Document:

Exhibit 10.37

 

EXECUTION
COPY

 

LOAN
AGREEMENT

 

dated
as of May 27, 2016

 

among

 

BANK
OF UTAH,

not
in its individual capacity, except as expressly provided herein, but solely as owner trustee,

as
Owner

 

WU
LEASING I LLC, 

as Owner Participant

 

WU
FINANCE I LLC, 

as Lender

 

 

 

Up
to $120,750,000

 

 

 

Jefferies
LLC 

Arranger

     

     

    

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	SECTION 1.	DEFINITIONS	1
	 	 	 	 
	SECTION 2.	THE LOANS	1
	 	 	 	 
	 	2.1	Commitment to Lend	1
	 	2.2	Funding and Disbursement Procedures; Floating Rate	2
	 	2.3	Termination of Commitments	3
	 	2.4	Loan Certificates; Amortization	3
	 	2.5	Voluntary Prepayments	3
	 	2.6	Mandatory Prepayments	4
	 	 	 	 
	SECTION 3.	PAYMENTS OF PRINCIPAL AND INTEREST; TRANCHE A COMMITMENT FEE	5
	 	 	 	 
	 	3.1	Repayment of Loans	5
	 	3.2	Interest	5
	 	3.3	Tranche A Commitment Fee	5
	 	 	 	 
	SECTION 4.	PAYMENTS; PRO RATA TREATMENT; COMPUTATIONS, ETC	6
	 	 	 	 
	 	4.1	Payments	6
	 	4.2	[Intentionally Omitted]	6
	 	4.3	Computations	6
	 	4.4	Certain Notices	6
	 	 	 	 
	SECTION 5.	TAXES	7
	 	 	 	 
	SECTION 6.	PAYMENTS INTO THE COLLECTION ACCOUNT	7
	 	 	 	 
	 	6.1	Payments into the Collection Account	7
	 	 	 	 
	SECTION 7.	CONDITIONS PRECEDENT; CONDITIONS SUBSEQUENT	7
	 	 	 	 
	 	7.1	Effective Date	7
	 	7.2	Borrowing Date	7
	 	7.3	Conditions Subsequent	8
	 	 	 	 
	SECTION 8.	REPRESENTATIONS AND WARRANTIES	8
	 	 	 	 
	 	8.1	Owner	8
	 	8.2	Owner Participant	12
	 	 	 	 
	SECTION 9.	COVENANTS	14
	 	 	 	 
	 	9.1	Owner and Owner Participant	14
	 	 	 	 
	SECTION 10.	EVENTS OF DEFAULT	19
	 	 	 	 
	SECTION 11.	COVENANTS OF THE LENDER	22
	 	 	 	 
	SECTION 12.	MISCELLANEOUS	23
	 	 	 	 
	 	12.1	Waiver	23
	 	12.2	Notices	23

    -i-

     

    

TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	12.3	Expenses; Indemnity	23
	 	12.4	Amendments, Etc	25
	 	12.5	Successors and Assigns; Security for Lender’s Obligations	26
	 	12.6	Mutilated, Destroyed, Lost or Stolen Loan Certificates	26
	 	12.7	Survival	26
	 	12.8	Captions	27
	 	12.9	Counterparts	27
	 	12.10	Governing Law; Submission to Jurisdiction	27
	 	12.11	Waiver of Jury Trial	27
	 	12.12	Compliance with Anti-Money Laundering Laws	27
	 	12.13	Investment Disclosure	28
	 	12.14	NPA Supplemental Amounts	28
	 	12.15	Owner’s Capacity as Owner Trustee	28

 

ADMINISTRATIVE
SCHEDULE

 

	SCHEDULE I	-	Commitments
	SCHEDULE II	-	Certain Defined Terms
	SCHEDULE III	-	Amortization Schedule for each Aircraft
	SCHEDULE IV	-	Tax Matters
	 	 	 
	EXHIBIT A	-	Form of Loan Certificate
	EXHIBIT B	-	Form of Notice of Borrowing
	EXHIBIT C-1	-	Form of Mortgage
	EXHIBIT C-2	-	Form of Security Agreement
	EXHIBIT D	-	[Intentionally Omitted]
	EXHIBIT E	-	Form of Membership Interest Pledge Agreement
	EXHIBIT F	-	Form of Beneficial Interest Pledge Agreement
	 	 	 
	APPENDIX A	-	Definitions and Construction

    -ii-

     

    

THIS
LOAN AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of May 27, 2016, is among BANK OF UTAH, not in its individual capacity, except as expressly provided herein, but
solely as owner trustee under the Trust Agreement, as Owner (the “Owner”), WU LEASING I LLC, a Delaware
limited liability company, as Owner Participant (the “Owner Participant”) and WU FINANCE I LLC, as lender
(the “Lender”).

 

The
parties hereto agree as follows:

 

Section
1.           Definitions. For all purposes of this Agreement (a) the terms used herein in capitalized form but not defined
herein are used as defined in Part I of Appendix A hereto and if not therein, as defined in the Lease and (b) the rules of construction
and interpretation of this Agreement shall be as set forth in the Part II of Appendix A hereto.

 

Section
2.           The Loans.

 

2.1          Commitment
to Lend.

 

(a)        On
the terms and conditions of this Agreement, the Lender agrees to make secured loans to the Owner, such loans to be made in two
Tranches, “Tranche A Loans” and “Tranche B Loans” as provided below, in an aggregate principal amount
up to its Commitment specified opposite the Lender’s name on Schedule I hereto. The Loans shall be made pursuant to the
terms hereof and Loan Certificates evidencing such Loans shall be issued pursuant to the terms hereof and shall be substantially
in the form set out in Exhibit A. The Loans shall be secured by a first priority mortgage and security interest in the Designated
Aircraft and a collateral assignment of the Lease and certain other property associated therewith. Once repaid, the Loans made
hereunder may not be reborrowed.

 

(b)        The
Loans shall be made by reference to a particular “Tranche”. The “Tranche” of any Loan shall be designated
as “Tranche A” or “Tranche B”. The Loans shall relate to the Aircraft. The Tranche of each Loan shall
be indicated on the face of the Loan Certificate relating to such Loan.

 

(c)        Schedule
I hereto sets out the Tranche of Loans that the Lender has irrevocably elected to make. Any Loan initially made as a Tranche
A Loan shall be and remain a Tranche A Loan, and any Loan initially made as a Tranche B Loan shall be and remain a Tranche B
Loan, in each case, regardless of the holder thereof. A Loan, once made as a particular Tranche, shall only be transferred,
assigned and/or reissued as such Tranche, entitling its holder to the rights, and subjecting such holder to the obligations,
applicable to such Tranche only, as further set forth herein.

 

(d)        The
aggregate Original Amount of the Tranche A Loans shall not exceed the Tranche A Commitment Amount, and the aggregate Original
Amount of the Tranche B Loans shall not exceed the Tranche B Commitment Amount.

     

     

    

[Loan Agreement]

 

2.2          Funding
and Disbursement Procedures; Floating Rate.

 

(a)        Each
Loan shall relate to a particular Aircraft. In connection with the financing for any Aircraft hereunder, the Owner shall
give the Lender a Notice of Borrowing as provided in Section 4.4 not later than 11:00 a.m. New York time at least four
Business Days prior to the proposed date for the Borrowing Date for such Aircraft (the “Funding Date” for
the relevant Aircraft) (which four Business Days’ prior notice, for the initial Loans, may be waived by agreement of
the Lender, evidenced by its funding of such Loans), which date shall be a Business Day not later than the Commitment
Termination Date, and which Notice of Borrowing shall be in the form of Exhibit B hereto. Upon receipt of a Notice of
Borrowing, the Lender shall execute and deliver to the Security Trustee a Notice of Drawdown under the Note Purchase
Agreement in respect of the corresponding Advances to be made thereunder.

 

(b)        In
order to facilitate the timely closing of the transactions contemplated hereby, the Owner, by delivery of a Notice of Borrowing
to the Lender, irrevocably instructs the Lender to wire transfer (for receipt by no later than 10:00 a.m. New York City time)
on the applicable Funding Date the Advance Amount for the relevant Aircraft by the wiring of immediately available funds to the
Collection Account, and such funds shall be deemed to have been so deposited upon wiring by the Purchasers of such amount to the
Collection Account in accordance with Section 2.2(b) of the Note Purchase Agreement.

 

(c)        Subject
to clause (f) below, upon the satisfaction of the conditions precedent for such Borrowing set forth in Section 7, the
Security Trustee shall disburse the funds deemed to have been so deposited by the Lender into the Collection Account pursuant
to Section 2.2(b) (the “Deposits”) to the Owner in the amount of the Advance Amount for the relevant
Aircraft as set forth in Section 2.2(h).

 

(d)        If,
for any reason, an Aircraft to be financed hereunder on its Funding Date shall not be so financed, pursuant to Section 2.2(d)
of the Note Purchase Agreement the Deposits and earnings thereon, will be invested and reinvested by the Security Trustee at the
sole direction, for the account, and at the risk of the Owner (the Lender hereby designating the Owner as its nominee to make
such directions pursuant to Section 2.2(d) of the Note Purchase Agreement) in an overnight investment selected by the Owner and
reasonably acceptable to the Lender and the Security Trustee. Upon the Owner’s oral (to be confirmed in writing) instructions,
earnings on any such investments shall be applied to the Owner’s payment obligations to the Lender under this Section 2
to the extent of such earnings.

 

(e)        If
the actual Borrowing Date for an Aircraft is a date falling after the relevant Funding Date, the Owner shall pay interest hereunder
to the Lender on the amount of the Deposits for the period from and including such Funding Date to but excluding the earlier of
(i) such Borrowing Date and (ii) the Cutoff Date (as defined below). For the Lender, such interest shall accrue on the amount
of the Deposits at the Floating Rate for the Loans of the applicable Tranche. Interest on the Deposits accrued pursuant to the
preceding sentence shall (A) if accrued to such Borrowing Date, be paid on the first Payment Date thereafter and (B) if accrued
to such Cutoff Date, be due and payable to the Lender on such date.

    2

     

    

(f)         If
for any reason, other than the failure of the Lender to comply with the terms hereof, the Borrowing Date for an Aircraft shall
not have occurred on or prior to five Business Days after its Funding Date (the relevant “Cutoff Date”), pursuant
to Section 2.2(f) of the Note Purchase Agreement the Security Trustee shall return the Deposits to the Purchasers, provided, however,
such return shall not affect the Lender’s continuing obligation to fund its Loan for the relevant Aircraft as provided herein.

 

(g)        If
funds have been returned to the Purchasers pursuant to Section 2.2(f) of the Note Purchase Agreement, the Owner may schedule a
new Funding Date for such Aircraft on any date prior to the Commitment Termination Date by giving a new Notice of Borrowing pursuant
to Section 2.2(a), and the provisions of this Section 2 shall be applicable to such new Funding Date.

 

(h)        Subject
to the terms and conditions of this Agreement, on the Borrowing Date for an Aircraft specified in the relevant Notice of Borrowing,
the Lender shall loan the amount of the Advance Amount for the relevant Aircraft to the Owner by wire transferring such amount
to the account identified by the Owner in such Notice of Borrowing, or to such other account as the Owner shall direct the Lender
in writing.

 

(i)         On
the Borrowing Date for an Aircraft, the Owner shall pay to the Lender an upfront fee in respect of the Tranche A Loans for
such Aircraft in an amount equal to 1.00% of the Tranche A Advance Amount for such Aircraft. The Owner and the Lender agree
that such fee shall be netted from the proceeds of the Tranche A Loans made available to the Owner in respect of such
Aircraft to minimize actual cash movements.

 

2.3          Termination
of Commitments.

 

(a)        The
amount of the Lender’s Commitment shall be automatically reduced to zero on the Commitment Termination Date.

 

(b)        The
Owner shall have no right at any time to terminate the aggregate unused amount of the Commitments.

 

(c)        The
Commitments once terminated may not be reinstated.

 

2.4          Loan
Certificates; Amortization.

 

(a)        Each
Loan Certificate shall be substantially in the form of Exhibit A hereto, dated the relevant Borrowing Date and payable to the
Lender in a principal amount equal to the Tranche A Advance Amount or Tranche B Advance Amount, as applicable.

 

(b)        The
Lender shall not be entitled to have its Loan Certificates subdivided, by exchange for promissory notes of lesser denominations
or otherwise.

 

2.5          Voluntary
Prepayments.

 

(a)        From
and after the first anniversary of the Effective Date, the Owner shall have the right to prepay the Loans in respect of any Aircraft
in full and request (and, subject to the requirements of Section 6.01(b) of the Mortgage, to obtain) the release of such Aircraft
from the Lien of the Mortgage in accordance with Section 6.01(b) thereof, subject to the requirements of Sections 2.5(c) and 2.5(d)
below; provided that no prepayment under this Section 2.5(a) shall be permitted and such Lien shall not be released if, after
giving effect to such prepayment the Loans in respect of more than five Aircraft shall have been prepaid pursuant to this Section.
Any prepayment under this Section 2.5(a) shall be applied to the Loans allocated to the relevant Aircraft.

    3

     

    

(b)        From
and after the first anniversary of the Effective Date, the Owner shall have the right on any date to prepay all of the
Loans, in full or in part, in amounts, with respect to any partial prepayment, of no less than $5,000,000, and subject to the
requirements of Sections 2.5(c) and 2.5(d). Any partial prepayment of the Loans under this Section 2.5(b) shall be applied to
all of the Loans on a pro rata basis based on the then outstanding principal amounts thereof, and shall be applied against
the remaining installments of principal on such Loans in inverse order of maturity. For the avoidance of doubt, the Loans of
any particular Tranche may not be individually prepaid.

 

(c)        Any
prepayment of principal on a Loan under this Section 2.5 shall be accompanied by accrued interest on the amount prepaid through
the date of prepayment plus the Prepayment Fee, if any.

 

(d)        The
Owner shall give the Lender written notice of each prepayment under this Section 2.5 as provided in Section 4.4 (and, upon the
date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder).

 

(e)        No
Aircraft or other Collateral shall be released from the Lien of the Security Documents in connection with any prepayment under
Section 2.5(b) other than a prepayment of all Loans in full.

 

(f)         No
prepayment under this Section 2.5 shall occur without a like prepayment under Section 2.7 of the Note Purchase Agreement.

 

2.6          Mandatory
Prepayments.

 

(a)        The
Owner shall prepay the Loans in respect of any Aircraft in full in accordance with paragraph (d) below following (i) an Event
of Loss with respect to such Aircraft or (ii) a Disposition in respect of such Aircraft (other than a Disposition occurring in
connection with a prepayment made in respect of such Aircraft in accordance with Section 2.5(a)).

 

(b)        The
Owner shall prepay the Loans in full in accordance with paragraph (d) below following notice to the Lender of a Sub-Loan Remedy
Event (which notice shall not be required if such Sub-Loan Remedy Event is a Bankruptcy Event).

 

(c)
        Commencing with the Payment Date occurring March 15, 2017, on each Payment Date the
Lender shall prepay the Loans in respect of each Aircraft in accordance with paragraph (d) below in an amount equal to the Supplemental
Principal Amount, if any, for such Aircraft as of the immediately preceding Payment Date.

    4

     

    

(d)        Any
prepayment required by the preceding paragraph 2.6(a)(i) shall be due and payable on earlier of (x) the date of receipt of
the related Casualty Proceeds and (y) 90 days after the occurrence of such Event of Loss, and shall be applied to the Loans
allocated to the relevant Aircraft. Any prepayment required by the preceding paragraph (a)(ii) shall be due and payable on
the date of the Disposition, and shall be applied to the Loans allocated to the relevant Aircraft. Any prepayment required by
the preceding paragraph (b) shall be due and payable on the date of the applicable notice of a Sub-Loan Remedy Event (or, if
such Sub-Loan Remedy Event is a Bankruptcy Event, on the date such Bankruptcy Event occurred). Any prepayment required by the
preceding paragraph (c) shall be applied to the Loans allocated to each affected Aircraft (and to both Tranches of such Loans
on a pro rata basis based on the then outstanding principal amounts thereof), ratably in accordance with the Supplemental
Principal Amounts due for each such Aircraft, and applied to the remaining principal installments of such Loans in inverse
order of maturity. Any prepayment of principal on the Loans required by this Section 2.6 shall be accompanied by interest on
the amount prepaid through the date of prepayment, together with all other Obligations then due and owing (including, solely
in the case of a prepayment under Section 2.6(a)(ii) the applicable Prepayment Fee, if any).

 

(e)        In
the case of a prepayment as contemplated by this Section 2.6, such prepayment shall be due and payable forthwith, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived.

 

Section
3.           Payments of Principal and Interest; Tranche A Commitment Fee.

 

3.1          Repayment
of Loans. The Owner hereby unconditionally promises to pay to the Security Trustee for account of the Lender the outstanding
principal amount of the Loans made in respect of each Aircraft quarterly on each Payment Date, commencing on the Amortization
Date for such Loans, in the amount set forth on Schedule III; provided that, the principal balance of any Loan outstanding on
the Maturity Date for such Loan shall be due and payable on such date.

 

3.2          Interest.
The Owner shall pay to the Lender interest on the unpaid principal amount of each Loan at the Floating Rate for such Loan for
the period from and including the Borrowing Date to but excluding the date such Loan shall be paid in full. Notwithstanding the
foregoing, the Owner shall pay to the Lender interest at the applicable Post-Default Rate on any principal of any Loan and on
any other amount payable by the Owner hereunder or under the Loan Certificates to or for account of the Lender which shall not
be paid in full when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), for the period from
and including the due date thereof to but excluding the date the same is paid in full. Accrued interest on each Loan shall be
payable on the last day of each Interest Period therefor and upon the payment or prepayment of any principal thereof, except that
interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any
interest rate provided for herein or any change therein, the Lender shall give notice thereof to the Owner.

 

3.3          Tranche
A Commitment Fee. The Owner shall pay to the Lender a commitment fee (the “Tranche A Commitment Fee”) on
the daily average amount of the unutilized Tranche A Commitment, for the period from and including the Effective Date to but excluding
the Commitment Termination Date, at a rate per annum equal to the Tranche A Commitment Fee Rate (calculated on the basis of a
year of 360 days and actual number of days elapsed, including the first day but excluding the last day). Accrued Tranche A Commitment
Fees shall be payable (a) quarterly on each Payment Date and (b) on the Commitment Termination Date.

    5

     

    

Section
4.           Payments; Pro Rata Treatment; Computations, Etc.

 

4.1         Payments.

 

(a)        Except
to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Owner under this
Agreement and the Loan Certificates to the Lender, and, except to the extent otherwise provided therein, all payments to be made
by the Obligors to the Lender under any other Basic Document, shall be made in Dollars, in immediately available funds, without
deduction, set-off or counterclaim, to the Security Trustee at the Collection Account, not later than Noon New York time on the
date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been
made on the next succeeding Business Day).

 

(b)        Unless
otherwise required by Article II of the Mortgage, the Owner shall, at the time of making each payment under this Agreement or
any Loan Certificate for account of the Lender, specify to the Lender the Loan Certificates or other amounts payable by the Owner
hereunder to which such payment is to be applied (and in the event that the Owner fails to so specify, or if a Sub-Loan Event
of Default has occurred and is continuing, the Lender may apply such payment in such manner as it, subject to Section 4.2, may
determine to be appropriate in accordance with the applicable provisions hereof); provided that the Owner acknowledges
and agrees to the order of application of payments specified in Article II of the Security Agreement and Section 4.1(b) of the
Note Purchase Agreement.

 

(c)        If
the due date of any payment under this Agreement or any Loan Certificate would otherwise fall on a day that is not a Business
Day, such date shall be extended to the next succeeding Business Day (or, if such next succeeding Business Day falls in the next
succeeding calendar month, on the next preceding Business Day).

 

4.2          [Intentionally
Omitted].

 

4.3          Computations.
Interest on the Loans shall be computed on the basis of a year of 360 days and actual number of days elapsed (including the first
day but excluding the last day) occurring in the period for which payable.

 

4.4          Certain
Notices. Notices by the Owner to the Lender of the Notice of Borrowing and optional prepayments of Loan Certificates shall
be irrevocable and shall be effective only if received by the Lender not later than Noon New York time on the date that is the
number of Business Days prior to the date of the relevant issuance or prepayment specified below:

 

	Notice
	 	Number
of

        Business
        Days Prior

	Notice
of Borrowing
	 	4

 

	Notice
	 	Number
of

        Business
        Days Prior

	Prepayment
of Loan Certificates
	 	3

    6

     

    

Each
such Notice of Borrowing or notice of optional prepayment shall be irrevocable and specify the Loans to be made or prepaid and
the amount of each Loan to be made or prepaid and the date of borrowing or optional prepayment (which shall be a Business Day).

 

Section
5.           Taxes. Tax matters are as provided in Schedule IV hereto which is incorporated herein by reference.

 

Section
6.           Payments into the Collection Account.

 

6.1          Payments
into the Collection Account.

 

(a)        All
Collections shall be paid to the Collection Account, and the Owner agrees that it shall take all reasonable action as the
Lender may request to ensure that such amounts are paid into the Collection Account and, without prejudice to the generality
of the foregoing, the Owner agrees that it shall give or shall cause to be given irrevocable instructions to the Lessee to
pay all amounts which are payable by the Lessee to the Owner under or pursuant to the Lease, other than Excluded Payments, to
the Collection Account. The parties hereto agree that all such amounts shall, while any amount is expressed to be payable or
owing by the Owner hereunder to the Lender, be paid as aforesaid and shall, once paid to the Collection Account, be applied
by the Security Trustee as set forth in the Security Agreement. If the Owner or any Obligor shall receive from any Person any
Collections following a Sub-Loan Event of Default, the Owner shall receive, or shall cause such Obligor to receive, such
payment in trust for the Security Trustee on behalf of the Lender and subject to the Security Trustee’s security
interest, and shall immediately deposit, or cause to be deposited, such payment in the Collection Account.

 

(b)        Notwithstanding
the foregoing, there may also be deposited into the Collection Account on (or in respect of) the Effective Date or the Borrowing
Date certain amounts from which certain fees are to be paid. The Security Trustee agrees to hold such amounts for such purpose
and to disburse the sums in accordance with any agreed flow of funds (or like) memo pursuant to written direction from the parties.

 

Section
7.           Conditions Precedent; Conditions Subsequent.

 

7.1          Effective
Date. The effectiveness of this Agreement is subject to the satisfaction or waiver by the Required Purchasers of the conditions
specified in Section 7.1 of the Note Purchase Agreement.

 

7.2          Borrowing
Date. The obligation of the Lender to make the Loans on the Borrowing Date is subject to the satisfaction or waiver by the
Required Purchasers of the conditions specified in Section 7.2 of the Note Purchase Agreement.

    7

     

    

7.3          Conditions
Subsequent. (a) The conditions specified in Annex A to the Note Purchase Agreement as conditions subsequent shall be satisfied
within the timeframe contemplated therein (each document, instrument, certificate or other paper referred to below to be in form
and substance reasonably satisfactory to the Lender).

 

(b)        The
Owner shall deliver to the Security Trustee and the Lender promptly following the recording of the Mortgage and the Mortgage Supplement
covering the Aircraft pursuant to the Federal Aviation Act, the opinion of special FAA counsel in Oklahoma City, Oklahoma, addressed
to the Security Trustee, the Purchasers, the Lender and the Owner, as to the due and valid registration of the Aircraft in the
name of the Owner, the due recording of the Mortgage, the related Mortgage Supplement and the Lease, each relating to the Aircraft
and the lack of filing of any intervening documents with respect to the Aircraft, in form and substance satisfactory to the Lender.

 

Section
8.           Representations and Warranties.

 

8.1          Owner.
The Owner represents and warrants to the Lender that as of the date hereof and on each Borrowing Date:

 

(a)        Existence.
The Owner is the trustee of a trust duly formed under a trust agreement that by its terms is governed by the laws of the State
of Utah and is validly existing under the laws of the State of Utah. The Owner has the power and authority to enter into and to
perform its obligations under this Agreement and the other Basic Documents to which it is a party.

 

(b)        Authorization.
The Owner has all power necessary, and has been duly authorized, to execute and deliver this Agreement and the other Basic Documents
to which it is a party. The Owner is and will continue to be duly authorized to borrow monies hereunder, and Owner is and will
continue to have the organizational authority to perform its obligations under this Agreement and under the other Basic Documents
to which it is a party. The execution, delivery and performance by Owner of this Agreement and the other Basic Documents to which
Owner is a party and the borrowings hereunder do not and will not require any consent or approval of any Governmental Authority
or any other Person which has not already been obtained.

 

(c)        No
Conflict; Legal Compliance. The execution, delivery and performance of this Agreement, each of the other Basic Documents to
which Owner is a party, and the execution, delivery and payment of the Loan Certificates, does not and will not: (i) contravene
any provision of the Trust Agreement, (ii) contravene, conflict with or violate any Applicable Law of the State of Utah or any
Applicable Law of the United States governing Owner’s banking and trust powers, or any order, writ, judgment, injunction,
decree, determination or award of any Governmental Authority; or (iii) violate or result in the breach of, or constitute a default
under any indenture or other loan or credit agreement, or other agreement or instrument to which it is a party or by which it,
or its property and assets, may be bound or affected. It is not in violation or breach of or default under any Applicable Law,
order, writ, judgment, injunction, decree, determination or award or any contract, agreement, lease, license, indenture or other
instrument to which it is a party.

    8

     

    

(d)         Validity
and Binding Effect. This Agreement and each other Basic Document to which the Owner is a party are the legal, valid and binding
obligations of the Owner, enforceable against it, in accordance with their respective terms, except as enforceability may be limited
by bankruptcy, insolvency, examinership or other similar laws of general application affecting the enforcement of creditors’
rights or by general principles of equity limiting the availability of equitable remedies.

 

(e)
         Location. The “location” (as such term is used in Section 9-307 of the UCC) of the Owner is Utah. The name
designated for the Owner in its trust agreement as the name for the common law trust formed thereunder is WUL I Trust.

 

(f)          Consents
and Approvals; Governmental Action. No approval, authorization or consent of any trustee or holder of any Indebtedness
or obligation of the Owner, or of any other Person under any agreement, contract, lease or license or similar document or
instrument to which the Owner is a party or by which any such Person is bound, is required to be obtained by the Owner in
order to make or consummate the transactions contemplated under this Agreement or the other Basic Documents to which it is a
party or, if any such approval, authorization or consent is required, such approval, authorization or consent has been
obtained. All consents and approvals of, filings and registrations with, and other actions in respect of, all Governmental
Authorities required to be obtained by the Owner in order to make or consummate the transactions contemplated under the Basic
Documents to which it is a party have been, or prior to the time when required will have been, obtained, given, filed or
taken and are or will be in full force and effect except for such filings or registrations as are contemplated by Section
8.1(l)(ii). No Applicable Law is in effect which could reasonably be expected to materially adversely affect the ability of
the Owner to perform its obligations under the Basic Documents to which it is a party.

 

(g)         Certain
Regulations.

 

(i)           The
Owner is not an “investment company,” or controlled by, an “investment company,” as such terms are defined
in the Investment Company Act of 1940, as amended.

 

(ii)          None
of the transactions contemplated by this Agreement (including, without limitation, the use of the proceeds from the issuance of
the Loan Certificates) will violate or result in a violation of Section 7 of the Securities Exchange Act of 1934, as amended,
and none of the proceeds of the Loan Certificates hereunder will be used to buy or carry margin stock or any other securities.

 

(iii)         Neither
the Owner nor anyone acting on its behalf (other than the Arranger, as to which the Owner makes no representation) has offered
the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or
negotiated in respect thereof with, any person other than the Purchasers and a limited number of entities whom the Owner reasonably
believes to be “accredited investors” within the meaning of Regulation D under the Securities Act, each of which has
been offered the Notes. Assuming the accuracy of the representations of the Purchasers contained in Section 11.10 of the Note
Purchase Agreement, neither the Owner nor anyone acting on its behalf (other than the Arranger, as to which the Issuer makes no
representation) has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements
of Section 5 of the Securities Act.

    9

     

    

(iv)       Neither
the Owner nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Owner has directly, or through any agent
(other than the Arranger, as to which the Issuer makes no representation), (i) sold, offered for sale, solicited offers to
buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or could be integrated
with the offering and sale of the Notes in a manner that would require the registration of the Notes under the Securities Act
or (ii) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D, including,
but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine, or
similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any
general solicitation or general advertising) in connection with the offering of the Notes. No securities of the same class as
the Notes have been issued and sold by the Issuer within the six-month period immediately prior to the date
hereof.

 

(h)         Litigation
and Contingent Liabilities. No claims, litigation, arbitration proceedings or governmental proceedings by any Governmental
Authority are pending or, to the knowledge of the Owner, threatened against or are affecting the Owner. The Owner has no contingent
liabilities that are material to the Owner, taken as a whole, other than its obligations hereunder and under the Lease.

 

(i)          No
Default. No Sub-Loan Default or Sub-Loan Event of Default has occurred and is continuing.

 

(j)          Title;
Liens. On each Borrowing Date, the Owner shall have good title to each Aircraft financed or to be financed hereunder on or
prior to such date, the Lease and the other Collateral which is to be held by it in accordance with this Agreement and the transactions
contemplated hereby, and none of such assets shall be subject to any Lien, except for Permitted Liens not of record. At the time
any Borrowing or any Drawdown is made, the Owner shall not have assigned, conveyed, pledged or otherwise transferred to any other
Person any of its right, title or interest in the Collateral except in accordance with or permitted by the Basic Documents or
Aircraft Related Agreements.

 

(k)
         Ownership of the Owner. The Owner Participant is the legal and beneficial owner of all Ownership Interests (as defined
in the Beneficial Interest Pledge Agreement) issued by the Owner.

 

(l)          Security
Interests.

 

(i)          
Security Interest in the Collateral. The security interests in the Collateral created pursuant to the Mortgage and any
Mortgage Supplement have been validly created, and no action (other than the filings and actions referred to in Section 8.1(l)(ii)
and the related continuation statements) is required to be taken by any person in order for the full benefit of the security interest
created thereby to vest in the Lender or in order to ensure the first priority perfected security interests of the Lender in such
Collateral will be maintained. The security interests created pursuant to the Beneficial Interest Pledge Agreement have been validly
created, and no action (other than the filings and actions referred to in Section 8.1(l)(ii) and the related continuation statements)
is required to be taken by any person in order for the full benefit of the security interests created thereby to vest in the Lender
or in order to ensure the first priority perfected security interests of the Lender in such Collateral will be maintained.

    10

     

    

(ii)          Filings,
Registrations, Etc. It is not necessary to ensure the legality, validity, enforceability or admissibility in evidence in the
United States of the Basic Documents that any of them or any other instrument be filed, recorded, registered or enrolled in any
court, public office or elsewhere in the United States, except as expressly provided herein, or that any stamp, registration or
similar tax be paid in the United States on or in relation to any of the Basic Documents, and no further action in the United
States, including any filing or recording of any document, is necessary or permissible to establish and/or perfect any Obligor’s
title to and interest in, and the Security Trustee’s or the Lender’s security interests pursuant to the Basic Documents
in, any Aircraft, the Lease, the Pledged Beneficial Interest, the Pledged Membership Interest and the other Collateral as against
any Obligor and any third parties, except for (i) the filing of financing statements under the Uniform Commercial Code in the
States of Delaware and Utah, (ii) the taking and retaining of possession by the Security Trustee of any certificate evidencing
the Pledged Beneficial Interest, the Pledged Membership Interest and the chattel paper original of the Lease, (iii) the taking
of the actions specified in Section 7.2(q)(iii) of the Note Purchase Agreement in respect of the Aircraft (and associated Airframe
and Engines) with the International Registry and (iv) the satisfaction of the Local Law Requirements.

 

(iii)         Cape
Town. (A) The Owner is a “transacting user entity” (as such term is defined in the Regulations of the International
Registry); is “situated,” for the purposes of the Cape Town Convention, in the United States; and has the power to
 “dispose” (as such term is used in the Cape Town Convention) of the Aircraft; (B) the Airframe and Engines are “aircraft
objects” (as defined in the Cape Town Convention); and (C) the United States is a Contracting State under the Cape Town
Convention.

 

(m)       Special
Purpose. The Owner has been formed for the sole purpose of negotiating, entering into and performing the transactions contemplated
by the Basic Documents to which it is a party and matters reasonably incidental thereto, and since its formation, it has not entered
into any transaction or conducted any business except as required or contemplated by the Basic Documents.

 

(n)        Citizenship.
The Owner is a “Citizen of the United States” within the meaning of 49 U.S.C. § 40102(a)(15), as amended, or
any successor statutes thereto.

 

(o)        Aircraft
Related Agreements. The Owner has provided to each initial Purchaser copies of the relevant Aircraft Related Agreements.

    11

     

    

8.2          Owner
Participant. The Owner Participant represents and warrants to the Security Trustee and the Lender that as of the date
hereof and on each Borrowing Date:

 

(a)        Existence.
The Owner Participant is a limited liability company duly organized and validly existing under the laws of the State of Delaware.
The Owner Participant has the power and authority to enter into and to perform its obligations under this Agreement and the other
Basic Documents to which it is a party.

 

(b)        Authorization.
The Owner Participant has all power necessary, and has been duly authorized, to execute and deliver this Agreement and the other
Basic Documents to which it is a party. The Owner Participant is and will continue to have the organizational authority to perform
its obligations under this Agreement and under the other Basic Documents to which it is a party. The execution, delivery and performance
by the Owner Participant of this Agreement and the other Basic Documents to which the Owner Participant is a party do not and
will not require any consent or approval of any Governmental Authority or any other Person which has not already been obtained.

 

(c)        No
Conflict; Legal Compliance. The execution, delivery and performance of this Agreement and each of the other Basic
Documents to which the Owner Participant is a party does not and will not: (i) contravene any provision of the Owner
Participant’s organizational documents, (ii) contravene, conflict with or violate any Applicable Law, or any order,
writ, judgment, injunction, decree, determination or award of any Governmental Authority; or (iii) violate or result in the
breach of, or constitute a default under any indenture or other loan or credit agreement, or other agreement or instrument to
which it is a party or by which it, or its property and assets, may be bound or affected. It is not in violation or breach of
or default under any Applicable Law, order, writ, judgment, injunction, decree, determination or award or any contract,
agreement, lease, license, indenture or other instrument to which it is a party.

 

(d)        Validity
and Binding Effect. This Agreement and each other Basic Document to which the Owner Participant is a party are the
legal, valid and binding obligations of the Owner Participant, enforceable against it, in accordance with their respective
terms, except as enforceability may be limited by bankruptcy, insolvency, examinership or other similar laws of general
application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability
of equitable remedies.

 

(e)        Location.
The “location” (as such term is used in Section 9-307 of the UCC) of the Owner Participant is the State of
Delaware.

 

(f)         Consents
and Approvals; Governmental Action. No approval, authorization or consent of any trustee or holder of any Indebtedness or
obligation of the Owner Participant, or of any other Person under any agreement, contract, lease or license or similar document
or instrument to which the Owner Participant is a party or by which any such Person is bound, is required to be obtained by the
Owner Participant in order to make or consummate the transactions contemplated under this Agreement or the other Basic Documents
to which it is a party or, if any such approval, authorization or consent is required, such approval, authorization or consent
has been obtained. All consents and approvals of, filings and registrations with, and other actions in respect of, all Governmental
Authorities required to be obtained by the Owner Participant in order to make or consummate the transactions contemplated under
the Basic Documents to which it is a party have been, or prior to the time when required will have been, obtained, given, filed
or taken and are or will be in full force and effect except for such filings or registrations as are contemplated by Section 8.1(l)(ii).
No Applicable Law is in effect which could reasonably be expected to materially adversely affect the ability of the Owner Participant
to perform its obligations under the Basic Documents to which it is a party.

    12

     

    

(g)         Taxes.
All federal, state, local and foreign tax returns, reports and statements required to be filed by or on behalf of the Owner Participant
have been filed with the appropriate Governmental Authorities where failure to file might have or result in a Material Adverse
Effect on the Owner Participant, and all material Taxes, other taxes and other impositions shown thereon to be due and payable
by the Owner Participant have been paid prior to the date on which any fine, penalty, interest or late charge may be added thereto
for nonpayment thereof, or any such fine, penalty, interest, late charge or loss has been paid, or the Owner Participant is contesting
its liability therefor in good faith and has fully reserved all such amounts according to GAAP.

 

(h)         Certain
Regulations.

 

(i)           The
Owner Participant is not an “investment company,” or controlled by, an “investment company,” as such terms
are defined in the Investment Company Act of 1940, as amended.

 

(ii)          Neither
the Owner Participant nor anyone acting on its behalf (other than the Arranger, as to which the Owner Participant makes no representation)
has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise
approached or negotiated in respect thereof with, any person other than the Purchasers and a limited number of entities whom the
Owner Participant reasonably believes to be “accredited investors” within the meaning of Regulation D under the Securities
Act, each of which has been offered the Notes. Assuming the accuracy of the representations of the Purchasers contained in Section
11.10 of the Note Purchase Agreement, neither the Owner Participant nor anyone acting on its behalf (other than the Arranger,
as to which the Owner Participant makes no representation) has taken, or will take, any action that would subject the issuance
or sale of the Notes to the registration requirements of Section 5 of the Securities Act.

 

(iii)         Neither
the Owner Participant nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Owner Participant has directly, or
through any agent (other than the Arranger, as to which the Owner Participant makes no representation), (i) sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is
or could be integrated with the offering and sale of the Notes in a manner that would require the registration of the Notes under
the Securities Act or (ii) engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine,
or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising) in connection with the offering of the Notes.

    13

     

    

(i)          Litigation
and Contingent Liabilities. No claims, litigation, arbitration proceedings or governmental proceedings by any Governmental
Authority are pending or, to the knowledge of the Owner Participant, threatened against or are affecting the Owner Participant.
The Owner Participant has no contingent liabilities that are material to the Owner Participant, taken as a whole.

 

(j)         
Ownership of the Owner. The Owner Participant is the legal and beneficial owner of all Ownership Interests (as defined
in the Beneficial Interest Pledge Agreement) issued by the Owner.

 

(k)         Security
Interests.

 

(i)           Security
Interest in the Pledged Beneficial Interest. The security interest in the Pledged Beneficial Interest created pursuant to
the Beneficial Interest Pledge Agreement has been validly created, and no action (other than the filings and actions referred
to in Section 8.2(k)(ii) and the related continuation statements) is required to be taken by any person in order for the full
benefit of the security interests created thereby to vest in the Lender or in order to ensure the first priority perfected security
interests of the Lender in such Collateral will be maintained.

 

(ii)          Filings,
Registrations, Etc. It is not necessary to ensure the legality, validity, enforceability or admissibility in evidence in the
United States of the Basic Documents to which the Owner Participant is a party that any of them or any other instrument be filed,
recorded, registered or enrolled in any court, public office or elsewhere in the United States, except as expressly provided herein,
or that any stamp, registration or similar tax be paid in the United States on or in relation to any of the Basic Documents to
which the Owner Participant is a party, and no further action in the United States, including any filing or recording of any document,
is necessary or permissible to establish and/or perfect the Lender’s security interest in the Pledged Beneficial Interest
as against any Obligor and any third parties, except for (i) the filing of financing statements under the Uniform Commercial Code
in the State of Delaware and (ii) the taking and retaining of possession by the Security Trustee of any certificate evidencing
the Pledged Beneficial Interest.

 

(l)          Special
Purpose. The Owner Participant has been formed for the sole purpose of negotiating, entering into and performing the transactions
contemplated by the Basic Documents to which it is a party and matters reasonably incidental thereto, and since its formation,
it has not entered into any transaction or conducted any business except as required or contemplated by the Basic Documents and
matters reasonably incidental thereto, including any agreements with the Arranger relating to the offering of the Notes.

 

Section
9.            Covenants.

 

9.1          Owner
and Owner Participant. Each of the Owner and the Owner Participant covenants and agrees with the Lender and the Security Trustee
as follows:

 

(a)        Litigation.
The Owner will promptly give the Lender notice of all legal or arbitral proceedings, and of all proceedings by or before any governmental
or regulatory authority or agency, and any material development in respect of such legal or other proceedings, involving any Obligor.

    14

     

    

(b)         Existence,
Etc. Each of the Owner and the Owner Participant shall:

 

(i)           keep
in full effect its existence as (A) in the case of the Owner Participant, a limited liability company under the laws of the
State of Delaware and (B) in the case of the Owner, a trust organized under the laws of the State of Utah (and in each case,
without limiting the foregoing, shall not change its jurisdiction of formation) and all of its licenses, permits,
governmental approvals, rights, privileges and franchises necessary in the normal conduct of its business as now conducted or
presently proposed to be conducted;

 

(ii)          obtain
and preserve its qualification to do business as a company or other entity in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of the rights of the Lender under this Agreement or the other
Basic Documents;

 

(iii)         comply
with (A) the provisions of the Trust Agreement and its organizational documents, and in each case not amend the same in a manner
adverse to the interests of the Secured Parties without the prior written consent of the Security Trustee and (B) the requirements
of all Applicable Laws to the extent that the failure to comply therewith would, in the aggregate, have a Material Adverse Effect
on the Owner or the Owner Participant, as the case may be;

 

(iv)         keep
adequate records and books of account, in which complete entries will be made in accordance with generally accepted accounting
principles consistently applied; and

 

(v)          permit
representatives of the Lender to discuss its business and affairs with its officers, all to the extent reasonably requested by
the Lender subject to the terms of confidentiality set forth in Section 12.12.

 

(c)          Special
Purpose. Each of the Owner and the Owner Participant will not:

 

(i)           have
any employees earning compensation;

 

(ii)          except
for Loan Certificates and as expressly contemplated by the Basic Documents, incur or contract to incur any
Indebtedness;

 

(iii)         engage
in any activity other than the execution, delivery and performance of the Basic Documents to which it is a party, any agreements
with the Arranger relating to the offering of the Notes and in each case activities incidental thereto, as well as ordinary housekeeping
activities;

    15

     

    

(iv)         make
or agree to make any capital expenditure except as contemplated under any Basic Document, including in respect of the exercise
of any cure rights;

 

(v)          create
or own any subsidiary (except the Owner, in the case of the Owner Participant);

 

(vi)         except
as provided in the Mortgage or otherwise in any Basic Document, make any investments;

 

(vii)        declare
or make any dividend payment or distribution to any owner of its Ownership Interests (as defined in the Beneficial Interest Pledge
Agreement) or other equity interests, other than in respect of (A) Excluded Payments or (B) any other payments which the Owner
Participant (as designee of the Issuer) is entitled to receive under the Security Agreement; or

 

(viii)       incur
any material obligation to any third party (excluding any payment or other obligation incurred pursuant to or in the performance
of the obligations under the Basic Documents and any agreements with the Arranger relating to the offering of the Notes).

 

(d)          Limitation
on Liens. Each of the Owner and the Owner Participant will not create, incur, assume or suffer to exist any Lien upon the
Collateral except Permitted Liens.

 

(e)          Protection
of Collateral. Each of the Owner and the Owner Participant agrees that from time to time, at the expense of the Owner, it
will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary and
as may be reasonably requested by the Lender in order to perfect and protect any security interest granted or purported to be
granted pursuant to the Security Documents (including, without limitation, to the extent applicable registrations of international
interests in respect of the Airframe and each Engine with the International Registry), or to enable the Security Trustee to exercise
and enforce its rights and remedies under and in accordance with the provisions hereof or of the Security Documents. The Owner
hereby authorizes, and will cause the Owner to authorize, the Lender and/or the Security Trustee to file one or more UCC financing
or continuation statements, and amendments thereto, or any similar document, with respect to all or any part of the Collateral
granted by the Owner or the Owner without the signature of the Owner or the Owner where permitted by Applicable Law. The Security
Trustee shall prepare and file on behalf of the Owner all necessary continuation statements (or such other similar documents)
in order to maintain the perfection of the Security Trustee’s security interest in the Collateral. Without limiting the
foregoing, the Owner will, upon the reasonable request of the Security Trustee or the Lender, take at the Owner’s cost and
expense such other reasonable action necessary or advisable to:

 

(i)           grant
more effectively the security interest in all or any portion of the Collateral;

 

(ii)          maintain
or preserve the first perfected security interest of the Security Trustee and/or the Owner in the Collateral;

    16

     

    

(iii)         perfect,
publish notice of or protect the validity of the security interest in the Collateral created by the Security Documents;

 

(iv)         perfect
the Security Trustee’s and/or the Owner’s interest in the Aircraft and Lease under the Cape Town Convention to the
extent applicable and under any international perfection standards that may be adopted after the date of this Agreement to the
extent practicable and without unreasonable cost;

 

(v)          preserve
and defend its right, title and interest to the Collateral and the rights of the Lender and the Security Trustee in such Collateral
against the claims of all Persons (other than the Lender or any Person claiming through the Lender); and

 

(vi)         pay
any and all fees, taxes and other charges payable in connection with any financing statements which are required to be filed with
any applicable Governmental Authority pursuant to this Agreement or any other Basic Document.

 

(f)           Separateness.
Each of the Owner and the Owner Participant does and will continue to do the following:

 

(i)           in
the case of the Owner Participant, have an independent manager reasonably satisfactory to the Security Trustee sitting on its
board of managers (and will not take any Material Action without the prior written consent of such independent manager and the
Security Trustee) and will not, without the written consent of the Security Trustee, remove the independent manager from the board
of managers (and in the event such independent manager shall have resigned, it shall replace such manager with another independent
manager satisfactory to the Security Trustee), it being understood that Kevin Burns or any other employee or officer of Global
Securitization Services, LLC designated in replacement of Kevin Burns is an independent manager satisfactory to the Security Trustee
for this purpose (in each case so long as such person continues to satisfy the definition of “Independent Manager”
set forth in the limited liability company agreement of the Owner Participant);

 

(ii)          prepare
and maintain its own full and complete books and records separately from those of any other entity;

 

(iii)         in
all dealings with third parties and the public, identify itself by its own name as a separate and distinct entity and not identify
itself as being a division or part of any other entity whatsoever;

 

(iv)         ensure
that all decisions with respect to its business and daily operations are and will be independently made by it and will not be
directed or dictated by any other entity and shall maintain an arms-length relationship with all other entities;

 

(v)          act
solely in its own name and through its own authorized officers and agents and shall ensure that all communications including invoices,
purchase orders, contracts, statements, stationery, cheques and applications will be made solely in its name;

    17

     

    

(vi)
         ensure that its assets are and will remain separate from those of any other entity and are and will be maintained in a manner
which facilitates the identification and segregation of those assets from those of any other entity whatsoever;

 

(vii)        observe
all corporate formalities and governmental requirements and make all required filings to all applicable authorities;

 

(viii)       discharge
all expenses incurred and liabilities incurred by it only out of its own funds;

 

(ix)         ensure
that its bank accounts or other accounts are kept separate from the accounts of any other person or entity;

 

(x)           not
acquire any shares or interest in any entity; and identity.

 

(xi)         correct
any known misunderstanding regarding its separate

 

(g)          Co-operation
with Rating Agencies. Each of the Owner and the Owner Participant agrees, at the reasonable cost and expense of the Owner,
to pay for annual rating surveillance, and to provide to any rating agency whose rating is being sought by the Lender on the Loan
Certificates, such information as such rating agency may reasonably request, and prior written notice of any amendment, consent,
approval or waiver as referenced in Section 4.01(b)(ii) of the Mortgage.

 

(h)          Citizenship.
If (i) the Owner ceases to be a “citizen of the United States” within the meaning of 49 U.S.C. §
40102(a)(15), as amended, or any successor statutes thereto and (ii) the Aircraft shall or would thereupon become ineligible
for registration in the name of the Owner under the Federal Aviation Act as in effect at such time and the regulations then
applicable thereunder, then the Owner Participant at its own expense shall promptly either transfer such of its right, title
and interest in and to this Agreement and the other Basic Documents to a new owner participant acceptable to the Security
Trustee and the Lender, or take such other action, as may be necessary to prevent any deregistration of the
Aircraft.

 

(i)           IR
Registrations; IDERA. Owner shall not consent to any registrations made in respect of the Aircraft on the International Registry
except those made pursuant to the Basic Documents. Owner shall not permit the Owner to issue any irrevocable deregistration and
export request authorization in favor of any Person other than the Security Trustee.

 

(j)           Lease
Management.

 

(i)           The
Owner Participant  shall collect insurance certificates and other notices or documents from the Lessee as and when required
to be provided under the Lease, and shall otherwise administer the Lease in accordance with its terms in accordance with the Standard
of Care. As used in this Section 9(j), “Standard of Care” shall mean reasonable care and diligence consistent
with the customary commercial practices of the Owner Participant or its Affiliates that it applies under similar circumstances
with respect to other aircraft owned by the Owner Participant or its Affiliates. Notwithstanding the foregoing, the Owner Participant
will have no obligation to otherwise monitor performance by the Lessee of its obligations under the Lease, perform inspections
or repossess or remarket the Aircraft or any other Collateral in the case of a default under the Lease.

    18

     

    

(ii)          The
Owner Participant shall deliver or cause to be delivered to the Lender:

 

(1)        On
each Payment Date, a report setting forth all Collections received under the Lease since the immediately preceding Payment
Date (or, in the case of the first Payment Date, the Issuance Date), including all Basic Rent, Supplemental Rent, Maintenance
Rent and Aircraft Proceeds; and

 

(2)        on
each anniversary of the Issuance Date, a report setting forth all Collections received under the Lease since the immediately preceding
anniversary of the Issuance Date (or, in the case of the first such anniversary, the Issuance Date), including all Basic Rent,
Supplemental Rent, Maintenance Rent and Aircraft Proceeds.

 

(k)          Use
of Proceeds. The proceeds of the Sub-Loans hereunder will be used solely to finance or refinance the acquisition of up to
23 Aircraft, consisting of up to 18 Aircraft delivered new from the manufacturer under the Purchase Agreement after March 1, 2016
and up to 5 Aircraft currently in Wheels Up’s fleet or operating lease (in compliance with all applicable legal and regulatory
requirements); provided that none of the Security Trustee or any Purchaser shall have any responsibility as to the use of any
of such proceeds.

 

(l)           Notices
of Certain Events. In the event the Owner or Owner Participant shall have knowledge of a Sub-Loan Default, a Sub-Loan Event
of Default, or an Event of Loss, such Obligor shall give prompt written notice of such Sub-Loan Default, a Sub-Loan Event of Default,
or an Event of Loss to the Security Trustee.

 

(m)         Requests
for Information. Promptly upon the Security Trustee’s or any Purchaser’s request, the Owner and Owner Participant
shall provide such additional financial and other information as may from time to time be required by the Security Trustee or
any Purchaser in order to comply with any requirement of Applicable Law.

 

(n)
          OFAC. The Owner shall not lease any Aircraft to any Person located in, or as a result of which such Aircraft would be,
or would be permitted to be habitually operated, in any Sanctioned Country, in each case, except as may be permitted by Applicable
Law.

 

Section
10.           Events of Default. If one or more of the following events (herein called “Sub-Loan Events of Default”)
shall occur and be continuing:

 

(a)          (i)
a payment of any principal of, or interest on, the Notes or the Loan Certificates shall not be made when due and such failure
to pay shall continue for a period of three Business Days; or (ii) a payment of any other amount (other than principal or, or
interest on, the Notes or the Loan Certificates) payable by any Obligor under the Basic Documents shall not be made when due and
such failure to pay shall continue for a period of five Business Days after notice of such failure to Lessee; and/or

    19

     

    

(b)        the
Lessee (or the Owner as lessor, in exercising any such rights as it may have to do so in lieu of the Lessee) shall fail to carry
and maintain on or with respect to the Aircraft insurance required to be maintained in accordance with the provisions of the Lease
and the Lessee Consent; and/or

 

(c)        (i)
any Obligor shall have failed to perform or observe, in any material respect, any material covenant or agreement to be performed
or observed by it under any Basic Document (other than those covenants covered by the preceding clauses (a) or (b) of this Section
10), provided that if such failure is remediable and such Obligor is diligently proceeding to remedy such failure, such failure
shall not constitute a Sub-Loan Event of Default under this clause (c)(i) unless it shall continue unremedied for a period of
30 days after the earlier of (i) such Obligor obtaining actual knowledge of such failure or (ii) notice thereof has been given
by the Lender or the Security Trustee to such Obligor; or (ii) any Obligor shall fail to observe or perform any covenant, condition
or agreement applicable to it contained in Sections 9.1(k) – 9.1(n) or Section 6(d) of the Guaranty (with respect to corporate
existence), or Sections 6(i) – 6(p) of the Guaranty;

 

(d)        any
representation or warranty of any Obligor under any of the Basic Documents or in any document or certificate furnished by any
Obligor in connection therewith or pursuant thereto shall be incorrect in any material respect as at the time when made or furnished;
and/or

 

(e)        any
other material license, consent, approval or authorization of, or any filing or registration with, any governmental
authority or agency necessary for the performance by any Obligor of its obligations under this Agreement or any other Basic
Document or in connection herewith or therewith shall be revoked, not applied for or not issued or shall cease to remain in
full force or shall be modified in a manner which would materially adversely affect (in the reasonable opinion of the Lender
or the Security Trustee) the rights and remedies of the Lender or of any Secured Party under the Basic Documents, provided,
if the applicable Obligor is diligently proceeding to remedy such situation, no Sub-Loan Event of Default under this clause
(e) shall occur unless such situation remains unremedied for at least 30 days; and/or

 

(f)         any
Obligor shall apply for or consent to the appointment of, or the taking of possession by, a receiver, trustee, custodian or liquidator
of itself or of a substantial part of its property, or any Obligor shall admit in writing submitted in connection with judicial
or other similar procedures its inability to pay its debts generally as they come due, shall announce a moratorium on payment
of its debts or any class of its debts, or shall make a general assignment for the benefit of creditors or any creditor exercises
a contractual right to assume the operations or financial management of any Obligor; and/or

 

(g)        any
Obligor shall file a voluntary petition or commence a case in bankruptcy or a voluntary petition or an answer seeking reorganization
in a proceeding under any Federal, state or foreign bankruptcy or insolvency laws (as now or hereafter in effect) or an answer
admitting the material allegations of a petition filed against any Obligor in any such proceedings, or any Obligor shall by voluntary
petition, answer or consent to or seek relief under the provisions of any other now existing or future bankruptcy, insolvency,
reorganization or other similar law providing for the reorganization or winding-up of corporations, or providing for an agreement,
composition, extension or adjustment with its creditors or take any action for the purpose of effecting any of the foregoing;
and/or

    20

     

    

(h)        an
order, judgment or decree shall be entered in any proceeding by any court of competent jurisdiction appointing, without the
consent of any Obligor, a receiver, trustee, custodian or liquidator of any Obligor or of any substantial part of its
property, or sequestering any substantial part of the property of any Obligor, and any such order, judgment or decree of
appointment or sequestration shall remain in force undismissed, unstayed or unvacated for a period of 60 days after the date
of entry thereof; and/or

 

(i)         a
petition against any Obligor in a proceeding under any Federal, state or foreign bankruptcy laws or other insolvency laws as now
or hereafter in effect shall be filed and shall not be withdrawn or dismissed within 60 days thereafter, or if, under the provisions
of any law providing for reorganization or winding-up of corporations which may apply to any Obligor, any court of competent jurisdiction
shall assume jurisdiction, custody or control of any Obligor or of any substantial part of its property or any Aircraft and such
jurisdiction, custody or control shall remain in force unrelinquished, unstayed or unterminated for a period of 60 days; and/or

 

(j)         any
additional procedure similar to those referred to in Sections 10(f), (g), (h) and (i) above for the relief of financially distressed
debtors under the laws of the United States or any other jurisdiction is entered into by any Obligor, voluntarily or involuntarily,
and if such procedure is involuntary it is not withdrawn or dismissed within 60 days thereafter; and/or

 

(k)        a
final judgment, or in the aggregate, judgments, for the payment of money in excess of US $5,000,000 (or the equivalent thereof
in any currency) shall be rendered against any Obligor and the same shall remain undischarged for a period of 30 calendar days
during which neither execution of such judgment shall be effectively stayed nor adequate bonding fully covering such judgment
shall exist; and/or

 

(l)         any
governmental authority shall have condemned, seized or appropriated all or substantially all of the property of any Obligor; and/or

 

(m)       any
Obligor shall do or cause to be done any act or thing evidencing or establishing its intention to repudiate this Agreement or
any other Basic Document to which it is a party; and/or

 

(n)        any
Basic Document shall be revoked, repudiated or terminated or shall otherwise (other than as its terms expressly provide)
cease to be legal, valid, binding and enforceable against the parties thereto, or any of the Security Documents shall cease
to constitute a duly perfected and enforceable first priority security interest over the Collateral referred to therein, free
and clear of all Liens other than Permitted Liens; and/or

 

(o)        a
Lease Event of Default shall have occurred and be continuing and the Remarketing Period shall not be in effect; and/or

    21

     

    

(p)       any
Obligor shall (i) default in making any payment of any principal of or interest on any Indebtedness (including any Guarantee
Obligation, but excluding the Sub-Loans) after any requisite notice and beyond the period of grace, if any, provided in the
instrument or agreement under which such Indebtedness was created or (ii) default in the observance or performance of any
other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event
or condition (in the case of this clause (ii)) is to cause (by acceleration or otherwise) such Indebtedness to become due
prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable;
provided that a default, event or condition described in this paragraph shall not at any time constitute an Event of Default
unless, at such time, one or more defaults, events or conditions of the type described in this paragraph shall have occurred
and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $5,000,000;
and/or

 

(q)        the
Guaranty shall cease, for any reason, to be in full force and effect or has been repudiated by any Guarantor; and/or

 

(r)
         any Maintenance Support Contract shall be terminated (or shall become terminable)
with respect to any Aircraft or any Engine, in each case other than as a result of (i) an Event of Loss with respect to such Aircraft
or Engine, (ii) a Disposition in respect of such Aircraft or Engine occurring in connection with a prepayment made in respect
of such Aircraft in accordance with Section 2.5(a), (iii) a default under such Maintenance Support Contract by the Manufacturer,
Engine Manufacturer or Maintenance Services Provider, as the case may be or (iv) a replacement of such Maintenance Support Contract
in accordance with Section 6(q) of the Guaranty.

 

THEREUPON:
(A) the Lender may, by notice to the Owner, terminate the Commitments and they shall thereupon terminate, (B) the Lender
may, by notice to the Owner, demand payment of the Sub-Loan Value, (C) declare the principal amount then outstanding of, and
the accrued interest on, the Loan Certificates and all other amounts payable by the Obligors (under such Basic Document to
which each is a party and without duplication) hereunder and under the Loan Certificates to be forthwith due and payable,
whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any
kind, all of which are hereby expressly waived by the Owner and (D) exercise any or all of the remedies set forth in Article
III to the Mortgage.

 

Section
11.           Covenants of the Lender. The Lender agrees and covenants that, unless, in each case, a Sub-Loan Event of Default
shall have occurred and be continuing, it will not take, and it will not permit any Person lawfully claiming through or under
it to take, any action inconsistent with Lessee’s rights under the Lease or any other Basic Document to which Lessee is
a party, or otherwise through its own actions or failure to observe its obligations hereunder or under any other Basic Document
or in any way interfere with or interrupt the quiet enjoyment of the use, operation and possession of the Aircraft, the Airframe
or any Engine by Lessee.

    22

     

    

Section
12.         Miscellaneous.

 

12.1        Waiver.
No failure on the part of the Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right,
power or privilege under this Agreement or any Loan Certificate shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege under this Agreement or any Loan Certificate preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive
of any remedies provided by law.

 

12.2        Notices.
All notices, requests and other communications provided for herein and under the Security Documents (including, without limitation,
any modifications of, or waivers or consents under, this Agreement) shall be given or made in writing (including, without limitation,
by telecopy or e-mail), delivered to the intended recipient at the “Address for Notices” specified on the Administrative
Schedule hereof, in any Loan Certificate/Commitment Assignment Agreement or, as to any party, at such other address as shall be
designated by such party by notice to each other party. Except as otherwise provided in this Agreement, all such communications
shall be deemed to have been duly given when properly transmitted by telecopier or e-mail or personally delivered or, in the case
of a notice sent by commercial courier or by hand, upon receipt, in each case given or addressed as aforesaid.

 

12.3        Expenses;
Indemnity.

 

(a)        The
Owner agrees to pay or reimburse the Security Trustee and the Lender for paying: (i) all documented fees, costs and expenses of
the Security Trustee and the Lender reasonably incurred by it (including, without limitation, the reasonable fees and expenses
of Vedder Price P.C., special New York counsel to the Lender, Daugherty, Fowler, McAfee & Taft, P.C., special FAA counsel
and advisory and ratings agencies), in connection with (A) the negotiation, preparation, execution and delivery of this Agreement,
the other Basic Documents and the extensions of credit hereunder (unless the Lender fail to fund their Loan Certificates after
all conditions precedent to a funding set forth in Section 7 have been satisfied), (B) all fees, taxes and other charges payable
in connection with the recording or filing of instruments and financing statements, or registration of any international interest
or prospective international interest with the International Registry (including the reasonable fees and expenses of local counsel),
and (C) any modification, supplement or waiver of any of the terms of this Agreement or any of the other Basic Documents requested
by the Owner Participant, the Owner or any other Obligor; (ii) all reasonable and documented out of pocket costs and expenses
of the Security Trustee and the Lender (including, without limitation, reasonable legal fees) in connection with (A) any Default
Event and any enforcement or collection proceedings resulting therefrom or in connection with the negotiation of any restructuring
or “workout” of the Owner, the Owner Participant or any other Obligor (whether or not consummated), or the renegotiation
or restructuring of the obligations of the Owner hereunder and (B) the enforcement of this Section 12.3; and (iii) all transfer,
stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of
the execution or delivery of this Agreement, any of the other Basic Documents or any other document referred to herein or therein
(or the transactions contemplated thereby) and all reasonable and documented costs, expenses, taxes, assessments and other charges
incurred in connection with any filing, registration, recording or perfection of any security interest contemplated by any Basic
Document or any other document referred to therein. The Owner agrees to pay all costs, expenses and other charges in respect of
the upfront and ongoing fees and expenses of the Security Trustee as separately agreed. Any amount owed by the Owner under this
Section 12 shall be paid by it promptly after it has received, reviewed and approved an invoice or other document reasonably evidencing
that an amount is due hereunder.

    23

     

    

(b)          Each
of the Owner and the Owner Participant hereby agrees not to assert any claim against the Lender, the Security Trustee, any Holder,
any of their affiliates, or any of their respective directors, officers, employees, attorneys and agents, on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to any of the transactions contemplated
herein or in any other Basic Document.

 

(c)          The
Owner agrees to indemnify each Indemnitee against, and hold each Indemnitee harmless on an after-tax basis from, any and all
losses, claims, damages, liabilities and related expenses (excluding Indemnified Taxes and Excluded Taxes, which for the
avoidance of doubt are dealt with solely under Schedule IV), including the reasonable and documented fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee by any third party or any
Obligor arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any
agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder
or the consummation of the transactions contemplated hereby, (ii) any Note or Advance or the use of the proceeds therefrom or
any payments that the Security Trustee is required to make under any indemnity, (iii) the possession, use, ownership,
operation, condition, manufacture, design, registration and maintenance of any Aircraft or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith or
willful misconduct of such Indemnitee.

 

(d)          With
respect to any Action that is the subject of indemnification under Section 12.3(c), the following procedures shall
apply:

 

(i)           if
any Action is commenced, as to which an Indemnitee proposes to demand indemnification, such Indemnitee shall notify the Owner
with reasonable promptness following the Indemnitee’s being notified of such Action, if the Owner is not a party to such
Action; provided, however, that any failure or delay by such Indemnitee to notify the Owner shall not relieve the Owner from its
obligations under Section 12.3(c) (except to the extent (but only to the extent) that the Owner shall not have otherwise learned
of such Action and it is finally judicially determined by a court of competent jurisdiction (which determination is not subject
to appeal) that the Owner has been actually and materially prejudiced by such failure to promptly notify). With respect to any
action or proceeding brought by a third party, the Owner shall be entitled to assume the defense of any such action or proceeding
with counsel reasonably satisfactory to the Indemnitee except as provided below, exercisable by giving written notice to such
Indemnitee within ten Business Days after receipt of written notice from the Indemnitee of such Action. Upon assumption by the
Owner of the defense of any such Action, the Indemnitee shall have the right to participate in such Action and to retain its own
counsel but the Owner shall not be liable for any legal expenses of other counsel subsequently incurred by such Indemnitee in
connection with the defense thereof unless (1) the Owner has agreed to pay such fees and expenses, (2) the Owner shall have failed
to assume the defense and employ counsel reasonably satisfactory to the Indemnitee in accordance with the preceding sentence,
(3) the Indemnitee shall have been advised by counsel that there are actual or potential conflicting interests between the Owner
and the Indemnitee, including situations in which there are one or more legal defenses available to the Indemnitee that are inconsistent
with, different from or additional to those available to the Owner (in which case the Owner shall not be entitled to assume the
defense of such Action on behalf of the Indemnitee) or (4) the use of counsel chosen by the Owner to represent the Indemnitee
would present such counsel with a conflict of interest (in each such case the Owner will pay the fees and disbursements of such
counsel), provided, however, that the Owner shall not, in connection with any one such action or proceeding or separate but substantially
similar actions or proceedings arising out of the same general allegations, be liable for the fees and expenses of more than one
separate firm of attorneys at any time for all Indemnitees, except to the extent that local counsel, in addition to its regular
counsel, is required in order to effectively defend against such action or proceeding; and

    24

     

    

(ii)          the
Owner agrees that it will not settle or compromise or consent to the entry of any judgment in, or otherwise seek to terminate,
any pending or threatened Action in respect of which indemnification or contribution may be sought hereunder (whether or not any
Indemnitee is a party to such Action) unless each affected Indemnitee has given its prior written consent, or the settlement,
compromise, consent or termination (i) includes an express unconditional release of such Indemnitee from all losses, claims, damages,
liabilities and related expenses described in Section 12.3(c) arising out of such Action and (ii) does not include any admission
or assumption of fault on the part of any Indemnitee.

 

12.4        Amendments,
Etc. Except as otherwise expressly provided in this Agreement, any provision of this Agreement may be modified or supplemented
only by an instrument in writing signed by the Owner, the Security Trustee, the Lender and the Owner Participant, and any provision
of this Agreement may be waived by the Lender; provided that, no modification, supplement or waiver shall, unless by an
instrument signed by all of the Holders: (i) increase, or extend the term of any of the Commitments, or extend the time or waive
any requirement for the reduction or termination of any of the Commitments, (ii) extend the date fixed for the payment of principal
of or interest on any Loan Certificate or any fee hereunder, (iii) reduce the amount of any such payment of principal, (iv) reduce
the rate at which interest is payable thereon or any fee is payable to the Lender hereunder, (v) alter the rights or obligations
of the Owner to prepay Loan Certificates, (vi) alter the terms of this Section 12.4, (vii) modify the definitions of “Sub-
Loan Event of Default” or “Basic Documents”, (viii) release any Collateral (other than as expressly provided
by the Security Documents or other Basic Documents) or (ix) modify Article II of the Mortgage.

    25

     

    

12.5        Successors
and Assigns; Security for Lender’s Obligations  .

 

(a)        This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns;
provided that, except as specified in clause (b) below, neither party hereto shall, without the prior written consent of the other
and except as expressly permitted by the Basic Documents, assign any of its rights or obligations hereunder.

 

(b)        In
order to secure the repayment, inter alia, of the Notes, the Lender has agreed in the Security Agreement, among other
things, to assign to the Security Trustee its right, title and interest in and to this Agreement, the Mortgage and the other
Sub-Loan Documents, subject to the reservations and conditions therein set forth. Each of the Owner and the Owner Participant
hereby consents to such assignment and acknowledges receipt of a copy of the Security Agreement it being understood that such
consent shall not affect any requirement or the absence of any requirement for any consent under any other circumstances.
Until the Lien of the Security Agreement has been released, (i) the Owner shall, notwithstanding anything herein to the
contrary, make all payments of principal and interest on the Loans and all other amounts payable hereunder and under the Loan
Certificates in accordance with Section 6.1 of the Note Purchase Agreement and such payments shall not be subject to any
defense, counterclaim, set-off or other right or claim of any kind which the Owner or the Owner Participant may be able to
assert against Lender or any other Person in an action brought by any thereof on this Agreement or any other Sub-Loan
Document, (ii) all rights of the Lender with respect to this Agreement, the Mortgage and the other Sub-Loan Documents
(including, without limitation, all consent, waiver and notice rights, and rights to make any requests or determinations),
the Aircraft, the Airframe, any Engine or any Part thereof, to the extent set forth in and subject in each case to the
exceptions set forth in the Mortgage, shall be exercisable by the Security Trustee (to the exclusion of the Lender) and (iii)
all documents, notices, certificates and opinions of counsel sent by the Owner or the Owner Participant to the Lender shall
also be sent to the Security Trustee.

 

12.6        Mutilated,
Destroyed, Lost or Stolen Loan Certificates. If any Loan Certificate or Loan Certificates shall become mutilated,
destroyed, lost or stolen, the Owner (as borrower) shall, upon the written request of the holder of such Loan Certificate or
Loan Certificates, execute and deliver in replacement thereof a new Loan Certificate or Loan Certificates in the same form,
payable in the same Original Amount and dated the same date and of the same Tranche. If the Loan Certificate or Loan
Certificates being replaced has become mutilated, a photocopy thereof shall be furnished to the Owner. If the Loan
Certificate or Loan Certificates being replaced has been destroyed, lost or stolen, the holder of such Loan Certificate or
Loan Certificates shall furnish to the Owner such security or indemnity as may be reasonably required by them to save the
Owner harmless and evidence reasonably satisfactory to the Owner of the destruction, loss or theft of such Loan Certificate
or Loan Certificates and of the ownership thereof.

 

12.7        Survival.
The obligations of the Owner under Sections 5 and 12.3 shall survive the repayment of the Loan Certificates and the termination
of the Commitments. In addition, each representation and warranty made, or deemed to be made by a notice of any extension of credit,
herein or pursuant hereto shall survive the making of such representation and warranty, and no Lender shall be deemed to have
waived, by reason of making any extension of credit hereunder, any Default which may arise by reason of such representation or
warranty proving to have been false or misleading.

    26

     

    

12.8        Captions.
The table of contents and captions and section headings appearing herein are included solely for convenience of reference and
are not intended to affect the interpretation of any provision of this Agreement.

 

12.9        Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument
and any of the parties hereto may execute this Agreement by signing any such counterpart.

 

12.10      Governing
Law; Submission to Jurisdiction. THIS AGREEMENT AND THE LOAN CERTIFICATES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION
5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. Each party hereto hereby submits to the nonexclusive
jurisdiction of any court in respect thereof may be brought in the Supreme Court of the State of New York, County of New York
and/or the United States District Court for the Southern District of New York, for the purposes of all legal proceedings
arising out of or relating to this Agreement or the transactions contemplated hereby. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by Applicable Law, any objection which it may now or hereafter have to the laying of
the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has
been brought in an inconvenient forum. Each of the Owner and the Owner Participant hereby agrees that service of all writs,
process and summonses in any such suit, action or proceeding brought in such courts may be made upon its process agent, and
such process agent is its agent (as well as that of its respective successors and assigns) to accept such service of any and
all such writs, process and summonses, and agrees that the failure of its process agent to give any notice of any such
service of process to it shall not impair or affect the validity of such service or of any judgment based thereon. Each of
the Owner and the Owner Participant hereby agrees that it will at all times continuously maintain a process agent to receive
service of process in the City, County and State of New York on behalf of itself and its properties with respect to this
Agreement and the other Basic Documents and shall give each party hereto written notice prior to any change of address for
such agent, and in the event that, for any reason, the process agent named pursuant to this Section 12.10 shall no longer
serve as process agent to receive service of process on such party’s behalf, such party shall promptly appoint a
successor process agent.

 

12.11     
Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

12.12
      Compliance with Anti-Money Laundering Laws. The Owner shall provide the Lender with such
assistance as it reasonably requires in order for the Lender to comply with its own obligations relating to (i) know your client
obligations, (ii) anti-money laundering and counter-terrorism, (iii) elimination of anti-social forces and (iv) implementation
of sanctions by the United Nations and such other international organizations, insofar as these obligations relate to the transaction
the subject of this Agreement.

    27

     

    

12.13      Investment
Disclosure. The parties acknowledge that shares or investments in Permitted Investments are not obligations of Bank of
Utah, or any parent or affiliate of Bank of Utah, are not deposits and are not insured by the FDIC. The Security Trustee or
its affiliate may be compensated by mutual funds or other investments comprising Permitted Investments for services
rendered in its capacity as investment advisor, or other service provider, and such compensation is both described in detail
in the prospectuses for such funds or investments, and is in addition to the compensation, if any, paid to Bank of Utah in
its capacity as Security Trustee. The parties agree that the Security Trustee shall not be responsible for any losses or
diminution in the value of the funds held by it occurring as a result of the investment of such funds in accordance with the
terms hereof.

 

12.14     
NPA Supplemental Amounts. Without duplication of any other amounts payable hereunder, the Owner shall pay all NPA Supplemental
Amounts to the Secured Parties or to such other Person to whom such amount may be owed under the Finance Documents promptly as
the same shall become due and owing and in the currency (whether Dollars or another currency) in which the same is due and owing.
In the event of any failure on the part of the Owner to pay any NPA Supplemental Amounts, the Lender shall have the same rights,
powers and remedies provided for herein or by law or equity or otherwise as in the case of nonpayment of any other amount payable
by the Owner hereunder. For the avoidance of doubt, the Owner shall not be obligated to pay any NPA Supplemental Amounts which
have been paid by any other Obligor to the Secured Parties.

 

12.15
      Owner’s Capacity as Owner Trustee. Bank of Utah (“BOU”) is executing this Agreement solely
in its capacity as owner trustee under the Trust Agreement and not in its individual capacity and in no case shall BOU be personally
liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be those of
the Owner hereunder, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through,
or under such party. Under no circumstances shall BOU be personally liable for the payment of any other amount stated to be due
from Owner hereunder or be personally liable for the breach or failure of any of Mortgagor’s representations, warranties,
covenants, obligations, undertakings and agreements hereunder; provided, however, that the Owner (or any such successor
owner trustee) shall be personally liable hereunder for its own gross negligence or willful misconduct or for its breach of its
covenants, representations and warranties contained herein, to the extent covenanted or made in its individual capacity.

 

*             *             *

    28

     

    

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

 

	 	BANK OF UTAH, not in its
    individual capacity, except as expressly provided herein, solely as owner trustee, as Owner
	 	 	 
	 	By:	/s/ Jon Croasmun
	 	Name: Jon Croasmun
	 	Title: Vice President

     

     

    

	 	WU LEASING I LLC, as Owner
    Participant
	 	 	 
	 	By:	/s/ Carl F Thorsburg
	 	Name: Carl F Thorsburg
	 	Title: CFO

     

     

    

	 	WU FINANCE I LLC
	 	By: WU FINANCE I HOLDINGS TRUST,
    its Manager
	 	By: Wilmington Trust Company, not in its individual
    capacity, but solely as Trustee, as Lender
	 	 	 
	 	By:	/s/ Anita Rosell Woolery
	 	Name: Anita Rosell Woolery
	 	Title: Vice President

     

     

    

ADMINISTRATIVE
SCHEDULE

 

Owner:

 

Bank
of Utah, as Owner Trustee

200
E. South Temple, Suite 210

Salt
Lake City, UT 84111

Attn:                      Corporate
Trust

Facsimile:              (801)
746-3519

 

Payment
Details:

 

To
such account as may be notified in writing by Owner.

 

With
a copy to the Owner Participant

 

Owner
Participant:

 

WU
Leasing I LLC

c/o
Wheels Up Partners LLC

220
West 42nd Street, 9th Floor

New
York, NY 10036

Telephone:            (212)
257-5243

Facsimile:             (646)
517-5620

E-mail:                  cthorsberg@wheelsup.com
and jhorowitz@wheelsup.com

Attention:              Carl
Thorsberg and Jason Horowitz

 

Payment
Details:

 

Bank:                     JPMorgan
Chase Bank, N.A. 

ABA:                     021000021

Acct
Name:            Wheels Up Partners LLC 

Acct No:                421346128 

Swift
Code:           CHASUS33

 

Lender:

 

WU
Finance I LLC

1100
North Market Street

Wilmington,
DE 19890-0001

Attn:                      Corporate
Trust Administration

Telephone:            +1-302-636-6000

Facsimile:             +1-302-636-4140

 

With
a copy to the Owner Participant

    ADMINISTRATIVE SCHEDULE
Page 1 

     

    

SCHEDULE
I

 

COMMITMENTS

 

	Lender	 	Tranche
    Commitment	 	Aggregate Commitment	 
	WU
    Finance I LLC	 	Tranche
A $86,250,000

        Tranche
B $34,500,000
	 	$	120,750,000	 

    SCHEDULE I
Page 1 

     

    

SCHEDULE
II

 

CERTAIN
DEFINED TERMS

 

“Prepayment
Fee” shall mean, in respect of a prepayment of a Loan under Section 2.5 or 2.6(a)(ii):

 

(a)          in
the case of each Tranche A Loan, (i) prior to the second anniversary of the Effective Date, an amount equal to 3.00% of the
principal amount of the Loan being prepaid; (ii) on or after the second anniversary of the Effective Date, but prior to the
third anniversary of the Effective Date, an amount equal to 2.00% of the principal amount of the Loan being prepaid; (iii) on
or after the third anniversary of the Effective Date, but prior to the fourth anniversary of the Effective Date, an amount
equal to 1.00% of the principal amount of the Loan being prepaid; and (iv) thereafter, zero; and

 

(b)          in
the case of each Tranche B Loan, (i) prior to the second anniversary of the Effective Date, an amount equal to 3.00% of the
principal amount of the Loan being prepaid; (ii) on or after the second anniversary of the Effective Date, but prior to the
third anniversary of the Effective Date, an amount equal to 2.00% of the principal amount of the Loan being prepaid; (iii) on
or after the third anniversary of the Effective Date, but prior to the fourth anniversary of the Effective Date, an amount
equal to 1.00% of the principal amount of the Loan being prepaid; and (iv) thereafter, zero.

 

“Tranche
A Commitment Fee Rate” shall mean 0.50% per annum.

    SCHEDULE II
Page 1 

     

    

SCHEDULE
III

 

AMORTIZATION
SCHEDULE FOR EACH AIRCRAFT

 

A.       Amortization
schedule for Tranche A Loans:

 

	Installment No.1	 	 	Principal Amount to

                                                                               be Paid
	 
	1	 	 	$	65,000	 
	2	 	 	 	70,000	 
	3	 	 	 	70,000	 
	4	 	 	 	70,000	 
	5	 	 	 	70,000	 
	6	 	 	 	70,000	 
	7	 	 	 	75,000	 
	8	 	 	 	75,000	 
	9	 	 	 	75,000	 
	10	 	 	 	75,000	 
	11	 	 	 	80,000	 
	12	 	 	 	80,000	 
	13	 	 	 	80,000	 
	14	 	 	 	85,000	 
	15	 	 	 	85,000	 
	16	 	 	 	85,000	 
	17	 	 	 	85,000	 
	18	 	 	 	90,000	 
	19	 	 	 	90,000	 
	20	 	 	 	90,000	 
	21	 	 	 	95,000	 
	22	 	 	 	95,000	 
	23	 	 	 	95,000	 
	24	 	 	 	100,000	 
	25	 	 	 	100,000	 
	26	 	 	 	100,000	 
	27	 	 	 	100,000	 
	28	 	 	$	1,500,000	 

 

 

1 Each installment to be payable on the respective
Payment Date following the Borrowing Date for the relevant Loans, commencing on the Amortization Date for such Loans.

    SCHEDULE III
Page1 

     

    

B.       Amortization
schedule for Tranche B Loans:

 

	Installment No.2	 	 	Principal Amount to

                                                                               be Paid
	 
	1	 	 	$	20,000	 
	2	 	 	 	20,000	 
	3	 	 	 	20,000	 
	4	 	 	 	20,000	 
	5	 	 	 	25,000	 
	6	 	 	 	25,000	 
	7	 	 	 	25,000	 
	8	 	 	 	25,000	 
	9	 	 	 	25,000	 
	10	 	 	 	25,000	 
	11	 	 	 	25,000	 
	12	 	 	 	25,000	 
	13	 	 	 	25,000	 
	14	 	 	 	25,000	 
	15	 	 	 	30,000	 
	16	 	 	 	30,000	 
	17	 	 	 	30,000	 
	18	 	 	 	30,000	 
	19	 	 	 	30,000	 
	20	 	 	 	30,000	 
	21	 	 	 	30,000	 
	22	 	 	 	35,000	 
	23	 	 	 	35,000	 
	24	 	 	 	35,000	 
	25	 	 	 	35,000	 
	26	 	 	 	35,000	 
	27	 	 	 	35,000	 
	28	 	 	$	750,000	 

 

 

 2 Each installment to
be payable on the respective Payment Date following the Borrowing Date for the relevant Loans, commencing on the Amortization
Date for such Loans.

    SCHEDULE III
Page 2 

     

    

SCHEDULE
IV

 

TAX
MATTERS

 

(a)          Any
and all payments by or on account of any obligation of the Owner hereunder to the Lender or the Security Trustee, under the
Loan Certificates and each other Basic Document shall be made free and clear of and without deduction or withholding for any
Indemnified Taxes; provided that if the Owner shall be required to deduct any Indemnified Taxes from such payments,
then (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings
(including deductions and withholdings applicable to additional sums payable under this Schedule IV) the Security
Trustee and the Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions
and withholdings been made, (ii) the Owner shall, or shall cause the Security Trustee to, make such deductions and
withholdings and (iii) the Owner shall, or shall cause the Security Trustee to, pay the full amount deducted and withheld to
the relevant Governmental Authority in accordance with Applicable Law.

 

(b)          In
addition, without duplication of any payments made under Section (a) of this Schedule IV, the Owner shall, or shall cause the
Security Trustee to, pay any Indemnified Taxes to the relevant Governmental Authority in accordance with Applicable Law and shall
indemnify the Security Trustee and the Lender on an After-Tax Basis within ten (10) Business Days after written demand therefor,
for the full amount of any Indemnified Taxes paid by the Security Trustee or the Lender, as the case may be, on or with respect
to any payment by or on account of any obligation of the Owner hereunder or under the Basic Documents and the transactions contemplated
thereby (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Schedule IV),
including reasonable out of pocket expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes are
correctly or legally imposed or asserted by the relevant Governmental Authority. If the Owner disagrees with the Security Trustee’s
or the Lender’s determination that an amount is due, or calculation thereof, in respect of Indemnified Taxes for which such
Person shall have made a written demand pursuant to the preceding sentence, the Owner shall request in writing within the ten
(10) Business Day period for the Owner’s payment of such Indemnified Taxes that such amount shall be verified by an independent
public accountant chosen by the Security Trustee or the Lender, as the case may be, and reasonably acceptable to the Owner. Within
thirty (30) days after the Owner’s request, the independent public accountant shall confirm the accuracy of the Security
Trustee’s or the Lender’s calculation, as the case may be, or shall notify the Security Trustee or the Lender, as
the case may be, and the Owner that the calculation of such amount is inaccurate. The costs of such verification shall be borne
by the Owner unless such verification discloses an error adverse to the Owner equal to ten percent (10%) or more of the amount
determined to be due, in which case such fees shall be paid by the Security Trustee or the Lender, as the case may be. Subject
to the execution by the independent public accountant of a confidentiality agreement acceptable to the Security Trustee or the
Lender, as the case may be, in such Person’s sole discretion, the Security Trustee or the Lender, as the case may be, agree
to cooperate with such independent public accountant and supply them with all information reasonably necessary to permit them
to accomplish such review and determination. Such confirmation shall be for the confidential use of the independent public accountant
and shall not be disclosed to the Owner or any other Person. In addition, the Owner, the Security Trustee, and the Lender hereby
agree that the sole responsibility of the independent public accountant shall be to verify the amount of a payment pursuant to
this Schedule IV and that matters of interpretation shall not be within the scope of its responsibilities.

    SCHEDULE IV
Page 1 

     

    

(c)          As
soon as practicable after any payment of Indemnified Taxes by the Owner to a Governmental Authority, the Owner shall, or shall
cause the Security Trustee to, deliver to the relevant Lender or Lender the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Lender or Lender.

 

(d)          (i)          The
Lender shall deliver to the Owner and the Security Trustee, at the time or times reasonably requested by the Owner or the Security
Trustee in writing, such properly completed and executed documentation reasonably requested by the Owner or the Security Trustee
in writing (including, without limitation, executed copies of IRS Form W-9 certifying that Lender is exempt from U.S. federal
backup withholding tax) as will permit the Owner or the Security Trustee , as applicable, to determine its liability for, and
to comply with, any obligation it may have to withhold Taxes with respect to payments owed to the Lender under the Loan Certificates
or other Basic Documents or to permit such payments to be made without withholding or at a reduced rate of withholding. Notwithstanding
anything to the contrary in the preceding sentence, the completion, execution and submission of such documentation (other than
IRS Form W-9 and such documentation set forth in subclause (ii) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject the Lender to any unreimbursed cost or expense or prejudice any
Tax, legal or commercial position of the Lender.

 

(ii)        Without
limiting the generality of the foregoing, if a payment made to the Lender under any Basic Document would be subject to U.S.
federal withholding Tax imposed by FATCA if the Lender were to fail to comply with the applicable reporting requirements of
FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, or any intergovernmental agreement as
applicable), the Lender shall deliver to the Owner and the Security Trustee (with a copy to each other Lender) at the time or
times prescribed by Applicable Law and at such time or times reasonably requested by the Owner or the Security Trustee in
writing such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code or
any intergovernmental agreement) and such additional documentation reasonably requested by the Owner or the Security Trustee
in writing as may be necessary for the Owner and the Security Trustee to comply with their obligations under FATCA and to
determine that the Lender has complied with the Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this paragraph (ii), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement.

 

The
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect
as a result of its change in circumstance, it shall update such form or certification or promptly notify the Owner and the Security
Trustee in writing of its legal inability to do so.

    SCHEDULE IV
Page 2 

     

    

(e)          If
the Owner becomes obligated to pay any Indemnified Taxes pursuant to this Schedule IV, provided no Material Default or
Sub-Loan Event of Default exists, the Lender hereby agrees to cooperate with the Owner, at the cost and expense of the Owner,
to avoid the imposition of such Tax, including, without limitation, by designating a different applicable lending office for the
Loan Certificates of the Lender incurring such Tax or otherwise restructuring the transactions contemplated by the Basic Documents,
provided that such designation or restructuring will not, in the reasonable opinion of the Lender, be disadvantageous to the Lender.

 

(f)           (A)
Provided neither a Material Default nor a Sub-Loan Event of Default exists, if the Security Trustee or the Lender, as the case
may be, receives a refund of any withholding Taxes in respect of which additional amounts were paid by the Owner pursuant to this
Schedule IV, the Security Trustee or the Lender, as the case may be, shall promptly pay to the Owner the amount of such
refund plus any interest received on such refund fairly attributable to such Tax and not in excess of amounts previously paid
by the Owner to the Security Trustee or the Lender pursuant to this Schedule IV (other than interest actually received
on such refund and fairly attributable to such Tax). Provided neither a Material Default nor a Sub-Loan Event of Default exists,
the Security Trustee and the Lender shall in good faith use diligence in filing its tax returns and in dealing with taxing authorities
to seek and claim any such refund and to minimize the Taxes payable or indemnifiable by the Owner hereunder if it can do so, in
its sole opinion, without adverse consequences. (B) Provided neither a Material Default nor a Sub-Loan Event of Default exists,
if the Security Trustee or the Lender, as the case may be, actually utilizes any credit with respect to any withholding Taxes
in respect of which additional amounts were paid by the Owner pursuant to this Schedule IV, the Security Trustee or the
Lender, as the case may be, shall pay to the Owner an amount equal to the amount of such credit, but not in excess of amounts
previously paid by the Owner to the Security Trustee or the Lender, provided, however, that no Person shall be required to claim
any credit if to do so would, in its sole opinion, result in any adverse consequences to it, and provided further that no Person
shall be required to claim any credit in respect of this Schedule IV in priority of any other credits (any utilization
of such credit being in such Person’s sole discretion). Any refund or credit not paid by the Security Trustee or the Lender,
as the case may be, because a Material Default or Sub-Loan Event of Default exists, shall be held by such Person and may be applied
by such Person to reduce the amount of any obligation of the Owner under this Agreement then due and not made, and the amount
held by such Person in excess of the amount of any such reduction (if any) shall be paid to the Owner when such Material Default
and/or Sub-Loan Event of Default shall have been cured and all amounts then due and payable to the Lender under this Agreement,
the Lease and the other Basic Documents shall have been fully paid. In addition, any refund or credit which is subsequently disallowed
shall be promptly repaid by the Owner on the demand of the Security Trustee or the Lender, as the case may be. Notwithstanding
anything to the contrary herein or in any other Basic Document, neither the Owner nor any other Person shall have any right to
inspect any tax return, document, books or records of the Lender, the Security Trustee or any of their respective Affiliates.

 

(g)          The
Lender hereby agrees to reimburse the Owner or the Security Trustee, as the case may be, for any Taxes collected by way of withholding
which the Owner or the Security Trustee fails to withhold on payments to the Lender as a direct result of the failure of the Lender
to provide the form or certificate required to be provided by the Lender by clause (d) hereof or the inaccuracy or invalidity
of any such form or certificate required to be provided by the Lender by clause (d) hereof.

    SCHEDULE IV
Page 3 

     

    

(h)          For
purposes of this Schedule IV, the following terms shall have the following meanings:

 

“After-Tax
Basis” shall mean on a basis that any payment to be received or receivable by any Person is supplemented by a further
payment or payments to such Person so that the sum of all such payments, after deducting the net amount of all Taxes payable by
such Person or any of its Affiliates under any law as a result of the receipt or accrual of such payment (after reduction by the
amount of current Taxes saved by such Person as a result of the event or item for which the payments are being made to such Person),
is equal to the payment due to such Person.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended (including any successor thereto).

 

“Excluded
Taxes” shall mean, with respect to the Security Trustee, the Lender, or any other recipient of any payment to be
made by or on account of any obligation of the Owner hereunder, (a) any Taxes imposed on all or part of the net income, net profits
or net gains (whether worldwide, or only insofar as such income, profits or gains are considered to arise in or to relate to a
particular jurisdiction or otherwise) of such Person, in each such case imposed on such Person by any jurisdiction (i) in which
such Person is organized, (ii) in which such Person’s principal office is located, or (iii) in the case of the Lender, in
which such Person’s applicable lending office is located, (b) any Taxes imposed on a transferee of the Lender or on payments
to a transferee to the extent that, under Applicable Law in effect on the date of the transfer to such transferee, the amount
of such Taxes exceeds the amount of such Taxes that would have been imposed on the original Lender or on payments to such original
Lender and indemnified against hereunder (with appropriate adjustment to reflect the amount of the Loan Certificate acquired by
such transferee) (provided, however, this clause (b) shall not apply if such change is made at the request of Owner, required
by Applicable Law, or as a result of a Sub-Loan Event of Default that has occurred and is continuing), (c) any Taxes which would
not have been imposed or suffered but for a reasonably avoidable delay or failure by the affected Lender in filing Tax computations
or returns or in paying any Tax which it is required by the Applicable Law of the jurisdiction of its lending office to file or,
as applicable, pay without regard to the transactions contemplated by the Basic Documents, (d) any Taxes that result from (i)
that Lender’s breach of any of its express obligations or misrepresentations under the Basic Documents (other than a breach
attributable to the breach by Owner of its obligations under the Basic Documents or a breach by any other party to any Basic Document
of its obligation under Basic Documents), (ii) the Lender’s failure to comply with paragraph (d) of the Schedule IV, or
(iii) or the Lender’s fraud, willful misconduct or gross negligence (unless imputed by Applicable Law), (e) any Taxes assessed
on that Lender by any jurisdiction that would not have been so assessed but for activities or present or former connection of
that Lender in or to such jurisdiction wholly unrelated to the transactions contemplated by the Basic Documents, and (f) any U.S.
federal withholding Taxes imposed under FATCA.

    SCHEDULE IV
Page 4 

     

    

“FATCA”
shall mean

 

(a)          Sections
1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official written interpretations thereof
and any written agreements entered into pursuant to Section 1471(b)(1) of the Code, or

 

(b)          any
treaty, law, regulation or other official written guidance enacted in any other jurisdiction, or relating to an intergovernmental
agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of paragraph
(a) above; or

 

(c)          any
written agreement pursuant to the implementation of paragraphs (a) or (b) above with the U.S. Internal Revenue Service, the U.S.
government or any governmental or taxation authority in any other jurisdiction.

 

“Indemnified
Taxes” shall mean Taxes other than Excluded Taxes.

 

“Lender”,
for the avoidance of doubt, shall mean the Lender and each Holder and each of their respective shareholders, Affiliates,
officers, agents and employees (and shall also include any combined, consolidated or affiliated tax group of which any the
Lender or Holder is or shall become a member and any member of such group).

 

“Taxes”
shall mean any and all present or future fees, taxes (including, without limitation, all surtaxes, financial transaction taxes
and stamp taxes), levies, imposts, duties, deductions, excises, assessments, charges or withholdings of any nature, together with
any penalties, fines, additions to tax or interest thereon howsoever levied or imposed by any Governmental Authority.

    SCHEDULE IV
Page 5 

     

    

EXHIBIT
A

 

FORM
OF LOAN CERTIFICATE

 

[TRANCHE
A/B]

 

BANK OF UTAH,

 

NOT
IN ITS INDIVIDUAL CAPACITY, EXCEPT AS EXPRESSLY SET FORTH HEREIN, 

BUT SOLELY AS OWNER TRUSTEE

 

LOAN
CERTIFICATE

ISSUED
IN CONNECTION WITH ONE BEECHCRAFT MODEL KING AIR 350I 

AIRCRAFT
WITH MANUFACTURER’S SERIAL NUMBER [_____]

AND
TWO PRATT & WHITNEY CANADA MODEL PT6A-60A ENGINES

 

AND
TWO HARTZELL MODEL HC-B4MP3C PROPELLERS

 

	New
York, New York

        No. ___
	Date: __________  ___,
20__

	$_______________________

 

BANK
OF UTAH, not in its individual capacity, except as expressly set forth herein, but solely as owner trustee under the Trust
Agreement (the “Owner”) hereby promises to pay to WU Finance I LLC (the “Lender”), or
registered transferees, the principal sum of___________ ($__________ ),
in consecutive installments, equal to the amounts, and payable on the Payment Dates, set forth in the Loan Agreement referred
to below, together with interest payable on each such Payment Date, set forth in the Loan Agreement Supplements in respect of
this Loan Certificate, together with interest payable of each such Loan on each such Payment Date on the unpaid principal
amount hereof until such principal amount is paid in full. If the due date of any payment under this Loan Certificate falls
on a day that is not a Business Day, such date shall be extended to the next succeeding Business Day (or, if such next
succeeding Business Day falls in the next succeeding calendar month, on the next preceding Business Day). Interest on this
Loan Certificate shall be payable at the Floating Rate, calculated on the basis of a year of 360 days and actual number of
days elapsed, including the first day but excluding the last day. This Loan Certificate shall bear interest at the applicable
Post-Default Rate on any principal hereof, and, to the extent permitted by Applicable Law, interest and other amounts due
hereunder, in each case, not paid when due (whether at stated maturity, by acceleration or otherwise), for any period during
which the same shall be overdue, payable on demand by the Lender.

 

All
payments of principal, interest and all other amounts to be made to the Lender hereunder or under the Loan Agreement, dated as
of May 27, 2016, among the Owner, WU Leasing I LLC, as owner participant and the Lender (as amended, supplemented or modified
from time to time, herein called the “Loan Agreement”, the terms defined therein and not otherwise defined
herein being used herein with the same meanings) or under the other Basic Documents, shall be made in accordance with the terms
of the Loan Agreement and the other Basic Documents.

    EXHIBIT A
Page 1 

     

    

Principal
and interest and all other amounts due hereunder shall be payable in Dollars in immediately available funds no later than 11:00
a.m., New York time, on the due date thereof, to the Security Trustee at the Collection Account, and the Security Trustee shall,
subject to the terms and conditions of the Loan Agreement, remit all such amounts so received by it in accordance with the terms
of the Security Agreement. All such payments by the Owner and the Security Trustee shall be made free and clear of and without
reduction for or on account of all wire or other like charges.

 

This
Loan Certificate is one of the Loan Certificates referred to in the Loan Agreement which have been or are to be issued by the
Owner pursuant to the terms of the Loan Agreement. Certain of the Collateral is held by the Lender as security, in part, for the
Loan Certificates. Reference is hereby made to the Loan Agreement for a statement of the rights and obligations of the Lender,
and the nature and extent of the security for this Loan Certificate, and the nature and extent of the security for the other Loan
Certificates, as well as for a statement of the terms and conditions of the trusts created by the Loan Agreement, to all of which
terms and conditions in the Loan Agreement the Lender agree by its acceptance of this Loan Certificate.

 

This
Loan Certificate is subject to prepayment as permitted by Sections 2.5 and 2.6 of the Loan Agreement and to acceleration by the
Lender as provided in Section 10 of the Loan Agreement, and the Lender, by its acceptance of this Loan Certificate, agree to be
bound by said provisions.

 

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

    EXHIBIT A
Page 2 

     

    

IN
WITNESS WHEREOF, the Owner has caused this Loan Certificate to be executed in its corporate name by its officer thereunto
duly authorized, as of the date hereof.

 

	 	BANK OF UTAH, not in its
    individual capacity, except as expressly provided herein, but solely as owner trustee
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

    EXHIBIT A
Page 3 

     

    

EXHIBIT
B

 

FORM
OF NOTICE OF BORROWING

 

WU
Finance I LLC, as Lender

 

		Re:	Loan
Agreement dated as of May 27, 2016 (the “Loan Agreement”), among Bank of Utah, not in its individual capacity
but solely as owner trustee, as owner, WU Leasing I LLC, as owner participant, and as Lender and WU Finance I LLC, as lender

 

Dear
Sirs:

 

Reference
is made to the Loan Agreement; capitalized terms not otherwise defined herein shall have the meanings assigned to such terms therein.
This is a Notice of Borrowing delivered pursuant to Section 2.2(a) of the Loan Agreement. The undersigned hereby:

 

1.            Notifies
the Lender that it seeks to borrow the following Loans on__________ __, 201_ (which is a Business Day) (the “Proposed
Borrowing Date”):

 

	Aircraft	Tranche
    A	Tranche
    B
	 	 	 
	MSN _______
	$ _______
	$ _______

 

2.            Notifies
the Lender that the proceeds the Borrowing requested hereunder are to be paid to the following account:

 

Bank:
[_____]

ABA
number: [_____] 

Account number: [_____] 

Beneficiary Name: [_____]

 

3.            Confirms
that the purchase price payable under the Purchase Agreement for the Aircraft referred to herein is $_____.3

 

4.            Confirms
that the amounts requested hereby shall be utilized under and for the purpose of the Loan Agreement.

 

 

3
Include for each Aircraft delivered new from the manufacturer under the Purchase Agreement after March 1, 2016; requested
Loans to be no greater than 86% of this amount.

    EXHIBIT B
Page 1 

     

    

	 	Sincerely yours,
	 	 
	 	BANK OF UTAH, not in its
    individual capacity, except as expressly provided herein, but solely as owner trustee
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

    EXHIBIT B
Page 2 

     

    

EXHIBIT
C

 

FORM
OF MORTGAGE

    EXHIBIT C
Page 1 

     

    

EXHIBIT
D

 

[INTENTIONALLY OMITTED]

    EXHIBIT D
Page 1 

     

    

EXHIBIT
E

 

FORM
OF MEMBERSHIP INTEREST PLEDGE AGREEMENT

    EXHIBIT E
Page 1 

     

    

EXHIBIT
F

 

FORM
OF BENEFICIAL INTEREST PLEDGE AGREEMENT

    EXHIBIT F
Page 1Exhibit
10.38

 

EXECUTION
VERSION

 

LOAN
AGREEMENT

 

dated
as of June 30, 2017

 

among

 

BANK
OF UTAH, 

not
in its individual capacity, except as expressly provided herein, but solely as owner trustee,

 as Owner

 

WU
LEASING II LLC, 

as
Owner Participant

 

WU
FINANCE II LLC, 

as
Lender 

 

 

 

Up
to $89,250,000

 

 

 

Jefferies
LLC 

Arranger

     

     

    

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	SECTION 1.	DEFINITIONS	1
	 	 	 
	SECTION 2.	THE LOANS	1
	 	 	 
	 	2.1	Commitment to Lend	1
	 	2.2	Funding and Disbursement Procedures; Floating
    Rate	2
	 	2.3	Termination of Commitments	3
	 	2.4	Loan Certificates; Amortization	3
	 	2.5	Voluntary Prepayments	3
	 	2.6	Mandatory Prepayments	4
	 	 	 	 
	SECTION 3.	PAYMENTS OF PRINCIPAL AND INTEREST; COMMITMENT
    FEES	 5
	 	 	 
	 	3.1	Repayment of Loans	5
	 	3.2	Interest	5
	 	3.3	Commitment Fees	6
	 	 	 	 
	SECTION 4.	PAYMENTS; PRO RATA TREATMENT; COMPUTATIONS,
    ETC	6
	 	 	 
	 	4.1	Payments	6
	 	4.2	[Intentionally Omitted]	7
	 	4.3	Computations	7
	 	4.4	Certain Notices	7
	 	 	 	 
	SECTION 5.	TAXES	7
	 	 	 
	SECTION 6.	PAYMENTS INTO THE COLLECTION ACCOUNT	7
	 	 	 
	 	6.1	Payments into the Collection Account	7
	 	 	 	 
	SECTION 7.	CONDITIONS PRECEDENT; CONDITIONS SUBSEQUENT	8
	 	 	 
	 	7.1	Effective Date	8
	 	7.2	Borrowing Date	8
	 	7.3	Conditions Subsequent	8
	 	 	 	 
	SECTION 8.	REPRESENTATIONS AND WARRANTIES	8
	 	 	 
	 	8.1	Owner	8
	 	8.2	Owner Participant	12
	 	 	 	 
	SECTION 9.	COVENANTS	15
	 	 	 
	 	9.1	Owner and Owner Participant	15
	 	 	 	 
	SECTION 10.	EVENTS OF DEFAULT	20
	 	 	 
	SECTION 11.	COVENANTS OF THE LENDER	23
	 	 	 
	SECTION 12.	MISCELLANEOUS	23
	 	 	 
	 	12.1	Waiver	23
	 	12.2	Notices	23

    -i- 

     

    

TABLE
OF CONTENTS 

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	12.3	Expenses; Indemnity	24
	 	12.4	Amendments, Etc.	26
	 	12.5	Successors and Assigns; Security for Lender’s
    Obligations	26
	 	12.6	Mutilated, Destroyed, Lost or Stolen Loan Certificates	27
	 	12.7	Survival	27
	 	12.8	Captions	27
	 	12.9	Counterparts	27
	 	12.10	Governing Law; Submission to Jurisdiction	27
	 	12.11	Waiver of Jury Trial	28
	 	12.12	Compliance with Anti-Money Laundering Laws	28
	 	12.13	Investment Disclosure	28
	 	12.14	NPA Supplemental Amounts	28
	 	12.15	Owner’s Capacity as Owner Trustee	29

 

	ADMINISTRATIVE SCHEDULE
	 
	SCHEDULE I	-	Commitments
	SCHEDULE II	-	Certain Defined Terms
	SCHEDULE III	-	Amortization Schedule for each Aircraft
	SCHEDULE IV	-	Tax Matters
	 	 	 
	EXHIBIT A	-	Form of Loan Certificate
	EXHIBIT B	-	Form of Notice of Borrowing
	EXHIBIT C	-	Form of Mortgage
	EXHIBIT D	-	[Intentionally Omitted]
	EXHIBIT E	-	Form of Membership Interest Pledge Agreement
	EXHIBIT F	-	Form of Beneficial Interest Pledge Agreement
	 	 	 
	APPENDIX A	-	Definitions and Construction

    -ii- 

     

    

THIS
LOAN AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of June 30, 2017, is among BANK OF UTAH, not in its individual capacity, except as expressly provided herein,
but solely as owner trustee under the Trust Agreement, as Owner (the “Owner”), WU LEASING II LLC, a
Delaware limited liability company, as Owner Participant (the “Owner Participant”) and WU FINANCE II LLC,
as lender (the “Lender”).

 

The
parties hereto agree as follows:

 

Section
1.          Definitions. For all purposes of this Agreement (a) the terms used herein in capitalized form but not defined herein
are used as defined in Part I of Appendix A hereto and if not therein, as defined in the Lease and (b) the rules of construction
and interpretation of this Agreement shall be as set forth in the Part II of Appendix A hereto.

 

Section
2.          The Loans.

 

		2.1	Commitment
to Lend.

 

(a)          On
the terms and conditions of this Agreement, the Lender agrees to make secured loans to the Owner, such loans to be made in two
Tranches, “Tranche A Loans” and “Tranche B Loans” as provided below, in an aggregate principal amount
up to its Commitment specified opposite the Lender’s name on Schedule I hereto. The Loans shall be made pursuant to the
terms hereof and Loan Certificates evidencing such Loans shall be issued pursuant to the terms hereof and shall be substantially
in the form set out in Exhibit A. The Loans shall be secured by a first priority mortgage and security interest in the Designated
Aircraft and a collateral assignment of the Lease and certain other property associated therewith. Once repaid, the Loans made
hereunder may not be reborrowed.

 

(b)          The
Loans shall be made by reference to a particular “Tranche”. The “Tranche” of any Loan shall be designated
as “Tranche A” or “Tranche B”. The Loans shall relate to the Aircraft. The Tranche of each Loan shall
be indicated on the face of the Loan Certificate relating to such Loan.

 

(c)          Schedule
I hereto sets out the Tranche of Loans that the Lender has irrevocably elected to make. Any Loan initially made as a Tranche A
Loan shall be and remain a Tranche A Loan, and any Loan initially made as a Tranche B Loan shall be and remain a Tranche B Loan,
in each case, regardless of the holder thereof. A Loan, once made as a particular Tranche, shall only be transferred, assigned
and/or reissued as such Tranche, entitling its holder to the rights, and subjecting such holder to the obligations, applicable
to such Tranche only, as further set forth herein.

 

(d)          The
aggregate Original Amount of the Tranche A Loans shall not exceed the Tranche A Commitment Amount, and the aggregate Original
Amount of the Tranche B Loans shall not exceed the Tranche B Commitment Amount.

     

     

    

[Loan
Agreement]

 

		2.2	Funding
and Disbursement Procedures; Floating Rate.

 

(a)          Each
Loan shall relate to a particular Aircraft. In connection with the financing for any Aircraft hereunder, the Owner shall give
the Lender a Notice of Borrowing as provided in Section 4.4 not later than 11:00 a.m. New York time at least five (5) Business
Days prior to the proposed date for the Borrowing Date for such Aircraft (the “Funding Date” for the relevant
Aircraft) (which five (5) Business Days’ prior notice, for the initial Loans, may be waived by agreement of the Lender,
evidenced by its funding of such Loans), which date shall be a Business Day not later than the Commitment Termination Date, and
which Notice of Borrowing shall be in the form of Exhibit B hereto. Upon receipt of a Notice of Borrowing, the Lender shall execute
and deliver to the Security Trustee a Notice of Drawdown under the Note Purchase Agreement in respect of the corresponding Advances
to be made thereunder.

 

(b)          In
order to facilitate the timely closing of the transactions contemplated hereby, the Owner, by delivery of a Notice of Borrowing
to the Lender, irrevocably instructs the Lender to wire transfer (for receipt by no later than 10:00 a.m. New York City time)
on the applicable Funding Date the Advance Amount for the relevant Aircraft by the wiring of immediately available funds to the
Collection Account, and such funds shall be deemed to have been so deposited upon wiring by the Purchasers of such amount to the
Collection Account in accordance with Section 2.2(b) of the Note Purchase Agreement.

 

(c)          Subject
to clause (f) below, upon the satisfaction of the conditions precedent for such Borrowing set forth in Section 7, the Security
Trustee shall disburse the funds deemed to have been so deposited by the Lender into the Collection Account pursuant to Section
2.2(b) (the “Deposits”) to the Owner in the amount of the Advance Amount for the relevant Aircraft as set forth
in Section 2.2(h).

 

(d)          If,
for any reason, an Aircraft to be financed hereunder on its Funding Date shall not be so financed, pursuant to Section 2.2(d)
of the Note Purchase Agreement the Deposits and earnings thereon, will be invested and reinvested by the Security Trustee at the
sole direction, for the account, and at the risk of the Owner (the Lender hereby designating the Owner as its nominee to make
such directions pursuant to Section 2.2(d) of the Note Purchase Agreement) in an overnight investment selected by the Owner and
reasonably acceptable to the Lender and the Security Trustee. Upon the Owner’s oral (to be confirmed in writing) instructions,
earnings on any such investments shall be applied to the Owner’s payment obligations to the Lender under this Section 2
to the extent of such earnings.

 

(e)          If
the actual Borrowing Date for an Aircraft is a date falling after the relevant Funding Date, the Owner shall pay interest
hereunder to the Lender on the amount of the Deposits for the period from and including such Funding Date to but excluding
the earlier of (i) such Borrowing Date and (ii) the Cutoff Date (as defined below). For the Lender, such interest shall
accrue on the amount of the Deposits at the Floating Rate for the Loans of the applicable Tranche. Interest on the Deposits
accrued pursuant to the preceding sentence shall (A) if accrued to such Borrowing Date, be paid on the first Payment Date
thereafter and (B) if accrued to such Cutoff Date, be due and payable to the Lender on such date.

    2 

     

    

(f)           If
for any reason, other than the failure of the Lender to comply with the terms hereof, the Borrowing Date for an Aircraft shall
not have occurred on or prior to five (5) Business Days after its Funding Date (the relevant “Cutoff Date”),
pursuant to Section 2.2(f) of the Note Purchase Agreement the Security Trustee shall return the Deposits to the Purchasers, provided,
however, such return shall not affect the Lender’s continuing obligation to fund its Loan for the relevant Aircraft as provided
herein.

 

(g)           If
funds have been returned to the Purchasers pursuant to Section 2.2(f) of the Note Purchase Agreement, the Owner may schedule a
new Funding Date for such Aircraft on any date prior to the Commitment Termination Date by giving a new Notice of Borrowing pursuant
to Section 2.2(a), and the provisions of this Section 2 shall be applicable to such new Funding Date.

 

(h)          Subject
to the terms and conditions of this Agreement, on the Borrowing Date for an Aircraft specified in the relevant Notice of Borrowing,
the Lender shall loan the amount of the Advance Amount for the relevant Aircraft to the Owner by wire transferring such amount
to the account identified by the Owner in such Notice of Borrowing, or to such other account as the Owner shall direct the Lender
in writing.

 

(i)           On
the Borrowing Date for an Aircraft, the Owner shall pay to the Lender an upfront fee in respect of the Tranche A Loans for such
Aircraft in an amount equal to 1.00% of the Tranche A Advance Amount for such Aircraft. The Owner and the Lender agree that such
fee shall be netted from the proceeds of the Tranche A Loans made available to the Owner in respect of such Aircraft to minimize
actual cash movements.

 

		2.3	Termination
of Commitments.

 

(a)          The
amount of the Lender’s Commitment shall be automatically reduced to zero on the Commitment Termination Date.

 

(b)          The
Owner shall have no right at any time to terminate the aggregate unused amount of the Commitments.

 

(c)          The
Commitments once terminated may not be reinstated.

 

		2.4	Loan
Certificates; Amortization.

 

(a)          Each
Loan Certificate shall be substantially in the form of Exhibit A hereto, dated the relevant Borrowing Date and payable to the
Lender in a principal amount equal to the Tranche A Advance Amount or Tranche B Advance Amount, as applicable.

 

(b)          The
Lender shall not be entitled to have its Loan Certificates subdivided, by exchange for promissory notes of lesser denominations
or otherwise.

 

		2.5	Voluntary
Prepayments.

 

(a)          From
and after the first anniversary of the Effective Date, the Owner shall have the right on any Business Day to prepay the Loans
in respect of any Aircraft in full and request (and, subject to the requirements of Section 6.01(b) of the Mortgage, to obtain)
the release of such Aircraft from the Lien of the Mortgage in accordance with Section 6.01(b) thereof, subject to the requirements
of Sections 2.5(c) and 2.5(d) below; provided that no prepayment under this Section 2.5(a) shall be permitted and such Lien shall
not be released if, after giving effect to such prepayment the Loans in respect of more than four Aircraft shall have been prepaid
pursuant to this Section. Any prepayment under this Section 2.5(a) shall be applied to the Loans allocated to the relevant Aircraft.

    3 

     

    

(b)          From
and after the first anniversary of the Effective Date, the Owner shall have the right on any Business Day to prepay all of the
Loans, in full or in part, in amounts, with respect to any partial prepayment, of no less than $5,000,000, and subject to the
requirements of Sections 2.5(c) and 2.5(d). Any partial prepayment of the Loans under this Section 2.5(b) shall be applied to
all of the Loans on a pro rata basis based on the then outstanding principal amounts thereof, and shall be applied against the
remaining installments of principal on such Loans in inverse order of maturity. For the avoidance of doubt, the Loans of any particular
Tranche may not be individually prepaid.

 

(c)          Any
prepayment of principal on a Loan under this Section 2.5 shall be accompanied by accrued interest on the amount prepaid through
the date of prepayment plus the Prepayment Fee, if any.

 

(d)          The
Owner shall give the Lender written notice of each prepayment under this Section 2.5 as provided in Section 4.4 (and, upon the
date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder).

 

(e)           No
Aircraft or other Collateral shall be released from the Lien of the Security Documents in connection with any prepayment under
Section 2.5(b) other than a prepayment of all Loans in full.

 

(f)           No
prepayment under this Section 2.5 shall occur without a like prepayment under Section 2.7 of the Note Purchase Agreement.

 

		2.6	Mandatory
Prepayments.

 

(a)          The
Owner shall prepay the Loans in respect of any Aircraft in full in accordance with paragraph (d) below following (i) an Event
of Loss with respect to such Aircraft or (ii) a Disposition in respect of such Aircraft (other than a Disposition occurring in
connection with a prepayment made in respect of such Aircraft in accordance with Section 2.5(a)).

 

(b)          The
Owner shall prepay the Loans in full in accordance with paragraph (d) below following the occurrence of a Sub-Loan Remedy Event
(which has been notified to the Lender, provided that such notice shall not be required if such Sub-Loan Remedy Event is a Bankruptcy
Event).

 

(c)          On
each Payment Date the Lender shall prepay the Loans in respect of each Aircraft in accordance with paragraph (d) below in an amount
equal to the Supplemental Principal Amount, if any, for such Aircraft as of the immediately preceding Payment Date.

    4 

     

    

(d)          Any
prepayment required by the preceding paragraph 2.6(a)(i) shall be due and payable on earlier of (x) the date of receipt of the
related Casualty Proceeds and (y) ninety (90) days after the occurrence of such Event of Loss, and shall be applied to the Loans
allocated to the relevant Aircraft. Any prepayment required by the preceding paragraph (a)(ii) shall be due and payable on the
date of the Disposition, and shall be applied to the Loans allocated to the relevant Aircraft. Any prepayment required by the
preceding paragraph (b) shall be due and payable on the date of the applicable notice of a Sub-Loan Remedy Event (or, if such
Sub-Loan Remedy Event is a Bankruptcy Event, on the date such Bankruptcy Event occurred). Any prepayment required by the preceding
paragraph (c) shall be applied to the Loans allocated to each affected Aircraft (and to both Tranches of such Loans on a pro rata
basis based on the then outstanding principal amounts thereof), ratably in accordance with the Supplemental Principal Amounts
due for each such Aircraft, and applied to the remaining principal installments of such Loans in inverse order of maturity. Any
prepayment of principal on the Loans required by this Section 2.6 shall be accompanied by interest on the amount prepaid through
the date of prepayment, together with all other Obligations then due and owing (including, solely in the case of a prepayment
under Section 2.6(a)(ii) the applicable Prepayment Fee, if any).

 

(e)           In
the case of a prepayment as contemplated by this Section 2.6, such prepayment shall be due and payable forthwith, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived.

 

Section
3.             Payments of Principal and Interest; Commitment Fees.

 

3.1           Repayment
of Loans. The Owner hereby unconditionally promises to pay to the Security Trustee for account of the Lender the outstanding
principal amount of the Loans made in respect of each Aircraft quarterly on each Payment Date, commencing on the Amortization
Date for such Loans, in the amount set forth on Schedule III; provided that, the principal balance of any Loan outstanding on
the Maturity Date for such Loan shall be due and payable on such date.

 

3.2           Interest.
The Owner shall pay to the Lender interest on the unpaid principal amount of each Loan at the Floating Rate for such Loan for
the period from and including the Borrowing Date to but excluding the date such Loan shall be paid in full. Notwithstanding the
foregoing, the Owner shall pay to the Lender interest at the applicable Post-Default Rate on any principal of any Loan and on
any interest and other amount payable by the Owner hereunder or under the Loan Certificates to or for account of the Lender which
shall not be paid in full when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), for the
period from and including the due date thereof to but excluding the date the same is paid in full. Accrued interest on each Loan
shall be payable on the last day of each Interest Period therefor and upon the payment or prepayment of any principal thereof,
except that interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination
of any interest rate provided for herein or any change therein, the Lender shall give notice thereof to the Owner.

    5 

     

    

3.3          Commitment
Fees.

 

(a)          The
Owner shall pay to the Lender a commitment fee (the “Tranche A Commitment Fee”) on the daily average amount
of the unutilized Tranche A Commitment, for the period from and including the Effective Date to but excluding the Commitment Termination
Date, at a rate per annum equal to the Tranche A Commitment Fee Rate (calculated on the basis of a year of 360 days and actual
number of days elapsed, including the first day but excluding the last day). Accrued Tranche A Commitment Fees shall be payable
(a) quarterly on each Payment Date and (b) on the Commitment Termination Date.

 

(b)          The
Owner shall pay to the Lender a commitment fee (the “Tranche B Commitment Fee”) on the daily average amount
of the unutilized Tranche B Commitment, for the period from and including the Effective Date to but excluding the Commitment Termination
Date, at a rate per annum equal to the Tranche B Commitment Fee Rate (calculated on the basis of a year of 360 days and actual
number of days elapsed, including the first day but excluding the last day). Accrued Tranche B Commitment Fees shall be payable
(a) quarterly on each Payment Date and (b) on the Commitment Termination Date.

 

(c)           On
the Commitment Termination Date, the Owner shall pay to the Lender an additional commitment fee in an amount equal to 1.00% of
the unutilized Commitment of the Lender.

 

Section
4.             Payments; Pro Rata Treatment; Computations, Etc.

 

		4.1	Payments.

 

(a)          Except
to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Owner under this
Agreement and the Loan Certificates to the Lender, and, except to the extent otherwise provided therein, all payments to be made
by the Obligors to the Lender under any other Basic Document, shall be made in Dollars, in immediately available funds, without
deduction, set-off or counterclaim, to the Security Trustee at the Collection Account, not later than Noon New York time on the
date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been
made on the next succeeding Business Day).

 

(b)          Unless
otherwise required by Article II of the Mortgage, the Owner shall, at the time of making each payment under this Agreement or
any Loan Certificate for account of the Lender, specify to the Lender the Loan Certificates or other amounts payable by the Owner
hereunder to which such payment is to be applied (and in the event that the Owner fails to so specify, or if a Sub-Loan Event
of Default has occurred and is continuing, the Lender may apply such payment in such manner as it, subject to Section 4.2, may
determine to be appropriate in accordance with the applicable provisions hereof); provided that the Owner acknowledges
and agrees to the order of application of payments specified in Article II of the Security Agreement and Section 4.1(b) of the
Note Purchase Agreement.

 

(c)          If
the due date of any payment under this Agreement or any Loan Certificate would otherwise fall on a day that is not a Business
Day, such date shall be extended to the next succeeding Business Day (or, if such next succeeding Business Day falls in the next
succeeding calendar month, on the next preceding Business Day).

    6 

     

    

4.2           [Intentionally
Omitted].

 

4.3            Computations.
Interest on the Loans shall be computed on the basis of a year of 360 days and actual number of days elapsed (including the first
day but excluding the last day) occurring in the period for which payable.

 

4.4            Certain
Notices. Notices by the Owner to the Lender of the Notice of Borrowing and optional prepayments of Loan Certificates shall
be irrevocable and shall be effective only if received by the Lender not later than Noon New York time on the date that is the
number of Business Days prior to the date of the relevant issuance or prepayment specified below:

 

	Notice	 	Number
    of

    Business Days Prior
	Notice of Borrowing	 	5
	Prepayment of Loan Certificates	 	3

 

Each
such Notice of Borrowing or notice of optional prepayment shall be irrevocable and specify the Loans to be made or prepaid and
the amount of each Loan to be made or prepaid and the date of borrowing or optional prepayment (which shall be a Business Day).

 

Section
5.             Taxes. Tax matters are as provided in Schedule IV hereto which is incorporated herein
by reference.

 

Section
6.             Payments into the Collection Account.

 

		6.1	Payments
into the Collection Account.

 

(a)          All
Collections shall be paid to the Collection Account, and the Owner agrees that it shall take all reasonable action as the Lender
may request to ensure that such amounts are paid into the Collection Account and, without prejudice to the generality of the foregoing,
the Owner agrees that it shall give or shall cause to be given irrevocable instructions to the Lessee to pay all amounts which
are payable by the Lessee to the Owner under or pursuant to the Lease, other than Excluded Payments, to the Collection Account.
The parties hereto agree that all such amounts shall, while any amount is expressed to be payable or owing by the Owner hereunder
to the Lender, be paid as aforesaid and shall, once paid to the Collection Account, be applied by the Security Trustee as set
forth in the Security Agreement. If the Owner or any Obligor shall receive from any Person any Collections following a Sub-Loan
Event of Default, the Owner shall receive, or shall cause such Obligor to receive, such payment in trust for the Security Trustee
on behalf of the Lender and subject to the Security Trustee’s security interest, and shall immediately deposit, or cause
to be deposited, such payment in the Collection Account.

 

(b)          Notwithstanding
the foregoing, there may also be deposited into the Collection Account on (or in respect of) the Effective Date or the Borrowing
Date certain amounts from which certain fees are to be paid. The Security Trustee agrees to hold such amounts for such purpose
and to disburse the sums in accordance with any agreed flow of funds (or like) memo pursuant to written direction from the parties.

    7 

     

    

Section
7.              Conditions Precedent; Conditions Subsequent.

 

7.1          Effective
Date. The effectiveness of this Agreement is subject to the satisfaction or waiver by the Required Purchasers of the conditions
specified in Section 7.1 of the Note Purchase Agreement.

 

7.2          Borrowing
Date. The obligation of the Lender to make the Loans on the Borrowing Date is subject to the satisfaction or waiver by the
Required Purchasers of the conditions specified in Section 7.2 of the Note Purchase Agreement.

 

7.3          Conditions
Subsequent. (a) The conditions specified in Annex A to the Note Purchase Agreement as conditions subsequent shall be satisfied
within the timeframe contemplated therein (each document, instrument, certificate or other paper referred to below to be in form
and substance reasonably satisfactory to the Lender).

 

(b)          The
Owner shall deliver to the Security Trustee and the Lender promptly following the recording of the Mortgage and the Mortgage Supplement
covering the Aircraft pursuant to the Federal Aviation Act, the opinion of special FAA counsel in Oklahoma City, Oklahoma, addressed
to the Security Trustee, the Purchasers, the Lender and the Owner, as to the due and valid registration of the Aircraft in the
name of the Owner, the due recording of the Mortgage, the related Mortgage Supplement and the Lease, each relating to the Aircraft
and the lack of filing of any intervening documents with respect to the Aircraft, in form and substance satisfactory to the Lender.

 

Section
8.              Representations and Warranties.

 

8.1          Owner.
The Owner represents and warrants to the Lender that as of the date hereof and on each Borrowing Date:

 

(a)          Existence.
The Owner is the trustee of a trust duly formed under a trust agreement that by its terms is governed by the laws of the State
of Utah and is validly existing under the laws of the State of Utah. The Owner has the power and authority to enter into and to
perform its obligations under this Agreement and the other Basic Documents to which it is a party.

 

(b)          Authorization.
The Owner has all power necessary, and has been duly authorized, to execute and deliver this Agreement and the other Basic Documents
to which it is a party. The Owner is and will continue to be duly authorized to borrow monies hereunder, and Owner is and will
continue to have the organizational authority to perform its obligations under this Agreement and under the other Basic Documents
to which it is a party. The execution, delivery and performance by Owner of this Agreement and the other Basic Documents to which
Owner is a party and the borrowings hereunder do not and will not require any consent or approval of any Governmental Authority
or any other Person which has not already been obtained.

    8 

     

    

(c)          No
Conflict; Legal Compliance. The execution, delivery and performance of this Agreement, each of the other Basic Documents to
which Owner is a party, and the execution, delivery and payment of the Loan Certificates, does not and will not: (i) contravene
any provision of the Trust Agreement, (ii) contravene, conflict with or violate any Applicable Law of the State of Utah or any
Applicable Law of the United States governing Owner’s banking and trust powers, or any order, writ, judgment, injunction,
decree, determination or award of any Governmental Authority; or (iii) violate or result in the breach of, or constitute a default
under any indenture or other loan or credit agreement, or other agreement or instrument to which it is a party or by which it,
or its property and assets, may be bound or affected. It is not in violation or breach of or default under any Applicable Law,
order, writ, judgment, injunction, decree, determination or award or any contract, agreement, lease, license, indenture or other
instrument to which it is a party.

 

(d)          Validity
and Binding Effect. This Agreement and each other Basic Document to which the Owner is a party are the legal, valid and binding
obligations of the Owner, enforceable against it, in accordance with their respective terms, except as enforceability may be limited
by bankruptcy, insolvency, examinership or other similar laws of general application affecting the enforcement of creditors’
rights or by general principles of equity limiting the availability of equitable remedies.

 

(e)          Location.
The “location” (as such term is used in Section 9-307 of the UCC) of the Owner is Utah. The name designated for the
Owner in its trust agreement as the name for the common law trust formed thereunder is WUL II Trust.

 

(f)           Consents
and Approvals; Governmental Action. No approval, authorization or consent of any trustee or holder of any Indebtedness or
obligation of the Owner, or of any other Person under any agreement, contract, lease or license or similar document or instrument
to which the Owner is a party or by which any such Person is bound, is required to be obtained by the Owner in order to make or
consummate the transactions contemplated under this Agreement or the other Basic Documents to which it is a party or, if any such
approval, authorization or consent is required, such approval, authorization or consent has been obtained. All consents and approvals
of, filings and registrations with, and other actions in respect of, all Governmental Authorities required to be obtained by the
Owner in order to make or consummate the transactions contemplated under the Basic Documents to which it is a party have been,
or prior to the time when required will have been, obtained, given, filed or taken and are or will be in full force and effect
except for such filings or registrations as are contemplated by Section 8.1(l)(ii). No Applicable Law is in effect which
could reasonably be expected to materially adversely affect the ability of the Owner to perform its obligations under the Basic
Documents to which it is a party.

 

(g)          Certain
Regulations.

 

(i)         The
Owner is not an “investment company,” or controlled by, an “investment company,” as such terms are defined
in the Investment Company Act of 1940, as amended.

 

(ii)        None
of the transactions contemplated by this Agreement (including, without limitation, the use of the proceeds from the issuance of
the Loan Certificates) will violate or result in a violation of Section 7 of the Securities Exchange Act of 1934, as amended,
and none of the proceeds of the Loan Certificates hereunder will be used to buy or carry margin stock or any other securities.

    9 

     

    

(iii)       Neither
the Owner nor anyone acting on its behalf (other than the Arranger, as to which the Owner makes no representation) has offered
the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or
negotiated in respect thereof with, any person other than the Purchasers and a limited number of entities whom the Owner reasonably
believes to be “accredited investors” within the meaning of Regulation D under the Securities Act, each of which has
been offered the Notes. Assuming the accuracy of the representations of the Purchasers contained in Section 11.10 of the Note
Purchase Agreement, neither the Owner nor anyone acting on its behalf (other than the Arranger, as to which the Issuer makes no
representation) has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements
of Section 5 of the Securities Act.

 

(iv)       Neither
the Owner nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Owner has directly, or through any agent (other
than the Arranger, as to which the Issuer makes no representation), (i) sold, offered for sale, solicited offers to buy or otherwise
negotiated in respect of, any security (as defined in the Securities Act) which is or could be integrated with the offering and
sale of the Notes in a manner that would require the registration of the Notes under the Securities Act or (ii) engaged in any
form of general solicitation or general advertising (within the meaning of Regulation D, including, but not limited to, advertisements,
articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television
or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) in connection
with the offering of the Notes. No securities of the same class as the Notes have been issued and sold by the Issuer within the
six-month period immediately prior to the date hereof.

 

(h)          Litigation
and Contingent Liabilities. No claims, litigation, arbitration proceedings or governmental proceedings by any Governmental
Authority are pending or, to the knowledge of the Owner, threatened against or are affecting the Owner. The Owner has no contingent
liabilities that are material to the Owner, taken as a whole, other than its obligations hereunder and under the Lease.

 

(i)           No
Default. No Sub-Loan Default or Sub-Loan Event of Default has occurred and is continuing.

 

(j)           Title;
Liens. On each Borrowing Date, the Owner shall have good title to each Aircraft financed or to be financed hereunder on or
prior to such date, the Lease and the other Collateral which is to be held by it in accordance with this Agreement and the transactions
contemplated hereby, and none of such assets shall be subject to any Lien, except for Permitted Liens not of record. At the time
any Borrowing or any Drawdown is made, the Owner shall not have assigned, conveyed, pledged or otherwise transferred to any other
Person any of its right, title or interest in the Collateral except in accordance with or permitted by the Basic Documents or
Aircraft Related Agreements.

    10 

     

    

(k)           Ownership
of the Owner. The Owner Participant is the legal and beneficial owner of all Ownership Interests (as defined in the Beneficial
Interest Pledge Agreement) issued by the Owner.

 

(l)            Security
Interests.

 

(i)         Security
Interest in the Collateral. The security interests in the Collateral created pursuant to the Mortgage and any Mortgage Supplement
have been validly created, and no action (other than the filings and actions referred to in Section 8.1(l)(ii) and the related
continuation statements) is required to be taken by any person in order for the full benefit of the security interest created
thereby to vest in the Lender or in order to ensure the first priority perfected security interests of the Lender in such Collateral
will be maintained. The security interests created pursuant to the Beneficial Interest Pledge Agreement have been validly created,
and no action (other than the filings and actions referred to in Section 8.1(l)(ii) and the related continuation statements) is
required to be taken by any person in order for the full benefit of the security interests created thereby to vest in the Lender
or in order to ensure the first priority perfected security interests of the Lender in such Collateral will be maintained.

 

(ii)        Filings,
Registrations, Etc. It is not necessary to ensure the legality, validity, enforceability or admissibility in evidence in the
United States of the Basic Documents that any of them or any other instrument be filed, recorded, registered or enrolled in any
court, public office or elsewhere in the United States, except as expressly provided herein, or that any stamp, registration or
similar tax be paid in the United States on or in relation to any of the Basic Documents, and no further action in the United
States, including any filing or recording of any document, is necessary or permissible to establish and/or perfect any Obligor’s
title to and interest in, and the Security Trustee’s or the Lender’s security interests pursuant to the Basic Documents
in, any Aircraft, the Lease, the Pledged Beneficial Interest, the Pledged Membership Interest and the other Collateral as against
any Obligor and any third parties, except for (i) the filing of financing statements under the Uniform Commercial Code in the
States of Delaware and Utah, (ii) the taking and retaining of possession by the Security Trustee of any certificate evidencing
the Pledged Beneficial Interest, the Pledged Membership Interest and the chattel paper original of the Lease, (iii) the taking
of the actions specified in Section 7.2(k)(iii) of the Note Purchase Agreement in respect of the Aircraft (and associated Airframe
and Engines) with the International Registry and (iv) the satisfaction of the Local Law Requirements.

 

(iii)       Cape
Town. (A) The Owner is a “transacting user entity” (as such term is defined in the Regulations of the International
Registry); is “situated,” for the purposes of the Cape Town Convention, in the United States; and has the power to
 “dispose” (as such term is used in the Cape Town Convention) of the Aircraft; (B) the Airframe and Engines are “aircraft
objects” (as defined in the Cape Town Convention); and (C) the United States is a Contracting State under the Cape Town
Convention.

 

(m)          Special
Purpose. The Owner has been formed for the sole purpose of negotiating, entering into and performing the transactions contemplated
by the Basic Documents to which it is a party and matters reasonably incidental thereto, and since its formation, it has not entered
into any transaction or conducted any business except as required or contemplated by the Basic Documents.

    11 

     

    

(n)          Citizenship.
The Owner is a “Citizen of the United States” within the meaning of 49 U.S.C. § 40102(a)(15), as amended, or
any successor statutes thereto.

 

(o)          Aircraft
Related Agreements. The Owner has provided to each initial Purchaser copies of the relevant Aircraft Related Agreements.

 

8.2           Owner
Participant. The Owner Participant represents and warrants to the Security Trustee and the Lender that as of the date hereof
and on each Borrowing Date:

 

(a)          Existence.
The Owner Participant is a limited liability company duly organized and validly existing under the laws of the State of Delaware.
The Owner Participant has the power and authority to enter into and to perform its obligations under this Agreement and the other
Basic Documents to which it is a party.

 

(b)          Authorization.
The Owner Participant has all power necessary, and has been duly authorized, to execute and deliver this Agreement and the other
Basic Documents to which it is a party. The Owner Participant is and will continue to have the organizational authority to perform
its obligations under this Agreement and under the other Basic Documents to which it is a party. The execution, delivery and performance
by the Owner Participant of this Agreement and the other Basic Documents to which the Owner Participant is a party do not and
will not require any consent or approval of any Governmental Authority or any other Person which has not already been obtained.

 

(c)          No
Conflict; Legal Compliance. The execution, delivery and performance of this Agreement and each of the other Basic Documents
to which the Owner Participant is a party does not and will not: (i) contravene any provision of the Owner Participant’s
organizational documents, (ii) contravene, conflict with or violate any Applicable Law, or any order, writ, judgment, injunction,
decree, determination or award of any Governmental Authority; or (iii) violate or result in the breach of, or constitute a default
under any indenture or other loan or credit agreement, or other agreement or instrument to which it is a party or by which it,
or its property and assets, may be bound or affected. It is not in violation or breach of or default under any Applicable Law,
order, writ, judgment, injunction, decree, determination or award or any contract, agreement, lease, license, indenture or other
instrument to which it is a party.

 

(d)          Validity
and Binding Effect. This Agreement and each other Basic Document to which the Owner Participant is a party are the legal,
valid and binding obligations of the Owner Participant, enforceable against it, in accordance with their respective terms, except
as enforceability may be limited by bankruptcy, insolvency, examinership or other similar laws of general application affecting
the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies.

 

(e)          Location.
The “location” (as such term is used in Section 9-307 of the UCC) of the Owner Participant is the State of Delaware.

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(f)          Consents
and Approvals; Governmental Action. No approval, authorization or consent of any trustee or holder of any Indebtedness or
obligation of the Owner Participant, or of any other Person under any agreement, contract, lease or license or similar document
or instrument to which the Owner Participant is a party or by which any such Person is bound, is required to be obtained by the
Owner Participant in order to make or consummate the transactions contemplated under this Agreement or the other Basic Documents
to which it is a party or, if any such approval, authorization or consent is required, such approval, authorization or consent
has been obtained. All consents and approvals of, filings and registrations with, and other actions in respect of, all Governmental
Authorities required to be obtained by the Owner Participant in order to make or consummate the transactions contemplated under
the Basic Documents to which it is a party have been, or prior to the time when required will have been, obtained, given, filed
or taken and are or will be in full force and effect except for such filings or registrations as are contemplated by Section 8.1(l)(ii).
No Applicable Law is in effect which could reasonably be expected to materially adversely affect the ability of the Owner Participant
to perform its obligations under the Basic Documents to which it is a party.

 

(g)          Taxes.
All federal, state, local and foreign tax returns, reports and statements required to be filed by or on behalf of the Owner Participant
have been filed with the appropriate Governmental Authorities where failure to file might have or result in a Material Adverse
Effect on the Owner Participant, and all material Taxes, other taxes and other impositions shown thereon to be due and payable
by the Owner Participant have been paid prior to the date on which any fine, penalty, interest or late charge may be added thereto
for nonpayment thereof, or any such fine, penalty, interest, late charge or loss has been paid, or the Owner Participant is contesting
its liability therefor in good faith and has fully reserved all such amounts according to GAAP.

 

(h)          Certain
Regulations.

 

(i)         The
Owner Participant is not an “investment company,” or controlled by, an “investment company,” as such terms
are defined in the Investment Company Act of 1940, as amended.

 

(ii)        Neither
the Owner Participant nor anyone acting on its behalf (other than the Arranger, as to which the Owner Participant makes no representation)
has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise
approached or negotiated in respect thereof with, any person other than the Purchasers and a limited number of entities whom the
Owner Participant reasonably believes to be “accredited investors” within the meaning of Regulation D under the Securities
Act, each of which has been offered the Notes. Assuming the accuracy of the representations of the Purchasers contained in Section
11.10 of the Note Purchase Agreement, neither the Owner Participant nor anyone acting on its behalf (other than the Arranger,
as to which the Owner Participant makes no representation) has taken, or will take, any action that would subject the issuance
or sale of the Notes to the registration requirements of Section 5 of the Securities Act.

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(iii)       Neither
the Owner Participant nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Owner Participant has directly, or
through any agent (other than the Arranger, as to which the Owner Participant makes no representation), (i) sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is
or could be integrated with the offering and sale of the Notes in a manner that would require the registration of the Notes under
the Securities Act or (ii) engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine,
or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising) in connection with the offering of the Notes.

 

(i)            Litigation
and Contingent Liabilities. No claims, litigation, arbitration proceedings or governmental proceedings by any Governmental
Authority are pending or, to the knowledge of the Owner Participant, threatened against or are affecting the Owner Participant.
The Owner Participant has no contingent liabilities that are material to the Owner Participant, taken as a whole.

 

(j)            Ownership
of the Owner. The Owner Participant is the legal and beneficial owner of all Ownership Interests (as defined in the Beneficial
Interest Pledge Agreement) issued by the Owner.

 

(k)           Security
Interests.

 

(i)         Security
Interest in the Pledged Beneficial Interest. The security interest in the Pledged Beneficial Interest created pursuant to
the Beneficial Interest Pledge Agreement has been validly created, and no action (other than the filings and actions referred
to in Section 8.2(k)(ii) and the related continuation statements) is required to be taken by any person in order for the full
benefit of the security interests created thereby to vest in the Lender or in order to ensure the first priority perfected security
interests of the Lender in such Collateral will be maintained.

 

(ii)        Filings,
Registrations, Etc. It is not necessary to ensure the legality, validity, enforceability or admissibility in evidence in the
United States of the Basic Documents to which the Owner Participant is a party that any of them or any other instrument be filed,
recorded, registered or enrolled in any court, public office or elsewhere in the United States, except as expressly provided herein,
or that any stamp, registration or similar tax be paid in the United States on or in relation to any of the Basic Documents to
which the Owner Participant is a party, and no further action in the United States, including any filing or recording of any document,
is necessary or permissible to establish and/or perfect the Lender’s security interest in the Pledged Beneficial Interest
as against any Obligor and any third parties, except for (i) the filing of financing statements under the Uniform Commercial Code
in the State of Delaware and (ii) the taking and retaining of possession by the Security Trustee of any certificate evidencing
the Pledged Beneficial Interest.

 

(l)          Special
Purpose. The Owner Participant has been formed for the sole purpose of negotiating, entering into and performing the transactions
contemplated by the Basic Documents to which it is a party and matters reasonably incidental thereto, and since its formation,
it has not entered into any transaction or conducted any business except as required or contemplated by the Basic Documents and
matters reasonably incidental thereto, including any agreements with the Arranger relating to the offering of the Notes.

    14 

     

    

Section
9.             Covenants.

 

9.1           Owner
and Owner Participant. Each of the Owner and the Owner Participant covenants and agrees with the Lender and the Security Trustee
as follows:

 

(a)          Litigation.
The Owner will promptly give the Lender notice of all legal or arbitral proceedings, and of all proceedings by or before any governmental
or regulatory authority or agency, and any material development in respect of such legal or other proceedings, involving any Obligor.

 

(b)          Existence,
Etc. Each of the Owner and the Owner Participant shall:

 

(i)         keep
in full effect its existence as (A) in the case of the Owner Participant, a limited liability company under the laws of the State
of Delaware and (B) in the case of the Owner, a trust organized under the laws of the State of Utah (and in each case, without
limiting the foregoing, shall not change its jurisdiction of formation) and all of its licenses, permits, governmental approvals,
rights, privileges and franchises necessary in the normal conduct of its business as now conducted or presently proposed to be
conducted;

 

(ii)        obtain
and preserve its qualification to do business as a company or other entity in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of the rights of the Lender under this Agreement or the other
Basic Documents;

 

(iii)       comply
with (A) the provisions of the Trust Agreement and its organizational documents, and in each case not amend the same in a manner
adverse to the interests of the Secured Parties without the prior written consent of the Security Trustee and (B) the requirements
of all Applicable Laws to the extent that the failure to comply therewith would, in the aggregate, have a Material Adverse Effect
on the Owner or the Owner Participant, as the case may be;

 

(iv)       keep
adequate records and books of account, in which complete entries will be made in accordance with generally accepted accounting
principles consistently applied; and

 

(v)       permit
representatives of the Lender to discuss its business and affairs with its officers, all to the extent reasonably requested by
the Lender subject to the terms of confidentiality set forth in Section 12.12 of the Note Purchase Agreement.

 

(c)          Special
Purpose. Each of the Owner and the Owner Participant will not:

 

(i)          have
any employees earning compensation;

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(ii)        except
for Loan Certificates and as expressly contemplated by the Basic Documents, incur or contract to incur any Indebtedness;

 

(iii)       engage
in any activity other than the execution, delivery and performance of the Basic Documents to which it is a party, any agreements
with the Arranger relating to the offering of the Notes and in each case activities incidental thereto, as well as ordinary housekeeping
activities;

 

(iv)        make
or agree to make any capital expenditure except as contemplated under any Basic Document, including in respect of the exercise
of any cure rights;

 

(v)          create
or own any subsidiary (except the Owner, in the case of the Owner Participant);

 

(vi)        except
as provided in the Mortgage or otherwise in any Basic Document, make any investments;

 

(vii)       declare
or make any dividend payment or distribution to any owner of its Ownership Interests (as defined in the Beneficial Interest Pledge
Agreement) or other equity interests, other than in respect of (A) Excluded Payments or (B) any other payments which the Owner
Participant (as designee of the Issuer) is entitled to receive under the Security Agreement; or

 

(viii)      incur
any material obligation to any third party (excluding any payment or other obligation incurred pursuant to or in the performance
of the obligations under the Basic Documents and any agreements with the Arranger relating to the offering of the Notes).

 

(d)          Limitation
on Liens. Each of the Owner and the Owner Participant will not create, incur, assume or suffer to exist any Lien upon the
Collateral except Permitted Liens.

    16 

     

    

(e)          Protection
of Collateral. Each of the Owner and the Owner Participant agrees that from time to time, at the expense of the Owner, it
will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary and
as may be reasonably requested by the Lender in order to perfect and protect any security interest granted or purported to be
granted pursuant to the Security Documents (including, without limitation, to the extent applicable registrations of international
interests in respect of the Airframe and each Engine with the International Registry), or to enable the Security Trustee to exercise
and enforce its rights and remedies under and in accordance with the provisions hereof or of the Security Documents. The Owner
hereby authorizes, and will cause the Owner to authorize, the Lender and/or the Security Trustee to file one or more UCC financing
or continuation statements, and amendments thereto, or any similar document, with respect to all or any part of the Collateral
granted by the Owner or the Owner without the signature of the Owner or the Owner where permitted by Applicable Law. The Security
Trustee shall prepare and file on behalf of the Owner all necessary continuation statements (or such other similar documents)
in order to maintain the perfection of the Security Trustee’s security interest in the Collateral. Without limiting the
foregoing, the Owner will, upon the reasonable request of the Security Trustee or the Lender, take at the Owner’s cost and
expense such other reasonable action necessary or advisable to:

 

(i)         grant
more effectively the security interest in all or any portion of the Collateral;

 

(ii)        maintain
or preserve the first perfected security interest of the Security Trustee and/or the Owner in the Collateral;

 

(iii)       perfect,
publish notice of or protect the validity of the security interest in the Collateral created by the Security Documents;

 

(iv)       perfect
the Security Trustee’s and/or the Owner’s interest in the Aircraft and Lease under the Cape Town Convention to the
extent applicable and under any international perfection standards that may be adopted after the date of this Agreement to the
extent practicable and without unreasonable cost;

 

(v)        preserve
and defend its right, title and interest to the Collateral and the rights of the Lender and the Security Trustee in such Collateral
against the claims of all Persons (other than the Lender or any Person claiming through the Lender); and

 

(vi)       pay
any and all fees, taxes and other charges payable in connection with any financing statements which are required to be filed with
any applicable Governmental Authority pursuant to this Agreement or any other Basic Document.

 

(f)           Separateness.
Each of the Owner and the Owner Participant does and will continue to do the following:

 

(i)         in
the case of the Owner Participant, have an independent manager reasonably satisfactory to the Security Trustee sitting on its
board of managers (and will not take any Material Action without the prior written consent of such independent manager and the
Security Trustee) and will not, without the written consent of the Security Trustee, remove the independent manager from the board
of managers (and in the event such independent manager shall have resigned, it shall replace such manager with another independent
manager satisfactory to the Security Trustee), it being understood that Kevin Burns or any other employee or officer of Global
Securitization Services, LLC designated in replacement of Kevin Burns is an independent manager satisfactory to the Security Trustee
for this purpose (in each case so long as such person continues to satisfy the definition of “Independent Manager”
set forth in the limited liability company agreement of the Owner Participant);

 

(ii)        prepare
and maintain its own full and complete books and records separately from those of any other entity;

 

(iii)       in
all dealings with third parties and the public, identify itself by its own name as a separate and distinct entity and not identify
itself as being a division or part of any other entity whatsoever;

    17 

     

    

(iv)       ensure
that all decisions with respect to its business and daily operations are and will be independently made by it and will not be
directed or dictated by any other entity and shall maintain an arms-length relationship with all other entities;

 

(v)        act
solely in its own name and through its own authorized officers and agents and shall ensure that all communications including invoices,
purchase orders, contracts, statements, stationery, cheques and applications will be made solely in its name;

 

(vi)       ensure
that its assets are and will remain separate from those of any other entity and are and will be maintained in a manner which facilitates
the identification and segregation of those assets from those of any other entity whatsoever;

 

(vii)      observe
all corporate formalities and governmental requirements and make all required filings to all applicable authorities;

 

(viii)     discharge
all expenses incurred and liabilities incurred by it only out of its own funds;

 

(ix)        ensure
that its bank accounts or other accounts are kept separate from the accounts of any other person or entity;

 

(x)         not
acquire any shares or interest in any entity; and

 

(xi)        correct any known misunderstanding
regarding its separate identity.

 

(g)          Co-operation
with Rating Agencies. Each of the Owner and the Owner Participant agrees, at the reasonable cost and expense of the Owner,
to pay for annual rating surveillance, and to provide to any rating agency whose rating is being sought by the Lender on the Loan
Certificates, such information as such rating agency may reasonably request, and prior written notice of any amendment, consent,
approval or waiver as referenced in Section 4.01(b)(ii) of the Mortgage.

 

(h)          Citizenship.
If (i) the Owner ceases to be a “citizen of the United States” within the meaning of 49 U.S.C. § 40102(a)(15),
as amended, or any successor statutes thereto and (ii) the Aircraft shall or would thereupon become ineligible for registration
in the name of the Owner under the Federal Aviation Act as in effect at such time and the regulations then applicable thereunder,
then the Owner Participant at its own expense shall promptly either transfer such of its right, title and interest in and to this
Agreement and the other Basic Documents to a new owner participant acceptable to the Security Trustee and the Lender, or take
such other action, as may be necessary to prevent any deregistration of the Aircraft.

 

(i)          IR
Registrations; IDERA. Owner shall not consent to any registrations made in respect of the Aircraft on the International Registry
except those made pursuant to the Basic Documents. Owner shall not issue any irrevocable deregistration and export request authorization
in favor of any Person other than the Security Trustee.

    18 

     

    

(j)            Lease
Management.

 

(i)           The
Owner Participant shall collect insurance certificates and other notices or documents from the Lessee as and when required to
be provided under the Lease, and shall otherwise administer the Lease in accordance with its terms in accordance with the Standard
of Care. As used in this Section 9(j), “Standard of Care” shall mean reasonable care and diligence consistent
with the customary commercial practices of the Owner Participant or its Affiliates that it applies under similar circumstances
with respect to other aircraft owned by the Owner Participant or its Affiliates. Notwithstanding the foregoing, the Owner Participant
will have no obligation to otherwise monitor performance by the Lessee of its obligations under the Lease, perform inspections
or repossess or remarket the Aircraft or any other Collateral in the case of a default under the Lease.

 

(ii)          The
Owner Participant shall deliver or cause to be delivered to the Lender:

 

(1)          On
each Payment Date, a report setting forth all Collections received under the Lease since the immediately preceding Payment Date
(or, in the case of the first Payment Date, the Issuance Date), including all Basic Rent, Supplemental Rent, Maintenance Rent
and Aircraft Proceeds; and

 

(2)          on
each anniversary of the Issuance Date, a report setting forth all Collections received under the Lease since the immediately preceding
anniversary of the Issuance Date (or, in the case of the first such anniversary, the Issuance Date), including all Basic Rent,
Supplemental Rent, Maintenance Rent and Aircraft Proceeds.

 

(k)           Use
of Proceeds. The proceeds of the Sub-Loans hereunder will be used solely to finance or refinance the acquisition of up to
17 Aircraft, delivered new from the manufacturer under the Purchase Agreement on or after June 1, 2017; provided that none of
the Security Trustee or any Purchaser shall have any responsibility as to the use of any of such proceeds.

 

(l)            Notices
of Certain Events. In the event the Owner or Owner Participant shall have knowledge of a Sub-Loan Default, a Sub-Loan Event
of Default, or an Event of Loss, such Obligor shall give prompt written notice of such Sub-Loan Default, a Sub-Loan Event of Default,
or an Event of Loss to the Security Trustee.

 

(m)          Requests
for Information. Promptly upon the Security Trustee’s or any Purchaser’s request, the Owner and Owner Participant
shall provide such additional financial and other information as may from time to time be required by the Security Trustee or
any Purchaser in order to comply with any requirement of Applicable Law.

 

(n)          OFAC.
The Owner shall not lease any Aircraft to any Person located in, or as a result of which such Aircraft would be at any time, or
would be permitted to be habitually operated, in any Sanctioned Country, or used to facilitate a breach of Sanctions or otherwise
in violation of Sanctions, in each case except as may be permitted by Applicable Law.

    19 

     

    

(o)          Anti-Corruption.
In relation to the Aircraft or the business of the Owner Participant, the Owner shall not, and shall not permit any other person
to, directly or indirectly, make any payments to any governmental official or employee, political party, official of a political
party, candidate for a political office, or anyone else acting in an official capacity, in order to obtain, retain, or direct
business or obtain any improper advantage, in violation of any Anti-Corruption Laws.

 

Section
10.           Events of Default. If one or more of the following events (herein called “Sub-Loan Events
of Default”) shall occur and be continuing:

 

(a)          (i)
a payment of any principal of, or interest on, the Notes or the Loan Certificates shall not be made when due and such failure
to pay shall continue for a period of three Business Days; or (ii) a payment of any other amount (other than principal of, or
interest on, the Notes or the Loan Certificates) payable by any Obligor under the Basic Documents shall not be made when due and
such failure to pay shall continue for a period of five (5) Business Days after notice of such failure to such Obligor; and/or

 

(b)          the
Lessee (or the Owner as lessor, in exercising any such rights as it may have to do so in lieu of the Lessee) shall fail to carry
and maintain on or with respect to the Aircraft insurance required to be maintained in accordance with the provisions of the Lease
and the Lessee Consent; and/or

 

(c)          (i)
any Obligor shall have failed to perform or observe, in any material respect, any material covenant or agreement to be
performed or observed by it under any Basic Document (other than those covenants covered by the preceding clauses (a) or (b)
of this Section 10), provided that if such failure is remediable and such Obligor is diligently proceeding to remedy such
failure, such failure shall not constitute a Sub-Loan Event of Default under this clause (c)(i) unless it shall continue
unremedied for a period of thirty (30) days after the earlier of (i) such Obligor obtaining actual knowledge of such failure
or (ii) notice thereof has been given by the Lender or the Security Trustee to such Obligor; or (ii) any Obligor shall fail
to observe or perform any covenant, condition or agreement applicable to it contained in Sections 9.1(k) – 9.1(n) or
Section 6(d) of the Guaranty (with respect to corporate existence), or Sections 6(i) – 6(p) of the Guaranty;

 

(d)          any
representation or warranty of any Obligor under any of the Basic Documents or in any document or certificate furnished by any
Obligor in connection therewith or pursuant thereto shall be incorrect in any material respect as at the time when made or furnished;
and/or

 

(e)          any
other material license, consent, approval or authorization of, or any filing or registration with, any governmental authority
or agency necessary for the performance by any Obligor of its obligations under this Agreement or any other Basic Document or
in connection herewith or therewith shall be revoked, not applied for or not issued or shall cease to remain in full force or
shall be modified in a manner which would materially adversely affect (in the reasonable opinion of the Lender or the Security
Trustee) the rights and remedies of the Lender or of any Secured Party under the Basic Documents, provided, if the applicable
Obligor is diligently proceeding to remedy such situation, no Sub-Loan Event of Default under this clause (e) shall occur unless
such situation remains unremedied for at least thirty (30) days; and/or

    20 

     

    

(f)           any
Obligor shall apply for or consent to the appointment of, or the taking of possession by, a receiver, trustee, custodian or liquidator
of itself or of a substantial part of its property, or any Obligor shall admit in writing submitted in connection with judicial
or other similar procedures its inability to pay its debts generally as they come due, shall announce a moratorium on payment
of its debts or any class of its debts, or shall make a general assignment for the benefit of creditors or any creditor exercises
a contractual right to assume the operations or financial management of any Obligor; and/or

 

(g)          any
Obligor shall file a voluntary petition or commence a case in bankruptcy or a voluntary petition or an answer seeking reorganization
in a proceeding under any Federal, state or foreign bankruptcy or insolvency laws (as now or hereafter in effect) or an answer
admitting the material allegations of a petition filed against any Obligor in any such proceedings, or any Obligor shall by voluntary
petition, answer or consent to or seek relief under the provisions of any other now existing or future bankruptcy, insolvency,
reorganization or other similar law providing for the reorganization or winding-up of corporations, or providing for an agreement,
composition, extension or adjustment with its creditors or take any action for the purpose of effecting any of the foregoing;
and/or

 

(h)          an
order, judgment or decree shall be entered in any proceeding by any court of competent jurisdiction appointing, without the consent
of any Obligor, a receiver, trustee, custodian or liquidator of any Obligor or of any substantial part of its property, or sequestering
any substantial part of the property of any Obligor, and any such order, judgment or decree of appointment or sequestration shall
remain in force undismissed, unstayed or unvacated for a period of sixty (60) days after the date of entry thereof; and/or

 

(i)           a
petition against any Obligor in a proceeding under any Federal, state or foreign bankruptcy laws or other insolvency laws as now
or hereafter in effect shall be filed and shall not be withdrawn or dismissed within sixty (60) days thereafter, or if, under
the provisions of any law providing for reorganization or winding-up of corporations which may apply to any Obligor, any court
of competent jurisdiction shall assume jurisdiction, custody or control of any Obligor or of any substantial part of its property
or any Aircraft and such jurisdiction, custody or control shall remain in force unrelinquished, unstayed or unterminated for a
period of sixty (60) days; and/or

 

(j)           any additional procedure similar
to those referred to in Sections 10(f), (g), (h) and (i) above for the relief of financially distressed debtors under the laws
of the United States or any other jurisdiction is entered into by any Obligor, voluntarily or involuntarily, and if such procedure
is involuntary it is not withdrawn or dismissed within sixty (60) days thereafter; and/or

 

(k)          a
final judgment, or in the aggregate, judgments, for the payment of money in excess of US $5,000,000 (or the equivalent thereof
in any currency) shall be rendered against any Obligor and the same shall remain undischarged for a period of thirty (30) calendar
days during which neither execution of such judgment shall be effectively stayed nor adequate bonding fully covering such judgment
shall exist; and/or

    21 

     

    

(l)           any
governmental authority shall have condemned, seized or appropriated all or substantially all of the property of any Obligor; and/or

 

(m)         any
Obligor shall do or cause to be done any act or thing evidencing or establishing its intention to repudiate this Agreement or
any other Basic Document to which it is a party; and/or

 

(n)          any
Basic Document shall be revoked, repudiated or terminated or shall otherwise (other than as its terms expressly provide) cease
to be legal, valid, binding and enforceable against the parties thereto, or any of the Security Documents shall cease to constitute
a duly perfected and enforceable first priority security interest over the Collateral referred to therein, free and clear of all
Liens other than Permitted Liens; and/or

 

(o)          a
Lease Event of Default shall have occurred and be continuing and the Remarketing Period shall not be in effect; and/or

 

(p)          any
Obligor shall (i) default in making any payment of any principal of or interest on any Indebtedness (including any Guarantee Obligation,
but excluding the Sub-Loans) after any requisite notice and beyond the period of grace, if any, provided in the instrument or
agreement under which such Indebtedness was created or (ii) default in the observance or performance of any other agreement or
condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event shall occur or condition exist, the effect of which default or other event or condition (in the case of this
clause (ii)) is to cause (by acceleration or otherwise) such Indebtedness to become due prior to its stated maturity or (in the
case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that a default, event or condition
described in this paragraph shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events
or conditions of the type described in this paragraph shall have occurred and be continuing with respect to Indebtedness the outstanding
principal amount of which exceeds in the aggregate $5,000,000; and/or

 

(q)          the
Guaranty shall cease, for any reason, to be in full force and effect or has been repudiated by any Guarantor; and/or

 

(r)          any
Maintenance Support Contract shall be terminated (or shall become terminable) with respect to any Aircraft or any Engine, in each
case other than as a result of (i) an Event of Loss with respect to such Aircraft or Engine, (ii) a Disposition in respect of
such Aircraft or Engine occurring in connection with a prepayment made in respect of such Aircraft in accordance with Section
2.5(a), (iii) a default under such Maintenance Support Contract by the Manufacturer, Engine Manufacturer or Maintenance Services
Provider, as the case may be or (iv) a replacement of such Maintenance Support Contract in accordance with Section 6(q) of the
Guaranty.

    22 

     

    

THEREUPON:
(A) the Lender may, by notice to the Owner, terminate the Commitments and they shall thereupon terminate, (B) the Lender may,
by notice to the Owner, demand payment of the Sub-Loan Value, (C) declare the principal amount then outstanding of, and the accrued
interest on, the Loan Certificates and all other amounts payable by the Obligors (under such Basic Document to which each is a
party and without duplication) hereunder and under the Loan Certificates to be forthwith due and payable, whereupon such amounts
shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby
expressly waived by the Owner and (D) exercise any or all of the remedies set forth in Article III to the Mortgage.

 

Section
11.           Covenants of the Lender. The Lender agrees and covenants that, unless, in each case, a Sub-Loan
Event of Default shall have occurred and be continuing, it will not take, and it will not permit any Person lawfully claiming
through or under it to take, any action inconsistent with Lessee’s rights under the Lease or any other Basic Document to
which Lessee is a party, or otherwise through its own actions or failure to observe its obligations hereunder or under any other
Basic Document or in any way interfere with or interrupt the quiet enjoyment of the use, operation and possession of the Aircraft,
the Airframe or any Engine by Lessee.

 

Section
12.           Miscellaneous.

 

12.1         Waiver.
No failure on the part of the Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right,
power or privilege under this Agreement or any Loan Certificate shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege under this Agreement or any Loan Certificate preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive
of any remedies provided by law.

 

12.2         Notices.
All notices, requests and other communications provided for herein and under the Security Documents (including, without limitation,
any modifications of, or waivers or consents under, this Agreement) shall be given or made in writing (including, without limitation,
by telecopy or e-mail), delivered to the intended recipient at the “Address for Notices” specified on the Administrative
Schedule hereof, in any Loan Certificate/Commitment Assignment Agreement or, as to any party, at such other address as shall be
designated by such party by notice to each other party. Except as otherwise provided in this Agreement, all such communications
shall be deemed to have been duly given when properly transmitted by telecopier or e-mail or personally delivered or, in the case
of a notice sent by commercial courier or by hand, upon receipt, in each case given or addressed as aforesaid.

    23 

     

    

12.3         Expenses;
Indemnity.

 

(a)     The
Owner agrees to pay or reimburse the Security Trustee and the Lender for paying: (i) all documented fees, costs and expenses of
the Security Trustee and the Lender reasonably incurred by it (including, without limitation, the reasonable fees and expenses
of Vedder Price P.C., special New York counsel to the Lender, Milbank, Tweed, Hadley & McCloy LLP, special New York counsel
to the initial Purchaser, McAfee & Taft, P.C., special FAA counsel and advisory and ratings agencies), in connection with
(A) the negotiation, preparation, execution and delivery of this Agreement, the other Basic Documents and the extensions of credit
hereunder (unless the Lender fail to fund their Loan Certificates after all conditions precedent to a funding set forth in Section
7 have been satisfied), (B) all fees, taxes and other charges payable in connection with the recording or filing of instruments
and financing statements, or registration of any international interest or prospective international interest with the International
Registry (including the reasonable fees and expenses of local counsel), and (C) any modification, supplement or waiver of any
of the terms of this Agreement or any of the other Basic Documents requested by the Owner Participant, the Owner or any other
Obligor; (ii) all reasonable and documented out of pocket costs and expenses of the Security Trustee and the Lender (including,
without limitation, reasonable legal fees) in connection with (A) any Default Event and any enforcement or collection proceedings
resulting therefrom or in connection with the negotiation of any restructuring or “workout” of the Owner, the Owner
Participant or any other Obligor (whether or not consummated), or the renegotiation or restructuring of the obligations of the
Owner hereunder and (B) the enforcement of this Section 12.3; and (iii) all transfer, stamp, documentary or other similar taxes,
assessments or charges levied by any governmental or revenue authority in respect of the execution or delivery of this Agreement,
any of the other Basic Documents or any other document referred to herein or therein (or the transactions contemplated thereby)
and all reasonable and documented costs, expenses, taxes, assessments and other charges incurred in connection with any filing,
registration, recording or perfection of any security interest contemplated by any Basic Document or any other document referred
to therein. The Owner agrees to pay all costs, expenses and other charges in respect of the upfront and ongoing fees and expenses
of the Security Trustee as separately agreed. Any amount owed by the Owner under this Section 12 shall be paid by it promptly
after it has received, reviewed and approved an invoice or other document reasonably evidencing that an amount is due hereunder.

 

(b)          Each
of the Owner and the Owner Participant hereby agrees not to assert any claim against the Lender, the Security Trustee, any Holder,
any of their affiliates, or any of their respective directors, officers, employees, attorneys and agents, on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to any of the transactions contemplated
herein or in any other Basic Document.

 

(c)          The
Owner agrees to indemnify each Indemnitee against, and hold each Indemnitee harmless on an after-tax basis from, any and all losses,
claims, damages, liabilities and related expenses (excluding Indemnified Taxes and Excluded Taxes, which for the avoidance of
doubt are dealt with solely under Schedule IV), including the reasonable and documented fees, charges and disbursements of any
counsel for any Indemnitee, incurred by or asserted against any Indemnitee by any third party or any Obligor arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated
hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the transactions
contemplated hereby, (ii) any Note or Advance or the use of the proceeds therefrom or any payments that the Security Trustee is
required to make under any indemnity, (iii) the possession, use, ownership, operation, condition, manufacture, design, registration
and maintenance of any Aircraft or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any
of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from
the gross negligence, bad faith or willful misconduct of such Indemnitee.

    24 

     

    

(d)          With
respect to any Action that is the subject of indemnification under Section 12.3(c), the following procedures shall apply:

 

(i)         if
any Action is commenced, as to which an Indemnitee proposes to demand indemnification, such Indemnitee shall notify the Owner
with reasonable promptness following the Indemnitee’s being notified of such Action, if the Owner is not a party to such
Action; provided, however, that any failure or delay by such Indemnitee to notify the Owner shall not relieve the Owner from its
obligations under Section 12.3(c) (except to the extent (but only to the extent) that the Owner shall not have otherwise learned
of such Action and it is finally judicially determined by a court of competent jurisdiction (which determination is not subject
to appeal) that the Owner has been actually and materially prejudiced by such failure to promptly notify). With respect to any
action or proceeding brought by a third party, the Owner shall be entitled to assume the defense of any such action or proceeding
with counsel reasonably satisfactory to the Indemnitee except as provided below, exercisable by giving written notice to such
Indemnitee within ten (10) Business Days after receipt of written notice from the Indemnitee of such Action. Upon assumption by
the Owner of the defense of any such Action, the Indemnitee shall have the right to participate in such Action and to retain its
own counsel but the Owner shall not be liable for any legal expenses of other counsel subsequently incurred by such Indemnitee
in connection with the defense thereof unless (1) the Owner has agreed to pay such fees and expenses, (2) the Owner shall have
failed to assume the defense and employ counsel reasonably satisfactory to the Indemnitee in accordance with the preceding sentence,
(3) the Indemnitee shall have been advised by counsel that there are actual or potential conflicting interests between the Owner
and the Indemnitee, including situations in which there are one or more legal defenses available to the Indemnitee that are inconsistent
with, different from or additional to those available to the Owner (in which case the Owner shall not be entitled to assume the
defense of such Action on behalf of the Indemnitee) or (4) the use of counsel chosen by the Owner to represent the Indemnitee
would present such counsel with a conflict of interest (in each such case the Owner will pay the fees and disbursements of such
counsel), provided, however, that the Owner shall not, in connection with any one such action or proceeding or separate but substantially
similar actions or proceedings arising out of the same general allegations, be liable for the fees and expenses of more than one
separate firm of attorneys at any time for all Indemnitees, except to the extent that local counsel, in addition to its regular
counsel, is required in order to effectively defend against such action or proceeding; and

 

(ii)        the
Owner agrees that it will not settle or compromise or consent to the entry of any judgment in, or otherwise seek to terminate,
any pending or threatened Action in respect of which indemnification or contribution may be sought hereunder (whether or not any
Indemnitee is a party to such Action) unless each affected Indemnitee has given its prior written consent, or the settlement,
compromise, consent or termination (i) includes an express unconditional release of such Indemnitee from all losses, claims, damages,
liabilities and related expenses described in Section 12.3(c) arising out of such Action and (ii) does not include any admission
or assumption of fault on the part of any Indemnitee.

    25 

     

    

12.4         Amendments,
Etc. Except as otherwise expressly provided in this Agreement, any provision of this Agreement may be modified or supplemented
only by an instrument in writing signed by the Owner, the Security Trustee, the Lender and the Owner Participant, and any provision
of this Agreement may be waived by the Lender; provided that, no modification, supplement or waiver shall, unless by an
instrument signed by all of the Holders: (i) increase, or extend the term of any of the Commitments, or extend the time or waive
any requirement for the reduction or termination of any of the Commitments, (ii) extend the date fixed for the payment of principal
of or interest on any Loan Certificate or any fee hereunder, (iii) reduce the amount of any such payment of principal, (iv) reduce
the rate at which interest is payable thereon or any fee is payable to the Lender hereunder, (v) alter the rights or obligations
of the Owner to prepay Loan Certificates, (vi) alter the terms of this Section 12.4, (vii) modify the definitions of “Sub-Loan
Event of Default” or “Basic Documents”, (viii) release any Collateral (other than as expressly provided by the
Security Documents or other Basic Documents) or (ix) modify Article II of the Mortgage.

 

12.5        Successors
and Assigns; Security for Lender’s Obligations.

 

(a)          This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns;
provided that, except as specified in clause (b) below, neither party hereto shall, without the prior written consent of the other
and except as expressly permitted by the Basic Documents, assign any of its rights or obligations hereunder.

 

(b)          In
order to secure the repayment, inter alia, of the Notes, the Lender has agreed in the Security Agreement, among other things,
to assign to the Security Trustee its right, title and interest in and to this Agreement, the Mortgage and the other Sub-Loan
Documents, subject to the reservations and conditions therein set forth. Each of the Owner and the Owner Participant hereby consents
to such assignment and acknowledges receipt of a copy of the Security Agreement it being understood that such consent shall not
affect any requirement or the absence of any requirement for any consent under any other circumstances. Until the Lien of the
Security Agreement has been released, (i) the Owner shall, notwithstanding anything herein to the contrary, make all payments
of principal and interest on the Loans and all other amounts payable hereunder and under the Loan Certificates in accordance with
Section 6.1 of the Note Purchase Agreement and such payments shall not be subject to any defense, counterclaim, set-off or other
right or claim of any kind which the Owner or the Owner Participant may be able to assert against Lender or any other Person in
an action brought by any thereof on this Agreement or any other Sub-Loan Document, (ii) all rights of the Lender with respect
to this Agreement, the Mortgage and the other Sub-Loan Documents (including, without limitation, all consent, waiver and notice
rights, and rights to make any requests or determinations), the Aircraft, the Airframe, any Engine or any Part thereof, to the
extent set forth in and subject in each case to the exceptions set forth in the Mortgage, shall be exercisable by the Security
Trustee (to the exclusion of the Lender) and (iii) all documents, notices, certificates and opinions of counsel sent by the Owner
or the Owner Participant to the Lender shall also be sent to the Security Trustee.

    26 

     

    

12.6         Mutilated,
Destroyed, Lost or Stolen Loan Certificates. If any Loan Certificate or Loan Certificates shall become mutilated, destroyed,
lost or stolen, the Owner (as borrower) shall, upon the written request of the holder of such Loan Certificate or Loan Certificates,
execute and deliver in replacement thereof a new Loan Certificate or Loan Certificates in the same form, payable in the same Original
Amount and dated the same date and of the same Tranche. If the Loan Certificate or Loan Certificates being replaced has become
mutilated, a photocopy thereof shall be furnished to the Owner. If the Loan Certificate or Loan Certificates being replaced has
been destroyed, lost or stolen, the holder of such Loan Certificate or Loan Certificates shall furnish to the Owner such security
or indemnity as may be reasonably required by them to save the Owner harmless and evidence reasonably satisfactory to the Owner
of the destruction, loss or theft of such Loan Certificate or Loan Certificates and of the ownership thereof.

 

12.7         Survival.
The obligations of the Owner under Sections 5 and 12.3 shall survive the repayment of the Loan Certificates and the termination
of the Commitments. In addition, each representation and warranty made, or deemed to be made by a notice of any extension of credit,
herein or pursuant hereto shall survive the making of such representation and warranty, and no Lender shall be deemed to have
waived, by reason of making any extension of credit hereunder, any Default which may arise by reason of such representation or
warranty proving to have been false or misleading.

 

12.8         Captions.
The table of contents and captions and section headings appearing herein are included solely for convenience of reference and
are not intended to affect the interpretation of any provision of this Agreement.

 

12.9         Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument
and any of the parties hereto may execute this Agreement by signing any such counterpart.

 

12.10       Governing
Law; Submission to Jurisdiction. THIS AGREEMENT AND THE LOAN CERTIFICATES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 AND SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. Each party hereto hereby submits to the nonexclusive jurisdiction of any court
in respect thereof may be brought in the Supreme Court of the State of New York, County of New York and/or the United States District
Court for the Southern District of New York, for the purposes of all legal proceedings arising out of or relating to this Agreement
or the transactions contemplated hereby. Each party hereto hereby irrevocably waives, to the fullest extent permitted by Applicable
Law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Each of the Owner and
the Owner Participant hereby agrees that service of all writs, process and summonses in any such suit, action or proceeding brought
in such courts may be made upon its process agent, and such process agent is its agent (as well as that of its respective successors
and assigns) to accept such service of any and all such writs, process and summonses, and agrees that the failure of its process
agent to give any notice of any such service of process to it shall not impair or affect the validity of such service or of any
judgment based thereon. Each of the Owner and the Owner Participant hereby agrees that it will at all times continuously maintain
a process agent to receive service of process in the City, County and State of New York on behalf of itself and its properties
with respect to this Agreement and the other Basic Documents and shall give each party hereto written notice prior to any change
of address for such agent, and in the event that, for any reason, the process agent named pursuant to this Section 12.10 shall
no longer serve as process agent to receive service of process on such party’s behalf, such party shall promptly appoint
a successor process agent.

    27 

     

    

12.11       Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

12.12       Compliance
with Anti-Money Laundering Laws. The Owner shall provide the Lender with such assistance as it reasonably requires in order
for the Lender to comply with its own obligations relating to (i) know your client obligations, (ii) anti-money laundering and
counter-terrorism, (iii) elimination of anti-social forces and (iv) implementation of sanctions by the United Nations and such
other international organizations, insofar as these obligations relate to the transaction the subject of this Agreement.

 

12.13       Investment
Disclosure. The parties acknowledge that shares or investments in Permitted Investments are not obligations of Bank of Utah,
or any parent or affiliate of Bank of Utah, are not deposits and are not insured by the FDIC. The Security Trustee or its affiliate
may be compensated by mutual funds or other investments comprising Permitted Investments for services rendered in its capacity
as investment advisor, or other service provider, and such compensation is both described in detail in the prospectuses for such
funds or investments, and is in addition to the compensation, if any, paid to Bank of Utah in its capacity as Security Trustee.
The parties agree that the Security Trustee shall not be responsible for any losses or diminution in the value of the funds held
by it occurring as a result of the investment of such funds in accordance with the terms hereof.

 

12.14       NPA
Supplemental Amounts. Without duplication of any other amounts payable hereunder, the Owner shall pay all NPA Supplemental
Amounts to the Secured Parties or to such other Person to whom such amount may be owed under the Finance Documents promptly as
the same shall become due and owing and in the currency (whether Dollars or another currency) in which the same is due and owing.
In the event of any failure on the part of the Owner to pay any NPA Supplemental Amounts, the Lender shall have the same rights,
powers and remedies provided for herein or by law or equity or otherwise as in the case of nonpayment of any other amount payable
by the Owner hereunder. For the avoidance of doubt, the Owner shall not be obligated to pay any NPA Supplemental Amounts which
have been paid by any other Obligor to the Secured Parties.

    28 

     

    

12.15       Owner’s
Capacity as Owner Trustee. Bank of Utah (“BOU”) is executing this Agreement solely in its capacity as owner
trustee under the Trust Agreement and not in its individual capacity and in no case shall BOU be personally liable for or on account
of any of the statements, representations, warranties, covenants or obligations stated to be those of the Owner hereunder, all
such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through, or under such party.
Under no circumstances shall BOU be personally liable for the payment of any other amount stated to be due from Owner hereunder
or be personally liable for the breach or failure of any of Mortgagor’s representations, warranties, covenants, obligations,
undertakings and agreements hereunder; provided, however, that the Owner (or any such successor owner trustee) shall
be personally liable hereunder for its own gross negligence or willful misconduct or for its breach of its covenants, representations
and warranties contained herein, to the extent covenanted or made in its individual capacity.

 

12.16       Tranche B Related Terms. The Tranche B Related Terms have been included in this Agreement in contemplation of the potential
making of Tranche B Loans. Prior to the making of such Tranche B Loans by the Lender, the Tranche B Related Terms (other than
as provided in this Section 12.16) shall be of no effect and shall be disregarded.

 

*        *        *

    29 

     

    

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

 

	 	BANK OF UTAH, not in its
    individual capacity, except as expressly provided herein, solely as owner trustee, as Owner
	 	 	 
	 	By:	/s/ Jon Croasmun
	 	Name: Jon Croasmun
	 	Title: Vice President

     

     

    

	 	WU LEASING II LLC, as Owner Participant
	 	 	 
	 	By: 	/s/ Mary Gallagher
	 	Name: Mary Gallagher
	 	Title: Authorized
    Signatory

     

     

    

	 	WU FINANCE II LLC
	 	By: WU FINANCE II HOLDINGS TRUST,
    its Manager
	 	By: Wilmington Trust Company, not
    in its individual capacity, but solely as Trustee, as Lender
	 	 	 
	 	By:	/s/ Todd Goldstein
	 	Name: Todd Goldstein
	 	Title: Assistant Vice President

     

     

    

ADMINISTRATIVE
SCHEDULE

 

Owner:

 

Bank
of Utah, as Owner Trustee 

200
E. South Temple, Suite 210 

Salt
Lake City, UT 84111 

	Attn:	Corporate Trust
	Facsimile:	(801) 746-3519

 

Payment
Details:

 

To
such account as may be notified in writing by Owner.

 

With
a copy to the Owner Participant

 

Owner
Participant:

 

WU
Leasing II LLC 

c/o
Wheels Up Partners LLC 

220
West 42nd Street, 9th Floor 

New
York, NY 10036

	Telephone:	(646) 680-0396
	E-mail:	mgallagher@wheelsup.com and jhorowitz@wheelsup.com
	Attention:	Mary Gallagher and Jason Horowitz 

 

Payment
Details:

 

	Bank:	JPMorgan Chase Bank, N.A.
	ABA:	021000021
	Acct Name:	Wheels Up Partners LLC
	Acct No:	421346128
	Swift Code:	CHASUS33

 

Lender:

 

WU
Finance II LLC 

1100
North Market Street 

Wilmington,
DE 19890-0001 

	Attn:	Corporate
    Trust Administration
	Telephone:	+1-302-636-6000
	Facsimile:	+1-302-636-4140

 

With
a copy to the Owner Participant

    ADMINISTRATIVE SCHEDULE 
 Page 1 

     

    

SCHEDULE
I

 

COMMITMENTS

 

	Lender	 	Tranche Commitment	 	Aggregate Commitment	 
	WU Finance II LLC	 	Tranche A $89,250,000
Tranche B $0	 	$	89,250,000	 

    SCHEDULE I
 Page 1 

     

    

SCHEDULE
II

 

CERTAIN
DEFINED TERMS

 

“Prepayment
Fee” shall mean, in respect of a prepayment of a Loan under Section 2.5 or 2.6(a)(ii):

 

(a)        in
the case of each Tranche A Loan, (i) prior to the second anniversary of the Effective Date, an amount equal to 3.00% of the
principal amount of the Loan being prepaid; (ii) on or after the second anniversary of the Effective Date, but prior to the
third anniversary of the Effective Date, an amount equal to 2.00% of the principal amount of the Loan being prepaid;
(iii) on or after the third anniversary of the Effective Date, but prior to the fourth
anniversary of the Effective Date, an amount equal to 1.00% of the principal amount of the Loan being prepaid; and (iv)
thereafter, zero; and

 

(b)        in
the case of each Tranche B Loan, (i) prior to the second anniversary of the Effective Date, an amount equal to 3.00% of the
principal amount of the Loan being prepaid; (ii) on or after the second anniversary of the Effective Date, but prior to the
third anniversary of the Effective Date, an amount equal to 2.00% of the principal amount of the Loan being prepaid;
(iii) on or after the third anniversary of the Effective Date, but prior to the
fourth anniversary of the Effective Date, an amount equal to 1.00% of the principal amount of the Loan being prepaid; and
(iv) thereafter, zero.

 

“Tranche
A Commitment Fee Rate” shall mean (i) prior to the Payment Date occurring on November 1, 2017, 0.50% per annum;
(ii) from and after the Payment Date occurring on November 1, 2017, but prior to the Payment Date occurring on February 1, 2018,
0.625% per annum; (iii) from and after the Payment Date occurring on February 1, 2018, but prior to the Payment Date occurring
on May 1, 2018, 0.750% per annum; (iv) from and after the Payment Date occurring on May 1, 2018, but prior to the Payment Date
occurring on August 1, 2018, 0.875% per annum; and (v) thereafter, 1.00% per annum.

 

“Tranche
B Commitment Fee Rate” shall mean (i) prior to the Payment Date occurring on November 1, 2017, 0.50% per annum;
(ii) from and after the Payment Date occurring on November 1, 2017, but prior to the Payment Date occurring on February 1, 2018,
0.625% per annum; (iii) from and after the Payment Date occurring on February 1, 2018, but prior to the Payment Date occurring
on May 1, 2018, 0.750% per annum; (iv) from and after the Payment Date occurring on May 1, 2018, but prior to the Payment Date
occurring on August 1, 2018, 0.875% per annum; and (v) thereafter, 1.00% per annum.

    SCHEDULE II
 Page 1 

     

    

SCHEDULE
III

 

AMORTIZATION
SCHEDULE FOR EACH AIRCRAFT

 

		A.	Amortization
                                         schedule for Tranche A Loans:

 

	Installment No.1	 	 	Principal Amount to be
 Paid	 
	1	 	 	$	118,125	 
	2	 	 	 	118,125	 
	3	 	 	 	118,125	 
	4	 	 	 	118,125	 
	5	 	 	 	131,250	 
	6	 	 	 	131,250	 
	7	 	 	 	131,250	 
	8	 	 	 	131,250	 
	9	 	 	 	137,813	 
	10	 	 	 	137,813	 
	11	 	 	 	137,813	 
	12	 	 	 	137,813	 
	13	 	 	 	137,813	 
	14	 	 	 	137,813	 
	15	 	 	 	137,813	 
	16	 	 	 	137,813	 
	17	 	 	 	137,813	 
	18	 	 	 	137,813	 
	19	 	 	 	137,813	 
	20	 	 	 	137,813	 
	21	 	 	 	137,813	 
	22	 	 	 	137,813	 
	23	 	 	 	137,813	 
	24	 	 	 	137,813	 
	25	 	 	 	137,813	 
	26	 	 	 	137,813	 
	27	 	 	 	137,813	 
	28	 	 	$	1,634,053	 

 

 

1 Each
installment to be payable on the respective Payment Date following the Borrowing Date for the relevant Loans, commencing on the
Amortization Date for such Loans.

    SCHEDULE III
 Page 1 

     

    

		B.	Amortization
                                         schedule for Tranche B Loans: 

 

[Reserved]

    SCHEDULE III
 Page 2 

     

    

SCHEDULE
IV

 

TAX
MATTERS

 

(a)          Any
and all payments by or on account of any obligation of the Owner hereunder to the Lender or the Security Trustee, under the Loan
Certificates and each other Basic Document shall be made free and clear of and without deduction or withholding for any Indemnified
Taxes; provided that if the Owner shall be required to deduct any Indemnified Taxes from such payments, then (i) the sum
payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and
withholdings applicable to additional sums payable under this Schedule IV) the Security Trustee and the Lender (as the
case may be) receives an amount equal to the sum it would have received had no such deductions and withholdings been made, (ii)
the Owner shall, or shall cause the Security Trustee to, make such deductions and withholdings and (iii) the Owner shall, or shall
cause the Security Trustee to, pay the full amount deducted and withheld to the relevant Governmental Authority in accordance
with Applicable Law.

 

(b)          In
addition, without duplication of any payments made under Section (a) of this Schedule IV, the Owner shall, or shall cause the
Security Trustee to, pay any Indemnified Taxes to the relevant Governmental Authority in accordance with Applicable Law and shall
indemnify the Security Trustee and the Lender on an After-Tax Basis within ten (10) Business Days after written demand therefor,
for the full amount of any Indemnified Taxes paid by the Security Trustee or the Lender, as the case may be, on or with respect
to any payment by or on account of any obligation of the Owner hereunder or under the Basic Documents and the transactions contemplated
thereby (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Schedule IV),
including reasonable out of pocket expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes are
correctly or legally imposed or asserted by the relevant Governmental Authority. If the Owner disagrees with the Security Trustee’s
or the Lender’s determination that an amount is due, or calculation thereof, in respect of Indemnified Taxes for which such
Person shall have made a written demand pursuant to the preceding sentence, the Owner shall request in writing within the ten
(10) Business Day period for the Owner’s payment of such Indemnified Taxes that such amount shall be verified by an independent
public accountant chosen by the Security Trustee or the Lender, as the case may be, and reasonably acceptable to the Owner. Within
thirty (30) days after the Owner’s request, the independent public accountant shall confirm the accuracy of the Security
Trustee’s or the Lender’s calculation, as the case may be, or shall notify the Security Trustee or the Lender, as
the case may be, and the Owner that the calculation of such amount is inaccurate. The costs of such verification shall be borne
by the Owner unless such verification discloses an error adverse to the Owner equal to ten percent (10%) or more of the amount
determined to be due, in which case such fees shall be paid by the Security Trustee or the Lender, as the case may be. Subject
to the execution by the independent public accountant of a confidentiality agreement acceptable to the Security Trustee or the
Lender, as the case may be, in such Person’s sole discretion, the Security Trustee or the Lender, as the case may be, agree
to cooperate with such independent public accountant and supply them with all information reasonably necessary to permit them
to accomplish such review and determination. Such confirmation shall be for the confidential use of the independent public accountant
and shall not be disclosed to the Owner or any other Person. In addition, the Owner, the Security Trustee, and the Lender hereby
agree that the sole responsibility of the independent public accountant shall be to verify the amount of a payment pursuant to
this Schedule IV and that matters of interpretation shall not be within the scope of its responsibilities. 

    SCHEDULE IV
 Page 1 

     

    

(c)          As
soon as practicable after any payment of Indemnified Taxes by the Owner to a Governmental Authority, the Owner shall, or shall
cause the Security Trustee to, deliver to the relevant Lender or Lender the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Lender or Lender.

 

(d)          (i)          The Lender shall deliver to the Owner and the Security Trustee, at the time or times reasonably requested by the Owner or the
Security Trustee in writing, such properly completed and executed documentation reasonably requested by the Owner or the Security
Trustee in writing (including, without limitation, executed copies of IRS Form W-9 certifying that Lender is exempt from U.S.
federal backup withholding tax) as will permit the Owner or the Security Trustee , as applicable, to determine its liability for,
and to comply with, any obligation it may have to withhold Taxes with respect to payments owed to the Lender under the Loan Certificates
or other Basic Documents or to permit such payments to be made without withholding or at a reduced rate of withholding. Notwithstanding
anything to the contrary in the preceding sentence, the completion, execution and submission of such documentation (other than
IRS Form W-9 and such documentation set forth in subclause (ii) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject the Lender to any unreimbursed cost or expense or prejudice any
Tax, legal or commercial position of the Lender.

 

(ii)        Without
limiting the generality of the foregoing, if a payment made to the Lender under any Basic Document would be subject to U.S. federal
withholding Tax imposed by FATCA if the Lender were to fail to comply with the applicable reporting requirements of FATCA (including
those contained in Section 1471(b) or 1472(b) of the Code, or any intergovernmental agreement as applicable), the Lender shall
deliver to the Owner and the Security Trustee (with a copy to each other Lender) at the time or times prescribed by Applicable
Law and at such time or times reasonably requested by the Owner or the Security Trustee in writing such documentation prescribed
by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code or any intergovernmental agreement) and such
additional documentation reasonably requested by the Owner or the Security Trustee in writing as may be necessary for the Owner
and the Security Trustee to comply with their obligations under FATCA and to determine that the Lender has complied with the Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph
(ii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

The
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect
as a result of its change in circumstance, it shall update such form or certification or promptly notify the Owner and the Security
Trustee in writing of its legal inability to do so. 

    SCHEDULE IV
 Page 2 

     

    

(e)          If
the Owner becomes obligated to pay any Indemnified Taxes pursuant to this Schedule IV, provided no Material Default or
Sub-Loan Event of Default exists, the Lender hereby agrees to cooperate with the Owner, at the cost and expense of the Owner,
to avoid the imposition of such Tax, including, without limitation, by designating a different applicable lending office for the
Loan Certificates of the Lender incurring such Tax or otherwise restructuring the transactions contemplated by the Basic Documents,
provided that such designation or restructuring will not, in the reasonable opinion of the Lender, be disadvantageous to the Lender.

 

(f)          (A)
Provided neither a Material Default nor a Sub-Loan Event of Default exists, if the Security Trustee or the Lender, as the case
may be, receives a refund of any withholding Taxes in respect of which additional amounts were paid by the Owner pursuant to this
Schedule IV, the Security Trustee or the Lender, as the case may be, shall promptly pay to the Owner the amount of such
refund plus any interest received on such refund fairly attributable to such Tax and not in excess of amounts previously paid
by the Owner to the Security Trustee or the Lender pursuant to this Schedule IV (other than interest actually received
on such refund and fairly attributable to such Tax). Provided neither a Material Default nor a Sub-Loan Event of Default exists,
the Security Trustee and the Lender shall in good faith use diligence in filing its tax returns and in dealing with taxing authorities
to seek and claim any such refund and to minimize the Taxes payable or indemnifiable by the Owner hereunder if it can do so, in
its sole opinion, without adverse consequences. (B) Provided neither a Material Default nor a Sub-Loan Event of Default exists,
if the Security Trustee or the Lender, as the case may be, actually utilizes any credit with respect to any withholding Taxes
in respect of which additional amounts were paid by the Owner pursuant to this Schedule IV, the Security Trustee or the
Lender, as the case may be, shall pay to the Owner an amount equal to the amount of such credit, but not in excess of amounts
previously paid by the Owner to the Security Trustee or the Lender, provided, however, that no Person shall be required to claim
any credit if to do so would, in its sole opinion, result in any adverse consequences to it, and provided further that no Person
shall be required to claim any credit in respect of this Schedule IV in priority of any other credits (any utilization
of such credit being in such Person’s sole discretion). Any refund or credit not paid by the Security Trustee or the Lender,
as the case may be, because a Material Default or Sub-Loan Event of Default exists, shall be held by such Person and may be applied
by such Person to reduce the amount of any obligation of the Owner under this Agreement then due and not made, and the amount
held by such Person in excess of the amount of any such reduction (if any) shall be paid to the Owner when such Material Default
and/or Sub-Loan Event of Default shall have been cured and all amounts then due and payable to the Lender under this Agreement,
the Lease and the other Basic Documents shall have been fully paid. In addition, any refund or credit which is subsequently disallowed
shall be promptly repaid by the Owner on the demand of the Security Trustee or the Lender, as the case may be. Notwithstanding
anything to the contrary herein or in any other Basic Document, neither the Owner nor any other Person shall have any right to
inspect any tax return, document, books or records of the Lender, the Security Trustee or any of their respective Affiliates.

 

(g)          The
Lender hereby agrees to reimburse the Owner or the Security Trustee, as the case may be, for any Taxes collected by way of withholding
which the Owner or the Security Trustee fails to withhold on payments to the Lender as a direct result of the failure of the Lender
to provide the form or certificate required to be provided by the Lender by clause (d) hereof or the inaccuracy or invalidity
of any such form or certificate required to be provided by the Lender by clause (d) hereof. 

    SCHEDULE IV
 Page 3 

     

    

(h)          For
purposes of this Schedule IV, the following terms shall have the following meanings:

 

“After
-Tax Basis” shall mean on a basis that any payment to be received or receivable by any Person is supplemented by
a further payment or payments to such Person so that the sum of all such payments, after deducting the net amount of all Taxes
payable by such Person or any of its Affiliates under any law as a result of the receipt or accrual of such payment (after reduction
by the amount of current Taxes saved by such Person as a result of the event or item for which the payments are being made to
such Person), is equal to the payment due to such Person.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended (including any successor thereto).

 

“Excluded
Taxes” shall mean, with respect to the Security Trustee, the Lender, or any other recipient of any payment to be
made by or on account of any obligation of the Owner hereunder, (a) any Taxes imposed on all or part of the net income, net profits
or net gains (whether worldwide, or only insofar as such income, profits or gains are considered to arise in or to relate to a
particular jurisdiction or otherwise) of such Person, in each such case imposed on such Person by any jurisdiction (i) in which
such Person is organized, (ii) in which such Person’s principal office is located, or (iii) in the case of the Lender, in
which such Person’s applicable lending office is located, (b) any Taxes imposed on a transferee of the Lender or on payments
to a transferee to the extent that, under Applicable Law in effect on the date of the transfer to such transferee, the amount
of such Taxes exceeds the amount of such Taxes that would have been imposed on the original Lender or on payments to such original
Lender and indemnified against hereunder (with appropriate adjustment to reflect the amount of the Loan Certificate acquired by
such transferee) (provided, however, this clause (b) shall not apply if such change is made at the request of Owner, required
by Applicable Law, or as a result of a Sub-Loan Event of Default that has occurred and is continuing), (c) any Taxes which would
not have been imposed or suffered but for a reasonably avoidable delay or failure by the affected Lender in filing Tax computations
or returns or in paying any Tax which it is required by the Applicable Law of the jurisdiction of its lending office to file or,
as applicable, pay without regard to the transactions contemplated by the Basic Documents, (d) any Taxes that result from (i)
that Lender’s breach of any of its express obligations or misrepresentations under the Basic Documents (other than a breach
attributable to the breach by Owner of its obligations under the Basic Documents or a breach by any other party to any Basic Document
of its obligation under Basic Documents), (ii) the Lender’s failure to comply with paragraph (d) of the Schedule IV, or
(iii) or the Lender’s fraud, willful misconduct or gross negligence (unless imputed by Applicable Law), (e) any Taxes assessed
on that Lender by any jurisdiction that would not have been so assessed but for activities or present or former connection of
that Lender in or to such jurisdiction wholly unrelated to the transactions contemplated by the Basic Documents, and (f) any U.S.
federal withholding Taxes imposed under FATCA. 

    SCHEDULE IV
 Page 4 

     

    

“FATCA”
shall mean

 

(a)          Sections
1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official written interpretations thereof
and any written agreements entered into pursuant to Section 1471(b)(1) of the Code, or

 

(b)          any
treaty, law, regulation or other official written guidance enacted in any other jurisdiction, or relating to an intergovernmental
agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of paragraph
(a) above; or

 

(c)          any
written agreement pursuant to the implementation of paragraphs (a) or (b) above with the U.S. Internal Revenue Service, the U.S.
government or any governmental or taxation authority in any other jurisdiction.

 

“Indemnified
Taxes” shall mean Taxes other than Excluded Taxes.

 

“Lender”,
for the avoidance of doubt, shall mean the Lender and each Holder and each of their respective shareholders, Affiliates, officers,
agents and employees (and shall also include any combined, consolidated or affiliated tax group of which any the Lender or Holder
is or shall become a member and any member of such group).

 

“Taxes”
shall mean any and all present or future fees, taxes (including, without limitation, all surtaxes, financial transaction taxes
and stamp taxes), levies, imposts, duties, deductions, excises, assessments, charges or withholdings of any nature, together with
any penalties, fines, additions to tax or interest thereon howsoever levied or imposed by any Governmental Authority.

    SCHEDULE IV
 Page 5 

     

    

EXHIBIT
A

 

FORM
OF LOAN CERTIFICATE

 

[TRANCHE
A/B]

 

BANK
OF UTAH,

 

NOT
IN ITS INDIVIDUAL CAPACITY, EXCEPT AS EXPRESSLY SET FORTH HEREIN, 

BUT
SOLELY AS OWNER TRUSTEE

 

LOAN
CERTIFICATE

 

ISSUED
IN CONNECTION WITH ONE TEXTRON AVIATION INC. MODEL KING AIR

350I
AIRCRAFT WITH MANUFACTURER’S SERIAL NUMBER [_____]

AND TWO PRATT & WHITNEY CANADA MODEL PT6A-60A ENGINES

AND TWO HARTZELL
MODEL HC-B4MP3C PROPELLERS

 

	New York, New York	 
	No. __	Date: _______ __,
    20__
	$____________________	 

 

BANK
OF UTAH, not in its individual capacity, except as expressly set forth herein, but solely as owner trustee under the Trust
Agreement (the “Owner”) hereby promises to pay to WU Finance II LLC (the “Lender”), or
registered transferees, the principal sum of ____________  ($____________), in consecutive installments, equal to the
amounts, and payable on the Payment Dates, set forth in the Loan Agreement referred to below, together with interest payable
on each such Payment Date, set forth in the Loan Agreement Supplements in respect of this Loan Certificate, together with
interest payable of each such Loan on each such Payment Date on the unpaid principal amount hereof until such principal
amount is paid in full. If the due date of any payment under this Loan Certificate falls on a day that is not a Business Day,
such date shall be extended to the next succeeding Business Day (or, if such next succeeding Business Day falls in the next
succeeding calendar month, on the next preceding Business Day). Interest on this Loan Certificate shall be payable at the
Floating Rate, calculated on the basis of a year of 360 days and actual number of days elapsed, including the first day but
excluding the last day. This Loan Certificate shall bear interest at the applicable Post-Default Rate on any principal
hereof, and, to the extent permitted by Applicable Law, interest and other amounts due hereunder, in each case, not paid when
due (whether at stated maturity, by acceleration or otherwise), for any period during which the same shall be overdue,
payable on demand by the Lender.

 

All
payments of principal, interest and all other amounts to be made to the Lender hereunder or under the Loan Agreement, dated
as of _______ __, 2017, among the Owner, WU Leasing II LLC, as owner participant and the Lender (as amended, supplemented or
modified from time to time, herein called the “Loan Agreement”, the terms defined therein and not
otherwise defined herein being used herein with the same meanings) or under the other Basic Documents, shall be made in
accordance with the terms of the Loan Agreement and the other Basic Documents.

    EXHIBIT A
 Page 1 

     

    

Principal
and interest and all other amounts due hereunder shall be payable in Dollars in immediately available funds no later than 11:00
a.m., New York time, on the due date thereof, to the Security Trustee at the Collection Account, and the Security Trustee shall,
subject to the terms and conditions of the Loan Agreement, remit all such amounts so received by it in accordance with the terms
of the Security Agreement. All such payments by the Owner and the Security Trustee shall be made free and clear of and without
reduction for or on account of all wire or other like charges.

 

This
Loan Certificate is one of the Loan Certificates referred to in the Loan Agreement which have been or are to be issued by the
Owner pursuant to the terms of the Loan Agreement. Certain of the Collateral is held by the Lender as security, in part, for the
Loan Certificates. Reference is hereby made to the Loan Agreement for a statement of the rights and obligations of the Lender,
and the nature and extent of the security for this Loan Certificate, and the nature and extent of the security for the other Loan
Certificates, as well as for a statement of the terms and conditions of the trusts created by the Loan Agreement, to all of which
terms and conditions in the Loan Agreement the Lender agree by its acceptance of this Loan Certificate.

 

This
Loan Certificate is subject to prepayment as permitted by Sections 2.5 and 2.6 of the Loan Agreement and to acceleration by the
Lender as provided in Section 10 of the Loan Agreement, and the Lender, by its acceptance of this Loan Certificate, agree to be
bound by said provisions.

 

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

    EXHIBIT A
 Page 2 

     

    

IN
WITNESS WHEREOF, the Owner has caused this Loan Certificate to be executed in its corporate name by its officer thereunto
duly authorized, as of the date hereof.

 

	 	BANK OF UTAH, not in its
    individual capacity, except as expressly provided herein, but solely as owner trustee
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

    EXHIBIT A
 Page 3 

     

    

EXHIBIT
B

 

FORM
OF NOTICE OF BORROWING

 

WU
Finance II LLC, as Lender

 

		Re:	Loan
Agreement dated as of _______ __, 2017 (the “Loan Agreement”), among Bank
of Utah, not in its individual capacity but solely as owner trustee, as owner, WU Leasing II LLC, as owner participant, and as
Lender and WU Finance II LLC, as lender

  

Dear
Sirs:

 

Reference
is made to the Loan Agreement; capitalized terms not otherwise defined herein shall have the meanings assigned to such terms therein.
This is a Notice of Borrowing delivered pursuant to Section 2.2(a) of the Loan Agreement. The undersigned hereby:

 

1.
             Notifies the Lender that it seeks to borrow the following Loans on _________ __, 201_ (which is a Business Day) (the “Proposed
Borrowing Date”):

 

	Aircraft	 	Tranche A	 	Tranche B
	MSN______	 	$_______	 	$_______

 

		2.	Notifies
the Lender that the proceeds the Borrowing requested hereunder are to be paid to the following account:

 

Bank:
[______] 

ABA
number: [______] 

Account
number: [______] 

Beneficiary
Name: [______]

 

		3.	Confirms
that the purchase price payable under the Purchase Agreement for the Aircraft referred to herein is $_____.2

 

		4.	Confirms
that the amounts requested hereby shall be utilized under and for the purpose of the Loan Agreement.

 

 

 

2
Requested Loans to be no greater than 86% of this amount. 

    EXHIBIT B
 Page 1 

     

    

	 	Sincerely yours,
	 	 	 
	 	BANK OF UTAH, not in its
    individual capacity, except as expressly provided herein, but solely as owner trustee
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

    EXHIBIT B
 Page 2 

     

    

EXHIBIT
C

 

FORM
OF MORTGAGE

    EXHIBIT C
 Page 1 

     

    

EXHIBIT
D

 

[INTENTIONALLY
OMITTED]

    EXHIBIT D
 Page 1 

     

    

EXHIBIT
E

 

FORM
OF MEMBERSHIP INTEREST PLEDGE AGREEMENT

    EXHIBIT E
 Page 1 

     

    

EXHIBIT
F

 

FORM
OF BENEFICIAL INTEREST PLEDGE AGREEMENT

    EXHIBIT F
 Page 1 

     

    

EXECUTION
VERSION

 

APPENDIX
A

 

DEFINITIONS
AND CONSTRUCTION

 

		Part I.	Definitions

 

Unless
the context otherwise requires, the following terms shall have the following meanings:

 

“Action”
means any action, claim, suit or proceeding.

 

“Advance
Amount” shall mean, in respect of any Aircraft, $5,250,000.

 

“Advances”
shall mean the advances, each as evidenced by the Notes, made by the Purchasers to the Issuer pursuant to the Note Purchase Agreement.

 

“Affiliate”
of any Person shall mean any other Person that directly or indirectly controls, is controlled by or is under common control with
such Person.

 

“After-Tax
Basis” has the meaning assigned to such term in Schedule IV to the Note Purchase Agreement.

 

“Aircraft”
shall mean (i) individually, each Airframe, together with the related Engines and the related Propellers, whether or not any of
such Engines or such Propellers may at any time of determination be installed on such Airframe or installed on any other airframe,
and, as the context may permit, the Aircraft Documentation in respect thereof (ii) collectively, all such Aircraft.

 

“Aircraft Documentation” shall mean, in respect of an Aircraft, the documents, records, logs and other data
maintained in respect of the relevant Airframe, Engines and Propellers pursuant to the terms of the Lease.

 

“Aircraft
Proceeds” shall mean, in respect of an Aircraft, any insurance proceeds or reinsurance proceeds (including Casualty
Proceeds), requisition compensation or any other amount that is due by way of compensation, damages or similar payment in respect
of any loss of, or damage to, such Aircraft.

 

“Aircraft
Related Agreement” shall mean, in respect of an Aircraft, the Purchase Agreement, the Purchase Agreement Assignment,
the related Purchase Agreement Assignment Supplement, the related Bills of Sale, the Trust Agreement, the Charter Aircraft Services
Agreement, the related Charter Agreement Supplement, the related CASA Security Assignments, the related ProAdvantage Agreement,
the related ProAdvantage Assignment, the Maintenance Services Agreement, the related Maintenance Services Agreement Assignment,
the GMCP Agreement, the related GMCP Supplement, the GMCP Agreement Assignment, the related GMCP Agreement Assignment Supplement
and the other related “Documents” as defined in the Lease.

     

     

    

[Definitions]

 

“Airframe” shall mean, in respect of each Aircraft, (i) the Textron Aviation model King Air 350i airframe constituting
part of such Aircraft and bearing the manufacturer’s serial number and registration and nationality mark as specified in
the Mortgage Supplement for such Aircraft; and (ii) any and all Parts related thereto.

 

“Amortization
Date” shall mean, with respect to any Advance, the first Payment Date occurring not less than forty-five (45) days
after the Drawdown Date for such Advance.

 

“Anti-Corruption
Laws” shall mean the anti-bribery and anti- corruption laws, regulations or ordinances applicable to Wheels Up and
its Subsidiaries and their respective operations from time to time, including without limitation (i) the U.S. Foreign Corrupt
Practices Act of 1977 (as amended), (ii) the United Kingdom Bribery Act, (iii) anti-bribery legislation promulgated by the European
Union and implemented by its member states, and (iv) legislation adopted in furtherance of the OECD Convention on Combating Bribery
of Foreign Public Officials in International Business Transactions.

 

“Anti-Money
Laundering Laws” shall mean any laws or regulations relating to money laundering or terrorist financing, including,
without limitation, the Bank Secrecy Act, 31 U.S.C. sections 5311 et seq.; Title III of the PATRIOT Act; 18 U.S.C. section 1956;
18 U.S.C. section 1957; and the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations, 31 C.F.R.
Part 103.

 

“Applicable
Law” shall mean all applicable laws, treaties, judgments, decrees, injunctions, writs, actions and orders of any
court, governmental agency or authority and all applicable rules, guidelines, regulations, orders, directives, licenses and permits
of any governmental body, instrumentality, agency or authority and all applicable interpretations thereof.

 

“Applicable
Margin” is defined in Schedule II to the Note Purchase Agreement.

 

“Appraisal”
shall mean, in respect of an Aircraft, an appraisal of the Aircraft by the Appraiser, which Appraiser shall provide its qualified
valuation of the Aircraft, and which valuation may account for participation in the Maintenance Service Contracts (as defined
in the Lease) and any other factors deemed relevant by such Appraiser.

 

“Appraised
Value” shall mean, with respect to any Aircraft as of any date, the value of such Aircraft as determined by an Appraisal
provided pursuant to Section 6(c)(iii) of the Guaranty, which Appraisal shall be performed as of a date no more than forty-five
(45) days prior to such date.

 

“Appraiser”
shall mean Aircraft Bluebook (currently published by Penton Media), Vref Aircraft Value Reference (currently published by Vref
Publishing) or any other ISTAT-certified appraiser consented to in writing by the Security Trustee and the Owner.

 

“Arranger”
shall mean Jefferies LLC.

    2 

     

    

“Attributable
Amount” shall mean, in respect of an Aircraft, the portion of the Notes relating to such Aircraft, being the then
outstanding principal amount of the Advances made with respect to such Aircraft.

 

“Aviation
Authority” shall mean the FAA.

 

“Bankruptcy
Event” shall mean any event described in Section 10(f), (g), (h), (i) or (j) of the Sub-Loan Agreement as to any
Person.

 

“Basic
Documents” shall mean, collectively, the Finance Documents, the Lease and the Aircraft Related Agreements.

 

“Basic
Rent” shall mean “Rental Payments” as defined in the Lease.

 

“Beneficial
Interest Pledge Agreement” shall mean the Beneficial Interest Pledge Agreement dated as of the Effective Date between
the Owner Participant and the Issuer with respect to the Pledged Beneficial Interest in the Owner, as may from time to time be
supplemented, modified or amended in accordance with the applicable provisions thereof.

 

“Bills
of Sale” shall mean, in respect of an Aircraft, the FAA Bill of Sale and the Warranty Bill of Sale for such Aircraft.

 

“Borrowing” shall mean with respect to any Aircraft, the disbursement of the Sub-Loans for such Aircraft.

 

“Borrowing
Date” shall mean with respect to any Aircraft, the date the Loans are made under the Sub-Loan Agreement in respect
of such Aircraft.

 

“Business
Day” shall mean any day other than (i) a Saturday or Sunday or (ii) a day on which commercial banks are authorized
or required to close in New York, New York, Hartford, Connecticut or Salt Lake City, Utah.

 

“Cape
Town Convention” shall mean the Convention on International Interests in Mobile Equipment, as supplemented by the
Protocol and as adopted in any applicable jurisdiction.

 

“CASA
Security Assignments” shall mean, in respect of an Aircraft, collectively, the CASA Security Assignment (Gama) and
the CASA Security Assignment (WUP) (each as defined in the Lease).

 

“Casualty
Proceeds” shall mean, as relates to any Event of Loss, the agreed value or stipulated loss value (or comparable
value) payable by the applicable insurer, reinsurer, contingent insurer or the Lessee, as the case may be, to an Obligor or the
Security Trustee as a consequence of such Event of Loss.

 

“CFC”
shall mean a Subsidiary of Wheels Up or any of Wheels Up’s Subsidiaries that is classified as a controlled foreign corporation
under Section 957 of the Code.

    3 

     

    

“Change
of Control” shall occur if (a) the Issuer Parent shall not legally and beneficially own 100% of the beneficial interest
of the Issuer or (b) the Owner Participant shall not legally and beneficially own 100% of the beneficial interest of the Owner.

 

“Charter
Agreement Supplement” shall mean, in respect of any Aircraft, the supplement to Schedule A to the Charter Aircraft
Services Agreement executed by the Lessee and Wheels Up in respect of such Aircraft.

 

“Charter
Aircraft Services Agreement” shall mean the Charter Aircraft Services Agreement dated as of June 30, 2017, between
the Lessee and Wheels Up, as supplemented by each Charter Agreement Supplement.

 

“Chattel
Paper” shall have the meaning assigned to such term in Section 9-102 of the UCC.

 

“Class”
has the meaning set forth in Section 2.1(b) of the Note Purchase Agreement.

 

“Class
A” has the meaning set forth in Section 2.1(b) of the Note Purchase Agreement.

 

“Class
A Advance” shall mean an Advance made under a Class A Note.

 

“Class
A Advance Amount” shall mean, in respect of any Aircraft, $5,250,000.

 

“Class
A Commitment Amount” shall mean $89,250,000.

 

“Class
A Commitment Fee” has the meaning set forth in Section 3.3(a) of the Note Purchase Agreement.

 

“Class
A Commitment Fee Rate” is defined in Schedule II to the Note Purchase Agreement.

 

“Class
A LTV Ratio” shall mean, as of any date, the ratio (expressed as a percentage) of
(a) the outstanding principal amount of the Advances made under the Class A Notes as
of such date to (b) the Appraised Value of all of the Aircraft then subject to the Lien of the Security Agreement.

 

“Class
A Note” shall mean each Note, substantially in the form of Exhibit A to the Note Purchase Agreement, sold by
the Issuer and purchased by the Purchasers pursuant to Section 2.1(a) of the Note Purchase Agreement and designated as a
Class A Note, and any Note issued in exchange or replacement thereof pursuant to Section 12.6 of the Note Purchase
Agreement.

 

“Class
B” has the meaning set forth in Section 2.1(b) of the Note Purchase Agreement.

 

“Class
B Advance” shall mean an Advance made under a Class B Note.

 

“Class
B Advance Amount” shall mean, in respect of any Aircraft, $0.

 

“Class
B Commitment Amount” shall mean $0.

    4 

     

    

“Class
B Commitment Fee” has the meaning set forth in Section 3.3(b) of the Note Purchase Agreement.

 

“Class
B Commitment Fee Rate” is defined in Schedule II to the Note Purchase Agreement.

 

“Class
B Note” shall mean each Note, substantially in the form of Exhibit A, sold by the Issuer and purchased by the Purchasers
pursuant to Section 2.1(a) of the Note Purchase Agreement and designated as a Class B Note and any Note issued in exchange or
replacement thereof pursuant to Section 12.6 of the Note Purchase Agreement.

 

“Class
B Related Terms” shall mean (a) the following defined terms: Class B, Class B Advance, Class B Advance Amount, Class
B Commitment Amount, Class B Commitment Fee, Class B Commitment Fee Rate, Class B Note and Required Class B Purchasers and (b)
any other provision of any Finance Document (including any other defined term) to the extent it applies to any of the terms specified
in foregoing clause (a).

 

“Code”
shall have the meaning assigned to such term in Schedule IV to the Note Purchase Agreement.

 

“Collateral”
shall mean the “Collateral”, “Pledged Collateral” or similar term under, and as defined in, any Security
Document.

 

“Collection
Account” shall mean any deposit or securities account maintained in accordance with Section 2.07 of the Security
Agreement into which Collections shall be deposited.

 

“Collections”
shall mean, in respect of an Aircraft or a Lease, the “Collections” as defined in the Granting Clause to the Mortgage,
but in all cases excluding Excluded Payments.

 

“Commitment”
shall mean (a) for each Purchaser, the obligation of such Purchaser to purchase a Note or Notes in an aggregate amount at any
one time outstanding up to but not exceeding the amount set opposite the name of such Purchaser in Schedule I to the Note Purchase
Agreement under the caption “Aggregate Commitment”, including as such Commitment may be allocated to a Class as provided
in such Schedule I (as the same may be varied in accordance with any assignment of Commitments pursuant to Section 12.6(b) of
the Note Purchase Agreement) and (b) for the Issuer (in its capacity as “Lender” under the Sub-Loan Agreement), the
obligation of the Issuer to make Sub-Loans in an aggregate amount at any one time outstanding up to but not exceeding the amount
set opposite the name of the Issuer in Schedule I to the Sub-Loan Agreement under the caption “Aggregate Commitment”,
including as such Commitment may be allocated to a Tranche as provided in such Schedule I.

 

“Commitment
Termination Date” shall mean December 31, 2018 (or, if earlier, the date the Commitments are terminated pursuant
to Section 10 of the Note Purchase Agreement).

    5 

     

    

“Competitor”
shall mean any company whose primary business is providing on demand or similar air transportation whether through the sale of
private club memberships, fractional interests, flight hours, card programs, on demand packages, charters, or similar product
offering.

 

“Cumulative
Hours Cap” has the meaning set forth in the definition of “Supplemental Principal Amount”.

 

“Cumulative
Hours Flown” has the meaning set forth in the definition of “Supplemental Principal Amount”.

 

“Default” shall mean an event that with notice or lapse of time or both would become an Event of Default.

 

“Default Event” shall mean a Default, Event of Default, Sub-Loan Default or Sub-Loan Event of Default.

 

“Delivery
Date” shall mean, in respect of any Aircraft, the date such Aircraft is delivered under the Purchase Agreement.

 

“Deposit”
is defined in Section 2.2(c) of the Note Purchase Agreement.

 

“Disposition”
shall mean any sale, assignment, transfer or other disposition of an Aircraft (and related Collateral), whether direct or indirect
(by way of a Disposition of the Owner or any other Person), other than the leasing thereof to the Lessee under the Lease.

 

“Drawdown” shall mean, with respect to any Aircraft, the disbursement of the Advances for such Aircraft.

 

“Drawdown
Date” shall mean with respect to any Aircraft, the date of the Drawdown made in respect of such Aircraft.

 

“Dollars”
and “$” shall mean lawful money of the United States of America.

 

“Effective Date” shall mean the date on which the conditions specified in Section 7.1 of the Note Purchase
Agreement shall be satisfied but in no event later than the Commitment Termination Date.

 

“Eligible
Operator” shall mean any FAA Part 135 certificated air carrier reasonably acceptable to the Security Trustee;
provided in each case that such Person (a) is not, at the time of delivery of any Aircraft under the new lease and charter
arrangement under Section 3.09 of the Mortgage, subject to any proceeding under the U.S. Bankruptcy Code or similar law in
any applicable jurisdiction, including Chapter 7 or 11 of the U.S. Bankruptcy Code, seeking liquidation, reorganization,
winding up or other relief with respect to any person or entity or its liquidation, reorganization, winding up or other
relief with respect to any person or entity or its debts, (b) holds all requisite licenses and approvals necessary for its
operation of the Aircraft and (c) operates under FAA regulated maintenance standards.

    6 

     

    

“Engine”
shall mean, with respect to an Aircraft, (i) each of the Pratt & Whitney Canada model PT6A-60A engines, identified by manufacturer’s
serial number as specified in the Mortgage Supplement for such Aircraft, whether or not attached to the related Airframe or any
other airframe, or (ii) any Replacement Engine therefor, together in each case with any and all Parts incorporated or installed
in or attached to such engine.

 

“Engine
Manufacturer” shall mean Pratt & Whitney Canada Corp.

 

“Engine
Manufacturer’s Consent” shall mean the Consent and Agreement GS14-0065-1, dated as of June 30, 2017, among
the Owner, the Issuer, Wheels Up, the Security Trustee and the Engine Manufacturer, as supplemented by each Engine Manufacturer’s
Consent Supplement.

 

“Engine
Manufacturer’s Consent Supplement” shall mean, in respect of any Aircraft, a supplement to the Engine Manufacturer’s
Consent executed by the Owner, the Issuer, Wheels Up, the Security Trustee and the Engine Manufacturer dated the Drawdown Date
for such Aircraft, substantially in the form of Annex A to the Engine Manufacturer’s Consent.

 

“Environmental Laws” shall mean all laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any
way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any
hazardous material or to health and safety matters.

 

“Event
of Default” is defined in Section 10 of the Note Purchase Agreement.

 

“Event
of Loss” in respect of an Aircraft, shall mean a total loss specified in Section 9(a)(i), (ii) or (iii) of the Lease.
An Event of Loss with respect to an Aircraft shall be deemed to have occurred if an Event of Loss occurs with respect to the related
Airframe.

 

“Excluded
Country” shall mean any country that is the subject of an order or resolution by the United Nations Security Council
or any Applicable Law of the United States which has the effect of prohibiting aviation activities to or from such country, for
so long as such resolutions or orders remain in effect.

 

“Excluded
Payments” shall mean, with respect to an Aircraft, the Lease and the relevant Aircraft Related Agreements, (i) indemnity
or similar payments (whether or not payable as supplemental rent) paid or payable by the Lessee under the Lease or Aircraft Related
Agreements or related documents to the indemnitee or other payee entitled thereto pursuant to the Lease or Aircraft Related Agreements,
(ii) proceeds of public liability insurance in respect of such Aircraft payable as a result of insurance claims made, or losses
suffered, by the indemnitee or payee entitled thereto, (iii) proceeds of insurance maintained with respect to such Aircraft by
the Lessee or any Affiliate of the Lessee and not required under the Lease or under the Note Purchase Agreement or any other Basic
Document, (iv) any interest paid or payable on any amounts described in clauses (i) through (iii) of this definition, and (v)
the proceeds from the enforcement by the Issuer or other indemnitee or payee of the payment of any amount described in clauses
(i) through (iv) of this definition, in each case however, only to the extent such amount is in respect of a claim personal to
the applicable Person and is not necessary to restore the value of the Collateral.

    7 

     

    

“Excluded
Taxes” shall have the meaning assigned to such term in Schedule IV to the Note Purchase Agreement.

 

“FAA”
shall mean the Federal Aviation Administration or any successor agency.

 

“FAA
Bill of Sale” shall mean, in respect of an Aircraft, the bill of sale for such Aircraft on Federal Aviation Administration
AC Form 8050-2 executed in favor of the Owner.

 

“FATCA”
shall have the meaning assigned to such term in Schedule IV to the Note Purchase Agreement.

 

“Federal
Aviation Act” shall mean Subtitle VII of Title 49 of the United States Code, as amended.

 

“Fee
Letter” shall mean that Fee Letter dated as of the Effective Date between the Issuer and the initial Purchasers.

 

“Finance
Documents” shall mean, collectively, the Note Purchase Agreement, the Notes, the Sub-Loan Agreement, the Loan Certificates,
the Guaranty, each Lessee Consent, each Manufacturer’s Consent, the Engine Manufacturer’s Consent, each Engine Manufacturer’s
Consent Supplement, each Maintenance Services Agreement Assignment, each ProAdvantage Assignment, the Remarketing Agreement, the
Fee Letter and the Security Documents.

 

“Floating
Rate” shall mean:

 

(a)       in
respect of a Class A Advance or a Class B Advance, and for each Interest Period for such Advance, a per annum rate of interest
equal to the sum of (i) LIBOR for such Interest Period plus (ii) the Applicable Margin for such Advance; and

 

(b)       (i)
in respect of the Tranche A Loans, the Floating Rate for the related Class A Advances and (ii) in respect of the Tranche B Loans,
the Floating Rate for the related Class B Advances.

 

“Funding
Date” is defined in Section 2.2(a) of the Note Purchase Agreement.

 

“GAAP”
shall mean generally accepted accounted principles as in effect in the United States from time to time.

 

“GMCP Agreement” shall mean that GMCP Program Agreement No. GS14-0065-1 dated as of December 15, 2015, between
the Engine Manufacturer and Wheels Up, as amended by that Amendment No. 01 dated as of May 27, 2016 between the Engine Manufacturer
and Wheels Up, as supplemented by each GMCP Supplement, as assigned to the Owner pursuant to the GMCP Agreement Assignment.

 

“GMCP
Supplement” shall mean in respect of any Aircraft, the supplement to the GMCP Agreement dated the Delivery Date
for such Aircraft between the Engine Manufacturer and Wheels Up.

    8 

     

    

“GMCP Agreement Assignment” shall mean the GMCP Agreement Assignment, dated as of the Effective Date, between
Wheels Up, as assignor, and the Owner, as assignee, as supplemented by each GMCP Agreement Assignment Supplement.

 

“GMCP
Agreement Assignment Supplement” shall mean, in respect of any Aircraft, a supplement to the GMCP Agreement Assignment,
in substantially the form of Exhibit A thereto, subjecting the Engines for such Aircraft to the GMCP Agreement Assignment.

 

“Governmental
Authority” shall mean any agency, authority, central bank, department, government, legislature, minister, ministry,
official, or public or statutory person (whether autonomous or not) of, or of the government of, a state or any political sub-division
in or of that state.

 

“Guarantee
Obligation” shall mean, as to any Person (the “guaranteeing person”), any obligation of (a) the
guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the
guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect
guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other
third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation
of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation
or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of
any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise
to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the
term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business.
The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the
stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum
amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation,
unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable,
in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by Wheels Up in good faith.

 

“Guarantors”
shall have the meaning set forth in the Guaranty.

 

“Guaranty”
shall mean the Guaranty, dated as of the Effective Date, made by the Guarantors in favor of the Secured Parties.

 

“Hedge
Agreements” shall mean all interest rate swaps, caps or collar agreements or similar arrangements dealing with interest
rates or currency exchange rates or the exchange of nominal interest obligations, either generally or under specific contingencies.

    9 

     

    

“Holder”
shall mean, as of any date of determination in respect of any Note, the Person in whose name such Note is registered on such date.

 

“Indebtedness”
shall mean, with respect to any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables
incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds,
debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention
agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under
such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations of such Person
under capital leases, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in
respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all redeemable preferred
equity interests of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to
in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or
for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property
(including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the
payment of such obligation, and (j) all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor.

 

“Indemnified
Taxes” shall have the meaning assigned to such term in Schedule IV to the Note Purchase Agreement and/or Schedule
IV to the Sub-Loan Agreement, as applicable.

 

“Indemnitees”
shall mean the Security Trustee, each Purchaser and the Arranger, and each of their respective Related Parties.

 

“Insolvency
Proceeding” shall mean any suit in equity, action at law, or other judicial or administrative proceeding under any
applicable insolvency law, seeking liquidation, reorganization, examinership, winding up or other relief with respect to any Person
or its debts.

 

“Insurances”
shall mean any and all contracts or policies of insurance maintained by the Lessee in respect of an Aircraft pursuant to the Lease.

 

“Interest
Period” shall mean, with respect to any Advance, each period commencing on the Drawdown Date for such Advance or
the last day of the immediately preceding Interest Period and ending on the next following Payment Date.

 

“International
Registry” shall have the meaning defined in the Cape Town Convention.

 

“Issuance”
shall mean, in respect of any Note, the issuance and purchase of such Note on the Issuance Date.

    10 

     

    

“Issuance
Date” shall mean the date on which the Notes are originally issued under the Note Purchase Agreement.

 

“Issuer”
shall mean WU Finance II LLC, a Delaware limited liability company.

 

“Issuer
Parent” shall mean WU Finance II Holdings Trust, a Delaware statutory trust.

 

“Lease” shall mean the Aircraft Master Lease Agreement, dated as of June 30, 2017, between the Owner and the
Lessee, as supplemented by each Lease Supplement.

 

“Lease
Default” shall mean an event that with notice or lapse of time or both would become a Lease Event of Default.

 

“Lease
Event of Default” shall mean a “Termination Event” as defined in the Lease.

 

“Lease
Supplement” shall mean, in respect of any Aircraft, the supplement to the Lease to be entered into between the Owner
and the Lessee dated the Drawdown Date for such Aircraft, substantially in the form of Annex C to the Lease.

 

“Lessee”
shall mean Gama Aviation LLC.

 

“Lessee
Consent” shall mean, in respect of any Aircraft, a Lessee Consent executed by the Lessee, the Owner, Wheels Up and
the Security Trustee, in form and substance reasonably satisfactory to the Security Trustee.

 

“LIBOR”
means, for each Interest Period for any Advance, the rate appearing on Reuters LIBOR03 Page (or on any successor or substitute
Reuters page, or any successor to or substitute for Reuters, providing rate quotations comparable to those currently provided
on such Reuters page, as determined by the Security Trustee from time to time for purposes of providing quotations of interest
rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two (2) London banking
days prior to the commencement of such Interest Period, as the rate for the offering of Dollar deposits with a maturity comparable
to such Interest Period. In the event that such rate is not available at such time for any reason, then LIBOR for such Interest
Period shall be the interest rate per annum determined by the Security Trustee to be the average of the rates per annum at which
deposits in Dollars with a size comparable to the amount to be funded are offered for such relevant Interest Period to major banks
in the London interbank market in London, England by the Security Trustee at approximately 11:00 a.m., London time, on the date
that is two (2) London banking days prior to the beginning of such Interest Period. Notwithstanding the foregoing, the LIBOR rate
for any Interest Period shall not be less than 1.00% per annum.

 

“Lien”
shall mean, with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such Property. For purposes of the Note Purchase Agreement and the other Basic Documents, a Person shall be deemed
to own subject to a Lien any Property that it has acquired or holds subject to the interest of a seller or lessor under any conditional
sale agreement, capital lease or other title retention agreement (other than an operating lease) relating to such Property.

    11 

     

    

“Loan
Certificate” shall mean each Loan Certificate, substantially in the form of Exhibit A to the Sub-Loan Agreement,
issued by the Owner to the Issuer pursuant to the Sub-Loan Agreement, and any Loan Certificate issued in exchange or replacement
thereof pursuant to the Sub-Loan Agreement.

 

“Loans”
shall mean the Sub-Loans.

 

“Local
Law Requirements” shall mean the U.S. Law Requirements.

 

“LTV
Ratio” shall mean, as of any date, the ratio (expressed as a percentage) of (a) the outstanding principal amount
of the Advances as of such date to (b) the Appraised Value of all of the Aircraft then subject to the Lien of the Security Agreement.

 

“Maintenance Services Agreement” shall mean that maintenance services agreement dated as of July 31, 2013,
as amended and supplemented from time to time, between the Maintenance Services Provider and Wheels Up, as assigned to the Owner
pursuant to the Maintenance Services Agreement Assignment.

 

“Maintenance
Services Agreement Assignment” shall mean, in respect of any Aircraft, a Maintenance Services Agreement Assignment
dated the Drawdown Date for such Aircraft among the Maintenance Services Provider, the Lessee, the Owner, the Issuer, Wheels Up
and the Security Trustee, in form and substance reasonably satisfactory to the Security Trustee.

 

“Maintenance
Services Provider” shall mean Textron Aviation Inc.

 

“Maintenance
Support Contracts” means, collectively, the Maintenance Services Agreement, the GMCP Agreement and the ProAdvantage
Agreements, or in each case any replacement maintenance and support program therefor entered into under Section 6(q) of the Guaranty.

 

“Manufacturer”
shall mean Textron Aviation Inc.

 

“Manufacturer’s
Consent” shall mean, in respect of any Aircraft, a consent and agreement dated the Drawdown Date for such Aircraft
among the Owner, Wheels Up, the Security Trustee, the Lessee and the Manufacturer, in form and substance reasonably satisfactory
to the Security Trustee.

 

“Material
Action” shall mean, with respect to any Person, to consolidate or merge such Person with or into any other Person,
or sell all or substantially all of the assets of such Person (unless all debt obligations of such Person related to such assets,
if any, have been discharged in full or will be discharged in full from the proceeds of such sale), or to institute proceedings
to have such Person be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy, examinership, winding up,
liquidation or insolvency proceedings against such Person or file a petition seeking, or consent to, reorganization or relief
with respect to such Person under any applicable federal or state law relating to bankruptcy, or consent to the appointment of
a receiver, liquidator, examiner, assignee, trustee, sequestrator (or other similar official) of such Person or a substantial
part of its property, or make any assignment for the benefit of creditors of such Person, or admit in writing such Person’s
inability to pay its debts generally as they become due, or take action in furtherance of any such action, or, to the fullest
extent permitted by law, dissolve or liquidate such Person.

    12 

     

    

“Material
Adverse Effect” shall mean, as to any Person, any circumstance or event, that
(i) has a material adverse effect on the validity or enforceability of the
Commitments or, if the Commitments shall have been terminated, the Notes, (ii) has a material adverse effect on such
Person’s financial condition which could reasonably be expected to materially impair the ability of such Person to
perform its obligations under any Basic Document, and (iii) materially impairs the ability of the Security Trustee, any
Purchaser or the Issuer to enforce rights or remedies under the Note Purchase Agreement, the Mortgage, the Sub-Loan
Agreement, the Guaranty and/or any other Security Document.

 

“Material Default” shall mean a Default under Section 10(a), (c), (d), (e), (f), or (g) of the Note Purchase
Agreement or a Sub-Loan Default under Sections 10(a), (f), (g), (h), (i) or (j) of the Sub-Loan Agreement.

 

“Maturity
Date” shall mean, with respect to each Advance, the 27th Payment Date following the Amortization Date for such Advance.

 

“Membership
Interest Pledge Agreement” shall mean the Membership Interest Pledge Agreement dated as of the Effective Date between
the Issuer Parent and the Security Trustee with respect to the Pledged Membership Interest, as may from time to time be supplemented,
modified or amended in accordance with the applicable provisions thereof.

 

“Minimum
Equity Amount” is defined in Schedule II to the Note Purchase Agreement.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Mortgage”
shall mean the Mortgage and Security Agreement, substantially in the form of Exhibit C-1 to the Note Purchase Agreement, dated
as of the Effective Date, between the Owner and the Issuer, as supplemented by any Mortgage Supplement.

 

“Mortgage
Supplement” shall mean a supplement, substantially in the form of Exhibit A to the Mortgage, executed and delivered
by the Owner on each Borrowing Date.

 

“Mortgage
Filing” shall mean, in respect of an Aircraft, the execution and delivery by the Owner of the Security Documents
granting a perfected first-priority lien on such Aircraft, and the filing thereof in the appropriate filing office in the applicable
jurisdiction so as to perfect the Security Trustee’s lien thereon, as detailed in Annex A to the Note Purchase Agreement,
and the registrations with respect to such Aircraft at the International Registry to reflect the international interests (as defined
in the Cape Town Convention) of the Issuer therein (and the assignment of such international interests to the Security Trustee).

 

“Note/Commitment
Assignment Agreement” shall mean an assignment agreement substantially in the form of Exhibit D to the Note Purchase
Agreement.

 

“Note
Purchase Agreement” shall mean the Note Purchase Agreement, dated as of June 30, 2017, among the Issuer, the Issuer
Parent, the Purchasers and the Security Trustee.

    13 

     

    

“Note
Value” shall mean, as of any particular date of computation, the amount required to prepay or repay the Advances
in full, together with interest thereon accrued to (but excluding) the date of such prepayment or repayment (including interest
on past due amounts at the Post-Default Rate), Redemption Fee and all other amounts of whatever description in respect of such
the due to the Purchasers and the Security Trustee under the Note Purchase Agreement and the other Finance Documents as of such
date.

 

“Notes”
shall mean the secured notes provided for by Section 2.1 of the Note Purchase Agreement. Each Note shall be substantially in the
form of Exhibit A to the Note Purchase Agreement, such term to include any notes issued in substitution therefor pursuant to the
terms of the Note Purchase Agreement.

 

“Notice
of Borrowing” shall mean, for any Loan, a notice from the Owner to the Issuer in substantially the form of Exhibit
B to the Sub-Loan Agreement.

 

“Notice
of Drawdown” shall mean, for any Drawdown, a notice from the Issuer to the Purchasers in substantially the form
of Exhibit B-1 to the Note Purchase Agreement.

 

“Notice
of Default” is defined in Section 11.3 of the Note Purchase Agreement.

 

“NPA
Supplemental Amounts” shall mean any amount that the Issuer assumes or agrees to pay to the Secured Parties or any
other Person under the Note Purchase Agreement or any other Finance Document (excluding principal of and interest on the Notes).

 

“Obligations”
is defined in the Granting Clause of the Security Agreement.

 

“Obligor”
or “Obligors” shall mean each of the Issuer Parent, the Issuer, the Owner, the Owner Participant and
the Guarantors.

 

“OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Original
Amount” shall mean, for any Note, the original principal amount of such Note issued on the Issuance Date therefor.

 

“Owner”
is defined in the introductory paragraph of the Sub-Loan Agreement.

 

“Owner
Participant” shall mean WU Leasing II LLC, a Delaware limited liability company.

 

“Participant”
is defined in Section 12.6(c) of the Note Purchase Agreement.

 

“Parts”
shall mean all appliances, parts, instruments, appurtenances, accessories, furnishings, racks and other equipment of whatever
nature that at any time of determination are incorporated or installed in or on any Aircraft or are removed therefrom so long
as not permanently replaced in accordance with the Lease. For the avoidance of doubt, “Parts” does not include complete
Engines or engines and does not include spare parts or parts associated with airframes and engines that are not Airframes and
Engines.

    14 

     

    

“Payment
Date” shall mean, for any Advance, each February 1st, May 1st, August 1st and November 1st of each year and the
Maturity Date for such Advance.

 

“Permitted
Investments” shall mean money market mutual funds invested solely in securities backed by the full faith and credit
of the United States that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940,
as amended, and operated in accordance with Rule 2a-7 and that at the time of such investment are rated Aaa by Moody’s and/or
AAA by S&P or such other investments as may be agreed from time to time by the Security Trustee and the Owner Participant
(including but not limited to time deposits and commercial papers).

 

“Permitted
Lien” shall mean (i) the respective rights of each of the parties to the Basic Documents as provided in the
Basic Documents, (ii) the rights of any Persons under any agreements and arrangements to the extent permitted by the terms
the Lease, (iii) Liens for fees or charges of any airport or air navigation authority payable by Lessee either not yet due or
being contested in good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure,
forfeiture or loss of any Aircraft, or any part thereof, title thereto, interest therein or use thereof and that do not
involve any potential for criminal liability, (iv) Liens for Taxes payable by Lessee either not yet due or being contested in
good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of
any Aircraft or any Part thereof, title thereto, interest therein or use thereof and that do not involve either any potential
for criminal liability or the imposition of any Lien for which an adequate bond has not been posted by Lessee, and in the
case of such proceedings so long as adequate reserves are maintained in respect of such Taxes in accordance with relevant
generally accepted accounting principles, (v) materialmen’s, mechanics’, workmen’s, repairmen’s,
employees’ or other like Liens on any Aircraft, any Airframe or any Engine or Propeller arising in the ordinary course
of business of Lessee for amounts the payment of which is either not yet due or which are being contested in good faith by
appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of any Aircraft
or any Part thereof, title thereto, interest therein or use thereof and in the case of such proceedings so long as adequate
reserves are maintained in respect of such amounts in accordance with relevant generally accepted accounting principles, (vi)
Liens arising out of judgments or awards against Lessee with respect to which at the time an appeal or proceeding for review
is being prosecuted in good faith by appropriate proceedings that do not involve any material likelihood of the sale,
seizure, forfeiture or loss of any Aircraft or any Part thereof, title thereto, interest therein or use thereof and in the
case of such proceedings so long as adequate reserves are maintained in respect of such amounts in accordance with relevant
generally accepted accounting principles or a bond in accordance with the requirements of any Applicable Law, (vii) salvage
or similar rights of insurers under insurance policies maintained pursuant to and in accordance with the Lease and (viii) any
Lien created with the prior written consent of the Security Trustee (in its sole discretion).

 

“Person”
shall mean any individual, corporation, company, limited liability company, voluntary association, partnership, joint venture,
trust, unincorporated organization or government (or any agency, instrumentality or political subdivision thereof).

    15 

     

    

“Pledged
Beneficial Interest” has the meaning given to the term “Ownership Interests” in the Beneficial Interest
Pledge Agreement.

 

“Pledged
Membership Interest” has the meaning given to the term “Membership Interests” in the Membership Interest
Pledge Agreement.

 

“Post-Default
Rate” shall mean, in respect of any principal of any Note or any other amount under the Note Purchase Agreement,
any Note or any other Finance Document that is not paid when due (whether at stated maturity, by acceleration, by optional or
mandatory prepayment or otherwise), a rate per annum during the period from and including the relevant due date to but excluding
the date on which such amount is paid in full equal to 2.00% plus the Floating Rate applicable to such Note.

 

“Prepayment
Fee”, in respect of any Loan, is defined in Schedule II to the Sub-Loan Agreement.

 

“ProAdvantage
Agreement” shall mean, in respect of any Aircraft, the ProAdvantage Agreement, identified by the serial number for
such Aircraft, dated the Delivery Date for such Aircraft, among the Manufacturer, the Lessee and Wheels Up.

 

“ProAdvantage
Assignment” shall mean, in respect of any Aircraft, a ProAdvantage Agreement Assignment dated the Drawdown Date
for such Aircraft among the Manufacturer, the Lessee, the Owner, the Issuer, Wheels Up and the Security Trustee, in form and substance
reasonably satisfactory to the Security Trustee.

 

“Propeller”
shall mean, with respect to an Aircraft, (i) each of the Hartzell Propeller Inc. model HC-B4MP3C propellers, identified by manufacturer’s
serial number as specified in the Mortgage Supplement for such Aircraft, whether or not attached to the relevant Airframe or any
other airframe, or (ii) any Replacement Propeller therefor, together in each case with any and all Parts incorporated or installed
in or attached to such propeller.

 

“Property” shall mean any right or interest in or to property of any kind whatsoever, whether real, personal
or mixed and whether tangible or intangible.

 

“Protocol”
shall mean the Protocol to the Cape Town Convention on matters specific to Aircraft Equipment dated November 16, 2001.

 

“Purchase
Agreement” shall mean the Aircraft Purchase Agreement No. 191-0113-AM-0827 dated July 31, 2013 between the Manufacturer
(as successor to Beechcraft Corporation) and Wheels Up, as assigned to the Owner with respect to the Aircraft pursuant to the
Purchase Agreement Assignment, as amended from time to time.

 

“Purchase Agreement Assignment” shall mean the Purchase Agreement Assignment, dated as of the Effective Date,
between Wheels Up, as assignor, and the Owner, as Assignee, as supplemented by each Purchase Agreement Assignment Supplement.

    16 

     

    

“Purchase
Agreement Assignment Supplement” shall mean, in respect of any Aircraft, a supplement to the Purchase Agreement
Assignment, in substantially the form of Exhibit A thereto, subjecting such Aircraft) to the Purchase Agreement Assignment.

 

“Purchasers”
is defined in the introductory paragraph of the Note Purchase Agreement and, after the Issuance Date, shall mean the Holders of
such Notes.

 

“QIB”
has the meaning set forth in Section 11.10(b)(i) of the Note Purchase Agreement.

 

“Redemption
Fee” is defined in Schedule II to the Note Purchase Agreement.

 

“Related
Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective shareholders,
members, managers, partners, directors, officers, employees, agents, trustees and advisors of such Person and such Person’s
Affiliates.

 

“Register”
is defined in Section 12.6(f) of the Note Purchase Agreement.

 

“Remarketing Agreement” shall mean the Remarking Agreement dated June 30, 2017 between the Remarketing Representative
and the Security Trustee in respect of the Aircraft.

 

“Remarketing
Representative” shall mean Textron Aviation Inc., as remarketing representative under the Remarketing Agreement.

 

“Remarketing
Period” shall have the meaning set forth in Section 3.09 of the Mortgage.

 

“Rent” shall mean, in respect of an Aircraft, collectively, Basic Rent and Supplemental Rent for such Aircraft.

 

“Replacement
Engine” shall mean an aircraft engine that shall replace an Engine subject to the Lease in accordance with the terms
thereof.

 

“Replacement
Propeller” shall mean an aircraft propeller that shall replace a Propeller subject to the Lease in accordance with
the terms thereof.

 

“Required
Class A Purchasers” shall mean, the Class A Purchasers having outstanding Class A Notes and unused Class A Commitments
representing at least a majority of the sum of the total outstanding Class A Notes and unused Class A Commitments until such time
as the Class A Notes are repaid in full.

 

“Required
Class B Purchasers” shall mean, the Class B Purchasers having outstanding Class B Notes and unused Class B Commitments
representing at least a majority of the sum of the total outstanding Class B Notes and unused Class B Commitments until such time
as the Class B Notes are repaid in full.

 

“Required
Purchasers” shall mean (a) until the Obligations owing to the Holders of the Class A Notes have been irrevocably
paid in full, the Required Class A Purchasers and (b) thereafter, the Required Class B Purchasers.

    17 

     

    

“Resale Restriction Termination Date” shall mean, with respect to any Note, the date which is one year (or
such other date when resales of securities by non-affiliates are first permitted under Rule 144(d) under the Securities Act) after
the later of the date of the original issue of such Note (or any predecessor thereto) and the last date on which the Issuer or
any Affiliate of the Issuer was the owner of such Note (or any predecessor thereto).

 

“S&P”
shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

 

“Sales
Proceeds” shall mean the net proceeds of the sale or other disposition of an Aircraft received by, or on behalf
of, the Owner in respect of such Aircraft, after deducting any applicable Taxes, commissions, administrative fees, reasonable
legal expenses, handling charges, filing fees or other amounts paid or to be paid to third parties in connection with such sale
or other disposition.

 

“Sanctioned
Country” shall mean any country that is subject to or the target of a sanctions program identified on the list maintained
by OFAC and available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html,
or as otherwise published from time to time.

 

“Sanctioned
Entity” shall mean (i) an agency of the government of, (ii) an organization directly or indirectly controlled by,
or (iii) a Person resident in, a Sanctioned Country as such program may be applicable to such agency, organization or Person.

 

“Sanctioned
Person” shall mean a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by
OFAC available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise
published from time to time.

 

“Sanctions”
shall mean those trade, economic and financial sanctions laws, regulations, embargoes, and restrictive measures (in each case
having the force of law) administered, enacted or enforced from time to time by (i) the United States (including without limitation
the Department of Treasury, Office of Foreign Assets Control), (ii) the European Union and enforced by its member states, (iii)
the United Nations, (iv) Her Majesty’s Treasury, or (v) other similar governmental bodies with regulatory authority over
Wheels Up or its business operations from time to time.

 

“Secured
Parties” shall mean, collectively, the Purchasers and the Security Trustee.

 

“Security
Agreement” shall mean the Security Agreement, substantially in the form of Exhibit C-2 to the Note Purchase Agreement,
dated as of June 30, 2017, between the Issuer and the Security Trustee.

 

“Security
Documents” shall mean, collectively, the Mortgage, each Mortgage Supplement, the Security Agreement, the Beneficial
Interest Pledge Agreement and the Membership Interest Pledge Agreement.

    18 

     

    

“Security
Trustee” is defined in the introductory paragraph of the Note Purchase Agreement.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Significant
Provision” is defined in Section 4.01(b)(ii) of the Mortgage.

 

“Special
Purpose Subsidiary” shall mean a Subsidiary of Wheels Up which has been organized for the purpose of owning one
or more aircraft (other than any Aircraft) and meets the each of the following criteria: (a) not conducting, transacting or otherwise
engaging in, or committing to conduct, transact or otherwise engage in, any business or operations other than those incidental
to its ownership of one or more aircraft, (b) not incurring, creating, assuming or suffering to exist any Indebtedness or other
liabilities or financial obligations, except obligations incidental to the ownership, registration, leasing, subleasing, financing,
management or operation of its aircraft (it being understood that obligations in respect of Indebtedness under a single credit
facility for the financing such Special Purpose Subsidiary’s aircraft and the aircraft of any other Special Purpose Subsidiary
shall be considered incidental to the financing of each such Person’s aircraft), and (c) not owning, registering, leasing,
subleasing, financing, managing or otherwise operating any properties or assets other than its aircraft.

 

“State
of Registration” shall mean the United States.

 

“Sub-Loans”
shall mean the loans provided for by Section 2.1 of the Sub-Loan Agreement. Each Sub-Loan shall be evidenced by a Loan Certificate.

 

“Sub-Loan
Agreement” shall mean the Loan Agreement dated as of June 30, 2017 among the Owner, as borrower and the Issuer,
as lender, and the Owner Participant.

 

“Sub-Loan
Default” shall mean an event that with notice or lapse of time or both would become a Sub-Loan Event of Default.

 

“Sub-Loan
Documents” shall mean, collectively, the Sub-Loan Agreement, the Loan Certificates, the Mortgage, each Mortgage
Supplement and the Beneficial Interest Pledge Agreement.

 

“Sub-Loan
Event of Default” is defined in Section 10 of the Sub-Loan Agreement.

 

“Sub-Loan
Obligations” is defined in the Granting Clause of the Mortgage.

 

“Sub-Loan
Remedy Event” shall mean the occurrence of any Sub-Loan Event of Default as to which, other than in the case of
a Bankruptcy Event, any remedy has been exercised under the Mortgage or any other Sub-Loan Document in respect of such event.

 

“Sub-Loan Value” shall mean, as of any particular date of computation, the amount required to prepay or repay
the Loan Certificates in full, together with interest thereon accrued to (but excluding) the date of such prepayment or repayment
(including interest on past due amounts at the Post Default Rate), Prepayment Fee and all other amounts of whatever description
in respect of the Sub-Loans due to the Issuer under the Sub-Loan Agreement and the other Sub-Loan Documents as of such date.

    19 

     

    

“Subsidiary” shall mean, with respect to any Person, any corporation, partnership, joint venture, limited liability
company, association, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having
ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time capital
stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency),
(b) the interest in the capital or profits of such partnership, joint venture, association or limited liability company or (c)
the beneficial interest in such trust or estate is at the time of determination directly or indirectly owned or controlled by
such Person or by one or more of its Subsidiaries.

 

“Subsidiary
Guarantor” shall mean any Subsidiary of any Guarantor that is a Guarantor.

 

“Supplemental
Principal Amount” shall mean, in respect of any Aircraft as of any date of determination, the product of (a) $300
multiplied by (b) the positive difference, if any, between the Cumulative Hours Flown on such Aircraft as of such date and the
Cumulative Hours Cap for such Aircraft. The result of such amount shall be reduced by any Supplemental Principal Amount previously
paid in respect of such Aircraft under Section 2.8(c) of the Note Purchase Agreement. As used in this definition, “Cumulative
Hours Flown” means the number of hours flown on the applicable Aircraft since its Delivery Date, and “Cumulative Hours
Cap” means the product of (i) the number of years (or fraction thereof), calculated on the basis of a year of 360 days consisting
of twelve 30 day months, since the Delivery Date for the applicable Aircraft multiplied by (ii) 1,200.

 

“Supplemental
Rent” shall have the meaning specified in the Lease.

 

“Taxes”
is defined in Schedule IV to the Note Purchase Agreement.

 

“Tranche”
has the meaning set forth in Section 2.1(b) of the Sub-Loan Agreement.

 

“Tranche
A” has the meaning set forth in Section 2.1(b) of the Sub-Loan Agreement.

 

“Tranche
A Advance Amount” shall mean, in respect of any Aircraft, $5,250,000.

 

“Tranche
A Commitment Amount” shall mean $89,250,000.

 

“Tranche
A Commitment Fee” has the meaning set forth in Section 3.3(a) of the Sub-Loan Agreement.

 

“Tranche
A Commitment Fee Rate” is defined in Schedule II to the Sub-Loan Agreement.

 

“Tranche
A Loan” shall mean each Sub-Loan made to the Owner by the Issuer pursuant to Section 2.1(a) of the Sub-Loan Agreement
and designated as a Tranche A Loan.

    20 

     

    

“Tranche
A Loan Certificate” shall mean each Loan Certificate evidencing a Tranche A Loan.

 

“Tranche
B” has the meaning set forth in Section 2.1(b) of the Sub-Loan Agreement.

 

“Tranche
B Advance Amount” shall mean, in respect of any Aircraft, $0.

 

“Tranche
B Commitment Amount” shall mean $0.

 

“Tranche
B Commitment Fee” has the meaning set forth in Section 3.3(b) of the Sub-Loan Agreement.

 

“Tranche
B Commitment Fee Rate” is defined in Schedule II to the Sub-Loan Agreement.

 

“Tranche
B Loan” shall mean each Sub-Loan made to the Owner by the Issuer pursuant to Section 2.1(a) of the Sub-Loan Agreement
and designated as a Tranche B Loan.

 

“Tranche B Loan Certificate” shall mean each Loan Certificate evidencing the Tranche B Loan.

 

“Tranche B Related Terms” shall mean (a) the following defined terms: Tranche B, Tranche B Advance Amount,
Tranche B Commitment Amount, Tranche B Commitment Fee, Tranche B Commitment Fee Rate, Tranche B Loan and Tranche B Loan Certificate
and (b) any other provision of any Finance Document (including any other defined term) to the extent it applies to any of the
terms specified in foregoing clause (a).

 

“Trust
Agreement” shall have the meaning specified in the Lease.

 

“Trust
Company” shall mean Bank of Utah, in its individual capacity.

 

“UCC”
shall mean the Uniform Commercial Code as in effect in the State of New York; provided, however, in the event that,
by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the Security Trustee’s
security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State
of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes
of the provisions hereof relating to such attachment, perfection of priority and for purposes of definitions related to such provisions.

 

“U.S.
Law Requirements” shall mean the requirements set forth in Annex A to the Note Purchase Agreement.

 

“Warranty
Bill of Sale” shall mean, in respect of an Aircraft, the long-form warranty bill of sale evidencing the sale of
such Aircraft (including identifying the relevant Airframe, Engines and Propellers by serial number) to the Owner.

 

“Wheels
Up” shall mean Wheels Up Partners LLC.

    21 

     

    

“Wheels
Up Group Members” shall mean, collectively, Wheels Up and its Affiliates.

 

“Wheels
Up Termination Event” shall mean any Lease Event of Default under any of Section 14(a), or, if caused by Wheels
Up, Sections 14(n)-(p) of the Lease.

 

		Part II.	Rules
of Construction

 

In
each Basic Document, unless the context otherwise requires:

 

 (a) the singular includes the plural and the plural includes the singular;

 

 (b) “or” is not exclusive and “include” and “including” are not limiting;

 

(c)
 “hereby,” “herein,” “hereof,” “hereunder,” “this Agreement,” or
other like words refer to such Basic Document;

 

(d)
reference to any agreement or other contract includes supplements, modifications and amendments;

 

(e)
a reference to a law includes any amendment or modification to such law and any rules or regulations issued thereunder or any
law enacted in substitution or replacement therefor;

 

 (f) a reference to a Person includes its permitted successors and assigns;

 

(g)
a reference to an Article, Section, Annex, Exhibit or Schedule without further reference is to the relevant Article, Section,
Annex, Exhibit or Schedule of such Basic Document;

 

(h)
the headings of the Articles, Sections and subsections are for convenience only and shall not affect the meaning of such
Basic Document; and

 

(i)
the Class B Related Terms and Tranche B Related Terms have been included in the Finance Documents in contemplation of the
potential issuance of Class B Notes. Prior to such issuance, the Class B Related Terms and Tranche B Related Terms (other
than as provided in this clause (i)) shall be of no effect and shall be disregarded. For the avoidance of doubt, no Class B
Notes may be issued, and no Tranche B Loans shall be made, without the consent of all the Purchasers.

    22

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