevant Loans are denominated shall be promptly sold for any one or more of the currencies in which the Loans are denominated as the Security Trustee considers necessary or desirable.
	   
	   	 (b) 	 The Borrower shall indemnify the Security Trustee against any Loss incurred in  relation to any such currency conversion. 
	   
	
      5.7

    	
      Indemnity payments

      Notwithstanding the foregoing provisions of this Clause 5, any moneys received or receivable by the Security Trustee or any other Party (including, without limitation, any moneys which are paid by the insurers in respect of any third party liability) which are identified by the payer as amounts properly due to third parties (including any Party) pursuant to the indemnity provisions of the Transaction Documents or otherwise shall be paid to the Security Trustee (if appropriate) and applied by the Security Trustee in payment to such third parties unless an

    

	 
	
      

      Page  14 

	 	 	 
	  	
      Event of Default has occurred and the same is capable of being retained pursuant to Clause 5.4 (Retention of surplus) or can be applied in accordance with clause 22.10 (Insurance Proceeds) of the All Parties Agreement, as appropriate, in which case the Security Trustee shall apply the relevant amount in accordance with those provisions.

    
	   
	   
	
      6

      7

    	
      [Intentionally left blank]

      Turnover of non-permitted and Default recoveries

      If prior to the Discharge Date in respect of the ECA Debt any Finance Party receives the proceeds of any enforcement of any Security Interest or any guarantee or other assurance against financial loss for any Debt other than as allowed under this Deed, the receiving Finance Party shall hold the amount received by it on trust for the Finance Parties and immediately pay that amount to the Security Trustee for application in accordance with the provisions of this Deed.

    
	   
	   
	
      8

    	
      [Intentionally left blank]

    
	   
	   
	 9 	 Restructuring rights 
	   
	 9.1 	 Restructuring Plan 
	   
	   	 If any Party receives a proposal for: 
	   
	   	 (a) 	 the rescheduling or deferral, waiver or reduction or cancellation of any payments due  from the Head Lessee under the Head Lease; or 
	   
	   	 (b) 	 a restructuring for the purposes of avoiding the occurrence of a Head Lease Event of  Default, 
	   
	  	
      (each a Restructuring Plan) such Party shall as soon as practicable notify the ECA Facility Agent (such notice a Restructuring Notice).

    
	   
	
      9.2

    	
      Consultation Notice

    
	   
	   	 (a) 	 Following receipt of the Restructuring Notice, the ECA Facility Agent shall consult with  the Export Credit Agencies and the National Agents. 
	   
	   	 (b) 	 If any Party intends to discuss further the Restructuring Plan with the Head Lessee following the Restructuring Notice, such Party shall notify the ECA Facility Agent (any such notice a Consultation Notice).
	   
	   	 (c) 	 No Party or Export Credit Agency shall be under any obligation to agree or incur any liability for failure to agree, to any course of action or inaction recommended or proposed by, any Party or Export Credit Agency.
	   
	
      10

    	
      Appropriations – Finance Party rights

      Until the Discharge Date in relation to the ECA Debt, the ECA Facility Agent or the Security Trustee may:

    
	   
	   	 (a) 	 refrain from applying or enforcing any other moneys, security or right held or received  by a Finance Party (or any trustee or agent on its behalf); or 

	 
	
      

      Page  15 

	 	 	 
	   	 (b) 	 apply and enforce such moneys, security or right in such manner and order as it sees  fit (whether against the ECA Debt or otherwise). 
	   
	   
	
      11

    	
      Borrower rights

      The Borrower is a Party solely for the purpose of acknowledging the priorities, rights and obligations recorded in this Deed. Except for its rights to receive Proceeds under and in accordance with the provisions of Clause 5.2 (Application of Proceeds) and Clause 5.7 (Indemnity payments), the Borrower does not have any rights under this Deed and no undertaking is given (or deemed to be given) to, or for the benefit of, the Borrower.

    
	   
	 12 	 Governing law 
	   
	   	 This Deed is governed by English Law. 
	   
	
      13

    	
      Dispute resolution

      The provisions of clause 32 (Dispute resolution) of the All Parties Agreement shall apply insofar as it relates to any dispute between the Parties as if set out in this Deed, mutatis mutandis.

    
	   
	
      14

    	
      Counterparts

      As between the Parties, this Deed may, to the extent permitted under any applicable law, be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this Deed.

    

This deed has been entered into as a deed and has been delivered on the date stated at the beginning of this Deed.

	 
	
      

      Page  16 

	 	 
	 Signature Pages 	   
	   
	 Borrower 	   
	   
	 SIGNED, SEALED and DELIVERED 	 ) 
	 by Madeleine Leasing Limited 	 ) 
	 By 	 ) 
	 its lawfully appointed attorney 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature: 	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	   	
      

    	 
	   
	   
	 Original French Lender 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., Paris branch 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature: 	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	   	
      

    	 
	   
	   
	 Original German Lender 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., 	 ) 
	 Niederlassung Deutschland 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature: 	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	 	
      

    	 

	 
	
      

      Page  17 

	 	 
	 Original British Lender 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., London branch 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature:  	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	   	
      

    	 
	   
	   
	 French National Agent 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., Paris branch 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature: 	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	   	
      

    	 
	   
	   
	 German National Agent 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., Frankfurt branch 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature: 	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	 	
      

    	 

	 
	
      

      Page  18 

	 	 
	 British National Agent 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., London branch 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature:  	 

    	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	   	
      

    	 
	   
	   
	 ECA Facility Agent 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., London branch 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature: 	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	   	
      

    	 
	   
	   
	 Security Trustee 	   
	   
	 Executed as a Deed 	 ) 
	 by ABN AMRO Bank N.V., London branch 	 ) 
	 acting by 	 ) 
	 and 	 ) 
	 acting under the authority of that company 	 ) 
	 in the presence of: 	   
	   
	 Witness Signature: 	 	   
	   	
      

    	 
	 Name: 	 	   
	   	
      

    	 
	 Address: 	 	   
	 	
      

    	 

	 
	
      

      Page  19Exhibit 4.16

 

 All Parties Agreement

in respect of one (1) Airbus A**     aircraft with manufacturer's serial number**     [registration

mark **     ] equipped with two [engine type] engines

  Dated**     

 CIT Aerospace International

(as Head Lessee)

Jessica Leasing Limited

(as Borrower and Lessor)

CIT Group Inc.

(as Guarantor)

Various Financial Institutions

(as Original ECA Lenders)

**     

(as French National Agent)

**     

(as German National Agent)

**     

(as British National Agent)

The Royal Bank of Scotland N.V., London branch

(as ECA Facility Agent)

The Royal Bank of Scotland N.V., London branch

(as Security Trustee)

CIT Aerospace International

(as Servicing Agent)

**     

(as Administrative Agent)

 Exhibit 4.16

 Contents

			
			
	 1	 Interpretation	 3
	 	 	 
	 2	 Conditions	 36
	 	 	 
	 3	 Head Lessee representations	 39
	 	 	 
	 4	 Guarantor representations	 44
	 	 	 
	 5	 Borrower representations	 48
	 	 	 
	 6	 Borrower covenants	 51
	 	 	 
	 7	 General Head Lessee covenants	 54
	 	 	 
	 8	 Guarantor covenants	 58
	 	 	 
	 9	 Guarantee and indemnity	 61
	 	 	 
	 10	 Trigger events	 65
	 	 	 
	 11	 Material Adverse Effect	 73
	 	 	 
	 12	 ECA Premia	 74
	 	 	 
	 13	 Security and recourse	 74
	 	 	 
	 14	 Indemnities	 76
	 	 	 
	 15	 Fees and expenses	 85
	 	 	 
	 16	 Confidentiality	 86
	 	 	 
	 17	 Amendments	 87
	 	 	 
	 18	 Changes to the Parties or Facility Office	 87
	 	 	 
	 19	 Mitigation	 89
	 	 	 
	 20	 Instructions, control of Borrower and subordination of Servicing Payments	 90
	 	 	 
	 21	 Head Lessee's rights under the Loan Agreements and the Proceeds Agreement	 92
	 	 	 
	 22	 Payments	 92
	 	 	 
	 23	 Set-off	 95
	 	 	 
	 24	 Severability	 95
	 	 	 
	 25	 Miscellaneous	 96
	 	 	 
	 26	 Aircraft matters	 97
	 	 	 
	 27	 Waivers and remedies cumulative	 97
	 	 	 
	 28	 Notices	 98
	 	 	 
	 29	 Counterparts	 99

	
	 

      Contents (i)

 Exhibit 4.16

			
	 30	 Language	 99
	 	 	 
	 31	 Governing law	 100
	 	 	 
	 32	 Dispute resolution	 100
	 	 	 
	 33	 Non-petitioning	 101

		
	 Schedule 1 - Request and Confirmation	 102
	 	 
	 Part 1 - Form of Request	 102
	 	 
	 Part 2 - Form of Confirmation of Request for ECA Loan	 104
	 	 
	 Schedule 2 – Conditions	 105
	 	 
	 Part 1 - Initial conditions precedent	 105
	 	 
	 Part 2 - Delivery conditions precedent	 107
	 	 
	 Part 3 - General conditions precedent	 111
	 	 
	 Part 4 - Head Lessee conditions precedent	 112
	 	 
	 Part 5 – Conditions subsequent	 113
	 	 
	 Schedule 3 - Form of Transfer Certificate for Lenders	 114
	 	 
	 Schedule 4 - Form of Accession Deed for ECA Administrative Parties	 116
	 	 
	 Schedule 5 - Form of Irrevocable De-Registration and Export Request Authorisation	 117
	 	 
	 Schedule 6 – [Intentionally left blank]	 119
	 	 
	 Schedule 7 – Forms of Deregistration Powers of Attorney	 120
	 	 
	 Part 1 – Form of Head Lessee Deregistration Power of Attorney	 120
	 	 
	 Part 2 - Form of Owner Deregistration Power of Attorney	 121
	 	 
	 Part 3 – [Form of Lessee Deregistration Power of Attorney]	 122

	
	 

      Contents (ii)

 Exhibit 4.16

 All Parties Agreement

Dated **     

Between

	 (1)        	
CIT Aerospace International, an unlimited company incorporated under the laws of Ireland having its registered office at 1 Stoke's Place, St. Stephen's Green, Dublin 2, Ireland in its capacity as lessee under the Head Lease (the Head Lessee);

        
	 
	 (2)       	
Jessica Leasing Limited, a limited liability company incorporated under the laws of Ireland having its registered office at 5 Harbourmaster Place, International Financial Services Centre, Dublin 1, Ireland (the Borrower or Lessor);

        
	 
	 (3)       	
CIT Group Inc., a corporation incorporated under the laws of the State of Delaware and having its principal place of business at 1 CIT Drive, Livingston, New Jersey 07039, United States of America and its chief executive office at 505 Fifth Avenue, New York 10017, United States of America (the Guarantor);

        
	 
	 (4)       	
The Financial Institutions which are listed in parts 1, 2 and 3 of schedule 1 to the ECA Loan Agreement (the Original ECA Lenders);

        
	 
	 (5)       	
**     , as agent for the French Lenders (in this capacity the French National Agent);

        
	 
	 (6)       	
**     , as agent for the German Lenders (in this capacity the German National Agent);

        
	 
	 (7)       	
**     , as agent for the British Lenders (in this capacity the British National Agent);

        
	 
	 (8)       	
The Royal Bank of Scotland N.V. a banking institution established under the laws of The Netherlands acting through its branch at 250 Bishopsgate, London EC2M 4AA, United Kingdom as facility agent for the ECA Lenders (in this capacity the ECA Facility Agent);

        
	 
	 (9)       	
The Royal Bank of Scotland N.V. a banking institution established under the laws of The Netherlands acting through its branch at 250 Bishopsgate, London EC2M 4AA, United Kingdom as security trustee for the Finance Parties (in this capacity the Security Trustee);

        
	 
	 (10)              	
CIT Aerospace International, an unlimited company incorporated under the laws of Ireland having its registered office at 1 Stoke's Place, St. Stephen's Green, Dublin 2, Ireland in its capacity as servicing agent under the Servicing Agreement (the Servicing Agent); and

        
	 
	 (11)              	
**     , as administrative agent for the Primary Lenders (the Administrative Agent).

        

 It is agreed:

	 1        	
Interpretation

        
	 
	 1.1          	
Definitions

        
	 
	 	
In this Agreement and the other Transaction Documents, unless the contrary intention appears:

        
	 
	 	
A Rent means in relation to each Rent Payment Date (other than the Delivery Date), an amount equal to the aggregate of all principal and interest payable by the Borrower pursuant to clauses 6.1 (Repayment) and 8.3 (Payment of Interest) of the ECA Loan Agreement on such date.

        
	 
	 	
Acceptance Certificate means the certificate to be provided by the Head Lessee pursuant to clause 3.2(d) (Acceptance) of the Head Lease substantially in the form set out in schedule 2 (Form of Acceptance Certificate) to the Head Lease.

        
	 

	
	 
Page 3

 Exhibit 4.16

  

	       	 Accession Deed means a deed substantially
        in the form of Schedule 4 (Form of Accession Deed for ECA Administrative
        Parties).

	 	 
	 	Affiliate means a Subsidiary or a Holding Company of
      a person or any other Subsidiary of that Holding Company.
	 	 
	 	Aircraft means the aircraft identified on the front
      page of this Agreement and as more particularly described in schedule 1
      (Aircraft Description) to the Head Lease and includes where the context
      so admits a separate reference to:
	 	 
	 	(a)      	the Airframe;
	 	 	 
	 	(b) 	each Engine;
	 	 	 
	 	(c)   	each Part; and
	 	 	 
	 	(d)  	the Manuals and Technical Records.
	 	 	 
	 	Aircraft Price means,
        to the extent approved by the ECA Facility Agent, the net final contract
        price of the Aircraft payable by the Borrower to the Manufacturer pursuant
        to the Aircraft Purchase Agreement and the Purchase Agreement Assignment,
        [such price being inclusive of any Eligible BFE but] net of any credit
        memoranda from the Engine Manufacturer, in respect of the Engines or from
        the Manufacturer in respect of the Airframe.

       Aircraft Purchase Agreement means the
        Airbus [A320 family and A350 aircraft purchase agreement dated 17 August
        2005 between the Manufacturer (as legal successor to AVSA S.A.R.L.) and
        the Purchaser] [A330 aircraft purchase agreement dated 29 June 2006 between
        the Manufacturer and the Purchaser] in relation to, inter alia,
        the Aircraft, including all related documents.

       Aircraft Related Activity means the
        purchase, manufacture, ownership, possession, import, export, registration,
        non-registration, performance, transportation, management, disposal, control,
        design, condition, testing, inspection, delivery, non-delivery, leasing,
        sub-leasing, maintenance, repair, refurbishment, insurance, reinsurance,
        lack of insurance, service, modification, overhaul, replacement, storage,
        removal, redelivery, use or operation of the Aircraft, the Airframe, any
        Engine or any Part by any person (whether in the air or on the ground).

       Airframe means the Aircraft, excluding
        the Engines and the Manuals and Technical Records.

       Airframe Warranties Assignment means
        the assignment of warranty and support rights (airframe) dated on or prior
        to the Delivery Date between the Head Lessee, the Purchaser and the Lessee
        in respect of the Airframe, together with the consent of the Manufacturer
        thereto.

       Alternate Aircraft means each aircraft
        purchased or to be purchased by an Alternate Borrower with finance supported
        by the Export Credit Agencies and leased to the Head Lessee.

       Alternate Borrower means Madeleine
        Leasing Limited, a company incorporated in Ireland and any other company
        which the Arranger (as defined in the Framework Agreement), acting on
        the instructions of the Export Credit Agencies) and the Guarantor agree
        in writing shall be an "Alternate Borrower".

       Alternate Borrower All Parties Agreement
        means each all parties agreement entered into or to be entered into,
        as the case may be, between, inter alios, the Head Lessee, an Alternate
        Borrower and the Security Trustee in connection with the financing of
        any Alternate Aircraft.

       Alternate Borrower Secured Obligations
        means all Liabilities of the Alternate Borrowers to the "Indemnitees"
        (as defined in the relevant Alternate Borrower All Parties Agreement)
        under the Alternate Transaction Documents to which the relevant Alternate
        Borrower is a party.

	
	 

      Page 4

    

 Exhibit 4.16

  

	       	 Alternate British Lender
        means **     in its capacity as alternate
        British lender under the ECA Loan Agreement.

       Alternate French Lender means **     in
        its capacity as alternate French lender under the ECA Loan Agreement.

       Alternate German Lender means **     in
        its capacity as alternate German lender under the ECA Loan Agreement.

       Alternate Lender means each of the
        Alternate British Lender, the Alternate French Lender and the Alternate
        German Lender.

       Alternate Transaction Documents has
        the meaning given to the term "Transaction Documents" in any of the Alternate
        Borrower All Parties Agreements.

       Applicable Law means:

	 	 
	 	(a)      	any law, statute, decree, constitution, regulation, authorisation, judgment,
      injunction or other directive of any Government Entity;
	 	 	 
	 	(b) 	any treaty, pact, compact or other agreement to which any Government Entity
      is a signatory or party; or
	 	 	 
	 	(c)   	any judicial or administrative interpretation with binding characteristics
      or application of those described in (a) or (b) above,
	 	 	 
	 	
and in each case, which is applicable
        to the Aircraft or its use or operation, the Head Lessee, the Lessee,
        the Borrower, the Guarantor, the Finance Parties or the Transaction Documents.

       APU means:

	 	 
	 	(a)  	the auxiliary power unit as identified in the Acceptance Certificate;
      or
	 	 	 
	 	(b)  	any auxiliary power unit which permanently replaces such auxiliary power
      unit in accordance with the Transaction Documents,
	 	 	 
	 	but excludes any such unit title
        to which has or should have passed to the Head Lessee or the Lessee pursuant
        to the Transaction Documents.

       APU Hours means each hour or part hour
        elapsing from the moment the operation of the APU is commenced until the
        moment the operation of the APU is next shut down.

       APU Overhaul means the complete disassembly,
        inspection and repair of the APU core section to restore performance to
        a level consistent with achieving at least 5,000 APU Hours or use prior
        to its next such overhaul.

       Assignment Notice means a notice substantially
        in the form set out in schedule 4 to the ECA Loan Agreement.

       Availability End Date means the earlier
        to occur of:

	 	 	 
	 	(a)	**               20**     ; and
	 	 	 
	 	(b)	the Delivery Date,
	 	 	 
	 	or such other date as may be
        agreed in writing by the Parties.

       Availability Period means the period
        from and including the date of this Agreement to and including the Availability
        End Date.

  

	
	 
Page 5

 Exhibit 4.16

	       	 Aviation Authority means
        each authority or Government Entity which, under the laws of the State
        of Registration, from time to time:

	 	 
	 	 (a)      	 has control or supervision of civil aviation in that
        state; or

	 	 	 
	 	 (b)      	 has jurisdiction over the registration, airworthiness
        or operation of, or other matters relating to, the Aircraft.

	 	 	 
	 	B Rent means
        in relation to each Rent Payment Date (other than the Delivery Date),
        an amount equal to **     Dollars ($**     )
        or such other amount as the Servicing Agent or, following an Event of
        Default, the Relevant Agent, may confirm is required from time to time
        to discharge the ongoing operating expenses of the Lessor plus an annual
        profit of **     Dollars ($**     ).

       [BFE Bill of Sale means the bill of
        sale relating to and attaching a list of Buyer Furnished Equipment installed
        on the Aircraft executed by the [Head Lessee] [Purchaser] in favour of
        the Manufacturer and dated the Delivery Date.]

       [BFE Invoice means the invoice from
        the [Head Lessee] [Purchaser] to the Manufacturer in respect of the Buyer
        Furnished Equipment (other than the seller supplied buyer furnished equipment).]

       [BFE Portion means the Portion of the
        Aircraft Price which is the aggregate of:

	 	 
	 	(a)   	the amount set out in the BFE Invoice; and
	 	 
	 	(b)   	the amount confirmed by the Manufacturer as being the cost
      of the seller supplied buyer furnished equipment,
	 	 	 
	 	or such lesser amount
        as is permitted under the ECA Loan Agreement.]

       Bill of Sale means the bill of sale
        dated the Delivery Date from the Manufacturer to the Borrower in respect
        of the Aircraft substantially in the form set out in Schedule 1 (Bill
        of Sale) to the Purchase Agreement Assignment.

       Borrower Account Pledge means the French
        law pledge over the Lessor Account dated 21 July 2010 granted by the Borrower
        in favour of the Security Trustee.

       Borrower Documents means the Transaction
        Documents to which the Borrower is a party.

       Borrower Illegality Representations means
        the representations of the Borrower made under Clauses 5.4.2 (Legal validity)
        and 5.14 (Jurisdiction/governing law).

       Borrower Secured Obligations means
        all Liabilities of the Borrower to the Indemnitees under the Borrower
        Documents and the Other Transaction Documents to which the Borrower is
        a party.

       Borrower Security Assignment means
        the security assignment in the agreed form dated or to be dated on or
        about the date of this Agreement between the Borrower and the Security
        Trustee, under which the Borrower assigns, inter alia, certain
        of its rights under the Head Lease [and the Management Agreement]1
        to the Security Trustee.

       Borrower Security Interest means any
        Security Interest over the Aircraft or any other security arising as a
        result of the acts or omissions of the Borrower other than any Security
        Interest created:

	 	 	 
	 	(a)  	pursuant to any of the Transaction Documents or the Other Transaction
      Documents; or

1 To be included only for the first aircraft owned by each borrower
	
	 

      Page 6

    

 Exhibit 4.16

	      	 (b)      	
      as a result of the non-performance by the
        Head Lessee of any of its obligations under a Transaction Document or
        the Other Transaction Documents or the Lessee of any of its obligations
        under the Lease.

    
	 	 	 
	 	Break Costs means (as a result of a prepayment or, pursuant to
      clause 14.14 of the ECA Loan Agreement, a cancellation of an ECA Loan, or
      any delayed Delivery or Delivery not occurring, or any payments under an
      ECA Support Arrangement following an Event of Default, or any other circumstances
      provided in a Transaction Document) either:

				
	     	
      (a)

    	
      prior to a Fixed Rate Conversion, such amounts as an ECA
        Lender, a National Agent (on its own behalf or on behalf of any Export
        Credit Agency) or the ECA Facility Agent may certify as necessary to compensate
        it or any other Finance Party for Losses incurred in terminating swaps,
        interest make-up or other arrangements from or with other persons (including
        any of the Export Credit Agencies or any other party to any of the Transaction
        Documents) or employing deposits, in each case, acquired or entered into
        to effect or maintain all or any part of its share of the relevant ECA
        Loan or, in the case of any Export Credit Agency, entered into pursuant
        to, or in connection with, its ECA Support Arrangement but, in the case
        of an ECA Lender (and not an Export Credit Agency) and in respect of Losses
        as a result of prepayments only, not in excess of the amount (if any)
        by which:

    
	  
	 	  	 (i)	 in the case of an ECA Loan accruing interest at the LIBOR
      Rate, the interest which that ECA Lender should have received for the period
      from the date of receipt of the relevant amount of its participation in
      an ECA Loan prepaid to the last day of the current Interest Period in respect
      of that ECA Loan, had the principal amount or Unpaid Sum received been paid
      on the last day of that Interest Period; or
	 	 	
       

    
	 	  	 (ii)	 in the case of an ECA Loan accruing interest at the [**     ]
      Applicable Rate, the amount of yield that the relevant Primary Lender would
      have been required to pay to holders of its commercial paper during the
      Liquidation Period on an amount of commercial paper having an aggregate
      issue price equal to the amount of such ECA Loan or overdue amount received
      or recovered by such Primary Lender or the ECA Facility Agent on its behalf
      
			
       

    
	 	 	exceeds
	 	 	 	 
	 	  	 (iii)	 in the case of an ECA Loan accruing interest at the LIBOR
      Rate, the amount which that ECA Lender is able to obtain by placing an amount
      equal to that relevant amount on deposit with a leading bank in the London
      interbank market for a period starting on the Business Day following actual
      receipt or recovery and ending on the last day of the current Interest Period;
      or
	 	 	
       

    
	 	  	 (iv)	 in the case of an ECA Loan accruing interest at the [**     ]
      Applicable Rate, the amount of the estimated investment earnings, as reasonably
      determined by the relevant Primary Lender, on the share of such ECA Loan
      or overdue amount received or recovered by it during the Liquidation Period;
      or
	 	 	
       

    
	 	
      (b)

    	
      following a Fixed Rate Conversion, such amounts which:

    
	  
	 	  	 (i)	 in the case of any Export Credit Agency, it certifies are
      Losses suffered or incurred by it as a result; or
	 	  	  	  
	 	  	 (ii)	 in the case of any ECA Lender, National Agent or ECA Facility
      Agent, it certifies will compensate it for Losses incurred in terminating
      the relevant Interest Rate Swap but in any event not in excess of the amount
      which would be the Close-out Amount (if positive) determined under (and
      as defined in) an ISDA 2002 Master Agreement (the ISDA Agreement)
      as if the relevant ECA Lender were the Sole Affected Party (as defined in
      the ISDA Agreement) and the Terminated Transaction (as defined in the ISDA
      Agreement) were an

	
	 
Page 7

 Exhibit 4.16

				
	 	 	 	interest rate swap transaction beginning on the Fixed Rate Conversion
      Date and ending on the Expiry Date in respect of the ECA Loan Agreement,
      pursuant to which that ECA Lender is obliged, on each relevant Payment Date
      falling after the Fixed Rate Conversion Date, to pay fixed amounts to the
      swap counterparty equal to the interest payable under the ECA Loan Agreement
      at the Fixed Rate and receive floating amounts from such swap counterparty
      equal to LIBOR by reference to principal amounts equal to the amount prepaid
      or to be prepaid to such ECA Lender.
	 	 	 
	 	Break Gains means (as a result of a prepayment of an
      ECA Loan, any delayed Delivery or the Delivery not occurring, any payments
      under an ECA Support Arrangement following an Event of Default or any other
      circumstances provided in a Transaction Document) either:
	 	 	 
	    	
      (a)

    	
      prior to a Fixed Rate Conversion, such gains as an ECA Lender
        unconditionally and irrevocably receives in terminating, swaps, interest
        make-up or other arrangements from or with other persons or employing
        deposits acquired or entered into to effect or maintain all or any part
        of its share of the relevant ECA Loan but not in excess of the amount
        (if any) by which:

    
	  
	 	  	 (i)	 the amount which that ECA Lender is able to obtain by placing
      an amount equal to that relevant prepaid amount on deposit with a leading
      bank in the London interbank market for a period starting on the Business
      Day following actual receipt or recovery and ending on the last day of the
      current Interest Period 
			
       

    
	 	 	exceeds
	 	 	 	 
	 	  	 (ii)	 the interest which that ECA Lender should have received for
      the period from the date of receipt of the relevant amount prepaid of its
      participation in an ECA Loan to the last day of the current Interest Period
      in respect of that ECA Loan, had the principal amount received been paid
      on the last day of that Interest Period; or
	 	 	
       

    
	  
	 	
      (b)

    	
      following a Fixed Rate Conversion, such amounts,
        if any, unconditionally and irrevocably received by an ECA Lender or National
        Agent or the ECA Facility Agent as a result of terminating the relevant
        Interest Rate Swap but in any event not in excess of the amount (if any)
        which would be the Close-out Amount (if negative) determined under (and
        as defined in) an ISDA 2002 Master Agreement (the ISDA Agreement)
        as if the relevant ECA Lender or National Agent or the ECA Facility Agent
        were the Sole Affected Party (as defined in the ISDA Agreement) and the
        Terminated Transaction (as defined in the ISDA Agreement) were an interest
        rate swap transaction beginning on the Fixed Rate Conversion Date and
        ending on the Expiry Date in respect of the ECA Loan Agreement, pursuant
        to which that ECA Lender or National Agent or the ECA Facility Agent is
        obliged, on each relevant Payment Date falling after the Fixed Rate Conversion
        Date, to pay fixed amounts to the swap counterparty equal to the interest
        payable under the ECA Loan Agreement at the Fixed Rate and receive floating
        amounts from such swap counterparty equal to LIBOR by reference to principal
        amounts equal to the amount prepaid or to be prepaid to such ECA Lender.

    
	 	 	 
	 	British Commitment means:
	 	 	 
	 	(a) 	for an Original British Lender, the amount set
      opposite its name in schedule 1, part 3 (Original British Lenders) to the
      ECA Loan Agreement and the amount of any other British Commitment it acquires
      under the ECA Loan Agreement; and
	 	 	 
	 	(b)	for any other British Lender, the amount of any
      British Commitment it acquires from a British Lender under the ECA Loan
      Agreement,
	 	 	 
	 	in each case to the extent not cancelled, transferred or reduced
      under the ECA Loan Agreement.

 

	
	 

      Page 8

    

 Exhibit 4.16

	 	British Lender means:
	 	 	 
	     	 (a)      	 an Original British Lender; or

	 
	 	 (b)      	 any person which becomes a British Lender after the date
        of this Agreement pursuant to a transfer under Clause 18 (Changes to the
        Parties or Facility Office) from another British Lender.

	 	 	 
	 	British Loan means
        the principal amount of each borrowing advanced by the British Lenders
        under the ECA Loan Agreement or, as the case may be, the principal amount
        of those borrowings outstanding.

       British Loan Margin means **per cent
        (**     %) per annum.

       British Portion means the proportion
        of the aggregate ECA Commitments represented by the British Commitment,
        being, subject to any adjustment to reflect the effect of prepayments
        or cancellation of the British Loan prior to acceleration under clause
        14.14 (Acceleration) of the ECA Loan Agreement, **     per
        cent (**     %).

       Business Day means a day, other than
        a Saturday or Sunday, (a) on which commercial banks are open for general
        business in Paris, Frankfurt am Main and London and (b) if a payment in
        Dollars is required to be made on that day, is a day on which banks generally
        are open for business in New York City.

       [Buyer Furnished Equipment means the
        buyer furnished equipment identified in the BFE Bill of Sale.]

       Cancellation Notice has the meaning
        given to it in Clause 10.4.1(c).

       C Check means a block "C" check in
        accordance with the Maintenance Programme.

       Cape Town Convention means the Convention
        on International Interests in Mobile Equipment (the Convention)
        and the Protocol to the Convention on Matters Specific to Aircraft Equipment
        (the Protocol) both signed in Cape Town, South Africa on 16 November
        2001 and the Aircraft Protocol attached to Resolution No. 1 of the Final
        Act of the Diplomatic Conference to adopt the Convention and the Protocol,
        together with any regulations made in connection with them, and references
        to any Articles of the Cape Town Convention refer to the English language
        version of the Consolidated Text of the Cape Town Convention.

       Cape Town Letter means a letter dated
        on or about the Delivery Date between the Lessee, the Head Lessee, the
        Owner and the Security Trustee.

       Centre of Main Interests means the
        "centre of main interests" of an Obligor for the purposes of Council Regulation
        (EC) No 1346/2000 of 29 May 2000.

       Certified Copy means, in relation to
        a document, a copy of that document bearing the endorsement "Certified
        as a true, complete and accurate copy of the original which remains in
        full force and effect and has not been rescinded or amended otherwise
        than by a document, a Certified Copy of which is attached hereto", which
        has been signed and dated by a duly authorised officer of the relevant
        company and which complies with that endorsement.

       Change in Law means:

	  	 
	 	(a)   	the introduction or repeal of, or any change in, or
      any change in the interpretation, administration or application of, any
      Applicable Law after the date of this Agreement; or
	 	 	 
	 	(b)    	compliance with any Applicable Law introduced after
      the date of this Agreement.
	 	 	 
	 	CIT Obligors means the Head Lessee
      and the Guarantor.

	
	 
Page 9

 Exhibit 4.16

	 	
Coface means
        Compagnie Française d'Assurance pour le Commerce Extérieur.

       Coface Premium means the premium payable
        to Coface in respect of its ECA Support Arrangement, being **     per
        cent (**     %) of the French Portion of the
        ECA Aircraft Supported Amount.

       Collateral Deed means the collateral
        deed between the Head Lessee and the Security Trustee dated 21 July 2010.

       Confirmation of Request means a confirmation
        of Request substantially in the form set out in Schedule 1 (Form of Confirmation
        of Request for ECA Loan) in respect of the ECA Loans.

       Consent and Agreement means the consent
        of the Manufacturer to the Purchase Agreement Assignment dated or on before
        the Delivery Date in the form scheduled to the Purchase Agreement Assignment.

       Damage Notification Threshold means
        two million Dollars ($2,000,000).

       Debt means ECA Debt, Other ECA Debt
        or Other ECA Indebtedness.

       Declaration of Trust means a declaration
        of trust dated 2 July 2009 by the Shareholder in which the issued share
        capital of the Borrower is settled subject to the security constituted
        by the Share Charge.

       Default means an ECA Default or a Head
        Lease Default.

       Default Rate means:

	 	 	 
	    	 (a)      	
      with respect to any Unpaid Sum which is owing to a Finance
        Party (including any amount payable under the Head Lease which corresponds
        to an amount payable under the ECA Loan Agreement), the rate per annum
        determined from time to time under clause 8.4 (Interest on overdue amounts)
        of the ECA Loan Agreement; and

	 
	 	 (b)      	
      in relation to any other amount payable or expressed
        to be payable under the Transaction Documents, two per cent (2%) per annum
        above LIBOR for the relevant period.

	 	 	 
	 	
Delivery
        means the delivery of the Aircraft by the Manufacturer to the Borrower
        under the Aircraft Purchase Agreement subject to the Purchase Agreement
        Assignment and the simultaneous delivery of the Aircraft by the Head Lessee
        to the Lessee under the Lease.

       Delivery Date means the date on which
        Delivery takes place.

       Delivery Location means [Hamburg, Germany]
        [Blagnac Airport, Toulouse, France].

       Deregistration Power of Attorney means,
        to the extent applicable, any irrevocable deregistration powers of attorney
        in respect of the Aircraft granted by:

	   	 (a)	
      the Head Lessee in favour of the Security Trustee in
        the form attached as part 1 of Schedule 7 (Form of Head Lessee Deregistration
        Power of Attorney);

	 
	 	 (b)      	
      the Borrower in favour of the Security Trustee in the
        form attached as part 2 of Schedule 7 (Form of Owner Deregistration Power
        of Attorney); and

	 
	 	 (c)      	
      the Lessee in favour of the Security Trustee [in the
        form attached as part 3 of Schedule 7 (Form of Lessee Deregistration Power
        of Attorney)].

	 	 	 
	 	$ and Dollars mean the
      lawful currency for the time being of the United States of America.

  

	
	 

      Page 10

    

 Exhibit 4.16 

	 	
      Discharge Date means, in respect of any Debt, the date on which that Debt has been unconditionally and irrevocably paid and discharged in full and all commitments under the Transaction Documents, the Other Transaction Documents or the Alternate Transaction Documents, as the case may be, have been cancelled or terminated in connection therewith.

       ECA Administrative Party means the French National Agent, the German National Agent, the British National Agent, the ECA Facility Agent or the Security Trustee (in its capacity as Security Trustee on behalf of the Finance Parties).

       ECA Aircraft Supported Amount means the lesser of:

    
	 	 	 
	 	 (a)       	
      seventy-five per cent (75%) of the Aircraft Price; and

    
	 
	 	 (b)          	
      **     Dollars ($**     ).

    
	 	 	 
	 	ECA Applicable Margin means in respect of:
	 	 	 
	 	(a)  	the French Loan, the French Loan Margin;
	 	 	 
	 	(b)  	the German Loan, the German Loan Margin; and
	 	 	 
	 	(c)   	the British Loan, the British Loan Margin.
	 	 	 
	 	
      ECA Commitment means a French Commitment, a German Commitment or a British Commitment.

       ECA Debt means all Liabilities to the Finance Parties under or in connection with the ECA Loan Agreement and the other Transaction Documents.

       ECA Default means:

    
	 	 	 
	 	(a) 	any ECA Event of Default; or
	 	 	 
	 	(b) 	any event which would be (with the expiry of a grace period, the giving of notice, the making of any determination, the satisfaction of any other condition under the ECA

      Loan Agreement or any combination of these) an ECA Event of Default.
	 	 	 
	 	
      ECA Event of Default means an event specified as such in clause 14 (Default) of the ECA Loan Agreement.

       ECA Lenders means the French Lenders, the German Lenders and the British Lenders.

       ECA Loan means each of the French Loan, the German Loan and the British Loan.

       ECA Loan Agreement means the ECA loan agreement in the agreed form dated or to be dated on or about the date of this Agreement for the benefit of the Borrower, as borrower, in relation to the Aircraft.

       ECA Loan Termination Amount means an amount equal to the ECA Debt due and unpaid.

       ECA Premia means the aggregate of the Coface Premium, the Euler Hermes Premium and the ECGD Premium.

       ECA Support Arrangements means the guarantees, insurance or other support of the Borrower's obligations under the ECA Loan Agreement issued or to be issued:

    
	 	 	 
	 	(a)	by Coface to the French Lenders;
	 	 	 
	 	(b)	by Euler Hermes to the German Lenders; and
	 	 	 

  

	
	 
Page 11

 Exhibit 4.16

	 	
(c) by ECGD
        to the British Lenders.

       ECGD means The Secretary of State of
        Her Britannic Majesty's Government acting by the Export Credits Guarantee
        Department.

       ECGD Premium means the premium payable
        to ECGD in respect of its ECA Support Arrangement, being **     per
        cent (**     %) of the British Portion of the
        ECA Aircraft Supported Amount.

       Eligible BFE means the Buyer Furnished
        Equipment approved by the Export Credit Agencies.

       Engine means:

	 	 	 
	    	 (a)      	
      each of the engines (of the manufacturer and model specified
        in schedule 1 (Aircraft Description) to the Head Lease) installed on the
        Airframe at Delivery and whose manufacturer's serial numbers will be specified
        in the Acceptance Certificate, which has not been replaced by a Replacement
        Engine; and

	 
	 	 (b)      	
      any Replacement Engine with effect from the time title
        to which has passed to the Borrower pursuant to the Head Lease,

	 	 	 
	 	
including, in each
        case, all Parts from time to time installed in or belonging to that engine.

       Engine Contract means the **     dated
        **     in respect of, inter alia, the
        Engines entered into between the Engine Manufacturer and the Purchaser,
        including all related documents.

       Engine Manufacturer means **     .

       Engine Warranties Assignment means
        the engine assignment agreement substantially in the form scheduled to
        the Lease dated the Delivery Date between the Head Lessee, the Purchaser,
        the Engine Manufacturer and the Lessee in respect of the Engines.

       Euler Hermes means Euler Hermes Kreditversicherungs-AG.

       Euler Hermes Premium means the premium
        payable to Euler Hermes in respect of its ECA Support Arrangement, being
        three per cent (3%) of the German Portion of the ECA Aircraft Supported
        Amount.

       Eurocontrol means the European Organisation
        for the Safety of Air Navigation.

       Eurocontrol Letter means a letter in
        the form set out in schedule 4 (Form of Letter) to the Head Lease signed
        by the Lessee and Eurocontrol.

       Event of Default means an ECA Event
        of Default or a Head Lease Event of Default.

       Eximbank means the Export-Import Bank
        of the United States.

       Expected Delivery Date means the date
        specified as such in any Request.

       Expiry Date means the twelfth (12th)
        anniversary of the Delivery Date or, if applicable, of the Expected Delivery
        Date in accordance with Clause 2.9 (Delayed Delivery), or, in either
        case, if such anniversary is not a Business Day, the immediately preceding
        Business Day.

       Export Credit Agencies means Coface,
        Euler Hermes and ECGD.

       Facility means the credit facility
        made available under the ECA Loan Agreement.

       Facility Office means the office(s)
        notified by an ECA Lender to the ECA Facility Agent:

	 	 
	 	(a)   	on or before the date it becomes an ECA Lender; or

	
	 

      Page 12

    

 Exhibit 4.16

	 	(b) by not
        less than five (5) Business Days' notice,

       as the office(s) through which that ECA Lender
        will perform its obligations under this Agreement.

       Fees means all fees payable to the
        ECA Administrative Parties under the Fees Letters.

       Fees Letters means the letters signed
        by the [Head Lessee] in relation to the payment of any fees in relation
        to the financing and leasing of the Aircraft.

       Final Disposition means:

	 	 	 
	   	 (a)      	 the sale by the Borrower (including a sale by a Receiver
        after an Event of Default) or by the Security Trustee as mortgagee against
        immediate payment in cash or for other consideration, whether through
        an agent on its behalf or otherwise, of all its right, title and interest
        in and to the Aircraft (including, without limitation, a sale to the Lessee,
        the Purchaser and/or to any other person other than to the Borrower and
        whether pursuant to the terms of the relevant Lease or otherwise howsoever);
        or

	 
	 	 (b)      	 completion by delivery of the Aircraft to the purchaser
        or lessee (as the case may be), of a sale, lease or other disposition
        by or on behalf of the Borrower (including a sale by a Receiver after
        an Event of Default), or by the Security Trustee as mortgagee, pursuant
        to a conditional sale, hire purchase, full pay-out finance lease or other
        arrangement providing for the payment in full of the purchase price of
        the Aircraft over an agreed period of time and involving the retention
        by or on behalf of the Borrower or the Security Trustee as mortgagee of
        title to, or a security or similar interest in, the Aircraft.

	 	 	 
	 	Final Payment means, on any date,
      the aggregate amount of:
	 	 
	 	(a)    	the ECA Loan Termination Amount; and
	 	 	 
	 	(b)     	any sums then due and unpaid under the Head Lessee Documents,
	 	 	 
	 	in each case,
        determined by the ECA Facility Agent and notified to the Head Lessee at
        such date.

       Finance Party means an ECA Lender or
        an ECA Administrative Party.

       Financial Indebtedness means any indebtedness
        for or in respect of:

	   	 (a)      	 moneys borrowed;

	 
	 	 (b)      	 any acceptance credit (including any dematerialised
        equivalent);

	 
	 	 (c)      	 any bond, note, debenture, loan stock or
        other similar instrument;

	 
	 	 (d)      	 any redeemable preference shares (other than
        any such shares which are redeemable or capable of repurchase solely at
        the option of the issuer);

	 
	 	 (e)      	 any agreement treated as a finance or capital
        lease in accordance with generally accepted accounting principles in the
        jurisdiction of incorporation of the Head Lessee or the Guarantor, as
        applicable;

	 
	 	 (f)      	 receivables sold or discounted (otherwise
        than on a non-recourse basis);

	 
	 	 (g)      	 the acquisition cost of any asset to the
        extent payable after its acquisition or possession by the party liable
        where the deferred payment is arranged primarily as a method of raising
        finance or financing the acquisition of that asset;

	
	 
Page 13

 Exhibit 4.16

	   	 (h)      	 any derivatives transaction protecting against or benefiting
        from fluctuations in any rate or price (and, except for non-payment of
        an amount, the then marked to market value of the derivative transaction
        will be used to calculate its amount);

	 
	 	 (i)      	 any other transaction (including any forward sale or
        purchase agreement) which has the commercial effect of a borrowing;

	 
	 	 (j)      	 any counter-indemnity obligation in respect of any guarantee,
        indemnity, bond, standby or documentary letter of credit or any other
        instrument issued by a bank or financial institution; or

	 
	 	 (k)      	 any guarantee, indemnity or similar assurance against
        financial loss of any person in respect of any item referred to in the
        above paragraphs,

	 	 	 
	 	provided that any
        Financial Indebtedness owing by a member of the Group to any other member
        of the Group, or any contingent obligation in respect thereof, shall not
        (unless the context provides otherwise) constitute Financial Indebtedness
        for the purposes of the Transaction Documents.

       First Trigger Event means the senior
        unsecured indebtedness obligations of the Guarantor being rated below
        A- if and as rated by Standard & Poor's Corporation or A3
        if and as rated by Moody's Investor Service, Inc., or an equivalent
        by an alternative service of equivalent recognition (if neither Standard
        & Poor's Corporation nor Moody's Investor Service, Inc. has assigned
        any rating).

       Fixed Rate means, with respect to the
        ECA Loans, the per annum rate of interest determined by the ECA Facility
        Agent to be that quoted by the ECA Facility Agent or with such ECA Lender's
        consent, an ECA Lender at or about 11.00 a.m. (New York time) on a date
        falling one Business Day prior to the Fixed Rate Conversion Date as the
        offered fixed rate for Interest Rate Swaps.

       Fixed Rate Conversion means, in respect
        of the ECA Loans, the conversion of the rate of interest payable on such
        ECA Loans to a fixed rate of interest from a floating rate of interest
        pursuant to clause 6.3 (Fixed rate option) of the ECA Loan Agreement.

       Fixed Rate Conversion Confirmation means
        the irrevocable agreement of the Borrower to the Fixed Rate Conversion
        to be given substantially in the form of schedule 5 (Form of Fixed Rate
        Conversion Confirmation) to the ECA Loan Agreement.

       Fixed Rate Conversion Date means the
        date specified in the Fixed Rate Conversion Notice as the conversion date
        in respect of the ECA Loans (being either the Delivery Date or a Payment
        Date).

       Fleet Aircraft means each aircraft
        owned, leased or operated by the Lessee.

       Floating Rate means, with respect to
        an Interest Period for an ECA Loan, the LIBOR Rate or, in accordance with
        clause 6.4 (Floating rate option) of the ECA Loan Agreement, the [**     ]
        Applicable Rate, as the case may be, for such Interest Period or other
        relevant period.

       Floating Rate Conversion means the
        conversion of the rate of interest payable on an ECA Loan to the [**     ]
        Applicable Rate from the LIBOR Rate as contemplated by a Floating Rate
        Conversion Notice delivered pursuant to clause 6.4 (Floating rate option)
        of the ECA Loan Agreement.

       Floating Rate Conversion Date means,
        if applicable, the Delivery Date.

       Floating Rate Conversion Notice means
        the notice requesting a Floating Rate Conversion, served by the Borrower
        pursuant to clause 6.4 (Floating rate option) of the ECA Loan Agreement.

  

	
	 

      Page 14

    

 Exhibit 4.16

	 	Framework Agreement
        means the framework agreement dated 11 July 2008 among The Royal Bank
        of Scotland N.V., London branch (as arranger), the Alternate Borrower
        (as initial borrower), the Head Lessee (as initial head lessee) and the
        Guarantor (as guarantor).

       French Commitment means:

	 	 	 
	   	 (a)      	 for an Original French Lender, the amount set opposite
        its name in schedule 1, part 1 (Original French Lenders) to the ECA Loan
        Agreement and the amount of any other French Commitment it acquires under
        the ECA Loan Agreement; and

	 
	 	 (b)      	 for any other French Lender, the amount of any French
        Commitment it acquires from a French Lender under the ECA Loan Agreement,

	 	 	 
	 	in each case
        to the extent not cancelled, transferred or reduced under the ECA Loan
        Agreement.

       French Lender means:

	   	 (a)      	 an Original French Lender; or

	 
	 	 (b)      	 any person which becomes a French Lender after the date
        of this Agreement pursuant to a transfer under Clause 18 (Changes to the
        Parties or Facility Office) from another French Lender.

	 	 	 
	 	French Loan means
        the principal amount of each borrowing advanced by the French Lenders
        under the ECA Loan Agreement or, as the case may be, the principal amount
        of those borrowings outstanding.

       French Loan Margin means **     per
        cent (**     %) per annum.

       French Portion means the proportion
        of the aggregate ECA Commitments represented by the French Commitment,
        being, subject to any adjustment to reflect the effect of prepayments
        or cancellation of the French Loan prior to acceleration under clause
        14.14 (Acceleration) of the ECA Loan Agreement, **     per
        cent (**     %).

       Geneva Convention means the Convention
        on the International Recognition of Rights in Aircraft signed at Geneva,
        Switzerland on 19 June 1948.

       German Commitment means:

	   	 (a)      	 for an Original German Lender, the amount set opposite
        its name in part 2 of schedule 1 (Original German Lenders) of the ECA
        Loan Agreement and the amount of any other German Commitment it acquires
        under the ECA Loan Agreement; and

	 
	 	 (b)      	 for any other German Lender, the amount of any German
        Commitment it acquires from a German Lender under the ECA Loan Agreement,

	 	 	 
	 	in each case to the
        extent not cancelled, transferred or reduced under the ECA Loan Agreement.

       German Lender means:

	   	 (a)      	 an Original German Lender; or

	 
	 	 (b)      	 any person which becomes a German Lender after the date
        of this Agreement pursuant to a transfer under Clause 18 (Changes to the
        Parties or Facility Office) from another German Lender.

	
	 
Page 15

 Exhibit 4.16

	 	German Loan means
        the principal amount of each borrowing advanced by the German Lenders
        under the ECA Loan Agreement or, as the case may be, the principal amount
        of those borrowings outstanding.

       German Loan Margin means **     per
        cent (**     %) per annum.

       German Portion means the proportion
        of the aggregate ECA Commitments represented by the German Commitment,
        being, subject to any adjustment to reflect the effect of prepayments
        or cancellation of the German Loan prior to acceleration under clause
        14.14 (Acceleration) of the ECA Loan Agreement **     per
        cent (**     %).

       [**     ] Applicable
        Rate means the aggregate of the [**     ]
        Cost of Funds plus the ECA Applicable Margin.

       [**     ] Cost
        of Funds means in relation to any Interest Period for which the same
        is to be determined in relation to any ECA Loan or any unpaid amount,
        the sum of:

	 	 	 
	   	 (a)      	 the relevant Primary Lender’s weighted average cost
        (as defined below) related to the issuance of commercial paper notes and
        other short term borrowings or the sale of participation interests (collectively,
        Commercial Paper) which, in each case, have been allocated by such
        Primary Lender to the funding of that ECA Loan or unpaid amount, as the
        case may be; and

	 
	 	 (b)      	 **     per cent (**     %)
        per annum, as determined by such Primary Lender (or the Administrative
        Agent on its behalf) with respect to such ECA Loan or unpaid amount, which
        determination shall be binding absent manifest error

	 	 	 
	 	For the purposes of the foregoing, the Primary
      Lender’s “weighted average cost” of Commercial Paper consists
      of:

	   	  	(i)      	
      the actual interest rate paid to purchasers of Commercial
        Paper;

    
	 
	 	  	(ii)      	
      the costs associated with the issuance of the Commercial
        Paper; and

    
	 
	 	  	(iii)      	
      the cost of other borrowings that Primary Lender may
        incur including the cost to fund odd or small Dollar amounts that are
        not easily accommodated in the commercial paper market.

    
	 	 	 	 
	 	Government Entity means:

	    	 (a)      	 any national government, political subdivision, banking
        or monetary authority thereof or local jurisdiction therein;

	 
	 	 (b)      	 any instrumentality, board, commission, authority, department,
        organ, court or agency of any of the foregoing, however constituted; and

	 
	 	 (c)      	 any association, organisation or institution of which
        any of the foregoing is a member or to whose jurisdiction any thereof
        is subject or in whose activities any of the above is a participant.

	 	 	 
	 	Group means
        the Guarantor and its Affiliates from time to time.

       Group Debt Letter means the letter
        dated 31 May 2010 from the Head Lessee to, inter alios, the Export Credit
        Agencies relating to the Head Lessee's Financial Indebtedness to its Affiliates.

       Guaranteed Obligations means any and
        all monies, liabilities and obligations (whether actual or contingent,
        whether now existing or hereafter arising, whether or not for the payment
        of money, and including any obligation or liability to pay damages and
        including any interest which, but for the application of bankruptcy or
        insolvency laws, would have accrued on the

  

	
	 

      Page 16

    

 Exhibit 4.16

	 	amounts in question),
        which are now or which may at any time and from time to time hereafter
        be due, owing, payable or incurred or be expressed to be due, owing, payable
        or incurred from or by any or all of the Principal Debtors to the Borrower
        or any Finance Party under or in connection with any of the Transaction
        Documents and references to Guaranteed Obligations includes references
        to any part thereof.

       Guarantor Documents means those of
        the Transaction Documents to which the Guarantor is a party.

       Guarantor Illegality Representations means
        the representations of the Guarantor made under Clauses 4.4(c) (Legal
        validity), 4.11 (Registration), 4.17 (No adverse consequences) and 4.18
        (Jurisdiction/governing law).

       Habitual Base means the State of Registration
        or any other country in which the Aircraft is based from time to time
        pursuant to clause 8 (Possession and leasing) of the Head Lease or the
        equivalent provisions of the Lease.

       Head Lease means the head lease agreement
        in the agreed form dated or to be dated on or about the date of this Agreement
        in respect of the Aircraft between the Borrower, as lessor, and the Head
        Lessee, as lessee.

       Head Lease Default means:

	 	 	 
	   	 (a)      	 any Head Lease Event of Default; or

	 
	 	 (b)      	 any event, act or occurrence which would be (with the
        expiry of a grace period, the giving of notice, making of any determination,
        the satisfaction of any other condition under the Head Lease or any combination
        of these) a Head Lease Event of Default.

	 	 	 
	 	Head Lease Event
        of Default means an event specified as such in clause 15 (Default)
        of the Head Lease.

       Head Lease Period means the period
        as determined in accordance with clause 4.2 (Head Lease Period) of the
        Head Lease.

       Head Lessee Account Pledge means the
        French law pledge over the Rental Account, the Security Deposit Account
        and the Maintenance Reserve Account dated 18 July 2008 granted by the
        Head Lessee in favour of the Security Trustee.

       Head Lessee Documents means those of
        the Transaction Documents to which the Head Lessee is a party.

       Head Lessee Illegality Representations
        means the representations of the Head Lessee made under Clauses 3.4(b)
        (Legal validity), 3.18 (No adverse consequences) and 3.19 (Jurisdiction/governing
        law).

       Head Lessee Secured Obligations means
        all liabilities of the Head Lessee to each Secured Party under the Head
        Lessee Documents, the Other Transaction Documents and the Alternate Transaction
        Documents to which the Head Lessee is a party and any liabilities of the
        Head Lessee or any other member of the Group in respect of Other ECA Indebtedness.

       Holding Company means, in relation
        to a company or corporation, any other company or corporation in respect
        of which it is a Subsidiary.

       Home Country Aircraft means an aircraft
        which is leased to a Lessee incorporated in France, Germany or the United
        Kingdom.

       Home Country Notice has the meaning
        given to it in Clause 10.5.1.

  

	
	 
Page 17

 Exhibit 4.16

	 	
IDERA means
        an irrevocable de-registration and export request authorisation substantially
        in the form of Schedule 5.

       Illegality Event means an event or
        circumstance:

    
	 	 	 
	   	 (a)      	 pursuant to which it is or will become unlawful in any
        relevant jurisdiction for any person to perform any of its obligations
        under any Transaction Document or, where relevant, to fund or maintain
        its share in any ECA Loan;

	 
	 	 (b)      	 pursuant to which this Agreement or any of the other
        Transaction Documents ceases or will cease to constitute the legally valid,
        binding and enforceable obligations of any party to such agreement;

	 
	 	 (c)      	 pursuant to which any Security Interest expressed to
        be constituted by any of the Security Documents does not or will not constitute
        a first priority Security Interest over the assets expressed to be the
        subject of that Security Interest;

	 
	 	 (d)      	 which is a change of law or regulation which, in the
        opinion of the Relevant Agent, affects the Borrower's title to, or any
        Relevant Party's interest in, the Aircraft in a material and adverse manner;
        or

	 
	 	 (e)      	 which results in any Borrower Illegality Representation,
        Guarantor Illegality Representation or Head Lessee Illegality Representation
        being incorrect or misleading in any material respect when deemed to be
        repeated.

	 	 	 
	 	Incipient
        Default means a Default (other than an Event of Default) which becomes
        an Event of Default.

       Increased Cost means:

	   	 (a)      	 an additional or increased cost;

	 
	 	 (b)      	 a reduction in the rate of return from a Facility or
        on a Finance Party's (or any of its Holding Companies') overall capital;
        or

	 
	 	 (c)      	 a reduction of an amount due and payable under any Transaction
        Document,

	 	 	 
	 	which is incurred
        or suffered by a Finance Party or any of its Holding Companies but only
        to the extent attributable to that Finance Party having entered into any
        Transaction Document or funding or performing its obligations under any
        Transaction Document.

       Increased Costs Event means an event
        or circumstance pursuant to which the Head Lessee is required to pay an
        additional amount pursuant to Clause 14.5 in respect of an amount payable
        under Clause 14.5 or clause 10.1 (Increased Costs) of the ECA Loan Agreement.

       Indemnitee means a Relevant Party,
        an Export Credit Agency or their respective directors, officers, partners,
        employees, agents, contractors, Subsidiaries or Affiliates.

       Initial Rent means the amount of Rent
        (if any) payable pursuant to clause 6.1 (Initial Rent) of the Head Lease.

       Insurances means the contracts and
        policies of insurance and reinsurance in respect of the Aircraft required
        to be maintained under clause 11 (Insurance) of and schedule 3 (Insurance
        requirements) to the Head Lease.

       Interest Period means, under the ECA
        Loan Agreement, each period determined under clause 8.1 (Interest Periods)
        or, as the case may be, clause 8.4 (Interest on overdue amounts) of the
        ECA Loan Agreement by reference to which interest on a Loan or overdue
        amount is calculated.

  

	
	 

      Page 18

    

 Exhibit 4.16

	 	
Interest
        Rate Swap means any Dollar interest rate hedging arrangement entered
        or to be entered into by the ECA Lenders for the purpose of providing
        fixed rate financing to the Borrower for the ECA Loans commencing on the
        Fixed Rate Conversion Date and in respect of a notional principal amount
        equal to the amortising balance (and reflecting the scheduled amortisation
        of the remaining ECA Loans).

       International Interest shall have the
        same meaning as in the Cape Town Convention.

       International Registry means the international
        registration facilities established for the purposes of the Cape Town
        Convention.

       JAA/EASA means the European Joint Airworthiness
        Authority, the European Aviation Safety Agency and any person succeeding
        to any of their respective functions.

       Landing Gear means the landing gear
        (together with its associated parts) specified in schedule 1 (Aircraft
        Description) of the Head Lease installed on the Aircraft on the Delivery
        Date and any replacement landing gear title to which has passed to the
        Borrower pursuant to the Head Lease.

       Landing Gear Overhaul means any full
        overhaul of any Landing Gear in accordance with the manufacturer's overhaul
        manual but excluding any replacement, repair or overhaul of any rotable
        components, any cleaning or replacement of seals or any repair of brakes,
        wheels or tyres, brake rods, struts or braces, in each case, that occurs
        more frequently than a full overhaul.

       Lease means any lease agreement relating
        to the Aircraft entered or to be entered into between the Head Lessee,
        as lessor, and the Lessee, as lessee.

       Lease Event of Default means an event
        of default (howsoever described) under the Lease.

       Lease Security Assignment means the
        security assignment relating to the Lease, the Airframe Warranties Assignment
        and the Engine Warranties Assignment to be entered into between the Head
        Lessee (as assignor) and the Security Trustee (as assignee) in form and
        substance satisfactory to the Security Trustee.

       Lessee means the Head Lessee’s
        customer who is the lessee of the Aircraft under the Lease.

       Lessee Event means an event specified
        as such in Clause 10.6.1.

       Lessor Account means the account of
        the Borrower held with The Royal Bank of Scotland N.V., Paris branch having
        account number 200815679.

       Lessor Security Interest means any
        Security Interest created by the Borrower, including any Borrower Security
        Interest.

       Liabilities means any present or future
        liability (actual or contingent) whether or not matured or liquidated,
        together with:

	 	 	 
	   	 (a)      	
      any refinancing, novation, deferral or extension of that
        liability;

	 
	 	 (b)      	
      any further advance which may be made under any agreement
        expressed to be supplemental to any document in respect of that liability,
        together with all related interest, fees and costs;

	 
	 	 (c)      	
      any claim for damages or restitution in the event of
        rescission of that liability or otherwise;

	 
	 	 (d)      	
      any claim flowing from any recovery of a payment or discharge
        in respect of that liability on the grounds of preference or otherwise;
        and

	
	 
Page 19

 Exhibit 4.16

	   	 (e)      	
      any amount (such as post-insolvency interest) which would
        be included in any of the above but for its discharge, non-provability,
        unenforceability or non-allowability in any insolvency or other proceedings.

	 	 	 
	 	LIBOR means, for an Interest Period
      in respect of any ECA Loan or overdue amount:

	   	 (a)      	 the applicable Screen Rate; or

	 
	 	 (b)      	 if no Screen Rate is available for the relevant currency
        or Interest Period in respect of that ECA Loan or overdue amount, the
        arithmetic mean (rounded upward to four decimal places) of the rates,
        as supplied to the relevant ECA Facility Agent at its request, quoted
        by the relevant Reference Banks to leading banks in the London interbank
        market,

	 	 	 
	 	as of 11.00 a.m. on
        the Rate Fixing Date for the offering of deposits in the currency of that
        ECA Loan or overdue amount for a period comparable to that Interest Period.

       LIBOR Rate means the aggregate of LIBOR
        plus the ECA Applicable Margin.

       Liquidation Period means, in circumstances
        where an ECA Loan is accruing interest at the [**     ]
        Applicable Rate, the period from the date on which all or any part of
        any ECA Lender's share of such ECA Loan or overdue amount is received
        by, or recovered by, such ECA Lender (or the ECA Facility Agent on its
        behalf) to the earlier of:

	 	 
	 	(a)  	the date on which such Primary Lender's total amount of commercial
      paper can be reduced (without prepayment thereof) by an amount equal to
      the relevant ECA Loan or overdue amount received or recovered; and
	 	 	 
	 	(b)    	the last day of the relevant Interest Period.
	 	 	 
	 	Losses means
        any Taxes, liabilities, obligations, settlements, losses, actions, claims,
        charges, proceedings, indemnity payments, Break Costs, Increased Costs,
        damages, penalties, fines, fees, costs and expenses of whatsoever kind
        and nature at any relevant time incurred or paid by an Indemnitee including
        as described in Clause 15 and interest from the date on which the same
        were incurred or paid up to the date of receipt or recovery (whether before,
        on or after judgment) at the Default Rate but excluding, except as otherwise
        provided in the Transaction Documents, any Management Time Expenses.

       Maintenance Programme means the Lessee's
        maintenance and inspection programme for the Aircraft approved by the
        Aviation Authority and consistent with the Manufacturer's recommended
        maintenance programme and the Engine Manufacturer's maintenance programme
        (if any) and the equivalent maintenance programme for Fleet Aircraft of
        the same type as the Aircraft.

       Maintenance Reserve Account means the
        Head Lessee's Dollar account with the Security Trustee or such other financial
        institution as may be approved by the Security Trustee named "Maintenance
        Reserve Account".

       Maintenance Reserves means the maintenance
        reserves, if any, which have been paid and which are payable in cash in
        respect of the Aircraft from time to time by the Lessee pursuant to the
        relevant Lease.

       Management Agreement means the corporate
        administration agreement between the Borrower and the Manager as to the
        administration of the Borrower.

       Management Time Expenses means, in
        relation to an ECA Administrative Party or an Export Credit Agency, the
        cost of using its management time or other internal resources, calculated
        on the basis of such reasonable daily or hourly rates as the ECA Administrative
        Party or, as the case may be, Export Credit Agency may specify.

  

	
	 

      Page 20

    

 Exhibit 4.16

	 	Manager means
        Deutsche International Corporate Services (Ireland) Limited.

       Mandatory Cost means the percentage
        rate per annum calculated by the ECA Facility Agent under schedule 3 (Calculation
        of the Mandatory Cost) to the ECA Loan Agreement.

       Mandatory Prepayment Event means each
        of the events referred to in clauses 7.1 (Mandatory prepayment –
        illegality), 7.2 (Mandatory prepayment – Total Loss), 7.3 (Mandatory
        prepayment – Head Lease termination), 7.4 (Mandatory prepayment –
        Trigger Event/Home Country Notice/Lessee Event) and 7.6 (Involuntary prepayment)
        of the ECA Loan Agreement.

       Manuals and Technical Records means
        all records, logs, manuals, technical data and other materials and documents
        relating to the Aircraft delivered under the Aircraft Purchase Agreement
        and the Purchase Agreement Assignment or the Engine Contract or required
        to comply with the regulations of the Aviation Authority, the requirements
        of the Head Lease or the requirements of the Lease.

       Manufacturer means Airbus S.A.S. a
        société par actions simplifiée duly created
        and existing under French law, whose principal place of business is at
        1, rond-point Maurice Bellonte, 31700 Blagnac Cedex, French Republic.

       Material Adverse Effect means a material
        adverse effect on:

	 	 	 
	   	 (a)     	 the assets, liabilities or financial condition of the
        Head Lessee or the Guarantor;

	 
	 	 (b)      	 the ability of the Head Lessee or the Guarantor to perform
        its obligations under the Transaction Documents, the Other Transaction
        Documents and the Alternate Transaction Documents;

	 
	 	 (c)      	 any right or remedy of any Relevant Party in respect
        of the Transaction Documents, the Other Transaction Documents or the Alternate
        Transaction Documents; or

	 
	 	 (d)      	 any interest of any Relevant Party in respect of the
        Aircraft.

	 	 	 
	 	Maximum
        Total British Commitment means, at any time, the aggregate of the
        British Commitments at such time.

       Maximum Total French Commitment means,
        at any time, the aggregate of the French Commitments at such time.

       Maximum Total German Commitment means,
        at any time, the aggregate of the German Commitments at such time.

       Mitigation Event has the meaning ascribed
        thereto in Clause 19.1.1 (Mitigation).

       Model Lease means the form of the Head
        Lessee's standard form lease agreement from time to time agreed and initialled
        by the ECA Facility Agent and the Head Lessee as being the "Model Lease".

       Mortgage means the Original Mortgage
        together with any other additional or replacement mortgage over the Aircraft
        granted in favour of the Security Trustee pursuant to the Transaction
        Documents.

       National Agent means the French National
        Agent, the German National Agent or the British National Agent.

       National Interest shall have the same
        meaning as in the Cape Town Convention.

       Netting Letter means a netting and
        payment instructions letter between the Head Lessee, the Borrower, the
        ECA Facility Agent and the Manufacturer relating to the Aircraft.

  

	
	 
Page 21

 Exhibit 4.16

	 	Net Worth means,
        at any date of determination, the total stockholders' equity of the Guarantor
        and its Subsidiaries on a consolidated basis determined in accordance
        with generally accepted accounting principles adopted and accepted in
        the United States of America.

       Net Worth Event means the Net Worth
        falling below the greater of:

	 	 	 
	   	 (a)      	 four billion Dollars ($4,000,000,000); or

	 
	 	 (b)      	 any amount below which a net worth event (howsoever described)
        would be triggered under any financing arrangements entered into (including
        by way of amendment) by the Guarantor or which is guaranteed by the Guarantor.

	 	 	 
	 	Non-Consensual
        Right or Interest shall have the same meaning as in the Cape Town
        Convention.

       Non-Repeating Borrower Representations
        means the representations of the Borrower made under Clauses 5.4.1
        (Legal validity), 5.5(a) (Non-conflict), 5.9 (Litigation), 5.10.2 to 5.10.4
        (Taxes) and 5.18 (Registration of UK establishment).

       Non-Repeating Guarantor Representations
        means the representations of the Guarantor made under Clauses 4.4(b)
        (Legal validity), 4.5(a) (Non-conflict), 4.6 (Authorisations), 4.8 (No
        material adverse change), 4.9 (Litigation), 4.10.4 (Information), 4.12.2
        to 4.12.4 (Taxes), 4.15 (Ownership) and 4.19 (Trigger Events).

       Non-Repeating Head Lessee Representations
        means the representations of the Head Lessee made under Clauses 3.4(a)
        (Legal validity), 3.5(a) (Non-conflict), 3.6.1 (Authorisations), 3.7.2
        (No default), 3.9 (No material adverse change), 3.11.4 (Information),
        3.12 (Registration), 3.13.2 to 3.13.5 (Taxes), 3.14.2 and 3.14.3 (No Security
        Interest), 3.16 (Ownership), 3.22 (Group Debt Letter) and 3.23 (Solvency).

       Notice of Charge means the notice of
        charge and quiet enjoyment covenant in the agreed form relating to the
        Aircraft addressed to each Lessee from the Borrower, the Head Lessee and
        the Security Trustee.

       Obligors means the Borrower and the
        CIT Obligors.

       Original British Lender means a Party
        listed as such in the signature pages to this Agreement.

       Original ECA Lender means an Original
        French Lender, an Original German Lender or an Original British Lender.

       Original French Lender means a Party
        listed as such in the signature pages to this Agreement.

       Original German Lender means a Party
        listed as such in the signature pages to this Agreement.

       Original Guarantor Financial Statements
        means the audited consolidated accounts of the Guarantor for the year
        ended 31 December 2009.

       Original Head Lessee Financial Statements
        means the audited consolidated accounts of the Head Lessee for the
        year ended 31 December 2009.

       Original Mortgage means an English
        law governed first priority mortgage, in the agreed form, of the Borrower's
        interest in the Aircraft granted by the Borrower in favour of the Security
        Trustee.

       Other Aircraft means each aircraft
        purchased or to be purchased by the Borrower with finance supported by
        the Export Credit Agencies and leased to the Head Lessee.

  

	
	 

      Page 22

    

 Exhibit 4.16

	 	Other All Parties
        Agreement means each all parties agreement entered into or to be entered
        into, as the case may be, between, inter alios, the Head Lessee,
        the Borrower and the Security Trustee in connection with the financing
        of any Other Aircraft.

       Other ECA Debt has the meaning given
        to the term "ECA Debt" in any Other All Parties Agreement or any Alternate
        Borrower All Parties Agreement.

       Other ECA Indebtedness means any Financial
        Indebtedness whether present or future, direct or indirect (other than
        pursuant to the Transaction Documents, the Other Transaction Documents
        or the Alternate Transaction Documents) including by way of a direct loan
        to the Head Lessee or any other member of the Group or pursuant to a lease
        financing or other financing structure, to which the Head Lessee or any
        member of the Group is a party and which is guaranteed, insured, supported
        or otherwise covered by any Export Credit Agency.

       Other ECA Loans has the meaning given
        to the term "ECA Loans" in any Other All Parties Agreement or Alternate
        Borrower All Parties Agreement.

       Other ECA Loan Agreement has the meaning
        given to the term "ECA Loan Agreement" in any Other All Parties Agreement
        or Alternate Borrower All Parties Agreement.

       Other Head Lease has the meaning given
        to the term "Head Lease" in any Other All Parties Agreement or Alternate
        Borrower All Parties Agreement.

       Other Lease has the meaning given to
        the term "Lease" in any Other All Parties Agreement or Alternate Borrower
        All Parties Agreement.

       Other Permitted Security Interests has
        the meaning given to the term "Permitted Security Interests" in any of
        the Other All Parties Agreements or Alternate Borrower All Parties Agreements.

       Other Security has the meaning given
        to the term "Security" in any of the Other All Parties Agreements or the
        Alternate Borrower All Parties Agreements.

       Other Security Documents has the meaning
        given to the term "Security Documents" in any of the Other All Parties
        Agreements or the Alternate Borrower All Parties Agreements.

       Other Transaction Documents has the
        meaning given to the term "Transaction Documents" in any of the Other
        All Parties Agreements.

       Part means:

	 	 	 
	  	 (a)      	 the Landing Gear, the APU, each other part, component,
        instrument, appliance, accessory, furnishing or other equipment (other
        than a complete Engine) supplied with the Aircraft on the Delivery Date
        (including Buyer Furnished Equipment); and

	 
	 	 (b)      	 any Replacement Part,

	 	 	 
	 	but excludes
        any such items title to which has or should have passed to the Head Lessee
        pursuant to the Transaction Documents.

       Payment Date means each date specified
        as such in schedule 2 (Repayments) to the ECA Loan Agreement unless a
        specified date is not a Business Day in which case Clause 22.3 will apply.

       Permitted Participant means any bank
        or other financial institution approved by the Head Lessee and the Borrower
        in writing (such approval not to be unreasonably withheld or delayed and
        deemed given if the Head Lessee or the Borrower has not notified the ECA
        Facility Agent in writing of reasonable grounds for withholding its consent
        thereto within fifteen (15) days of receipt of written notice from the
        ECA Facility Agent of such bank or other financial institution).

  

	
	 
Page 23

 Exhibit 4.16

	 	Permitted Security Interest means:
	 	 	 
	   	 (a)      	 any Security Interest created pursuant to the Transaction
        Documents;

	 
	 	 (b)      	 any Borrower Security Interest;

	 
	 	 (c)      	 any lien for Taxes not yet assessed or, if assessed,
        not yet due or being contested in good faith by appropriate proceedings;

	 
	 	 (d)      	 any lien of an airport hangar keeper, mechanic, material
        man, repairer, carrier, employee or other similar lien arising in the
        ordinary course of business by statute or by operation of law, in respect
        of obligations which are not overdue or which are being contested in good
        faith by appropriate proceedings,

	 	 	 
	 	but only if (in relation to both (c) and (d) above):

	   	 (i)      	 adequate reserves have, in the determination of the Security
        Trustee (acting reasonably), been provided for the payment of such Taxes
        or obligations; and

	 
	 	 (ii)      	 any such proceedings or the continued existence of such
        lien do not, in the determination of the Security Trustee (acting reasonably),
        involve any likelihood of the sale, forfeiture, disposal or loss of the
        Aircraft, any Engine or Part or any interest therein or of any criminal
        or legal liability on any Indemnitee;

	  	 	 
	 	 (e)      	 any Security Interest with respect to which the Head
        Lessee or the Lessee has provided a bond, guarantee, cash collateral or
        similar security which is approved by the Relevant Agent (acting reasonably);

	 
	 	 (f)      	 any salvage or similar right of insurers under insurance
        policies maintained pursuant to and in accordance with clause 11 (Insurance)
        of the Head Lease;

	 
	 	 (g)      	 any Security Interest the creation of which has been
        expressly approved in writing by the Relevant Agent;

	 
	 	 (h)      	 provided that the Lease complies with clause 7.6(h) (Security
        Interests) of the Head Lease, any Security Interest permitted by the Lease;
        and

	 
	 	 (i)      	 any Other Permitted Security Interest.

	 	 	 
	 	Permitted Sub-lease
        means any sublease by the Lessee which is permitted by both the Head
        Lease and the Lease.

       Post-Delivery Modification Period means
        the period of one hundred and eighty (180) days following the Delivery
        Date.

       Primary British Lender means [**     ],
        in its capacity as primary British lender under the ECA Loan Agreement.

       Primary French Lender means [**     ],
        in its capacity as primary French lender under the ECA Loan Agreement.

       Primary German Lender means [**     ],
        in its capacity as primary German lender under the ECA Loan Agreement.

       Primary Lender means each of the Primary
        British Lender, the Primary French Lender and the Primary German Lender.

       Principal Debtors means the Head Lessee,
        the Servicing Agent and the Purchaser.

  

	
	 

      Page 24

    

 Exhibit 4.16

	 	Pro Rata Share means, in relation
      to an ECA Lender:
	 	 	 
	   	 (a)      	 if no ECA Loan has been borrowed, the proportion that
        such ECA Lender's ECA Commitment bears to the Total ECA Commitments;

	 
	 	 (b)      	 otherwise, the proportion which such ECA Lender's share
        of the ECA Loans bears to the total ECA Loans.

	 	 	 
	 	Proceeds means:

	   	 (a)      	 any amounts received or recovered by any Relevant Party
        under the Transaction Documents;

	 
	 	 (b)      	 any other proceeds of enforcement of any Security Document;

	 
	 	 (c)      	 any Total Loss Proceeds;

	 
	 	 (d)      	 any proceeds of sale of the Aircraft;

	 
	 	 (e)      	 any proceeds of requisition of the Aircraft to the extent
        not retainable by the Head Lessee under the Head Lease; and

	 
	 	 (f)      	 any other amounts paid to a Relevant Party by third parties
        in relation to the Aircraft including any arrangement for re-leasing or
        the operation of the Aircraft.

	 	 	 
	 	Proceeds Agreement
        means the proceeds and intercreditor deed dated on or about the date
        of this Agreement, between the Relevant Parties.

       Prohibited Country means any state,
        country or jurisdiction:

	   	 (a)      	 which is subject to any sanction or embargo (howsoever
        described) by the United Nations, the European Union (or the United Kingdom,
        France or Germany), the United States of America, the State of Registration
        or the Habitual Base; or

	 
	 	 (b)      	 with which the United Kingdom, France or Germany does
        not maintain diplomatic relations.

	 	 	 
	 	Prospective International
        Interest shall have the same meaning as in the Cape Town Convention.

       Purchase Agreement Assignment means
        the purchase agreement assignment in the agreed form dated on or before
        the Delivery Date between the Purchaser, as assignor, the Borrower, as
        assignee, and the Head Lessee in relation to the Aircraft.

       Purchaser means C.I.T. Leasing Corporation,
        a corporation incorporated under the laws of the State of Delaware having
        its principal place of business at 1 CIT Drive, Livingston, New Jersey
        07039, United States of America.

       Purchaser Documents means those of
        the Transaction Documents to which the Purchaser is a party.

       Qualifying Lender means an ECA Lender,
        beneficially entitled to the interest payable to that ECA Lender in respect
        of an ECA Loan:

	   	 (a)      	 which is licensed, pursuant to section 9 of the Irish
        Central Bank Act, 1971, to carry on banking business in Ireland and whose
        facility office is located in Ireland and which is carrying on a bona
        fide banking business in Ireland for the purposes of section 246(3) of
        the Irish Taxes Consolidation Act, 1997 (the TCA);

	
	 
Page 25

 Exhibit 4.16

					
	   	 (b)
	 which is an authorised credit institution under the terms
        of the Directive 2006/48/EC of 14 June 2006 and has duly established a
        branch in Ireland or has made all necessary notification to its home state
        competent authorities required thereunder in relation to its intention
        to carry on banking business in Ireland and such financial institution
        is recognised by the Irish Revenue Commissioners in Ireland as carrying
        on a bona fide banking business in Ireland for the purposes of section
        246(3) of the TCA and has its facility office located in Ireland;

	  
	 	 (c)
	 which is a body corporate (within the meaning of Section
        4 of the TCA):

	  
	 	  	 (i)	 which, by virtue of the law of a Relevant Territory is resident
      in the Relevant Territory for the purposes of tax and that jurisdiction
      imposes a tax that generally applies to interest receivable in that jurisdiction
      by companies from sources outside that jurisdiction; or
	 	 	  

	  
	 	  	 (ii)	 in receipt of interest which:
	  
	 	  	  	 (aa)	 is exempted from the charge to Irish income tax pursuant to the terms
      of a double taxation treaty entered into between Ireland and another jurisdiction
      that is in force on the date the relevant interest is paid; or 
	 	 	  

	  
	 	  	  	 (bb)	 would be exempted from the charge to Irish income tax pursuant to the
      terms of a double taxation treaty entered into between Ireland and another
      jurisdiction signed on or before the date on which the relevant interest
      is paid but not in force on that date, assuming that treaty had the force
      of law on that date, provided that, in the case of both (i) and (ii) above,
      such company does not provide its commitment in connection with a trade
      or business which is carried on in Ireland through a branch or agency in
      Ireland;
			  

	  
	 	 (d)
	 which is a body corporate which advances money in the ordinary
        course of a trade which includes the lending of money, provided that the
        interest is taken into account in computing the trading income of that
        ECA Lender, and which has complied with the notification requirements
        under section 246(5) of the TCA and whose Facility Office is located in
        Ireland;

	  
	 	 (e)
	 in respect of which an authorisation granted by the Revenue
        Commissioners of Ireland is subsisting on each date on which interest
        is paid entitling the Borrower to pay such interest to the relevant ECA
        Lender without deduction of income tax, by virtue of an applicable double
        tax treaty between the country in which such ECA Lender is resident for
        the purposes of such treaty and Ireland, where such double taxation treaty
        specifies that no withholding is to be made on interest provided such
        ECA Lender does not provide its commitment through a branch or agency
        in Ireland;

	  
	 	 (f)
	 which is a qualifying company within the meaning of section
        110 of the TCA and the interest is paid in Ireland;

	  
	 	 (g)
	 which is a U.S. corporation that is incorporated in the
        U.S.A. and is subject to U.S. Federal income tax on its worldwide income
        provided that such U.S. corporation does not provide its commitment in
        connection with a trade or business which is carried on in Ireland through
        a branch or agency in Ireland; or

	  
	 	 (h)
	 which is a U.S. LLC, where the ultimate recipients of the
        interest payable to that LLC satisfy the requirements set out in (c) or
        (g) above and the business conducted through the LLC is so structured
        for market reasons and not for tax avoidance purposes, provided that such
        LLC and the ultimate recipients of the relevant interest do not provide
        their commitment in connection with a trade or business which is carried
        on in Ireland through a branch or agency in Ireland; or

	
	 

      Page 26

    

 Exhibit 4.16

	   	 (i)      	 which is an investment undertaking (within the meaning
        of Section 739B of the TCA) and its Facility Office is located in Ireland.

	 	 	 
	 	Quarter Date means
        each **     , **     ,
        **     and **     in
        any calendar year.

       Rate Fixing Date means:

	   	 (a)      	
      in the case of any amount owed or payable to a Primary
        Lender, the first day of an Interest Period; and

    
	 
	 	 (b)      	
      in the case of any amount owed or payable to any other
        party, the second business day in London before the first day of an Interest
        Period or such other day as the ECA Facility Agent determines is generally treated as the
        rate fixing date by market practice in the relevant interbank market.

    
	 
	 	
      Receiver means any administrative
        receiver, receiver and manager or receiver or similar officer appointed
        by the Security Trustee under any Security Document or under any statutory
        power.

       Redelivery means the redelivery of
        the Aircraft in accordance with clause 19 (Redelivery) of the Head Lease.

       Redelivery Location means Toulouse
        or such other location as is approved by the Relevant Agent.

       Reference Banks means the London offices
        of The Royal Bank of Scotland plc, Citibank N.A. and Barclays Bank PLC
        and in each case any other bank or financial institution appointed as
        such by the ECA Facility Agent (acting on the instructions of the National
        Agents).

       Relevant Agent means:

    

	   	 (a)      	 until the Security Trustee has been given notice under
        any Transaction Document of any Event of Default, the ECA Facility Agent;
        and

	 
	 	 (b)      	 thereafter, the Security Trustee.

	 	 	 
	 	Relevant
        Party means the Borrower and each Finance Party.

       Relevant Proportion means in relation
        to:

	  	 (a)      	 the French Lenders, the French Portion;

	 
	 	 (b)      	 the German Lenders, the German Portion; and

	 
	 	 (c)      	 the British Lenders, the British Portion,

	 	 	 
	 	adjusted to
        reflect the amount of prepayments of principal pursuant to the ECA Loan
        Agreement prior to the date of an acceleration under clause 14.14 (Acceleration)
        of the ECA Loan Agreement.

       Relevant Territory means:

	   	 (a)      	 a member state of the European Communities (other than
        Ireland); or

	 
	 	 (b)      	 to the extent not a member state of the European Communities,
        a jurisdiction with which Ireland has entered into a double taxation treaty
        that either has the force of law by virtue of section 826(1) of the TCA
        or which will have the force of law on completion of the procedures set
        out in section 826(1) of the TCA.

	
	 
Page 27

 Exhibit 4.16

	 	Remarketing Agreement
        means the technical support and remarketing services agreement in
        the agreed form dated or to be dated on or prior to the Delivery Date
        between the Manufacturer, the Borrower and the Security Trustee in respect
        of the Aircraft.

       Rent means the Initial Rent, A Rent
        and B Rent.

       Rentals means the rentals payable in
        respect of the Aircraft by the Lessee to the Head Lessee pursuant to a
        Lease.

       Rental Account means the Head Lessee's
        Dollar account with the Security Trustee or such other financial institution
        as may be approved by the Security Trustee named "Rental Account".

       Rent Payment Date means:

	 	 	 
	  	 (a)      	 the Delivery Date;

	 
	 	 (b)      	 each Quarter Date falling between the Delivery Date and
        the Expiry Date; and

	 
	 	 (c)      	 the Expiry Date.

	 	 	 
	 	Replacement
        Engine means an engine of the Engine Manufacturer, of the same or
        an improved model and suitable for use on the Airframe and having a utility
        and value at least equal to the Engine in respect of which a Total Loss
        or transfer of title has occurred and title to which has been transferred
        to the Borrower.

       Replacement Part means a part, component,
        instrument, appliance, accessory, furnishing or other equipment (other
        than a complete engine) of the same or an improved model and suitable
        for use on the Airframe or an Engine and having a utility and value at
        least equal to the Part it replaces and title to which has been transferred
        to the Borrower.

       Request means a request in the form
        of Schedule 1 (Form of Request).

       Required Insurance Value means, as
        at any date, an amount in Dollars which is not less than:

	   	 (a)      	 prior to a Fixed Rate Conversion, one hundred and ten
        per cent (110%); or

	 
	 	 (b)      	 following a Fixed Rate Conversion, one hundred and fifteen
        per cent (115%),

	 	 	 
	 	in each case,
        of the amount of the ECA Loan Termination Amount on such date or, if greater,
        the equivalent in Dollars of the amount of the ECA Loan Termination Amount
        attributable to principal on such date calculated on the basis of the
        ECA Facility Agent's spot rate of exchange as at the Rate Fixing Date
        immediately prior to the Delivery Date or, if later, as at the date of
        the last renewal of Insurances.

       Requisition Proceeds means any proceeds
        of requisition (whether for title, use, hire or otherwise), confiscation,
        nationalisation, sequestration, detention, forfeiture or any compulsory
        acquisition whatsoever or seizure of the Aircraft, any Engine or Part.

       Screen Rate means the British Bankers
        Association Interest Settlement Rate for the relevant currency and Interest
        Period displayed on the appropriate page of the Telerate screen:

	  	 (a)      	 in the case of any amount owed or payable to the a Primary
        Lender, the appropriate page shall be the LIBO screen; and

	 
	 	 (b)      	 in the case of any amount owed or payable to any other
        party, the appropriate page shall be the LIBOR01 screen.

	
	 

      Page 28

    

 Exhibit 4.16

	 	If the relevant page is replaced or the service
      ceases to be available, the ECA Facility Agent may:
	 	 	 	 
	   	  	(i)      	
      obtain the rate for the relevant currency and Interest
        Period displayed on the applicable Bloomberg screen IRSB (Ask Rate); or

    
	 
	 	  	(ii)      	
      (after consultation with the Borrower and the relevant
        ECA Lenders), specify another page or service displaying the appropriate
        rate.

    
	 	 	 	 
	 	
      Second Trigger
        Event means the senior unsecured indebtedness obligations of the Guarantor
        being rated below BBB if and as rated by Standard & Poor's
        Corporation or Baa2 if and as rated by Moody's Investor Service
        Inc., or an equivalent by an alternative service of equivalent recognition
        (if neither Standard & Poor's Corporation nor Moody's Investor Service,
        Inc. has assigned any rating).

       Secured Obligations means the Borrower
        Secured Obligations, the Alternate Borrower Secured Obligations and the
        Head Lessee Secured Obligations.

       Secured Party means an Indemnitee or
        any other person granted security under the Other Transaction Documents,
        the Alternate Transaction Documents or the Other ECA Indebtedness.

       Security means security granted under
        a Security Document.

       Security Deposit means any security
        deposit relating to the Aircraft which has been paid or which is payable
        in cash by the Lessee pursuant to the relevant Lease and which has not
        been applied by the Head Lessee or returned to the Lessee, in each case,
        in accordance with the terms of the relevant Lease.

       Security Deposit Account means the
        Head Lessee's Dollar account with the Security Trustee or such other financial
        institution as may be approved by the Security Trustee named "Security
        Deposit Account".

       Security Documents means:

    

	  	 (a)      	 the Mortgage;

	 
	 	 (b)      	 the Borrower Security Assignment;

	 
	 	 (c)      	 the Lease Security Assignment;

	 
	 	 (d)      	 the Airframe Warranties Assignment;

	 
	 	 (e)      	 the Engine Warranties Assignment;

	 
	 	 (f)      	 the Share Charge;

	 
	 	 (g)      	 the Head Lessee Account Pledge;

	 
	 	 (h)      	 the Borrower Account Pledge;

	 
	 	 (i)      	 any assignment required pursuant to clause 10.4.1(e)(ii);

	 
	 	 (j)      	 any Deregistration Powers of Attorney;

	 
	 	 (k)      	 to the extent applicable, any IDERA from the Borrower,
        the Head Lessee or the Lessee;

	 
	 	 (l)      	 the Notice of Charge;

	
	 
Page 29

 Exhibit 4.16

	   	 (m)      	 any document entered into pursuant to the Collateral
        Deed which creates, or purports to create, a Security Interest;

	 
	 	 (n)      	 any notice, acknowledgement, consent or agreement provided
        in respect of any of the above documents; and

	 
	 	 (o)      	 any other document designated as such in writing by the
        Borrower, the Head Lessee and the Security Trustee.

	 	 	 
	 	Security
        Interest means any mortgage, pledge, lien, charge, assignment, right
        of detention, hypothecation, statutory right in rem or security
        interest or any other agreement or arrangement having a similar effect.

       Security Period means the period from
        the date of this Agreement until the latest in time of:

	   	 (a)      	 the Discharge Date in relation to the ECA Debt; and

	 
	 	 (b)      	 the relevant Discharge Date in relation to any Other
        ECA Debt.

	 	 	 
	 	Servicing Agreement
        means the servicing agreement dated 14 May 2009 between the Borrower
        and the Servicing Agent in relation to the arrangement by the Servicing
        Agent of the financing and leasing of aircraft on behalf of the Borrower.

       Servicing Payments means any and all
        payments due to be made by the Borrower to the Servicing Agent under or
        pursuant to the Servicing Agreement and reference to Servicing Payments
        includes any part thereof.

       Share Charge means the share charge
        dated 23 July 2010 in respect of the issued share capital of the Borrower
        by the Shareholder in favour of the Security Trustee.

       Shareholder means Deutsche International
        Finance (Ireland) Limited.

       Significant Default means any of the
        following:

	  	 (a)      	
      an Event of Default;

    
	 
	 	 (b)      	
      any event which would be (with the expiry of a grace
        period, the giving of notice, the making of any determination, the satisfaction
        of any other condition under the ECA Loan Agreement or any combination of these) an ECA Event
        of Default pursuant to clause 14.2 (Non-payment), 14.5 (Insolvency) or
        14.6 (Insolvency proceedings) of the ECA Loan Agreement; or

    
	 
	 	 (c)      	
      any event which would be (with the expiry of a grace
        period, the giving of notice, the making of any determination, the satisfaction
        of any other condition under the Head Lease or any combination of these)
        a Head Lease Event of Default pursuant to clause 15.2 (Non-payment), 15.7
        (Insolvency) or 15.8 (Insolvency proceedings) of the Head Lease.

    
	 	 	 
	 	
      Significant Part
        means the APU, any Landing Gear or any Part having a replacement value
        of over five hundred thousand Dollars ($500,000).

       Standard means, in relation to any
        particular issue or matter, the standard which a reputable international
        operating lessor would apply in the applicable circumstances having regard,
        where relevant, to:

    

	  	 (a)      	 the credit standing of the relevant Lessee or proposed
        Lessee;

	 
	 	 (b)      	 the economic terms of the relevant Lease; and

	
	 

      Page 30

    

 Exhibit 4.16

	   	 (c)      	 the negotiating position of the relevant Lessee or proposed
        Lessee and the Head Lessee in its capacity as an operating lessor.

	 	 	 
	 	State of
        Registration means **     or any other country
        in which the Aircraft is registered from time to time as permitted or
        required by the Head Lease and the Lease.

       Sub-lessee means the lessee under any
        Permitted Sub-lease.

       Subsidiary means an entity of which
        a person has direct or indirect control or owns directly or indirectly
        more than fifty per cent (50%) of the voting capital or has a similar
        right of ownership and control.

       Tax means any tax, levy, impost, duty
        or other charge or withholding of a similar nature (including any related
        penalty or interest).

       Tax Credit means a credit against any
        Tax or any relief or remission for Tax (or its repayment).

       Tax Deduction means a deduction or
        withholding for or on account of Tax from a payment under a Transaction
        Document.

       Tax Payment means a payment made by
        the Borrower to a Finance Party or by the Head Lessee to a Relevant Party
        or other Indemnitee in any way relating to a Tax Deduction or under any
        indemnity given by the Borrower or the Head Lessee as the case may be,
        in respect of Tax under any Transaction Document.

       Technical Acceptance Certificate means
        the technical acceptance certificate dated or to be dated on or prior
        to the Delivery Date delivered by the Head Lessee to the Manufacturer
        in respect of the Aircraft under the Aircraft Purchase Agreement subject
        to the Purchase Agreement Assignment.

       Termination Date means the Expiry Date
        or, if earlier, the date of termination of the leasing of the Aircraft
        pursuant to the Head Lease.

       Total British Commitments means the
        amount which is the lesser of:

				
	 	(a)	the Maximum Total British Commitment; 
	 	 	 
	   	  (b)
	 and the aggregate of:

	 	 	 	 
	 	  	 (i)	 the British Portion of the ECA Aircraft Supported Amount;
      and
	 	 	 	 
	 	  	 (ii)	 the ECGD Premium.
	 	 	 	 
	 	Total ECA Commitments
        means the aggregate of the Total French Commitments, the Total German
        Commitments and the Total British Commitments.

       Total French Commitments means the
        amount which is the lesser of:

				
	 	(a)	the Maximum Total French Commitment;
	 	 	 
	   	  (b)
	  and the aggregate of:

	 	 	 	 
	 	  	 (i)	 the French Portion of the ECA Aircraft Supported
      Amount; and
	 	 	 	 
	 	  	 (ii)	 the Coface Premium.
	 	 
	  	Total German Commitments means the amount
      which is the lesser of:
	 	 	 
	 	 (a)	 the Maximum Total German Commitment;
      and

	
	 
Page 31

 Exhibit 4.16

				
	 	 (b)	 the aggregate of:
	 	 	 
	 	  	 (i)	 the German Portion of the ECA Aircraft Supported Amount; and
	 	 	 
	 	  	 (ii)	 the Euler Hermes Premium.
	 	 	 
	   	 Total Loss with respect to the Aircraft,
      the Airframe or any Engine means:
	 	 	 
	 	(a)	its actual, constructive, compromised, arranged or agreed total
      loss;
	 	 	 
	 	  (b)
	  its destruction, damage beyond economic repair or being
        rendered permanently unfit for normal use for any reason whatsoever;

	 	 	 
	 	 (c)
	 its requisition of title or other compulsory acquisition
        by any Government Entity (whether de jure or de facto),
        but excluding requisition for use or hire not involving requisition of
        title; or

	 	 	 
	 	 (d)
	 its hi-jacking, theft, disappearance, confiscation, detention,
        seizure, deprivation or requisition for use or hire for more than ninety
        (90) consecutive days or for any period which extends beyond the Head
        Lease Period,

	 	 	 
	 	and a Total Loss of the Aircraft
        shall be deemed to have occurred if a Total Loss occurs with respect to
        the Airframe.

       Total Loss Date means:

				
	   	 (a)
	 in the case of an actual total loss or destruction, the
        date on which it occurs, (or if not known, the date on which the Aircraft
        or Engine was last heard of);

	  
	 	 (b)
	 in the case of damage beyond economic repair, being rendered
        permanently unfit for normal use, or a constructive, compromised or arranged
        or agreed total loss, the earlier of:

	  
	 	  	 (i)	 the date on which this is agreed by the insurers as being
      a total loss; and
	  
	 	  	 (ii)	 thirty (30) days after the earlier of (A) a notice claiming
      a Total Loss being issued to insurers and (B) a competent court or arbitral
      tribunal issuing a judgment to the effect that a Total Loss has occurred;
	  
	 	 (c)
	 in the case of a requisition for title or compulsory acquisition,
        the date on which that takes effect;

	  
	 	 (d)
	 in the case of hi-jacking, theft, disappearance, confiscation,
        detention, seizure, deprivation or requisition for use or hire, the earlier
        of (i) the last day of the Head Lease Period and (ii) the ninetieth (90th)
        consecutive day after it occurs.

	 	 	 
	 	Total Loss Proceeds means
        the proceeds received and retained by the Relevant Agent of any insurance,
        or compensation or similar payment, arising in respect of a Total Loss.

       Transaction Documents means:

	   	 (a)      	 this Agreement;

	 
	 	 (b)      	 the Framework Agreement;

	 
	 	 (c)      	 the Proceeds Agreement;

	 
	 	 (d)      	 the Head Lease;

	 
	 	 (e)      	 the ECA Loan Agreement;

	
	 

      Page 32

    

 Exhibit 4.16

	  	 (f)      	
      the Lease;

	 
	 	 (g)      	
      the Purchase Agreement Assignment;

	 
	 	 (h)      	
      the Consent and Agreement;

	 
	 	 (i)      	
      the Collateral Deed;

	 
	 	 (j)      	
      each Security Document;

	 
	 	 (k)      	
      the Management Agreement;

	 
	 	 (l)      	
      the Declaration of Trust;

	 
	 	 (m)      	
      the Acceptance Certificate;

	 
	 	 (n)      	
      the Technical Acceptance Certificate;

	 
	 	 (o)      	
      the Netting Letter;

	 
	 	 (p)      	
      the Bill of Sale;

	 
	 	 (q)      	
      the Fees Letters;

	 
	 	 (r)      	
      the Eurocontrol Letter;

	 
	 	 (s)      	
      the Remarketing Agreement;

	 
	 	 (t)      	
      the Servicing Agreement;

	 
	 	 (u)      	
      [the BFE Bill of Sale];

	 
	 	 (v)      	
      the Cape Town Letter;

	 
	 	 (w)      	
      each notice and acknowledgement provided under any of
        the above documents; and

	 
	 	 (x)      	
      any other document designated in writing as such by the
        Borrower, the Head Lessee and the Relevant Agent.

	 	 	 
	 	
Transfer Certificate
        means a certificate, substantially in the form of Schedule 3 (Form
        of Transfer Certificate for Lenders), with such amendments as the ECA
        Facility Agent may approve or reasonably require or any other form agreed
        between the ECA Facility Agent and the Borrower.

       Unpaid Sum means any sum due and payable
        to a Finance Party or Export Credit Agency but unpaid by the Borrower,
        the Guarantor or the Head Lessee under the Transaction Documents.

       US Restriction Notice has the meaning
        given to it in Clause 10.5.2.

       Warranty Proceeds means all Proceeds
        pursuant to the Airframe Warranties Assignment and the Engine Warranties
        Assignment.

				
	 1.2	 Construction
	  
	  	 (a)	 In this Agreement and the other Transaction Documents, unless the contrary intention
	  	  	 appears, a reference to:
	  
	  	  	 (i)	 an amendment includes a supplement, novation, restatement
      or re-enactment and amended will be construed accordingly;
	  

	
	 
Page 33

 Exhibit 4.16

					
	 	 	 (ii)	 assets includes present and future properties, revenues
      and rights of every description;
	  
	  	 	 (iii)	 an authorisation includes an authorisation, consent,
      approval, resolution, permit, certificate, declaration, licence, exemption,
      filing, registration or notarisation;
	  
	  	 	 (iv)	 disposal means a sale, transfer, grant, lease or other
      disposal, whether voluntary or involuntary, and dispose will be construed
      accordingly;
	  
	  	 	 (v)	 control means, in relation to a person, the power to
      direct the management and the policies of the person concerned whether through
      the ownership of voting capital, by contract or otherwise;
	 	 	
       

    
	  	 	 (vi)	 including or in particular is to be construed
      as being by way of illustration or emphasis and not limiting or prejudicial
      to the generality of any foregoing words; 
	  
	  	 	 (vii)	 costs and expenses includes legal fees, accountancy
      fees, insurance report fees, administration fees, travel costs and out-of-pocket
      expenses but, for the avoidance of doubt, does not include Management Time
      Expenses unless expressly provided;
	  
	  	 	 (viii)	 know your customer requirements are the identification
      checks that a Finance Party requests in order to meet its obligations under
      any Applicable Law binding on such Finance Party to identify a person who
      is (or is to become) its customer;
	 	 	
       

    
	  	 	 (ix)	 a person includes any individual, company, corporation,
      unincorporated association or body (including a partnership, trust, joint
      venture or consortium), government, state, agency, organisation or other
      entity whether or not having separate legal personality;
	  
	  	 	 (x)	 a Party means a party to this Agreement;
	  
	  	 	 (xi)	 a regulation includes any regulation, rule, order, official
      directive, request or guideline (whether or not having the force of law
      but, if not having the force of law, being of a type with which any person
      to which it applies is accustomed to comply) of any governmental, inter-governmental
      or supranational body, agency, department or regulatory, self-regulatory
      or other authority or organisation;
	  
	  	 	 (xii)	 a person being solvent is a reference to a person:
	  
	  	 	  	 (aa)	 who is not deemed for the purposes of any Applicable Law to be unable
      to pay its debts as they fall due;
	  
	  	 	  	 (bb)	 who has not admitted its inability to pay its debts as they fall due;
	  
	  	 	  	 (cc)	 who has not suspended making payment of any of its debts or announced
      an intention to do so;
	  
	  	 	  	 (dd)	 who by reason of actual or anticipated financial difficulties has not
      begun negotiations with its creditors or any class of them for the rescheduling
      or restructuring of any of its indebtedness; 
	  
	  	 	  	 (ee)	 whose assets are greater or equal to its liabilities (taking into account
      contingent and prospective liabilities); 
	  

	
	 

      Page 34

    

 Exhibit 4.16

					
	   	  	  	 (ff)	 who is not subject to insolvency proceedings or in Chapter 11 of the
      United States Bankruptcy Code of 1978 or local equivalent; 
	  
	 	  	  	 (gg)	 in respect of any of whose indebtedness no moratorium has been declared;
      or who is not subject to any similar local law process not described in
      (aa) to (ff) above.
	  
	 	  	 (xiii)	 a currency is a reference to the lawful currency for the time
      being of the relevant country;
	  
	 	  	 (xiv)	 a Lease Default, Head Lease Default, ECA Default, Default or
      Lease Event of Default, ECA Event of Default, Head Lease Event of Default
      or Event of Default being continuing means that it has not been remedied
      to the satisfaction of the ECA Facility Agent or waived;
	  
	 	  	 (xv)	 a provision of law or an international convention is a reference
      to that provision as extended, applied, amended or re-enacted and includes
      any subordinate legislation;
	  
	 	  	 (xvi)	 a Clause, a Subclause or a Schedule or part thereof is a reference
      to a clause or subclause of, or a schedule (or part thereof) to, this Agreement;
	  
	 	  	 (xvii)	 a Party or any other person includes its successors in title,
      permitted assigns and permitted transferees;
	 	  	  	  
	 	  	 (xviii)	 a Transaction Document or another document is a reference to
      that Transaction Document or other document as amended or acceded to (with,
      in each case, the consent of any relevant Party, if that consent is required);
	  
	 	  	 (xix)	 unless otherwise specified, a time of day is a reference to
      London time; and
	  
	 	  	 (xx)	 a document being in the agreed form means such document
      is in the form of a draft agreed between and initialled by or on behalf
      of the ECA Facility Agent and the Head Lessee on or about the date of the
      Framework Agreement (or such other form as the ECA Facility Agent may approve
      on the instructions of the National Agents).
	  
	 	
      (b)

    	
      Unless the contrary intention appears, a reference
        to a month or months is a reference to a period starting
        on one day in a calendar month and ending on the numerically corresponding
        day in the next calendar month or the calendar month in which it is to
        end, except that:

    
	  
	 	  	 (i)	 if the numerically corresponding day is not a Business Day,
      the period will end on the next Business Day in that month (if there is
      one) or the preceding Business Day (if there is not);
	  
	 	  	 (ii)	 if there is no numerically corresponding day in that month,
      that period will end on the last Business Day in that month; and
	  
	 	  	 (iii)	 notwithstanding paragraph (i) above, a period which commences
      on the last Business Day of a month will end on the last Business Day in
      the next month or the calendar month in which it is to end, as appropriate.
	  
	 	
      (c)

    	
      Where the context so admits, words importing the
        singular number only shall include the plural and vice versa, and words
        importing the neuter gender shall include the masculine or feminine gender.

    

	
	 
Page 35

 Exhibit 4.16

				
	  	 (d)	 In any Transaction Document:
	  
	  	  	 (i)	 subject to paragraph (ii) below, unless expressly provided to the contrary,
      no person who is not a party to that Transaction Document may enforce any
      of its terms under the Contracts (Rights of Third Parties) Act 1999;
	  
	  	  	 (ii)	 each Indemnitee not a party to such document shall have the benefit of
      the Contracts (Rights of Third Parties) Act 1999) to the extent of the rights
      expressed to be given to it.
	  
	  	 (e)	 Unless the contrary intention appears:
	  
	  	  	 (i)	 a reference to a Party will not include that Party if it has ceased to
      be a Party under this Agreement;
	  
	  	  	 (ii)	 any obligation of the Borrower or the Head Lessee under the Transaction
      Documents which is not a payment obligation remains in force for so long
      as any payment obligation of the Borrower or the Head Lessee as the case
      may be, is or may be outstanding under the Transaction Documents; and 
	 	
       

    
	  	  	 (iii)	 all indemnities under the Transaction Documents continue in force despite
      the Discharge Date or the Expiry Date. 
	  
	  	 (f)	 The headings in this Agreement do not affect its interpretation.
	  
	  	 (g)	 Any reference in the Transaction Documents to an ECA Lender
      includes a New ECA Lender (as defined in clause 16.1(a) of the ECA Loan
      Agreement) but excludes an ECA Lender if no amount is or may be owed to
      or by it under the Transaction Documents.
	  
	  	 (h)	 If there is any conflict between this Agreement and any other
      Transaction Document, the terms of this Agreement will prevail.
	  
	
      2

    	
      Conditions

      The obligations of the Parties under each Transaction Document are, to
        the extent contemplated by that Transaction Document, subject to satisfaction
        (or waiver or deferral) of the conditions precedent set out in Schedule
        2 (Conditions).

    
	  
	
      2.1

    	
      Initial conditions precedent documents

      A Request may not be given until the ECA Facility Agent has received
        all of the documents and evidence set out in part 1 of Schedule 2 in each
        case in form and substance satisfactory to the ECA Facility Agent (to
        the extent not waived or deferred in accordance with the provisions of
        Clause 2.7) not later than the third Business Day prior to the Expected
        Delivery Date.

    
	  
	
      2.2

    	
      Utilisation conditions precedent documents

      The obligations of each ECA Lender to participate in any ECA Loan or
        of the ECA Facility Agent to make payment in accordance with the ECA Loan
        Agreement are subject to the ECA Facility Agent having received a duly
        completed Request in accordance with clause 5.2 (Completion of Request)
        of the ECA Loan Agreement and all of the documents and evidence set out
        in part 2 of Schedule 2 in form and substance satisfactory to the ECA
        Facility Agent (to the extent not waived or deferred in accordance with
        the provisions of Clause 2.7).

    
	  
	
      2.3

    	
      Further conditions precedent

      The obligations of each ECA Lender to participate in any ECA Loan are
        further subject to the ECA Facility Agent being satisfied that each of
        the conditions precedent referred to in part 3 of

    

	
	 

      Page 36

    

 Exhibit 4.16

			
	 	 Schedule 2 has been satisfied (to the extent not
        waived or deferred in accordance with the provisions of Clause 2.7).

	  
	 2.4
	 Lessor conditions precedent

      The obligations of the Borrower to lease the Aircraft to the Head Lessee
        under the Head Lease are subject to the condition precedent that the Borrower
        has received evidence that the conditions to the making of the ECA Loans
        as set out in Clauses 2.1, 2.2 and 2.3 are met (or waived or deferred
        in accordance with Clause 2.7).

	  
	 2.5
	 Request

      Subject to confirmation from the ECA Facility Agent that a Request may
        be given, on receipt of a form of Request no later than 10.00 a.m. on
        the fourth Business Day prior to the Expected Delivery Date executed by
        the Head Lessee, the Borrower agrees to execute the Request and deliver
        the same to the ECA Facility Agent pursuant to the ECA Loan Agreement.

	  
	 2.6
	 Conditions subsequent

      The Head Lessee undertakes that it shall deliver to the ECA Facility
        Agent the conditions subsequent listed in part 5 of Schedule 2 within
        sixty (60) days of the Delivery Date.

      The Head Lessee confirms that any failure to deliver such conditions
        subsequent within the required time frame shall be a Head Lease Event
        of Default.

	  
	 2.7

      2.7.1
	 Waiver

      The conditions specified in Clauses 2.1, 2.2, 2.3 and 2.6 are for the
        sole benefit of the Finance Parties and may be waived or deferred in whole
        or in part by the ECA Facility Agent.

	  
	 2.7.2
	 If any of the conditions specified in Clauses
        2.1, 2.2 and 2.3 are not satisfied on the date of the Request or, as the
        case may be, the Expected Delivery Date and the ECA Facility Agent (in
        its absolute discretion) agrees to waive or defer the same, the Head Lessee
        (or if such relevant condition is to be satisfied by the Borrower, the
        Borrower) shall (unless the ECA Facility Agent expressly agrees otherwise)
        ensure that such condition is satisfied within ten (10) Business Days
        after the Delivery Date (or such other shorter period as the ECA Facility
        Agent may specify). If such condition is not satisfied, then it will be:

	  
	  	 (a)	 in the case of a condition to be satisfied by the Borrower, an ECA Event
      of Default; or
	  
	  	 (b)	 in any other case, a Head Lease Event of Default.
	  
	 2.8
	 Head Lessee conditions precedent

      The obligation of the Head Lessee to lease the Aircraft from the Borrower
        under the Head Lease are subject to the receipt by the Head Lessee of
        each of the documents set out in part 4 of Schedule 2.

	  
	 2.9

      2.9.1
	 Delayed Delivery

      If, following the giving of a Request, Delivery does not occur on the
        Expected Delivery Date, the Borrower acknowledges that:

	  
	  	 (a)	 prior to the Expected Delivery Date, each ECA Lender will have entered
      into funding arrangements pursuant to the Request in order to fund its Pro
      Rata Share of the ECA Loans; and
	 	  

	  
	   	 (b)	 the Head Lessee would be liable in accordance with Clause 14.7 (Other
      Head Lessee indemnities), to indemnify each Relevant Party and each Export
      Credit Agency against any Losses and, in the case of the ECA Administrative
      Parties and the Export Credit

	
	 
Page 37

 Exhibit 4.16

			
	 	
       

    	
      Agencies, Management Time Expenses which that Relevant Party
        or Export Credit Agency, as the case may be, incurs as a consequence of
        the ECA Loans not being made on the Expected Delivery Date.

    
	  
	
      2.9.2

    	
      Each of the Borrower and the Head Lessee agrees that the
        funds received by the ECA Facility Agent from the ECA Lenders pursuant
        to clause 5.4 (Advance of ECA Loans) of the ECA Loan Agreement shall be
        held by the ECA Facility Agent in an interest earning suspense account
        pending application in accordance with Clause 2.9.4 or, as the case may
        be, 2.9.5 with a market rate of interest credited to such account.

    
	  
	
      2.9.3

    	
      Each of the Borrower and the Head Lessee acknowledges and
        agrees that, prior to any application in accordance with Clause 2.9.4,
        the Borrower shall have no interest in such monies.

    
	  
	
      2.9.4

    	
      On the Delivery Date, if the conditions precedent referred
        to in Clauses 2.1, 2.2 and 2.3 have been satisfied or waived on or prior
        to such date:

    
	  
	  	 (a)	 the Borrower authorises the ECA Facility Agent to apply the amount of
      the ECA Loans in accordance with the Transaction Documents;
	  
	  	 (b)	 the Delivery Date for the purpose of clause 8.1 (Interest Periods)
      of the ECA Loan Agreement shall be deemed to be the Expected Delivery Date;
	  
	  	 (c)	 the Head Lessee shall pay Rent under the Head Lease as if the Expected
      Delivery Date were the Delivery Date and the Expiry Date shall be the twelfth
      (12th ) anniversary of the Expected Delivery Date;
	  
	  	 (d)	 the duration of the first Interest Period with respect to the ECA Loans
      shall commence on the Expected Delivery Date and shall end on the next following
      Payment Date and interest shall be payable as if the Loans were made on
      the Expected Delivery Date;
	  
	  	 (e)	 repayment instalments payable under clause 6.1 (Repayment) of the ECA
      Loan Agreement shall continue to be payable on the Payment Dates as though
      the Expected Delivery Date were the Delivery Date; and
	  
	  	 (f)	 the ECA Facility Agent shall pay to the Borrower any interest which has
      accrued on the amount of the ECA Loans under Clause 2.9.2.
	  
	
      2.9.5

    	
      Each of the Borrower and the Head Lessee acknowledges and
        agrees that if Delivery does not occur within ten (10) Business Days of
        the Expected Delivery Date (or such later date as agreed in writing with
        the Borrower), or if earlier, on or before the last day of the Availability
        Period (the Cut-off Date):

    
	  
	  	 (a)	 no ECA Loan will have been made under the ECA Loan Agreement;
	  
	  	 (b)	 the ECA Facility Agent shall return any amounts received from each ECA
      Lender under clause 5.4 (Advance of ECA Loans) of the ECA Loan Agreement
      to such ECA Lender together with such ECA Lender's Pro Rata Share of the
      interest paid by the Borrower under Clause 2.9.5(d) and which would have
      been paid to the Borrower under Clause 2.9.4(f) for further payment to the
      Head Lessee;
	  
	  	 (c)	 the Borrower shall pay all amounts due to each Relevant Party and each
      Export Credit Agency as a consequence thereof, including (without limitation)
      all Losses and, in the case of the ECA Administrative Parties and Export
      Credit Agencies, Management Time Expenses incurred by each Relevant Party
      and each Export Credit Agency; and
	  
	  	 (d)	 the Borrower shall pay on the Cut-off Date to the ECA Facility Agent
      (on behalf of the ECA Lenders) interest on the amount of the ECA Loans for
      the period from (and including) the Expected Delivery Date to the Cut-off
      Date, at the rate per annum determined by the ECA Facility Agent to be the
      rate which would have applied if the

	
	 

      Page 38

    

 Exhibit 4.16

			
	 	 ECA Loans had been made on the Expected Delivery
        Date less the amount of the actual interest earned on such funds at the
        rate referred to in Clause 2.9.5(b) during the period from (and including)
        the Expected Delivery Date to the Cut-off Date.

	  	  	  
	 3

      3.1
	 Head Lessee representations

      Representations

      The representations set out in this Clause 3 are made by the Head Lessee
        to each Relevant Party.2

	  	  	  
	 3.2

      3.2.1
	 Status

      It is an unlimited company, duly incorporated and validly existing under
        the laws of its jurisdiction of incorporation.

	  	  	  
	 3.2.2
	 It has the power and authority to own its assets
        and carry on its business as it is being conducted.

	  	  	  
	 3.3
	 Powers and authority

      It has the power to enter into and perform, and has (or prior to execution
        will have) taken all necessary action to authorise the entry into and
        performance of the Head Lessee Documents, its obligations under the Head
        Lessee Documents and the transactions contemplated by the Head Lessee
        Documents.

	  	  	  
	 3.4
	 Legal validity

	 	 	 
	  	 (a)	 Subject to any general principles of law limiting its obligations and
      referred to in any legal opinion required under a Transaction Document,
      the Head Lessee Documents are (or when executed will be) its legally binding,
      valid and enforceable obligations.
	 	  

	  	 (b)	 The Head Lessee Documents are in the proper form for their enforcement
      in the jurisdiction of its incorporation.
	  	  	  
	 3.5
	 Non-conflict

      The entry into and performance by it of, and the transactions contemplated
        by, the Head Lessee Documents do not conflict with:

	  	  	  
	  	 (a)	 any Applicable Law applicable to the Head Lessee, the Head Lessee Documents
      or the Aircraft or its use or operation;
	  	  	  
	  	 (b)	 its constitutional documents; or
	  	  	  
	  	 (c)	 any document which is binding upon it or any of its assets.
	  	  	  
	 3.6	 Authorisations
	  	  	  
	 3.6.1	 All authorisations required by it in connection with:
	  	  	  
	  	 (a)	 the entry into, performance, validity and enforceability of, and the
      transactions contemplated by, the Head Lessee Documents; and
	  	  	  
	  	 (b)	 the conduct of its business, trade and ordinary activities,

2 Carve outs to representations relating to qualifications in legal
opinions to be considered following receipt of the draft legal opinions
  

Page 39

 Exhibit 4.16

			
	 	
      have been (or, in respect of any Head Lessee Document
        which is also a Security Document, on or prior to the Delivery Date will
        have been) obtained or effected (as appropriate) and are in full force
        and effect.

	  
	
      3.6.2
	
      The Head Lessee's administrator and transacting
        users have been duly authorised (so long as within the Head Lessee's employment)
        to effect all dealings with the International Registry on its behalf and
        the party executing the IDERA on its behalf is duly authorised.

	  
	
      3.6.3
	
      The Head Lessee undertakes that it will not revoke
        any authorisation referred to in Clause 3.6.2 without the prior written
        consent of the Relevant Agent.

	  
	
      3.7

      3.7.1
	
      No default

      No Head Lease Default nor any default under any Other Transaction Documents
        to which it is a party is continuing or will result from the execution
        of, or the performance of any transaction contemplated by, the Head Lessee
        Documents.

	  
	
      3.7.2
	
      No other event is continuing which constitutes
        a default under any document which is binding on it or any of its assets
        to an extent or in a manner which has or is likely to have a Material
        Adverse Effect.

	  
	
      3.8
	
      Financial statements

      Its audited financial statements most recently delivered to the Borrower
        or the ECA Facility Agent (which at the date of this Agreement, are the
        Original Head Lessee Financial Statements):

	  
	  	 (a)	 have been prepared in accordance with international and generally accepted
      accounting principles and practices consistently applied; and 
	  
	  	 (b)	 give a true and fair view of its financial condition (consolidated, if
      applicable) as at the date to which those financial statements were drawn
      up,
	  
	 	
      except, in each case, as disclosed to the contrary
        in those financial statements.

	  
	
      3.9
	
      No material adverse change

      There has been no material adverse change in the consolidated business,
        assets, Liabilities, prospects of or financial condition of the Head Lessee
        since the date to which the Original Head Lessee Financial Statements
        were drawn up.

	  
	
      3.10
	
      Litigation

      No litigation, arbitration or administrative proceedings before any court,
        arbitral body or agency, are current or, to its knowledge, pending or
        threatened, which have or, if adversely determined, are likely to have
        a Material Adverse Effect.

	  
	
      3.11

      3.11.1
	
      Information

      The financial and other information supplied by it or on its behalf in
        connection with the Transaction Documents was true and accurate in all
        material respects as at its date or (if appropriate) as at the date (if
        any) at which it is stated to be given.

	  
	
      3.11.2
	
      Each expression of opinion, expectation, intention
        or policy contained in the information referred to in Clause 3.11.1 was
        made after careful consideration and enquiry and is believed by the Head
        Lessee to be fair and reasonable as at the date at which it is stated
        to be given and can be properly supported.

	  
	
      3.11.3
	
      The information referred to in Clause 3.11.1 did
        not omit as at its date any information which, if disclosed, would make
        that information untrue or misleading in any material respect.

	
	 
Page 40

 Exhibit 4.16

			
	
      3.11.4

    	 Nothing has occurred since the date of the information
        referred to in Clause 3.11.1 which, if disclosed, would make that information
        untrue or misleading in any material respect.

	  
	 3.12

      3.12.1
	 Registration

      It is not necessary or advisable, in order to ensure the validity, effectiveness,
        enforceability and admissibility in evidence of any Transaction Document
        or to establish, perfect or protect the rights and interests of the Relevant
        Parties in the Aircraft or any Transaction Document, that any filing,
        registration, recordation, notarisation or other action be taken except
        for such matters as can only be effected as at Delivery and such matters
        will be effected on Delivery or as soon as practicable thereafter and
        in any event within any required statutory time limit.

	  
	 3.12.2
	 The rights of the Relevant Parties in the Aircraft
        have been established, perfected and protected under the laws of the State
        of Registration except for such rights as can only be established, perfected
        or protected on Delivery and such rights will be established, perfected
        and protected on Delivery or as soon as practicable thereafter and in
        any event within any required statutory time limit.

	  
	 3.13

      3.13.1
	 Taxes

      It has delivered and made all necessary returns and payments due to the
        tax authorities in its jurisdiction of incorporation except to the extent
        the relevant liability is being contested in good faith.

	  
	 3.13.2
	 All amounts payable by it under the Head Lessee
        Documents may be made without any Tax Deduction.

	  
	 3.13.3
	 No stamp, registration or similar Tax is or will
        be required to be paid in its jurisdiction of incorporation on or in relation
        to the Transaction Documents or the transactions contemplated by the Transaction
        Documents.

	  
	 3.13.4
	 No value added tax (or Tax of a similar nature)
        is payable under the laws of its jurisdiction of incorporation in respect
        of any Transaction Documents or the performance of the obligations under
        any Transaction Documents.

	  
	 3.13.5
	 No Tax or import or export duties or other charges
        are payable by any Relevant Party in connection with:

	  
	  	 (a)	 the import of the Aircraft into the Lessee's jurisdiction of incorporation
      following Delivery; or
	  
	  	 (b)	 the export of the Aircraft from the Lessee's jurisdiction of incorporation
      upon the expiry or any other termination of the leasing of the Aircraft
      under the Lease.
	  
	 3.14

      3.14.1
	 No Security Interest

      The entry into and performance by the Head Lessee of, and the transactions
        contemplated by, the Head Lessee Documents will not result in the creation
        of any Security Interest (other than any Permitted Security Interests)
        over any of its assets.

	  
	 3.14.2
	 No Security Interests, other than Permitted Security
        Interests, exist in relation to the Aircraft or its Insurances.

	  
	 3.14.3
	 No interests are registered at the International
        Registry in relation to the Aircraft, other than any registered in relation
        to the Transaction Documents.

	  
	 3.15
	 Claims pari passu

      Its payment obligations under the Head Lessee Documents are or will be,
        upon execution by the Head Lessee, direct, general and unconditional obligations
        of the Head Lessee and rank,

	
	 
Page 41

 Exhibit 4.16

			
	 	
      and will at all times rank, at least pari passu with
        its other unsecured and unsubordinated obligations, except for obligations
        mandatorily preferred by operation of law applying to companies generally
        in the Head Lessee's jurisdiction of incorporation.

    
	 	 
	
      3.16

    	
      Ownership

      The Head Lessee is a wholly owned indirect subsidiary of the Guarantor.

    
	 	 
	
      3.17

      3.17.1

    	
      Immunity

      The execution by it of the Head Lessee Documents constitutes, and the
        exercise by it of its rights and performance of its obligations under
        the Head Lessee Documents will constitute, private and commercial acts
        performed for private and commercial purposes.

    
	 	 
	
      3.17.2

    	
      It will not be entitled to claim immunity from suit, execution,
        attachment or other legal process in any proceedings in relation to the
        Head Lessee Documents.

    
	 	 
	
      3.18

      3.18.1

    	
      No adverse consequences

      It is not necessary under the laws of its jurisdiction of incorporation:

    
	 	 	 
	  	 (a)	 in order to enable any Relevant Party to enforce its rights under any
      Transaction Document; or
	  	  	  
	  	 (b)	 by reason of the execution of any Transaction Document or the performance
      by any Relevant Party of its obligations under any Transaction Document,
      
	 	
       

    
	 	that any Relevant Party should be licensed, qualified or otherwise entitled
      to carry on business in the Head Lessee's jurisdiction of incorporation.
	 	 
	
      3.18.2

    	
      No Relevant Party is or will be deemed to be resident, domiciled
        or carrying on business in the Head Lessee's jurisdiction of incorporation
        by reason only of the execution, performance or enforcement of any Transaction
        Document.

    
	 	 
	
      3.19

      3.19.1

    	
      Jurisdiction/governing law

      Its:

    
	 	 	 
	  	 (a)	 irrevocable submission under the Head Lessee Documents to the jurisdiction
      of the courts referred to therein;
	  	  	  
	  	 (b)	 agreement that the Head Lessee Documents are governed by the law referred
      to therein; and
	  	  	  
	  	 (c)	 agreement not to claim any immunity to which it or its assets may be
      entitled, 
	 	
       

    
	 	are legal, valid and binding under the laws of its jurisdiction
      of incorporation.
	 	 
	
      3.19.2

    	
      Any judgment obtained in either England, France or Ireland
        in relation to the Aircraft or the Transaction Documents will be recognised
        and be enforceable by the courts of:

    
	 	 	 
	  	 (a)	 the Head Lessee's jurisdiction of incorporation (subject to the qualifications
      in paragraph 2 of Schedule 5 of the legal opinion issued or to be issued
      by Matheson Ormsby Prentice); and
	 	
       

    
	  	 (b)	 if the judgement relates to the Aircraft, the Lease, any Permitted Sub-lease
      or any Security Document (other than the Share Charge, the Head Lessee Account
      Pledge or the Borrower Account Pledge), the State of Registration.

	
	 

      Page 42

    

 Exhibit 4.16

				
	 3.20
	 Head Lessee's Centre of Main Interest

      The Head Lessee's Centre of Main Interest is Dublin, Ireland. In this
        regard, the Head Lessee acknowledges that the Secured Parties have agreed
        and entered into the Transaction Documents in reliance on this representation.

	 	 
	 3.21
	 Investment company

      It is not an "investment company" within the meaning of the Investment
        Company Act 1940 of the United States of America and no consent or authorisation
        of any Government Entity is required on the part of it in connection with
        the execution, delivery or performance of this Agreement or the other
        Transaction Documents.

	 	 
	 3.22
	 Group Debt Letter

      The information provided in the Group Debt Letter was true and correct
        as at 31 May 2010.

	 	 
	 3.23
	 Solvency

      The Head Lessee is able to pay its debts and is not deemed unable to
        pay its debts within the meaning of section 214 of the Irish Companies
        Act, 1963 (as amended by section 123 of the Irish Companies Act, 1990)
        and/or section 2 of the Irish Companies (Amendment) Act 1990.

	 	 
	 3.24
	 Registration of UK establishment

      Either it:

	 	 
	  	 (a)	 is not an "overseas company that is registered" within the
      meaning of Part 3 of The Overseas Companies (Execution of Documents and
      Registration of Charges) Regulations 2009; or
	 	  

	  	 (b)	 has provided to the ECA Facility Agent copies of all documents
      it has delivered to the Registrar of Companies under:
	  	  	  
	  	  	 (i)	 Part 2 (Initial registration of particulars) or Part 3 (Alteration in
      registered particulars) of the Overseas Companies Regulations 2009; or
	  	  	  	  
	  	  	 (ii)	 section 1048 of the Companies Act 2006.
	 	 
	 3.25

      3.25.1
	 Times for making representations

      The representations set out in this Clause 3 are made by the Head Lessee
        on the date of this Agreement.

	 	 
	 3.25.2
	 Each representation is deemed to be repeated by
        the Head Lessee on the date of a Request and the Delivery Date.

	 	 
	 3.25.3
	 Each representation other than a Non-Repeating
        Head Lessee Representation is deemed to be repeated by the Head Lessee
        on each Rent Payment Date.

	 	 
	 3.25.4
	 When a representation is repeated, it is applied
        to the circumstances existing at the time of repetition and, in the case
        of the representation in Clause 3.7.1 (No default) as if the reference
        therein to "Head Lease Default nor any default" were a reference to "Head
        Lease Event of Default nor any event of default".

	
	 
Page 43

 Exhibit 4.16

			
	
      4

      4.1

    	
      Guarantor representations

      Representations

      The representations set out in this Clause 4 are made by the Guarantor
        to each Relevant Party.

    
	  	  	  
	
      4.2

      4.2.1

    	
      Status

      It is a corporation, duly incorporated and validly existing and in good
        standing under the laws of its jurisdiction of incorporation.

    
	  	  	  
	
      4.2.2

    	
      It has the power and authority to own its assets
        and carry on its business as it is being conducted.

    
	  	  	  
	
      4.3

    	
      Powers and authority

      It has the power to enter into and perform, and has (or prior to execution
        will have) taken all necessary action to authorise the entry into and
        performance of the Guarantor Documents, its obligations under the Guarantor
        Documents and the transactions contemplated by the Guarantor Documents.

    
	  	  	  
	
      4.4

    	
      Legal validity

    
	  	  	  
	  	 (a)	 It has duly executed and delivered this Agreement and the
      other Guarantor Documents.
	  	  	  
	  	 (b)	 Subject to any general principles of law limiting its obligations
      and referred to in any legal opinion required under a Transaction Document,
      the Guarantor Documents are (or when executed will be) its legally binding,
      valid and enforceable obligations.
	 	
       

    
	  	 (c)	 The Guarantor Documents are in the proper form for their enforcement
      in the Federal Courts of the United States of America and the State Courts
      in the jurisdiction of its principal place of business and its jurisdiction
      of its incorporation.
	 	
       

    
	
      4.5

    	
      Non-conflict

      The entry into and performance by it of, and the transactions contemplated
        by, the Guarantor Documents do not conflict with:

    
	  	  	  
	  	 (a)	 any Applicable Law applicable to the Guarantor, the Guarantor
      Documents or the Aircraft or its use or operation;
	  	  	  
	  	 (b)	 its constitutional documents; or
	  	  	  
	  	 (c)	 any document which is binding upon it or any of its assets.
	  	  	  
	 4.6	 Authorisations
	  	  	  
	  	 All authorisations required by it in connection
      with:
	  	  	  
	  	 (a)	 the entry into, performance, validity and enforceability of,
      and the transactions contemplated by, the Guarantor Documents; and
	  	  	  
	  	 (b)	 the conduct of its business, trade and ordinary activities,
      
	 	 	 
	 	have been obtained or effected (as appropriate) and are in full force and
      effect. 

	
	 

      Page 44

    

 Exhibit 4.16

			
	 4.7
	 Financial statements

      The audited financial statements of the Guarantor most recently delivered
        to the Borrower or the ECA Facility Agent (which at the date of this Agreement,
        are the Original Guarantor Financial Statements):

	  
	  	 (a)	 have been prepared in accordance with generally accepted accounting principles
      adopted and accepted in the United States of America consistently applied;
      and 
	  
	  	 (b)	 give a true and fair view of its financial condition (consolidated, if
      applicable) as at the date to which those financial statements were drawn
      up, except, in each case, as disclosed to the contrary in those financial
      statements.
	  
	 4.8
	 No material adverse change

      There has been no material adverse change in the consolidated business,
        assets, Liabilities, prospects of or financial condition of the Guarantor
        since the date to which the Original Guarantor Financial Statements were
        drawn up.

	  
	 4.9
	 Litigation

      No litigation, arbitration or administrative proceedings before any court,
        arbitral body or agency, are current or, to its knowledge, pending or
        threatened, which have or, if adversely determined, are likely to have
        a Material Adverse Effect.

	  
	 4.10

      4.10.1
	 Information

      The financial and other information supplied by it or on its behalf in
        connection with the Transaction Documents was true and accurate in all
        material respects as at its date or (if appropriate) as at the date (if
        any) at which it is stated to be given.

	  
	 4.10.2
	 Each expression of opinion, expectation, intention or policy
        contained in the information referred to in Clause 4.10.1 was made after
        careful consideration and enquiry and is believed by the Guarantor to
        be fair and reasonable as at the date at which it is stated to be given
        and can be properly supported.

	  
	 4.10.3
	 The information referred to in Clause 4.10.1 did not omit
        as at its date any information which, if disclosed, would make that information
        untrue or misleading in any material respect.

	  
	 4.10.4
	 Nothing has occurred since the date of the information referred
        to in Clause 4.10.1 which, if disclosed, would make that information untrue
        or misleading in any material respect.

	  
	 4.11
	 Registration

      It is not necessary or advisable, in order to ensure the validity, effectiveness,
        enforceability and admissibility in evidence of any Guarantor Document
        or to establish, perfect or protect the rights and interests of the Relevant
        Parties in any Guarantor Document, that any filing, registration, recordation,
        notarisation or other action be taken.

	  
	 4.12

      4.12.1
	 Taxes

      It has delivered and made all necessary returns and payments due to the
        tax authorities in the United States of America and all other applicable
        jurisdictions except to the extent the relevant liability is being contested
        in good faith.

	  
	 4.12.2
	 All amounts payable by it under the Guarantor Documents
        may be made without any Tax Deduction.

	  
	 4.12.3
	 No stamp, registration or similar Tax is or will be required
        to be paid in:

	
	 
Page 45

 Exhibit 4.16

			
	  	 (a)	 the United States of America;
	  	  	  
	  	 (b)	 the jurisdiction in which its chief executive office is located; or
	  	  	  
	  	 (c)	 its jurisdiction of incorporation, 
	 	
       

    
	 	on or in relation to the Transaction
      Documents or the transactions contemplated by the Transaction Documents.
	 	 
	
      4.12.4

    	
      No value added tax (or Tax of a similar nature) is payable
        under the laws of:

    
	  	  	  
	  	 (a)	 the United States of America;
	  	  	  
	  	 (b)	 the jurisdiction in which its chief executive office is located; or
	  	  	  
	  	 (c)	 its jurisdiction of incorporation, 
	 	
       

    
	 	in respect of any Transaction Document
      or the performance of the obligations under any Transaction Documents.
	 	 
	
      4.13

    	
      No Security Interest

      The entry into and performance by the Guarantor of, and the transactions
        contemplated by, the Guarantor Documents will not result in the creation
        of any Security Interest (other than any Permitted Security Interests)
        over any of its assets.

    
	  	  	  
	
      4.14

    	
      Claims pari passu

      Its payment obligations under the Guarantor Documents are or will be,
        upon execution by the Guarantor, direct, general and unconditional obligations
        of the Guarantor and rank, and will at all times rank, at least pari
        passu with its other unsecured and unsubordinated obligations, except
        for obligations mandatorily preferred by operation of law applying to
        companies generally in the Guarantor's jurisdiction of incorporation.

    
	  	  	  
	
      4.15

    	
      Ownership

      The Guarantor is the indirect owner of the entire issued share capital
        in the Head Lessee and the Servicing Agent.

    
	  	  	  
	
      4.16

      4.16.1

    	
      Immunity

      The execution by it of the Guarantor Documents constitutes, and the exercise
        by it of its rights and performance of its obligations under the Guarantor
        Documents will constitute, private and commercial acts performed for private
        and commercial purposes.

    
	  	  	  
	
      4.16.2

    	
      It will not be entitled to claim immunity from suit, execution,
        attachment or other legal process in any proceedings in relation to the
        Guarantor Documents.

    
	  	  	  
	
      4.17

      4.17.1

    	
      No adverse consequences

      It is not necessary under the laws of (i) the United States of America,
        (ii) the jurisdiction in which its chief executive office is located or
        (iii) its jurisdiction of incorporation:

    
	  	  	  
	  	 (a)	 in order to enable any Relevant Party to enforce its rights under any
      Transaction Document; or
	  	  	  
	  	 (b)	 by reason of the execution of any Transaction Document or the performance
      by any Relevant Party of its obligations under any Transaction Document,

	
	 

      Page 46

    

 Exhibit 4.16

			
	 	
      that any Relevant Party should be licensed, qualified
        or otherwise entitled to carry on business in any such jurisdiction.

    
	 	 
	
      4.17.2

    	
      No Relevant Party is or will be deemed to be resident,
        domiciled or carrying on business in:

    
	 	 
	  	 (a)	 the United States of America;
	 	 
	  	 (b)	 the jurisdiction in which the Guarantor's chief executive
      office is located; or
	 	 
	  	 (c)	 the Guarantor's jurisdiction of incorporation, 
	  	  
	 	by reason only
      of the execution, performance or enforcement of any Transaction Document.
	 	 
	 4.18	 Jurisdiction/governing law
	 	 
	 4.18.1	 Its:	  
	 	 
	  	 (a)	 irrevocable submission under the Guarantor Documents to the
      jurisdiction of the courts referred to therein;
	  	  	  
	  	 (b)	 agreement that the Guarantor Documents are governed by the
      law referred to therein; and
	  	  	  
	  	 (c)	 agreement not to claim any immunity to which it or its assets
      may be entitled, 
	 	
       

    
	 	are legal, valid and binding under (i) the laws of the
      United States of America, (ii) the jurisdiction in which its chief executive
      office is located and (iii) its jurisdiction of incorporation.
	 	 
	
      4.18.2

    	
      Subject to compliance with the procedural and
        other relevant laws in the applicable jurisdiction, any judgment obtained
        in either England, France or Ireland in relation to the Aircraft or the
        Transaction Documents will be recognised and be enforceable by the courts
        of:

    
	 	 
	  	 (a)	 the United States of America;
	 	 
	  	 (b)	 the jurisdiction in which its chief executive office is located;
      and
	 	 
	  	 (c)	 its jurisdiction of incorporation.
	 	 
	
      4.19

    	
      Trigger Events

      No Net Worth Event has occurred and is continuing.

    
	 	 
	
      4.20

    	
      Chief Executive Office

      Its chief executive office is located in the United States of America.

    
	 	 
	
      4.21

    	
      Investment company

      It is not an "investment company" within the meaning of the Investment
        Company Act 1940 of the United States of America and no consent or authorisation
        of any Government Entity is required on the part of it in connection with
        the execution, delivery or performance of this Agreement or the other
        Guarantor Documents.

    
	 	 
	
      4.22

      4.22.1

    	
      Times for making representations

      The representations set out in this Clause 4 are made by the Guarantor
        on the date of this Agreement.

    
	 	 
	
      4.22.2

    	
      Each representation is deemed to be repeated by
        the Guarantor on the date of a Request and the Delivery Date.

    

	
	 
Page 47

 Exhibit 4.16

			
	
      4.22.3

    	
      Each representation other than a Non-Repeating
        Guarantor Representation is deemed to be repeated by the Guarantor on
        each Rent Payment Date.

	 	 
	
      4.22.4
	
      When a representation is repeated, it is applied
        to the circumstances existing at the time of repetition.

	 	 
	
      5

      5.1
	
      Borrower representations

      Representations to Head Lessee and Finance Parties

      The representations (including those repeated by Clause 5.19.2 (Times
        for making representations)) set out:

	 	 
	  	 (a)	 in Clause 5.2 (Status) to Clause 5.7 (No other business) are made by
      the Borrower to the Head Lessee and to each Finance Party; and
	  	  	  
	  	 (b)	 in Clause 5.8 (No default) to Clause 5.18 (Registration of UK establishment)
      are made by the Borrower to each Finance Party only.
	  	  	  
	
      5.2

      5.2.1
	
      Status

      It is a limited liability company, duly incorporated and validly existing
        under the laws of its jurisdiction of incorporation.

	 	 
	
      5.2.2
	
      It has the power and authority to own its assets
        and carry on its business as it is being conducted.

	 	 
	
      5.3
	
      Powers and authority

      It has the power to enter into and perform, and has (or prior to execution
        will have) taken all necessary action to authorise the entry into and
        performance of the Borrower Documents, its obligations under the Borrower
        Documents and the transactions contemplated by the Borrower Documents.

	 	 
	
      5.4

      5.4.1
	
      Legal validity

      Subject to any general principles of law limiting its obligations and
        referred to in any legal opinion required under a Borrower Document, the
        Borrower Documents are (or when executed will be) its legally binding,
        valid and enforceable obligations.

	 	 
	
      5.4.2
	
      The Borrower Documents are in the proper form
        for their enforcement in the jurisdiction of its incorporation.

	 	 
	
      5.5
	
      Non-conflict

      The entry into and performance by it of, and the transactions contemplated
        by, the Borrower Documents do not conflict with:

	 	 
	  	 (a)	 any Applicable Law applicable to the Borrower, the Borrower Documents
      or the Aircraft or its use or operation;
	  	  	  
	  	 (b)	 its constitutional documents; or
	 	 
	  	 (c)	 any document which is binding upon it or any of its assets.
	 	 
	
      5.6

      5.6.1
	
      Authorisations

      All authorisations required by it in connection with the entry into,
        performance, validity and enforceability of, and the transactions contemplated
        by, the Borrower Documents have been (or, in respect of any Borrower Document
        which is also a Security Document, on or prior to the

	
	 

      Page 48

    

 Exhibit 4.16

		
	 	 Delivery Date will have been) obtained or effected
        (as appropriate) and are in full force and effect.

	 	 
	 5.6.2
	 The Borrower's administrator and transacting users
        have been duly authorised to effect all dealings with the International
        Registry on its behalf and the party executing the IDERA on its behalf
        is duly authorised.

	 	 
	 5.6.3
	 The Borrower undertakes that it will not revoke
        any such authorisation without the prior written consent of the Relevant
        Agent.

	 	 
	 5.7

      5.7.1
	 No other business

      Its business is limited exclusively to the acquisition, financing, owning,
        leasing and disposal of the Aircraft and the Other Aircraft and the transactions
        contemplated by the Borrower Documents and the Other Transaction Documents
        and matters incidental to them.

	 	 
	 5.7.2
	 It has not incurred any liabilities other than
        Taxes and ordinary costs and overhead expenses in each case incurred in
        connection with the business described in Clause 5.7.1.

	 	 
	 5.8
	 No default

      No ECA Default is continuing or will result from the entry into, or the
        performance of any transaction contemplated by, any Transaction Document.

	 	 
	 5.9
	 Litigation

      No litigation, arbitration or administrative proceedings before any court,
        arbitral body or agency are current or, to its knowledge, pending or threatened,
        against the Borrower.

	 	 
	 5.10

      5.10.1
	 Taxes

      It has delivered and made all necessary returns and payments due to the
        tax authorities in its jurisdiction of incorporation.

	 	 
	 5.10.2
	 All amounts payable by it under the Borrower Documents
        may be made without any Tax Deduction.

	 	 
	 5.10.3
	 No stamp, registration or similar Tax is or will
        be required to be paid in its jurisdiction of incorporation on or in relation
        to the Borrower Documents or the transactions contemplated by the Borrower
        Documents.

	 	 
	 5.10.4
	 No value added tax (or Tax of a similar nature)
        or import or export duty or tax is payable under the laws of its jurisdiction
        of incorporation in respect of any Borrower Document or the performance
        of the obligations under any Borrower Documents.

	 	 
	 5.11
	 No Security Interests created

      No Borrower Security Interest or Security Interest over any other asset
        of the Borrower has been created by the Borrower, save as created pursuant
        to the Transaction Documents and the Other Transaction Documents.

	 	 
	 5.12
	 Money laundering

      For the purposes of the German Money Laundering Act (Geldwäschegesetz),
        the Borrower is acting for its own account.

	 	 
	 5.13
	 Non-residency

      None of its directors is resident for tax purposes in France.

	
	 
Page 49

 Exhibit 4.16

			
	 5.14	 Jurisdiction/governing law
	  	  	  
	 5.14.1	 Its:	  
	  	  	  
	  	 (a)	 irrevocable submission under the Borrower Documents to the jurisdiction
      of the courts referred to therein;
	  	  	  
	  	 (b)	 agreement that the Borrower Documents are each governed by the law referred
      to therein; and
	  	  	  
	  	 (c)	 agreement not to claim any immunity to which it or its assets may be
      entitled, are legal, valid and binding under the laws of its jurisdiction
      of incorporation.
	 	  

	  	  	  
	 5.14.2
	 Any judgment obtained in either England, France or Ireland
        in relation to the Aircraft or the Borrower Documents will be recognised
        and be enforceable by the courts of its jurisdiction of incorporation
        (subject to any qualifications referred to in any legal opinion required
        under a Transaction Document).

	  	  	  
	 5.15
	 No subsidiaries and no employees

      The Borrower has no:

	  	  	  
	  	 (a)	 Subsidiaries; or
	  	  	  
	  	 (b)	 employees other than its directors.
	  	  	  
	 5.16
	 Borrower's place of business

      The Borrower's corporate management, centre of administration and principal
        place of business is in Dublin, Ireland and it does not have an establishment
        or place of business in any other jurisdiction.

	  	  	  
	 5.17
	 Borrower's activities

      The Borrower has not engaged in any activities since its incorporation
        other than:

	  	  	  
	  	 (a)	 those incidental to its registration;
	  	  	  
	  	 (b)	 various changes to its directors, secretary, registered office and constitutional
      documents;
	  	  	  
	  	 (c)	 increases in authorised and issued share capital and other appropriate
      corporate steps;
	  	  	  
	  	 (d)	 the negotiation, authorisation and execution of the Borrower Documents
      and the Other Transaction Documents to which it is a party together with
      the carrying out of activities in relation thereto; and
	 	  

	  	 (e)	 the activities referred to in or contemplated by the Borrower Documents
      and the Other Transaction Documents to which it is a party.
	  	  	  
	 5.18	 Registration of UK establishment
	  	  	  
	  	 Either it:
	  	  	  
	  	 (a)	 is not an "overseas company that is registered" within the meaning of
      Part 3 of The Overseas Companies (Execution of Documents and Registration
      of Charges) Regulations 2009; or

	
	 

      Page 50

    

 Exhibit 4.16

				
	  	 (b)	 has provided to the ECA Facility Agent copies of all documents
      it has delivered to the Registrar of Companies under:
	  
	  	  	 (i)	 Part 2 (Initial registration of particulars) or Part 3 (Alteration in
      registered particulars) of the Overseas Companies Regulations 2009; or
	  	  	  	  
	  	  	 (ii)	 section 1048 of the Companies Act 2006.
	  
	 5.19

      5.19.1
	 Times for making representations

      The representations set out in this Clause 5 (Borrower representations)
        are made by the Borrower on the date of this Agreement.

	  
	 5.19.2
	 Each representation is deemed to be repeated by
        the Borrower on the date it countersigns the Request and on the Delivery
        Date.

	  
	 5.19.3
	 Each representation other than a Non-Repeating
        Borrower Representation is deemed to be repeated by the Borrower on the
        first day of each Interest Period and on the date it grants any additional
        mortgage in favour of the Security Trustee pursuant to Clause 10.4.1(e)(i)(bb).

	  
	 5.19.4
	 When a representation is repeated, it is applied
        to the circumstances existing at the time of repetition and, in the case
        of the representation in Clause 5.8 (No default), the reference
        therein to "ECA Default " were a reference to "ECA Event of Default nor
        any event of default".

	  
	 6

      6.1
	 Borrower covenants

      Borrower covenants for the benefit of the Head Lessee and Finance
        Parties

      The Borrower undertakes:

	  
	  	 (a)	 with the Head Lessee that, throughout the Head Lease Period
      (and, where the Head Lessee has elected to purchase the Aircraft in accordance
      with clause 18 (Option to purchase) of the Head Lease, until transfer of
      title to the Aircraft by the Borrower in accordance with that clause), it
      will comply with the provisions of Clause 6.2 (Status) to Clause 6.6 (Taxes)
      so long as no Head Lease Event of Default is continuing; and
	  
	  	 (b)	 with the Finance Parties that it will during the Security Period
      comply with the provisions of Clause 6.2 (Status) to Clause 6.12 (Manufacturers).
	  
	 6.2

      6.2.1
	 Status

      The Borrower shall maintain its status and corporate existence as a limited
        liability company in its jurisdiction of incorporation.

	  
	 6.2.2
	 The Borrower's Centre of Main Interests shall
        be and remain the jurisdiction in which its registered office is located.

	  
	 6.3

      6.3.1
	 No other business

      The Borrower shall limit its business exclusively to the acquisition,
        financing, owning, leasing and disposal of the Aircraft and the Other
        Aircraft and the transactions contemplated by the Transaction Documents
        and the Other Transaction Documents to which it is a party and matters
        incidental to them.

	  
	 6.3.2
	 The Borrower shall not incur any liabilities other
        than Taxes and ordinary costs and overhead expenses in connection with
        the business described in Clause 6.3.1.

	
	 
Page 51

 Exhibit 4.16

			
	
      6.4

    	
      Performance

      The Borrower shall perform all its obligations under the Borrower Documents
        and the Other Transaction Documents to which it is a party.

    
	 	 
	
      6.5

    	
      Negative pledge

      The Borrower shall not create or knowingly allow to exist any Borrower
        Security Interest or any other Security Interest over the Aircraft or
        any other asset of the Borrower save as created under or pursuant to the
        Transaction Documents and the Other Transaction Documents.

    
	 	 
	
      6.6

    	
      Taxes

      The Borrower shall promptly discharge or procure the discharge of any
        Tax which is payable by it from time to time except for (and only for
        so long as the relevant contest continues) such Taxes that are being contested
        in good faith by appropriate proceedings and any such proceedings do not,
        in the determination of the Security Trustee (acting reasonably) involve
        any substantial likelihood of the sale, forfeiture, disposal or loss of
        the Aircraft, any Engine or Part or any interest therein and for which
        contested Taxes adequate reserves have been made in the accounts of the
        Borrower.

    
	 	 
	
      6.7

    	
      Authorisations

      The Borrower shall promptly:

    
	 	 	 
	  	 (a)	 obtain, maintain and comply with the terms of; and
	 	 	 
	  	 (b)	 supply Certified Copies to the ECA Facility Agent of, 
	 	
       

    
	 	any authorisation
      required under any Applicable Law to enable it to perform its obligations
      under, or for the validity or enforceability or admissibility in evidence
      of, any Transaction Document.
	 	 
	
      6.8

    	
      Compliance with laws

      The Borrower shall comply in all respects with all Applicable Laws to
        which it is subject.

    
	 	 
	
      6.9

    	
      Preservation of Transaction Documents

      The Borrower shall not and shall not agree to:

    
	 	 	 
	  	 (a)	 amend or waive; or
	 	 	 
	  	 (b)	 terminate, suspend or abandon, 
	 	
       

    
	 	all or any part of any Transaction Document,
      except in accordance with the provisions of this Agreement and the Proceeds
      Agreement.
	 	 
	
      6.10

    	
      Preservation of Security

      The Borrower shall not (otherwise than as expressly contemplated by the
        Transaction Documents) do anything or take any action or knowingly omit
        to take any action which has or may have the effect of prejudicing the
        first priority nature of the Security Interests expressed to be created
        by the Security Documents.

    
	 	 
	
      6.11

    	
      Disposals

      The Borrower shall not, either in a single transaction or in a series
        of transactions and whether related or not, dispose of all or any part
        of its assets except as contemplated by the Transaction Documents and
        the Other Transaction Documents.

    

	
	 

      Page 52

    

 Exhibit 4.16

			
	 6.12
	 Manufacturers

      The Borrower shall not do or permit to be done anything which may prejudice
        any right which the Finance Parties (or any of them) may have (actually
        or contingently) against the Manufacturer, the Engine Manufacturer or
        any other supplier of parts or services relating to the Aircraft.

	  
	 6.13
	 Separate business

      The Borrower covenants with each of the Finance Parties that it will
        conduct its business so as to maintain its separate existence as a legal
        entity from each of the Head Lessee and the Guarantor and any of their
        respective Subsidiaries and further covenants that it will:

	  
	  	 (a)	 observe those material corporate formalities reasonably necessary to
      remain a legal entity separate from each of the Head Lessee and the Guarantor
      and any of their respective Subsidiaries;
	  
	  	 (b)	 maintain its assets and liabilities separate from those of each of the
      Head Lessee and the Guarantor and any of their respective Subsidiaries;
	  
	  	 (c)	 maintain records, books, accounts, and minutes separate from those of
      each of the Head Lessee and the Guarantor and any of their respective Subsidiaries;
      except to the extent that the Borrower’s and/or the Head Lessee’s
      separate financial statements are maintained on the Guarantor’s, or
      the Borrower’s separate financial statements are maintained on the
      Head Lessee’s, accounting system (and not on a stand-alone system);
	  
	  	 (d)	 pay its obligations in the ordinary course of business as a legal entity
      separate from each of the Head Lessee and the Guarantor and any of their
      respective Subsidiaries;
	  
	  	 (e)	 keep its funds separate from any funds of each of the Head Lessee and
      the Guarantor and any of their respective Subsidiaries, and will receive,
      deposit, withdraw and disburse such funds separately from any funds of each
      of the Head Lessee and the Guarantor and any of their respective Subsidiaries;
	  
	  	 (f)	 conduct its business in its own name, and not in the name of each of
      the Head Lessee and the Guarantor or any of their respective Subsidiaries,
      except that the Borrower may be referred to together or in connection with
      the Guarantor and/or the Head Lessee in presentational, promotional or advertising
      materials;
	  
	  	 (g)	 not agree to pay or become liable for any debt of each of the Head Lessee
      and the Guarantor or any of their respective Subsidiaries, other than to
      make payments in the form of indemnities as required by the express terms
      of this Agreement or the other Transaction Documents;
	  
	  	 (h)	 not hold out that it is a division of the Head Lessee or the Guarantor
      or any of their respective Subsidiaries, or that the Head Lessee and the
      Guarantor or any of their respective Subsidiaries is a division of it;
	  
	  	 (i)	 not induce any third party to rely on the creditworthiness of the Head
      Lessee or the Guarantor or any of their respective Subsidiaries in order
      that such third party will be induced to contract with it;
	  
	  	 (j)	 not enter into any transaction between it and the Head Lessee or the
      Guarantor or any of their respective Subsidiaries that are as a whole materially
      more favourable to either party than transactions that the parties would
      have been able to enter into at such time on an arm’s-length basis
      with a non-affiliated third party; and
	  
	  	 (k)	 observe those material corporate or other procedures reasonably required
      under Applicable Law and under its constitutive documents to remain a legal
      entity separate

	
	 
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 Exhibit 4.16

				
	 	
       

    	from each of the Head Lessee and the Guarantor and any of
        their respective Subsidiaries.
	 	 
	
      7 7.1

    	
      General Head Lessee covenants Duration

      The Head Lessee undertakes with the Borrower that, from the date of this
        Agreement during the Head Lease Period and until Redelivery, termination
        of the Head Lease Period or transfer of title under clause 18 (Option
        to purchase) of the Head Lease, it will comply with the following provisions
        of this Clause and the other undertakings in the Head Lessee Documents.
        All such undertakings shall be performed at the expense of the Head Lessee,
        unless otherwise stated.

    
	 	 
	
      7.2

    	
      Status

      The Head Lessee shall maintain its status and corporate existence in
        its jurisdiction of incorporation as at the date of this Agreement. The
        Head Lessee's Centre of Main Interests shall be and remain the jurisdiction
        in which its registered office is located.

    
	 	 
	
      7.3

    	
      No change of business

      The Head Lessee shall carry on its business as an owner and operating
        lessor of commercial passenger aircraft.

    
	 	 
	
      7.4

    	
      Disposal of assets

      The Head Lessee shall not, either in a single transaction or in a series
        of transactions (whether related or not), dispose of all or a material
        part of its property or assets other than for the purpose of:

    
	 	 	 
	  	 (a)	 disposing of, replacing or up-grading the aircraft in its fleet
      in the ordinary course of business as an owner and operating lessor of commercial
      passenger aircraft; or
	  	  	  
	  	 (b)	 a reconstruction or amalgamation, the terms of which shall,
      if either:
	 	 	 	 
	  	  	 (i)	 the leasing of commercial passenger aircraft is not a significant business
      of the surviving entity (calculated on the basis of the assets of the surviving
      entity and the skills of the management and other personnel of the surviving
      entity); or
	 	
       

    
	  	  	 (ii)	 any entity merging with the Head Lessee or the surviving entity is not
      an Affiliate of the Guarantor, 
	 	
       

    
	 	 	have received the prior consent of the ECA
      Facility Agent.
	 	 
	
      7.5

    	
      Authorisations

      The Head Lessee shall promptly obtain, maintain and comply with the terms
        of any authorisation required under any Applicable Law, to enable it to
        perform its obligations under, or for the validity or enforceability of,
        the Head Lessee Documents.

    
	 	 
	
      7.6

    	
      Head Lessee Documents and other obligations

      The Head Lessee shall:

    
	 	 	 
	  	 (a)	 perform all its obligations under the Head Lessee
      Documents;
	 	 	 
	  	 (b)	 comply with all Applicable Laws applicable to the
      Head Lessee, the Head Lessee Documents or the Aircraft or its use or operation;
      and

	
	 

      Page 54

    

 Exhibit 4.16

				
	  	 (c)	 settle all Taxes imposed upon it within the time period allowed
      for such settlement except for (and only for so long as the relevant contest
      continues) such Taxes that are being contested in good faith by appropriate
      proceedings and any such proceedings do not, in the determination of the
      Security Trustee (acting reasonably) involve any substantial likelihood
      of the sale, forfeiture, disposal or loss of the Aircraft, any Engine or
      Part or any interest therein and for which contested Taxes adequate reserves
      have been made in the accounts of the Head Lessee.
	  
	 7.7
	 Pari passu obligations

      The Head Lessee shall ensure that its payment obligations under the Head
        Lessee Documents are, or will upon execution by the Head Lessee be direct,
        general and unconditional obligations of the Head Lessee and rank and
        will at all times rank at least pari passu with all its other present
        and future unsecured and unsubordinated indebtedness (save for obligations
        which are mandatorily preferred by operation of law applying to companies
        generally in its jurisdiction of incorporation).

	  
	 7.8

      7.8.1
	 Financial statements

      The Head Lessee shall supply to the Borrower and the ECA Facility Agent
        copies in sufficient numbers for all the Relevant Parties certified by
        a duly authorised officer of the Head Lessee and in English of:

	  
	  	 (a)	 its audited financial statements for each of its financial
      years (starting with the financial year ending on 31 December 2009) prepared
      in accordance with internationally and generally accepted accounting principles
      and practices consistently applied;
	  
	  	 (b)	 its interim (unaudited) financial statements for each half
      of each of its financial years (starting with the half year ending on 30
      June 2010); and
	  
	  	 (c)	 during the continuation of a First Trigger Event, its unaudited
      quarterly financial details, including:
	  
	  	  	 (i)	 a profit and loss statement and balance sheet prepared in accordance
      with IFRS/Irish accounting standards consistently applied; and
	  
	  	  	 (ii)	 a cash-flow statement.
	  
	 7.8.2	 All financial statements shall be supplied as soon as they
      are available and:
	  
	  	 (a)	 in the case of the Head Lessee's audited financial statements,
      within two hundred and seventy (270) days;
	  
	  	 (b)	 in the case of the Head Lessee's interim (unaudited) half-yearly
      financial statements, within ninety (90) days; and
	  
	  	 (c)	 in the case of the Head Lessee's unaudited quarterly financial
      details, within forty-five (45) days,
	  
	 	 of the end of the relevant financial period.

	  
	 7.8.3
	 The Head Lessee shall ensure that each set of financial
        statements supplied under this Agreement gives (if audited) a true and
        fair view of, or (if unaudited) fairly represents, its financial condition
        (consolidated, if applicable, or otherwise) as at the date to which those
        financial statements were drawn up.

	  
	 7.8.4
	 The Head Lessee shall notify the Borrower and the ECA Facility
        Agent of any change to the manner in which its audited financial statements
        are prepared.

	
	 
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 Exhibit 4.16

			
	 7.8.5
	 If requested by the Borrower or the ECA Facility Agent,
        the Head Lessee shall supply to the Borrower and the ECA Facility Agent:

	  
	  	 (a)	 a full description of any change notified under Clause 7.8.4; and
	  
	  	 (b)	 sufficient information to enable the Relevant Parties to make a proper
      comparison between the financial position shown by the set of financial
      statements prepared on the changed basis and its most recent audited financial
      statements delivered to the Borrower or the ECA Facility Agent under this
      Agreement prepared on the previous basis.
	  
	 7.9
	 Notice

      The Head Lessee shall immediately notify the Borrower and the ECA Facility
        Agent upon becoming aware of:

	  
	  	 (a)	 the occurrence of any Illegality Event, Increased Costs Event, Head Lease
      Default, Lessee Event or Lease Event of Default;
	  
	  	 (b)	 the details of any litigation, arbitration or administrative proceedings
      which are current, threatened or pending and which have or might, if adversely
      determined, have a Material Adverse Effect;
	  
	  	 (c)	 any Total Loss or event likely to give rise to a claim under the Insurances
      in excess of the Damage Notification Threshold (and, upon request, details
      of any negotiations with the insurers, reinsurers or brokers relating thereto),
		 
		 and provide the Borrower with full details of any steps
        which the Head Lessee or the Lessee (if applicable) is taking, or proposes
        to take, in order to remedy or mitigate the effect of such event or circumstance.

	  
	 7.10
	 Other information

      The Head Lessee shall promptly provide to the Borrower and the ECA Facility
        Agent (in sufficient copies for all the Relevant Parties):

	  
	  	 (a)	 copies of all documents despatched by the Head Lessee to all its creditors
      or any class of them at the same time as they are despatched;
	  
	  	 (b)	 copies of any amendments to its constitutional documents;
	  
	  	 (c)	 upon reasonable request by the Borrower or the Relevant Agent, all information
      which the Head Lessee may from time to time receive from the Lessee pursuant
      to the Lease regarding the Aircraft, any Engine, any engine installed on
      the Airframe or any Significant Part, and the use, location and condition
      of the Aircraft, the Engines or any Significant Part, including the hours
      remaining on the Aircraft and any Engine until the next scheduled check,
      inspection, overhaul or shop visit, as the case may be;
	  
	  	 (d)	 upon reasonable request by the Borrower or the Relevant Agent, all information
      which the Head Lessee may from time to time receive from the Lessee pursuant
      to the Lease regarding payment by the Lessee of all Taxes, charges and other
      outgoings incurred by the Lessee (including without limitation all payments
      which are then due to the relevant airport and air traffic control authorities)
	  
	  	 (e)	 upon reasonable request by the Borrower or the Relevant Agent, a statement
      of account of sums due from the Lessee to any other relevant air traffic
      control authority other than Eurocontrol, duly signed by that other authority;
      and
	  
	  	 (f)	 upon reasonable request by the Borrower or the Relevant Agent, a copy
      of any aircraft status report it receives under the Lease.

	
	 

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 Exhibit 4.16

			
	 7.11
	 Separate business

      The Head Lessee covenants with each of the Finance Parties that it will
        conduct its business so as to maintain its separate existence as a legal
        entity from each of the Borrower and the Guarantor and any of their respective
        Subsidiaries and further covenants that it will:

	  
	  	 (a)	 observe those material corporate formalities reasonably necessary to
      remain a legal entity separate from each of the Borrower and the Guarantor
      and any of their respective Subsidiaries;
	  
	  	 (b)	 maintain its assets and liabilities separate from those of each of the
      Borrower and the Guarantor and any of their respective Subsidiaries; except
      to the extent that the Head Lessee’s financial and operating results
      are consolidated with those of its ultimate parent company in consolidated
      financial statements;
	  
	  	 (c)	 maintain records, books, accounts, and minutes separate from those of
      each of the Borrower and the Guarantor and any of their respective Subsidiaries;
      except to the extent that the Head Lessee’s financial and operating
      results are consolidated with those of its ultimate parent company in consolidated
      financial statements and to the extent that the Head Lessee’s and/or
      the Borrower’s separate financial statements are maintained on the
      Guarantor’s, or the Borrower’s separate financial statements are
      maintained on the Head Lessee’s accounting system (and not on a stand-alone
      system);
	  
	  	 (d)	 pay its obligations in the ordinary course of business as a legal entity
      separate from each of the Borrower and the Guarantor and any of their respective
      Subsidiaries except where the Head Lessee discharges payment obligations
      (e.g. with respect to fees, outlays and expenses) on behalf of the Guarantor
      or any of its Subsidiaries which are subject to reimbursement to the Head
      Lessee by the Guarantor or the relevant Subsidiary;
	  
	  	 (e)	 keep its funds separate from any funds of each of the Borrower and the
      Guarantor and any of their respective Subsidiaries, and will receive, deposit,
      withdraw and disburse such funds separately from any funds of each of the
      Borrower and the Guarantor and any of their respective Subsidiaries; except
      that the Head Lessee participates in certain consolidated cash management
      operations and services of its ultimate parent company and its Subsidiaries
      pursuant to which the Head Lessee’s funds are and will be collected,
      disbursed, allocated, accounted for and recorded as belonging to the Head
      Lessee;
	  
	  	 (f)	 conduct its business in its own name, and not in the name of each of
      the Borrower and the Guarantor or any of their respective Subsidiaries;
      except that the Head Lessee may represent itself and hold itself out (or
      be represented or held out) as a company within the group of companies comprised
      of its ultimate parent company and its Subsidiaries and as the Irish Aerospace
      division or operation of its ultimate parent company and maintain, use or
      disseminate presentational, promotional and advertising materials to such
      effect;
	  
	  	 (g)	 not hold out that it is a division of the Guarantor or any of its Subsidiaries,
      or that the Borrower or the Guarantor or any of their Subsidiaries is a
      division of it; except that the Head Lessee may (i) represent itself and
      hold itself out (or be represented or held out) as a company within the
      group of companies comprised of its ultimate parent company and its Subsidiaries
      and as the Irish Aerospace division or operation of its ultimate parent
      company and maintain, use or disseminate presentational, promotional and
      advertising materials to such effect and (ii) have Head Lessee disregarded
      for tax purposes (check the box election) and considered for tax purposes
      a division or operation of its ultimate parent company; and

	
	 
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 Exhibit 4.16

			
	  	 (h)	 observe those material corporate or other procedures reasonably
      required under Applicable Law and under its constitutive documents to remain
      a legal entity separate from each of the Borrower and the Guarantor and
      any of their respective Subsidiaries.
	  
	 8

      8.1
	 Guarantor covenants

      Guarantor covenants

      Until the Discharge Date in respect of the ECA Debt, the Guarantor hereby
        undertakes and covenants with each of the Finance Parties separately and
        severally from the date of this Agreement that:

	  
	  	 (a)	 subject to the provisions of Clause 10 (Trigger events), it
      shall ensure that the terms of any Lease entered into by the Head Lessee
      in respect of the Aircraft relating to maintenance, insurance and operations
      comply with the requirements of the Head Lease and are substantially similar
      in substance to those which are customarily used by the Head Lessee for
      the leasing of similar aircraft in its portfolio and leased to lessees of
      similar credit standing, similar geographic location and under similar circumstances;
      and shall cause the Head Lessee to administer such Lease in a manner consistent
      with those standards applied by it with respect to its other owned and/or
      financed aircraft or aircraft owned or leased by any of its Subsidiaries;
	  
	  	 (b)	 it shall ensure that the Head Lessee remains its wholly owned
      direct or indirect Subsidiary;
	  
	  	 (c)	 unless it has undertaken a merger or consolidation or sale
      of its assets in a transaction permitted by Clause 8.2.1(d), it shall remain
      duly incorporated and validly existing and in good standing under the laws
      of the State of Delaware;
	  
	  	 (d)	 at all times, it shall comply in all respects with all laws
      and regulations applicable to it and which are necessary in relation to
      the conduct of its business generally except where the failure to comply
      would not have a Material Adverse Effect, and it shall obtain, maintain
      in full force and effect and comply in all material respects with, any present
      or future authorisations (governmental or otherwise), approvals, licences
      and consents and do, or cause to be done, all other acts and things, in
      each case, which may from time to time be necessary for the continued due
      performance of its obligations under the Transaction Documents;
	  
	  	 (e)	 it shall pay and discharge all Taxes and governmental charges
      prior to the date on which the same become overdue unless, and only to the
      extent that, such Taxes and charges shall be contested in good faith by
      appropriate proceedings, pending determination of which payment may lawfully
      be withheld, and there shall be set aside adequate reserves with respect
      to any such Taxes or charges so contested (if required in accordance with
      generally accepted accounting principles) except where the failure to comply
      would or would be likely to have a Material Adverse Effect;
	  
	  	 (f)	 it shall comply with its constitutional documents;
	  
	  	 (g)	 it shall ensure that at all times its obligations under the
      Transaction Documents rank at least pari passu with its obligations owed
      to all its unsecured creditors save for obligations mandatorily preferred
      by law.
	  
	 8.2

      8.2.1
	 Additional Guarantor covenants

      The Guarantor hereby undertakes and covenants with the Finance Parties
        separately and severally that from the date of this Agreement and until
        the Discharge Date in respect of the ECA Debt:

	
	 

      Page 58

    

 Exhibit 4.16

				
	 	 (a)
	 the Guarantor shall furnish to the ECA Facility Agent sufficient
        copies for each ECA Lender it represents (which the ECA Facility Agent
        shall promptly furnish to each such ECA Lender):

	  
	 	  	 (i)	 as soon as available, and in any event within one hundred and twenty
      (120) days after the end of each fiscal year of the Guarantor, a copy of
      the audited financial statements and annual audit report of the Guarantor
      and its Subsidiaries for such fiscal year beginning with the year ending
      31 December 2010 prepared on a consolidated basis and in conformity with
      generally accepted accounting principles in the United States of America
      and certified by PriceWaterhouseCoopers or by another independent United
      States of America certified public accountant of recognised national standing
      in the United States of America selected by the Guarantor;
	  
	 	  	 (ii)	 as soon as available, and in any event within sixty (60) days after the
      end of each quarter (except the last quarter) of each fiscal year of the
      Guarantor, a copy of the unaudited financial statements of the Guarantor
      and its Subsidiaries for such quarter prepared in a manner consistent with
      the audited financial statements referred to in paragraph (i) above and
      certified by the chief financial officer of the Guarantor as fairly presenting
      the consolidated financial condition of the Guarantor and its consolidated
      Subsidiaries for such period (subject to normal year end adjustments);
	  
	 	  	 (iii)	 promptly after the filing or making thereof, copies of all 8-K's (other
      than 8-K's relating solely to the issuance by the Guarantor of securities
      pursuant to an effective registration statement), 10-Q's, 10-K's, and other
      material reports or registration statements filed by the Guarantor with
      or to any securities exchange or the Securities and Exchange Commission;
	  
	 	  	 (iv)	 from time to time such other information concerning the Group's operations,
      business affairs and financial condition as any ECA Administrative Party
      may reasonably request, 
			 
			 provided, however, that (aa) no such Form 8-K need be so
        delivered to the ECA Facility Agent if the Guarantor shall have posted
        such Form to its website at www.cit.com and notified the ECA Facility
        Agent of such posting and (bb) no such financial statements or annual
        audit reports need be so delivered to the National Agents if the Guarantor
        shall have delivered to the ECA Facility Agent (or the Guarantor shall
        have posted to its website at www.cit.com and notified the ECA Facility
        Agent of such posting) the Guarantor's annual or quarterly report (as
        appropriate) on Form 10-K or 10-Q (as appropriate) which the Guarantor
        files with the Securities and Exchange Commission for the relevant fiscal
        year or quarter, as the case may be, containing such consolidated financial
        statements and annual audit reports, as the case may be;

	  
	 	 (b)
	 promptly after learning of the occurrence of any Event of
        Default or a First Trigger Event, Second Trigger Event or Net Worth Event,
        the Guarantor shall furnish to the ECA Facility Agent written notice thereof,
        describing the same and the steps being taken by the Guarantor with respect
        thereto;

	  
	  	 (c)
	 the Guarantor will preserve, renew and keep in full force
        and effect its corporate existence and take all reasonable action to maintain
        all rights, privileges and franchises material to the normal conduct of
        its significant businesses, provided, however, that notwithstanding this
        Clause 8.2.1(c) the Guarantor may:

	  
	 	  	 (i)	 discontinue any of its businesses that are no longer deemed advantageous
      to it (such determination to be in the sole and absolute discretion of the
      Guarantor); and

	
	 
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 Exhibit 4.16

					
	  	  	 (ii)	 sell or dispose of any assets, subsidiaries or the capital
      stock thereof, or consolidate with, accept a merger of, or permit the merger
      of the Guarantor into any other person in a transaction permitted pursuant
      to Clause 8.2.1(d);
	  
	  	 (d)	 the Guarantor shall not consolidate with any other corporation
      or limited liability company or accept a merger of any other corporation
      or limited liability company into the Guarantor or permit the Guarantor
      to be merged into any other corporation or limited liability company, or
      sell its properties and assets as, or substantially as, an entirety unless:
	  
	  	  	 (i)	 no Net Worth Event would occur as a result of such merger,
      consolidation or asset purchase;
	  
	  	  	 (ii)	 this Agreement and the other Guarantor Documents shall be binding
      on the surviving entity of such consolidation or merger or the purchaser
      of the Guarantor's assets, as the case may be, as if it were named "Guarantor"
      therein;
	  
	  	  	 (iii)	 the Relevant Agent has received a legal opinion addressed to
      and in form and substance satisfactory to the Lessor, each Export Credit
      Agency, the ECA Facility Agent and the Security Trustee (on behalf of itself
      and each ECA Lender) from legal counsel acceptable to the ECA Facility Agent
      confirming the enforceability of the Guarantor Documents against the surviving
      entity of such consolidation or merger or the purchaser of the Guarantor's
      assets; and
	  
	  	  	 (iv)	 either CIT Group Inc. is the surviving entity of such consolidation
      or merger, or the surviving entity of such consolidation, merger or asset
      purchase:
	  
	  	  	  	 (aa)	 has a rating (with each ratings agency which rated the Guarantor immediately
      prior to the relevant merger, consolidation or asset purchase) for its senior
      unsecured indebtedness obligations which is no lower than one (1) rating
      point below that of the Guarantor immediately prior to such merger, consolidation
      or asset purchase (provided that the prior approval of the Finance Parties
      shall always be required in respect of any merger, consolidation or asset
      purchase where the rating of such surviving entity is sub-investment grade);
	  
	  	  	  	 (bb)	 is not incorporated nor has its principal place of business in a Prohibited
      Country; and
	  
	  	  	  	 (cc)	 has satisfied all "know-your-customer" requirements of each ECA Lender;
      and
	  
	  	  	 (v)	 the successor person, if other than the Guarantor, shall assume
      all of the Guaranteed Obligations upon any such merger or consolidation
      and shall expressly agree to be bound by all the other provisions applicable
      to the Guarantor under the Guarantor Documents; and
	  
	  	 (e)	 the Guarantor will maintain complete and accurate books and
      records in which full and correct entries in conformity with generally accepted
      accounting principles in the United States of America shall be made of all
      dealings and transactions in relation to its respective business and activities.
	  
	 8.2.2
	 The Guarantor covenants with each of the Finance Parties
        that it will conduct its business so as to maintain its separate existence
        as a legal entity from each of the Borrower, the Head Lessee, the Lessee
        and any of their respective Subsidiaries and further covenants that it
        will:

	  
	  	 (a)	 observe those corporate formalities reasonably necessary to
      remain a legal entity separate from each of the Borrower, the Head Lessee
      and any of their respective Subsidiaries;

	
	 

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Exhibit 4.16

			
	  	 (b)	 maintain its assets and liabilities separate from those of each of the
      Borrower, the Head Lessee and any of their respective Subsidiaries; except
      to the extent that the Guarantor’s financial and operating results
      are consolidated with those of its Subsidiaries in consolidated financial
      statements;
	  
	  	 (c)	 maintain records, books, accounts, and minutes separate from those of
      each of the Borrower, the Head Lessee and any of their respective Subsidiaries;
      except to the extent that the Guarantor’s financial and operating results
      are consolidated with those of its Subsidiaries in consolidated financial
      statements and to the extent that the Head Lessee’s and/or the Borrower’s
      separate financial statements are maintained on the Guarantor’s accounting
      system (and not on a stand-alone system);
	  
	  	 (d)	 pay its obligations in the ordinary course of business as a legal entity
      separate from each of the Borrower, the Head Lessee and any of their respective
      Subsidiaries except where the Guarantor discharges payment obligations (e.g.
      with respect to fees, outlays and expenses) on behalf of Head Lessee or
      any of its Subsidiaries which are subject to reimbursement to Guarantor
      by Head Lessee or the relevant Subsidiary;
	  
	  	 (e)	 keep its funds separate from any funds of each of the Borrower, the Head
      Lessee and any of their respective Subsidiaries, and will receive, deposit,
      withdraw and disburse such funds separately from any funds of each of the
      Borrower, the Head Lessee and any of their respective Subsidiaries; except
      that the Guarantor participates in certain consolidated cash management
      operations and services of the Guarantor and its Subsidiaries pursuant to
      which the Guarantor’s funds are and will be collected, disbursed, allocated,
      accounted for and recorded as belonging to the Guarantor;
	  
	  	 (f)	 conduct its business in its own name, and not in the name of each of
      the Borrower, the Head Lessee or any of their respective Subsidiaries; except
      that the Guarantor may represent and hold out itself and the Head Lessee
      and/or the Borrower as companies within the group of companies comprised
      of itself and its Subsidiaries and maintain, use or disseminate presentational,
      promotional and advertising materials to such effect;
	  
	  	 (g)	 not hold out that the Borrower, the Head Lessee or any of their respective
      Subsidiaries is a division of it; except that the Guarantor may (i) represent
      and hold out itself and the Head Lessee and/or the Borrower as companies
      within the group of companies comprised of itself and its Subsidiaries and
      represent and hold out the Head Lessee as its Irish Aerospace division or
      operation and maintain, use or disseminate presentational, promotional and
      advertising materials to such effect and (ii) discharge payment obligations
      (e.g. with respect to fees, outlays and expenses on behalf of Head Lessee
      or any of its Subsidiaries which are subject to reimbursement to Guarantor
      by Head Lessee or the relevant Subsidiary); and
	  
	  	 (h)	 observe those material corporate or other procedures reasonably required
      under Applicable Law and under its constitutive documents to remain a legal
      entity separate from each of the Borrower, the Head Lessee and any of their
      respective Subsidiaries.
	  
	
      9

      9.1

      9.1.1

    	
      Guarantee and indemnity

      Guarantee and indemnity

      In consideration of the ECA Lenders agreeing to make the Facility available
        to the Borrower and the Head Lessee, the Guarantor irrevocably and unconditionally:

    
	  
	  	 (a)	 as primary obligor and not as surety only, hereby guarantees to each
      Relevant Party the due and punctual payment, observance and performance
      by any or all of the Principal Debtors of all of the Guaranteed Obligations;
	  
	  	 (b)	 hereby covenants with and undertakes to each Relevant Party that in the
      event of a default by any or all of the Principal Debtors in the payment,
      observance or

	
	
      

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 Exhibit 4.16

			
	 	 	performance for whatever reason of any of their respective
        Guaranteed Obligations, the Guarantor shall on demand perform such Guaranteed
        Obligation, or cause such Guaranteed Obligation to be performed, punctually
        as if it were the principal debtor; and
	 	 	 
	  	 (c)	 as a separate and independent primary obligation, undertakes to indemnify
      each Relevant Party on demand and on a full indemnity basis from and against
      any and all Losses including, without duplication, any Expenses incurred
      or sustained by any Relevant Party as a result of the whole or any part
      of the Guaranteed Obligations being or becoming void, voidable, illegal,
      unenforceable or ineffective as against any or all of the Principal Debtors
      for any reason whatsoever irrespective of whether such reason or any related
      fact or circumstance was known or ought to have been known to any Relevant
      Party or any of their respective officers, employees, agents or advisers.
	  
	
      9.1.2

    	
      Any demand under Clause 9.1.1(c) shall be in writing and
        may be made by the Relevant Agent on behalf of each Relevant Party; provided,
        however, that upon the occurrence of a Event of Default described in clauses
        15.7 (Insolvency) or 15.8 (Insolvency proceedings) of the Head Lease,
        the Guarantor agrees that the Guaranteed Obligations shall be deemed accelerated
        and the Guarantor shall forthwith pay and perform all Guaranteed Obligations
        without any notice or demand.

    
	  
	
      9.1.3

    	
      The Guarantor's obligation under Clause 9.1.1, insofar as
        it relates to payments, is a guarantee of payment, not collection.

    
	  
	
      9.2

    	
      Principal Debtor

      As a separate and alternative stipulation in addition to its liabilities
        in Clause 9.1, the Guarantor hereby agrees that any part of the Guaranteed
        Obligations which is expressed to be performed by any or all of the Principal
        Debtors under the Transaction Documents but which may not be recoverable
        from, or capable of performance by, the Guarantor on the footing of a
        guarantee (whether by reason of the dissolution of any or all of the Principal
        Debtors or any reconstruction or amalgamation in which or as a consequence
        of which any or all of the Principal Debtors loses its separate corporate
        identity or any other fact or circumstance whatsoever and whether or not
        such fact or circumstance was known or ought to have been known to any
        Relevant Party or any of their respective officers, employees, agents
        or advisers) shall nevertheless be recoverable from, or capable of performance
        by, the Guarantor as provided in Clause 9.1 as if it were the principal
        debtor.

    
	  
	
      9.3

    	
      Liability for Interest

      In addition to its liabilities under Clauses 9.1 and 9.2, the Guarantor
        hereby agrees to pay or cause to be paid to the Security Trustee on demand
        (i) interest (including any interest which, but for the application of
        bankruptcy or insolvency laws, would have accrued on the amounts in question)
        calculated in accordance with clause 8.4 (Interest on overdue amounts)
        of the ECA Loan Agreement (unless interest at the Default Rate continues
        to be charged to any or all of the Principal Debtors in respect of that
        same amount under the Transaction Documents and is thereby payable by
        the Guarantor pursuant to Clause 9.1 or 9.2), and (ii) all costs and expenses
        (on a full indemnity basis) incurred by or on behalf of any Relevant Party
        in enforcing or endeavouring to enforce the payment of any sums due under
        this Clause 9.

    
	  
	
      9.4

    	
      Continuing guarantee

      The guarantee under this Clause 9 is a continuing guarantee and will
        extend to the ultimate balance of sums payable by each Principal Debtor
        to the Relevant Parties under the Transaction Documents, regardless of
        any intermediate payment or discharge in whole or in part.

    

	
	
      

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      9.5

    	
      Waiver of defences

      The obligations of the Guarantor under this Clause 9 will not be affected
        by an act, omission, matter or thing which, but for this Clause, would
        reduce, release or prejudice any of its obligations under this Clause
        9 (whether or not known to it or any Relevant Party) including:

    
	  
	  	 (a)	 any time, waiver or consent granted to, or composition with,
      any Principal Debtor or other person;
	  
	  	 (b)	 the release of any Principal Debtor or any other person under
      the terms of any composition or arrangement with any creditor of any person;
	  
	  	 (c)	 the taking, variation, compromise, exchange, renewal, enforcement
      or release of, or refusal or neglect to perfect, take up or enforce, any
      rights against, or Security Interest over assets of, any Principal Debtor
      or other person or any non-presentation or non- observance of any formality
      or other requirement in respect of any instrument or any failure to realise
      the full value of any Security Interest;
	  
	  	 (d)	 any incapacity or lack of power, authority or legal personality
      of or dissolution or change in the members, name or status of any Principal
      Debtor or any other person;
	  
	  	 (e)	 any amendment (however fundamental), replacement, variation,
      novation, assignment or the avoidance or termination of the guarantee in
      this Clause 9, this Agreement, any other Transaction Document or any other
      document or Security Interest;
	  
	  	 (f)	 any unenforceability, illegality or invalidity of any obligation
      of, or any Security Interest created by, any person under this Agreement,
      any other Transaction Document or any other document;
	  
	  	 (g)	 any insolvency, liquidation, administration or similar procedure;
      or
	  
	  	 (h)	 any other circumstances that constitute or might constitute
      an equitable or legal discharge of the Guarantor or the Guaranteed Obligations,
	  
	 	
      and the Guarantor hereby waives any defence to, or right
        to seek a discharge of its obligations hereunder.

    
	  
	
      9.6

    	
      Guarantor intent

      Without prejudice to the generality of Clause 9.5, the Guarantor expressly
        confirms that it intends that this guarantee shall extend from time to
        time to any (however fundamental) variation, increase, extension or addition
        of or to any of the Transaction Documents and/or any facility or amount
        made available under any of the Transaction Documents for the purposes
        of or in connection with any of the following:

    
	  
	  	 (a)	 financing or refinancing the Aircraft;
	  
	  	 (b)	 any other variation or extension of the purposes for which
      any such facility or amount might be made available from time to time; and
	  
	  	 (c)	 any fees, costs and/or expenses associated with any of the
      foregoing.
	  
	
      9.7

    	
      Immediate Recourse: No obligation to take action

      No Relevant Party shall be obliged, before making a demand under or taking
        steps to enforce this Agreement:

    
	  
	  	 (a)	 to take action or obtain judgment against any Principal Debtor
      or any other person in any court or tribunal; or

	
	
      

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	  	 (b)	 to make or file any claim in a bankruptcy or liquidation of any Principal
      Debtor or any other person; or
	  
	  	 (c)	 to exercise diligence against any Principal Debtor or any other person
      under any Transaction Document.
	  
	
      9.8

      9.8.1

    	
      Preservation of Rights

      From the earliest of the date or dates upon which any Guaranteed Obligation
        is not performed by a Principal Debtor or upon the occurrence of an Event
        of Default described in clauses 15.7 (Insolvency) or 15.8 (Insolvency
        proceedings) of the Head Lease until such time as each Relevant Party
        has received payment of the Guaranteed Obligations in full the Guarantor
        waives all rights of subrogation as against the Principal Debtors and
        shall not:

    
	  
	  	 (a)	 claim any set-off or counterclaim against any one or more of the Principal
      Debtors in respect of any payment by the Guarantor under this Clause 9 or
      in respect of any outstanding actual or contingent liability between the
      Guarantor and any one or more of the Principal Debtors; or
	  
	  	 (b)	 make or enforce any claim or right (including a right of subrogation,
      indemnity or contribution) against any one or more of the Principal Debtors
      or collect or receive any monies in cash or otherwise in respect of any
      such claim or right or prove in competition with any Relevant Party, in
      the event of the liquidation or winding-up of any one or more of the Principal
      Debtors in respect of any payment by the Guarantor under this Clause 9 or
      in respect of any outstanding actual or contingent liability between the
      Guarantor and any one or more of the Principal Debtors; or
	  
	  	 (c)	 in competition with any Relevant Party, claim the benefit of any security
      or guarantee now or hereafter held by any Relevant Party, for any money
      or liabilities due or incurred by any one or more of the Principal Debtors
      to each Relevant Party, or any share therein.
	  
	
      9.8.2

    	
      The Guarantor shall hold in trust and promptly pay over
        to the Security Trustee an amount equal to any sums it receives from any
        Principal Debtor in contravention of this Clause 9.8.

    
	  
	
      9.9

    	
      Securities Realised Account

      For the purpose of enabling each Relevant Party to sue any one or more
        of the Principal Debtors or to prove in the liquidation or insolvency
        of any one or more of the Principal Debtors or in any similar proceedings
        for any monies due but unpaid by any one or more of the Principal Debtors
        to any Relevant Party under any of the Transaction Documents, each Relevant
        Party may at any time and for such time as it may think fit place any
        monies received or recovered under this Clause 9 after an Event of Default
        to the credit of a securities realised account or accounts (subject to
        the accrual thereon of interest at market rates as conclusively determined
        by the ECA Facility Agent which interest shall be credited to the relevant
        account) and until the Discharge Date in respect of the ECA Debt to apply
        the same or any part thereof in or towards the discharge of the indebtedness
        and liabilities of the Guarantor.

    
	  
	
      9.10

    	
      Reinstatement

      If any payment by any Principal Debtor or any other person or discharge
        given by a Relevant Party (whether in respect of the obligations of the
        Principal Debtor or any Security Interest for those obligations or otherwise)
        is avoided or reduced as a result of insolvency, liquidation, administration
        or any similar event:

    
	  
	  	 (a)	 the liability of the Guarantor under this Clause 9 shall continue as
      if the payment, discharge, avoidance or reduction had not occurred; and

	
	
      

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	  	 (b)	 the Relevant Parties shall be entitled to recover the value or amount
      of that Security Interest or payment from the Guarantor, as if the payment,
      discharge, avoidance or reduction had not occurred.
	  
	
      9.11

    	
      Additional Security

      The Guarantor's obligations under this Clause 9 are in addition to and
        shall not be prejudiced by any other guarantee or security for the Guaranteed
        Obligations now or hereafter held by any Relevant Party and it shall not
        be necessary for any Relevant Party before claiming payment under this
        Clause 9, to resort to or seek to enforce any other guarantee or security
        in respect of the Guaranteed Obligations.

    
	  
	
      10

      10.1

      10.1.1

    	
      Trigger events

      First Trigger Event – Security Deposit and Maintenance Reserves

      If a First Trigger Event occurs or an ECA Loan is advanced during the
        continuance of a First Trigger Event, upon the request of the Security
        Trustee (acting on the instructions of the National Agents), the Head
        Lessee shall pay or procure the payment of:

    
	  
	  	 (a)	 an amount equal to each Security Deposit (if any) which has been paid
      by a Lessee pursuant to the relevant Lease into the Security Deposit Account.
      The Head Lessee shall procure that a separate ledger entry3 in
      the Security Deposit Account is maintained in relation to the Aircraft.
      The Head Lessee shall, without need for further notice, procure that all
      Security Deposits which are paid by a Lessee pursuant to the relevant Lease
      after the occurrence of a First Trigger Event shall be paid into the Security
      Deposit Account on or before the first Business Day of the month immediately
      following the month in which such Security Deposit is paid by the Lessee;
	  
	  	 (b)	 an amount equal to the Maintenance Reserves (if any) which have been
      paid by a Lessee pursuant to the Lease into the Maintenance Reserve Account.
      The Head Lessee shall procure that a separate ledger is maintained in the
      Maintenance Reserve Account in relation to the Aircraft. The Head Lessee
      shall, without need for further notice, procure that all Maintenance Reserves
      which are paid by a Lessee pursuant to the relevant Lease after the occurrence
      of a First Trigger Event shall be paid into the Maintenance Reserve Account
      on or before the first Business Day of the month immediately following the
      month in which such Maintenance Reserves are paid by the Lessee.
	  
	
      10.1.2

    	
      The Head Lessee shall not remove any sums standing to the
        credit of either the Security Deposit Account or the Maintenance Reserve
        Account for the purpose of co-mingling such sums with the general funds
        of the Guarantor and/or its Subsidiaries (but shall otherwise have sole
        and absolute control over such sums until the occurrence and continuation
        of a Second Trigger Event or an Event of Default).

    
	  
	
      10.1.3

    	
      Each of the Parties agrees that the Security Deposit Account
        and the Maintenance Reserve Account shall be interest bearing accounts.

    
	  
	
      10.1.4

    	
      The Head Lessee and the ECA Facility Agent shall, from time
        to time following the occurrence of a First Trigger Event and for so long
        as no Event of Default shall have occurred, consult with each other with
        a view to ensuring that the amounts standing to the credit of the Head
        Lessee in the Security Deposit Account or the Maintenance Reserve Account
        accrue interest at the prevailing commercial rates having due regard to
        (i) the amounts in question, (ii) the timing of payments into and out
        of such accounts and (iii) the Security Interests in favour of the Security
        Trustee over such accounts.

    

3 Requirement for separate sub-accounts or separate accounts to be
considered 

	
	
      

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      10.1.5

    	
      If the payments set out in Clause 10.1.1 are not made to
        the applicable accounts in accordance with the time frame set out in Clause
        10.1.1 (or if no time frame is referred to, within ninety (90) days of
        the Security Trustee's request), the Security Trustee may, acting on the
        instructions of the National Agents demand immediate repayment of the
        ECA Loans, whereupon the same shall become immediately due and payable
        and the Borrower shall prepay the amount referred to in clause 7.4 (Mandatory
        Prepayment Event – Trigger Events/Home Country Notice/Lessee Event).

    
	  
	
      10.1.6

    	
      If a First Trigger Event ceases by the credit rating of
        the Guarantor for senior unsecured indebtedness rising to or above A-
        (as applicable) if and as rated by Standard and Poor's Corporation
        and A3 if and as rated by Moody's Investor Service Inc., or an
        equivalent by an alternative service of equivalent recognition (if neither
        Standard and Poor's Corporation nor Moody's Investor Service Inc. has
        assigned any rating) the Head Lessee's obligation to procure the deposit
        of the amounts set out in Clause 10.1.1 shall cease and Clauses 10.1.2
        and 10.1.1 shall no longer apply.

    
	  
	
      10.2

      10.2.1

    	
      First Trigger Event – Liquidity provisions

      Upon the occurrence of a First Trigger Event and for so long as it continues
        (and notwithstanding that a Second Trigger Event may not have occurred
        or has occurred and subsequently ceased to continue):

    
	  
	  	 (a)	 the Head Lessee shall, subject to Clause 10.2.2, ensure that
      the amount standing to the credit of the Rental Account is equal to or greater
      than the sum of:
	  
	  	  	 (i)	 the amount of A Rent payable on the next Quarter Date;
	  
	  	  	 (ii)	 the amount of "A Rent" payable under (and as defined in) each Other Head
      Lease on the next "Quarter Date" (as defined in the relevant Other Head
      Lease); and 
	  
	  	  	 (iii)	 fifty million Dollars ($50,000,000);
	  
	  	 (b)	 the sums standing to the credit of the Rental Account shall
      not be withdrawn without the prior consent of the Security Trustee (acting
      on the instructions of the National Agents), such consent not to be withheld
      if such withdrawal is for the purpose of paying any Secured Obligation and
      not to be unreasonably withheld if (and provided no Default has occurred
      and is at that time continuing) following such withdrawal the amount standing
      to the credit of the Rental Account is equal to or greater than the sum
      of the aggregate of the amounts set out in Clauses 10.2.1(a)(i) to (iii)
      (inclusive); and
	  
	  	 (c)	 the Head Lessee shall comply with Clause 7.8.1(c) (Financial
      statements).
	  
	
      10.2.2

    	
      Subject to Clause 10.2.3, if a Second Trigger Event is continuing
        on the date of this Agreement, the Head Lessee will not be in breach of
        its obligation under Clause 10.2.1(a) if:

    
	  
	  	 (a)	 the Head Lessee complies with its obligations under Clause
      10.4.1(b); and
	  
	  	 (b)	 the Head Lessee does not make any withdrawal from the Rental
      Account other than for the purpose of paying any Secured Obligation.
	  
	
      10.2.3

    	
      Unless the Relevant Agent otherwise agrees, Clause 10.2.2
        shall not apply in respect of any Second Trigger Event which occurs after
        the cessation of any Second Trigger Event which is continuing on the date
        of this Agreement.

    
	  
	
      10.2.4

    	
      If a First Trigger Event ceases by the credit rating of
        the Guarantor for senior unsecured indebtedness rising to or above A-
        if and as rated by Standard and Poor's Corporation and A3 if
        and as rated by Moody's Investor Service Inc., or an equivalent by an
        alternative service of equivalent recognition (if neither Standard and
        Poor's Corporation nor Moody's Investor

    

	
	
      

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      Service Inc. has assigned any rating) the Head Lessee's
        obligations set out in Clause 10.2.1 shall cease.

    
	  
	
      10.3

    	
      First Trigger Event – no ECA Loan advanced

      Upon the occurrence of a First Trigger Event and for so long as it continues,
        the ECA Lenders shall be under no obligation to advance any ECA Loan to
        the Borrower provided that the ECA Lenders shall, on and subject to the
        terms and conditions of the Transaction Documents, advance an ECA Loan
        to the Borrower if:

    
	  
	  	 (a)	 the Aircraft is subject to a Lease at the time the Request
      is served; and
	  
	  	 (b)	 the Security Trustee, acting on the instructions of the National
      Agents, is satisfied as to the level of Rentals, Security Deposit (if any)
      and Maintenance Reserves (if any) payable under that Lease.
	  
	
      10.4

      10.4.1

    	
      Second Trigger Event

      Upon the occurrence of a Second Trigger Event and for so long as it continues:

    
	  
	  	 (a)	 the sums standing to the credit of the Security Deposit Account
      and the Maintenance Reserve Account shall not be withdrawn without the prior
      written consent of the Security Trustee (acting on the instructions of the
      National Agents), such consent not to be unreasonably withheld or delayed
      if the Security Trustee is satisfied that such withdrawal will be utilised
      by the Head Lessee to satisfy its matured obligations under the Lease to
      return any Security Deposit or Maintenance Reserves, as the case may be,
      to the Lessee;
	  
	  	 (b)	 the Head Lessee shall pay or shall procure the payment of all
      rentals and other amounts relating to the use or requisition or hull insurance
      of an Aircraft payable under the Lease received by the Head Lessee on or
      after the occurrence of a Second Trigger Event into the Rental Account,
      and the sums standing to the credit of the Rental Account shall not be withdrawn
      without the prior consent of the Security Trustee (acting on the instructions
      of the National Agents), such consent not to be withheld if such withdrawal
      is for the purpose of paying any Secured Obligation. The Head Lessee shall
      ensure that a separate ledger entry in the Rental Account is maintained
      in respect of the Aircraft and each Other Aircraft;
	  
	  	 (c)	 if no valid Request has been served, the ECA Facility Agent
      acting on the instructions of the National Agents shall be entitled to give
      a written notice to the Borrower and the Head Lessee (copied to the Guarantor)
      declaring that a Second Trigger Event has occurred, in which case if the
      ECA Facility Agent so specifies in the notice (whereupon such notice will
      be deemed a Cancellation Notice) the right of the Borrower to serve
      a Request or to require any ECA Loan to be advanced (and the right of the
      Head Lessee to require the Borrower to serve or require the same) shall
      be suspended until the rating of the Guarantor for long term debt rises
      in accordance with Clause 10.4.3 whereupon the Facility shall become available
      for utilisation on the terms and subject to the conditions of this Agreement;
	  
	  	 (d)	 if the Aircraft is not leased to a Lessee, then:
	  
	  	  	 (i)	 unless the Security Trustee (acting on the instructions of the National
      Agents) otherwise agrees, the Aircraft shall be registered in the name of
      the Borrower or the Head Lessee (as the case may be) in the United States,
      the United Kingdom or Ireland as the Security Trustee, after consultation
      with the Head Lessee, may require, and to the extent permitted by Applicable
      Law, the Mortgage shall be registered in the aircraft mortgage register
      with the Aviation Authority;

	
	
      

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	 	  	 (ii)	 the Head Lessee shall ensure that the Aircraft has a valid
      certificate of airworthiness issued by the Aviation Authority and that the
      Aircraft has been maintained in accordance with the maintenance programme
      approved by that Aviation Authority (including the Manufacturer's maintenance
      planning document) unless the Aircraft is then undergoing or scheduled for
      imminent major maintenance or major modifications or is in storage and would
      not be eligible for an airworthiness certificate from the relevant Aviation
      Authority; in which event the Borrower shall, if requested by the Security
      Trustee, transfer title to a US owner/voting trust so that the Aircraft
      is US registered for the duration of the major maintenance or major modifications
      or is in storage even though the Aircraft may not be eligible for an FAA
      certificate of airworthiness during such major maintenance or major modifications
      or is in storage;
	  
	    	
      (e)

    	
      the Security Trustee, at the cost of the Head Lessee may
        seek responses to a jurisdictional questionnaire in a form determined
        by the Security Trustee from counsel in the State of Registration of the
        Aircraft and, if applicable, in the jurisdiction of incorporation of any
        insurer(s) providing the Insurances together with a legal opinion as to
        the recognition and enforcement in such jurisdiction:

    
	  
	 	  	 (i)	 of the Original Mortgage. If so advised by such legal counsel,
      the Security Trustee (acting on the instructions of the National Agents)
      may, at the cost of the Head Lessee, either:
	  
	 	  	  	 (aa)	 register (unless already registered pursuant to Clause 10.4.1(d)(i))
      and perfect the Original Mortgage in the State of Registration of the Aircraft,
      whether or not the Aircraft is subject to a Lease; or 
	 	 	
       

    
	  
	 	  	  	 (bb)	 require the Borrower to execute another aircraft mortgage which is in
      a form which is registrable with the relevant Aviation Authority. The Borrower
      shall forthwith execute such aircraft mortgage and arrange for it to be
      registered with the relevant Aviation Authority provided that if the cost
      of registration of such aircraft mortgage is ad valorem, the Head Lessee
      shall consult with the Security Trustee for a period of 7 days following
      the occurrence of a Second Trigger Event. If the Security Trustee (acting
      on the instructions of the National Agents) following such consultation
      period determines that the relevant aircraft mortgage shall be registered
      with the Aviation Authority, the Head Lessee shall procure its registration.
      The cost of registration of any aircraft mortgage shall be for the account
      of the Head Lessee; 
	  
	 	  	 (ii)	 of the Insurances (including the recognition of the AVN 67B
      endorsement (or any similar endorsement), the loss payee provisions and
      any issues which may arise as a result of any insolvency of the relevant
      insurers). If so directed by the Security Trustee and at the cost of the
      Head Lessee, the Head Lessee shall use best endeavours to:
	  
	 	  	  	 (aa)	 procure that the Lessee executes and delivers to the Head Lessee an assignment
      of insurances in respect of the Insurances (and, if applicable, that the
      insurers execute an assignment of reinsurances) in favour of the Head Lessee;
      and
	  
	 	  	  	 (bb)	 execute in favour of the Borrower or the Security Trustee (as directed
      by the Security Trustee) an assignment of insurances in form and substance
      reasonably acceptable to the Security Trustee and in which the rights of
      the Lessee and the Head Lessee to the Insurance proceeds are assigned for
      the benefit of the Security Trustee, 
			 
			
       

    	in each case, as soon as reasonably practicable. If the
        Head Lessee is unable to procure any of the assignments referred to in
        this Clause 10.4.1(e)(ii) within ten (10) Business Days of being directed
        to do so by the

	
	
      

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    	Security Trustee (or such longer period as the
        Security Trustee may agree) and the Security Trustee (acting on the instructions
        of the National Agents) notifies the Head Lessee that it is not satisfied
        as to the recognition and enforceability of the Insurances, the Head Lessee
        shall as soon as reasonably practicable and at the cost of the Head Lessee:
	  
	   	  	  	 (cc)	 obtain contingent hull all risks and hull war and allied perils insurance
      (satisfactory to the Security Trustee, acting reasonably) in respect of
      the Aircraft on a direct basis with insurers of recognised standing who
      normally participate in aviation insurances in the leading international
      aviation insurance markets and led by reputable underwriter(s) approved
      by the Security Trustee (acting reasonably) on an agreed value basis for
      an amount at least equal to the highest Required Insurance Value in the
      relevant policy year applicable from time to time; and 
	  
	 	  	  	 (dd)	 execute in favour of the Borrower or the Security Trustee (as directed
      by the Security Trustee) an assignment of insurances in form and substance
      reasonably acceptable to the Security Trustee and in which the rights of
      the Head Lessee to the proceeds of such contingent insurances are assigned
      for the benefit of the Security Trustee, 
			 	 
			
       

    	provided that the Head Lessee shall not be required
        to comply with the provisions of Clauses 10.4.1(e)(ii)(cc) and (dd) if
        the required contingent insurances are not at that time available in the
        international aviation insurance markets or if the Security Trustee is
        satisfied (acting on the instructions of the National Agents) that the
        assignment referred to in Clause 10.4.1(e)(ii)(dd) would not be enforceable
        in accordance with its terms (other than by virtue of any general principles
        of law limiting obligations referred to by way of qualification in any
        legal opinion provided in relation to such assignment);
	  
	 	
      (f)

    	
      the Head Lessee shall deposit with the Security
        Trustee the originals of all letters of credit held by the Head Lessee
        as a security deposit under the Lease. In the event that the Head Lessee
        is entitled to make a claim under any such letter of credit it shall notify
        the Security Trustee. The Security Trustee shall promptly thereafter take
        such action as shall be necessary to enable the Head Lessee to make the
        relevant claim, provided that the Head Lessee shall ensure that any amount
        paid under such letter of credit shall be immediately paid either:

    
	  
	 	  	 (i)	 if a Default has occurred and is continuing, to the Security
      Trustee for application in accordance with clause 5 (Application of moneys)
      of the Proceeds Agreement; or
	  
	 	  	 (ii)	 otherwise, into the Security Deposit Account;
	  
	 	
      (g)

    	
      the Head Lessee and the Borrower shall each provide
        the Security Trustee with UCC- 1 forms in relation to each Security Document
        and the Head Lease (in each case naming the relevant Obligor, as debtor,
        the Security Trustee, as secured party, and the collateral covered by
        the relevant Security Document or Head Lease) and, in the case of the
        Borrower, the Head Lessee shall prepare such UCC-1 forms on behalf of
        the Borrower. The Security Trustee shall (and is hereby authorised by
        each Obligor to), at the cost of the Head Lessee, file the UCC-1 forms
        in such jurisdiction(s) within the United States of America as the Security
        Trustee (acting on the instructions of the National Agents) reasonably
        deems appropriate;

    
	  
	 	
      (h)

    	
      the Head Lessee shall ensure that:

    
	  
	 	  	 (i)	 the ratio of the Head Lessee's Total Net Debt to its Equity
      is less than 5;

	
	
      

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	  	  	 (ii)	 the ratio of the Head Lessee's Equity to its Total Assets
      is fifteen percent (15%) or greater; and
	  
	  	  	 (iii)	 within forty-five (45) days of the end of each quarter of
      the Head Lessee's financial year, a director of the Head Lessee certifies
      in writing to the Relevant Agent that the Head Lessee has complied with
      the financial covenants set out in Clauses 10.4.1(h)(i) and (ii) during
      that quarter, save for any failure to comply which has been remedied within
      three (3) Business Days of the first day of the period of non-compliance;
	  
	  	 (i)	 subject always to Clause 10.4.1(h)(i), the Head
      Lessee shall not without the prior written consent of the Relevant Agent
      incur any Financial Indebtedness other than any Financial Indebtedness incurred
      in the ordinary course of business:
	  
	  	  	 (i)	 pursuant to the Transaction Documents, the Other Transaction
      Documents or the Alternate Transaction Documents; or
	  
	  	  	 (ii)	 that is guaranteed, insured, supported or otherwise covered
      by any Export Credit Agency, Eximbank or any other Government Entity which
      provides financial guarantee, insurance, support or other cover for exports;
      or
	  
	  	  	 (iii)	 the proceeds of which are used primarily to purchase an asset,
      or to reimburse the Head Lessee for expenditure previously incurred in connection
      with the purchase of an asset, in each case where the relevant asset is
      a part of the collateral security for that Financial Indebtedness; or
	  
	  	  	 (iv)	 the proceeds of which are used to repay or refinance other
      Financial Indebtedness; or
	  
	  	  	 (v)	 that is owed to its direct or indirect Subsidiaries (for so
      long as such entity remains such a Subsidiary); or
	  
	  	  	 (vi)	 that is owed to any of its Affiliates which is not a Subsidiary
      of the Head Lessee provided that such Financial Indebtedness is not repayable
      on demand; or
	  
	  	  	 (vii)	 that does not exceed, in the aggregate, an amount equal to
      twenty percent (20%) of the Head Lessee's Total Assets; and
	  
	  	 (j)	 the Head Lessee shall on each January 15 and July
      15 provide to the ECA Facility Agent a report of its Financial Indebtedness,
      including its term, maturity, interest rate, and any other information reasonably
      requested by the ECA Facility Agent, for the immediately prior periods of
      1 July to 31 December and 1 January to 30 June, respectively.
	 	
       

    
	  
	
      10.4.2

    	
      For the purposes of Clauses 10.4.1(h) and 10.4.1(i):

    
	  
	  	 (a)	 "Financial Indebtedness" shall include "Financial
      Indebtedness" owed to an Affiliate of the Head Lessee; and
	  
	  	 (b)	 the following definitions shall apply.
	  
	 	
      Equity means, on any date, the aggregate
        amount of the Head Lessee's called up share capital and capital contribution
        reserve and the credit balance on the Head Lessee's profit and loss account.

    

	
	
      

      Page 70

    

 Exhibit 4.16

				
	 	 	
      Exceptional Items means any material items of an
        unusual or non-recurring nature which represent gains or losses including
        those arising on:

    
	  
	  	 	 (a)	 the restructuring of the activities of an entity and reversals of any
      provisions for the cost of restructuring;
	  
	  	 	 (b)	 disposals, revaluations or impairment of non-current assets (excluding
      aircraft, aircraft engines, aircraft parts and aircraft engine parts); and
	  
	  	 	 (c)	 disposals of assets associated with discontinued operations.
	  
	 	 	
      Total Assets means, in respect of any financial quarter
        or financial year, the aggregate value of all assets of the Head Lessee
        (current and fixed) as set out in the unaudited balance sheet for that
        financial quarter or the audited balance sheet for that financial year,
        as the case may be, excluding amounts in respect of:

    
	  
	  	 	 (a)	 receivables in relation to Tax;
	  
	  	 	 (b)	 Exceptional Items and other non-operating items;
	  
	  	 	 (c)	 insurance claims.
	  
	 	 	
      Total Net Debt means, at any time, the aggregate
        amount of all obligations of the Head Lessee for or in respect of its
        Financial Indebtedness (including, for these purposes, intra-group debt)
        at that time including, in the case of finance leases only, their
        capitalised value and deducting the aggregate amount of cash and
        cash equivalent investments (calculated in accordance with IFRS/Irish
        accounting standards consistently applied) held by the Head Lessee at
        that time and no amount shall be included or excluded more than once.

    
	  
	
      10.4.3

    	
      If a Second Trigger Event ceases by the credit rating of
        the Guarantor for senior unsecured indebtedness rising to or above BBB
        (if and as rated by Standard & Poor's Corporation) and Baa2 (if and
        as rated by Moody's Investor Service, Inc.) or an equivalent by an alternative
        service of an equivalent recognition (if neither Standard and Poor's Corporation
        nor Moody's Investor Service Inc. has assigned any rating) the Obligors'
        obligations to provide the additional security set out in Clauses 10.4.1
        and to comply with the covenants in Clauses 10.4.1(h) to 10.4.1(j) shall
        cease. The Security Trustee shall promptly (if requested by the Head Lessee)
        release, reassign, and return such additional security granted pursuant
        to Clause 10.4.1. The Head Lessee shall pay or reimburse the Security
        Trustee for any costs and expenses incurred by it in respect of such release,
        reassignment and return.

    
	  
	
      10.5

      10.5.1

    	
      Home Country Notice and US Restriction Notice

      If, at any time, more than twenty-five per cent (25%) of all the Aircraft,
        the Other Aircraft and the Alternate Aircraft (rounded down to the nearest
        whole numbers and determined by number and not by value) are Home Country
        Aircraft, the Relevant Agent may at the direction of the National Agents
        serve a notice (the Home Country Notice) on relevant Head Lessee
        requiring the prepayment of Loans relating to Home Country Aircraft so
        that the provisions of clause 8.2 (Home Country Aircraft) of the Head
        Lease are then complied with. The Relevant Agent shall consult with the
        Head Lessee as to the identity of the specific ECA Loans or Other ECA
        Loans which shall be prepaid and, if the ECA Loans are to be prepaid,
        the Head Lessee shall procure that the Borrower prepays the amounts specified
        in clause 7.4 (Mandatory Prepayment Event – Trigger Event/Home Country
        Notice/Lessee Event) of the ECA Loan Agreement.

    
	  
	
      10.5.2

    	
      If the restriction set out in clause 8.3(a)(ii) (Home Country
        Aircraft) of the Head Lease is breached in respect of the Aircraft, the
        Relevant Agent may at the direction of the National Agents serve a notice
        (the US Restriction Notice) on the Head Lessee (as the case may
        be) requiring the prepayment of the ECA Loans, in which case the Head
        Lessee shall procure that

    

	
	
      

      Page 71

 Exhibit 4.16

				
	 	
      the Borrower shall prepay the amounts specified in clause
        7.4 (Mandatory Prepayment Event – Trigger Event/Home Country Notice/Lessee
        Event) of the ECA Loan Agreement.

    
	  
	
      10.6

      10.6.1

    	
      Lessee Events

      Each of the events or circumstances set out in Clauses 10.6.1(a) to (e)
        is a Lessee Event.

    
	  
	  	 (a)	 Registration
	  
	 	
       

    	As a result of any act or omission of the Lessee or any
        Sub-lessee, the registration of the Aircraft in the State of Registration
        is cancelled otherwise than as permitted by this Agreement or as a result
        of a Total Loss.
	  
	  	 (b)	 De-registration
	  
	 	
       

    	If, as a result of any act or omission of the Lessee or
        any Sub-lessee, any authorisation necessary to enable the Lessor or the
        Security Trustee to repossess the Aircraft upon termination of the leasing
        of the Aircraft under this Agreement or to de- register and export the
        Aircraft from the State of Registration thereupon is modified in a manner
        materially adverse to the Lessor's or the Relevant Parties' interests
        or is not granted or is revoked, suspended, withdrawn or terminated or
        expires and is not renewed.
	  
	  	 (c)	 IDERA	  
	  
	 	
       

    	As a result of any act or omission of the Lessee or any
        Sub-lessee, the Head Lessee does not provide the Lessor with the IDERA
        duly recorded by the Aviation Authority if required pursuant to:
	  
	  	  	 (i)	 clause 7.4 (Irrevocable de-registration and export request authorisation)
      of the Head Lease, within thirty (30) days of delivery of the Aircraft;
      or
	  
	  	  	 (ii)	 pursuant to Clause 8.4 (IDERA) of the Head Lease, within thirty (30)
      days of delivery of the Aircraft to a Sub-lessee under a Permitted Sub-lease,
	  
	  	  	 in each case if applicable.
	  
	  	 (d)	 Arrest	  
	  
	 	
       

    	As a result of any act or omission of the Lessee or any
        Sub-lessee, the Aircraft is arrested, confiscated, seized, taken in execution,
        impounded, forfeited or detained (in each case in exercise or purported
        exercise of any possessory lien or other claim) or otherwise taken from
        the possession of the Head Lessee or any operator thereof (otherwise than
        in circumstances which constitute, or would with the passage of time constitute,
        a Total Loss).
	  
	  	 (e)	 Engines and Significant Parts
	  
	 	
       

    	As a result of any act or omission of the Lessee or any
        Sub-lessee, title to any Engine or Significant Part ceases to vest in
        the Lessor (other than in the case of an Engine, as a result of a Total
        Loss of that Engine) and such Engine or Significant Part has not been
        replaced by a Replacement Engine or a Replacement Part, as the case may
        be.
	  
	
      10.6.2

    	
      The Head Lessee shall take or shall procure that the Lessee
        takes all necessary action to ensure that any Lessee Event is remedied
        within:

    
	  
	  	 (a)	 thirty (30) days of its occurrence; or
	  
	  	 (b)	 if such Lessee Event is not remedied within thirty (30) days
      of its occurrence and prior to the expiry of such period the Head Lessee
      has demonstrated to the satisfaction of

	
	
      

      Page 72

    

 Exhibit 4.16

			
	 	
       

    	
      the Relevant Agent that the Head Lessee is acting in good
        faith and is using all reasonable efforts to remedy the Lessee Event,
        sixty (60) days of its occurrence.

    
	  
	
      11

      11.1

      11.1.1

    	
      Material Adverse Effect

      Additional Security

      If, following the occurrence of any event or series of events which,
        in the opinion of the Security Trustee, has or is likely to have a material
        adverse effect on the assets, liabilities or financial condition of the
        Head Lessee or the Guarantor, the Security Trustee gives notice to the
        Guarantor that this Clause 11 shall apply, the Guarantor shall within
        fifteen (15) Business Days of the date on which such notice is deemed
        to have been given in accordance with Clause 28.3.1 (Effectiveness) provide
        or procure the provision of additional security to the ECA Lenders in
        form and substance satisfactory to the National Agents and comprising
        one of the following or a combination thereof (at the option of the Guarantor)
        in Dollars (the Additional Security):

      
	  
	  	 (a)	 a letter of credit issued by an institution acceptable to the Security
      Trustee and in form and substance satisfactory to the Security Trustee;
	  
	  	 (b)	 a guarantee and indemnity from a third party acceptable to the Security
      Trustee in form and substance satisfactory to the Security Trustee; or
	  
	  	 (c)	 a cash deposit held in an account in the name of the Security Trustee.
	  
	 	
      The Additional Security shall be in an amount equal to the
        amount by which the aggregate of the net present value of rentals (discounted
        at LIBOR for the period most closely corresponding to the remaining period
        of the relevant Lease or Other Lease) in respect of the Lease and all
        Other Leases and the estimated aggregate Market Value of the Aircraft,
        the Other Aircraft and the Alternate Aircraft, is less than the aggregate
        of (a) the principal amount of all ECA Loans and Other ECA Loans then
        outstanding together with all interest accrued thereon, (b) costs and
        expenses incurred by the Finance Parties and (c) any other amounts due
        under any Transaction Document, any Other Transaction Document or any
        Alternate Transaction Documents which remains unpaid.

    
	  
	
      11.1.2

    	
      For the purposes of this Clause 11.1 Market Value means,
        in relation to the Aircraft, the price in Dollars which is the most likely
        trading price of such Aircraft at the end of the term of the Lease as
        assessed by the Appraiser(s) appointed pursuant to Clause 11.1.3 on a
        desk-top basis and on the assumption that:

    
	  
	  	 (a)	 the parties to the sale are a willing, able, prudent and knowledgeable
      buyer and seller, neither of which are under pressure to buy or sell (as
      the case may be);
	  
	  	 (b)	 the transaction would be negotiated in an open and unrestricted market
      on an arm's length basis;
	  
	  	 (c)	 the purchase price of the Aircraft would be payable in cash in Dollars
      on completion of such sale; and
	  
	  	 (d)	 the seller of the Aircraft would have had a period of six (6) months
      in which to remarket the Aircraft.
	  
	
      11.1.3

    	
      For the purposes of this Clause 11.1, Appraiser means
        a person in the business of or engaged in determining the technical condition
        of commercial passenger aircraft and who, in valuing the Aircraft, would
        be acting independently of any Obligor, any Finance Party and any Export
        Credit Agency, and is appointed by the ECA Facility Agent and the Head
        Lessee provided that if the Head Lessee and the ECA Facility Agent shall
        fail to agree on the appointment of an Appraiser, then, each of the ECA
        Facility Agent and the Head Lessee shall appoint an Appraiser and such
        two Appraisers shall appoint a third Appraiser and each such Appraiser
        shall assess the Market Value of the Aircraft. In such case, the Market
        Value of an

    

	
	
      

      Page 73

 Exhibit 4.16

			
	 	
      Aircraft shall be the average of the amounts proposed
        by each of the three Appraisers. In conducting any appraisals hereunder,
        the Appraiser(s) shall be acting as expert(s) and not as arbitrator(s)
        with the intent that the result of such appraisal shall, in the absence
        of manifest error, be conclusive and binding on all the parties hereto.

    
	  
	
      11.1.4

      11.1.5

    	
      The costs of any Appraiser in respect of any Aircraft
        shall be paid by the Head Lessee.

      The Guarantor shall not be required to comply with this Clause 11.1 if
        within fifteen (15) Business Days of the date on which a notice as referred
        to in Clause 11.1.1 is deemed to have been given in accordance with Clause
        28.3.1 (Effectiveness) the Borrower has prepaid all ECA Loans pursuant
        to clause 7.7 (Voluntary prepayment) of the ECA Loan Agreement and all
        Other ECA Loans pursuant to clause 7.7 (Voluntary prepayment) of each
        Other ECA Loan Agreement.

    
	  
	
      11.2

    	
      Cessation

      Provided always that no notice has been served in accordance with clause
        7.4 (Mandatory prepayment –Trigger Event/Home Country Notice/Net
        Worth Event) of the ECA Loan Agreement or any Other ECA Loan Agreement,
        if and when the Security Trustee (acting on the instructions of the National
        Agents) is satisfied that the circumstances which gave rise to the Security
        Trustee's right to serve a notice under Clause 11.1.1 have ceased to exist
        (and no other circumstance which would have entitled the Security Trustee
        to serve such a notice then exists) the Guarantor's obligation to provide
        the Additional Security shall cease and the Security Trustee shall promptly
        (if requested by the Guarantor) release and return the Additional Security
        to the Guarantor. The Guarantor shall pay or reimburse the Security Trustee
        for any costs and expenses incurred by it, the ECA Facility Agent or any
        other ECA Lenders in respect of such release and return.

    
	  
	
      12

      12.1

    	
      ECA Premia

      No claims

      Each of the Borrower and the Head Lessee acknowledges that:

    
	  
	  	 (a)	
      the repayment of the ECA Loans to the ECA Lenders is being
      guaranteed, insured orotherwise supported by the Export Credit Agencies; and

    
	  
	  	 (b)	
      it will not raise against any Export Credit Agency or any
      Finance Party (or, in the case of the Head Lessee, against the Borrower) any
        claim or defence of any kind in relation to the payment of any amount
        of the ECA Premia.

    
	  
	
      12.2

    	
      Acknowledgement

      The Borrower, the Head Lessee and each ECA Lender acknowledge and agree
        that:

    
	  
	  	 (a)	
      the ECA Premia are payable by the Head Lessee on or prior
      to the Delivery Date;

    
	  
	  	 (b)	
      the full amount of the Coface Premium, the Euler Hermes Premium
      and the ECGD Premium is financed or refinanced out of the proceeds
        of the ECA Loan in each case in accordance with the relevant ECA Support
        Agreement; and

    
	 	
       

    
	  	 (c)	
      no ECA Premium will be refundable in whole or in part in
      any circumstances.

    
	  
	
      13

      13.1

      13.1.1

    	
      Security and recourse

      Limitation on recourse

      Notwithstanding the provisions of any Transaction Document to the contrary,
        but subject to Clause 13.2 (Continuing obligations) and Clause 13.3 (Exceptions
        to limited recourse), the

    

	
	
      

      Page 74

    

 Exhibit 4.16

			
	 	
      recourse of the Finance Parties and the Head Lessee
        to the Borrower under the Transaction Documents is limited to:

    
	  
	  	 (a)	 sums that are paid to or recovered by the Borrower (or any
      person claiming through or on behalf of the Borrower) under any provision
        of any Transaction Document or Other Transaction Document or in connection
        with any disposal or loss of the Aircraft or any Other Aircraft or as
        a result of the enforcement of any Security Document or any Other Security
        Document; and
	 	
       

    
	  	 (b)	 the realisation of any proceeds from the enforcement of the
      Security or Other Security.
	  
	
      13.1.2

    	
      The Head Lessee and each Finance Party agrees
        that it will look solely to such sums and proceeds for payments to be
        made by the Borrower under the Transaction Documents (save as provided
        in Clause 13.2 (Continuing obligations) and Clause 13.3 (Exceptions to
        limited recourse)) and that they will not otherwise take any judicial
        or other steps or proceedings or exercise any other right or remedy that
        they might otherwise have against the Borrower or any of its other assets
        except for:

    
	  
	  	 (a)	 in the case of a Finance Party, proceedings exercising the
      rights of enforcement under the Security Documents;
	  	  	  
	  	 (b)	 a Finance Party proving or lodging a claim in the winding
      up or administration of the Borrower initiated by a party other than a Finance Party;
	  	  	  
	  	 (c)	 a Finance Party taking proceedings to obtain a declaration
      or similar judgment or order as to the obligations or liabilities of the Borrower;
      or
	  
	  	 (d)	 in the case of the Head Lessee, proceedings seeking specific
      performance by the Borrower of its obligation to transfer title to
        the Aircraft in accordance with clause 18 (Option to purchase) of the
        Head Lease, but the Head Lessee shall not be entitled to take action against
        the Borrower for the purpose of claiming damages or other financial compensation
        for the failure by the Borrower to comply with such obligation to transfer
        title.
	 	
       

    
	
      13.2

    	
      Continuing obligations

      Notwithstanding Clause 13.1 (Limitation on recourse), none of the Borrower's
        obligations under the Transaction Documents will be extinguished and each
        will remain due to be performed on the date on which it is expressed to
        become due to be performed and interest will continue to accrue on any
        unpaid amount in accordance with the Transaction Documents.

    
	  
	
      13.3

    	
      Exceptions to limited recourse

      Notwithstanding Clause 13.1 (Limitation on recourse) and Clause 13.2
        (Continuing obligations), if:

    
	  
	  	 (a)	 any Applicable Circumstance (as defined in Clause 13.4 (Applicable
      Circumstances)) occurs other than as a consequence of any action
        or omission on the part of any Party other than the Borrower; and
	 	
       

    
	  
	  	 (b)	 the Relevant Agent or, as the case may be, the Head Lessee
      at any time so notifies the Borrower,
	  	  	  
	  
	  	 then:	  
	  
	  	 (i)	 the Borrower will be personally liable as provided in the
      Transaction Documents for any Losses to the extent incurred by any Finance
        Party or the Head Lessee as a result of such Applicable Circumstances;
        and

	
	
      

      Page 75

 Exhibit 4.16

			
	  	 (ii)	 subject to the Transaction Documents, any Finance Party or
      the Head Lessee will be at liberty to pursue all of its rights and remedies
        against the Borrower and all of its assets for any such Losses as so provided
        without restriction but in the case of the Head Lessee, only after the
        later of the Discharge Date in respect of the ECA Debt and the Discharge
        Date in respect of the Other ECA Debt.
	 	
       

    
	
      13.4

      13.4.1

    	
      Applicable Circumstances

      For the purposes of this Clause 13, Applicable Circumstance means:

    
	  
	  	 (a)	 the fraudulent or wilful misconduct or gross negligence of
      the Borrower with respect to any aspect of the transactions contemplated by,
        or the performance of any of its obligations under, the Transaction Documents;
        or
	  
	  	 (b)	 the Borrower's wilful failure to account to the ECA Facility
      Agent or the Security Trustee for any sum received by the Borrower which constitutes
      a part of the Security.
	  
	
      13.4.2

    	
      Notwithstanding Clause 13.4.1 above, in relation
        to any obligation of the Borrower involving payment of any amount on the
        Borrower's part (including under any covenant or undertaking for further
        assurances or similar provision), breach of that obligation will not (if
        it would otherwise be so) be an Applicable Circumstance unless:

    
	  
	  	 (a)	 the Head Lessee or any insurer of the Aircraft has complied
      with any obligation it may have to put the Borrower in funds or indemnify
        the Borrower to enable it to fulfil that obligation in relation to that
        amount; or
	 	
       

    
	  	 (b)	 the Security Trustee, the ECA Facility Agent, the National
      Agents or any ECA Lender elects to and does pay to the Borrower such funds
        or indemnify the Borrower in a manner and on terms reasonably satisfactory
        to it to enable it to fulfil such obligation in relation to that amount,
		
       

      and the foregoing will apply notwithstanding that the relevant obligation
        may be expressed (in whatever terms) to be at the Borrower's or any other
        person's cost or at no cost to the Borrower or any other person.

    
	  
	
      13.5

    	
      Indemnity

      Notwithstanding any other provision in the Borrower Documents, the Borrower
        has no obligation to take any affirmative or other action requested by
        the Relevant Agent or any other person to enforce, exercise, protect or
        preserve any rights, remedies, powers or discretions under or with respect
        to, or to give effect to, the Transaction Documents (other than the giving
        of notices or the making of demands provided for in the Transaction Documents)
        unless it is indemnified to its reasonable satisfaction in respect of
        any Losses which it may thereby incur or suffer.

    
	  
	
      14

      14.1

      14.1.1

    	
      Indemnities

      General indemnity

      The Head Lessee shall, as an independent obligation, indemnify each Indemnitee
        for any Losses which that Indemnitee incurs or suffers, directly or indirectly:

    
	  
	  	 (a)	 in connection with any Aircraft Related Activity;
	  
	  	 (b)	 as a result of any act or omission of any Obligor, any Alternate
      Borrower or the Lessee which might prejudice any right which the Relevant
        Parties may have against the Manufacturer, the Engine Manufacturer or
        any other supplier of any Part; 
	  
	  	 (c)	 in relation to any loss or destruction of or damage to any
      property, or death or injury of, or other loss of any nature suffered by, any person caused
      by, relating to, or arising

	
	
      

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 Exhibit 4.16

				
	 	 	from or out of any Aircraft Related Activity and
        in each case regardless of when this arises (whether before, during or
        after the Head Lease Period);
	 	 	 
	  	 (d)	 as a result of any design, article or material in
      the Aircraft or any part of it or the operation or use of it constituting or being alleged
        to constitute an infringement of patent, copyright, design or other intellectual
        property right or any other similar right; or
	  
	  	 (e)	 in relation to preventing or attempting to prevent
      the arrest, confiscation, seizure, taking in execution, impounding, forfeiture or
        detention of the Aircraft, or in securing the release of the Aircraft.
	 	
       

    
	
      14.1.2

    	
      The Head Lessee is not liable to an Indemnitee
        (other than any Export Credit Agency) under Clause 14.1.1 or otherwise
        in respect of any Losses:

    
	  
	  	 (a)	 which are suffered by that Indemnitee solely and
      directly as a result of any breach by that Indemnitee of any of its express obligations
        under any of the Transaction Documents (which is not a breach due to the
        failure of any person other than that Indemnitee to perform its obligations
        under the Transaction Documents);
	 	
       

    
	  	 (b)	 which are suffered by that Indemnitee as a result
      of act or omission of an Indemnitee which:
	  	  	  	  
	  	  	 (i)	 constitutes wilful misconduct;
	  
	  	  	 (ii)	
      constitutes negligence with the intent to cause damage or
      in the knowledge that damage would probably result; or

    
	  
	  	  	 (iii)	
      is caused by fraud or carried out with reckless disregard
      with knowledge of the probable consequences of such act or omission
        on the part of that Indemnitee;

    
	  
	  	 (c)	 which constitute a normal administrative or operating
      cost or expense of that Indemnitee (other than an ECA Administrative Party
        in respect of Management Time Expenses);
	  
	  	 (d)	 which arise directly and solely as a result of the
      transfer or disposition by a Finance Party of its rights or obligations under the Transaction
        Documents except if such transfer or disposition is made when an Event
        of Default or an Incipient Default is continuing;
	  
	  	 (e)	 which arise solely as a result of the activities
      of any Indemnitee in any jurisdiction which are unrelated to the transactions contemplated
        by any Transaction Document, any Other Transaction Document or any Alternate
        Transaction Document;
	 	
       

    
	  	 (f)	 which are actually reimbursed to that Indemnitee
      pursuant to any other provision of the Transaction Documents.
	  	  	  
	  	 (g)	 which constitutes a Tax; or
	  
	  	 (h)	 which is referable to a period after the Aircraft
      has been redelivered to the Borrower and either sold or leased to another person by the
      Borrower.
	  	  	  
	
      14.2

      14.2.1

    	
      Flow through indemnity

      The Head Lessee undertakes to pay to each Indemnitee on the date upon
        which the relevant amount is payable by the Borrower the sum equal to
        any amount payable by the Borrower, or which the Borrower is obliged to
        expend or incur in the performance of its obligations, under the Borrower
        Documents or the Other Transaction Documents (other than in respect of
        scheduled payments of principal or interest under the Loan Agreements),
        to such Indemnitee.

    

	
	
      

      Page 77

 Exhibit 4.16

				
	
      14.2.2

    	
      Notwithstanding anything to the contrary contained
        in any Transaction Document but without prejudice to Clause 14.2.1, amounts
        payable by the Head Lessee under the Transaction Documents shall be, without
        double counting, in an amount sufficient to enable the Borrower to pay
        in full all payments and other amounts then required to be made on account
        of:

    
	 	 	 
	  	 (a)	 the principal of and interest on the ECA Loans;
      and
	 	 	 
	  	 (b)	 all other amounts then payable by the Borrower under
      the Transaction Documents by way of indemnity or otherwise, and, to the extent
        there is a shortfall, the Head Lessee shall pay such additional amounts
        as are necessary to cover such shortfall.
	 	
       

    
	
      14.3

      14.3.1

    	
      Currency indemnity

      The Head Lessee shall, as an independent obligation, indemnify each Indemnitee
        against any Losses which that Indemnitee incurs as a consequence of:

    
	 	 	 
	  	 (a)	 that Indemnitee receiving an amount in respect of
      the Head Lessee's or the Borrower's liability under the Transaction Documents;
      or
	  	  	  
	  	 (b)	 the Head Lessee's or the Borrower's liability being
      converted into a claim, proof, judgment or order, in a currency other than the
        currency in which the amount is expressed to be payable under the relevant
        Transaction Document.
	 	
       

    
	
      14.3.2

    	
      Unless otherwise required by law, each of the
        Guarantor, the Head Lessee and the Borrower waives any right it may have
        in any jurisdiction to pay any amount under the Transaction Documents
        in a currency other than that in which it is expressed to be payable.

    
	 	 
	
      14.3.3

    	
      Neither the ECA Facility Agent nor the Security
        Trustee has any liability in respect of any Losses resulting from any
        fluctuation in exchange rates.

    
	 	 
	
      14.4

      14.4.1

    	
      Tax indemnity

      The Head Lessee shall indemnify each Indemnitee (on a full indemnity
        basis from the date on which any such sum becomes payable) against any
        Losses which that Indemnitee determines will be or have been suffered
        (directly or indirectly) by the Indemnitee for or on account of Tax in
        relation to:

    
	 	 	 
	  	 (a)	 any Transaction Document (including stamp duty or
      any documentary, transaction, registration or other similar Tax);
	  	  	  
	  	 (b)	 the transactions contemplated by the Transaction
      Documents; or 
	 	 	 
	  	 (c)	any Aircraft Related Activity, 
	 	 
	 	
      and shall indemnify each Indemnitee against any
        Losses arising by reason of any delay or omission by the Head Lessee to
        pay any such amounts pursuant to this Clause 14.4.

    
	 	 
	
      14.4.2

    	
      Clause 14.4.1 does not apply to any Tax:

    
	 	 	 
	  	 (a)	 assessed on an Indemnitee (other than the Borrower)
      under the laws of the jurisdiction in which:
	  	  	  
	  	  	 (i)	
      that Indemnitee is incorporated; or

    

	
	
      

      Page 78

    

 Exhibit 4.16

				
	  	  	 (ii)	 in the case of an Indemnitee which is an ECA Lender, that
      Indemnitee's Facility Office is located in respect of amounts
        received or receivable in that jurisdiction,
	  
	 	 	if that Tax is imposed on or calculated by reference to the net income
        received or receivable by that Indemnitee. However, any payment deemed
        to be received or receivable, including any amount treated as income but
        not actually received by the Indemnitee, such as a Tax Deduction, will
        not be treated as net income received or receivable for this purpose;
        or
	 	 	 
	  	 (b)	 that would not have been payable but for the failure
      of that Indemnitee to file any relevant tax return or tax computation that such
      Indemnitee was either:
	  
	  	  	 (i)	
      obliged to file by any Applicable Law binding on it of its
      jurisdiction of incorporation (or in the case of any ECA Lender,
        the jurisdiction in which its Facility Office is situated); or

    
	 	
       

    
	  	  	 (ii)	 requested by the Head Lessee (acting reasonably) to file,
      provided that the Head Lessee has provided all reasonable assistance
        to enable that Indemnitee to file the relevant tax return or tax computation;
	 	
       

    
	  	 (c)	 that arises as a consequence of a breach by that
      Indemnitee of any of its express obligations towards the Head Lessee in any Transaction
        Document (such breach not being due to any failure by the Head Lessee
        to perform its obligations under the Transaction Documents);
	 	
       

    
	  	 (d)	 which arises solely as a result of the fraud or
      wilful misconduct of the relevant Indemnitee;
	  
	  	 (e)	 which is actually reimbursed to that Indemnitee
      pursuant to any other provision of the Transaction Documents;
	  
	  	 (f)	 which is referable to a period after the Aircraft
      has been redelivered to the Borrower and either sold or leased to another person by the
      Borrower;
	  
	  	 (g)	 if the relevant Indemnitee is an ECA Lender, to
      the extent it arises or is increased as a result of an assignment or transfer by the relevant
        ECA Lender or a change in its Facility Office, unless the assignment,
        transfer or change is (i) required to be made by any Applicable Law, (ii)
        made to mitigate any circumstances giving rise to a Tax Payment, Increased
        Cost or right to be prepaid or cancelled by reason of an Illegality Event,
        (iii) made at the request or direction of an Export Credit Agency or (iv)
        made following the occurrence of an Event of Default or an Incipient Default.
	 	
       

    
	
      14.5

      14.5.1

    	
      Tax gross-up

      Borrower

    
	  
	  	 (a)	 The Borrower shall make all payments to be made
      by it under the Borrower Documents without any Tax Deduction, unless a Tax
      Deduction is required by law.
	  
	  	 (b)	 If the Borrower or a Finance Party is aware that
      the Borrower is or will be obliged to make a Tax Deduction (or that there is a change
        in the rate or the basis of a Tax Deduction), it shall promptly notify
        the ECA Facility Agent thereof. The ECA Facility Agent shall then promptly
        notify the affected Parties.
	 	
       

    
	  	 (c)	 If a Tax Deduction is required by law, the Borrower
      shall:
	  
	  	  	 (i)	 pay directly to the relevant authorities the full amount of
      the Tax Deduction;

	
	
      

      Page 79

 Exhibit 4.16

				
	  	  	 (ii)	 promptly forward to the ECA Facility Agent for each affected
      Finance Party (or other Relevant Party) an official receipt or other
        documentation satisfactory to that affected Finance Party evidencing such
        payment to such authority; and
	  
	  	  	 (iii)	 subject to clause 16.5 of the ECA Loan Agreement, pay to the
      ECA Facility Agent for each affected Finance Party (or other
        Relevant Party) such additional amount as is necessary to ensure that
        the net amount actually received by that Finance Party (or other Relevant
        Party) will equal the full amount which that Finance Party would have
        received had no Tax Deduction been required.
	 	
       

    
	  	 (d)	 The Borrower shall promptly make all filings and
      statements required by any taxing authority in connection with any ECA Loan within
        the required time period for making such filings and statements.
	  
	  	 (e)	 A payment of interest on an ECA Loan shall not be
      increased under Clause 14.5.1(c)(iii) by reason of a Tax Deduction on
        account of Tax imposed by Ireland if on the date on which the payment
        falls due:
	  
	  	  	 (i)	 the payment could have been made to the relevant ECA Lender
      without a Tax Deduction if the ECA Lender had been a Qualifying
        Lender, but on that date that ECA Lender is not or has ceased to be a
        Qualifying Lender other than as a result of any Change in Law occurring
        after the date it became an ECA Lender; or
	  
	  	  	 (ii)	 the relevant ECA Lender is a Qualifying Lender and the Borrower
      or the Head Lessee is able to demonstrate that the payment
        could have been made to the ECA Lender without the Tax Deduction had that
        ECA Lender complied with its obligations under Clause 14.5.4.
		 
		
       

    	This Clause 14.5.1(e) shall not apply to any Export Credit Agency.
	  
	
      14.5.2

    	
      Head Lessee

    
	  
	  	 (a)	 The Head Lessee shall make all payments to be made
      by it to the Borrower or any other Indemnitee under the Head Lessee Documents
        without any Tax Deduction, unless a Tax Deduction is required by law.
	 	
       

    
	  	 (b)	 If the Head Lessee is aware that it is or will be
      obliged to make a Tax Deduction (or that there is a change in the rate or the basis
        of a Tax Deduction), it shall promptly notify the Borrower or other relevant
        Indemnitee thereof.
	  
	  	 (c)	 If a Tax Deduction is required by law, the Head
      Lessee shall:
	  
	  	  	 (i)	 pay directly to the relevant authorities the full amount of
      the Tax Deduction;
	  
	  	  	 (ii)	 promptly forward to the Borrower an official receipt or other
      documentation satisfactory to the Borrower evidencing such payment to such
      authority; and
	  	  	  	  
	  	  	 (iii)	 subject to clause 16.5 of the ECA Loan Agreement, pay to the
      Borrower such additional amount as is necessary to ensure that
        the net amount actually received by the Borrower or other relevant Indemnitee
        will equal the full amount which the Borrower or other relevant Indemnitee
        would have received had no Tax Deduction been required.
	 	
       

    
	
      14.5.3

    	
      Guarantor

    
	  
	  	 (a)	 The Guarantor shall make all payments to be made
      by it under the Guarantor Documents without any Tax Deduction, unless a Tax
      Deduction is required by law.
	  	  	  

	
	
      

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 Exhibit 4.16

				
	  	 (b)	 If the Guarantor or a Finance Party is aware that
      the Guarantor is or will be obliged to make a Tax Deduction (or that there is a change
        in the rate or the basis of a Tax Deduction), it shall promptly notify
        the ECA Facility Agent thereof. The ECA Facility Agent shall then promptly
        notify the affected Parties.
	  
	  	 (c)	 If a Tax Deduction is required by law, the Guarantor
      shall:
	  
	  	  	 (i)	
      pay directly to the relevant authorities the full amount
      of the Tax Deduction;

    
	  
	  	  	 (ii)	
      promptly forward to the ECA Facility Agent for each affected
      Finance Party (or other Relevant Party) an official receipt or other
        documentation satisfactory to that affected Finance Party evidencing such
        payment to such authority; and

    
	  
	  	  	 (iii)	
      subject to clause 16.5 of the ECA Loan Agreement, pay to
      the ECA Facility Agent for each affected Finance Party (or other
        Relevant Party) such additional amount as is necessary to ensure that
        the net amount actually received by that Finance Party (or other Relevant
        Party) will equal the full amount which that Finance Party would have
        received had no Tax Deduction been required.

    
	 	
       

    
	  
	  	 (d)	 The Guarantor shall promptly make all filings and
      statements required by any taxing authority in connection with any Guarantor Document
        within the required time period for making such filings and statements.
	 	
       

    
	  
	
      14.5.4

    	
      Qualifying Lenders

      In order to establish its status as a Qualifying Lender, each ECA Lender
        (and any person who becomes an ECA Lender other than the Export Credit
        Agencies) agrees to provide, on or before the date of the first payment
        of interest to be made by the Borrower to that ECA Lender under the ECA
        Loan Agreement and from time to time thereafter as the Head Lessee may
        reasonably request, any forms and any certificates necessary to provide
        an exemption from withholding, or to permit withholding at a reduced rate,
        with respect to such ECA Lender for Irish income tax purposes

    
	  
	
      14.6

      14.6.1

    	
      Tax Credit

      If the Guarantor, Head Lessee or the Borrower makes a Tax Payment to
        a Relevant Party (but not any Export Credit Agency) and that Relevant
        Party (in its absolute discretion) determines that:

    
	  
	  	 (a)	 a Tax Credit is attributable to that Tax Payment;
      and
	  
	  	 (b)	 it has received and retained that Tax Credit,
	  
	 	
      then, so long as no Event of Default is continuing
        at such time, the Relevant Party shall pay an amount to:

    
	  
	  	 (c)	 if the Tax Payment was made by the Guarantor, the
      Guarantor;
	  
	  	 (d)	 otherwise, the Head Lessee (or the Borrower to the
      extent the Tax Payment was not met by the Head Lessee pursuant to Clause 14.2
        (Flow through indemnity) or Clause 14.5 (Tax gross-up)),
		 
		
      which that Relevant Party determines (in its absolute discretion) will
        leave it (after that payment) in the same after-Tax position as it would
        have been in if the Tax Payment had not been required to be made by the
        Guarantor, the Head Lessee or the Borrower, as the case may be.

    
	  
	
      14.6.2

    	
      If a Default is continuing at the time when any
        Indemnitee would otherwise pay any such amount to the Head Lessee under
        Clause 14.6.1, then that Indemnitee shall instead pay such

    

	
	
      

      Page 81

 Exhibit 4.16

			
	 	
      amount to the Security Trustee to apply in accordance
        with the terms of clause 5 (Application of Moneys) of the Proceeds Agreement.

    
	  
	
      14.7

      14.7.1

    	
      Other Head Lessee indemnities

      The Head Lessee shall indemnify each Indemnitee against any Losses and,
        in the case of the ECA Administrative Parties and the Export Credit Agencies,
        Management Time Expenses which that Indemnitee incurs as a consequence
        of:

    
	  
	  	 (a)	 the occurrence of any Default or Mandatory Prepayment Event;
	  
	  	 (b)	 any failure by the Head Lessee or the Borrower to pay any
      amount due under a Transaction Document on its due date, including
        any Losses or, in the case of the ECA Administrative Parties and the Export
        Credit Agencies, Management Time Expense resulting from any distribution
        or redistribution of any amount among the ECA Lenders under a Transaction
        Document;
	  
	  	 (c)	 a Loan not being made after a Request has been delivered or
      an ECA Loan being made on a date other than the Expected Delivery Date; or
	  	  	  
	  
	  	 (d)	 any Rent or an ECA Loan (or part of an ECA Loan) not being
      prepaid in accordance
	  	  	 with the Transaction Documents.
	  
	
      14.7.2

    	
      The Head Lessee's liability under Clause 14.7.1
        above includes Break Costs (and, in the case of Clause 14.7.1(c), payment
        on behalf of the Borrower of any amounts expressed to be payable by the
        Borrower to the relevant Finance Parties under Clause 2.9.5 (Delayed Delivery)).

    
	  
	
      14.7.3

    	
      Each Finance Party shall supply to the ECA Facility
        Agent (for the Head Lessee) details of the amount of any liability for
        Break Costs claimed by it under this Agreement and each National Agent
        will supply to the ECA Facility Agent the amount of any such liability
        notified to it by an Export Credit Agency.

    
	  
	
      14.7.4

    	
      The Head Lessee shall indemnify each ECA Administrative
        Party and each Export Credit Agency, as the case may be, against any Losses
        and Management Time Expenses incurred by that ECA Administrative Party
        or Export Credit Agency, as the case may be as a result of:

    
	  
	  	 (a)	 investigating any event which that Administrative Party or
      Export Credit Agency reasonably believes to be a Default; or
	  
	  	 (b)	 acting or relying on any notice which that Administrative
      Party or Export Credit Agency reasonably believes to be genuine, correct and
      appropriately authorised.
	  
	  
	
      14.7.5

    	
      If, in consequence of a repayment or prepayment
        under clause 7 (Prepayment and cancellation) of the ECA Loan Agreement,
        any relevant ECA Lender realises a Break Gain:

    
	  
	  	 (a)	 if no Default is at such time continuing, that ECA Lender
      undertakes to pay directly to the ECA Facility Agent for the account of the
        Head Lessee such amount as that ECA Lender determines (in its absolute
        discretion) will leave it in the same after-Tax position as if no Break
        Gain had been realised; or
	 	
       

    
	  	 (b)	 if a Default is at such time continuing, that ECA Lender may
      retain the benefit of any such Break Gain (subject to the relevant ECA Support
      Arrangements).
	  
	  
	
      14.8

      14.8.1

    	
      Value added taxes

      Any amount payable under a Transaction Document by the Head Lessee or
        the Borrower is exclusive of any value added tax or any other Tax of a
        similar nature which might be chargeable in connection with that amount.
        If any such Tax is so chargeable and has not been paid by the Borrower
        or, as the case may be, the Head Lessee under and in accordance

    

	
	
      

      Page 82

    

 Exhibit 4.16

		
	 	
      with Clause 14.5 (Tax gross-up), the Head Lessee
        shall pay to the relevant Indemnitee (in addition to and at the same time
        as paying that amount) an amount equal to the amount of that Tax.

    
	  
	
      14.8.2

    	
      Where a Transaction Document requires any party
        to reimburse an Indemnitee for any Losses or, in the case of the ECA Administrative
        Parties and the Export Credit Agencies, Management Time Expenses, that
        party shall also at the same time pay and indemnify the Indemnitee against
        all value added tax or any other Tax of a similar nature incurred by the
        Indemnitee in respect of those Losses or Management Time Expenses.

    
	  
	
      14.9

      14.9.1

    	
      Time for payment

      Subject to Clause 14.9.2, all amounts to be paid by any Obligor pursuant
        to this Clause 14 shall be paid on demand.

    
	  
	
      14.9.2

    	
      All amounts to be paid by any Obligor pursuant
        to Clause 14.1 or 14.4 shall be paid within five (5) Business Days of
        demand.

    
	  
	
      14.10

    	
      Indemnity contest rights

    
	  
	14.10.1 	If a written claim is made against an Indemnitee
      which is the subject of an indemnity by the Head Lessee under Clause 14.1.1 or Clause 14.4,
        such Indemnitee shall promptly notify the Head Lessee. The Head Lessee
        at its sole cost and expense, except as provided herein, shall have the
        right to control, investigate and prosecute the entire defence and compromise
        of any Loss for which indemnification is sought (provided that such compromise
        imposes no additional payment obligations on an Indemnitee, which is not
        otherwise indemnified under Clause 14.1.1 or Clause 14.4, as the case
        may be). If the Head Lessee shall, at its sole expense, assume the defence
        of any Loss, each Indemnitee shall cooperate with it, at the Head Lessee's
        expense, in defending and/or mitigating such Loss. Each Indemnitee shall
        supply the Head Lessee with such information as is requested and as is
        necessary or advisable for the Head Lessee to control or participate in
        any proceeding. The Head Lessee shall not have the right to control, investigate,
        prosecute and compromise such Loss so long as an Event of Default shall
        have occurred and be continuing provided, however, that the Head Lessee
        shall have the right to control, investigate, prosecute and compromise
        such Loss in all cases when required by the terms of the insurance or
        insurer applicable thereto. An Indemnitee may participate at its own expense
        and with its own counsel in any judicial proceedings defended by the Head
        Lessee pursuant to the preceding provisions so long as such participation
        does not, in the reasonable opinion of the Head Lessee when the Head Lessee
        has chosen to assume the defence of any Loss, materially impair such defence.
        So long as the Head Lessee shall have acknowledged in writing its duty
        to indemnify an Indemnitee hereunder, no such Indemnitee shall enter into
        a settlement or other compromise with respect to any such Loss without
        the prior written consent of the Head Lessee.
	  
	14.10.2 	Upon the making of any claim for any Loss
      by an Indemnitee pursuant to Clause 14.1.1 or Clause 14.4 and provided that the Head Lessee
        either pays such Loss or, if such Indemnitee has not been required to
        make any payment in respect thereof, the Head Lessee confirms its indemnification
        obligations with respect thereto in writing, the Head Lessee, without
        any further action, shall be subrogated to any claims, rights and remedies
        the Indemnitee may have relating thereto (except claims under such Indemnitee's
        own insurance policies). Each Indemnitee agrees, at the Head Lessee's
        expense, to give such further assurances or agreements and to cooperate
        with the Head Lessee to permit the Head Lessee to pursue such Loss, if
        any, to the extent reasonably requested by the Head Lessee. In the event
        that the Head Lessee shall have paid an amount to an Indemnitee pursuant
        to Clause 14.1.1 or Clause 14.4, as the case may be, and such Indemnitee
        subsequently shall be reimbursed in respect of such indemnified amount
        from any other person, such Indemnitee shall, so long as no Event of Default
        has occurred and is continuing, promptly pay the Head Lessee, but not
        before the Head Lessee shall have made all payments then due to such Indemnitee
        pursuant to Clause 14.1.1 or Clause 14.4, as the case may be, an amount
        equal to the sum of (a) the amount of such reimbursement, including interest
        actually received attributable thereto, net of taxes required to be paid
        by such Indemnitee as a result of any refund received and (b) any

	
	
      

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 Exhibit 4.16

			
	 	
      tax benefit realised by such Indemnitee as a result
        of the deductibility for tax purposes of any payment by such Indemnitee
        made pursuant to this sentence.

    
	  
	14.10.3 	Clauses 14.10.1 and 14.10.2 shall not apply
      to any Export Credit Agency.
	 	 
	 14.11	 Lenders' indemnity in favour of ECA Administrative
      Parties
	  
	14.11.1 	Without limiting the liability of the Head
      Lessee and the Borrower under this Clause 14 or Clause 15 (Fees and expenses), each ECA Lender
        (other than any Primary Lender or any Export Credit Agency which has become
        an ECA Lender) shall:
	 	 
	  	 (a)	
      indemnify (and pay on demand to) its relevant ECA Administrative
      Party (other than the Relevant Agent) that ECA Lender's Pro Rata
        Share of any costs and expenses incurred by such ECA Administrative Party
        in acting as an ECA Administrative Party for it and in the enforcement
        of its rights under the Transaction Documents; and

    
	 	
       

    
	  	 (b)	
      indemnify (and pay on demand to) the Relevant Agent that
      ECA Lender's Pro Rata Share of any costs and expenses (including the
        costs of employing the services of any professional advisors or agents
        in connection with the repossession, remarketing, leasing, selling or
        otherwise dealing with the Aircraft) incurred by the Relevant Agent in
        acting as the Relevant Agent under the Transaction Documents (and such
        costs and expenses shall be attributable to the ECA Loans on a pro
        rata basis as between the outstanding principal amounts of the ECA
        Loans),

    
		 
		
      and for the purposes of this Clause 14.11.1, Pro Rata Share shall
        mean the proportion that such ECA Lender's share of the ECA Loans bears
        to the sum of the total ECA Loans less any share of such ECA Loans held
        at such time by any Export Credit Agency or any Primary Lender.
	  
	14.11.2 	Each ECA Administrative Party may deduct
      from any amount received by it for a Finance Party any amount due to that ECA Administrative
        Party from that Finance Party under a Transaction Document but unpaid.
	 	 
	
      14.12

    	
      Confirmation of no liability

    
	  
	14.12.1 	
      The Borrower and the Head Lessee each acknowledges
      that none of the Security Trustee, any ECA Lender or any Export Credit Agency is
        responsible for any failure to enforce or to maximise the proceeds of
        any enforcement.

    
	  
	14.12.2  	Each Party confirms that no Export Credit
      Agency is responsible or may be held liable for any actions taken by any Party or by the Borrower when
      acting on its or their behalf, including: 
	  
	  	 (a)	
      in exercising any discretion, consent or other rights in
      respect of the Aircraft's insurance or maintenance, or the subleasing of
        the Aircraft or otherwise that the relevant Parties may have; and

    
	 	
       

    
	  	 (b)	
      as a result of any Export Credit Agency being in possession
      of any information or document pursuant to the Transaction Documents
        or Other Transaction Documents relating to the Aircraft's insurance or
        maintenance, or the subleasing of the Aircraft or otherwise, it being
        acknowledged that the Export Credit Agency is under no duty to review
        or take any action in relation to the same.

    
	 	
       

    
	14.12.3  	Each Party confirms that each Finance Party
      shall be deemed to be acting reasonably if its acts (directly or indirectly) on the instructions
      of an Export Credit Agency. 

	
	
      

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 Exhibit 4.16

				
	
      15

      15.1

    	
      Fees and expenses

      Initial costs

      The Head Lessee shall pay to each Relevant Party and each Export Credit
        Agency on demand the amount of all costs and expenses reasonably incurred
        by it in connection with the negotiation, preparation, printing, execution,
        completion and syndication of the Transaction Documents and the establishment
        of the Borrower, subject to any cap agreed in writing (and the terms on
        which such cap is agreed).

    
	  
	
      15.2

    	
      Subsequent costs

      The Head Lessee shall pay to each Relevant Party and each Export Credit
        Agency on demand the amount of all costs and expenses reasonably incurred
        by it (and not recovered under Clause 15.1) in connection with:

    
	  
	  	 (a)	 the negotiation, preparation, printing, execution
      and completion of any Transaction Document executed after the Delivery Date;
	  
	  	 (b)	 any amendment, waiver, consent or rescheduling (or
      preparations for any of these) requested by it or by or on behalf of the Borrower
        or the Head Lessee or allowed by or required to implement the Transaction
        Documents or required by any Export Credit Agency;
	 	
       

    
	  	 (c)	 the exercise by it of any of its rights, or taking
      any action as required or permitted, under the Transaction Documents, including in
        respect of any termination of the Head Lease pursuant to clause 18 (Option
        to purchase) and clause 19 (Redelivery) of the Head Lease (and the Head
        Lessee confirms that it is responsible for its own costs in respect of
        each of the above); and
	  
	  	 (d)	 the ongoing maintenance of the Borrower.
	  
	
      15.3

    	
      Enforcements costs

      The Head Lessee shall pay to each Relevant Party and each Export Credit
        Agency on demand the amount of all costs and expenses and, in the case
        of the ECA Administrative Parties and the Export Credit Agencies, Management
        Time Expenses incurred by it in connection with:

    
	  
	  	 (a)	 the enforcement of, or the preservation of any rights
      under, any Transaction Documents and any investigation after the occurrence
        of any Default, including any costs and expenses incurred by it in connection
        with any:
	  
	  	  	 (i)	
      insurance, maintenance, storage, reconfiguration, onward
      leasing or sale of the Aircraft;

    
	  
	  	  	 (ii)	
      repossession, ferrying and remarketing of the Aircraft; or

    
	  
	  	  	 (iii)	
      works or modifications required to place the Aircraft in
      the condition specified in clause 19 (Redelivery) of the Head Lease or
        considered by the National Agents to be desirable following an Event of
        Default; or

    
	 	
       

    
	  	 (b)	 any proceedings instituted by or against a Relevant
      Party or Export Credit Agency as a consequence of any Relevant Party entering into
        a Transaction Document or Export Credit Agency entering into the ECA Support
        Arrangements.
	 	
       

    
	
      15.4

    	
      Recordation and registration expenses

      The Head Lessee shall pay and indemnify each Relevant Party and each
        Export Credit Agency on demand against all costs and expenses associated
        with:

    

	
	
      

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 Exhibit 4.16

				
	  	 (a)	 the filing or recording of, or establishment or
      maintenance of the effectiveness of or enforceability of, any Transaction Document in
        the State of Registration, the jurisdiction of incorporation of the Head
        Lessee or the Borrower or the Habitual Base or the International Registry
        including (but not limited to) the provision of translations, registrations,
        notarisations or legalisations, if required; and
	 	
       

    
	  	 (b)	 the registration of the Aircraft.
	 	 
	 15.5	 Fees  
	 	 
	  	 The Head Lessee shall pay the Fees in accordance
      with the terms of the Fees Letters.
	 	 
	 16	 Confidentiality
	 	 	 
	 16.1	 Confidentiality	  
	 	 	 
	  	 (a)	 Each Party shall keep confidential any information
      supplied to it by or on behalf of any other Party in connection with the Transaction
        Documents. However, a Party is entitled to disclose information:
	 	
       

    
	  	  	 (i)	 which is publicly available, other than as a result of a breach
      by that Party of this Clause;
	  	  	  	  
	  	  	 (ii)	 in connection with any legal or arbitration proceedings;
	 	 	 	 
	  	  	 (iii)	 if required to do so under any law or regulation binding on
      it (including filing requirements of the Securities & Exchange Commission of
      the United States);
	  	  	  	  
	  	  	 (iv)	 to a governmental, banking, taxation or other regulatory authority;
	 	 	 	 
	  	  	 (v)	 to its professional advisers;
	 	 	 	 
	  	  	 (vi)	 to the extent allowed under Clause 16.1(b) or Clauses 16.2
      (Disclosure to authorities) and 16.3 (Export Credit Agencies);
	  	  	  	  
	  	  	 (vii)	 with the agreement of each other relevant Party;
	 	 	 	 
	  	  	 (viii)	 in connection with any press release, advertisement or announcement
      as and to the extent agreed by the Head Lessee, the ECA
        Facility Agent and the National Agents;
	 	
       

    
	  	  	 (ix)	 to any of its Affiliates (subject to such Affiliate agreeing
      to keep such information confidential on the terms of this Clause 16.1(a));
	  	  	  	  
	  	  	 (x)	 to any of the Export Credit Agencies;
	 	 	 	 
	  	  	 (xi)	 to another Party; or
	 	 	 	 
	  	  	 (xii)	 in the case of any Primary Lender, to any rating agency in
      connection with any transaction related to such Primary Lender's funding
        of the ECA Loan, subject to such rating agency's customary procedures
        for handling of such information; or
	 	
       

    
	  	 (b)	 Any Finance Party may disclose to an Affiliate or
      any person with whom it may enter, or has entered into, any kind of transfer, participation
        or other agreement in relation to the Transaction Documents (such Affiliate
        or other person being a participant):
	 	
       

    
	  	  	 (i)	 a copy of any Transaction Document; and

	
	
      

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	  	  	 (ii)	 any information which that Party has acquired under or in
      connection with any Transaction Document.
	  	  	  	  
	 	
       

    	However, before a participant may receive any
        confidential information, it shall agree to keep that information confidential
        on the terms of Clause 16.1(a).
	  
	  	 (c)	 This Clause supersedes any previous confidentiality
      undertaking given by a Party in connection with this Agreement prior to it becoming
        a Party save any given to any of the Export Credit Agencies.
	  
	
      16.2

    	
      Disclosure to authorities

      The Finance Parties may:

    
	  
	  	 (a)	 provide information about the Transaction Documents
      to any Government Entity of the French Republic, the Federal Republic of Germany
        and the United Kingdom or to international institutions which are charged
        by any such Government Entity with collecting statistical data; and
	  
	  	 (b)	 allow the parties referred to in Clause 16.2(a)
      to inspect and receive any records relating to the Transaction Documents.
	  	  	  
	
      16.3

    	
      Export Credit Agencies

      Clause 16.1 (Confidentiality) will not apply to any Export Credit Agency
        which may become a party to the Transaction Documents in accordance with
        the relevant Transaction Documents.

    
	  
	
      17

      17.1

    	
      Amendments

      Amendment of Transaction Document with agreement of all parties thereto

      Unless a Head Lease Event of Default has occurred any term of any Transaction
        Document other than the Head Lease may be amended or waived with the agreement
        in writing of all the parties to it so long as such amendment does not
        adversely affect the right or obligations of any Export Credit Agency
        or is made with its consent.

    
	  
	
      17.2

    	
      Amendment of Transaction Document by the Finance
        Parties

      The Finance Parties (or any of them) may also agree an amendment to a
        Transaction Document without the agreement of any other party to that
        Transaction Document (or otherwise) if the amendment is in writing and
        does not affect the rights, interests or obligations of that other party
        or parties, any Finance Party or any Export Credit Agency and the other
        parties to that Transaction Document shall (at no cost to such other parties)
        take such action and execute such documents as the relevant Finance Party
        may require in order to offset such amendment.

    
	  
	
      17.3

    	
      Amendment of the Head Lease

      The Head Lease may only be amended with the consent of the National Agents.

    
	  
	
      18

      18.1

    	
      Changes to the Parties or Facility Office

      ECA Lenders

      Each of the ECA Lenders shall, at its cost, be entitled to assign or
        transfer all or part of its rights and obligations under the Transaction
        Documents in accordance with clause 16 (Changes to the Parties) of the
        ECA Loan Agreement and subject to:

    
	  
	  	 (a)	 any restriction in the relevant ECA Support Arrangements;

	
	
      

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	  	 (b)	 prior notification in writing to the ECA Facility Agent;
	 	 	 
	  	 (c)	 such assignment or transfer not prejudicing the Security;
	 	 	 
	  	 (d)	 the prior consent of each relevant Export Credit Agency; and
	 	 	 
	  	 (e)	 in the case of a Conduit Lender, the consent of each of the
      Export Credit Agencies.
	 	 
	
      18.2

      18.2.1

    	
      Head Lessee's consent

      Any such assignment or transfer under Clause 18.1 may be made without
        the Head Lessee's consent if:

    
	 	 	 
	  	 (a)	 it is to or in accordance with a request of the relevant Export
      Credit Agency;
	 	 	 
	  	 (b)	 if a Head Lease Event of Default is at such time continuing;
	 	 	 
	  	 (c)	 it is to a Permitted Participant; or
	 	 	 
	  	 (d)	 it is to any assignee or transferee which is an ECA Lender
      or an Affiliate of an ECA Lender (including the transferor).
	 	 
	
      18.2.2

    	
      Other than under Clause 18.2.1 any such assignment
        or transfer may not be made without the consent of the Head Lessee (such
        consent not to be unreasonably withheld or delayed).

    
	 	 
	
      18.3

    	
      Proceeds Agreement

      An ECA Administrative Party shall at its own cost be entitled assign
        or transfer any of its rights or obligations under the Transaction Documents
        to any person, subject to and in accordance with the terms of clause 2.14
        (Resignation of an ECA Administrative Party) of the Proceeds Agreement.

    
	 	 
	
      18.4

      18.4.1

    	
      Borrower and Head Lessee

      Neither the Borrower nor the Head Lessee may, without the prior consent
        of all the Finance Parties, assign, transfer, create Security Interests
        (other than Permitted Security Interests) over or otherwise dispose of
        all or any part of its rights and obligations under the Transaction Documents.

    
	 	 
	
      18.4.2

    	
      The Head Lessee consents to the Borrower assigning
        its rights or transferring its rights and obligations under the Borrower
        Documents if it is acting in accordance with the instructions of the National
        Agents and the Head Lessee waives all defences and rights of set-off available
        to it against the Borrower's assignee other than those arising from fraudulent
        acts on the part of the assignee.

    
	 	 
	
      18.4.3

    	
      The Head Lessee shall, from time to time upon
        request from a Party, execute all documents (including any supplement
        or amendment to a Transaction Document) reasonably requested by such Party
        to effect, perfect, record or implement any assignment or transfer by
        any such Party and the Head Lessee will promptly comply with any other
        reasonable requests of such Party, its successors and assigns in respect
        of any such assignment or transfer.

    
	 	 
	
      18.5

    	
      Changes to Facility Office

      Each ECA Lender may, subject to the prior written consent of:

    
	 	 	 
	  	 (a)	 the relevant Export Credit Agency; and
	 	 	 
	  	 (b)	 provided no Default is continuing at such time, the Head Lessee,

	
	
      

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      change its Facility Office and shall promptly
        thereafter give notice to the ECA Facility Agent, relevant National Agent
        (if applicable), the Security Trustee and the Head Lessee.

    
	  
	
      19

      19.1

      19.1.1

    	
      Mitigation

      Mitigation Events

      If an Illegality Event, Increased Cost Event or ECA Event of Default
        occurs in circumstances where no Head Lease Event of Default is continuing
        (a Mitigation Event), each Party agrees:

    
	  
	  	 (a)	 to consult in good faith with the ECA Facility Agent
      (in the case of an ECA Lender) and the other relevant Parties for:
	  
	  	  	 (i)	 a maximum period of sixty (60) days from the occurrence of
      the Mitigation Event; or
	  
	  	  	 (ii)	 if earlier, until irrevocable repayment of all amounts owing
      to that Party under the Transaction Documents; and
	  
	  	 (b)	 following such consultation, and in the case of
      any Finance Party subject to the prior written consent of the Export Credit Agencies,
        to take such reasonable steps as it is able to take to mitigate or remove
        such circumstances.
	 	
       

    
	
      19.1.2

    	
      Clause 19.1.1 above does not in any way limit
        the rights of any Indemnitee or the obligations of the Head Lessee or
        the Borrower under the Transaction Documents.

    
	  
	
      19.1.3

    	
      A Finance Party is not obliged to take any step
        in respect of the mitigation arrangements under this Clause if, in the
        opinion of that Finance Party (acting reasonably), to do so might be prejudicial
        to it or be in conflict with such Finance Party's general banking policies
        or involve such Finance Party in substantial expense or a substantial
        increased administrative burden nor is any Finance Party obliged to achieve
        a particular result by virtue of any step taken by it and no Finance Party
        shall have any liability to the Head Lessee where such step results in
        less than complete mitigation.

    
	  
	
      19.2

      19.2.1

    	
      Market disruption

      If a market disruption event occurs under clause 9 (Market Disruption)
        of the ECA Loan Agreement, the ECA Facility Agent shall provide notification
        to the Head Lessee of such event and, if the ECA Facility Agent or (if
        no Significant Default has occurred and is continuing) the Head Lessee
        so requires, the relevant Parties and the Head Lessee shall enter into
        consultation for a period of not more than thirty (30) days from the occurrence
        of such event with a view to agreeing an alternative basis for determining
        the rate of interest or funding for the affected ECA Loan.

    
	  
	
      19.2.2

    	
      Any alternative basis agreed will be, with the
        prior consent of all the relevant ECA Lenders, binding on all the Parties.

    
	  
	
      19.3

    	
      Indemnity

      The Head Lessee shall indemnify each Indemnitee for all costs and expenses
        and, in the case of the ECA Administrative Parties and the Export Credit
        Agencies, Management Time Expenses reasonably incurred by that Indemnitee
        as a result of any step taken by it under this Clause 19 (including the
        transfer by an ECA Lender of its Facility Office or of its rights and
        obligations under the Transaction Documents).

    

	
	
      

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      20

      20.1

      20.1.1

    	
      Instructions, control of Borrower and subordination
        of Servicing Payments

      Instructions of Export Credit Agencies

      In the making of any decision or determination or the exercise of any
        discretion or the taking or refraining to take any action under the Transaction
        Documents, each Finance Party will be deemed to have acted reasonably
        if it has acted on the instructions of any Export Credit Agency.

    
	  
	
      20.1.2

    	
      Any consent or approval to be given or any right
        or discretion whatsoever to be exercised by the Borrower under the Borrower
        Documents (other than the ECA Loan Agreement) shall be given or granted
        or exercised by the ECA Facility Agent or, as the case may be, by the
        Relevant Agent in accordance with the terms of clause 3 (Undertakings
        of the Borrower) of the Proceeds Agreement.

    
	  
	
      20.2

      20.2.1

    	
      Subordination of Servicing Payments

      The Borrower agrees for the benefit of the Finance Parties that following
        the occurrence of a Significant Default which is continuing it shall not
        make or seek to make any payment to the Servicing Agent in respect of
        any Servicing Payment, or discharge or seek to discharge any Servicing
        Payment by way of set-off.

    
	  
	
      20.2.2

    	
      The Servicing Agent agrees for the benefit of
        the Finance Parties that following the occurrence of a Significant Default
        which is continuing it shall not take any action whatsoever against the
        Borrower in respect of payment of Servicing Payments and shall not discharge
        any Servicing Payment by way of set-off.

    
	  
	
      20.3

      20.3.1

    	
      Head Lessee obligations under the Proceeds
        Agreement and Loan Agreements

      The Head Lessee confirms that it shall:

    
	  
	  	 (a)	 assist the Relevant Agent and the Security Trustee and shall
      take whatever action either reasonably requests under and in accordance
        with clause 2.14(g) (Resignation of an ECA Administrative Party) of the
        Proceeds Agreement; and
	  
	  	 (b)	 provide to any ECA Administrative Party any documentation
      and other evidence reasonably requested in connection with all applicable
        know your customer requirements as referred to in clause 13.2 (Know your
        Customer Checks) of the ECA Loan Agreement.
	  
	
      20.3.2

    	
      The Head Lessee shall notify the ECA Facility
        Agent promptly if it becomes aware of an Illegality Event giving details
        of the cause of the Illegality Event and any applicable dates.

    
	  
	
      20.4

    	
      Finance Party consents

      Subject to Clause 17 (Amendments), any waiver or consent approved or
        granted in accordance with the Transaction Documents by the ECA Facility
        Agent or the Security Trustee will also be deemed to have been given by
        the other Finance Parties.

    
	  
	
      20.5

    	
      Petitions

      Each of the Guarantor, the Head Lessee and the Servicing Agent agrees
        that, until the Discharge Date in relation to the Debt, it will not without
        the prior written consent of the Relevant Facility Agent, petition for,
        or take any other action whatsoever which may lead to, the bankruptcy,
        insolvency, winding-up, liquidation, administration, examinership, reorganisation,
        amalgamation or dissolution of the Borrower or the Guarantor.

    

	
	
      

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      20.6

    	
      Monitoring responsibility

      The Parties acknowledge that notwithstanding the fact that an Export
        Credit Agency may be in receipt of information under the Transaction Documents
        they have no duty to monitor such information or responsibility in relation
        thereto.

    
	  
	
      20.7

      20.7.1

    	
      Enforcement parameters

      The Parties acknowledge that in the course of enforcement of rights under
        the Security Documents, the Security Trustee may be directed by the National
        Agents in accordance with the Transaction Documents to take such actions
        as are deemed desirable to realise Proceeds including the appointment
        of one or more professional entities to provide the Finance Parties with
        management and remarketing services with a view to realising proceeds
        of the remarketing of the aircraft.

    
	  
	
      20.7.2

      20.8

      20.8.1

    	
      The Borrower and the Head Lessee agree to co-operate
        with any such action.

      Responsibility

      No ECA Administrative Party is responsible for the adequacy, accuracy
        or completeness of any statement or information (whether written or oral)
        made in or supplied in connection with any Transaction Document.

    
	  
	
      20.8.2

    	
      No ECA Administrative Party is responsible for
        the legality, validity, effectiveness, adequacy, completeness or enforceability
        of any Transaction Document or any other document.

    
	  
	
      20.8.3

    	
      Without affecting the responsibility of the Borrower
        or the Head Lessee for information supplied by it or on its behalf in
        connection with any Transaction Document, each Finance Party confirms
        that it:

    
	  
	  	 (a)	 has made, and will continue to make, its own independent
      appraisal of all risks arising under or in connection with the Transaction Documents
        (including the financial condition and affairs of the Borrower, the Guarantor
        and the Head Lessee and their respective related entities and the nature
        and extent of any recourse against any Party or its assets); and
	  
	  	 (b)	 has not relied exclusively on any information provided to
      it by any other Finance Party in connection with any Transaction Document.
	  
	
      20.9

      20.9.1

    	
      Exclusion of liability

      No ECA Administrative Party is liable or responsible to any other Finance
        Party for any action taken or not taken by it in connection with any Transaction
        Document, unless directly caused by its gross negligence or wilful misconduct.

    
	  
	
      20.9.2

    	
      No Party (other than the ECA Administrative Party
        itself) may take any proceedings against any officer, employee or agent
        of any ECA Administrative Party in respect of any claim it might have
        against the ECA Administrative Party or in respect of any act or omission
        of any kind by that officer, employee or agent in connection with any
        Transaction Document. Any officer, employee or agent of an ECA Administrative
        Party may rely on this Clause 20.9.2 and enforce its terms under the Contracts
        (Rights of Third Parties) Act 1999.

    
	  
	
      20.9.3

    	
      No ECA Administrative Party is liable for any
        delay (or any related consequences) in crediting an account with an amount
        required under the Transaction Documents to be paid by it if it has taken
        all necessary steps as soon as reasonably practicable to comply with the
        regulations or operating procedures of any recognised clearing or settlement
        system used by it for that purpose.

    

	
	
      

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      20.9.4

    	
      Nothing in the Transaction Documents will oblige
        any ECA Administrative Party to satisfy any know your customer requirements
        in relation to the identity of any person on behalf of any Finance Party.

    
	  
	
      20.9.5

    	
      Each Finance Party confirms to each ECA Administrative
        Party that that Finance Party is solely responsible for any know your
        customer requirements it is required to carry out and that it may not
        rely on any statement in relation to those requirements made by any other
        person.

    
	  
	
      21

      21.1

    	
      Head Lessee's rights under the Loan Agreements
        and the Proceeds Agreement

      General rights

      So long as no Event of Default is continuing:

    
	  
	  	 (a)	 the Head Lessee shall have the right subject to Clause 10.1.1,
      to exercise (or require the Borrower to exercise) any right the Borrower
        has to submit a duly completed Request under the terms of the ECA Loan
        Agreement, and the Borrower shall sign and submit any such duly completed
        Request upon the request and pursuant to the instructions of the Head
        Lessee at the relevant time; and
	 	
       

    
	  	 (b)	 any right, consent (including consent to waiver) or approval
      the Borrower has under the terms of the ECA Loan Agreement (including
        any right to deliver a Fixed Rate Conversion Notice under clause 6.3(a)
        (Fixed rate option) of the ECA Loan Agreement or right to repay, prepay
        or cancel any Loans under clause 7.6 (Involuntary prepayment), 7.7 (Voluntary
        prepayment) or clause 7.9 (Voluntary cancellation) of the ECA Loan Agreement)
        shall be subject to the prior written consent of, or shall be exercised
        by, the Head Lessee.
	 	
       

    
	
      21.2

    	
      Quiet enjoyment

      No Relevant Party may interrupt the quiet use, possession and enjoyment
        of the Aircraft by the Head Lessee or any Lessee, so long as no Head Lease
        Event of Default is continuing and except as required by any Applicable
        Law binding on such Relevant Party. The exercise by a Relevant Party of
        its rights under this Agreement or any other Transaction Document will
        not constitute such an interruption.

    
	  
	
      21.3

    	
      Return of surplus Proceeds

      Subject to clause 5.4 (Retention of surplus) of the Proceeds Agreement,
        the Security Trustee agrees to pay promptly to the Head Lessee any amount
        of surplus Proceeds stated to be owing to it under clause 5.2 (Application
        of Proceeds) of the Proceeds Agreement.

    
	  
	
      21.4

    	
      Deemed satisfaction

      To the extent that Proceeds are applied by the Finance Parties in or
        towards satisfaction of any sums due to them from the Borrower under the
        Transaction Documents this will be deemed to satisfy pro tanto the
        obligations of the Head Lessee to pay an equivalent amount under the Head
        Lease or this Agreement.

    
	  
	
      22

      22.1

    	
      Payments

      Payment directions

      Unless otherwise specified in a Transaction Document, all payments by
        a Party under each Transaction Document to:

    
	  
	  	 (a)	 a Finance Party (other than the Security Trustee) shall be
      made to the ECA Facility Agent to its account at The Royal Bank of Scotland,
        New York (SWIFT: ABNAUS33) for the account of: The Royal Bank of Scotland
        N.V. London (ABNAGB2L), account number 661001036741 and reference "Agency
        Europe – CIT"; and
	 	
       

    

	
	
      

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	  	 (b)	 the Security Trustee shall be made to its account at The
      Royal Bank of Scotland, New York (SWIFT: ABNAUS33) for the account of: The
        Royal Bank of Scotland N.V. London (ABNAGB2L), account number 661001036741
        and reference "Agency Europe – CIT", 
	  
	 	or in each case, to such other account as the relevant payee may notify
        to that Party for this purpose by not less than five Business Days' prior
        notice.
	 	 
	
      22.2

      22.2.1

    	
      Currency

      Amounts payable in respect of Losses (by way of indemnity or reimbursement
        and including costs and expenses) under the Transaction Documents are
        payable in the currency in which they are incurred or in which the corresponding
        payment was or is to be incurred.

    
	  
	
      22.2.2

      22.3

      22.3.1

    	
      Each other amount payable under the Transaction
        Agreements is payable in Dollars.

      Business Days

      Unless expressly provided otherwise, if a payment under the Transaction
        Documents to any Party is due on a day which is not a Business Day, the
        due date for that payment will instead be the next Business Day in the
        same calendar month (if there is one) or the preceding Business Day (if
        there is not) except that if the date of any Final Payment would otherwise
        be a day which is not a Business Day, it shall be the preceding Business
        Day.

    
	  
	
      22.3.2

    	
      During any such extension of the due date for
        payment of any principal under the ECA Loan Agreement, interest is payable
        on that principal at the rate payable on the original due date or date
        originally specified for payment until the actual date of payment.

    
	  
	
      22.4

    	
      Timing of payments

      If any Transaction Document does not provide for when a particular payment
        is due, that payment will be due within three (3) Business Days of demand
        by the relevant Party.

    
	  
	
      22.5

    	
      Certificates and determinations

      Any certification or determination by an Indemnitee of a rate or amount
        payable to it under any Transaction Document will be prima facie evidence
        of the matters to which it relates.

    
	  
	
      22.6

      22.6.1

    	
      Distribution

      Subject to the provisions of the Proceeds Agreement, an ECA Administrative
        Party may apply any amount received by it for the Borrower in or towards
        payment (as soon as practicable after receipt) of any amount due from
        the Borrower under the Borrower Documents or in or towards the purchase
        of any amount of any currency to be so applied.

    
	  
	
      22.6.2

    	
      Where a sum is paid to an ECA Administrative Party
        under the Transaction Documents for the account of another Party, the
        ECA Administrative Party is not obliged to pay that sum to that Party
        until the ECA Administrative Party has established that it has actually
        received that sum. However, the ECA Administrative Party may assume that
        the sum has been paid to it, and, in reliance on that assumption, make
        available to that Party a corresponding amount. If it transpires that
        the sum has not been received by the ECA Administrative Party, that Party
        shall promptly on demand by the ECA Facility Agent refund any corresponding
        amount made available to it together with (unless the payment is being
        recovered directly or indirectly from an Export Credit Agency) interest
        on that amount from that date of payment to the date of receipt by the
        ECA Administrative Party at a rate calculated by the ECA Administrative
        Party to reflect its cost of funds.

    

	
	
      

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      22.7

    	
      Partial payments

      Subject to the terms of the Transaction Documents and any applicable
        ECA Support Arrangement, if any ECA Administrative Party receives a payment insufficient
        to discharge all the amounts then due and payable by the Borrower under
        the Transaction Documents, the Administrative Party shall pay that sum
        to the Relevant Agent who shall apply that payment towards the obligations
        of the Borrower under this Agreement in the order prescribed in clause
        5.1 (Application) or 5.2 (Application of Proceeds) of the Proceeds Agreement.

    
	  
	
      22.8

      22.8.1

    	
      Borrower's payment obligations

      Any obligation of the Borrower under the Transaction Documents to pay
        or release any amount to the Head Lessee shall be conditional upon all
        amounts then due and payable by the Head Lessee to the Borrower under
        the Head Lessee Documents, or under any other agreement for the time being
        between any Relevant Party (in any capacity) and the Head Lessee, having
        been paid in full.

    
	  
	
      22.8.2

    	
      For the avoidance of doubt, any reference in the
        Transaction Documents to amounts which the Borrower is obliged to pay
        under the ECA Loan Agreement shall be interpreted without taking account
        of Clause 13 (Security and recourse).

    
	  
	
      22.9

    	
      Application of moneys

      If any sum paid or recovered in respect of the Liabilities of the Head
        Lessee under the Head Lease is less than the amount then due, the Borrower
        may (save in any case where the Transaction Documents expressly stipulate
        an order of application) apply such sum to Rent, Final Payment, interest,
        fees or any other amount due under the Head Lease as instructed by the
        Relevant Agent for further application pursuant to the Proceeds Agreement.

    
	  
	
      22.10

    	
      Insurance Proceeds

    
	  
	22.10.1 	So long as no Default is continuing:
	 	 	 
	  	 (a)	 any Proceeds in respect of Insurance received by any Party
      (other than Total Loss Proceeds or third party liability payments referred
        to in clause 5.7 (Indemnity payments) of the Proceeds Agreement), which
        exceed the Damage Notification Threshold shall, if the Relevant Agent
        specifies, be applied either in payment of (or to reimburse the Head Lessee
        for) the cost of the relevant repairs or replacement property, provided
        that the Relevant Agent is satisfied that the repair or replacement has
        been effected in accordance with the Head Lease;
	 	
       

    
	  
	  	 (b)	 any Proceeds in respect of Insurance received by any Party
      (other than Total Loss Proceeds or third party liability payments referred
        to in clause 5.7 (Indemnity payments) of the Proceeds Agreement) which
        are equal to or less than the Damage Notification Threshold shall be paid
        to the Head Lessee, for application in accordance with the Head Lease;
	 	
       

    
	  
	  	 (c)	 the Relevant Agent shall pay to the Head Lessee the amounts
      of Proceeds in respect of Insurance received by the Relevant Agent and
        required to be paid to the Head Lessee pursuant to clause 13.1(b) (Surviving
        Engine(s)) of the Head Lease.
	 	
       

    
	22.10.2	
       If a Default is continuing, any Proceeds
      in respect of Insurance received by a Party shall promptly be paid by that Party to the Security
        Trustee. On receipt, if an Event of Default is then continuing, the Security
        Trustee shall apply the Proceeds in accordance with clause 5.2 (Application
        of Proceeds) of the Proceeds Agreement or, if no Event of Default is then
        continuing, the Security Trustee shall hold the Proceeds in an interest
        bearing suspense account (with interest at market rates credited to that
        account) and:

    
	  
	  	 (a)	 if the Default ceases to continue, any Proceeds in respect
      of Insurance so held shall be paid over to the Relevant Agent and applied in accordance
      with Clause 22.10.1; or
	  	  	  

	
	
      

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	  	 (b)	 if an Event of Default subsequently occurs prior to their
      return under Clause 22.10.2(a), such amounts shall be applied in accordance
        with the provisions of clause 5.2 (Application of Proceeds) of the Proceeds
        Agreement.
	 	
       

    
	
      22.11

    	
      Warranty Proceeds

    
	  
	22.11.1 	
      So long as no Default is continuing, all
      Warranty Proceeds shall be dealt with in accordance with the relevant provisions of the Engine Warranties
        Assignment or the Airframe Warranties Assignment.

    
	  
	  
	22.11.2	
       If a Default is continuing, any Warranty
      Proceeds received by a Party shall promptly be paid by that Party to the Security Trustee. On receipt,
        if an Event of Default is then continuing, the Security Trustee shall
        apply the Warranty Proceeds in accordance with clause 5.2 (Application
        of Proceeds) of the Proceeds Agreement or, if no Event of Default is continuing,
        the Security Trustee shall hold the Warranty Proceeds in an interest bearing
        suspense account (with interest at market rates credited to that account)
        and:

    
	  
	  	 (a)	 if the Default ceases to continue, any Proceeds so held shall
      be paid over to the Relevant Agent and applied in accordance with
        the relevant provisions of the Engine Warranties Assignment or the Airframe
        Warranties Assignment; or
	 	
       

    
	  	 (b)	 if an Event of Default subsequently occurs prior to their
      return under Clause 22.11.2(a), such amounts shall be applied in accordance
        with the other provisions of clause 5.2 (Application of Proceeds) of the
        Proceeds Agreement.
	 	
       

    
	
      23

      23.1.1

    	
      Set-off

      Subject to the provisions of the Proceeds Agreement, a Finance Party
        may set off any matured obligation owed to it by the Guarantor, the Borrower
        or the Head Lessee under the Transaction Documents (to the extent beneficially
        owned by that Finance Party) against any obligation (whether or not matured)
        owed by that Finance Party to the Guarantor, the Borrower or, as the case
        may be, the Head Lessee, regardless of the place of payment, booking branch
        or currency of either obligation. If the obligations are in different
        currencies, the Finance Party may convert either obligation at a market
        rate of exchange in its usual course of business for the purpose of the
        set-off.

    
	  
	
      23.1.2

    	
      The Borrower may set off any matured obligation
        owed to it by the Head Lessee under the Transaction Documents (to the
        extent beneficially owned by the Borrower) against any obligation (whether
        or not matured) owed by the Borrower to the Head Lessee, regardless of
        the place of payment, booking branch or currency of either obligation.
        If the obligations are in different currencies, the Borrower may convert
        either obligation at a market rate of exchange for the purpose of the
        set-off.

    
	  
	
      23.1.3

    	
      Subject to Clause 23.1.2 above, all payments to
        be made by the Borrower or the Head Lessee under any Transaction Document
        shall be calculated and made without (and free and clear of any deduction
        for) set-off or counterclaim.

    
	  
	
      24

    	
      Severability

      If a term of a Transaction Document is or becomes illegal, invalid or
        unenforceable in any jurisdiction, to the extent enforceable under the
        relevant governing law that will not affect:

    
	  
	  	 (a)	 the legality, validity or enforceability in that jurisdiction
      of any other term of that Transaction Document; or
	  
	  	 (b)	 the legality, validity or enforceability in other jurisdictions
      of that or any other term of that Transaction Document.
	  	  	  

	
	
      

      Page 95

 Exhibit 4.16

			
	 25	 Miscellaneous
	 	 
	 25.1	 Several obligations and rights
	 	 
	  	 Unless otherwise agreed by all the Finance Parties:
	 	 	 
	  	 (a)	 the obligations of a Finance Party under the Transaction Documents
      are several;
	 	 	 
	  	 (b)	 failure by a Finance Party to perform its obligations under
      the Transaction Documents does not affect the obligations of any other Finance
        Party under the Transaction Documents;
	 	
       

    
	  	 (c)	 no Finance Party is responsible for the obligations of any
      other Finance Party under the Transaction Documents;
	  	  	  
	  	 (d)	 the rights of a Finance Party under the Transaction Documents
      are separate and independent rights;
	  	  	  
	  	 (e)	 a Finance Party may, except as otherwise stated in any other
      Transaction Document, separately enforce those rights; and
	  	  	  
	  	 (f)	 a debt arising under the Transaction Documents to a Finance
      Party is a separate and independent debt.
	  	  	  
	
      25.2

    	
      Perpetuity period

      The perpetuity period under the rule against perpetuities (if applicable
        to any Transaction Document) shall be the period of eighty (80) years
        from the date of this Agreement.

    
	 	 
	
      25.3

    	
      Further assurance

      Each Party agrees that it will from time to time do and perform such
        other and further acts and execute and deliver such further documents
        to establish, maintain and protect the rights and remedies of the Parties
        and to carry out the intent and purpose of the Transaction Documents including
        taking such actions and executing such additional documentation as the
        Security Trustee or the ECA Facility Agent may require to perfect any
        or all of the Security Interests granted to the Security Trustee by the
        Security Documents.

    
	 	 
	
      25.4

    	
      Tax affairs

      No term of the Transaction Documents will, unless expressly provided:

    
	 	 	 
	  	 (a)	 interfere with the right of any Relevant Party to arrange
      its affairs (Tax or otherwise) in whatever manner it thinks fit;
	  	  	  
	  	 (b)	 oblige any Relevant Party to investigate or claim any credit,
      relief, remission or repayment available to it in respect of Tax or
        the extent, order and merit of any claim; or
	 	
       

    
	  	 (c)	 oblige any Relevant Party to disclose any information relating
      to its affairs (Tax or otherwise) or any computation in respect of Tax.
	  	  	  
	
      25.5

    	
      No partnership

      Nothing in a Transaction Document or in any of the arrangements contemplated
        by it shall be taken to constitute a partnership between any of the Parties.

    

	
	
      

      Page 96

    

 Exhibit 4.16

			
	
      26

      26.1

      26.1.1

    	
      Aircraft matters

      Substitution of Aircraft

      Subject to no Default having occurred and being continuing, if a Total
        Loss occurs or it is proposed that a Final Disposition be made in respect
        of the Aircraft, the Head Lessee may, by notice to the ECA Facility Agent,
        request permission to substitute for the Aircraft another Airbus aircraft
        (the Replacement Aircraft) within one hundred and eighty days of
        the Total Loss or Final Disposition, provided that the Head Lessee has
        provided to the Security Trustee a cash deposit (or other collateral approved
        by the Security Trustee) equal to one hundred and twenty per cent (120%)
        of the outstanding ECA Loans, it being understood that any Total Loss
        Proceeds held in a suspense account in accordance with Clause 26.1.2 will
        constitute part of such cash deposit. The notice shall provide details
        of the age from delivery by the Manufacturer of the proposed Replacement
        Aircraft. The ECA Administrative Parties shall consider any such request
        in good faith, in accordance with the then current practice of the Export
        Credit Agencies in relation to the substitution of aircraft, and shall
        inform the Head Lessee within 21 Business Days of the receipt of such
        notice as to whether the proposed substitution has been approved and,
        if approved, the terms upon which such Replacement Aircraft shall be substituted
        for the Aircraft. The Parties acknowledge that the current practice of
        the Export Credit Agencies is that Export Credit Agency-supported Airbus
        aircraft may only be substituted in Export Credit Agency supported facilities
        by Airbus aircraft of the same age or younger, of the same type or in
        the same family of aircraft as the Aircraft and which have an equal or
        greater market value (as determined by a valuation agency approved by
        the Export Credit Agencies) than the market value (as determined by the
        same valuation agency) of the Aircraft for which it is substituted at
        the time immediately before the Aircraft suffered a Total Loss or, as
        the case may be, of the Final Disposition, in each case taking into account
        overalls, maintenance of the airframe and the value of the engines.

    
	  
	
      26.1.2

    	
      If the Aircraft has suffered a Total Loss and,
        following a request by the Head Lessee for its substitution in accordance
        with Clause 26.1.1 and if the Total Loss Proceeds have been paid to the
        Security Trustee in accordance with the provisions of clause 7.2 (Mandatory
        prepayment – Total Loss) of the ECA Loan Agreement:

    
	  
	  	 (a)	 prior to the ECA Administrative Parties informing the Head
      Lessee of their decision as to such substitution; or
	  	  	  
	  
	  	 (b)	 if the ECA Administrative Parties have approved the substitution
      of the Aircraft, prior to the actual substitution of the Aircraft by a Replacement
      Aircraft,
	  	  	  
	  
	 	
      then the Total Loss Proceeds shall be held by
        the Security Trustee in a suspense account pending completion of the substitution
        (and assuming, in the case of Clause 26.1.2(a)), that the substitution
        will be approved by the ECA Administrative Parties). If the Aircraft is
        then substituted by the Replacement Aircraft in accordance with the approval
        and terms given or specified pursuant to Clause 26.1.1, the Total Loss
        Proceeds (together with accrued interest thereon at the rate agreed between
        the ECA Facility Agent and the Head Lessee) in respect of the Aircraft
        shall be returned to the Head Lessee, provided that no Default has occurred
        and is continuing, in which case the Total Loss Proceeds shall be applied
        in accordance with clause 5 (Application of moneys) of the Proceeds Agreement.

    
	  
	
      26.2

      27

    	
      [Intentionally left blank]

      Waivers and remedies cumulative

      The rights of each Finance Party under this Agreement:

    
	  
	  	 (a)	 may be exercised as often as necessary;
	  
	  	 (b)	 are cumulative and not exclusive of its rights under the
      general law; and
	  
	  	 (c)	 may be waived only in writing and specifically.

	
	
      

      Page 97

Exhibit 4.16 

				
	 	
      Delay in exercising or non-exercise of any right
  is not a waiver of that right.

    
	 	 
	
      28

      28.1

      28.1.1

    	
      Notices

      In writing

      Any communication in connection with the Transaction Documents shall
        be in writing and, unless otherwise stated, may be given in person, by
        post or fax.

    
	 	 
	
      28.1.2

    	
      Unless it is agreed to the contrary, any consent
        or agreement required under the Transaction Documents shall be given in
        writing.

    
	 	 
	
      28.2

      28.2.1

    	
      Contact details

      Except as provided below, the contact details of each Party for all communications
        in connection with the Transaction Documents are those notified by that
        Party for this purpose to the ECA Facility Agent and the Head Lessee on
        or before the date it becomes a Party.

    
	 	 
	
      28.2.2

    	
      The contact details of the Parties (other than
        the ECA Lenders) for this purpose are as follows:

    
	 	 	 	 
	  	 (a)	 Borrower:	  
	 	 	 	 
	  	  	 Address:	 5 Harbourmaster Place  
	 	 	 	International Financial Services Centre 
	 	 	 	Dublin
        1
	 	 	 	Ireland
	 	 	 	 
	  	  	 Fax number:	 +353 1 680 6050
	  	  	 Attention:	 The Directors
	 	
       

    
	 	 	copied to the Head Lessee (if such notice is from
        a Finance Party) or the ECA Facility Agent (if such notice is from the
        Head Lessee or any other Finance Party).
	 	 	 
	  	 (b)	 Head Lessee and Servicing Agent:
	 	 	 	 
	 	 	Address:	3 George's Dock
	  	  	  	IFSC 

      Dublin 1 

      Ireland 
	 	 	 	 
	  	  	 Fax number:	 +353 1 656 1001
	  	  	 Attention:	 Chief Counsel
	 	 	 
	  	 (c)	 ECA Facility Agent:
	 	 	 	 
	  	  	 Address:	 135 Bishopsgate
	  	  	  	 London EC2M 3UR
	 	 	 	 
	  	  	 Fax number:	 +44 20 7678 8727
	  	  	 Attention:	 Agency section
	 	 	 
	  	 (d)	 Security Trustee:
	 	 	 	 
	  	  	 Address:	 135 Bishopsgate
	  	  	  	 London EC2M 3UR
	 	 	 	 
	  	  	 Fax number:	 +44 20 7678 8727
	  	  	 Attention:	 Agency section

	
	
      

      Page 98

    

 Exhibit 4.16

				
	  	 (e)	 Guarantor:	  
	 	 	 	 
	  	  	 Address:	 CIT Group Inc.
	 	 	 	505 Fifth Avenue 

      New York 

      New York 10017 

      United
        States of America
	 	 	 	 
	  	  	 Fax number:	 +1 212 771 9520
	  	  	 Attention:	 General Counsel
	 	 	 
	  	 (f)	 Any Party may change its contact details by giving
      five (5) Business Days' notice to the ECA Facility Agent or (in the case of the
        ECA Facility Agent) to the other Parties. On receipt of such notice, the
        ECA Facility Agent shall notify the Borrower and the Head Lessee.
	 	
       

    
	  	 (g)	 Where a Party nominates a particular department
      or officer to receive a communication, a communication will not be effective
        if it fails to specify that department or officer.
	 	
       

    
	
      28.3

      28.3.1

    	
      Effectiveness

      Except as provided below, any communication in connection with a Transaction
        Document will be deemed to be given as follows:

    
	 	 	 
	  	 (a)	 if delivered in person, at the time of delivery;
	 	 	 
	  	 (b)	 if posted, five (5) days after being deposited in
      the post, postage prepaid, in a correctly addressed envelope; and
	 	 	 
	  	 (c)	 if by fax, when received in legible form.
	 	 
	
      28.3.2

    	
      A communication given under Clause 28.3.1 above
        but received on a non-working day or after business hours in the place
        of receipt will only be deemed to be given on the next working day in
        that place.

    
	 	 
	
      28.3.3

      28.4

    	
      A communication to an ECA Administrative Party
        will only be effective on actual receipt by it.

      Communications via the ECA Facility Agent

      All formal communications under a Transaction Document to or from (a)
        the Borrower or the Head Lessee or (b) the Finance Parties shall be sent
        through the ECA Facility Agent.

    
	 	 
	
      28.5

    	
      Notice period

      Where any Transaction Document specifies a minimum period of notice to
        be given to any Party, that Party may, at its discretion, accept a shorter
        notice period.

    
	 	 
	
      29

    	
      Counterparts

      As between the Parties, the Transaction Documents may, to the extent
        permitted under any Applicable Law binding on it, be executed in any number
        of counterparts. This has the same effect as if the signatures on the
        counterparts were on a single copy of such Transaction Documents.

    
	 	 
	
      30

      30.1.1 

      30.1.2

    	
      Language

      Any notice given in connection with the Transaction Documents shall be
        in English. 

      Any other document provided in connection with the Transaction
        Documents shall be:

    

	
	
      

      Page 99

 Exhibit 4.16

			
	  	 (a)	 in English; or
	  
	  	 (b)	 (unless the ECA Facility Agent otherwise agrees) accompanied
      by a certified English translation. In this case, the English translation
        prevails unless the document is a statutory or other official document.
	  
	
      31

    	
      Governing law

      Each Transaction Document, and any non-contractual obligations arising
        from or connected with it, is governed by English law unless otherwise
        provided therein.

    
	  
	
      32

      32.1

      32.1.1

    	
      Dispute resolution

      Jurisdiction

      Subject to Clauses 32.1.2 and 32.2 (Claims under the Cape Town Convention),
        the Guarantor, the Borrower, the Head Lessee and the Finance Parties each
        agrees that the English courts are to have jurisdiction to settle any
        dispute arising out of or in connection with the Transaction Documents,
        including any question relating to a non-contractual obligation or regarding
        the existence, validity or termination of the Transaction Documents or
        any one of them (a Dispute) and each submits itself and its property
        to the jurisdiction of the English courts with respect to Disputes.

    
	  
	
      32.1.2

    	
      Nothing in this Clause 32.1 (Jurisdiction) limits
        the rights of the Finance Parties to bring proceedings to the extent allowed
        by Applicable Law against the Guarantor, the Head Lessee or the Borrower
        or the rights of the Guarantor, the Head Lessee or the Borrower to bring
        proceedings to the extent allowed by Applicable Law in each case arising
        out of or in connection with the Transaction Documents:

    
	  
	  	 (a)	 in any court of competent jurisdiction; or
	  
	  	 (b)	 concurrently in more than one jurisdiction.
	  
	
      32.1.3

    	
      Each of the Guarantor and the Head Lessee (for
        the benefit of the Relevant Parties) and the Borrower (for the benefit
        of the Finance Parties):

    
	  
	  	 (a)	 waives to the fullest extent permitted by law any objection
      which it may now or hereafter have to the English courts on grounds
        of inconvenient forum or otherwise as regards proceedings arising out
        of or in connection with the Transaction Documents; and
	 	
       

    
	  	 (b)	 agrees that a judgment or order of any of the English courts
      arising out of or in connection with the Transaction Documents is conclusive
        and binding on it and may be enforced against it in the English courts
        or the courts of any other jurisdiction.
	  
	
      32.1.4

    	
      For the benefit only of the other Indemnitees
        (other than the Borrower), each of the Finance Parties:

    
	  
	  	 (a)	 waives to the fullest extent permitted by law any objection
      which it now or hereafter may have to the English courts on the grounds
        of inconvenient forum or otherwise as regards proceedings in respect of
        a Dispute between the Finance Parties or any of them; and
	 	
       

    
	  	 (b)	 agrees that a judgment or order of any of the English courts
      relating to proceedings in respect of a Dispute between the Finance Parties
        is conclusive and binding and may be enforced in the English courts or
        the courts of any other jurisdiction.
	 	
       

    

	
	
      

      Page 100

    

 Exhibit 4.16

			
	 32.1.5	 Without prejudice to any other mode of service:
	  
	  	 (a)	 the Head Lessee irrevocably appoints CIT Capital Aviation
      (UK) Limited, currently of Peninsular House, 30-36 Monument Street, London
        EC3R 8LJ, United Kingdom, as its agent for service of process relating
        to any proceedings before the English courts arising out of or in connection
        with the Transaction Documents and agrees to maintain the process agent
        in England notified to the Finance Parties;
	  
	  	 (b)	 the Guarantor irrevocably appoints CIT Capital Aviation (UK)
      Limited, currently of Peninsular House, 30-36 Monument Street, London
        EC3R 8LJ, United Kingdom, as its agent for service of process relating
        to any proceedings before the English courts arising out of or in connection
        with the Transaction Documents and agrees to maintain the process agent
        in England notified to the Finance Parties; and
	 	
       

    
	  	 (c)	 the Borrower irrevocably appoints Law Debenture Corporate
      Services Limited, currently of Fifth Floor, 100 Wood Street, London
        EC2V 7EX, as its agent for service of process relating to any proceedings
        before the English courts arising out of or in connection with the Transaction
        Documents and agrees to maintain the process agent in England notified
        to the Finance Parties.
	 	
       

    
	
      32.1.6

    	
      If either of the persons appointed as process
        agent under Clause 32.1.5 is unable for any reason to act as agent for
        service of process, the Guarantor, the Head Lessee or the Borrower (as
        the case may be) must immediately appoint another agent on terms acceptable
        to the ECA Facility Agent. Failing this, the ECA Facility Agent may appoint
        another agent for this purpose.

    
	  
	
      32.1.7

    	
      The Guarantor, the Head Lessee and the Borrower
        agree that failure by a process agent to notify it of any process will
        not invalidate the relevant proceedings.

    
	  
	
      32.1.8

      32.2

      32.2.1

    	
      Nothing in this Clause 32 will affect or invalidate
        any other method of service allowed by law.

      Claims under the Cape Town Convention

      Subject to Clause 32.2.2, the courts of the Republic of Ireland shall
        have non-exclusive jurisdiction to settle any claim in relation to the
        Aircraft and/or the Transaction Documents brought by the Finance Parties
        or the Borrower under the Cape Town Convention until such time as the
        Cape Town Convention comes into force in the United Kingdom after which
        the English courts shall have such non-exclusive jurisdiction.

    
	  
	
      32.2.2

    	
      The courts of the Republic of Ireland or any other
        court with jurisdiction under Article 55 of the Cape Town Convention shall
        have jurisdiction to grant relief under Article 20 of the Cape Town Convention
        until such time as the Cape Town Convention comes into force in the United
        Kingdom after which the English courts or any other court with jurisdiction
        under Article 55 of the Cape Town Convention shall have such non-exclusive
        jurisdiction.

    
	  
	
      33

    	
      Non-petitioning

      Each of the Parties (other than the Primary Lenders) hereby agrees that
        it will not institute against, or join any other person in instituting
        against, any Primary Lender any bankruptcy, reorganisation, arrangement,
        insolvency or liquidation proceedings, or any other proceeding under any
        federal or state bankruptcy or similar law, so long as any commercial
        paper issued by such Primary Lender shall be outstanding or there shall
        not have elapsed one (1) year plus one (1) day since the last day on which
        any such commercial paper shall have been outstanding.

    

This Agreement has been executed as a deed
  by the Guarantor and under hand by the other Parties and delivered on the date
  stated at the beginning of this Agreement.

	
	
      

      Page 101

 

 Exhibit 4.16

 Schedule 1 - Request and Confirmation Part 1
  - Form of Request

		
	To: 	The Royal Bank of Scotland N.V., London branch
        as ECA Facility Agent
	 	 
	
      From: 

      Date:

    	
       [Borrower] and [Head Lessee] 

      **                    

    

 [Borrower] – All Parties
  Agreement (the Agreement) in relation to the ECA Loan Agreement and the Head
  Lease each dated **                              in respect of one (1) Airbus
  A**                    aircraft with manufacturer's serial number
  **                    (the Aircraft)

							
	 1	 We refer to the Agreement. This is a Request. 
	 	 
	 2	 Terms defined in the Agreement shall have the same
      meaning when used in this Request.
	 	 
	 3	 The Head Lessee confirms that:   
	 	 	 
	  	 (a)	 the Expected Delivery Date for the Aircraft is **                    ; 
	 	 	 
	  	 (b)	 the Aircraft Price is **                    ;   
	 	 	 
	  	 (c)	 [the invoice amount of the Buyer Furnished Equipment
      as set in the BFE Invoice is [**                    .] and the BFE Portion is [**                     ]
	 	 	 
	  	  	    
	 	 
	 4	 The Borrower wishes to borrow the ECA Loans on the
      terms and conditions of the ECA Loan Agreement on the following basis: 
	 	 
	  	 (a)	 Expected Delivery Date:               **                      . 
	 	 	 
	  	 (b)	 Amount:   
	 	 	 	 
	  	  	 (i)	 an amount of **                    partially to finance the acquisition of the Aircraft 

      from the Manufacturer[;  
	  	  	  	    
	  	  	 (ii)	 [an amount of **                    to pay in full [specify the relevant ECA Premia]

      due under the Agreement;]
      
	 	 	 	 
	  	  	 (iii)	 [an amount of **                    to reimburse the Head Lessee for [specify the 

      relevant ECA Premia],

            
	  	  	  	    
	 	being in total **                    ].

	 	 
	 5	 Our payment instructions are as follows:  
	 	 	 
	  	 (a)	 in respect of the amount requested to finance the
      acquisition of the Aircraft from the Manufacturer, to pay such amount to [such account
      of the Manufacturer as the Head Lessee separately notifies you;][the following account:
	  	  	  
	  	  	 [insert account details] and   

	
	
      

      Page 102

    

 Exhibit 4.16

				
	  	 (b)	 in respect of the amount requested to pay the Coface
      Premium, the Euler Hermes Premium and the ECGD Premium, to pay such amount
      to:
	  
	  	  	 (i)	 such account as each of Coface, Euler Hermes and ECGD separately
      notifies to the French National Agent, the German National
        Agent and the British National Agent, respectively; or
	 	
       

    
	  	  	 (ii)	 if the ECA Lenders have paid the Coface Premium, the Euler
      Hermes Premium and the ECGD Premium to the respective
        Export Credit Agencies prior to the drawdown date, to the ECA Facility
        Agent for further payment to the Original ECA Lenders.
	  
	
      6

    	
      We confirm that the amounts requested in paragraph
        4(b) above shall be utilised as the French Loan, the German Loan and the
        British Loan under and for the purpose of the Agreement in the respective
        amounts as set out in the Confirmation of Request to be provided by the
        ECA Facility Agent.

    
	  
	
      7

    	
      The Borrower confirms that, at the date of this
        Request, the representations set out in Clause 5 (Borrower representations)
        of the Agreement are true and correct and will be so at the Expected Delivery
        Date and no ECA Default or Mandatory Prepayment Event has occurred or
        would result from the proposed ECA Loan being made.

    
	  
	
      8

    	
      The Head Lessee confirms that, at the date of
        this Request, the representations set out in clause 3 (Head Lessee representations)
        of the Agreement are true and correct and will be so on the proposed Delivery
        Date and no Head Lease Default has occurred or would result from the proposed
        Delivery.

    

 By:

  

  On behalf of

  [Borrower]

  

  By:

  

  On behalf of

  [Head Lessee]

	
	
      

      Page 103

 Exhibit 4.16

 Part 2 - Form of Confirmation of Request for
  ECA Loan

		
	
      To:

    	
      **                    as Borrower **                    as
        ECA Lenders

    
	 	 
	
      Copy:

      From: 

      Date:

    	
      CIT Aerospace International

      The Royal Bank of Scotland N.V., London branch as ECA Facility Agent
        

      **                    

    

 [Borrower] – ECA Loan
  Agreement dated **                    (the Agreement) in respect of
  one (1) Airbus A**                    aircraft with manufacturer's
  serial number **                    (the Aircraft)

						
	 1	 We refer to the Agreement. Terms defined in the
      All Parties Agreement (as defined in the
	 	 
	  	 Agreement) shall have the same meaning when used
      in this Confirmation.
	 	 
	 2	 On **                    we received a duly completed Request.
	 	 
	 3	 Pursuant to the Request, on **                    the following amounts shall be utilised under the
	  	 Agreement:
	 	 	 
	  	 (a)	 French Loan: [currency amount]
	 	 	 
	  	  	 [(of which **                    
      shall constitute the Coface Premium)];
	 	 	 
	  	 (b)	 German Loan: [currency amount]
	 	 	 
	  	  	 [(of which **                    
      shall constitute the Euler Hermes Premium)]; and
	 	 	 
	  	 (c)	 British Loan: [currency amount]
	 	 	 
	  	  	 [(of which **                    
      shall constitute the ECGD Premium)].
	 	 
	 4	 Each ECA Lender's Pro Rata Share in the ECA Loans
      is as follows:
	 	 	 
	  	 (a)	 **

 By:

  

  On behalf of

  The Royal Bank of Scotland N.V., London branch

  as ECA Facility Agent

	
	
      

      Page 104

    

 Exhibit 4.16

 Schedule 2 – Conditions

 Part 1 - Initial conditions precedent

			
	
      1

      1.1 

      1.2

    	
      Head Lessee and Servicing Agent corporate documents

      A Certified Copy of the constitutional documents of the Head Lessee and
        Servicing Agent. 

      A Certified Copy of a resolution of the board of directors
        of the Head Lessee and Servicing Agent:

    
	 	 	 
	  	 (a)	 approving the transactions contemplated by the Head Lessee
      Documents; and
	 	 	 
	  	 (b)	 authorising a person or persons to execute and deliver, on
      behalf of the Head Lessee, the Head Lessee Documents and, on behalf of the
        Servicing Agent, this Agreement and any notices or other documents to
        be given pursuant thereto.
	 	
       

    
	
      1.3

    	
      A Certified Copy of the power of attorney issued
        by or on behalf of the Head Lessee and Servicing Agent authorising the
        execution by the attorneys named therein of the Head Lessee Documents
        and specimen signatures of the attorneys.

    
	 	 
	
      1.4

    	
      Specimen signatures of the signatories of the
        Head Lessee and Servicing Agent, certified by an officer of the Head Lessee
        and Servicing Agent.

    
	 	 
	
      1.5

      2

      2.1 

      2.2

    	
      A copy of the Original Head Lease Financial Statements.

      Borrower corporate documents

      A Certified Copy of the constitutional documents of the Borrower. 

      A Certified
        Copy of a resolution of the board of directors of the Borrower:

    
	 	 	 
	  	 (a)	 approving the transactions contemplated by the Borrower Documents;
      and
	 	 	 
	  	 (b)	 authorising a person or persons to execute and deliver, on
      behalf of the Borrower, the Borrower Documents and any notices or other documents
        to be given pursuant thereto.
	 	
       

    
	
      2.3

    	
      A Certified Copy of the power of attorney issued
        by or on behalf of the Borrower authorising the execution by the attorneys
        named therein of the Borrower Documents and specimen signatures of the
        attorneys.

    
	 	 
	
      2.4

      3

      3.1 

      3.2

    	
      Specimen signatures of the signatories of the
        Borrower, certified by an officer of the Borrower.

      Guarantor corporate documents

      A Certified Copy of the constitutional documents of the Guarantor. 

      A
        Certified Copy of a resolution of the board of directors of the Guarantor:

    
	 	 	 
	  	 (a)	 approving the transactions contemplated by the Guarantor Documents;
      and
	 	 	 
	  	 (b)	 authorising a person or persons to execute and deliver, on
      behalf of the Guarantor, the Guarantor Documents and any notices or other
        documents to be given pursuant thereto.

	
	
      

      Page 105

 Exhibit 4.16

			
	
      3.3

    	
      Specimen signatures of the signatories of the
        Guarantor, certified by an officer of the Guarantor.

    
	 	 
	
      3.4

      4

      4.1 

      4.2

    	
      A copy of the Original Guarantor Financial Statements.

      Purchaser corporate documents

      A Certified Copy of the constitutional documents of the Purchaser. 

      A
        Certified Copy of a resolution of the board of directors of the Purchaser:

    
	 	 	 
	  	 (a)	 approving the transactions contemplated by the Purchaser Documents;
      and
	 	 	 
	  	 (b)	 authorising a person or persons to execute and deliver, on
      behalf of the Purchaser, the Purchaser Documents and any notices or other
        documents to be given pursuant thereto.
	 	
       

    
	
      4.3

    	
      Specimen signatures of the signatories of the
        Purchaser, certified by an officer of the Purchaser.

    
	 	 
	
      5

      5.1

    	
      Transaction Documents

      An original of each of the following Transaction Documents executed and
        delivered by the respective party or parties thereto:

    
	 	 	 
	  	 (a)	 this Agreement;
	 	 	 
	  	 (b)	 the Head Lease;
	 	 	 
	  	 (c)	 the ECA Loan Agreement;
	 	 	 
	  	 (d)	 the Borrower Security Assignment;
	 	 	 
	  	 (e)	 the Head Lessee Account Pledge;
	 	 	 
	  	 (f)	 the Borrower Account Pledge;
	 	 	 
	  	 (g)	 the Lease Security Assignment;
	 	 	 
	  	 (h)	 the Proceeds Agreement;
	 	 	 
	  	 (i)	 the Servicing Agreement;
	 	 	 
	  	 (j)	 the Share Charge;
	 	 	 
	  	 (k)	 the Management Agreement;
	 	 	 
	  	 (l)	 the Declaration of Trust;
	 	 	 
	  	 (m)	 the Collateral Deed; and
	 	 	 
	 	 	 
	  	 (n)	 the Fees Letters.
	 	 
	
      6

    	
      Miscellaneous

      Evidence that the Rental Account has been opened and that at least ten
        Dollars ($10) has been deposited in such account.

    

	
	
      

      Page 106

    

 Exhibit 4.16

 Part 2 - Delivery conditions precedent

		
	
      1

      1.1

    	
      Transaction documents

      An original of each Transaction Document (other than the Lease, the Engine
        Warranties Assignment and the Airframe Warranties Assignment) not mentioned
        in part 1 of this Schedule 2 executed and delivered by the respective
        Party or Parties thereto.

    
	 	 
	
      1.2

    	
      A Certified Copy from the Head Lessee of clauses
        [12 (Warranties and Service Life Policy) and 13 (Patent and Copyright
        Indemnity)] of the Aircraft Purchase Agreement.

    
	 	 
	
      1.3

    	
      A Certified Copy from the Head Lessee of clauses
        [ ] and [ ] (relevant warranties clauses) of and exhibits [ ] and
        [] of the Engine Contract.

    
	 	 
	
      1.4

      1.5 

      1.6

    	
      A Certified Copy from the Head Lessee of the Lease.

      The Confirmation of Request executed and delivered by the ECA Facility
        Agent. 

      A Certified Copy of the Airframe Warranties Assignment and the
        Engine Warranties Assignment.

    
	 	 
	
      1.7

      1.8

    	
      A copy of the Model Lease.

      Evidence that the Notice of Assignment has been served on the Lessee
        in accordance with Clause 4.2(e)(ii) of the Lease Security Assignment
        and on the Head Lessee in accordance with Clause 4.2(e)(ii) of the Borrower
        Security Assignment.

    
	 	 
	
      2

      2.1

    	
      Manufacturer documents

      Evidence from the Manufacturer of the Manufacturer's authority to sign
        the Transaction Documents to which it is a party.

    
	 	 
	
      3

      3.1 

      3.2

    	
      Title and acceptance documents

      An original of the Bill of Sale dated the Delivery Date and executed
        by the Manufacturer. 

      An original of the invoice issued in respect of the
        Aircraft by the Manufacturer in the name of the Borrower together with
        a certificate specifying the Aircraft Price.

    
	 	 
	
      3.3

    	
      [A Certified Copy of the BFE Bill of Sale executed
        by the [Head Lessee] [Purchaser] together with evidence it has paid the
        suppliers for the Buyer Furnished Equipment].

    
	 	 
	
      3.4

    	
      An original of the Technical Acceptance Certificate
        executed by the Borrower (or the Head Lessee on its behalf) in respect
        of the Aircraft addressed to the Manufacturer.

    
	 	 
	
      3.5

    	
      [A letter from the Manufacturer confirming that
        the Buyer Furnished Equipment has been installed on the Aircraft prior
        to the Delivery Date].

    
	 	 
	
      3.6

    	
      An original of the Acceptance Certificate.

    

	
	
      

      Page 107

 Exhibit 4.16

			
	
      3.7

    	
      Evidence that the nameplates have been affixed
        to the Aircraft in accordance with clause 7.5 (Nameplates) of the Head
        Lease.

    
	 	 
	
      3.8

      3.9

    	
      Confirmation from the Aviation Authority that
        the Aircraft is new.

      Evidence that any deed of priority required in respect of interests registered
        at the International Registry has been registered at the International
        Registry.

    
	 	 
	
      3.10

      4

      4.1

    	
      [An original of the BFE Indemnity Letter executed
        by the Manufacturer and the Borrower].

      Aircraft documents

      A Certified Copy from the Head Lessee of each of the following documents
        in relation to the Aircraft:

    
	 	 	 
	  	 (a)	 certificate of airworthiness issued by the Aviation Authority
      in respect of the Aircraft.
	 	 	 
	  	 (b)	 Maintenance Programme.
	 	 	 
	  	 (c)	 certificate of registration in respect of the Aircraft issued
      by the Aviation Authority to the extent applicable, in the name of the Borrower
        as owner of the Aircraft and lessor, the Head Lessee as lessee under the
        Head Lease and the Lessee as lessee under the Lease.
	 	
       

    
	  	 (d)	 current air operator's certificate issued by the Aviation
      Authority in respect of the Lessee.
	  	  	  
	  	 (e)	 airline operation licence, if any, issued to the Lessee by
      the Aviation Authority and referring to aircraft of the same type as the Aircraft.
	  	  	  
	
      4.2

      5

      5.1

    	
      A Certified Copy of the Export Certificate of
        Airworthiness (EASA Form 27) issued by EASA.

      Legal opinions

      A legal opinion addressed and in form and substance satisfactory to the
        Borrower, each Export Credit Agency, the ECA Facility Agent and the Security
        Trustee (on behalf of itself and each ECA Lender) from:

    
	 	 	 
	  	 (a)	 Denton Wilde Sapte LLP as to matters of English law;
	 	 	 
	  	 (b)	 Matheson Ormsby Prentice in respect of the Head Lessee;
	 	 	 
	  	 (c)	 A&L Goodbody in respect of the Borrower and as to matters
      of Irish law;
	 	 	 
	  	 (d)	 a legal opinion of in-house counsel to the Manufacturer;
	 	 	 
	  	 (e)	 a legal opinion of in-house counsel to the Engine Manufacturer
      or, if acceptable to the ECA Facility Agent, a certificate of incumbency from the Engine
      Manufacturer;
	 	 	 
	  	 (f)	 Vedder Price P.C. in respect of the Guarantor and the Purchaser
      and transfer of title to the Aircraft;
	  	  	  
	  	 (g)	 in-house counsel to the Guarantor in respect of the Guarantor
      and the Purchaser; and
	 	 	 
	  	 (h)	 legal counsel acceptable to the ECA Facility Agent as to matters
      of law in the State of Registration and, if different, the jurisdiction of incorporation
      of the Lessee.

	
	
      

      Page 108

    

 Exhibit 4.16

			
	
      5.2

      6

      6.1

      6.1.1

    	
      An insurance opinion from Willis in relation to
        the Insurances for the Aircraft.

      Registrations

      [[**                    ] registrations

      Evidence satisfactory to the Borrower and the ECA Facility Agent that
        the application for registration with the [relevant Aviation Authority]
        will be submitted to the [relevant Aviation Authority] on or immediately
        after the Delivery Date including:

      **                    ]

    
	  
	
      6.2

    	
      Evidence that:

    
	  
	  	 (a)	 all authorisations necessary for any matter or thing contemplated
      by the Transaction Documents and for the legality, validity, enforceability,
        admissibility in evidence and effectiveness of the Transaction Documents
        have been obtained or effected on an unconditional basis and remain in
        full force and effect (or, in the case of effecting of any registrations
        and filings, that arrangements satisfactory to the Borrower and the ECA
        Facility Agent have been made for the effecting of the same simultaneously
        with Delivery);
	 	
       

    
	  	 (b)	 all registration, notarial, consular and translation fees
      (if any) due and payable in any applicable jurisdiction in connection with any
        Transaction Document have been duly paid in full;
	  
	  	 (c)	 the Prospective International Interests to be created by the
      Head Lease, the Mortgage, the Borrower Security Assignment and
        the Lease Security Assignment have been duly registered at the International
        Registry with priorities satisfactory to the Security Trustee (by way
        of a deed of priority or otherwise); and
	 	
       

    
	  	 (d)	 there are no International Interests, Prospective International
      Interests, National Interests or Non-Consensual Rights or Interests
        registered at the International Registry in relation to the Aircraft except
        for those referred to in (c) above.
	  
	
      7

      7.1

    	
      Confirmations and approvals

      Any requisite approvals and undertakings of the competent authorities
        of the French Republic, the Federal Republic of Germany and the United
        Kingdom have been obtained and that the ECA Support Arrangements have
        been given in terms satisfactory to the respective National Agents and
        are in full force and effect (subject if applicable to the payment of
        any Fees or premia referred to in paragraph 4 of part 3 of this Schedule
        2).

    
	  
	
      7.2

    	
      Such other documents as the ECA Facility Agent
        or its counsel may reasonably request in connection with the transactions
        contemplated by the Transaction Documents.

    
	  
	
      8

      8.1

    	
      Insurance documents

      A Certified Copy of a certificate or certificates of insurance from the
        Lessee's insurer or insurance broker evidencing the Insurances to be maintained
        pursuant to and in accordance with clause 11 (Insurances) of the Head
        Lease to be in full force and effect.

    
	  
	
      8.2

    	
      A Certified Copy of a certificate or certificates
        of reinsurance from the Lessee's insurer's reinsurer or reinsurance broker
        evidencing the reinsurances to be maintained pursuant to and in accordance
        with clause 11 (Insurances) of the Head Lease to be in full force and
        effect.

    
	  
	
      8.3

    	
      A Certified Copy of a letter of undertaking from
        the Lessee's primary insurance broker and reinsurance broker in a form
        acceptable to the ECA Facility Agents as referred to in clause 11.9(c)
        (Information) of the Head Lease.

    

	
	
      

      Page 109

 Exhibit 4.16

		
	
      8.4

    	
      [Evidence that a cut through clause in a form
        acceptable to the ECA Facility Agent has been endorsed on the relevant
        reinsurance certificate].

    
	  
	
      9

      9.1

    	
      Miscellaneous

      Confirmation from the ECA Facility Agent, the Borrower and the Head Lessee
        that all their respective conditions precedent (other than this condition
        precedent) under the Transaction Documents have been fulfilled to their
        respective satisfaction or waived or deferred in accordance with the Transaction
        Documents.

    
	  
	
      9.2

    	
      A solvency certificate of a director of the Head
        Lessee dated the Delivery Date, in the agreed form.

    
	  
	
      9.3

    	
      Confirmation from the ECA Facility Agent or the
        Manufacturer that the Head Lessee has irrevocably paid in full the Initial
        Rent to or on behalf of the Borrower or the Manufacturer.

    
	  
	
      9.4

    	
      Evidence that any process agent referred to in
        any Transaction Document has been appointed and accepted its appointment.

    

 [others as required following advice from local
  counsel]

	
	
      

      Page 110

    

 Exhibit 4.16

 Part 3 - General conditions precedent

			
	
      1

    	
      No Default is continuing or would result from
        the advance of the ECA Loans or from the Delivery.

    
	  
	
      2

    	
      No Mandatory Prepayment Event (including any Illegality
        Event) has occurred or would occur upon the advance of the ECA Loans.

    
	  	 	 
	
      3

    	
      No event or circumstance has arisen since the
        date of, in the case of the Head Lessee, the Original Head Lessee Financial
        Statements or, in the case of the Guarantor, the Original Guarantor Financial
        Statements which would have a material adverse effect on:

    
	  	 	 
	
      

    	
      (a)

    	
      the business, assets, liabilities, prospects or financial
      condition of the Head Lessee or the Guarantor, as the case may be;

    
	
      

    	 	 
	
      

    	
      (b)

    	
      the ability of the Head Lessee or the Guarantor, as the case
      may be, to perform its obligations under the Transaction Documents and the Other
      Transaction Documents;

    
	
      

    	 	 
	
      

    	
      (c)

    	
      any right or remedy of any Relevant Party in respect of the
      Transaction Documents or the Other Transaction Documents; or

    
	
      

    	 	 
	
      

    	
      (d)

    	
      any interest of any Relevant Party in respect of the Aircraft.

    
	  	 	 
	
      4

    	
      The Fees payable under the Fees Letters and the
        ECA Premia payable to the Export Credit Agencies on or prior to the Delivery
        Date have been received in full or the ECA Lenders are satisfied that
        such Fees or ECA Premia will be received in full on the Delivery Date.

    
	  
	
      5

    	
      Each of the representations in Clause 3 (Head
        Lessee representations) and Clause 4 (Guarantor representations) of this Agreement is true and accurate in
        all respects by reference to the facts and circumstances then existing.

    
	  
	
      6

    	
      If a substitute schedule 2 is applicable under
        clause 6.2 (Substitute schedules) of the ECA Loan Agreement, the Head
        Lessee and the Borrower have agreed in writing to the substitute schedule
        2.

    
	  
	
      7

    	
      The Aircraft has not suffered a Total Loss (or
        any event which, with the lapse of time would constitute a Total Loss)
        nor any damage, the cost of which to repair (in the opinion of the Relevant
        Agent) exceeds the Damage Notification Threshold.

    
	  
	
      8

    	
      If a First Trigger Event has occurred and is continuing,
        the ECA Lenders are permitted to advance the ECA Loan in accordance with
        Clause 10.1.1.

    
	  
	
      9

      10

    	
      No Cancellation Notice shall have been served
        and still be in effect.

      The Head Lessee shall have complied with all of its obligations under
        the Collateral Deed for which the date for compliance falls on or before
        the Delivery Date.

    

	
	
      

      Page 111

 Exhibit 4.16

 Part 4 - Head Lessee conditions precedent

	 1      	
      A copy of each Transaction Document duly
        executed by each of the parties thereto.

    
	 

 [others]

	
	
      

      Page 112

    

 Exhibit 4.16

 Part 5 – Conditions subsequent

			
	 1	 Either:	  
	  
	  	 (a)	 evidence satisfactory to the ECA Facility Agent that at the
      time the Original Mortgage came into effect the Aircraft was in England or
      in English airspace; or
	  
	  	 (b)	 a legal opinion from counsel approved by the ECA Facility
      Agent as to the recognition and enforcement of the Original Mortgage in relation
        to the Aircraft under the relevant conflicts of law rules together with
        evidence that the Aircraft (including the Engines) was located in the
        jurisdiction in which the opinion from counsel referred to above is obtained
        at the time the Original Mortgage came into effect.
	  
	
      2

    	
      Evidence that, following creation of the Original
        Mortgage, the Notice of Charge executed by all the parties thereto has
        been served on the Lessee in accordance with the notices provision of
        the Lease.

    

	
	
      

      Page 113

 Exhibit 4.16

 Schedule 3 - Form of Transfer Certificate for
  Lenders

			
	 To:	 The Royal Bank of Scotland N.V., London branch as
      ECA Facility Agent

      **                    as Security Trustee 
	  
	 From:	 [THE EXISTING LENDER] (the Existing Lender)
      and [THE NEW LENDER] (the New Lender)
	  
	 Date:	 **                    	  

 [BORROWER] – [CURRENCY] [AMOUNT] ECA Loan
  Agreement dated **                    (the Loan Agreement) relating
  to one (1) Airbus A**                    aircraft with manufacturer's
  serial number **                    (the Aircraft)

 All Parties Agreement dated **                    between
  **                    (the All Parties Agreement)

			
	
      1

    	
      We refer to the Loan Agreement and the All Parties
        Agreement (the Agreements). This is a Transfer Certificate. Terms
        defined in the All Parties Agreement shall have the same meanings when
        used in this Transfer Certificate.

    
	  
	
      2

    	
      The Existing Lender transfers by novation to the
        New Lender the Existing Lender's rights and obligations referred to in
        the Schedule below in accordance with the terms of the Agreements.

    
	  
	 3	 The proposed Transfer Date is **                    	 .
	  
	
      4

    	
      The administrative details of the New Lender for
        the purposes of the Transaction Documents are set out in the Schedule
        below.

    
	  
	
      5

    	
      The New Lender confirms to the ECA Facility Agent
        and the Security Trustee on behalf of all parties to the All Parties Agreement
        and the Proceeds Agreement defined therein that it agrees to be bound
        by the terms of each of the Transaction Documents and confirms its appointment
        of each ECA Administrative Party in accordance with the All Parties Agreement
        and the Proceeds Agreement.

    
	  
	
      6

    	
      The New Lender expressly acknowledges the contents
        of clause 2.25 of the Proceeds Agreement.

    
	  
	
      7

    	
      This Transfer Certificate is intended to be and
        is executed as a deed and is governed by English law and may be executed
        in counterparts.

    

 Note: It is the responsibility of each individual
  New Lender to ascertain whether any other document or formality is required
  to perfect the transfer contemplated by this Transfer Certificate, including
  any interest in Security.

	
	
      

      Page 114

    

 Exhibit 4.16

 The Schedule

 Rights and obligations to be transferred by novation

 [insert relevant details, including applicable Commitment
  (or part)]

 Administrative details of the New Lender

 [insert details of Facility Office, address for
  notices and payment details etc.]

				
	 [Existing lender]	 	 [New Lender]	  
	  
	 Executed as a Deed	)           	 Executed as a Deed	 )
	 by **                    	)           	 by **                    	 )
	 acting by	)           	 acting by	 )
	 and	)           	 and	 )
	 acting under the authority of	)           	 acting under the authority of	 )
	 that Company in the presence of           	)                                 	 that Company in the presence of           	 )
	  
	Witness Signature: 	 	 Witness Signature:	  
	  	 	  	  
	Name: 	 	 Name:	  
	  	 	  	  
	Address: 	 	 Address:	  
	  	 	  	  

 The Transfer Date is confirmed by the ECA Facility
  Agent as **                    .

 The Royal Bank of Scotland N.V., London Branch

  as ECA Facility Agent

 By:

	
	
      

      Page 115

 Exhibit 4.16

 Schedule 4 - Form of Accession Deed for ECA Administrative
  Parties

		
	 To:	 [Security Trustee][ECA Facility Agent] as [Security
      Trustee][[ECA Facility Agent] on behalf of itself and [the relevant Parties]
	  
	
      From: 

      Date:

    	
      [PROPOSED NEW PARTY] 

      **                    

    

 [BORROWER] – All Parties Agreement dated
  **                    (the Agreement) relating to one (1) Airbus A**                    aircraft
  with manufacturer's serial number **                    (the Aircraft)

 We refer to the Agreement. This deed is an Accession
  Agreement. Terms defined in the Agreement have the same meanings when used herein.

 We [name of new party] of [address/registered
  office] agree to be the **                    under the Transaction
  Documents and to be bound by the terms of the Transaction Documents as the **                    .

 Our contact details are as follows:

 **                    .

 This Agreement is intended to be and is executed
  as a deed and is governed by English law.

	 EXECUTED as a DEED	
      )

    
	 by [PROPOSED NEW PARTY]	
      )

    
	 acting by	
      )

    
	 and	
      )

    
	 acting under the authority of	
      )

    
	 that Company in the presence of:	
      )

    

		
	  
	  
	  
	 Witness Signature: 	 
	  	
      

       
	  
	 Name:	  
	  	
      

       
	  
	 Address:	  
	  	
      

       

	
	
      

      Page 116

    

 Exhibit 4.16

 Schedule 5 - Form of Irrevocable De-Registration
  and Export Request Authorisation

 [insert date]

		
	 To:	 [Insert name of Registry Authority] 
	 	 
	 Re:	 Irrevocable De-Registration and Export Request Authorisation

				
	
      1

    	
      The undersigned is the registered [operator] [owner]
        of the Airbus A** aircraft bearing manufacturer's
        serial number ** and registration ** (together
        with all installed, incorporated or attached accessories, parts and equipment
        the Aircraft).

    
	  
	
      2

    	
      This instrument is an irrevocable de-registration
        and export request authorisation issued by the undersigned in favour of
        The Royal Bank of Scotland N.V., London branch, in its capacity as security
        trustee (the Authorised Party) under the authority of Article 25
        of the Consolidated Text of the Convention on International Interests
        in Mobile Equipment and the Protocol to the Convention on International
        Interests in Mobile Equipment on Matters specific to Aircraft Equipment.
        In accordance with that Article, the undersigned hereby requests:

    
	  
	  	 (a)	 recognition that the authorised party or the person
      it certifies as its designee is the sole person entitled to:
	  	  	  
	  
	  	  	 (i)	
      procure the de-registration of the aircraft from the [insert
      name of aircraft register] maintained by the [insert name of registry
        authority] for the purposes of Chapter III of the Convention on International
        Civil Aviation, signed at Chicago, USA on 7 December 1944; and

    
	  
	  	  	 (ii)	
      procure the export and physical transfer of the aircraft
      from [insert name of country]; and

    
	  
	  	 (b)	 confirmation that the authorised party or the person
      it certifies as its designee may take the action specified in paragraph (a) above
        on written demand without the consent of the undersigned and that, upon
        such demand, the authorities in [insert name of country] shall co-operate
        with the authorised party with a view to the speedy completion of such
        action.
	  
	
      3

    	
      The rights in favour of the authorised party established
        by this instrument may not be revoked by the undersigned without the written
        consent of the authorised party.

    

 Please acknowledge your agreement to this request
  and its terms by appropriate notation in the space provided below and by lodging
  this instrument in [insert name of registry authority].

	
	
      

      Page 117

  

 Exhibit 4.16

   

			
	 	 [insert name of operator/owner]	  
	  
	 	 Agreed to and lodged this	 By: [insert name of signatory]
	 	 	 
	 	 [insert date]	 Its: [insert title of signatory]

	
	
      

      Page 118

    

 Exhibit 4.16

 Schedule 6 – [Intentionally left blank]

	
	
      

      Page 119

 Exhibit 4.16

 Schedule 7 – Forms of Deregistration Powers
  of Attorney

  

  Part 1 – Form of Head Lessee Deregistration Power of Attorney

  

  [form to be included on an aircraft-by-aircraft basis]

	
	
      

      Page 120

    

 Exhibit 4.16

 Part 2 - Form of Owner Deregistration Power of
  Attorney

 [form to be included on an aircraft-by-aircraft
  basis]

	
	
      

      Page 121

 Exhibit 4.16

 Part 3 – [Form of Lessee Deregistration
  Power of Attorney]

 [form to be included on an aircraft-by-aircraft
  basis]

  

	
	
      

      Page 122

 

 Exhibit 4.16

		
	 The Head Lessee	  
	  
	 Signed by	 )
	 the duly authorised attorney of	 )
	 and for and on behalf of	 )
	 CIT Aerospace International	 )
	  
	  
	  
	  
	 The Borrower	  
	  
	 Signed by	 )
	 the duly authorised attorney of	 )
	 and for and on behalf of	 )
	 Jessica Leasing Limited	 )
	  
	  
	  
	  
	 The Guarantor	  
	  
	 Executed as a Deed on behalf of	 )
	 CIT Group Inc.	 )
	 and signed by	 )
	 being a person who in accordance	 )
	 with the law of the State of Delaware	 )
	 is acting under the authority	 )
	 of the company	 )
	  
	  
	  
	  
	 The Servicing Agent	  
	  
	 Signed by	 )
	 the duly authorised attorney of	 )
	 and for and on behalf of	 )
	 CIT Aerospace International	 )

 Exhibit 4.16

		
	 The Original French Lenders	  
	  
	  
	  
	 Primary French Lender	  
	  
	 Signed by	 )
	 acting by	 )
	 as Administrative Agent	 )
	 by	 )
	 acting under the authority of that	 )
	 company	 )
	  
	  
	  
	  
	 The Alternate French Lender	  
	  
	 Signed by	 )
	 authorised for	 )
	  	 )
	  
	  
	  
	  
	 The Original German Lenders	  
	  
	  
	  
	 Primary German Lender	  
	  
	 Signed by	 )
	 acting by	 )
	 as Administrative Agent	 )
	 by	 )
	 acting under the authority of that	 )
	 company	 )
	  
	  
	  
	  
	 The Alternate German Lender	  
	  
	 Signed by	 )
	 authorised for	 )
	  	 )

 Exhibit 4.16

		
	 The Original British Lenders	  
	  
	  
	  
	 Primary British Lender	  
	  
	 Signed by	 )
	 acting by	 )
	 as Administrative Agent	 )
	 by	 )
	 acting under the authority of that	 )
	 company	 )
	  
	  
	  
	  
	 The Alternate British Lender	  
	  
	 Signed by	 )
	 authorised for	 )
	  	 )
	  
	  
	  
	  
	 The French National Agent	  
	  
	 Signed by	 )
	 authorised for	 )
	  	 )
	  
	  
	  
	  
	 The German National Agent	  
	  
	 Signed by	 )
	 authorised for	 )
	  	 )
	  
	  
	  
	  
	 The British National Agent	  
	  
	 Signed by	 )
	 authorised for	 )
	  	 )
	  
	  
	  
	  
	 The Administrative Agent	  
	  
	 Signed by	 )
	 the duly authorised attorney of	 )
	 and for and on behalf of	 )
	  	 )

 Exhibit 4.16

		
	 The ECA Facility Agent	  
	  
	 Signed by	 )
	 authorised for	 )
	 The Royal Bank of Scotland N.V.,	 )
	 London branch	 )
	  
	  
	  
	  
	 The Security Trustee	  
	  
	 Signed by	 )
	 authorised for	 )
	 The Royal Bank of Scotland N.V.,	 )
	 London branch	 )

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]