Document:

EX-10.19

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the
information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

Exhibit 10.19 
 AIRCRAFT LEASE AGREEMENT 
 Dated as of June 18, 2007 

between 

Concesionaria Vuela Compañía de Aviación, S.A. de C.V. 

as Lessee 
 and

 Arrendadora Financiera Inbursa, S.A. de C.V. 
 Sociedad Financiera de Objeto Multiple, Entidad Regulada, 
 Grupo
Financiero Inbursa 
 as Lessor 
  

			
	Aircraft Make and Model:	  	One (1) New Airbus A319-133
	Aircraft Manufacturer’s Serial Number:	  	3175
	Aircraft Registration Mark:	  	XA-VOG
	Engine Make and Model:	  	IAE V2527M-A5
	Engine Serial Numbers:	  	V12636 and V12638

 TABLE OF CONTENTS 
  

									
	 1.
	 	 DEFINITIONS
	  	 	11	  
				
		 	   1.1
	  	 General Definitions
	  	 	11	  
				
		 	   1.2
	  	 Specific Definitions
	  	 	17	  
			
	 2.
	 	 DELIVERY
	  	 	18	  
				
		 	   2.1
	  	 Delivery
	  	 	18	  
				
		 	   2.2
	  	 Delivery Date
	  	 	18	  
				
		 	   2.3
	  	 Delivery Subject to the Purchase Agreement Assignment
	  	 	18	  
				
		 	   2.4
	  	 No Lessor Liability
	  	 	18	  
				
		 	   2.5
	  	 Total Loss of Aircraft Prior to the Delivery Date
	  	 	18	  
				
		 	   2.6
	  	 Termination of the Purchase Agreement Assignment
	  	 	19	  
			
	 3.
	 	 LEASE TERM
	  	 	20	  
				
		 	   3.1
	  	 Lease Term
	  	 	20	  
				
		 	   3.2
	  	 Termination Date
	  	 	20	  
			
	 4.
	 	 SECURITY DEPOSIT, RENT, MAINTENANCE FUNDS AND OTHER PAYMENTS
	  	 	21	  
				
		 	   4.1
	  	 Security Deposit
	  	 	21	  
				
		 	   4.2
	  	 Rent
	  	 	21	  
				
		 	   4.3
	  	 Maintenance Funds
	  	 	21	  
				
		 	   4.4
	  	 Allocation of Payments
	  	 	24	  
				
		 	   4.5
	  	 Lessor’s Bank Account
	  	 	24	  
				
		 	   4.6
	  	 Default Interest
	  	 	24	  
				
		 	   4.7
	  	 No Deductions or Withholdings
	  	 	25	  
				
		 	   4.8
	  	 Value Added Taxes
	  	 	26	  
				
		 	   4.9
	  	 Currency Indemnity
	  	 	27	  
				
		 	   4.10
	  	 Lessor Performance of Lessee Obligation
	  	 	27	  
				
		 	   4.11
	  	 Consideration for Rent and Other Amounts
	  	 	28	  
			
	 5.
	 	 CONDITION OF AIRCRAFT
	  	 	29	  
				
		 	   5.1
	  	 Lessee Selection of Aircraft
	  	 	29	  
				
		 	   5.2
	  	 Condition at the Delivery Date
	  	 	29	  

  
 2(137)

									
				
		 	   5.3
	  	 Delivery of Aircraft to Lessee
	  	 	29	  
				
		 	   5.4
	  	 Lessee Acceptance of Aircraft
	  	 	29	  
			
	 6.
	 	 PRE-DELIVERY, DELIVERY AND POST DELIVERY DOCUMENTARY AND OTHER REQUIREMENTS
	  	 	30	  
				
		 	   6.1
	  	 Pre-Delivery Requirements
	  	 	30	  
				
		 	   6.2
	  	 Delivery Requirements
	  	 	31	  
				
		 	   6.3
	  	 Post Delivery Requirements
	  	 	32	  
			
	 7.
	 	 DISCLAIMERS
	  	 	33	  
				
		 	   7.1
	  	 As Is, Where Is
	  	 	33	  
				
		 	   7.2
	  	 Waiver of Warranty of Description
	  	 	33	  
				
		 	   7.3
	  	 Lessee Waiver
	  	 	34	  
				
		 	   7.4
	  	 Conclusive Proof
	  	 	34	  
				
		 	   7.5
	  	 No Lessor Liability for Losses
	  	 	34	  
				
		 	   7.6
	  	 No Liability to Repair or Replace
	  	 	34	  
				
		 	   7.7
	  	 No Waiver
	  	 	35	  
			
	 8.
	 	 MANUFACTURERS’ AND VENDORS’ WARRANTIES
	  	 	36	  
				
		 	   8.1
	  	 Warranties
	  	 	36	  
				
		 	   8.2
	  	 Reassignment
	  	 	36	  
				
		 	   8.3
	  	 Warranty Claims
	  	 	36	  
			
	 9.
	 	 OPERATION OF AIRCRAFT
	  	 	37	  
				
		 	   9.1
	  	 Costs of Operation
	  	 	37	  
				
		 	   9.2
	  	 Compliance with Laws and Insurance
	  	 	37	  
				
		 	   9.3
	  	 Training
	  	 	37	  
				
		 	   9.4
	  	 No Violation of Insurance Policies
	  	 	37	  
				
		 	   9.5
	  	 Flight and Airport Charges
	  	 	38	  
			
	 10.
	 	 SUBLEASES
	  	 	39	  
				
		 	 10.1
	  	 No Sublease without Lessor Consent
	  	 	39	  
				
		 	 10.2
	  	 Lessor Costs
	  	 	39	  
				
		 	 10.3
	  	 Prohibited Countries
	  	 	39	  
				
		 	 10.4
	  	 Approved Subleases
	  	 	39	  
				
		 	 10.5
	  	 Assignment of Sublease
	  	 	40	  

  
 3(137)

									
				
		 	 10.6
	  	 Wet Leases
	  	 	41	  
				
		 	 10.7
	  	 Continued Responsibility of Lessee
	  	 	41	  
			
	 11.
	 	 MAINTENANCE OF AIRCRAFT
	  	 	42	  
				
		 	 11.1
	  	 General Obligation
	  	 	42	  
				
		 	 11.2
	  	 Specific Engine Requirements
	  	 	42	  
				
		 	 11.3
	  	 Specific Obligations
	  	 	43	  
				
		 	 11.4
	  	 Replacement of Parts
	  	 	44	  
				
		 	 11.5
	  	 Removal of Engines
	  	 	45	  
				
		 	 11.6
	  	 Installation of Engines on Other Aircraft
	  	 	45	  
				
		 	 11.7
	  	 Removal of APU
	  	 	46	  
				
		 	 11.8
	  	 Modifications
	  	 	46	  
				
		 	 11.9
	  	 Performance of Work by Third Parties
	  	 	48	  
				
		 	 11.10
	  	 Reporting Requirements
	  	 	48	  
				
		 	 11.11
	  	 Lessor Rights to Inspect Aircraft
	  	 	48	  
				
		 	 11.12
	  	 Airworthiness Directives Cost Sharing
	  	 	49	  
			
	 12.
	 	 USE OF MAINTENANCE FUNDS
	  	 	50	  
				
		 	 12.1
	  	 Airframe Structural Maintenance Fund
	  	 	50	  
				
		 	 12.2
	  	 Engine Performance Restoration Maintenance Fund
	  	 	50	  
				
		 	 12.3
	  	 Engine LLP Maintenance Fund
	  	 	51	  
				
		 	 12.4
	  	 APU Maintenance Fund
	  	 	51	  
				
		 	 12.5
	  	 Landing Gear Maintenance Fund
	  	 	51	  
				
		 	 12.6
	  	 Contribution
	  	 	51	  
				
		 	 12.7
	  	 Contribution Adjustment
	  	 	52	  
				
		 	 12.8
	  	 Costs in Excess of Maintenance Funds
	  	 	52	  
				
		 	 12.9
	  	 Contribution after Termination Date and Retention of Maintenance Funds
	  	 	52	  
			
	 13.
	 	 TITLE, REGISTRATION AND IDENTIFICATION PLATES
	  	 	54	  
				
		 	 13.1
	  	 Title to the Aircraft
	  	 	54	  
				
		 	 13.2
	  	 Registration of Aircraft
	  	 	54	  
				
		 	 13.3
	  	 Registration of this Lease
	  	 	54	  
				
		 	 13.4
	  	 Registration of Title
	  	 	55	  

  
 4(137)

									
				
		 	 13.5
	  	 Registration of Security Interest
	  	 	55	  
				
		 	 13.6
	  	 Evidence of Registration and Filings
	  	 	55	  
				
		 	 13.7
	  	 Identification Plates
	  	 	55	  
			
	 14.
	 	 TAXES
	  	 	56	  
				
		 	 14.1
	  	 General Obligation of Lessee
	  	 	56	  
				
		 	 14.2
	  	 Exceptions to Indemnity
	  	 	56	  
				
		 	 14.3
	  	 After Tax Basis
	  	 	58	  
				
		 	 14.4
	  	 Timing of Payment
	  	 	58	  
				
		 	 14.5
	  	 Contests
	  	 	58	  
				
		 	 14.6
	  	 Refunds
	  	 	58	  
				
		 	 14.7
	  	 Cooperation in Filing Tax Returns
	  	 	59	  
				
		 	 14.8
	  	 Survival of Obligations
	  	 	59	  
				
		 	 14.9
	  	 Protection
	  	 	59	  
				
		 	 14.10
	  	 Mitigation
	  	 	59	  
			
	 15.
	 	 INDEMNITIES
	  	 	60	  
				
		 	 15.1
	  	 General Indemnity
	  	 	60	  
				
		 	 15.2
	  	 Exceptions to General Indemnities
	  	 	61	  
				
		 	 15.3
	  	 After Tax Basis
	  	 	62	  
				
		 	 15.4
	  	 Timing of Payment
	  	 	62	  
				
		 	 15.5
	  	 Subrogation
	  	 	62	  
				
		 	 15.6
	  	 Notice
	  	 	62	  
				
		 	 15.7
	  	 Refunds
	  	 	62	  
				
		 	 15.8
	  	 Defense of Claims
	  	 	63	  
				
		 	 15.9
	  	 Survival of Obligation
	  	 	63	  
			
	 16.
	 	 INSURANCE
	  	 	64	  
				
		 	 16.1
	  	 Categories of Insurance
	  	 	64	  
				
		 	 16.2
	  	 Write Back of Any Date Recognition Exclusion
	  	 	64	  
				
		 	 16.3
	  	 Third Party War Liability Insurance
	  	 	64	  
				
		 	 16.4
	  	 Installation of Third Party Engine
	  	 	64	  
				
		 	 16.5
	  	 Insurance for Indemnities
	  	 	65	  
				
		 	 16.6
	  	 Renewal
	  	 	65	  

  
 5(137)

									
				
		 	 16.7
	  	 Assignment of Rights by Lessor
	  	 	65	  
				
		 	 16.8
	  	 Deductibles
	  	 	65	  
				
		 	 16.9
	  	 Insurance for Wet Lease Operations
	  	 	66	  
				
		 	 16.10
	  	 Information
	  	 	66	  
				
		 	 16.11
	  	 Currency
	  	 	66	  
				
		 	 16.12
	  	 Grounding of Aircraft
	  	 	66	  
				
		 	 16.13
	  	 Failure to Insure
	  	 	66	  
				
		 	 16.14
	  	 Reinsurance
	  	 	67	  
				
		 	 16.15
	  	 Limit on Hull in favor of Lessee
	  	 	67	  
				
		 	 16.16
	  	 AVN 67B
	  	 	67	  
			
	 17.
	 	 LOSS, DAMAGE AND REQUISITION
	  	 	68	  
				
		 	 17.1
	  	 Definitions
	  	 	68	  
				
		 	 17.2
	  	 Notice of Total Loss
	  	 	69	  
				
		 	 17.3
	  	 Total Loss of Aircraft or Airframe
	  	 	69	  
				
		 	 17.4
	  	 Surviving Engine(s)
	  	 	70	  
				
		 	 17.5
	  	 Total Loss of Engine and Not Airframe
	  	 	70	  
				
		 	 17.6
	  	 Total Loss of APU
	  	 	71	  
				
		 	 17.7
	  	 Other Loss or Damage
	  	 	72	  
				
		 	 17.8
	  	 Government Requisition
	  	 	72	  
				
		 	 17.9
	  	 Temporary or Cautionary Detention or Securement
	  	 	73	  
			
	 18.
	 	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSEE
	  	 	74	  
				
		 	 18.1
	  	 Representations and Warranties
	  	 	74	  
				
		 	 18.2
	  	 Covenants
	  	 	77	  
			
	 19.
	 	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSOR
	  	 	80	  
				
		 	 19.1
	  	 Representations and Warranties
	  	 	80	  
				
		 	 19.2
	  	 Covenant of Quiet Enjoyment
	  	 	81	  
			
	 20.
	 	 FINANCIAL AND OTHER INFORMATION
	  	 	82	  

  
 6(137)

									
			
	 21.
	 	 RETURN OF AIRCRAFT
	  	 	84	  
				
		 	 21.1
	  	 Date of Return
	  	 	84	  
				
		 	 21.2
	  	 Last Engine Shop Visits
	  	 	84	  
				
		 	 21.3
	  	 Technical Report
	  	 	84	  
				
		 	 21.4
	  	 Return Location
	  	 	85	  
				
		 	 21.5
	  	 Full Aircraft Documentation Review
	  	 	85	  
				
		 	 21.6
	  	 Copy of Lessee’s Maintenance Program
	  	 	85	  
				
		 	 21.7
	  	 Aircraft Inspection
	  	 	85	  
				
		 	 21.8
	  	 FAA or EASA Compliant
	  	 	86	  
				
		 	 21.9
	  	 Certificate of Airworthiness Matters
	  	 	87	  
				
		 	 21.10
	  	 General Condition of Aircraft at Return
	  	 	87	  
				
		 	 21.11
	  	 Checks Prior to Return
	  	 	89	  
				
		 	 21.12
	  	 Part Lives
	  	 	92	  
				
		 	 21.13
	  	 Export and De-registration of Aircraft
	  	 	93	  
				
		 	 21.14
	  	 Lessee’s Continuing Obligations
	  	 	94	  
				
		 	 21.15
	  	 Return Acceptance Receipt
	  	 	94	  
				
		 	 21.16
	  	 Indemnities and Insurance
	  	 	95	  
				
		 	 21.17
	  	 Storage
	  	 	95	  
			
	 22.
	 	 ASSIGNMENT
	  	 	96	  
				
		 	 22.1
	  	 No Assignment by Lessee
	  	 	96	  
				
		 	 22.2
	  	 Sale or Assignment by Lessor
	  	 	96	  
				
		 	 22.3
	  	 Lessor’s Lender
	  	 	97	  
				
		 	 22.4
	  	 Lessee Cooperation
	  	 	97	  
				
		 	 22.5
	  	 Change of Governing Law
	  	 	97	  
				
		 	 22.6
	  	 Protections
	  	 	97	  
			
	 23.
	 	 DEFAULT OF LESSEE
	  	 	100	  
				
		 	 23.1
	  	 Lessee Notice to Lessor
	  	 	100	  
				
		 	 23.2
	  	 Events of Default
	  	 	100	  
				
		 	 23.3
	  	 Lessor’s General Rights
	  	 	102	  
				
		 	 23.4
	  	 De-registration and Export of Aircraft
	  	 	104	  
				
		 	 23.5
	  	 Lessee Liability for Damages and Prejudices
	  	 	104	  

  
 7(137)

									
				
		 	 23.6
	  	 Waiver of Default
	  	 	105	  
				
		 	 23.7
	  	 Present Value of Payments
	  	 	105	  
				
		 	 23.8
	  	 Use of Termination Date
	  	 	105	  
				
		 	 23.9
	  	 Mitigation of Damages
	  	 	106	  
			
	 24.
	 	 NOTICES
	  	 	107	  
				
		 	 24.1
	  	 Manner of Sending Notices
	  	 	107	  
				
		 	 24.2
	  	 Notice Information
	  	 	107	  
			
	 25.
	 	 GOVERNING LAW AND JURISDICTION
	  	 	108	  
				
		 	 25.1
	  	 Governing Law
	  	 	108	  
				
		 	 25.2
	  	 Jurisdiction
	  	 	108	  
				
		 	 25.3
	  	 Waiver of Sovereign Immunity
	  	 	108	  
				
		 	 25.4
	  	 Prevailing Party in Dispute
	  	 	108	  
				
		 	 25.5
	  	 Waivers
	  	 	109	  
			
	 26.
	 	 MISCELLANEOUS
	  	 	110	  
				
		 	 26.1
	  	 Expenses
	  	 	110	  
				
		 	 26.2
	  	 Power of Attorney
	  	 	110	  
				
		 	 26.3
	  	 Lessor Performance for Lessee
	  	 	111	  
				
		 	 26.4
	  	 Lessor’s Payment Obligations
	  	 	111	  
				
		 	 26.5
	  	 Materiality
	  	 	111	  
				
		 	 26.6
	  	 Usury Laws
	  	 	111	  
				
		 	 26.7
	  	 Delegation by Lessor
	  	 	112	  
				
		 	 26.8
	  	 Confidentiality
	  	 	112	  
				
		 	 26.9
	  	 Rights of Parties
	  	 	112	  
				
		 	 26.10
	  	 Further Assurances
	  	 	113	  
				
		 	 26.11
	  	 Spanish Language Version Prevails
	  	 	113	  
				
		 	 26.12
	  	 Use of Word “including”
	  	 	113	  
				
		 	 26.13
	  	 Headings
	  	 	113	  
				
		 	 26.14
	  	 Invalidity of Any Provision or Illegality
	  	 	114	  
				
		 	 26.15
	  	 Time Limitations
	  	 	114	  
				
		 	 26.16
	  	 Amendments in Writing
	  	 	114	  
				
		 	 26.17
	  	 Ratified Signatures
	  	 	114	  
				
		 	 26.18
	  	 Entire Agreement
	  	 	114	  

  
 8(137)

			
	LIST OF EXHIBITS
		
	EXHIBIT A	  	ENGINE PERFORMANCE RESTORATION SHOP VISIT
		
	EXHIBIT B	  	PROHIBITED COUNTRIES
		
	EXHIBIT C	  	FORM OF CERTIFICATE OF INSURANCE
		
	EXHIBIT D	  	FORM OF BROKERS’ LETTER OF UNDERTAKING
		
	EXHIBIT E	  	FORM OF ACCEPTANCE CERTIFICATE
		
	EXHIBIT F	  	FORM OF POWER OF ATTORNEY
		
	EXHIBIT G	  	RETURN ACCEPTANCE RECEIPT
		
	EXHIBIT H	  	FORM OF MONTHLY REPORT
		
	EXHIBIT I	  	TECHNICAL EVALUATION REPORT
		
	EXHIBIT J	  	FORM OF DEPOSIT AGREEMENT
		
	EXHIBIT K	  	FORM OF LEGAL OPINION

  
 9(137)

 AIRCRAFT LEASE AGREEMENT 

THIS AIRCRAFT LEASE AGREEMENT (this “Lease”) is made and entered into as of June 18, 2007 

BETWEEN: 
 Concesionaria Vuela
Compañía de Aviación, S.A. de C.V., a Mexican company whose address and principal place of business is at Prolongacion Paseo de la Reforma No. 490, Piso 1, Col. Santa Fe Peña Blanca, De. Alvaro Obregon,
México, D.F. 01012 (“Lessee”) 
 AND 
 Arrendadora Financiera Inbursa, S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa, a Mexican company whose address and principal place of business is
at Insurgentes Sur No. 3500, P.B., Col. Peña Pobre, Mexico, D.F., C.P. 14060
(“Lessor”).1 

The subject matter of this Lease is one (1) new Airbus A319-133 aircraft (as more particularly described in the Acceptance Certificate). In
consideration of and subject to the mutual covenants, terms and conditions contained in this Lease which reflects the determinant motivation of their will to enter into the same, Lessor hereby agrees to lease to Lessee and Lessee hereby agrees to
lease from Lessor the Aircraft (as hereinafter defined) and the parties further agree as follows: 
  

	1 	The Lessor does not have approval of the Ministry of Finance and Public Credit as such is not required, however it shall be subject to the supervision of the National
Banking and Stock Commission. 

  
 10 

	1.	DEFINITIONS 

 Except where
the context otherwise requires, the following words have the following meanings for all purposes of this Lease. The definitions are equally applicable to the singular and plural forms of the words. Any agreement defined below includes each
amendment, modification, supplement and waiver thereto in effect from time to time. 
  

	1.1	General Definitions 

“Acceptance Certificate” means the acceptance certificate substantially in the form of Exhibit E hereto.

 “Aircraft” means the Airframe, two (2) Engines, APU, Parts and Aircraft Documentation, as the context
permits or requires, individually or collectively. 
 “Aircraft Documentation” means all (a) log books,
Aircraft records, manuals and other documents provided to Lessee in connection with and relating to the Aircraft, (b) documents listed in the Acceptance Certificate and (c) any other documents required to be maintained in respect of the
Aircraft or any Part thereof during the Lease Term and until the Termination Date by the Aviation Authority, Lessee’s Maintenance Program and this Lease. 
 “Airframe” means the airframe listed in the Acceptance Certificate executed at Delivery together with all Parts relating thereto (excluding the Engines or any engines and the APU).

 “Air Navigation Charges” include all navigation, over-flight charges and other charges incurred in connection
with air navigation or movement of aircraft. 
 “Airport Charges” include all charges incurred in connection
with the landing, parking or taking off of aircraft at airports or for the use of, or for services provided at, airports. 

“Airworthiness Directives” or “ADs” means all airworthiness directives (or equivalent) applicable to the
Aircraft issued by the Aviation Authority, the FAA and all Consignes de Navigabilite issued by the French Direction Generale de l’Aviation Civile. 
 “APU” means (a) the auxiliary power unit listed in the Acceptance Certificate executed at Delivery, (b) any replacement auxiliary power unit acquired by Lessor and leased by
Lessor to Lessee pursuant to Article 17.6 following a Total Loss of the APU and (c) all Parts installed in or on such APU at Delivery (or substituted, renewed or replacement Parts in accordance with this Lease) so long as title thereto is
or remains vested in Lessor in accordance with the terms of Article 11.4. 

  
 11(137)

 “Aviation Authority” means the Dirección General de
Aeronáutica Civil of Mexico or any Government Entity which under the Laws of Mexico from time to time has control over civil aviation or the registration, airworthiness, maintenance standards or operation of aircraft in Mexico. If the
Aircraft is registered in a country other than Mexico, “Aviation Authority” means the agency which regulates civil aviation in such other country. 
 “Aviation Documents” means any or all of the following which at any time may be obtained from the Aviation Authority: (a) a ferry flight permit from the Aviation Authority allowing
the Aircraft to be flown after Delivery to the State of Registration, (b) a duly filed application for registration of the Aircraft with the Aviation Authority, (c) the certificate of registration for the Aircraft issued by the Aviation
Authority with Lessor listed as owner of the Aircraft, (d) a standard certificate of airworthiness for the Aircraft specifying transport category (passenger) and evidencing registration of Lessee as operator of the Aircraft, (e) such
recordation of Lessor’s title to the Aircraft and Lessor’s or Lessor’s Lender’s interest in this Lease and Lessor’s Lender’s security interest in the Aircraft as may be available in the State of Registration,
(f) concession and/or air transport permit, (g) an air operator’s certificate, including the Aircraft listed as incorporated in the Operations Specifications of Lessee and (h) all such other authorizations, approvals, consents
and certificates in the State of Registration as may be required to enable Lessee lawfully to operate the Aircraft. 

“Business Day” means a day other than a Saturday or Sunday on which the banks in New York City, London, England, and in
Mexico City, Mexico are open for the transaction of business of the nature required by this Lease. 
 “Cape Town
Convention” means the Convention on International Interests in Mobile Equipment (the “Convention”) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment
(the “Protocol”), both signed in Cape Town, South Africa on November 16, 2001 together with any protocols, regulations, rules, orders, agreements, instruments, amendments, supplements, revisions or otherwise that have or may be
subsequently made in connection with the Convention and/or the Protocol by the “Supervisory Authority” (as defined in the Protocol), the “International Registry” or “Registrar” (as defined in the Convention) or an
appropriate “registry authority” (as defined in the Protocol) or any other international or national body or authority having jurisdiction over Lessee or the Aircraft. 

“Creditor” means any lessor, owner, bank, lender, mortgagee or other Person which is the owner of or has any interest in
an aircraft engine or aircraft operated by Lessee. 
 “Creditor Agreement” means the applicable agreement
between a Creditor and Lessee or between Creditors pursuant to which such Creditor owns, leases or has an interest in either an aircraft operated by Lessee on which an Engine may be installed or in an aircraft engine which may be installed on the
Airframe. 

  
 12(137)

 “Cycle” means (a) with respect to the Airframe, one take-off and
landing of the Aircraft and (b) with respect to an Engine, one take-off and landing of the aircraft on which the relevant Engine is installed. 
 “Default” means any event which, upon the giving of notice, the lapse of time and/or a relevant determination, would constitute an Event of Default. 

“Delivery” means the delivery of the Aircraft from Lessor to Lessee pursuant to Articles 2 and 5 of this Lease.

 “Delivery Date” means the date on which Delivery takes place. 

“Delivery Location” means the Manufacturer’s facilities in Hamburg, Germany. 

“Deposit Agreement” means the irrevocable deposit agreement entered as of the date of this Lease between Lessor and
Lessee in accordance to which Lessee shall have delivered to Lessor a security deposit in the amount of ***** in order to guarantee the compliance by Lessee with its obligations under this Lease for its lease of the Aircraft, substantially in the
form of Exhibit J hereto. 
 “Dollars”, “$” and “US$” mean the
lawful currency of the U.S. 
 “EASA” means the European Aviation Safety Agency or any successor thereto.

 “Engine” means (a) each of the IAE V2527M-A5 engines bearing manufacturer’s serial number V12636
and V12638 respectively, (b) any replacement engine acquired by Lessor and leased by Lessor to Lessee pursuant to Article 17.5 following a Total Loss of an Engine and (c) all Parts installed in or on any of such engines at Delivery
(or substituted, renewed or replacement Parts in accordance with this Lease) so long as title thereto is or remains vested in Lessor in accordance with the terms of Article 11.4. 

“Engine Performance Restoration Shop Visit” shall have the meaning as set forth in Exhibit A. 

“Event of Default” means any of the events referred to in Article 23.2. 

“FAA” means the Federal Aviation Administration of the Department of Transportation or any successor thereto under the
Laws of the U.S. 
 “FARs” means the U.S. Federal Aviation Regulations embodied in Title 14 of the U.S.
Code of Federal Regulations, as amended from time to time, or any successor regulations thereto. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 13(137)

 “Flight Hour” means (a) with respect to the Airframe, each hour or
part thereof (rounded up to the nearest two (2) decimal places) elapsing from the moment the wheels of the Aircraft leave the ground on take-off until the wheels of the Aircraft next touch the ground on the next following landing, and
(b) with respect to an Engine, each hour or part thereof (rounded up to the nearest two (2) decimal places) elapsing from the moment the wheels of the aircraft on which the relevant Engine is installed leave the ground on take-off until
the wheels of such aircraft next touch the ground on the next following landing. 
 “Geneva Convention” means
the Convention on the International Recognition of Rights in Aircraft signed in Geneva, Switzerland, on June 19, 1948. 

“Government Entity” means any (a) federal, state or local government, (b) board, commission, department,
division, instrumentality, court, agency or political subdivision thereof and (c) association, organization or institution of which any of the entities listed in (a) or (b) is a member or to whose jurisdiction any such entity is
subject. 
 “Heavy Repair” has, in relation to the APU, the meaning ascribed to such term in the OEM’s
Component Maintenance Manual Section 4.1 General Workscope Related Definitions, as revised. 
 “Landing
Gear” means the installed main and nose landing gear, components and their associated actuators, side braces and parts. 

“Law” means any (a) statute, decree, constitution, regulation, rule, norm, order or any directive of any Government
Entity, (b) treaty, pact, compact or other agreement to which any Government Entity is a signatory or party, (c) judicial or administrative interpretation or application of any of the foregoing, (d) any binding judicial precedent
having the force of law or any jurisprudence issued by the Supreme Court of Mexico. 
 “Lease” means this
Aircraft Lease Agreement, together with all Exhibits hereto. 
 “Lessee’s Parent” means Controladora Vuela
Compañía de Aviación S.A. de C.V., a Mexican company. 
 “Lessor’s Lien” means any
Security Interest created by or attributable to Lessor or any Lessor’s Lender or any affiliate of either. 

“LIBOR” means in relation to any period and amount in respect of which an interest rate falls to be determined pursuant
to this Lease: 
  

	 	(a)	 the British Banking Association (BBA) US Dollar fixing of the London Inter Bank Offered Rate, as appearing on page BBAMI of Bloomberg (or successor or
replacement page), or failing that, Reuters (or successor 

  
 14(137)

	 	
or replacement page), or failing that, an equivalent page published by an alternative information provider for the specified period after 11.00 a.m. on the quotation date therefore; or

  

	 	(b)	if the applicable rate is not published as set forth in subsection a) of this definition, or is not determined in any way whatsoever, the applicable rate shall be the
rate the market recognizes as the rate that has expressly replaced or substituted such rate, furthermore, in the event that either the applicable rate ceases to exist or a replacement rate is not expressly established, the parties shall convene to
agree in good faith on a new applicable rate within three (3) Business Days following such event. 

 For the
purposes of this definition, specified period means the period having a duration equal to or as close as practicable to the relevant period in respect of which LIBOR falls to be determined. 

“LLP” means any life limited Part. 
 “Maintenance Program” means Lessee’s maintenance program as approved by the Aviation Authority or such other maintenance program as Lessor may approve in writing, with such approval
not to be unreasonably withheld. 
 “Manufacturer” means Airbus S.A.S. 

“Medium Repair” has, in relation to the APU, the meaning ascribed to such term in the OEM’s Component Maintenance
Manual Section 4.1 General Workscope Related Definitions, as revised. 
 “Mexico” means the United Mexican
States. 
 “MPD” means at any relevant time, the latest revision of the Maintenance Planning Document published
by Manufacturer and applicable to the Aircraft. With respect to the hour/cycle/calendar time limitation of Parts and inspections, references to the MPD mean the most restrictive limitation set forth therein. 

“Operative Documents” means each of this Lease, any amendments hereto, the Acceptance Certificate, the Warranty
Assignments and any other documentation in connection with the leasing of the Aircraft by Lessee from Lessor. 

“Overhaul” means the full reconditioning of the Airframe, an Engine, the APU, Landing Gear, module or Part, as the case
may be, in which such equipment has been disassembled (in accordance with Manufacturer’s and/or Maintenance Program requirements, as applicable), cleaned, thoroughly inspected and returned to the highest standard specified by, excluding the
Engines, the applicable manufacturer’s overhaul manuals, and, in case of the Engines, the Engine manufacturer’s maintenance management plan. 

  
 15(137)

 “Part” means any part, component, appliance, system module, engine module,
accessory, material, instrument, communications equipment, furnishing, Lessee furnished or Lessor purchased equipment or other item of equipment (other than complete Engines or engines or the APU) for the time being installed in or attached to the
Airframe, any Engine or the APU or which, having been removed from the Airframe, any Engine or the APU, remains the property of Lessor. 
 “Permitted Lien” means (a) Lessor’s Liens, (b) Security Interests arising in the ordinary course of Lessee’s business for Taxes either not yet assessed or, if
assessed, not yet due or being contested in good faith in accordance with Article 14.5, (and for which adequate reserves have been made or, when required in order to pursue such proceedings, an adequate bond has been provided),
(c) materialmen’s, mechanics’, workmen’s, repairmen’s, employees’ liens or similar Security Interests arising by operation of Law after the Delivery Date in the ordinary course of Lessee’s business for amounts
which are either not yet due or are being contested in good faith by appropriate proceedings (and for which adequate reserves have been made or, when required in order to pursue such proceedings, an adequate bond has been provided) and
(d) liens in respect of judgments which have been outstanding for less than 30 days or which have been stayed pending appeal so long as, in the case of (b), (c) or (d) above, such proceedings do not involve any material
likelihood of sale, forfeiture or loss of the Aircraft. 
 “Person” means any individual including any
individual conducting business activities, or any legal entity including any firm, partnership, joint venture, trust, corporation, company, limited liability company, Government Entity, committee, department, authority or any body, incorporated or
unincorporated, whether having distinct legal personality or not. 
 “Prohibited Country” means any country
comprised by Exhibit B, as revised from time to time. 
 “Purchase Agreement” means the A320 Family
Purchase Agreement dated October 28, 2005 between Manufacturer, as seller, and Lessee’s Parent, as purchaser in respect of the Aircraft. 
 “Purchase Agreement Assignment” means the Purchase Agreement Assignment to be dated on or about June 22, 2007, between Lessee’s Parent, as assignor, Lessor, as assignee, and
Lessee, as lessee, in respect of the Purchase Agreement, including the Consent and Agreement of Manufacturer. 

“Security Interest” means any encumbrance or security interest, however and wherever created or arising including
(without prejudice to the generality of the foregoing) any right of ownership, security, mortgage, pledge, charge, encumbrance, lease, lien, statutory or other right in rem, hypothecation, title retention, attachment, levy, claim, or right of
possession or detention. 

  
 16(137)

 “State of Registration” means Mexico or such other country or state of
registration of the Aircraft as Lessor may approve in writing. 
 “U.S.” means the United States of America.

 “Warranty Assignments” mean (i) the Airframe Warranty Agreement to be dated on or about June 22,
2007 among Lessee’s Parent, Lessor and Lessee with the consent and agreement of Manufacturer in relation to the Airframe, and (ii) the Engine Warranty Agreement to be dated on or about June 22, 2007 among IAE International Aero
Engines AG, Lessee’s Parent, Lessor and Lessee in relation to the Engines. 
  

	1.2	Specific Definitions 

 The
following terms are defined in the Articles referenced below: 
  

					
	Terms	  	Article	 
		
	 Agreed Value
	  	 	17.1	  
	 Airframe Structural Maintenance Fund
	  	 	4.3	  
	 APU Maintenance Fund
	  	 	4.3	  
	 Default Interest
	  	 	4.6	  
	 Engine Performance Restoration
	  			
	 Maintenance Fund
	  	 	4.3	  
	 Engine LLP Maintenance Fund
	  	 	4.3	  
	 Excluded Taxes
	  	 	14.2	  
	 Damages and Prejudices
	  	 	15.1	  
	 Expiration Date
	  	 	3.1	  
	 Indemnitees
	  	 	15.1	  
	 Landing Gear Maintenance Fund
	  	 	4.3	  
	 Lease Term
	  	 	3.1	  
	 Lessor’s Assignee
	  	 	22.2.1	  
	 Lessor’s Bank Account
	  	 	4.5	  
	 Lessor’s Lender
	  	 	22.3	  
	 Maintenance Fund
	  	 	4.3	  
	 Modification
	  	 	11.8.1	  
	 Multiparty Sublease
	  	 	10.4	  
	 Multiparty Sublessee
	  	 	10.4	  
	 Net Total Loss Proceeds
	  	 	17.1	  
	 Rent
	  	 	4.2	  
	 Security Deposit
	  	 	4.1	  
	 Tax Indemnitee
	  	 	14.1	  
	 Taxes
	  	 	14.1	  
	 Termination Date
	  	 	3.2	  
	 Total Loss
	  	 	17.1	  
	 Total Loss Date
	  	 	17.1	  
	 Total Loss Proceeds
	  	 	17.1	  
	 Waste Expense
	  	 	12.3	  

  
 17(137)

	2.	DELIVERY 

  

	2.1	Delivery 

 Subject to the
terms and conditions of this Lease, Lessor will deliver the Aircraft to Lessee on the Delivery Date (as defined in the Purchase Agreement Assignment) at the Delivery Location. 

 

	2.2	Delivery Date 

 This Lease
will commence on the Delivery Date (as defined in the Purchase Agreement Assignment), which is expected to be on or about June 22, 2007. On the Delivery Date, Lessee shall execute and deliver to Lessor the Acceptance Certificate confirming
Delivery and commencement of the Lease. 
  

	2.3	Delivery Subject to the Purchase Agreement Assignment 

 Lessor and Lessee expressly acknowledge that Delivery of the Aircraft to Lessee under this Lease is subject to and conditioned upon delivery of the Aircraft to Lessor under the Purchase Agreement
Assignment. 
  

	2.4	No Lessor Liability 

Lessor shall have no liability for any loss, damage or expense, or any loss of profit, arising from any delay or failure in Delivery to
Lessee unless such delay or failure arises as a direct consequence of the willful misconduct or breach of any obligation under this Lease of or by Lessor, and in no event shall Lessor be liable for any delay or failure which is caused by any breach
of this Lease or delay on the part of Lessee or Lessee’s Parent or by any breach of the Purchase Agreement or the Purchase Agreement Assignment other than by Lessor. 

 

	2.5	Total Loss of Aircraft Prior to the Delivery Date 

 If a Total Loss of the Aircraft occurs prior to the Delivery Date, this Lease shall automatically terminate and neither party will have any further liability to the other except that Lessor will return to
Lessee the Security Deposit and any prepaid Rent received by Lessor. 

  
 18(137)

	2.6	Termination of the Purchase Agreement Assignment 

 If the Purchase Agreement Assignment is terminated and/or the Delivery Date under the Purchase Agreement Assignment does not occur for any reason whatsoever, this Lease shall automatically terminate and
neither party will have any further liability to the other, except that Lessor will return to Lessee the Security Deposit and any prepaid Rent received by Lessor, provided that no Default or Event of Default has occurred under this Lease.
Notwithstanding the foregoing, Lessor shall be entitled to keep the Security Deposit if the Purchase Agreement Assignment is terminated and/or the Delivery Date under the Purchase Agreement Assignment does not occur for any reason not directly
attributable to Lessor. 

  
 19(137)

	3.	LEASE TERM 

  

	3.1	Lease Term 

 The term of
leasing of the Aircraft (“Lease Term”) shall be mandatory (“plazo forzoso”) from the time it commences on the Delivery Date and until and including March 31, 2017 (One Hundred Seventeen (117) months after
July 1, 2007) (“Expiration Date”). 
  

	3.2	Termination Date 

 This
Lease may terminate on any of the dates set forth below: 
  

	 	(a)	the Expiration Date, provided Lessee returns the Aircraft to Lessor on the Expiration Date in the condition required by Article 21; or 

 

	 	(b)	a date earlier than the Expiration Date, if: 

  

	 	(i)	there is a Total Loss of the Aircraft prior to the Delivery Date pursuant to Article 2.5; 

 

	 	(ii)	termination of this Lease occurs pursuant to Article 2.6; 

  

	 	(iii)	there is a Total Loss of the Aircraft and payment in full of all amounts payable by Lessee to Lessor is made to Lessor or Lessor’s Lender in accordance with and as
required under Article 17.3; or 

  

	 	(iv)	an Event of Default occurs and Lessor terminates this Lease and repossesses the Aircraft or otherwise terminates this Lease in accordance with Article 23.3.

  

	 	(c)	a date later than the Expiration Date if: 

  

	 	(i)	an Event of Default occurs hereunder by Lessee returning the Aircraft in the condition required by this Lease after the Expiration Date; or 

 

	 	(ii)	an Event of Default occurs and Lessor repossesses the Aircraft or otherwise terminates this Lease pursuant to Article 23.3. 

The “Termination Date” is the date on which this Lease terminates because one of the above has occurred. 

  
 20(137)

	4.	SECURITY DEPOSIT, RENT, MAINTENANCE FUNDS AND OTHER PAYMENTS 

  

	4.1	Security Deposit 

 In
accordance with and subject to the provisions of the Deposit Agreement, which shall be executed by the parties in the form attached hereto as Exhibit J, Lessee will pay Lessor a cash security deposit of ***** in connection with the
leasing of the Aircraft (the “Security Deposit”) and Lessor shall hold, apply, retain and return such Security Deposit in accordance with the applicable provisions of this Lease and the Deposit Agreement. 

 

	4.2	Rent 

  

	4.2.1	Subject to the adjustment pursuant to Article 4.2.2 below, Lessee will pay Lessor the amount of ***** payable monthly in advance as rent for the Aircraft
(“Rent”). 

  

	4.2.2	The amount of Rent set out in Article 4.2.1 is based on the average of the nine (9) year and ten (10) year US Swap Rate being equal to *****. The
amount of Rent will increase or decrease, as the case may be, by ***** for each basis point such rate differs from ***** three (3) Business Days prior to the Delivery Date and will thereafter be fixed throughout the Lease Term.

  

	4.2.3	 Lessee will pay Lessor the first payment of Rent during the Lease Term no later than on July 2, 2007. Such first payment of Rent will comprise
rent for the Aircraft on a prorated basis for the period from and including the Delivery Date until and including July 31, 2007. Each subsequent payment of Rent will be due monthly on the
1st day of each month during the Lease Term except that,
if such day is not a Business Day, the Rent will be due on the immediately succeeding Business Day. 

  

	4.3	Maintenance Funds 

  

	4.3.1	 Lessee will pay to Lessor (or to whomever Lessor may from time to time designate in conformity with Article 4.3.6) contributions for the
Maintenance Funds related to the concepts described below, based on Lessee’s use of the Aircraft during the Lease Term, in the following amounts (individually, “Airframe Structural Maintenance Fund” “Engine Performance
Restoration Maintenance Fund,” “Engine LLP Maintenance Fund” “APU Maintenance Fund” and “Landing Gear Maintenance Fund”, and collectively “Maintenance Funds”). It is hereby
agreed that the Maintenance Funds shall be used for the benefit of the Aircraft as hereinafter determined and are for such purpose considered to be an integral part thereof. In accordance with the provisions of this Lease, Lessee shall be entitled
to withdraw 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 21(137)

	 	
and receive payment from such Maintenance Funds as provided for in this Lease with respect to agreed maintenance performed on the Aircraft, Airframe, Engines, APU and Landing Gear as applicable:

  

					
	 Type of Maintenance Fund
	  	 Amount of Maintenance Fund

			
	 Airframe Structural

Maintenance Fund:
	  	6Y Check:	  	***** per month
			
		  	12Y Check:	  	***** per month
		
	Engine Performance Restoration Maintenance Fund:	  	***** for each Engine (payable when the Engine is utilized on the Aircraft or another aircraft)
		
	Engine LLP Maintenance Fund:	  	***** for each Engine (payable with the Engine is utilized on the Aircraft or another aircraft).
		
	APU Maintenance Fund:	  	***** per APU operating hour (payable when the APU is utilized on the Aircraft or another aircraft)
		
	Landing Gear Maintenance Fund:	  	***** per month

  

	4.3.2	The Engine Performance Restoration Maintenance Fund rate above assumes a Flight Hour-to-Cycle ratio of 1.8:1 and that the engine thrust levels have been de-rated *****.
Depending on Lessee’s Flight Hour-to-Cycle ratio for the Aircraft (or such other aircraft on which the Engine is installed) and the thrust rating of the Engines, the Engine Performance Restoration Maintenance Fund rate will be adjusted in
accordance with the following: 

  

																			
	 Ratio
	  	1:1	  	1.25:1	  	1.5:1	  	1.8:1	  	2:1	  	2.25:1	  	2.5:1	  	2.75:1	  	3:1
	 ***** de-rating US$ (2007)
	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****
	 ***** de-rating US$ (2007)
	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****	  	*****

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 22(137)

	4.3.3	 In the first calendar year of the Lease Term, Lessee will pay Engine Performance Restoration Maintenance Fund based upon an assumed Flight
Hour-to-Cycle ratio of 1.8:1. A calculation of Lessee’s actual Flight Hour-to-Cycle ratio will be made annually as of May 1st of each calendar year during the Lease Term, beginning on May 1, 2008, and any difference in Engine Performance
Restoration Maintenance Fund will be reconciled on the date when the next Maintenance Fund payment is due (in accordance with Article 4.3.6) following such calculation. Lessee’s actual Flight Hour-to-Cycle ratio during such calendar year
(or portion thereof) will set the Engine Performance Restoration Maintenance Fund for the succeeding calendar year. 

  

	4.3.4	 If in any calendar year (or portion thereof) of the Lease Term, the Airframe is operated more Cycles than the maximum number of Cycles which would
result from an average Flight Hour-to-Cycle ratio of 1.25 to 1, Lessee will pay Lessor as additional Maintenance Fund ***** for each Airframe Cycle the Airframe actually operated during such period in excess of the number of Cycles which result from
an average Flight Hour-to-Cycle ratio of 1.25 to 1. A calculation will be made as of May 1st of each calendar year during the Lease Term, beginning on May 1, 2008, and such additional Maintenance Fund payment will be due and payable by Lessee on the date when the next Maintenance Fund
payment is due (in accordance with Article 4.3.6) following such calculation. Such additional Maintenance Fund payment will not be available for withdrawal to Lessee pursuant to Article 12. 

 

	4.3.5	 The amounts of the Maintenance Funds in this Article 4.3 are expressed in April 2007 U.S. Dollars and will increase annually by ***** on
May 1st of each calendar year during the Lease Term,
beginning on May 1, 2008. 

  

	4.3.6	 The Maintenance Funds will be paid by Lessee on or before the fifteenth (15th) day of the next calendar month following the month in which the Delivery Date occurs and thereafter monthly
during the Lease Term. If the fifteenth (15th) day of
any calendar month is not a Business Day, the Maintenance Funds will be due on the immediately succeeding Business Day. All Maintenance Funds for flying performed during the month in which the Termination Date occurs (and the preceding month, unless
paid) will be paid on the Termination Date, unless otherwise agreed by the parties. Lessee will pay the monthly Airframe Structural Maintenance Fund and the monthly Landing Gear Maintenance Fund on a prorated basis for any period not constituting a
full month during the Lease Term. 

  

	4.3.7	 The Maintenance Funds shall be used for agreed maintenance, repair and overhaul of the Aircraft including the Airframe, Engine, Engine LLPs, APU and
Landing Gear in accordance with the provisions of this Article 4 and Article 12 of this Lease. The Maintenance Funds therefore are not considered a deposit and subject in each case to Lessee’s rights and Lessor’s obligations
under Article 12 and Article 17 of this Lease, cannot be subject of reimbursement to Lessee but shall be considered the sole 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 23(137)

	 	
and exclusive property of Lessor as owner of the Aircraft. No interest will accrue or be paid at any time to Lessee on such Maintenance Funds and, subject to Lessor’s obligations under
Article 12 and Article 17, Lessor may commingle the Maintenance Funds with Lessor’s general funds or may determine in its sole discretion that such be received and administered by a designated third party which shall be acting as
trustee in respect to such funds and which shall conduct the allocation thereof in accordance with this Lease. 

  

	4.4	Allocation of Payments 

Lessor or any third party designated in conformity with Article 4.3.7 of this Lease shall apply, hold, retain, invest, pay and
otherwise manage any amounts paid or recovered in respect of Lessee’s liabilities hereunder in accordance with the provisions of this Lease. 
  

	4.5	Lessor’s Bank Account 

  

	4.5.1	Payments due under this Lease will be made to the bank account(s) as Lessor may from time to time designate by written notice (the “Lessor’s Bank
Account”). 

  

	4.5.2	When it is stated in this Lease that an instalment of the Security Deposit, the monthly Rent, Maintenance Funds or any other payment is due or must be paid or made by
Lessee by a specified date, then such payment must actually be received by Lessor’s bank with instructions for deposit in Lessor’s Bank Account on or before such specified date. 

 

	4.6	Default Interest 

 If
Lessor does not receive the Rent or any other amount on or before the specific date when due, Lessee will pay Lessor as supplemental Rent (by way of agreed compensation of the cost of money and not as a conventional penalty) interest on any due and
unpaid amounts payable by Lessee under this Lease. Interest will be calculated at a per annum rate (based on a 360 day year) which is equal to ***** plus the ***** in effect on the date on which the amount was originally due for the period from the
date the amount originally was due through the date the amount actually is received at Lessor’s Bank Account or, in the case of Lessor’s performance of Lessee’s obligations hereunder, from the date of payment by Lessor through the
date of Lessee’s repayment to Lessor (“Default Interest”). 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 24(137)

	4.7	No Deductions or Withholdings 

  

	4.7.1	All payments by Lessee under this Lease, including the Security Deposit, Rent, Maintenance Funds, Default Interest, fees, indemnities or any other item, will be made in
full without any deduction or withholding whether in respect of setoff, counterclaim, duties, or Taxes (as defined in Article 14) imposed in the State of Registration or any jurisdiction from which such payments are made (other than Taxes
excluded under Article 14.2) unless Lessee is prohibited by Law from doing so, in which event Lessee will gross up the payment amount such that the net payment received by Lessor after any deduction or withholding equals the amounts called for
under this Lease. Lessee will also do all of the following: 

  

	 	(i)	Ensure that the deduction or withholding does not exceed the minimum amount legally required; 

 

	 	(ii)	Pay to the relevant Government Entities within the period for payment permitted by applicable Law the full amount of the deduction or withholding (including the full
amount of any deduction or withholding from any additional amount paid pursuant hereto); and 

  

	 	(iii)	Furnish to Lessor within thirty (30) days after each payment a certified copy of the corresponding tax form or an official receipt of the relevant Government
Entities involved, or such other evidence of payment as is in form and substance acceptable to Lessor, acting reasonably, for all amounts so deducted or withheld. 

 

	4.7.2	As of the date of this Lease, Lessor is situated in Mexico and both parties agree that as of the date of this Lease no withholding Taxes are applicable in respect to
any amounts payable hereunder by Lessee. Lessee will indemnify Lessor for any subsequent withholding Taxes imposed on any amounts payable hereunder arising as a result of changes in Mexican Law or the Law of any jurisdiction from which Lessee elects
to make payments occurring after the Delivery Date and during the Lease Term, except for any such Tax or Taxes as may arise in connection with a voluntary or involuntary assignment, sale or other disposition by Lessor or any Lessor’s Lender of
any of their respective right, title or interest in the Lease or the Aircraft or both which transfer does not arise as a result of the enforcement of any remedies by Lessor or Lessor’s Lender following the occurrence and during the continuation
of an Event of Default or an assignment, sale or other disposition made at the request by Lessee or otherwise rendered necessary as a result of an act or omission of Lessee. 

  
 25(137)

	4.8	Value Added Taxes 

 The
Rent and other amounts payable by Lessee under this Lease are exclusive of any sales or use tax, value added tax, or similar tax, duty or imposition. 
  

	4.10	Net Lease 

  

	4.10.1	This Lease is a net lease and Lessee’s obligation to pay Rent and make other payments in accordance with this Lease will be absolute and unconditional under any
and all circumstances and regardless of other events, including the following: 

  

	 	(a)	any right of setoff, counterclaim, recoupment, defense or other right (including any right of reimbursement) which Lessee may have against Lessor, Manufacturer, the
Engine manufacturer or any other Person for any reason, including any claim Lessee may have for the foregoing; 

  

	 	(b)	unavailability or interruption in use of the Aircraft for any reason, including a requisition thereof or any prohibition or interference with or other restriction
against Lessee’s use, operation or possession of the Aircraft (whether by Law or otherwise), any defect in title, airworthiness, merchantability, fitness for any purpose, condition, design, specification or operation of any kind or nature of
the Aircraft, the ineligibility of the Aircraft for any particular use or trade or for registration under the Laws of any jurisdiction or Total Loss of the Aircraft. In consideration of the foregoing and to the fullest extent applicable, Lessee
hereby waives any rights in accordance with the provisions of Article 2445 and other applicable of the Federal Civil Code.; 

  

	 	(c)	insolvency, concurso mercantil, bankruptcy, judicial recuperation, reorganization, arrangement, readjustment of debt, dissolution, liquidation, receivership,
administration or similar proceedings by or against Lessor, Lessee, Manufacturer, the Engine manufacturer or any other Person; 

  

	 	(d)	invalidity or unenforceability or lack of due authorization of or other defect in this Lease; 

 

	 	(e)	failure or delay on the part of any party to perform its obligations under this Lease; or 

 

	 	(f)	any other circumstance which but for this provision would or might have the effect of terminating or in any other way affecting any obligation of Lessee hereunder,
other than a Total Loss, provided that Lessor shall have received all amounts then due and owing by Lessee to Lessor hereunder. 

  

	4.10.2	 This Lease shall not, except as expressly stated herein, be cancellable by Lessee and Lessee hereby expressly waives any and all right which it may now
or at anytime 

  
 26(137)

	 	
hereafter have, whether by statute or otherwise, to terminate, abate, cancel, quit, reduce, defer, suspend, or surrender this Lease, the Aircraft or any obligation assumed by Lessee hereunder.
Nothing in this Article 4.10 will be construed to limit Lessee’s right to separately pursue in a court of law any claim it may have against any Person arising as a result of the breach of any obligation of such Person to Lessee.

  

	4.9	Currency Indemnity 

 If
under any applicable Law, whether as a result of a judgment against Lessee or the liquidation of Lessee or for any other reason, any payment hereunder is required to be made or recovered in a currency other than Dollars then, to the extent that the
payment (when converted into Dollars at the “rate of exchange” on the date of payment or, in the case of a liquidation, the latest date for the determination of liabilities permitted by the applicable Law) falls short of the amount payable
under this Lease, Lessee will as a separate and independent obligation, fully indemnify Lessor against the amount of the shortfall. If the amount received by Lessor upon converting the payment into Dollars exceeds the amount payable under this
Lease, Lessor will remit such excess to Lessee. For the purposes of this paragraph “rate of exchange” means the rate at which Lessor is able on the relevant date to purchase Dollars in New York or London (at Lessor’s option) with such
other currency. 
  

	4.10	Lessor Performance of Lessee Obligation 

 If Lessee fails to make any payment under this Lease to a third party in connection with the Aircraft or fails to perform any other obligation required under this Lease, Lessor may (but is not required
to) at its election after the expiry of any applicable grace periods and without having waived all or any of its rights in Law and/or hereunder, perform such obligation and/or pay such amount. Within five (5) Business Days after written notice
to Lessee of the amount paid by Lessor on behalf of Lessee, Lessee will repay such amount together with Default Interest from the date of payment by Lessor until the date of repayment by Lessee. Any payment or performance by Lessor of a Lessee
obligation hereunder will not affect the occurrence or continuance of the corresponding Event of Default, provided, however, that Lessee’s repayment of the amounts required under this Article shall be sufficient to cure such Event of Default.

  
 27(137)

	4.11	Consideration for Rent and Other Amounts 

 The amount of the Rent and other payments contained herein are in consideration of Lessee’s waiver of warranties and indemnities set forth in Articles 7 and 15, respectively, and the other
provisions of this Lease. 

  
 28(137)

	5.	CONDITION OF AIRCRAFT 

  

	5.1	Lessee Selection of Aircraft 

 LESSEE COVENANTS TO LESSOR THAT LESSEE HAS USED ITS OWN JUDGMENT IN SELECTING THE AIRCRAFT AND HAS DONE SO BASED ON ITS SIZE, DESIGN, TYPE AND ALL OTHER FACTS AND CIRCUMSTANCES AS RELEVANT TO LESSEE AND
ITS BUSINESS. LESSEE ACKNOWLEDGES THAT LESSOR IS NOT A MANUFACTURER, REPAIRER OR SERVICING AGENT OF THE AIRCRAFT. 
  

	5.2	Condition at the Delivery Date 

 At the Delivery Date, the Aircraft will be in the same condition as delivered to Lessor under the Purchase Agreement. 
  

	5.3	Delivery of Aircraft to Lessee 

 Subject to Lessee having satisfied all of the conditions precedent to Delivery set forth herein or the waiver of any of the same by Lessor in Lessor’s discretion, Lessor will tender the Aircraft for
Delivery to Lessee on the Delivery Date at the Delivery Location. Upon the tender of the Aircraft by Lessor to Lessee, Lessee will accept the Aircraft and deliver to Lessor the Acceptance Certificate, duly executed. The date of tender by Lessor to
Lessee in accordance with this Lease will be deemed to be the Delivery Date for all purposes under this Lease, including, but not limited to, the commencement of Lessee’s obligation to pay Rent hereunder. 

 

	5.4	Lessee Acceptance of Aircraft 

 If Lessee fails to comply with the conditions contained in Articles 6.1 and 6.2 and, as a result thereof, Delivery under this Lease cannot take place, or if Lessee fails to take Delivery of the
Aircraft when properly tendered for Delivery by Lessor in accordance with the terms and conditions set out herein, Lessee will indemnify Lessor and hold Lessor harmless from all costs, expenses and damages enumerated or otherwise described in
Article 23.3 which are incurred by Lessor as a direct result thereof. 

  
 29(137)

	6.	PRE-DELIVERY, DELIVERY AND POST DELIVERY DOCUMENTARY AND OTHER REQUIREMENTS 

 

	6.1	Pre-Delivery Requirements 

Lessee will do at its cost each of the following within the time frames set forth below: 

 

	6.1.1	On or prior to the Delivery Date, Lessee will deliver to Lessor each of the following, each in form and substance satisfactory to Lessor:

  

	 	(a)	copies of resolutions of the Board of Directors of Lessee or other written evidence of appropriate corporate action, duly certifying and authorizing the lease of the
Aircraft hereunder and the execution, delivery and performance of this Lease, together with an incumbency certificate as to the person or persons authorized to execute and deliver documents on behalf of Lessee hereunder; 

 

	 	(b)	a certified copy of Lessee’s constitutional documents and any modifications thereto; and 

 

	 	(c)	a copy of Lessee’s scheduled operating permit, air operator’s certificate and any other licenses permits or approvals relevant to Lessee’s operation as a
certified air carrier. 

  

	 	(d)	a Certificate of Insurance and Brokers’ Letter of Undertaking reflecting the requirements of Exhibits C and D, respectively, from Lessee’s
insurance brokers evidencing insurance of the Aircraft in accordance with this Lease from the Delivery Date; 

  

	 	(e)	a legal opinion from Lessee’s general counsel (Director Jurídico) in substantially the form of Exhibit K attached hereto on the due
execution by Lessee of the Operative Documents, enforceability against Lessee on the matters stipulated in Article 13.6 and ancillary matters; 

  

	 	(f)	ferry permit for the Aircraft issued by the Aviation Authority; 

  

	 	(g)	evidence that the interests of Lessor as owner of the Aircraft and as lessor under this Lease have been properly filed for registration with the Aviation Authority or
that satisfactory arrangements for the filing of the same have been made; 

  

	 	(h)	 letters addressed to (i) any relevant air traffic control authorities or entities, (ii) any relevant airport operators or administrators, and
(iii) any relevant 

  
 30(137)

	 	
maintenance providers, pursuant to which Lessee authorizes any such authorities or entities to issue to Lessor, upon Lessor’s request (Lessor agrees that it shall only make one (1) such
request per authority or entity in any twelve (12) month period or once per maintenance event with respect to the Engines, unless a Default or Event of Default has occurred) and with copy to Lessee, a statement of account of all sums due by
Lessee to the relevant authority or entity in respect of all aircraft (including, but not limited to, the Aircraft) operated by Lessee; 

  

	 	(i)	a copy of such Aviation Documents or certified copies thereof as may be available prior to the Delivery Date; 

 

	 	(j)	a power of attorney in the form of Exhibit F, which power of attorney shall have been duly executed by Lessee and properly notarized;

  

	 	(k)	a complete copy of the Maintenance Program for the Aircraft; and 

  

	 	(l)	such other document or perform such other action as Lessor in its reasonable opinion deems necessary. 

 

	6.1.2	No later than one (1) Business Day prior to the Delivery, Lessee will pay the first installment of Rent in accordance with Article 4.2.2.

  

	6.2	Delivery Requirements 

 On
the Delivery Date, each of the following will occur: 
  

	6.2.1	Lessee will pay any unpaid installments of the Security Deposit in accordance with Article 4.1. 

 

	6.2.2	Upon proper tender of the Aircraft for delivery by Lessor, Lessee will execute and deliver to Lessor the Acceptance Certificate. 

 

	6.2.3	Lessee will cause the Aircraft to be registered in the aviation section of the register of aircraft of the State of Registration noting the interests of Lessor as
lessor and owner and Lessee as operator in accordance with applicable Law. 

  

	6.2.4	Lessee will deliver to Lessor a certificate, in form and substance satisfactory to Lessor, signed by an officer of Lessee stating all of the following:

  

	 	(a)	the representations and warranties contained in Article 18.1 are true and accurate in all material respects on and as of the Delivery Date as though made on and as
of such date (except to the extent that such representations and warranties relate solely to an earlier date); and 

  

	 	(b)	no Default or Event of Default has occurred and is continuing or will result from Lessee’s lease of the Aircraft hereunder. 

  
 31(137)

	6.2.5	Lessee will deliver to Lessor copies of such Aviation Documents as have not been previously delivered which are then available. 

 

	6.2.6	Lessor will deliver to Lessee the Warranty Assignments duly executed by Lessor. 

 

	6.3	Post Delivery Requirements 

As soon as available but no later than ten (10) Business Days after the Delivery Date, Lessee will provide Lessor with each of
the following: 
  

	 	(a)	an authenticated copy of the certificate of registration issued by the register of aircraft of the State of Registration evidencing the registration of the Aircraft and
noting, in accordance with applicable Law and the practices of the Registry, the interests of Lessor as lessor and owner and Lessee as operator of the Aircraft; 

 

	 	(b)	an authenticated copy of the certificate of airworthiness for the Aircraft issued by the Aviation Authority; 

 

	 	(c)	evidence confirming that all post Delivery requirements pursuant to this Article 6.3 have been completed as stipulated in Article 13.6;

  

	 	(d)	evidence, in form and substance satisfactory to Lessor, through an original copy of the corresponding importation petition (pedimento) or through the
corresponding approval issued by the Customs Authority of the State of Registration, that all applicable import duties, fees or other Taxes, if any, payable upon the importation and/or customs clearance of the Aircraft into the State of Registration
have been paid in full or that the same has been imported by Lessee under the temporary importation regime to which it is entitled in accordance with Article 106(v)(b) of the Customs Law; and 

 

	 	(e)	copies of any other Aviation Documents not previously delivered and subject to any delay in delivery thereof caused by the Aviation Authority and not resulting from any
act or omission of Lessee. 

  
 32(137)

	7.	DISCLAIMERS 

  

	7.1	As Is, Where Is 

 LESSEE
AGREES THAT AS BETWEEN LESSEE AND LESSOR IN ITS CAPACITY AS OWNER AND LESSOR OF THE AIRCRAFT, IT IS LEASING THE AIRCRAFT “AS IS, WHERE IS,” WITH ALL FAULTS ACCEPTED. LESSEE UNCONDITIONALLY AND IRREVOCABLY ACKNOWLEDGES AND AGREES THAT
NEITHER LESSOR NOR ANY OF ITS OFFICERS, DIRECTORS, MANAGERS, EMPLOYEES OR REPRESENTATIVES HAVE MADE OR WILL BE DEEMED TO HAVE MADE ANY TERM, CONDITION, REPRESENTATION, WARRANTY OR COVENANT EXPRESS OR IMPLIED (WHETHER STATUTORY OR OTHERWISE), AND
LESSEE HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY CLAIM IT MAY NOW OR HEREAFTER HAVE AGAINST LESSOR AND OR ANY LESSOR’S LENDER, IN RESPECT OF OR RELATING TO (a) THE CAPACITY, AGE, AIRWORTHINESS, VALUE, QUALITY,
DURABILITY, CONFORMITY TO THE PROVISIONS OF THIS LEASE, DESCRIPTION, CONDITION (WHETHER OF THE AIRCRAFT, ANY ENGINE, ANY PART THEREOF OR THE AIRCRAFT DOCUMENTATION), DESIGN, WORKMANSHIP, MATERIALS, MANUFACTURE, CONSTRUCTION, OPERATION, DESCRIPTION,
STATE, MERCHANTABILITY, PERFORMANCE, FITNESS FOR ANY PARTICULAR USE OR PURPOSE (INCLUDING THE ABILITY TO OPERATE OR REGISTER THE AIRCRAFT OR USE THE AIRCRAFT DOCUMENTATION IN ANY OR ALL JURISDICTIONS) OR SUITABILITY OF THE AIRCRAFT OR ANY PART
THEREOF, OR THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, KNOWN OR UNKNOWN, APPARENT OR CONCEALED, EXTERIOR OR INTERIOR, (b) THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK, COPYRIGHT OR OTHER INTELLECTUAL
PROPERTY RIGHTS, (c) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE OR (d) ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF, ALL OF
WHICH ARE HEREBY EXPRESSLY EXCLUDED AND EXTINGUISHED. 
  

	7.2	Waiver of Warranty of Description 

 IN CONSIDERATION OF, INTER ALIA, LESSOR’S ASSIGNMENT TO LESSEE OF ANY EXISTING AND ASSIGNABLE WARRANTIES OF MANUFACTURER AND THE ENGINE MANUFACTURER, LESSEE HEREBY AGREES THAT ITS ACCEPTANCE OF THE
AIRCRAFT AT DELIVERY AND ITS EXECUTION AND DELIVERY OF THE ACCEPTANCE CERTIFICATE CONSTITUTE LESSEE’S WAIVER OF THE WARRANTY OF DESCRIPTION, 

  
 33(137)

 
ANY CLAIMS LESSEE MAY HAVE AGAINST LESSOR BASED UPON THE FAILURE OF THE AIRCRAFT TO CONFORM WITH SUCH DESCRIPTION AND ANY AND ALL RIGHTS IT MAY HAVE TO THE REMEDIES SET FORTH IN ANY APPLICABLE
LAW RELATING TO SUCH WARRANTY OF DESCRIPTION. 
  

	7.3	Lessee Waiver 

 Lessee
hereby waives as between itself and Lessor and agrees not to seek to establish or enforce any rights and remedies, express or implied (whether statutory or otherwise), against Lessor or the Aircraft relating to any of the matters mentioned in
Articles 7.1 or 7.2. In consideration of the foregoing and to the fullest extent applicable, Lessee hereby waives any rights in accordance with the provisions of Articles 2412(V) and 2421 and other applicable of the Federal Civil Code.

  

	7.4	Conclusive Proof 

 AS
BETWEEN LESSEE AND LESSOR IN ITS CAPACITY AS OWNER AND LESSOR OF THE AIRCRAFT, DELIVERY BY LESSEE TO LESSOR OF THE ACCEPTANCE CERTIFICATE WILL BE CONCLUSIVE PROOF THAT LESSEE’S TECHNICAL EXPERTS HAVE EXAMINED AND INVESTIGATED THE AIRCRAFT AND
ENGINES AND (a) EACH IS AIRWORTHY AND IN GOOD WORKING ORDER AND REPAIR AND (b) THE AIRCRAFT AND ENGINES AND THE AIRCRAFT DOCUMENTATION ARE WITHOUT DEFECT (WHETHER OR NOT DISCOVERABLE AT DELIVERY) AND IN EVERY WAY SATISFACTORY TO LESSEE.

  

	7.5	No Lessor Liability for Losses 

 Lessee agrees that Lessor will not be liable to Lessee, any sublessee or any Person, whether in contract or tort and however arising, for any cost, loss or damage (consequential or otherwise) arising out
of the condition of the Aircraft, during the Lease Term whether or not due in whole or in part to the negligence (but not the wilful misconduct) of Lessor. 
  

	7.6	No Liability to Repair or Replace 

 Lessor will not be liable for any expense in repairing or replacing any item of the Aircraft or be liable to supply another aircraft or any item in lieu of the Aircraft or any Part thereof if the same is
lost, confiscated, damaged, destroyed or otherwise rendered unfit for use. In consideration of the foregoing and to the fullest extent applicable, Lessee hereby waives any rights in accordance with the provisions of Articles 2412(II), 2416,
2417 and 2445 and other applicable of the Federal Civil Code. 

  
 34(137)

	7.7	No Waiver 

 Nothing in
this Article 7 will be deemed to be a waiver by Lessee of any rights it may have against Manufacturer, the Engine manufacturer or any other Person other than Lessor or Lessor’s Lender, if any. 

  
 35(137)

	8.	MANUFACTURERS’ AND VENDORS’ WARRANTIES 

  

	8.1	Warranties 

 With effect
from the Delivery Date Lessor assigns to Lessee for the duration of the Lease Term and provided no Event of Default exists at any relevant time, the benefit of all assignable warranties by Manufacturer and the Engine manufacturer in relation to the
Aircraft given to Lessor pursuant to the Warranties Assignments. 
  

	8.2	Reassignment 

 On the
Termination Date, the benefit of any warranty assigned by Lessor to Lessee pursuant to Article 8.1 will be reassigned automatically to Lessor or its designee (such reassignment shall be without prejudice to Lessee’s rights in respect of
any claims made by Lessee during the Lease Term and which are pending on the Termination Date). Lessee’s rights under such warranties (including Lessee’s claims and rights to payment thereunder) will revert to Lessor during any period in
which an Event of Default is continuing. Similarly, any additional warranties received by Lessee from Manufacturer, Engine manufacturer and any other vendor or repair facility for work performed on the Aircraft, Engine or any Part during the Lease
Term will, to the extent such warranties are assignable, be automatically assigned by Lessee to Lessor or its designee on the Termination Date (such assignment shall be without prejudice to Lessee’s rights in respect of any claims made by
Lessee during the Lease Term and which are pending on the Termination Date). Lessee at its own cost and expense will do all such things and execute such documents as may be reasonably required for these purposes. 

 

	8.3	Warranty Claims 

 Lessee
will diligently and promptly pursue any valid claims it may have against Manufacturer and others under such warranties with respect to the Aircraft and at Lessor’s request from time to time keep Lessor informed of any such actions. Lessee shall
at all times inform Lessor of any such actions without requiring prior request from Lessor when any such claims are for amounts exceeding *****. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 36(137)

	9.	OPERATION OF AIRCRAFT 

  

	9.1	Costs of Operation 

Lessee will pay all costs incurred in the operation of the Aircraft during the Lease Term and until the Termination Date, for profit or
otherwise, including the costs of flight crews, cabin personnel, fuel, oil, lubricants, maintenance, insurance, storage, landing and navigation fees, airport charges, passenger service and any and all other expenses of any kind or nature, directly
or indirectly, in connection with or related to the use, movement and operation of the Aircraft. The obligations, covenants and liabilities of Lessee under this paragraph arising prior to return of the Aircraft to Lessor will continue in full force
and effect, notwithstanding the termination of this Lease or expiration of the Lease Term. 
  

	9.2	Compliance with Laws and Insurance 

 Lessee agrees throughout the Lease Term and until the Termination Date to maintain operational control of the Aircraft, subject to any approved sublease, and use the Aircraft in accordance with applicable
Laws of the State of Registration and of any country, state, territory or municipality into or over which Lessee may operate. Lessee will not employ, suffer or cause the Aircraft to be used in any business which is forbidden by Law or in any manner
which may render it liable to condemnation, destruction, seizure, or confiscation by any authority. Lessee will not permit the Aircraft to fly to any airport or country which is located in or is a Prohibited Country or which would cause Lessee,
Lessor or Lessor’s Lender to be in violation of any Law applicable to either of them or the Aircraft. Further, Lessee will not permit the Aircraft to fly in or to any area of the world excluded from insurance coverage, other than as a result of
any mechanical, climatic or other events beyond Lessee’s control and as a result of which renders the same necessary in order to preserve and protect the Aircraft, passengers or crew members, provided that Lessee removes the Aircraft from such
jurisdiction immediately after such circumstances shall have ceased to exist. 
  

	9.3	Training 

 Lessee will not
use the Aircraft for testing or for training of flight crew members other than crew members of Lessee and will not use the Aircraft for training any more than it utilizes for training the other aircraft in its fleet. 

 

	9.4	No Violation of Insurance Policies 

 Lessee will not use or permit the Aircraft to be used in any manner or for any purpose which is not covered by the insurance policies Lessee is required to carry and maintain as set forth in this Lease.
Lessee will not carry any goods of any description, the carriage of which is prohibited by or would invalidate or 

  
 37(137)

 
otherwise limit coverage by such policies or do any other act or permit to be done anything which could be reasonably expected to invalidate or limit any such insurance which Lessee is required
to carry and maintain as set forth in this Lease. 
  

	9.5	Flight and Airport Charges 

  

	9.5.1	Lessee will pay promptly when due all Airport Charges and Air Navigation Charges and any and all charges payable by Lessee for the use of or for services provided at
any airport, in respect of the Aircraft or to the extent any failure to pay the same in respect of any other aircraft operated by Lessee would reasonably be expected to give rise to a result in a Security Interest over the Aircraft, in respect of
any other aircraft of Lessee, and will indemnify and hold Lessor and other Indemnitees harmless in respect of the same. This indemnity will continue in full force and effect notwithstanding the termination or expiration of the Lease Term for any
reason or the return of the Aircraft. 

  

	9.5.2	If requested by Lessor, Lessee will promptly provide Lessor with a list of the airports to which Lessee regularly operates the Aircraft or its other aircraft, and
evidence, in form and substance reasonably satisfactory to Lessor, to confirm the status of Lessee’s payments to any airport, other aviation authority or airport or creditor claiming rights on the Aircraft for the Aircraft and its other
aircraft. 

  
 38(137)

	10.	SUBLEASES 

  

	10.1	No Sublease without Lessor Consent 

 LESSEE WILL NOT SUBLEASE OR PART WITH POSSESSION OF THE AIRCRAFT (EXCEPT AS OTHERWISE PROVIDED IN THIS ARTICLE 10 OR FOR MAINTENANCE, MODIFICATION, TESTING AND REPAIR IN ACCORDANCE WITH APPLICABLE
PROVISIONS HEREOF) AT ANY TIME WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR (SUCH CONSENT NOT TO BE UNREASONABLY WITHHELD OR DELAYED). 
  

	10.2	Lessor Costs 

 Lessee will
indemnify Lessor on demand for all reasonable costs and expenses (including reasonable legal fees) incurred in connection with Lessor’s assessment of any subleasing proposal (whether or not Lessor’s consent to such sublease is ultimately
given provided that such consent is not unreasonably withheld) and implementation of the sublease. 
  

	10.3	Prohibited Countries 

 No
sublease will be permitted to any sublessee headquartered in, or having a principal place of operations in a Prohibited Country. 
  

	10.4	Approved Subleases 

Notwithstanding anything herein to the contrary, and subject to receipt by Lessor of prior written notice from Lessee, Lessee may sublease
the Aircraft to TACA International Airlines, S.A. (“TACA”) under a sublease agreement, provided that such agreement meets the requirement of this Article 10 and provided further that no less than the current equity
participation of TACA in Lessee subsists. Such sublease to TACA may allow TACA to sub-sublease the Aircraft to one or more of the following affiliates: TACA Costa Rica, S.A., Trans American Airlines, S.A. d.b.a. TACA Perú, Lineas Aereas
Costarricenses, S.A. and/or AVIATECA, S.A. (each a “Multiparty Sublessee”) under a sublease or multiparty sublease agreement (“Multiparty Sublease”), provided that such agreement meets the requirements of this
Article 10, and provided further that at all times during the term of such agreement, each of the relevant Multiparty Sublessees shall be affiliated with and remain under the operational control of TACA. 

No sublease (including any sublease to TACA and any Multiparty Sublease) may allow for the pre-payment of rent payable under any sublease
or Multiparty Sublease to Lessee as sublessor thereunder, unless such rent has been assigned to Lessor or Lessor’s Lender as security in conformity of Article 10.5. 

  
 39(137)

 Any sublease approved by Lessor (including any sublease to TACA and any Multiparty Sublease)
will be for a term no greater than the remaining Lease Term. The applicable sublease agreement (including any sublease to TACA and any Multiparty Sublease) will be consistent with this Lease and shall contain provisions consistent with this Lease
protecting Lessor’s title to the Aircraft, the Security Interest of any Lessor’s Lender and Lessor’s interest in this Lease, providing appropriate Lessor and Lessor’s Lender disclaimers and indemnities, regarding the maintenance
and repair standards for the Aircraft and concerning the insurances which will be carried by or for the benefit of the sublessee or Multiparty Sublessee and the circumstances which constitute a Total Loss of the Aircraft. Any such sublease or
Multiparty Sublease will be subject and subordinate to this Lease and to its effectiveness and should be terminated upon termination of this Lease for any reason whatsoever. For the avoidance of doubt, the parties agree that the subrogation
described in Article 2482 of the Federal Civil Code shall not be applicable. 
 Lessor will have an opportunity to review
any proposed sublease agreement (including any Multiparty Sublease) reasonably in advance in order to determine that it meets the requirements of this Article 10 and this Lease. Lessor shall be entitled to receive a copy thereof and to receive
evidence of filing of the same at the Aviation Authority and at any other aviation authority or other authority or registry as required under applicable Law. Lessor may require an opinion of counsel in connection with any sublease or Multiparty
Sublease, including an opinion concerning Lessor’s right to repossess the Aircraft and enforce any judgment obtained against any sublessee or any Multiparty Sublessee in the event of an Event of Default hereunder or under the sublease or
Multiparty Sublease and to be subrogated to the rights of Lessee acting as sublessor thereunder if an Event of Default by Lessee shall occur and be continuing. Lessee will not amend the terms of any approved sublease agreement or Multiparty Sublease
without the prior written consent of Lessor, such consent not to be unreasonably withheld. 
  

	10.5	Assignment of Sublease 

Any approved sublease or Multiparty Sublease and any advanced payments received thereunder, will be assigned to Lessor or Lessor’s
Lender (as directed by Lessor) as security. Lessee will deliver a copy of the sublease or Multiparty Sublease to Lessor and make any filings necessary to protect Lessor’s or Lessor’s Lender’s Security Interest and provide evidence of
such filings to Lessor. 

  
 40(137)

	10.6	Wet Leases 

 The wet
leasing or charter of the Aircraft during the Lease Term (in which Lessee and its crews retain operational control of the Aircraft) will not be considered a sublease of the Aircraft and will be permitted without Lessor’s consent, provided that
(a) the Aircraft remains registered in the State of Registration, (b) the Aircraft will neither be based in nor operated in or to a Prohibited Country, and (c) Lessee complies with Articles 9.2 and 16.9 hereunder. 

 

	10.7	Continued Responsibility of Lessee 

 Lessee will continue to be responsible for performance of its obligations under this Lease during any period of sublease or wet lease. 

  
 41(137)

	11.	MAINTENANCE OF AIRCRAFT 

  

	11.1	General Obligation 

During the Lease Term and until the Termination Date, Lessee alone has the obligation, at its expense, to maintain and repair the
Aircraft, Engines, APU and all of the Parts (a) in accordance with the Maintenance Program, (b) in accordance with FAA FAR Part 129 (c) in accordance with the rules and regulations of the Aviation Authority, (d) in
accordance with Manufacturer’s manuals, (e) in accordance with any other regulations or requirements necessary in order to maintain a valid Certificate of Airworthiness for the Aircraft at all times during the Lease Term and upon return of
the Aircraft to Lessor for issuance of a Certificate of Airworthiness for transport category aircraft issued by the Aviation Authority and the FAA in accordance with FAA Part 21 (except during those periods when the Aircraft is undergoing
maintenance, modification or repairs as required or permitted by this Lease and to the extent in conflict with the requirements of the Aviation Authority when the requirements of the Aviation Authority shall prevail solely when such shall be more
strict or shall require the compliance of any requirements that shall not be already required by the FAA in accordance with FAR Part 129 and (f) in the same manner and with the same care as used by Lessee with respect to similar aircraft
and engines operated by Lessee. 
  

	11.2	Specific Engine Requirements 

  

	11.2.1	No Engine will remain in an unserviceable condition for more than ninety (90) days. Notwithstanding the foregoing, such period may be extended to one hundred
eighty (180) days, provided that (i) Lessee has caused the relevant Engine to be inducted into an FAA approved maintenance repair organization in a timely manner, (ii) such delay in return to serviceability is due to factors beyond
Lessee’s control, (iii) the relevant Engine is not in an unserviceable condition on the Expiration Date, and (iv) Lessee uses diligent efforts to return the Engine to a serviceable condition as soon as possible, provided that Lessee
has provided evidence of (i), (ii), to the extent applicable (iii), and (iv), all to Lessor’s reasonable satisfaction. 

  

	11.2.2	When replacing Parts in an Engine, Lessee will utilize only original equipment manufacturer parts (OEM parts). The foregoing will not apply to QEC and thrust
reverser Parts. No FAA Designated Engineering Representative (DER) repairs will be allowed on the Engines, except with Lessor’s prior written approval, which shall not be unreasonably withheld. 

 

	11.2.3	Lessee will not discriminate against the Engines with respect to Overhaul build standards and LLP replacements as compared with other engines of the same make and model
of the Engines operated by Lessee. 

  
 42(137)

	11.2.4	With respect to any Engine shop visit of an Engine, Lessee will submit to Lessor at least thirty (30) days in advance the intended work scope of such shop visit
for approval unless the shop visit is unscheduled, in which case the work scope will be submitted immediately when it becomes available to Lessee. 

  

	11.2.5	Lessee will not enter into any engine maintenance cost per flight hour, power-by-the-hour or similar agreement with the Engine manufacturer or any other Engine
maintenance facility or organization without Lessor’s prior written consent. Lessee will at its cost be responsible for performing all work necessary to meet the return conditions with respect to the Engines set forth in Article 21 even if
such work is not covered by Lessee’s engine maintenance agreement. Without limiting the foregoing, any such Engine maintenance agreement will provide that: 

 

	 	(a)	Lessor will receive and retain the monthly Engine Performance Restoration Maintenance Funds paid by Lessee until an Engine Performance Restoration Shop Visit has been
completed; 

  

	 	(b)	Lessee will pay the Engine maintenance facility directly for any Engine Overhaul and repair costs (but not for any additional work requested by Lessor); and

  

	 	(c)	Lessee will pay the Engine maintenance facility directly for any services provided by the Engine maintenance facility over and above repair of the Engines, such as
trend monitoring, spare engines or spare parts. 

 Notwithstanding the foregoing, the parties recognize that the
Engines will be subject to the fleet hour agreement between Lessee and the Engine manufacturer in effect on the Delivery Date. 
  

	11.3	Specific Obligations 

Without limiting Article 11.1, Lessee agrees that such maintenance and repairs will include but will not be limited to each of the
following specific items: 
  

	 	(a)	performance in accordance with the Maintenance Program of all routine and non-routine maintenance work; 

 

	 	(b)	incorporation in the Aircraft of all Airworthiness Directives, all alert service bulletins of Manufacturer, the Engine manufacturer and other vendors or manufacturers
of Parts incorporated on the Aircraft. It is the intent of the parties that the Aircraft will not be discriminated from the rest of Lessee’s fleet in service bulletin compliance (including method of compliance) or other maintenance matters;

  
 43(137)

	 	(c)	incorporation in the Maintenance Program for the Aircraft of a corrosion prevention and control program as recommended by Manufacturer and the correction of any
discrepancies in accordance with the recommendations of Manufacturer and its structural repair manual. In addition, all inspected areas will be properly treated with corrosion inhibitor in accordance with Manufacturer’s guidelines;

  

	 	(d)	maintaining all maintenance documents, including flight logs, in English and in such a manner as required by the FAA and the Aviation Authority;

  

	 	(e)	maintaining all historical records for on-condition, condition monitored, hard time and LLPs (including FAA Form 8130-3s) in English and in such manner as required
by the FAA and the Aviation Authority; and 

  

	 	(f)	properly documenting in such a manner as required by the Aviation Authority all repairs, Modifications and alterations and the addition, removal or replacement of
equipment, systems or components in accordance with the rules and regulations of the Aviation Authority and reflecting such items in the Aircraft Documentation and current status listings, also to include updating Manufacturer’s manuals. In
addition, all repairs to the Aircraft will be accomplished in accordance with Manufacturer’s structural repair manual (or FAA approved data supported by an Airbus Repair Approval Sheet (RAS) or equivalent). All Modifications and alterations
will also be accomplished in accordance with FAA approved data supported by a Design Organisation Approval or equivalent. 

  

	11.4	Replacement of Parts 

  

	11.4.1	Lessee, at its own cost and expense, will promptly replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged
beyond repair or rendered unfit or beyond economical repair for use for any reason. In the ordinary course of maintenance, service, repair, overhaul or testing, Lessee may remove any Part provided that Lessee replaces such Part as promptly as
practicable. All replacement Parts will (a) be owned by Lessee free and clear of all Security Interests (except Permitted Liens) (or, if not owned by Lessee, Lessee guarantees to Lessor such title and clearance of all Security Interests),
(b) be in airworthy condition and of at least equivalent model, service bulletin and modification status and have a value and utility at least equal to the Parts replaced, assuming such replaced Parts were in the condition and repair required
to be maintained by the terms hereof and (c) have a current “serviceable tag” (FAA 8130-3 or equivalent) of the manufacturer or maintenance facility providing such items to Lessee, indicating that such Parts are new, serviceable or
Overhauled. 

  
 44(137)

	11.4.2	All Parts removed from the Airframe, any Engine or the APU will remain the property of Lessor and subject to this Lease no matter where located, until such time as such
Parts have been replaced by Parts (which have been incorporated or installed in or attached to the Airframe, such Engine or the APU) which meet the requirements for replacement Parts specified above and title to such replacement Parts has
passed to Lessor under the Laws of the State of Registration and the lex situs. To the extent permitted by the Laws of the State of Registration and the lex situs it is the intent of Lessor and Lessee that without further act and immediately upon
any replacement Part becoming incorporated, installed or attached to the Airframe, an Engine or the APU as above provided, (a) title to the removed Part will thereupon vest in Lessee, free and clear of all rights of Lessor and Lessor’s
Liens, (b) title to the replacement Part will thereupon vest in Lessor free and clear of all rights of Lessee and (c) such replacement Part will become subject to this Lease and be deemed to be a Part hereunder to the same extent as the
Parts originally incorporated or installed in or attached to the Airframe, such Engine or the APU. 

  

	11.5	Removal of Engines 

  

	11.5.1	If an Engine is removed for testing, service, repair, maintenance, Overhaul work, alterations or Modifications, title to such Engine will at all times remain vested in
Lessor. 

  

	11.5.2	Lessee will be entitled to remove any of the Engines from the Aircraft and install another engine or engines on the Aircraft, provided that Lessee complies with each of
the following obligations: 

  

	 	(a)	the insurance requirements set forth in Article 16 and Exhibit C are in place; 

 

	 	(b)	Lessee ensures that the identification plates referred to in Article 13.7 are not removed from any Engine upon such Engine being detached from the Aircraft; and

  

	 	(c)	title to the Engine remains with Lessor free from all Security Interests (except Permitted Liens) regardless of the location of the Engine or its attachment to or
detachment from the Aircraft. 

  

	11.6	Installation of Engines on Other Aircraft 

 Any Engine removed from the Aircraft may be installed on another aircraft in Lessee’s fleet which utilizes engines of the same type as the Engine provided that one of the situations described in this
Article 11.6 exists: 
  

	11.6.1	Lessee or Lessor has title to such other aircraft free and clear of all Security Interests (except Permitted Liens). 

  
 45(137)

	11.6.2	All of the Creditors of Lessee of such aircraft enter into an engines cooperation, recognition of rights or similar agreement with Lessor, in form and substance
acceptable to Lessor, acting reasonably to recognize one another’s rights in the engines. Lessee will reimburse Lessor for its costs and expenses (including reasonable legal fees) in negotiating and finalizing any such agreement with Lessee and
its Creditors. 

  

	11.6.3	Such other aircraft is subject to a Creditor Agreement (but no other Security Interests except Permitted Liens) which by its terms expressly or effectively states that
such Creditor will not acquire any right, title or interest in any Engine by reason of such Engine being installed on such aircraft (such agreement may be subject to reciprocal agreements by Lessor). Lessee hereby agrees that if Lessor’s title
to an Engine is in fact divested under any such Creditor Agreement, such will be a Total Loss of such Engine and the provisions of Article 17.5 will apply. To the extent another Creditor Agreement contains such provisions, then Lessor hereby
agrees for the benefit of the Creditor of such Creditor Agreement that neither Lessor nor its successors or assigns nor any person lawfully claiming by or through Lessor will acquire or claim any right, title or interest in any engine in which
Lessee or another Creditor has an interest as a result of such engine being installed on the Airframe nor any right, title or interest in any aircraft on which an Engine may be installed. 

 

	11.7	Removal of APU 

  

	11.7.1	If the APU is removed for testing, service, repair, maintenance, Overhaul work, alterations or Modifications, title to the APU will at all times remain vested in
Lessor. 

  

	11.7.2	Lessee will be entitled to remove the APU from the Aircraft and install another auxiliary power unit on the Aircraft, provided that Lessee complies with each of the
following obligations: 

  

	 	(a)	the insurance requirements set forth in Article 16 and Exhibit C are in place; 

 

	 	(b)	Lessee ensures that the identification plates referred to in Article 13.7 are not removed from the APU; and 

 

	 	(c)	title to the APU remains with Lessor free from all Security Interests (except Permitted Liens) regardless of the location of the APU or its attachment to or detachment
from the Aircraft. 

  

	11.8	Modifications 

  

	11.8.1	 No modification, alteration, addition or removal to the Aircraft (“Modification”) expected to cost over ***** or material deviation
from the Aircraft’s original type 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 46(137)

	 	
design or configuration will be made without the prior written consent of Lessor, which consent shall not be unreasonably withheld. “Modifications” do not include Airworthiness
Directives or Manufacturer’s service bulletins or other mandatory orders required under this Lease, for compliance of which Lessor’s consent is not required. 

 

	11.8.2	Lessor may review Lessee’s proposed designs, plans, engineering drawings and diagrams, and flight and maintenance manual revisions for any proposed Modification.
If requested by Lessor, Lessee will furnish Lessor (at Lessee’s expense) with such documents in final form and any other documents required by Law, as a result of such Modification. All Modifications incorporated on the Aircraft will be
properly documented in English in the Aircraft Documentation, to include being incorporated within the applicable maintenance and operations manuals, and will be approved by the FAA and the Aviation Authority on the Termination Date.

  

	11.8.3	Notwithstanding any other provision of this Lease, no Modification will be made which has the effect of decreasing the utility or value of the Aircraft or invalidating
any warranty applicable to the Aircraft. 

  

	11.8.4	No Modification will be made by Lessee if an Event of Default exists and is continuing hereunder. 

 

	11.8.5	Unless otherwise agreed by Lessor in writing, all permanent or structural Modifications will forthwith become a part of the Aircraft and Lessee relinquishes to Lessor
all rights and title thereto. However, all temporary and non-structural Modifications will remain the property of Lessee and, at Lessor’s request (or in the event that Lessee elects to keep such Modifications) will at Lessee’s cost, be
removed from the Aircraft prior to return of the Aircraft, with Lessee restoring the Aircraft to the condition it was in prior to the Modification in a manner cosmetically acceptable to Lessor acting reasonably. Notwithstanding the foregoing, no
such removal will be permitted without Lessor’s permission during the continuance of an Event of Default hereunder and immediately upon the occurrence of an Event of Default hereunder, without the requirement of any further act or notice, all
right, title and interest in such Modifications will immediately vest in Lessor without prejudice or detriment of any outstanding obligations of Lessee, in the understanding that the vesting of rights, title and interest in such Modifications by
Lessor shall in no form be considered to be in payment of any outstanding obligations of Lessee nor in any form construed or interpreted as a conventional penalty or as a remedy for an Event of Default of Lessee. Notwithstanding the foregoing, in
absence of an Event of Default at the end of the Lease Term, title to any such temporary and non-structural Modifications will vest or, if applicable, revest in Lessee. 

 

	11.8.6	Lessor will bear no liability for the cost of Modifications of the Aircraft whether in the event of grounding or suspensions of certification, or for any other cause.

  
 47(137)

	11.9	Performance of Work by Third Parties 

 Whenever maintenance and repair work on the Aircraft or Engines will be regularly performed by a Person other than Lessee, such Person will be an FAA authorized repair station. In addition, Lessee shall
obtain Lessor’s consent to the maintenance facility that will perform “C” check maintenance on the Aircraft (such consent not to be unreasonably withheld, however, such consent is contingent upon such Person being approved by the
Aviation Authority). For the purposes hereof, and provided that Aeromantenimiento S.A. shall remain an FAA or EASA certified maintenance facility, Lessor shall be deemed to have approved the performance of any maintenance, repairs, testing,
inspections and modifications in relation to the Aircraft by such facility. 
  

	11.10	Reporting Requirements 

  

	11.10.1	Commencing with a report furnished fifteen (15) days after the end of the calendar month of the Delivery Date, Lessee will furnish to Lessor a Monthly Report in
English in the form attached hereto as Exhibit H. Each Monthly Report will be furnished within fifteen (15) days after the end of each calendar month during the Lease Term, except that the Monthly Report pertaining to the last
month(s) (or any portion thereof) of flying will be furnished to Lessor on the Termination Date. 

  

	11.10.2	Upon Lessor’s request, however not more frequently than two (2) times in any period of twelve (12) months, Lessee will provide to Lessor a Technical
Evaluation Report in English for the Aircraft in the form and substance of Exhibit I, as revised. 

  

	11.10.3	Lessee will provide Lessor with an electronic copy of all heavy maintenance or modification work, including all applicable approval certification, that has occurred on
the Aircraft as soon as practicable after the event, but no later than three (3) months after such work has been accomplished. 

  

	11.10.4	From time to time, Lessee will provide Lessor with such other technical information or documents as Lessor may reasonably request. 

 

	11.11	Lessor Rights to Inspect Aircraft 

 On reasonable notice, but not more frequently than once annually unless (i) a Default or an Event of Default has occurred and is continuing or Lessor is inspecting in order to verify cure or
correction of any such Default or Event of Default, (ii) Lessor has reason to believe that a Default or an Event of Default may have occurred, (iii) during the last twelve (12) months of the Lease Term, Lessor is actively marketing
the Aircraft for sale or reletting following the Expiration Date and has notified Lessee of the same in writing (in which case all inspections other than a follow up inspection for purposes of confirming cure of a Default with respect to such
remarketing efforts shall be a Lessor’s cost notwithstanding anything to the contrary), Lessor and/or its authorized agents or representatives will have the right to inspect the Aircraft and Aircraft Documentation, which inspection shall be
performed at Lessor’s cost unless a 

  
 48(137)

 Default or Event of Default has occurred and is continuing or is discovered during such
inspection, in which event Lessee shall pay or reimburse Lessor for such costs duly evidenced and supported promptly following demand. Lessor agrees that such requests will be coordinated with Lessee so as to cause as little practical disturbance to
Lessee’s operation, use of the Aircraft and its personnel as practically possible having due regard to Lessor’s legitimate interest as Lessor to inspect the Aircraft. Lessee agrees to cooperate with Lessor reasonably in making the Aircraft
and Aircraft Documentation available to such inspections. Lessor will have no duty to make any such inspection and will not incur any liability or obligation by reason of (and Lessee’s obligation to maintain the Aircraft at all times in the
condition required by this Lease and Lessee’s indemnity obligations pursuant to Article 15 will apply notwithstanding) not making any such inspection or by reason of any reports it receives or any reviews it may make of the Aircraft
records. Lessee shall comply with the reasonable requests of Lessor’s representatives during the course of an inspection including any request to open quick release panels or if Lessor has reason to believe that a discrepancy exists in relation
to Lessee’s maintenance obligations or the condition of the Aircraft required hereunder, open any other panels or exposing any bays, and, if required, to travel on the flight deck of the Aircraft as an observer, subject to any applicable
Regulations or insurance restrictions. 
  

	11.12	Airworthiness Directives Cost Sharing 

 Subject to the provisions of Article 12 (mutatis mutandis), in the event that an Airworthiness Directive is issued after the Delivery Date which Airworthiness Directive requires a modification
to the Aircraft which must be performed or terminated prior to the Expiration Date or within One Hundred Eighty (180) days thereafter and the cost of which is in excess of *****, Lessor shall reimburse Lessee for the portion of such cost over
***** in accordance with the following formula: 
 *****    x    (C-*****) 

Where 
 *****

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 49(137)

	12.	USE OF MAINTENANCE FUNDS 

  

	12.1	Airframe Structural Maintenance Fund 

  

	12.1.1	Lessor will contribute the full amount of the Airframe Structural Maintenance Fund pertaining to the 6Y checks upon completion or performance of a 6Y check as described
in the Maintenance Program and the rectification of any structural deficiencies resulting from such inspection. The amount to be paid by Lessor to Lessee hereunder will correspond to the full amount paid in to the Airframe Structural Maintenance
Fund (6Y Check) as of the completion date of such “6Y” Check. 

  

	12.1.2	Lessor will contribute the full amount of the Airframe Structural Maintenance Fund pertaining to both the “6Y” check and the “12Y” check upon
completion or performance of a 12Y check, provided all such checks are completed during the same maintenance visit, as described in the Maintenance Program and the rectification of any structural deficiencies resulting from such inspection. The
amount to be paid by Lessor to Lessee hereunder will correspond to the full amount paid in to the Airframe Structural Maintenance Fund (6Y Check and 12Y Check) as of the completion date of such “12Y” structural check.

  

	12.2	Engine Performance Restoration Maintenance Fund 

 Lessor will contribute from the Engine Performance Restoration Maintenance Fund applicable to an Engine at the completion of the Engine Performance Restoration Shop Visit. The amount available for
contribution hereunder will correspond to: 
  

	 	(a)	for the first Engine Performance Restoration Shop Visit for such Engine since new, ***** multiplied by the total number of Flight Hours consumed on such Engine at the
time of removal, provided that such amount has been paid by Lessee to the applicable Engine Performance Restoration Maintenance Fund as of the completion date of such Engine Performance Restoration Shop Visit; 

 

	 	(b)	for any subsequent Engine Performance Restoration Shop Visits for such Engine, the full amount paid in to the applicable Engine Performance Restoration Maintenance Fund
as of the completion date of such Engine Performance Restoration Shop Visit less any amount contributed pursuant to sub-section (a) above. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 50(137)

	12.3	Engine LLP Maintenance Fund 

 Lessor will contribute from the Engine LLP Maintenance Fund applicable to an Engine for the actual out-of-pocket materials cost without overhead, Lessee mark-up or profit associated with the replacement
of LLPs in such Engine during completed Engine Performance Restoration Shop Visits reduced by the amount of any Waste Expense, with work performed for all other causes excluded. “Waste Expense” means in respect of any LLP removed
and having a stub life in excess of ten percent (10%) of the full life of such LLP) the product of (a) the number of unused cycles on a life-limited Part at the time such life-limited Part is removed for replacement multiplied by
(b) the quotient of (i) the cost of the new replacement life-limited Part divided by (ii) the number of cycles which constitutes the approved life of such life-limited Part. Subject to Article 12.7 and excluding exchange fees and
handling, packaging and shipping charges, the amount available for contribution hereunder will be up to the amount in the Engine LLP Maintenance Fund applicable to such Engine at the time of completion of such Engine Performance Restoration Visit.

  

	12.4	APU Maintenance Fund 

Lessor will contribute the full amount of the APU Maintenance Fund for a Heavy Repair of the APU. The amount to be paid by Lessor to
Lessee hereunder will correspond to the amount paid in to the APU Maintenance Fund as of the date of completion of the Heavy Repair of the APU. 
  

	12.5	Landing Gear Maintenance Fund 

 Lessor will contribute the full amount of the Landing Gear Maintenance Fund for an Overhaul of the Landing Gear. The amount to be paid by Lessor to Lessee hereunder will correspond to the amount paid in
to the Landing Gear Maintenance Fund as of the date of completion of the Landing Gear Overhaul. 
  

	12.6	Contribution 

 Subject to
Article 26.4, Lessee will be entitled to claim the contribution of Lessor from the Maintenance Funds after the relevant work is completed and the Airframe, Engine, APU or Landing Gear has left the repair agency, by submitting evidence of
completion of the corresponding workscope and proper documentation within ninety (90) days after completion of the work. For the Airframe, proper documentation includes without limitation a list of all routine and non-routine work cards with
corresponding references to the MPD and an itemized invoice showing all labor and materials report. For both the Engines and APU, proper documentation includes without limitation a detailed description of the reason for removal, a shop teardown
report, a shop findings report, a full description of the work scope, a completed LLP status listing both prior to and after the shop visit, information whether or not credits were 

  
 51(137)

 
provided due to life remaining on any removed LLPs and the amount of any such credits. For the Landing Gear, proper documentation includes without limitation evidence detailing the labor and
material, total calendar time, hours and cycles on the Landing Gear both prior to and after the Overhaul. Additional documentation required for the Engine, APU and Landing Gear will include all back-to-birth documentation for any LLPs changed during
such Overhaul. 
  

	12.7	Contribution Adjustment 

Contribution from the Maintenance Funds will not be available for, items resulting from repairs for which Lessee has received proceeds of
insurance or payments under any applicable warranties or required as a result of an Airworthiness Directive, manufacturer’s service bulletin, non-routine or unscheduled maintenance, faulty maintenance or installation, improper operations,
misuse, neglect, accident, incident, ingestion, foreign object damage or other accidental cause (except to the extent the same results in the full restoration per the agreed criteria for reimbursement listed in each of the above-referenced items
under this Article 12), external Engine Parts including quick engine change (QEC) Parts, thrust reversers or any of their associated components. 
  

	12.8	Costs in Excess of Maintenance Funds 

 Lessee will be responsible for payment of all costs in excess of the amounts contributed hereunder. If on any occasion the balance in the Airframe Structural Maintenance Fund, Engine Performance
Restoration Maintenance Fund for a particular Engine, Engine LLP Maintenance Fund for a particular Engine, APU Maintenance Fund or Landing Gear Maintenance Fund (at the time of the structural check, in the case of the Airframe, or at the time of
removal, in the case of an Engine, the APU and the Landing Gear) is insufficient to satisfy a claim for contribution in respect of the Airframe, such Engine, the APU or the Landing Gear, as applicable, the shortfall may not be carried forward or
made the subject of any further claim for contribution. 
  

	12.9	Contribution after Termination Date and Retention of Maintenance Funds 

 Lessee may not submit any request for contribution from the Maintenance Funds after the Termination Date unless prior to such date Lessee has notified Lessor in writing that such outstanding request for
contribution will be submitted after the Termination Date and the anticipated amount together with supporting documentation pursuant to Article 12.6. So long as Lessee has provided such notice to Lessor, Lessee may then submit such satisfactory
evidence at any time within sixty (60) days after the Termination Date, provided however that Lessee may reasonably request an extension for an additional period to be agreed between Lessor and Lessee. Subject to the foregoing, any balance
remaining in the Maintenance Funds on the 

  
 52(137)

 
Termination Date will be retained by Lessor, except in case of a Total Loss of the Aircraft or the Airframe, in which case Lessor will contribute to Lessee the balance of the Maintenance Funds
held by Lessor on the Termination Date upon the payment of the Agreed Value. 

  
 53(137)

	13.	TITLE, REGISTRATION AND IDENTIFICATION PLATES 

  

	13.1	Title to the Aircraft 

Title to the Aircraft will be and remain vested in Lessor. Lessor and Lessee intend this Lease to be a “true lease”. Lessee will
have no right, title or interest in the Aircraft except as provided in this Lease. 
  

	13.2	Registration of Aircraft 

Throughout the Lease Term, Lessee shall, at its sole cost and expense (i) register and maintain the registration of the Aircraft in
the name of Lessor as owner and lessor of the Aircraft under this Lease at the aviation section of the register of aircraft maintained by the Aviation Authority in the State of Registration and, when and to the extent such shall become applicable,
at the International Registry under the terms provided by the Cape Town Convention; and (ii) from time to time take all other steps and file or cause to be filed with the Aviation Authority and/or any and all appropriate registries of property
or security interests in property any mortgage, any assignment or other similar instruments required by Law (including the Geneva Convention and the Cape Town Convention, if applicable) or as Lessor and/or Lessor’s Lender may request to
protect, preserve, maintain and perfect the rights, title and interests of Lessor and at Lessor’s cost and expense, Lessor’s Lender in and to the Aircraft, this Lease and any other document relating to the transactions contemplated herein
in the State of Registration, Mexico or in any other jurisdiction in or over which the Aircraft may be operated at any time (including, but not limited to, amending this Lease and any other document relating to the transactions contemplated herein
or taking such other action in connection herewith or therewith, as may be necessary and consistent with the business, commercial, economic and other agreements of the parties as expressed herein, to comply with the Cape Town Convention, if
applicable). Lessee shall not take any action or omit to take any action that may invalidate any such registration or otherwise prejudice the rights, title and interests of Lessor and Lessor’s Lender in and to the Aircraft, this Lease and/or
any other document relating to the transactions contemplated herein. Lessee shall provide Lessor with evidence of such registration as soon as it becomes available. Lessee shall insure that the original certificate of registration for the Aircraft
is kept on the Aircraft or, where it is permitted to be removed, in safe custody or as otherwise required by applicable Law. 
  

	13.3	Registration of this Lease 

In accordance with the requirements of the Law from time to time, Lessee at its cost and expense, except as otherwise provided herein,
will cause this Lease and any amendments, assignments, novations or agreements that are entered into by the parties in accordance with its terms to be kept, filed, recorded and 

  
 54(137)

 
refiled or rerecorded in the State of Registration and in any other jurisdiction necessary to protect Lessor’s rights and, at Lessor’s cost, Lessor’s Lender’s Security
Interest hereunder. Lessor will, at Lessee’s cost, cause this Lease to be translated into Spanish for the purpose of registering this Lease with the Aviation Authority on or prior to Delivery. 

 

	13.4	Registration of Title 

Lessee at its sole cost and expense will cause the bill of sale evidencing Lessor’s title and ownership interest in respect to the
Aircraft to be kept, filed, recorded and refiled or rerecorded in the State of Registration and in any other jurisdiction where necessary to protect Lessor’s ownership rights in respect to the Aircraft. 

 

	13.5	Registration of Security Interest 

 Lessee, at Lessor’s cost and expense, will cause any mortgage or other document creating or evidencing any Security Interest of Lessor’s Lender in respect to the Aircraft to be kept, filed,
recorded and refiled or rerecorded in the State of Registration and in any other jurisdiction necessary to protect the rights and interests of Lessor’s Lender under such Security Interest. 

 

	13.6	Evidence of Registration and Filings 

 At Delivery, Lessee will furnish to Lessor and Lessor’s Lender an opinion of counsel substantially in the form of Exhibit K hereto and other evidence satisfactory to Lessor of the
registrations and filings required to be made on or prior to Delivery. After completion of the post-Delivery requirements stipulated in Article 6.3, Lessee will furnish to Lessor any other evidence satisfactory to Lessor confirming that all
such registrations and flings have been completed. Thereafter, Lessee will furnish to Lessor and Lessor’s Lender other evidence satisfactory to Lessor of the registrations and filings required hereunder as Lessor may request from time to time.

  

	13.7	Identification Plates 

 On
the Delivery Date (or, in case of the APU, as soon as practicable thereafter), Lessee will affix, or arrange to affix, and at all times during the Lease Term maintain in a prominent position on the Airframe, each Engine and the APU fireproof metal
identification plates bearing a legible inscription stating the relevant serial number and denoting the name of (i) Lessor as owner, (ii) Lessor’s Lender as mortgagee, if applicable, and (iii) Lessee as operator. Lessee will not
allow the name of any other person to be placed on the Airframe, any Engine or the APU as a designation that constitutes a claim of ownership or a claim of any Security Interest, provided that nothing shall prohibit Lessee from placing its customary
colors and insignia on the Airframe. 

  
 55(137)

	14.	TAXES 

  

	14.1	General Obligation of Lessee 

 Except as set forth in Article 14.2, Lessee agrees to pay promptly when due, and to indemnify and hold harmless each of Lessor and Lessor’s Lender (each a “Tax Indemnitee” and
together the “Tax Indemnitees”) on a full indemnity basis from, all license and registration duties and all taxes, fees, levies, imposts, duties, charges, deductions or withholdings of any nature (including without limitation any
asset, value added, franchise, transfer, sales, gross receipts, use, business, excise, turnover, personal property, stamp or other tax, duty or benefit (aprovechamientos)) together with any assessments, penalties, fines, additions to tax or
interest thereon, however or wherever imposed (whether imposed upon Lessee, Lessor or any other Tax Indemnitee, on all or part of the Aircraft, the Engines or otherwise), by any Government Entity or taxing authority upon or with respect to, based
upon or measured by any of the following (collectively “Taxes”): 
  

	 	(a)	the Aircraft, Engines, APU or any Parts; 

  

	 	(b)	the use, operation or maintenance of the Aircraft or carriage of passengers or freight during the Lease Term and until the Termination Date; 

 

	 	(c)	this Lease, the payments due hereunder and the terms and conditions hereof; and 

 

	 	(d)	the ownership, financing, delivery, import (including duties payable in connection with the importation of the Aircraft into Mexico) or export, return, sale, payment of
Total Loss Proceeds or other disposition of the Aircraft. 

  

	14.2	Exceptions to Indemnity 

The indemnity provided for in Article 14.1 does not extend to any of the following Taxes (“Excluded Taxes”):

  

	 	(a)	Taxes imposed upon a Tax Indemnitee on the net income, capital gains, profits, turnover, gross receipts or net worth of a Tax Indemnitee or franchise or similar Taxes
imposed on a Tax Indemnitee; 

  

	 	(b)	Taxes imposed upon a Tax Indemnitee attributable solely to facts or circumstances occurring during the period prior to Delivery or after the Termination Date and return
of the Aircraft in the condition required hereunder; 

  
 56(137)

	 	(c)	Taxes imposed upon a Tax Indemnitee to the extent attributable solely to such Tax Indemnitee’s willful misconduct or breach of this Lease or any agreement,
document or instrument entered into and/or delivered in connection herewith (unless such breach was caused by an act or omission of Lessee); 

  

	 	(d)	Taxes imposed upon a Tax Indemnitee as a result of a sale, assignment, transfer or other disposition, whether voluntary or involuntary, by a Tax Indemnitee of all or
any part of its interests in the Aircraft and/or this Lease other than any such disposition arising as a result of the enforcement of any remedies by Lessor or Lessor’s Lender in connection with an Event of Default or a Total Loss;

  

	 	(e)	Taxes imposed upon a Tax Indemnitee as a result of any past, present or future activities of such Tax Indemnitee in the jurisdiction imposing any such Taxes which are
unrelated to the transactions contemplated by this Lease; 

  

	 	(f)	Taxes attributable to a Lessor’s Lien or to the extent that such Taxes would not have arisen or been assessed in the absence of a Lessor’s Lien;

  

	 	(g)	Taxes which, absent any Default by Lessee, constitute penalties, fines or interest imposed on Taxes indemnified by Lessee hereunder where the imposition of such
penalties, fines or interest is caused solely by reason of the failure of any Tax Indemnitee to file tax returns pursuant to the requirements in any relevant jurisdiction so long as such Tax Indemnitee is given notice about such filing requirement
reasonably in advance of the applicable filing deadline and such Tax Indemnitee fails to exercise reasonable diligence and file such return; 

  

	 	(h)	Taxes for which a Tax Indemnitee has received full payment under any other provision of this Lease; 

 

	 	(i)	Taxes which are not yet due or are being contested in good faith by appropriate proceedings, during the pendency of such proceedings; and 

 

	 	(j)	Taxes or additional or incremental Taxes to the extent the same are attributable to the failure of a Tax Indemnitee to give timely notice of a claim under this
Article 14 and/or to take timely action in contesting or permitting the contest of any such Tax which may be contested by such Tax Indemnitee or, in accordance with this Article 14, Lessee if required to take such action, but only if such
failure precludes or prejudices a contest of the relevant Tax(es). 

  
 57(137)

	14.3	After Tax Basis 

 The
amount which Lessee is required to pay with respect to any Taxes indemnified against under Article 14.1 is an amount sufficient to restore the affected Tax Indemnitee on an after tax basis to the same position in which such Tax Indemnitee would
have been if such Taxes had not been incurred. 
  

	14.4	Timing of Payment 

 Any
amount payable to a Tax Indemnitee pursuant to this Article 14 will be paid within ten (10) Business Days after receipt of a written demand therefor from such Tax Indemnitee accompanied by a written statement describing in reasonable
detail the basis for such indemnity and the computation of the amount so payable, provided, however, that such amount need not be paid by Lessee prior to the earlier of (a) the date any Tax is payable to the appropriate Government Entity or
taxing authority or (b) in the case of amounts which are being contested by Lessee in good faith by appropriate proceedings or by such Tax Indemnitee pursuant to Article 14.5, the date such contest is finally resolved. 

 

	14.5	Contests 

 If a claim is
made against a Tax Indemnitee for Taxes with respect to which Lessee is liable for a payment or indemnity under this Lease or for a “gross-up” pursuant to Article 4.8 of this Lease, such Tax Indemnitee will promptly give Lessee notice
in writing of such claim, provided, however, that such Tax Indemnitee’s failure to give notice will not relieve Lessee of its obligations hereunder except to the extent such failure materially impairs or precludes Lessee’s ability to
contest the claim or results in penalties, interest or additions to Taxes which are attributable to such delay, to the extent of such penalties, interest or additions. So long as (a) a contest of such Taxes does not involve any likelihood of
the sale, forfeiture or loss of the Aircraft or any interest therein, and (b) adequate reserves have been made or set aside in accordance with Financial Information Norms or “Normas de Información Financiera” (NIF) for such
Taxes or, if required, an adequate bond has been posted, then such Tax Indemnitee at Lessee’s written request will in good faith, with due diligence and at Lessee’s expense, contest (or permit Lessee to contest in the name of Lessee or
such Tax Indemnitee) the validity, applicability or amount of such Taxes. 
  

	14.6	Refunds 

 Upon receipt by
Tax Indemnitee of a refund of all or any part of any Taxes (including any deductions or withholdings referred to in Article 4.8) which Lessee has paid, such Tax Indemnitee will pay to Lessee the net amount of such Taxes refunded. 

  
 58(137)

	14.7	Cooperation in Filing Tax Returns 

 Lessee and the Lessor will cooperate with one another in providing information which may be reasonably required to fulfill each party’s tax filing requirements and any audit information request
arising from such filing. 
  

	14.8	Survival of Obligations 

The representations, warranties, indemnities and agreements of Lessee provided for in this Article 14 will survive the Termination
Date. 
  

	14.9	Protection 

 Each of the
Tax Indemnitees shall be entitled to all rights of ‘Lessor’ under this Article 14, mutatis mutandis, and may enforce the provisions of such article directly against Lessee, subject to the terms hereof. 

 

	14.10	Mitigation 

 If Lessee is
required to pay, indemnify against, reimburse, deduct or withhold any Taxes under this Lease, Lessor agrees, at Lessee’s request and at Lessee’s cost and expense, to use reasonable efforts to cooperate with Lessee in order to mitigate such
Taxes. 

  
 59(137)

	15.	INDEMNITIES 

  

	15.1	General Indemnity 

 Except
as set forth in Article 15.2, Lessee agrees to indemnify and hold harmless each of Lessor and Lessor’s Lender and their respective successors, permitted assigns, shareholders, members, beneficial interest owners, subsidiaries, affiliates,
trustees, directors, officers, duly appointed agents, servants, employees and designated representatives (individually an “Indemnitee” and collectively “Indemnitees”) from any and all liabilities, obligations,
losses, damages and prejudices, penalties, claims, actions, suits, costs, disbursements and expenses (including legal fees, costs and related expenses) of every kind and nature (collectively “Damages and Prejudices”), which are
imposed on, incurred by or asserted against any Indemnitee and which are in any way related to, based on or arise out of any of the following: 
  

	 	(a)	this Lease or the transactions contemplated hereby; 

  

	 	(b)	the operation, possession, use, non-use, control, leasing, subleasing, maintenance, storage, overhaul, testing or inspections of the Aircraft, any Engine, the APU or
any Part (whether by Lessee, any sublessee or any other Person) during the Lease Term and until the Termination Date (including the acceptance flights at return), whether or not the same is in compliance with the terms of this Lease, including
without limitation claims for death, personal injury, property damage, other loss or harm to any Person and claims relating to any Laws, including without limitation environmental control, noise and pollution laws, rules or regulations;

  

	 	(c)	the manufacture, design, acceptance by Lessee or any sublessee, rejection by Lessee or any sublessee, delivery to Lessee or any sublessee, return by Lessee or any
sublessee, sale arising as the direct consequence of an Event of Default, import by Lessee or any sublessee, export by Lessee or any sublessee, condition, repair, Modification, servicing, enforcement of warranties whether in Lessor’s or
Lessee’s name, customer, product support, information or training provided by Manufacturer and other vendors, airworthiness, registration, re-registration, performance, sublease, merchantability, fitness for use, substitution or replacement of
the Aircraft, an Engine, the APU or any Part under this Lease or other transfer of use or possession of the Aircraft, an Engine, the APU or any Part prior to the Termination Date, including without limitation latent and other defects, whether or not
discoverable and patent, trademark or copyright infringement; 

  

	 	(d)	the prevention or attempt to prevent the arrest, confiscation, seizure, taking in execution, impounding, forfeiture or detention of the Aircraft, or in securing the
release of the Aircraft; or 

  

	 	(e)	without duplication of amounts recovered under Article 23 hereof, as a consequence of any Default or Event of Default by Lessee or any Sublessee.

  
 60(137)

 The foregoing indemnity by Lessee is intended to include and cover any Damages and
Prejudices to which an Indemnitee may be subject (in contract, tort, strict liability or under any other theory) regardless of the negligence, active or passive or any other type, of such Indemnitee, so long as such Damages and Prejudices does not
fall within any of the exceptions listed in Article 15.2. 
  

	15.2	Exceptions to General Indemnities 

 The indemnity provided for in Article 15.1 will not extend to the following Damages and Prejudices of any Indemnitee: 
  

	 	(a)	Damages and Prejudices which result or arise from the willful misconduct or breach of any obligation, covenant, representation or warranty of such Indemnitee;

  

	 	(b)	Damages and Prejudices which result or arise from facts and circumstances which are attributable to acts or events which occur after the Termination Date and return of
the Aircraft to Lessor in the condition required hereunder, but in any such case only to the extent not attributable to acts or omissions of Lessee during the Lease Term; 

 

	 	(c)	Damages and Prejudices which result or arise from facts or circumstances occurring prior to the Delivery Date; 

 

	 	(d)	Damages and Prejudices which are representing Taxes covered by Lessee’s indemnity obligations under Article 14 hereof; 

 

	 	(e)	Damages and Prejudices which are attributable to a sale, assignment, transfer or other conveyance of any right, title or interest of an Indemnitee in or to the Aircraft
and/or this Lease, unless the same results from the existence of an Event of Default, Total Loss or the exercise of remedies by Lessor; or 

  

	 	(f)	Damages and Prejudices which constitute normal operating or overhead expenses of Lessee. 

  
 61(137)

	15.3	After Tax Basis 

 The
amount which Lessee will be required to pay with respect to any Damages and Prejudices indemnified against under Article 15.1 will be an amount sufficient to restore the Indemnitee, on an after tax basis, to the same position such Indemnitee
would have been in had such Damages and Prejudices not been incurred. 
  

	15.4	Timing of Payment 

 It is
the intent of the parties that each Indemnitee will have the right to indemnification for Damages and Prejudices hereunder as soon as a claim is made and as soon as such Damages and Prejudices are incurred, whether or not such claim is meritorious
and whether or not liability is established (but subject to Article 15.8). Lessee will pay an Indemnitee for Damages and Prejudices pursuant to this Article 15 within five (5) Business Days after receipt of a written demand therefor
from such Indemnitee accompanied by a written statement describing in reasonable detail the basis for such indemnity, unless Lessee is contesting such claim in good faith by appropriate proceedings in which case payment, if due, will be made within
five (5) Business Days of final determination of such contest. 
  

	15.5	Subrogation 

 Upon the
payment in full of any indemnity pursuant to this Article 15 by Lessee, Lessee will be subrogated to any right of the Indemnitee in respect of the matter against which such indemnity has been made. 

 

	15.6	Notice 

 Each Indemnitee
and Lessee will give prompt written notice one to the other of any liability of which such party has knowledge for which Lessee is, or may be, liable under Article 15.1, provided, however, that failure to give such notice will not terminate any
of the rights of Indemnitees under this Article 15, except to the extent a failure by an Indemnitee to provide such notice materially impairs, precludes or prejudices Lessee’s right or ability to defend and/or contest the claim giving rise
to the Indemnitee’s claim under this Article 15. 
  

	15.7	Refunds 

 Upon receipt by
an Indemnitee of a refund, insurance proceeds or other recovery of amounts which Lessee has paid pursuant to this Article 15, such Indemnitee will pay to Lessee the net amount of such amounts received. 

  
 62(137)

	15.8	Defense of Claims 

 Unless
a Default or Event of Default has occurred and is continuing, Lessee and its insurers will have the right (in each such case at Lessee’s sole expense) to investigate or, provided that Lessee (or its insurers to the extent such claim is covered
by insurance) have not reserved the right to dispute liability with respect to any insurance policies pursuant to which coverage is sought, defend or compromise any claim for which indemnification is sought pursuant to Article 15.1 and each
Indemnitee will cooperate with Lessee or its insurers with respect thereto. If Lessee or its insurers are retaining attorneys to handle such claim, such counsel must be reasonably satisfactory to the Indemnitees. If not, the Indemnitees will have
the right to retain counsel of their choice at Lessee’s expense. 
  

	15.9	Survival of Obligation 

Notwithstanding anything in this Lease to the contrary, the provisions of this Article 15 will survive the Termination Date and
continue in full force and effect notwithstanding any breach by Lessor or Lessee of the terms of this Lease, the termination of the lease of the Aircraft to Lessee under this Lease or the repudiation by Lessor or Lessee of this Lease. 

  
 63(137)

	16.	INSURANCE 

  

	16.1	Categories of Insurance 

From the Delivery Date and throughout the Lease Term and until the Termination Date, Lessee will, at its own expense, effect and maintain
in full force and effect the types of insurance and amounts of insurance (including deductibles) described in Exhibit C through reputable aviation insurance brokers and insurers as may be reasonably acceptable to Lessor in Mexico City,
London, New York or such other insurance markets as mutually agreed upon by the parties. Pursuant to Exhibit C, (i) Lessee will cause Lessor or Lessor’s Lender, as designated by Lessor, to be named as loss payee or contract
party for the Agreed Value under the hull and spares insurances required to be maintained by Lessee under the Lease and (ii) Lessee will cause Lessor, Lessor’s Lender and each Indemnitee and each of their respective successors, permitted
assigns, shareholders, members, beneficial interest owners, subsidiaries, affiliates, trustees, directors, officers, agents, servants, employees and representatives to be named as additional insureds under Lessee’s aviation and general third
party liability insurance maintained by Lessee under this Lease. 
  

	16.2	Write Back of Any Date Recognition Exclusion 

 In the event any of Lessee’s insurances (either the primary insurance or the reinsurance) contain any date recognition exclusion clause or similar clause excluding from such insurance coverage damage
to any property (including the Aircraft) or death or injury to any person on account of accidents, incidents or occurrences caused by date recognition or other Year 2000 related problems, Lessee at its cost will obtain for the benefit of itself and
Lessor the broadest write back available in the London insurance market with respect to such exclusion. 
  

	16.3	Third Party War Liability Insurance 

 Lessee will carry third party war risk liability insurance in the amount required by Exhibit C. 
  

	16.4	Installation of Third Party Engine 

 If Lessee installs an engine not owned by Lessor on the Aircraft, either (a) Lessee’s hull insurance on the Aircraft will automatically increase to such higher amount as is necessary in order to
satisfy Lessor or Lessor’s Lender’s, as applicable, requirement to receive the Agreed Value in the event of a Total Loss and the amount required by the third party engine owner or (b) separate additional insurance on such engine will
attach in order to satisfy separately the requirements of the Lessee to such third party engine owner. 

  
 64(137)

	16.5	Insurance for Indemnities 

The insurance referred to in Article 16.1 will in each case include and insure (to the extent of the risks covered by the policies)
the indemnity provisions of Article 15 and Lessee will cause Lessor and Lessor’s Lender to be named as additional insureds in respect of the coverage provided by Lessee’s Third Party Legal Liability and Products Liability insurance
for a period of two (2) years following the Termination Date. Such Policies shall be maintained in accordance with prudent industry practice for similarly situated air carriers. 

 

	16.6	Renewal 

 Prior to the
expiration or termination date of any insurance required hereunder, Lessee will provide Lessor with fax confirmation from Lessee’s insurance brokers that the insurances required hereunder have been renewed or replaced in conformity with the
provisions hereof effective as of such termination date and that a renewal Certificate of Insurance and Brokers’ Letter of Undertaking evidencing such renewal or replacement and complying with Exhibit C will be issued no later than
on the termination date of the prior certificate and furnished to Lessor within seven (7) days after such renewal. 
  

	16.7	Assignment of Rights by Lessor 

 If Lessor assigns, transfers or otherwise conveys all or any portion of its rights in or to the Aircraft or this Lease as permitted by and in conformity with the relevant provisions of this Lease, Lessee
will, upon request, procure that such Person be added as loss payee and/or additional insured under the policies effected hereunder and enjoy the same rights and insurance enjoyed by Lessor under such policies. Lessor and the other Indemnitees will
nevertheless continue to be covered by such policies for the period required hereunder. 
  

	16.8	Deductibles 

 If there is
a material adverse change in the financial condition of Lessee which Lessor reasonably believes will cause Lessee to be unable to pay the deductible upon the occurrence of a partial loss of the Aircraft or an Engine, then Lessor may upon
consultation with Lessee and its insurance brokers require Lessee at Lessee’s expense to lower its deductibles on the insurance maintained hereunder to a level which is available on commercially reasonable terms in the insurance market.

  
 65(137)

	16.9	Insurance for Wet Lease Operations 

 In the event Lessee is performing wet lease operations with the Aircraft pursuant to Article 10.6 and the wet lessee is carrying the primary passenger, baggage cargo liability insurance with respect
to the flights, then such insurance must meet the requirements of Exhibit C, including the naming of the additional insureds and the inclusion of the other endorsements set forth in Exhibit C. Moreover, Lessee will at all
times carry contingent passenger, baggage and cargo liability insurances for such flights. Prior to commencement of wet lease operations for a particular wet lessee, Lessor will receive certificates of insurance from the insurance brokers for Lessee
and, if applicable, the wet lessee evidencing such coverages if insurance for such wet lease operations is not covered under Lessee’s policies for which a Certificate of Insurance has already been delivered to Lessor. 

 

	16.10	Information 

 Lessee will
provide Lessor with any information reasonably requested by Lessor from time to time concerning the insurance required to be maintained hereunder with respect to the Aircraft or in connection with any claim being made thereunder. 

 

	16.11	Currency 

 All proceeds of
insurance pursuant to this Lease will be payable in Dollars except as may otherwise be required by applicable Law. 
  

	16.12	Grounding of Aircraft 

 If
at any time any of the insurance required pursuant to this Lease will cease to be in full force and effect, Lessee will forthwith ground the Aircraft and keep the Aircraft grounded until such time as such insurance is in full force and effect again
unless otherwise permitted by Lessor and by applicable Law except in respect of any insurance which ceases to be in effect in respect of all carriers and not specifically Lessee. 

 

	16.13	Failure to Insure 

 If at
any time Lessee fails to maintain insurance in compliance with this Article 16, Lessor will be entitled but not bound to do any of the following (without prejudice to any other rights which it may have under this Lease by reason of such
failure): 
  

	 	(a)	to pay any premiums due or to effect or maintain insurance satisfactory to Lessor or otherwise remedy such failure in such manner as Lessor considers appropriate (and
Lessee will upon demand reimburse Lessor in full for any amount so expended in that connection); or 

  

	 	(b)	at any time while such failure is continuing, to require the Aircraft to remain at any airport or (as the case may be), proceed to and remain at any airport designated
by Lessor, until such failure is remedied to Lessor’s satisfaction. 

  
 66(137)

	16.14	Reinsurance 

 Any
reinsurance will be maintained with reinsurers and brokers of international repute, commonly participating in the international aviation insurance markets and reasonably acceptable to Lessor. Such reinsurance will contain each of the following terms
and will in all other respects (including amount) be satisfactory to Lessor: 
  

	 	(a)	the same terms as the original insurance; 

  

	 	(b)	a cut through and assignment clause satisfactory to Lessor; and 

  

	 	(c)	(without prejudice to the relevant cut through clause) payment will be made notwithstanding (i) any bankruptcy, judicial recuperation, insolvency, liquidation or
dissolution of any of the original insurers and/or (ii) that the original insurers have made no payment under the original insurance policies. 

  

	16.15	Limit on Hull in favor of Lessee 

 Lessee may carry hull all risks and hull war and allied perils on the Aircraft in excess of the Agreed Value (which is payable to Lessor or Lessor’s Lender, as applicable) provided that such excess
insurance which would be payable to Lessee in the event of a Total Loss will not prejudice the insurances required herein or the recovery by Lessor’s Lender thereunder. Lessee agrees that it will not create or permit to exist any liens or
encumbrances over the insurances, or its interest therein, except as constituted by this Lease. 
  

	16.16	AVN 67B 

 Notwithstanding
the provisions of this Article 16 and Exhibits C and D hereto, for so long as it remains the general practice of air carriers to insure equipment financed or leased on the basis of the Airline Finance/Lease Endorsement AVN 67B or
its equivalent, Lessee may maintain insurances in respect of the Aircraft and this Lease which incorporate the terms and conditions of AVN 67B. To the extent any provision of AVN 67B conflicts with or is otherwise inconsistent with the requirements
of this Article 16 and Exhibits C and D hereto, then the provisions of such terms and conditions of AVN 67B shall be deemed to satisfy the relevant requirements of this Lease. 

  
 67(137)

	17.	LOSS, DAMAGE AND REQUISITION 

 Throughout the Lease Term and until the Termination Date, Lessee will bear all risk of loss, theft, damage and destruction to the Aircraft. 

 

	17.1	Definitions 

 In this
Article 17 and this Lease: 
 “Agreed Value” means *****. The Agreed Value will decrease by ***** per
annum/during the Lease Term, commencing on the first anniversary of the Delivery Date and on each corresponding month and day of each subsequent year during the Lease Term. 
 “Net Total Loss Proceeds” means the Total Loss Proceeds actually received by Lessor’s Lender following a Total Loss, less any incurred legal and other out of pocket expenses, taxes
or duties incurred by Lessor or Lessor’s Lender in connection with the collection of such proceeds. 
 “Total
Loss” means any of the following in relation to the Aircraft, Airframe, any Engine or the APU and “Total Loss Date” means the date set forth in parenthesis after each Total Loss: 

 

	 	(a)	destruction, damage beyond repair or being rendered permanently unfit for normal use for any reason (the date such event occurs or, if not known, the date on which the
Aircraft, Airframe, Engine or APU was last heard of); 

  

	 	(b)	actual, constructive, compromised, arranged or agreed total loss (the earlier of the date on which the loss is agreed or compromised by the insurers or thirty (30)
days after the date of notice to Lessee’s brokers or insurers claiming such total loss); 

  

	 	(c)	expropriation without compensation, requisition of title, confiscation, forfeiture or any compulsory sale or acquisition or other similar event (the date on which the
same takes effect); 

  

	 	(d)	sequestration, detention, seizure or any similar event for more than thirty (30) consecutive days (the earlier of the date on which insurers make payment on the
basis of a total loss or the date of expiration of such period); 

  

	 	(e)	requisition for use for more than one hundred eighty (180) consecutive days, except requisition by a Government Entity in accordance with the provisions of
Article 17.8 (the earlier of the date on which the insurers make payment on the basis of a total loss or the date of expiration of such period); 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 68(137)

	 	(f)	temporary or cautionary securement for more than sixty (60) consecutive days (the earlier of the date on which insurers make payment on the basis of a total loss
or the date of expiration of such period); 

  

	 	(g)	in the case of an Engine, the event described in Article 11.6.3 (the date on which the same takes effect). 

“Total Loss Proceeds” means the proceeds of any insurance or any compensation or similar payment arising in respect of a
Total Loss. 
  

	17.2	Notice of Total Loss 

Lessee will notify Lessor in writing within one (1) Business Day after a Total Loss Date of the Aircraft, Airframe, any Engine or the
APU. 
  

	17.3	Total Loss of Aircraft or Airframe 

 If the Total Loss of the Aircraft or Airframe occurs during the Lease Term, the following will occur: 
  

	17.3.1	After the Total Loss Date and until receipt by Lessor or Lessor’s Lender, as applicable, of the Agreed Value and receipt by Lessor of all other amounts then due
from Lessee under this Lease, Lessee will continue to pay Rent and the parties will perform all of their other obligations under this Lease. 

  

	17.3.2	On the date which is the earlier of the following dates: 

  

	 	(a)	the date on which the Total Loss Proceeds of the Aircraft or the Airframe are paid by Lessee’s insurance underwriters or brokers and 

 

	 	(b)	the date which falls ninety (90) days after the Total Loss Date, 

 Lessee will pay to Lessor, or as Lessor directs, to Lessor’s Lender, an amount equal to the Agreed Value and all other amounts then accrued and payable under this Lease. 

 

	17.3.3	Lessor will, and will procure Lessor’s Lender to, apply the Net Total Loss Proceeds and any amounts received from Lessee pursuant to Article 17.3.2 as
follows: 

  

	 	(a)	first, in discharge of any unpaid Rent and any other amounts due and unpaid up to the date of Lessor’s Lender receipt of the Agreed Value;

  

	 	(b)	second, in discharge of the Agreed Value; and 

  

	 	(c)	third, payment of the balance, if any, to Lessee. 

  
 69(137)

 Upon receipt by Lessor and Lessor’s Lender of all monies payable by Lessee hereunder,
Lessor will return to Lessee any amount of prepaid Rent paid by Lessee which pertains to the period, if any, after the Termination Date. Such Rent will be calculated as a daily amount and prorated on the basis of a thirty (30) day month.

  

	17.3.4	Upon receipt by Lessor’s Lender and Lessor of all monies payable by Lessee hereunder, this Lease will terminate except for Lessee’s obligations under
Articles 9.5, 14 and 15 which survive the Termination Date. 

 A TOTAL LOSS OF THE AIRCRAFT WILL BE DEEMED TO
HAVE OCCURRED WHEN A TOTAL LOSS OF THE AIRFRAME OCCURS EVEN IF THERE HAS NOT BEEN A TOTAL LOSS OF AN ENGINE OR THE ENGINES. 
  

	17.4	Surviving Engine(s) 

 If a
Total Loss of the Airframe occurs and there has not been a Total Loss of an Engine or Engines, then, provided no Default or Event of Default has occurred and is continuing, at the request of Lessee (subject to agreement of relevant insurers) and on
receipt by Lessor and Lessor’s Lender of all monies due under Article 17.3 and payment by Lessee of all airport, navigation and other charges on the Aircraft, if any, Lessor will transfer all its right, title and interest in the surviving
Engine(s) to Lessee’ or to Lessee’s insurers, as applicable, but without any responsibility, condition or warranty on the part of Lessor other than as to freedom from any Lessor’s Lien. 

 

	17.5	Total Loss of Engine and Not Airframe 

  

	17.5.1	Upon a Total Loss of any Engine not installed on the Airframe or a Total Loss of an Engine installed on the Airframe not involving a Total Loss of the Airframe, Lessee
will replace such Engine as soon as reasonably practicable by duly conveying to Lessor title to another engine from Lessee (or another Person) (a) free and clear of all Security Interests (except Permitted Liens), (b) in airworthy
condition and of the same or improved model, service bulletin and modification status and having a value and utility at least equal to the Engine which sustained the Total Loss, considering also the age of the engine, and (c) in the same or
better operating condition as the Engine which sustained a Total Loss, including time in service, Flight Hours and Cycles since new and Flight Hours and Cycles available to the next inspection, Overhaul or scheduled or anticipated removal and the
thrust rating at which any modules have been operated. Such replacement engine will be an “Engine” as defined herein and the Engine which sustained such Total Loss will cease to be an “Engine.” For the avoidance of doubt, in the
event that the Engine that sustained the Total Loss shall be replaced by an Engine of similar or better condition as described above, the available amounts in the Engine Performance Restoration Maintenance Fund originally for the Engine that
sustained the Total Loss shall “carry over” and be applicable in accordance with the terms of this Lease for maintenance of the replacement engine as if such had been the original Engine. 

  
 70(137)

	17.5.2	Lessee agrees at its own expense to take such action as Lessor may request in order that any such replacement engine becomes the property of Lessor and is leased
hereunder on the same terms as the destroyed Engine. Lessee’s obligation to pay Rent will continue in full force and effect, but an amount equal to the Net Total Loss Proceeds received by Lessor with respect to such destroyed Engine will,
subject to Lessor’s right to deduct therefrom any amounts then due and payable by Lessee under this Lease, be paid to Lessee. 

  

	17.6	Total Loss of APU 

  

	17.6.1	Upon a Total Loss of the APU when not installed on the Airframe or a Total Loss of the APU while installed on the Airframe not involving a Total Loss of the Airframe,
Lessee will replace such APU as soon as reasonably possible by duly conveying to Lessor title to another auxiliary power unit (a) free and clear of all Security Interests (except Permitted Liens) of any kind or description, (b) in
airworthy condition and of the same or improved model, service bulletin and modification status and having a value and utility at least equal to the APU which sustained the Total Loss, (c) not older (by reference to serial number or manufacture
date) than the APU delivered by Lessor to Lessee with the Aircraft on the Delivery Date and (d) in the same or better operating condition as the APU which sustained the Total Loss, including time in service, Flight Hours and Cycles since new
and Flight Hours and Cycles available to the next inspection, Overhaul or scheduled or anticipated removal. Such replacement auxiliary power unit will be the “APU” as defined herein and the auxiliary power unit which sustained such Total
Loss will cease to be the “APU.” For the avoidance of doubt, in the event that the APU that sustained the Total Loss shall be replaced by an APU of similar or better condition as described above, the available amounts in the APU
Maintenance Fund originally for the APU that sustained the Total Loss shall “carry over” and be applicable in accordance with the terms of this Lease for maintenance of the replacement APU as if such had been the original APU.

  

	17.6.2	Lessee agrees at its own expense to take such action as Lessor may request in order that any such replacement APU becomes the property of Lessor and is leased hereunder
on the same terms as the destroyed APU. Lessee’s obligation to pay Rent will continue in full force and effect, but an amount equal to the Net Total Loss Proceeds received by Lessor with respect to such destroyed APU will, subject to
Lessor’s right to deduct therefrom any amounts then due and payable by Lessee under this Lease, be paid to Lessee. 

  
 71(137)

	17.7	Other Loss or Damage 

  

	17.7.1	If the Aircraft or any Part thereof suffers loss or damage not constituting a Total Loss of the Aircraft or the Airframe or any Engine or the APU, all the obligations
of Lessee under this Lease (including payment of Rent) will continue in full force. 

  

	17.7.2	In the event of any loss or damage to the Aircraft or Airframe which does not constitute a Total Loss of the Aircraft or the Airframe, or any loss or damage to an
Engine or the APU which does not constitute a Total Loss of such Engine or the APU, Lessee will at its sole cost and expense fully repair the Aircraft, Engine or APU in order that the Aircraft, Engine or APU is placed in an airworthy condition and
substantially the same condition as it was prior to such loss or damage. Lessee will notify Lessor forthwith of any loss, theft or damage to the Aircraft for which the cost of repairs is estimated to exceed *****, together with Lessee’s
proposal for carrying out the repair, Lessor will so notify Lessee within two (2) Business Days after its receipt of such proposal. Lessee and Lessor will then consult with Manufacturer and Lessee and Lessor agree to accept as conclusive, and
be bound by, Manufacturer’s directions or recommendations as to the manner in which to carry out such repairs. If Manufacturer declines to give directions or recommendations, Lessee will carry out the repairs in accordance with the directions
of Lessor. 

  

	17.7.3	To the extent that any insurance proceeds received by Lessee from its insurers do not cover the cost of repair work on the Aircraft in accordance with this
Article 17.7 and Lessor or Lessor’s Lender has received additional insurance proceeds from Lessee’s insurers with respect to such repair work, Lessor will (subject to Lessor’s right to deduct therefrom any amounts then due and
payable by Lessee under this Lease on account of an Event of Default and submission by Lessee of documentation in support of such excess repair costs) procure that such insurance proceeds received by Lessor or Lessor’s Lender are paid to Lessee
as and when such repair work is performed on the Aircraft. 

  

	17.8	Government Requisition 

If the Aircraft, Airframe, any Engine or the APU is requisitioned for use by any Government Entity, Lessee will promptly notify Lessor of
such requisition. All of Lessee’s obligations hereunder will continue as if such requisition had not occurred. So long as no Default or Event of Default has occurred and is continuing, all payments received by Lessor or Lessee from such
Government Entity will be paid over to or retained by Lessee. If a Default or Event of Default has occurred and is continuing, all payments received by Lessee or Lessor from such Government Entity may be used by Lessor to satisfy any obligations
owing by Lessee. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 72(137)

	17.9	Temporary or Cautionary Detention or Securement 

 If the Aircraft, Airframe, any Engine or the APU or any other Part is secured by the order of any administrative, judicial or labor authority, Lessee will promptly notify Lessor of such detention or
securement and all of Lessee’s obligations hereunder will continue as if such detention or securement had not occurred. Lessee shall at its sole cost and expense conduct all actions, and take all steps as may be necessary or desirable before
any administrative and judicial authorities or entities including assisting Lessor as it shall be necessary in the filing and defense of a terceria or any similar or equivalent procedure or judicial incident in order to promptly remove such
detention or securement and to demonstrate the ownership rights of Lessor in respect to the Aircraft, the Airframe any Engine or the APU or any other Part. 

  
 73(137)

	18.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSEE 

  

	18.1	Representations and Warranties 

 Lessee represents and warrants that it has the free and unconditioned intention to enter into the terms of this Lease and it further represents and warrants the following to Lessor as of the date of
execution of this Lease and as of the Delivery Date: 
  

	18.1.1	Corporate Status. Lessee is a company duly formed, validly existing and in good standing under the Laws of Mexico. It has the power and authority, corporate or
otherwise, to carry on its business as presently conducted and to perform its obligations hereunder. 

  

	18.1.2	Capacity of Representatives. Lessee’s representatives have been vested with the sufficient capacities to enter into this Lease and to cause Lessee to be
obligated by and subject to the terms of this Lease and such capacities have as of this date not been revoked, modified or limited in any form. 

  

	18.1.3	Governmental Approvals. Except for such approvals and permits that Lessee has already obtained and for such filings that Lessee has already conducted in
accordance with this Lease, no other authorization, approval, consent, license or order of, or registration with, or the giving of notice to the Aviation Authority or any other Government Entity is required for the valid authorization, execution,
delivery and performance by Lessee of this Lease or Lessee’s obligations hereunder. 

  

	18.1.4	Binding. Lessee has all necessary authority and approvals to enter into and perform its obligations under each of the Operative Documents. This Lease and the
other Operative Documents have been duly executed and delivered by Lessee through its duly authorized representatives and represent the valid and binding obligations of Lessee, enforceable in accordance with their terms except as enforceability may
be limited by concurso mercantil, bankruptcy, judicial recuperation, insolvency, reorganization or other Laws of general application affecting the enforcement of creditors’ rights. 

 

	18.1.5	No Breach. The execution and delivery of the Operative Documents, the consummation by Lessee of the transactions contemplated herein and compliance by Lessee
with the terms and provisions hereof do not and will not contravene any Law applicable to Lessee, or result in any breach of or constitute any default under or result in the creation of any Security Interest upon any property of Lessee, pursuant to
any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, bank loan or credit agreement, corporate charter, bylaw or other agreement or instrument to which Lessee is a party or by which Lessee or its properties or assets
may be bound or affected. 

  
 74(137)

	18.1.6	Filings. Except for the filings conducted by Lessee in accordance with Section 13 of this Lease, no filing or recording of any instrument or document
(including the filing of any financing or similar statement or mortgage) is necessary under the Laws of the State of Registration in order to preserve, protect and perfect all of the right, title and interest of Lessor and each Lessor’s Lender
in the Aircraft and this Lease and for this Lease to constitute a valid, binding and perfected lease of record relating to the Aircraft. 

  

	18.1.7	Translation or Notarization. Except for the Spanish translation of the Lease and any other Operative Documents which needs to be made by a translation expert
listed as such by the Superior Tribunal of Justice of the Federal District of Mexico or by the Council of the Federal Judicature and which are required to be filed in Mexico as provided in Section 13 of this Lease and which will be required for
any applicable purpose conducted before any administrative or judicial authorities in Mexico, and except for the signatures of the parties that will accordingly need to be ratified by a Mercantile Broker or Notary Public, in Mexico, neither the
Lease nor any other Operative Document needs to be translated, notarized, legalized, apostilled or consularized as a condition to the legality, validity, filing, enforceability or admissibility in evidence thereof. 

 

	18.1.8	Licenses. Lessee holds all licenses, certificates and permits from applicable Government Entities in Mexico for the conduct of its business as a certificated air
carrier and performance of its obligations under this Lease. 

  

	18.1.9	No Suits. There are no suits, arbitrations or other proceedings pending or to Lessee’s knowledge threatened before any court or administrative agency
against or affecting Lessee which, if adversely determined, would have a material adverse effect on Lessee’s ability to perform its obligations hereunder. 

 

	18.1.10	No Restrictions on Payments. To the extent that the payment obligations of Lessee shall be required to be complied outside of Mexico, under the Laws of Mexico,
nothing prevents Lessee from making payments required by this Lease in the currency of payment required pursuant to this Lease. 

  

	18.1.11	Import Duties. Lessee shall have paid prior to Delivery, all import duties, if any, and any other Taxes and costs that may be payable in connection with the
importation and/or customs clearance of the Aircraft into Mexico and shall have obtained from the Customs Authority and shall maintain in force the importation petition (pedimento) or the corresponding authorization from the Customs
Authorities required to be obtained and/or maintained in order to permit the import of the Aircraft into Mexico and to obtain the benefit of any and all exemptions from payment of or reductions in import duties with which it shall comply for the
duration of this Lease in accordance with the term permitted by the corresponding exemptions or temporary importation regimes contemplated in the Customs Law of Mexico. 

  
 75(137)

	18.1.12	General Obligations. The obligations of Lessee under this Lease are direct, general and unconditional obligations of Lessee and rank or will rank at least pari
passu with all other present and future unsecured and unsubordinated obligations (including contingent obligations) of Lessee, with the exception of such obligations as are mandatorily preferred by Law. 

 

	18.1.13	No Sovereign Immunity. Lessee, under the Laws of Mexico or of any other jurisdiction affecting Lessee, is subject to private commercial law and suit. Neither
Lessee nor its properties or assets is entitled to sovereign immunity under any such Laws. Lessee’s performance of its obligations hereunder constitutes commercial acts done for commercial purposes. 

 

	18.1.14	Tax Returns. All returns required to be completed and delivered by Lessee have been delivered by Lessee to all relevant taxation authorities in the jurisdiction
of its incorporation and any other relevant jurisdiction and Lessee has paid or caused to be paid any and all Taxes due and payable to such taxation authorities other than such Taxes as are being contested by Lessee in good faith by appropriate
proceedings and in respect of which adequate reserves have been made or set aside by Lessee in accordance with the Financial Information Norms “Normas de Información Financiera” (NIF) applicable to Lessee or as required by Law and
which proceedings do not involve any risk of loss, seizure, securement (cautionary, temporary or otherwise), forfeiture or confiscation of the Aircraft nor the imposition of any civil or criminal penalty on Lessor, Lessee or any Lessor’s
Lender. 

  

	18.1.15	No Party to Labor Proceedings. Lessee is not a party to any labor proceedings and shall immediately notify Lessor in respect to any labor related conflict
existing between Lessee and its workers, with the understanding that by being the property of the Lessor, neither the Aircraft, the Airframe, any Engine, the APU nor any Part thereof can be subject of securement, trusteeship, deposit, lien,
invasion, or seizure by the workers whether or not such act is the result of an order from the competent labor authorities, and Lessee shall immediately take all steps to defend and promptly release the Aircraft, the Airframe, any Engine, the APU or
any Part thereof from any such securement, trusteeship, deposit, lien, invasion or seizure. 

  

	18.1.16	No Material Adverse Effect. Lessee is not in default under any agreement to which it is a party or by which it may be bound which would have a material adverse
effect on Lessee’s ability to perform its obligations hereunder. 

  

	18.1.17	 No Default or Event of Default under this Lease. At the time of execution of this Lease, no Default or Event of Default has occurred and is
continuing and the financial statements provided to Lessor pursuant to Article 20 have been 

  
 76(137)

	 	
prepared in accordance with Financial Information Norms “Normas de Information Financiera” (NIF), and fairly present the financial condition of Lessee with respect to the period covered
thereby. 

  

	18.1.18	Solvency and Licit Origin of Funds. Lessee is solvent and the monies with which it shall fulfill its payment obligations under this Lease shall be owned by the
Lessee and obtained from licit sources. 

  

	18.1.19	Compliance with Laws. On the date of execution of this Lease and throughout the duration of the same, Lessee shall be in compliance with (i) all obligations
binding upon Lessee arising from any material agreements to which it shall be a party; and (ii) all Laws applicable to Lessee. 

  

	18.1.20	Sufficiency of Information. All information and documentation provided by Lessee to Lessor under this Lease is true and correct in all respects, and such
information does not fail to state any material fact which failure would render such information misleading. 

  

	18.1.21	Insurance. Lessee is in compliance with any requirements under the Purchase Agreement to carry insurance in connection with Lessor’s assignment of
Manufacturer’s warranties and product support to Lessee. 

  

	18.2	Covenants 

 Lessee
covenants to Lessor that it will comply with the following obligations throughout the Lease Term: 
  

	18.2.1	Import Duties. Upon Lessor’s request, but not more frequently than once a year unless a Default or Event of Default has occurred and is continuing Lessee
will provide documentary evidence in form and substance satisfactory to Lessor that any import duties or Taxes have been paid to, are not applicable or have been exempted by the relevant Government Entities. 

 

	18.2.2	Licensing. Lessee will hold all licenses, certificates and permits from applicable Government Entities in Mexico required for the conduct of its business as a
certificated air carrier and performance of its obligations under this Lease. Lessee will advise Lessor within one (1) Business Day in the event any such licenses, certificates or permits are cancelled, terminated, revoked or not renewed.

  
 77(137)

	18.2.3	Payments. If at any time any restrictions may be applicable, Lessee will obtain all certificates, licenses, permits, exemptions and other authorizations which
are from time to time required for the making of the payments required by this Lease on the dates and in the amounts and currency which are stipulated herein, and will maintain the same in full force and effect for so long as the same are required.

  

	18.2.4	Sovereign Immunity. Lessee, under the Laws of Mexico or of any other jurisdiction affecting Lessee, will continue to be subject to private commercial law and
suit. Neither Lessee nor its properties or assets will be entitled to sovereign immunity under any such Laws. Lessee’s performance of its obligations hereunder will constitute commercial acts done for commercial purposes. Lessee will advise
Lessor promptly of any change in the foregoing. 

  

	18.2.5	Information about Suits. Lessee will promptly give to Lessor notice in writing of any suit, arbitration or proceeding before any court, administrative agency or
Government Entity which, if adversely determined, would materially and adversely affect Lessee’s ability to perform under this Lease. 

  

	18.2.6	Information about Labor Proceedings. Lessee shall promptly give to Lessor notice in writing upon commencement of any labor proceedings before any board of
conciliation and arbitration, local or federal which, if adversely determined, could materially affect Lessee’s financial condition and its ability to perform under this Lease or could potentially affect any of the assets leased by Lessee,
including the Aircraft, the Airframe, any Engine, the APU or any Part thereof. Likewise, Lessee shall notify any such authorities, as applicable, upon commencement of any such proceedings or when otherwise requested by Lessor, that the Aircraft, the
Airframe, any Engine, the APU or any Part thereof are not owned by Lessee and do not conform any part of its assets. 

  

	18.2.7	Restrictions on Mergers. Except as set forth below, Lessee will not sell, convey or otherwise dispose of all or substantially all of its property and assets or
merge or consolidate with or into or be acquired by any other Person without the prior written consent of Lessor, such consent not to be unreasonably withheld. In evaluating any proposed merger, consolidation, sale or other conveyance, Lessor shall
not unreasonably withhold its consent provided that (i) no Default or Event of Default under the Lease or any other agreement between Lessee or the acquirer with Lessor or an affiliate of Lessor or Lessor’s Lender has occurred and is then
continuing or would occur as a result of the merger, consolidation, acquisition, sale or conveyance, as applicable; (ii) the surviving entity or acquirer shall have agreed in writing, in form and substance acceptable to Lessor, to assume, be
bound by and perform all obligations of “Lessee” under the Lease; and (iii) the acquirer or surviving entity shall not be domiciled or directly or indirectly owned (in whole or in part) or controlled by any individual or entity with
which Lessor is prohibited from doing business under applicable Law. 

  
 78(137)

 No consent shall be required from Lessor for any merger, consolidation, acquisition, sale or
other conveyance, if (a) Lessee shall be the surviving entity of a merger, the consolidated entity or the acquirer, as applicable and (b) the resulting entity, has, at the time of such merger consolidation, sale or conveyance and
immediately after giving effect thereto, a credit standing as good as or better than that of Lessee and a net worth at least equal to that of Lessee immediately prior to such merger, consolidation, acquisition, sale or conveyance, or (c) solely
among Lessee’s current stockholders. 
 No consent shall be required from Lessor for Lessee’s acquisition of any
interest in any corporate entity provided that such acquisition does not result in a material adverse change in the financial condition of Lessee. 
 Nothing herein shall be deemed to prevent Lessee or any affiliate of Lessee from engaging in a bona fide public offering of its securities to the general public or a private placement of any such
securities as the same may at any time or from time to time be approved by its directors or shareholders. 
  

	18.2.8	Restriction on Relinquishment of Possession. Lessee will not, without the prior consent of Lessor, deliver, transfer or relinquish possession of the Aircraft
except in accordance with the provisions of this Lease. 

  

	18.2.9	No Security Interests. Lessee will not create or agree to or permit to arise any Security Interest (other than Permitted Liens) on or with respect to the
Aircraft, title thereto or any interest therein and Lessee will forthwith, at its own expense, take all action as may be necessary to discharge or remove any such Security Interest if it exists at any time. Lessee will within twenty-four (24)
hours after becoming aware of the existence of any such Security Interest give written notice thereof to Lessor. 

  

	18.2.10	Representations to Other Parties. Lessee will not represent or hold out Lessor as carrying goods or passengers on the Aircraft or as being in any way connected
or associated with any operation of the Aircraft. 

  

	18.2.11	Corporate Purpose, Operations, Existence. Lessee shall conduct its corporate purpose in continuing and consistent form, in accordance with prudent industry
practices; it shall obtain and maintain all acts including all preservation acts that are necessary in relation with the concessions, permits, licenses or approvals that it currently holds or which it may hold in the future, within the constrains
and for the fulfillment of its corporate purpose. 

  
 79(137)

	19.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSOR 

  

	19.1	Representations and Warranties 

 Lessor represents and warrants that it has the free and unconditioned intention to enter into this Lease and it further represents and warrants the following to Lessee as of the date of execution of the
Lease and as of the Delivery Date and ALL OTHER WARRANTIES, EXPRESS OR IMPLIED HAVE BEEN WAIVED IN ACCORDANCE WITH ARTICLE 7: 
  

	19.1.1	Status. Lessor is a limited liability company, duly established, validly existing and in good standing under the Laws of Mexico. It has the power and authority,
corporate or otherwise, to carry on its business as presently conducted and to perform its obligations hereunder. 

  

	19.1.2	Capacity of Representatives. Lessor’s representatives have been vested with the sufficient capacities to enter into agreements and to cause Lessor to be
obliged and subject to the terms of this Lease and such capacities have as of this date not been revoked, modified or limited in any form. 

  

	19.1.3	Governmental Approvals. Except for the approval required from the Ministry of Finance “Secretaría de Hacienda” no authorization, approval,
consent, license or order of, or registration with, or the giving of notice to any Mexican Government Entity is required for the valid authorization, execution, delivery and performance by Lessor of this Lease. 

 

	19.1.4	Binding. This Lease and the other Operative Documents have been duly authorized, executed and delivered by Lessor and represent the valid and binding obligations
of Lessor, enforceable in accordance with their terms except as enforceability may be limited by bankruptcy, insolvency, reorganization or other Laws of general application affecting the enforcement of creditors’ rights.

  

	19.1.5	No Breach. The execution and delivery of the Operative Documents, the consummation by Lessor of the transactions contemplated herein and compliance by Lessor
with the terms and provisions hereof do not and will not contravene any Law applicable to Lessor, or result in any breach of or constitute any default under any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, bank
loan or credit agreement, corporate charter, bylaw or other agreement or instrument to which Lessor is a party or by which Lessor or its properties or assets may be bound or affected. 

  
 80(137)

	19.1.6	Title to Aircraft. On the Delivery Date Lessor will have good and valid title to the Aircraft free and clear of liens other than Lessor’s Liens.

  

	19.1.7	Net Worth. Lessor has a tangible net worth of no less than ***** on the Delivery Date. 

 

	19.2	Covenant of Quiet Enjoyment 

 With effect from the Delivery Date and throughout the Lease Term and provided that, at any relevant time, no Event of Default has occurred and is continuing hereunder, Lessor covenants and agrees that,
neither Lessor nor any Person lawfully claiming through Lessor will interfere with Lessee’s quiet, peaceful use and possession of the Aircraft under and in accordance with the terms of the Lease. Lessor further agrees that, unless at any
relevant time there shall exist an Event of Default, Lessor will procure that any Person taking title to or a Security Interest in the Aircraft granted by Lessor during the Lease Term shall provide to Lessee a covenant of quiet enjoyment similar to
that set forth in the immediately prior sentence. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 81(137)

	20.	FINANCIAL AND OTHER INFORMATION 

 Lessee
agrees to furnish each of the following to Lessor: 
  

	(a)	Quarterly Statements. As soon as practicable after the end of the first, second, and third quarterly fiscal periods in each fiscal year of Lessee, and in any
event within sixty (60) days thereafter, duplicate or copies of the following statements which can be non-audited: 

  

	 	(i)	a consolidated balance sheet of Lessee as at the end of such quarter, 

  

	 	(ii)	consolidated statements of income and retained earnings of Lessee for such quarterly period, and 

 

	 	(iii)	consolidated statements of cash flow of Lessee for the portion of the fiscal year ending with said quarter, 

all in Spanish with an English language translation promptly after the same is available. 

 

	(b)	Annual Statements. As soon as practicable after the end of each fiscal year, and in any event within one hundred twenty (120) days thereafter, of:

  

	 	(i)	a consolidated balance sheet of Lessee as at the end of such year, and 

  

	 	(ii)	consolidated statements of income and retained earnings and of cash flow of Lessee for such year, prepared in accordance with Financial Information Norms or
“Normas de Información Financiera” (NIF) (except as set forth in the auditor’s opinion) accompanied by an auditor’s report of a firm of independent certified public accountants of recognized standing in Mexico (which
report may be adverse, qualified or disclaim an opinion), 

 all in Spanish with an English
language translation promptly after the same is available. 
  

	(c)	Public Statements. Promptly after distribution, duplicate copies, accompanied with an English translation, of all reports and financial statements, which Lessee
sends or makes available to its stockholders or creditors. 

  

	(d)	Other Information. From time to time, such other information, accompanied with an English translation, as Lessor or Lessor’s Lender may reasonably request
concerning the location, condition, use and operation of the Aircraft or the financial condition of Lessee which Lessee can disclose without violating any securities or similar laws or any contractual obligation of confidentiality.

  

	(e)	 Notwithstanding the foregoing, if at any time Lessee or Lessee’s Parent shall be required to file or otherwise furnish audited financial
statements as required in (a) and (b) above to any Government Entity of the State of Registration or of the United States in connection with any public offering of securities and such

  
 82(137)

	 	
financial statements become available in compliance with applicable Law and at no charge to Lessor on the Internet, the filing or furnishing of the same by Lessee to such Government Entity shall
be deemed to satisfy the requirements of Articles 20(a) and 20(b). 

  
 83(137)

	21.	RETURN OF AIRCRAFT 

  

	21.1	Date of Return 

 Lessee is
obligated to return the Aircraft, Engines, APU, Parts and Aircraft Documentation to Lessor on the Expiration Date, unless a Total Loss of the Aircraft occurred prior to the Expiration Date and this Lease was terminated early in accordance with
Article 17.3. If an Event of Default occurs hereunder by Lessee failing to return the Aircraft on the Expiration Date or if an Event of Default occurs prior to or after the Expiration Date and Lessor repossesses the Aircraft, the return
requirements set forth in this Article 21 nonetheless must be met on the date the Aircraft is actually returned to Lessor or repossessed by Lessor. 
  

	21.2	Last Engine Shop Visits 

With respect to the last Engine shop visit of an Engine prior to return of the Aircraft, Lessee will submit to Lessor at least
thirty (30) days in advance the intended work scope of such shop visit for approval. If Lessor requests, Lessee will perform additional work at such shop visit at Lessor’s cost, provided however, that no such additional work shall require
Lessee to remove any Engine from revenue service at a date earlier than the date it would have done so in the absence of such requested additional work and further provided, that such additional work and the performance thereof will not cause a
delay in redelivery, a delay in the occurrence of the Termination Date or interfere with the relevant maintenance providers operations or completion of the required shop visit. 

 

	21.3	Technical Report 

 Six
(6) months prior to the Expiration Date (and in an updated form at return of the Aircraft), Lessee will provide Lessor with a Technical Evaluation Report in the form and substance of Exhibit I, as revised, and, in addition upon
Lessor’s request, will make copies available of: 
  

	 	(a)	drawings of the interior configuration of the Aircraft both as it presently exists and as it will exist at return; 

 

	 	(b)	an Airworthiness Directive status list; 

  

	 	(c)	a service bulletin incorporation list; 

  

	 	(d)	a complete component installed listing, to include rotable, on-condition, condition monitored, hard time and life limited component listings; 

 

	 	(e)	a complete list of Modifications and alterations, including those initiated by Lessee; 

 

	 	(f)	interior material burn certificates; 

  

	 	(g)	the Maintenance Program for the Aircraft; 

  
 84(137)

	 	(h)	the complete work scope for the checks, inspections and other work to be performed prior to return; 

 

	 	(i)	a forecast of the checks, inspections and other work to be performed within twenty-four (24) months after return of the Aircraft; 

 

	 	(j)	a list of all no charge service bulletin kits with respect to the Aircraft which were ordered by Lessee from Manufacturer or the Engine manufacturer;

  

	 	(k)	current Engine disk sheets and a description of the last shop visit for each Engine; and 

 

	 	(l)	any other data which is reasonably requested by Lessor. 

  

	21.4	Return Location 

 Lessee
at its expense will return the Aircraft, Engines, APU, Parts and Aircraft Documentation to Lessor either at Toluca Airport, Mexico or, if the TACA-Aeroman maintenance facility performs the final redelivery-related engineering work, at El Salvador
International Airport, El Salvador, or at a commercial airport in the continental U.S. mutually agreed by Lessee and Lessor, or at such other location as may be mutually agreed in writing by Lessee and Lessor. At Lessor’s request and expense
and subject to flight crew availability, Lessee will ferry the Aircraft to such location in the U.S. as Lessor may designate. 
  

	21.5	Full Aircraft Documentation Review 

 For the period commencing no later than ten (10) Business Days prior to the proposed redelivery date and continuing until the date on which the Aircraft is returned to Lessor in the condition
required by this Lease, Lessee will provide for the review of Lessor and/or its assigned representative(s) the Aircraft and all of the Aircraft Documentation in one central location with reasonable office space including reasonable access to
telephone, photocopy, fax and Internet connections at the Aircraft return location. 
  

	21.6	Copy of Lessee’s Maintenance Program 

 At return of the Aircraft and for use by Lessor only for the purpose of bridging the Aircraft from Lessee’s Maintenance Program to the maintenance program of the next operator, Lessee will provide
Lessor with a copy of such relevant portions of the Maintenance Program as are necessary for such bridging. 
  

	21.7	Aircraft Inspection 

  

	21.7.1	 During the maintenance checks performed immediately prior to the proposed redelivery and at the actual return of the Aircraft, Lessor and/or its
assigned representatives will have an opportunity to conduct a systems functional and operational inspection of the Aircraft (and other types of inspections based upon the Aircraft type, age, use and other known factors with respect to the Aircraft)
and a full inspection of the Aircraft Documentation (including records 

  
 85(137)

	 	
and manuals), all to Lessor’s satisfaction. Any deficiencies from the Aircraft return condition requirements set forth in this Article 21 will be corrected by Lessee at its cost prior
to the acceptance flight described in Article 21.7.1. 

  

	21.7.2	Immediately prior to the proposed redelivery of the Aircraft, Lessee will carry out for Lessor and/or Lessor’s assigned representatives an Aircraft acceptance
flight in accordance with Manufacturer’s standard flight operation check flight procedures or, if agreed to in writing by Lessor, in accordance with an airline acceptance flight procedure, either of which will be for the duration necessary to
perform such check flight procedures, which is expected not to exceed two (2) hours, and with a maximum of four (4) Lessor’s assigned representatives on board. Flight costs and fuel will be furnished by and at the expense of Lessee.
Any deficiencies from the Aircraft return condition requirements set forth in this Article 21 will be corrected by Lessee at its cost prior to return of the Aircraft. 

 

	21.7.3	To the extent that the ground inspection and acceptance flight extend beyond the Expiration Date other than as a result of Lessor’s or its representatives’
wilful misconduct or breach of its obligations under this Lease, the Lease Term will be deemed to have been automatically extended and the obligations of Lessee hereunder (including Article 21.14.3) will continue on a day to day basis until the
Aircraft is accepted by Lessor executing the Return Acceptance Receipt in the form of Exhibit G. 

  

	21.8	FAA or EASA Compliant 

  

	21.8.1	No later than four (4) months prior to the scheduled induction date of the Aircraft for the last maintenance visit prior to return of the Aircraft, Lessor will
notify Lessee in writing whether the Aircraft at return must be in compliance with the rules and regulations of the FAA or the EASA as set forth in this Article 21. If the cost for complying with the rules and regulations of the EASA would
exceed the cost for complying with the rules and regulations of the FAA, such excess cost shall be borne by Lessor, except any cost in relation to items that Lessee would, in the absence of Lessor’s election pursuant to this
Article 21.8.1, nonetheless be required to comply with pursuant to applicable rules and regulations of the EASA at its own cost under any other provision under this Lease. 

Absent of a written notice from Lessor as provided above, the Aircraft at return will be in compliance with the rules and regulations as
set forth under FAA FAR Part 129. 
  

	21.8.2	 In the event that Lessor requests Lessee to comply with the applicable rules and regulations of EASA for the return of the Aircraft to Lessor after the
time period specified above, Lessee hereby agrees that it will use its commercially reasonable efforts to obtain the necessary kits and materials required for such purpose. To the extent that any such kits or materials are unavailable from the
Manufacturer or the corresponding manufacturers or distributors thereof, as applicable, or in a form that shall impede the installation of such kit as required 

  
 86(137)

	 	
by EASA rules and regulations within the specified period, both parties shall negotiate in good faith for the solution of the delay or for the deferral of the corresponding kit installation, as
applicable. 

  

	21.9	Certificate of Airworthiness Matters 

 The Aircraft will possess a current standard Certificate of Airworthiness, issued by the Aviation Authority. In addition, even if Lessee must perform engineering, maintenance and repair work on the
Aircraft beyond the requirements of Article 11, the Aircraft at return must be in the condition required in order to meet the requirements for issuance of a Certificate of Airworthiness for transport category aircraft issued by the Aviation
Authority and either by the FAA in accordance with FAR Part 21 or by EASA Part 21, as applicable, and, in addition, to be immediately eligible to be placed on the operating certificate of an airline in accordance with Part 129 of the
FARs or (EASA) JAR Ops 1 or its equivalent, as applicable. 
  

	21.10	General Condition of Aircraft at Return 

  

	21.10.1	The Aircraft, Engines, APU and Parts will have been maintained and repaired throughout the Lease Term in accordance with this Lease, the Maintenance Program and the
rules and regulations of the FAA FAR Part 129, to the extent that such compliance shall not be in conflict with the equivalent rules and regulations from the Aviation Authority. 

 

	21.10.2	Aircraft Documentation (including records and manuals) will have been maintained in an up-to-date status and in the English language, in accordance with this Lease and
the rules and regulations of the Aviation Authority and either the FAA or the EASA, as applicable, and in a form necessary in order to meet the requirements of Article 21.8. If Lessee subscribes to Manufacturer’s online data access
services, Lessee must nonetheless return the Aircraft manuals with all current revisions provided by Manufacturer in CD or other format acceptable to Lessor. 

 

	21.10.3	The Aircraft will be in the same working order and condition as at Delivery (subject to the other provisions of this Article 21, reasonable wear and tear from
normal flight operations accepted), with all pilot discrepancies and deferred maintenance items cleared on a terminating action basis where terminating action has been approved. 

 

	21.10.4	The Aircraft will be airworthy (conform to type design and be in a condition for safe operation), with all Aircraft equipment, components and systems operating in
accordance with their intended use and within limits approved by Manufacturer and the Aviation Authority and either the FAA or the EASA, as applicable. 

  

	21.10.5	The Aircraft interior (including cabin and windows) and exterior will be clean and cosmetically acceptable to Lessor acting reasonably with all compartments free of
foreign objects, dirt, grease, fluids, stains, grime, cracks, tears and rips and ready to be placed into immediate commercial airline operations. 

  
 87(137)

	21.10.6	The Aircraft will be in the same configuration as at Delivery or, if Lessor agrees, in Lessee’s then-current A319 configuration applicable to the majority of its
fleet. 

  

	21.10.7	No special or unique Manufacturer, Engine manufacturer, Aviation Authority, FAA or EASA inspection or check requirements which are specific to the Aircraft or Engines
(as opposed to all aircraft or engines of their types) will exist with respect to the Airframe, Engines and Aircraft equipment, components and systems. 

  

	21.10.8	All Modifications and alterations to the Aircraft will have been accomplished in accordance with the Aviation Authority and FAA approved data. 

 

	21.10.9	The Aircraft will be returned with Lessor’s Engines and APU installed and with the same equipment as at Delivery, subject only to those replacements, additions and
Modifications permitted under this Lease. To the extent Lessee performed a Modification which cost in excess of ***** and Lessor did not approve such Modification in accordance with Article 11.8.1, Lessor may require Lessee, at Lessee’s
cost, to return the Aircraft in its original condition prior to such Modification. 

  

	21.10.10	All Airworthiness Directives which are issued prior to the date of return of the Aircraft and require compliance (either by means of repetitive inspections,
modifications or terminating action) prior to return of the Aircraft to Lessor or within One Hundred Eighty (180) days after the Termination Date will have been complied with on the Aircraft on a terminating action basis at Lessee’s cost.
Such Airworthiness Directives which do not have a terminating action, or where no terminating action is available, will be accomplished at the highest level of inspection or modification possible. 

 

	21.10.11	The Aircraft will be in compliance with Manufacturer’s Corrosion Prevention and Control Program (CPCP) specified for the model type by Manufacturer with such tasks
being accomplished no less frequently than each “C” Check interval. Also, for the avoidance of doubt, all structural sampling inspection tasks will be complied with on a ***** compliance basis and all structural sampling tasks due within
their standard respective interval as defined within the MPD will have been performed on the Aircraft by Lessee. 

  

	21.10.12	If any waivers, alternate means of compliance, dispensations, extensions or carry-overs with respect to Airworthiness Directives or other operating or maintenance
requirements are granted by the Aviation Authority or permitted by the Maintenance Program, Lessee at its sole cost and expense will nonetheless perform such Airworthiness Directives and other operating or maintenance requirements as if such waiver,
alternate means of compliance, dispensations or extensions did not exist. 

  

	21.10.13	The Aircraft will be free from any Security Interest except Lessor’s Liens and no circumstance will have so arisen whereby the Aircraft is or could become subject
to any Security Interest, including without limitation any right of detention or sale in favour of the Aviation Authority or any airport authority or any third parties including as such any current or former officers, employees, workers union of
Lessee. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 88(137)

	21.10.14	All no charge vendor and Manufacturer’s service bulletin kits received by Lessee for the Aircraft but not installed thereon will be on board the Aircraft as cargo.
All no charge vendor and Manufacturer’s service bulletin kits ordered by Lessee but not yet received will, upon receipt by Lessee, be forwarded as instructed by Lessor. At Lessor’s request, Lessee will furnish free of charge to Lessor any
kits purchased as part of Lessee’s implementation of a service bulletin on its fleet of aircraft of the same type as the Aircraft but not yet installed on the Aircraft any lost or damaged kits shall be procured, replaced and delivered to Lessor
at the cost of Lessee. 

  

	21.10.15	The Aircraft will be free of any fuel, oil, hydraulic, pneumatic or system related leaks and any damage resulting therefrom. Any repairs of system related leaks or any
damage resulting therefrom will have been performed on a permanent basis in accordance with the applicable manufacturer’s instructions. 

  

	21.10.16	The Aircraft fluid reservoirs (including oil, oxygen, hydraulic and water) will be fully serviced and in good working condition and the waste tank serviced in
accordance with Manufacturer’s instructions. Fuel tanks will be at least as full as at Delivery. 

  

	21.11	Checks Prior to Return 

Immediately prior to return of the Aircraft to Lessor, Lessee at its expense will do each of the following: 

 

	21.11.1	Have performed, by an EASA or FAA, as applicable, approved repair station the next sequential zonal, systems and structural “C” check, the corresponding lower
checks (“A” and “B” or equivalent) and all associated routine and non-routine check task items will be accomplished and no deferred, special inspection or carryover items will exist, all in accordance with the MPD, sufficient to
clear the Aircraft for operation until the next sequential zonal, systems and structural check under the MPD (“C” or its equivalent, which in any event will not be less than twenty (20) months). Lessee will also weigh the Aircraft.
Any discrepancies revealed during such inspection will be corrected in accordance with Manufacturer’s maintenance and repair manuals or EASA or FAA, as applicable, approved data. 

 

	21.11.2	Perform an internal and external corrosion inspection of those tasks required in accordance with the MPD and which are required during the “C” check being
performed prior to redelivery and correct any discrepancies in accordance with the recommendations of Manufacturer and its structural repair manual. In addition, all inspected areas will be properly treated with corrosion inhibitor as recommended by
Manufacturer. 

  

	21.11.3	 Remove Lessee’s exterior markings, including all exterior paint, by sanding the paint from the fuselage, empennage, wings and Engine cowlings, and
clean, reseal, refinish, prepare (including application of alodine or another corrosion inhibitor) and prime the surfaces to be painted, all in accordance with Manufacturer’s and paint manufacturer’s recommendations. Lessee will then
repaint the Aircraft in the next operator’s livery as specified by Lessor. If such 

  
 89(137)

	 	
next operator is not identified, Lessee will instead repaint the fuselage, empennage and Engine cowlings in white, with the wings and stabilizer repainted grey. Any painting will be accomplished
in such a manner as to result in a cosmetically acceptable (in accordance with industry practices) and uniformly smooth and aerodynamic surface. All mandatory external placards, signs and markings will be properly attached, free from damage, clean
and legible. Upon Lessor’s request, Lessee will affix at Lessor’s costs all additional placards provided by Lessor. 

  

	21.11.4	Clean the exterior and interior of the Aircraft in accordance with customary industry standards. 

 

	21.11.5	If reasonably required by Lessor, repaint by touch-up the interior of the Aircraft, including flight deck, and replace mandatory placards as necessary. Upon
Lessor’s request, Lessee will affix at Lessor’s costs all additional placards provided by Lessor. 

  

	21.11.6	All repairs to the Aircraft will have been accomplished in accordance with the Maintenance Program, Manufacturer’s structural repair manual (or EASA, French DGAC
or FAA approved data supported by Airbus Repair Approval Sheet (RAS), as applicable) for the Aircraft. All external structural repairs shall be accomplished with flush type repairs to the extent such flush repairs have been approved by the
Manufacturer, EASA or the FAA. Maximum effort to install flush type repairs will be accomplished, up to and including replacement of affected skin panels. All structural repairs will have been performed on a permanent basis (where permanent repairs
are available) in accordance with the applicable manufacturer’s instructions. If no permanent repairs are available, the repairs will be accomplished to the highest level possible. In addition, Lessee will supply to Lessor, all in form and
substance satisfactory to Lessor, (i) a repair map indicating the repairs accomplished on the Aircraft and the approved documentation used to accomplish such repairs, and (ii) a dent map, indicating all dents on the Aircraft, complete with
appropriate measurements, demonstrating that each dent is within the Manufacturer’s current structural repair manual limits, with their appropriate inspection data attached. 

 

	21.11.7	Following the successful completion of the demonstration flight performed by Lessee in accordance with Article 21.7.1 and with Lessor and/or its assigned
representatives present, Lessee will perform a full and complete hot and cold section videotape borescope on each Engine and its modules in accordance with the Engine manufacturer’s maintenance manual. 

 

	21.11.8	If the Engine historical and technical records and/or condition trend monitoring data of any Engine indicate an acceleration in the rate of deterioration in the
performance of an Engine, Lessee will correct, to Lessor’s satisfaction such conditions which are determined to be causing such accelerated rate of deterioration. 

 

	21.11.9	 With Lessor and/or its assigned representatives present, accomplish a maximum power assurance run on the Engines in accordance with the

  
 90(137)

	 	
Manufacturer’s Maintenance manual 71-00-00 Test #11, as revised, to successfully demonstrate acceptable take-off parameters. Lessee will evaluate and Lessor will review the Engine
performance details and record the Engine maximum power assurance test conditions and results on the Return Acceptance Receipt. 

  

	21.11.10	Lessee will provide evidence to Lessor’s satisfaction that the Engine historical and technical records, borescope inspection, take-off and cruise trend monitoring
from the previous sixty (60) days operation and other checks specified in Article 21.11.9 do not reveal any condition which would cause the Engines or any module to be unserviceable, beyond serviceable limits or serviceable with an
increased frequency of inspection or with calendar time, flight hour or flight cycle restrictions under the Engine manufacturer’s maintenance manual. Lessee will correct any discrepancies in accordance with the guidelines set out by the Engine
manufacturer which may be discovered during such inspection. 

  

	21.11.11	In the event the Engine historical and technical records, borescope inspection, trend monitoring and other checks specified in Article 21.11.9 and 21.11.10 result
in a dispute regarding the conformity of an Engine with the requirements of this Article 21, Lessee and Lessor will consult with the Engine manufacturer and follow the Engine manufacturer’s recommendations (including the accomplishment of
an Engine test cell operational check) with regard to determining if such Engine complies with the requirements of this Article 21 and the manner in which any discrepancies from the requirements of this Article 21 will be rectified.

  

	21.11.12	With Lessor and/or its assigned representatives present, Lessee will perform a full and complete hot and cold section videotape borescope on the APU in accordance with
the APU manufacturer’s procedures. Lessee will provide evidence to Lessor’s satisfaction that the borescope inspection does not reveal any condition which would cause the APU to be unserviceable, beyond serviceable limits or serviceable
with an increased frequency of inspection or with calendar time, flight hour or flight cycle restrictions. Lessee will correct any discrepancies in accordance with the guidelines set out by the APU manufacturer which may be discovered during such
inspection. 

  

	21.11.13	If the APU historical and technical records and/or condition trend monitoring data indicate an acceleration in the rate of deterioration in the performance of the APU,
Lessee will correct, to Lessor’s satisfaction, such conditions which are determined to be causing such accelerate rate of deterioration. 

  
 91(137)

	21.12	Part Lives 

 At return,
the condition of the Aircraft will be as follows: 
  

	21.12.1	The Aircraft will have zero (0) hours consumed since the last zonal, systems and structural “C” check in accordance with the MPD (excluding hours
consumed on the acceptance flight). 

  

	21.12.2	Each Engine will meet all of the following: 

  

	 	(a)	Each Engine and each module thereof will have no more than Three Thousand (3,000) Flight Hours and One Thousand Five Hundred (1,500) Cycles consumed since its
last Engine Performance Restoration Shop Visit. 

  

	 	(b)	Each Engine and each Part of each Engine which has a life limit will not have operated more than One Thousand Five Hundred (1,500) Cycles since its last full disk
stack replacement. 

  

	 	(c)	Notwithstanding sub-sections (a) and (b) above, in case of a demonstrated unscheduled Engine removal, which will restrict Lessee’s ability to comply with
the provisions in such sub-sections, Lessor will consider discussing in good faith with Lessee on a case by case basis, whether it could accept each Engine (and each module thereof) having not more than Five Thousand (5,000) Flight Hours
consumed since its last Engine Performance Restoration Shop Visit and each life-limited part not having operated more than Two Thousand Five Hundred (2,500) Cycles since its last full disk stack replacement. 

 

	 	(d)	Engine documentation will show full traceability to birth for each listed LLP. 

 

	21.12.3	The APU will be in good operating condition within maintenance manual limitations and have zero (0) hours consumed (excluding hours consumed during the acceptance
flight) since the last Medium Repair or Heavy Repair in accordance with the manufacturer’s maintenance manuals (with any defects identified during such inspection corrected). APU documentation will show full traceability to birth for each
listed LLP. 

  

	21.12.4	The Landing Gear will have no more than Three (3) months utilization since its last Overhaul pursuant to the MPD. Landing Gear documentation will show full
traceability to birth for each listed LLP. 

  

	21.12.5	Each component or Part of the Airframe (except the Landing Gear) which has a hard time (hour/cycle or calendar) limit to Overhaul pursuant to the MPD will have not less
than Four Thousand Seven Hundred Fifty (4,750) Flight Hours, Two Thousand Seven Hundred Fifty (2,750) Cycles or Eighteen (18) months, whichever is the most limiting factor, remaining to operate until its next scheduled Overhaul
pursuant to the MPD. 

  
 92(137)

	21.12.6	Each LLP of the Airframe not already covered under this Article 21 will have fifty percent (50%) of the full allotment of hours and cycles of its total
approved life remaining to operate pursuant to the MPD. 

  

	21.12.7	Each component or Part which has a calendar limit, not already covered by this Article 21, will have remaining to operate at least (a) eighteen (18)
months from the date of return of the Aircraft to Lessor or (b) one hundred percent (100%) of its total approved life, whichever is less, pursuant to the MPD. 

 

	21.12.8	No Part of the Aircraft or Engine will have total hours and total cycles since new greater than one hundred twenty five percent (125%) of that of the Airframe and,
with respect to all Parts as a group, the Parts will have an average total time since new no greater than that of the Airframe. 

  

	21.12.9	Each Aircraft tire and each brake will be new or will have no more that 10 hours and 5 cycles and zero (0) recaps since new or Overhaul, as applicable.

  

	21.13	Export and De-registration of Aircraft 

 At Lessor’s request, Lessee at its cost will (a) provide a valid Certificate of Airworthiness, a ferry flight approval and any other requirement that be applicable from the State of Registration
so that the Aircraft can be exported to the country designated by Lessor other than to a Prohibited Country, (b) procure, consent in writing or assist with, as requested by Lessor, the de-registration of the Aircraft from the register of
aircraft in the State of Registration and, if applicable with Lessor and Lessor’s Lender giving any required consents„ from the International Registry as provided by the Cape Town Convention, and (c) assist with arranging for prompt
confirmation of such de-registration to be sent by the registry in the State of Registration to the next country of registration. If any Aircraft work which Lessee is not otherwise required to perform hereunder, including engineering, is required in
order to obtain the required Certificate of Airworthiness or the Ferry Flight approval, Lessee will cause to be performed such work at Lessee’s maintenance performer’s facilities at Lessor’s cost based upon prevailing third party
rates. 

  
 93(137)

	21.14	Lessee’s Continuing Obligations 

 In the event that Lessee does not return the Aircraft to Lessor on the Expiration Date and in the condition required by this Article 21 for any reason other than as a result of an act or omission of
Lessor, Lessor’s Lender or the performance of additional work requested by Lessor: 
  

	21.14.1	The obligations of Lessee under this Lease will continue in full force and effect on a day-to-day basis until such return. This will not be considered a waiver of
Lessee’s Event of Default or any right of Lessor hereunder. 

  

	21.14.2	Until such return, the Agreed Value will be an amount equal to the Agreed Value on the day the Aircraft should have been returned to Lessor pursuant to this Lease.

  

	21.14.3	Lessee will fully indemnify Lessor on demand for all damages and prejudices including losses, liabilities, actions, proceedings, costs and expenses thereby suffered or
incurred by Lessor as a result of such failure and, in addition, until such time as the Aircraft is redelivered to Lessor and put into the condition required by this Article 21, instead of paying the Rent specified in Article 4.2, Lessee,
will pay (i) during the first fifteen (15) days, an amount equal to ***** of the amount of Rent specified in Article 4.2 and (ii) thereafter until the Termination Date, an amount equal to ***** of the amount of Rent specified in
Article 4.2, in each case calculated daily for each day from the scheduled Expiration Date until the Termination Date and prorated on the basis of a thirty (30) day month (without prejudice to Lessor’s other rights and remedies
hereunder). Payment will be made upon presentation of Lessor’s invoice. 

  

	21.14.4	Lessor may elect to accept the return of the Aircraft prior to the Aircraft being put in the condition required by this Article 21 and thereafter have any such
non-conformance corrected at such time as Lessor may deem appropriate and at commercial rates then charged by the Person selected by Lessor to perform such correction. All actual costs and expenses incurred by Lessor for such correction will be
payable by Lessee within five (5) Business Days following the submission of a written statement by Lessor to Lessee, identifying the items corrected and setting forth such costs and the expenses of such corrections. Lessee’s obligation to
pay such amounts will survive the Termination Date. 

  

	21.15	Return Acceptance Receipt 

Upon return of the Aircraft in accordance with the terms of this Lease, Lessee will prepare and execute three (3) Return Acceptance
Receipts in the form and substance of Exhibit G and Lessor will countersign and return one such Return Acceptance Receipt to Lessee. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 94(137)

	21.16	Indemnities and Insurance 

The indemnities and insurance requirements set forth in Articles 15 and 16, respectively, will apply to Indemnitees and Lessor’s
assigned representatives during return of the Aircraft, including the ground inspection and acceptance flight. 
  

	21.17	Storage 

 At Lessor’s
request, Lessee will, at Lessor’s sole cost and expense, park and store the Aircraft in accordance with Manufacturer’s recommended short term storage program at Lessee’s principal maintenance facilities and maintain insurance on the
Aircraft (ground cover only) for a period not to exceed ninety (90) days after the Termination Date provided that (i) suitable facilities are available (ii) any payments required to be made in respect of such services shall be made by
Lessor in a timely manner and (iii) the same would not interfere with Lessee’s maintenance services providers scheduling. Lessee will not utilize the Aircraft for any reason during this period. 

  
 95(137)

	22.	ASSIGNMENT 

  

	22.1	No Assignment by Lessee 

NO ASSIGNMENT, NOVATION, TRANSFER, MORTGAGE OR OTHER CHARGE MAY BE MADE BY LESSEE OF ANY OF ITS RIGHTS OR OBLIGATIONS WITH RESPECT TO THE
AIRCRAFT, ANY ENGINE OR PART, OR THIS LEASE. 
  

	22.2	Sale or Assignment by Lessor 

  

	22.2.1	Subject to Lessee’s rights pursuant to and in conformity with the provisions of this Lease including without limitation this Article 22, Lessor may at any
time and without Lessee’s consent sell, assign or transfer its rights, interest and obligations hereunder or with respect to the Aircraft to a third party (“Lessor’s Assignee”). For a period of two (2) years after
Lessor’s sale or assignment and at Lessee’s cost, Lessee will continue to name the prior Lessor and the other Indemnitees as additional insureds under the Aviation and Airline General Third Party Liability Insurance specified in
Exhibit C. 

  

	22.2.2	In the event of the sale of the Aircraft and transfer of Lessor’s rights and obligations under and in conformity with the provisions of this Lease including
without limitation this Article 22, Lessor’s Assignee will become “Lessor” of the Aircraft under this Lease and the transferring party (the prior “Lessor”) will be relieved of all liability to Lessee under this Lease
for obligations arising on and after the date the Aircraft is sold in conformity with the provisions of this Lease. Lessee will acknowledge and accept Lessor’s Assignee as the new “Lessor” under this Lease and will look solely to
Lessor’s Assignee for the performance of all Lessor obligations and covenants under this Lease arising on and after such sale date of the Aircraft, provided Lessor’s Assignee and such sale or other transfer comply with the provisions of
this Article 22. 

  

	22.2.3	Wherever the term “Lessor” is used in this Lease in relation to any of the provisions relating to disclaimer, title and registration, indemnity and insurance
contained in Articles 7, 13, 15 and 16, respectively, or with respect to Article 18.2.10, the term “Lessor” will be deemed to include Lessor’s Assignee and Lessor’s Lender, if applicable and to the extent of their
respective interest. For avoidance of doubt, in the event of Lessor’s sale or financing of the Aircraft, the disclaimer and indemnity provisions contained in Articles 7 and 15 will continue to be applicable after the sale or assignment to
Arrendadora Financiera Inbursa, S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa or any successors and permitted assigns thereof, as well as being applicable to Lessor’s Assignee from and after the
date when such Lessor’s Assignee shall become “Lessor” hereunder and to Lessor’s Lender for the period during which it was “Lessor’s Lender” hereunder. 

  
 96(137)

	22.3	Lessor’s Lender 

Subject to Lessee’s rights pursuant to this Lease, Lessor may at any time and without Lessee’s consent grant Security Interests
over the Aircraft and assign by way of security Lessor’s interest in the benefit of this Lease to one or more other lenders (each such entity, the “Lessor’s Lender”) as security for Lessor’s obligations to
Lessor’s Lender. 
  

	22.4	Lessee Cooperation 

 On
request by Lessor or Lessor’s Lender and subject to conformity with the requirements of this Article 22, Lessee will promptly execute all such documents (such as a lease assignment agreement and consent) as Lessor or Lessor’s Lender
may reasonably require to acknowledge any proper transfer of Lessor’s rights, title or interest in and to the Aircraft and/or this Lease and Lessee’s obligations in connection therewith and Lessee’s acknowledgment that Lessor is not
in breach of the Lease. Lessee will promptly provide all other reasonable assistance and cooperation to Lessor and Lessor’s Lender in connection with any proper sale or assignment or the perfection and maintenance of any such security interest,
including making all necessary filings and registrations in the State of Registration and providing all opinions of counsel with respect to matters requested by Lessor or Lessor’s Lender. 

 

	22.5	Change of Governing Law 

Lessor may, upon no less than 120 days prior written notice to Lessee, request that the governing law and jurisdiction of this Lease,
and any legal terms and provisions of this Lease which the parties shall agree or which would need to be adjusted in consideration of such change, be changed to the laws and courts of the State of New York in connection with the sale of
Lessor’s interest in the Aircraft, provided that Lessor reimburse Lessee for its reasonable costs and expenses (including reasonable legal fees and related expenses) in connection with or arising as a result of any such change in governing law
and jurisdiction. 
  

	22.6	Protections 

 Without
prejudice to Lessor’s rights under Article 23.3 following an Event of Default, Lessee’s obligations under this Article 22 are subject to the following requirements: 

 

	22.6.1	Lessor will obtain for the benefit of Lessee an acknowledgment from any Lessor’s Assignee or Lessor’s Lender that, so long as no Default or Event of Default
has occurred and is continuing hereunder, neither such Person nor any other Person lawfully claiming by or through such Person will interfere with Lessee’s quiet, peaceful use and enjoyment of the Aircraft. 

  
 97(137)

	22.6.2	No sale, assignment, transfer or other disposition of any right, title or interest of Lessor, and Lessor’s Assignee or any Lessor’s Lender in or to the
Aircraft and/or this Lease shall result in any additional obligations or liability (whether financial or otherwise) of Lessee nor will Lessee’s rights be reduced, restricted, limited or prejudiced as a result of any sale, assignment, transfer
or other disposition of the Aircraft or this Lease. No such sale, assignment, transfer or other disposition shall give rise (or could reasonably foreseeably give rise) to any Mexican withholding or other taxes on rentals whatsoever at the time of
transfer, unless Lessor’s Assignee is willing to accept rentals net of all such taxes and so confirms to Lessee in writing. 

  

	22.6.3	Any Lessor’s Assignee shall: 

  

	 	(a)	satisfy the requirements to maintain the registration of the Aircraft in the State of Registration; 

 

	 	(b)	have (or have its obligations guaranteed, pursuant to a guaranty agreement reasonably satisfactory to Lessee, by a guarantor that has) a tangible net worth of at least
*****; 

  

	 	(c)	assume all obligations of Lessor under this Lease; and 

  

	 	(d)	not be an airline, other commercial aircraft operator or freight forwarder or any affiliate of any thereof. 

Any transfer to a Person not meeting the requirements set forth in Article 22.6.3 shall be deemed a breach by Lessor of its covenant
of quiet enjoyment. 
  

	22.6.4	No sale, assignment, transfer or other disposition shall violate any applicable aw (including without limitations any securities laws of Mexico, the United States or
any other applicable jurisdiction). 

  

	22.6.5	 Notwithstanding anything to the contrary herein, Lessor shall be responsible for and pay to or as directed by Lessee, within ten (10) Business
days of written demand, Lessee’s reasonable fees, costs and expenses (including, without limitation, reasonable attorney’s fees) in connection with the sale, assignment, transfer or other disposition of any or all of its or any
Lessor’s Lender’s interest in, to or in respect of the Aircraft (any part thereof) or this Lease including without limitation, such fees, costs and expenses incurred in connection with Lessee’s performance of its obligations under
this Article 22, any documentation, filings and registrations related to any such sale, 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 98(137)

	 	
assignment transfer or other disposition (including, without, limitation, any reasonable fees, costs and expenses arising as a result of or in connection with any change in governing law).

  
 99(137)

	23.	DEFAULT OF LESSEE 

  

	23.1	Lessee Notice to Lessor 

Lessee will promptly notify Lessor if Lessee becomes aware of the occurrence of any Default or Event of Default. 

 

	23.2	Events of Default 

 The
occurrence of any of the following will constitute an Event of Default and material breach of this Lease by Lessee: 
  

	 	(a)	Lessee fails to take Delivery of the Aircraft when obligated to do so under the terms of this Lease; 

 

	 	(b)	Lessee fails to make a Rent, Maintenance Fund or other scheduled payment due hereunder in the manner and by the date provided herein and fails to make such payment
within one (1) Business Day after such payment is due or fails to make any unscheduled payment within three (3) Business Days after such payment is due; 

 

	 	(c)	Lessee fails to obtain or maintain the insurance required by Article 16 (except where such insurance is unavailable for purchase by any airline and Lessee is
complying with the provision of Article 16.12); 

  

	 	(d)	Lessee fails to return the Aircraft to Lessor on the Expiration Date in accordance with Article 21; 

 

	 	(e)	Lessee fails to observe or perform any of its other obligations hereunder and fails to cure the same within ten (10) days after written notice thereof to Lessee.

  

	 	(f)	any representation or warranty of Lessee herein proves to be untrue in any material respect and in Lessor’s reasonable opinion the ability of Lessee to comply with
its obligations under the Operative Documents has been materially and adversely affected thereby; 

  

	 	(g)	the registration of the Aircraft is cancelled other than as a result of an act or omission of Lessor or Lessor’s Lender; 

 

	 	(h)	Lessee abandons or relinquishes control over the Aircraft or Engines; 

  

	 	(i)	Lessee or an approved sublessee no longer has unencumbered control (other than Permitted Liens) or possession of the Aircraft or Engines, except as otherwise permitted
by this Lease; 

  
 100(137)

	 	(j)	Lessee threatens or is found to be in danger to permanently (or temporarily, to the extent that Lessee’s ability to comply with its obligations under the Operative
Documents may in Lessor’s reasonable opinion be materially and adversely affected thereby) discontinue business or sells or otherwise disposes of all or substantially all of its assets; 

 

	 	(k)	Lessee no longer possesses any of the licenses, certificates and permits required for the conduct of its business as a certificated air carrier in Mexico or any of such
become revoked or suspended, and in each case, the same would adversely affect its ability to perform its obligations under the Operative Documents, and in case of a suspension, the suspension shall be for a period of more than thirty (30) days
provided that Lessee acts diligently to cure the situation immediately after such suspension shall occur; 

  

	 	(l)	Lessee fails to pay when due any Airport Charges or Air Navigation Charges assessed with respect to the Aircraft or any aircraft operated by Lessee which, if unpaid,
may give rise to any Security Interest in relation to the Aircraft, Engine, APU or any Part except if such amounts are being contested by Lessee in accordance with the provisions of Article 14.5 hereof; 

 

	 	(m)	Lessee suspends payment on, is unable to or admits its inability to pay, its debts or other obligations (i) in general as they fall due, (ii) on any single
obligation or debt for an amount equal to or in excess of ***** or (iii) in the aggregate for amounts equal to or in excess of *****; 

  

	 	(n)	Lessee or a substantial part of Lessee’s property is adjudicated or voluntarily or involuntarily becomes subject of a concurso mercantil, bankruptcy,
judicial recuperation, liquidation, reorganization or protection from creditors of Lessee, becomes bankrupt or insolvent in accordance with applicable Law, or Lessee proposes or enters into any composition or other arrangement for the benefit of its
creditors generally; and, in the case of any involuntary concurso mercantil or bankruptcy, the same is not dismissed or stayed within sixty (60) days, from the date of filing by the applicant. If instituted by Lessee, the same will be an
immediate Event of Default. If instituted by another Person, the same will be an Event of Default if not dismissed, remedied or relinquished within the period referred to above; 

 

	 	(o)	any order, judgment or decree is entered by any court of competent jurisdiction appointing an interventor, administrator, receiver, trustee or liquidator of Lessee or a
substantial part of its property, or if a substantial part of Lessee’s property is to be sequestered or if its treasury or administration shall be intervened. If instituted by or done with the consent of Lessee, the same will be an immediate
Event of Default. If instituted by another Person, the same will be an Event of Default if not dismissed, remedied or relinquished within thirty (30) days; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 101(137)

	 	(p)	any indebtedness for borrowed moneys or a guarantee or similar obligation owed by Lessee with a single unpaid balance equal to or in excess of ***** or an aggregate
unpaid balance equal to or in excess of ***** or the equivalent in any other currency is declared due before its stated maturity or any judgment or judgments which, in the aggregate are in an amount equal to or in excess of ***** or the equivalent
in any other currency is rendered against Lessee and is not satisfied or bonded pending appeal within thirty (30) days of the date of entry thereof; or 

 

	 	(q)	Lessee is in default under any other lease or other agreement between Lessee and Lessor or a Lessor affiliate relating to aircraft, engines, aircraft equipment or the
extension of credit and the same is not cured within its specified cure period. 

  

	23.3	Lessor’s General Rights 

 Upon the occurrence of any Event of Default and for so long as the same shall remain unremedied, Lessor may either (i) terminate this Lease by delivering the corresponding notice to Lessee and
without the need for judicial intervention, or (ii) demand the mandatory fulfilment of the defaulted obligations of Lessee, at its option and, as applicable in each case, take the following actions and make the following demands (in addition to
such other rights and remedies which Lessor may have by statute or otherwise but subject to any requirements of applicable Law): 
  

	 	(a)	terminate the leasing of the Aircraft under this Lease by giving written notice to Lessee without judicial intervention; 

 

	 	(b)	terminate the rights of Lessee to use or operate the Aircraft by giving written notice to Lessee; 

 

	 	(c)	require that Lessee immediately cease flying the Aircraft and leave it parked in its then current location by giving written notice to Lessee; 

 

	 	(d)	require that Lessee immediately move the Aircraft to an airport or other location designated by Lessor and park the Aircraft there by giving written notice to Lessee;

  

	 	(e)	take possession of the Aircraft and conduct any acts and obtain any orders that may be necessary for such purpose. Upon repossession of the Aircraft, Lessor will then
be entitled to sell, lease or otherwise deal with the Aircraft as if this Lease had never been made. Lessor will be entitled to the full benefit of its bargain with Lessee and may receive and retain any rentals and profits arising from any such
sale, lease or other dealing with the Aircraft; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 102(137)

	 	(f)	for Lessee’s account, do anything that may be required to cure any Event of Default and recover from Lessee all damages and prejudices including all costs, legal
fees and expenses incurred in doing so and Default Interest; 

  

	 	(g)	proceed as appropriate to enforce performance of this Lease and to recover any damages for the breach hereof, including the amounts specified in Article 23.5;

  

	 	(h)	apply all or any portion of the Security Deposit and any other security deposits or Maintenance Funds held by Lessor pursuant to any other agreements between Lessor and
Lessee to any amounts due; and/or 

  

	 	(i)	apply any amounts paid or recovered in respect of Lessee’s liabilities under the Operative Documents to any of Lessee’s liabilities under the Operative
Documents in such proportion, order and manner as Lessor determines in its sole discretion. 

 Regardless of
Lessor’s exercise of any remedy or remedies, Lessee’s obligations under this Lease will continue (including, without limitation, the obligations set forth in Articles 15 and 16) until the same have been fully discharged in accordance
with the terms hereof. 
 When any circumstances shall occur resultant from which Lessee shall be required by Lessor to return
the Aircraft, the Airframe, any Engine, the APU or any Part thereof in accordance with the terms of this Lease or upon commencement by Lessor of any suit, claim or upon commencement of any controversy, judicial or otherwise, related with the
Aircraft, the rights of possession thereof or this Lease, the Lessee shall, for as long as it shall be in possession of the Aircraft, the Airframe, any Engine, the APU or any Part thereof, be considered as a gratuitous trustee (depositario)
of the Aircraft, the Airframe, any Engine, the APU or any Part thereof in accordance with the terms of the Second Volume, Title IV (Libro Segundo, Título IV), of the Commercial Code. For such purpose, Lessee hereby
(i) expressly waives any right to receive any compensation for its acts as trustee in accordance with this Lease, (ii) acknowledge that it shall not be entitled to the use or disposition of the Aircraft, the Airframe, any Engine, the APU
or any Part thereof, which will be maintained at the disposal of the Lessor, (iii) acknowledges that the Lessor will be under no obligation to indemnify, reimburse, or pay the Lessee the expenses in which, if any, Lessee shall incur for the
conservation and maintenance of the Aircraft, the Airframe, any Engine, the APU or any Part thereof in its capacity as trustee of the same, (iv) acknowledge that it shall have no right of detention of the Aircraft, the Airframe, any Engine, the
APU or any Part thereof and (v) accepts that it shall remain in custody of the Aircraft, the Airframe, any Engine, the APU or any Part thereof, at the disposal of Lessor, until the same has been materially returned to the Lessor or all Events
of Default have been cured and that, the same shall be returned to the Lessor in the location and in accordance to the instructions of Lessor as provided in this Lease. 

  
 103(137)

	23.4	De-registration and Export of Aircraft 

 If an Event of Default has occurred and is continuing, Lessor may take all steps necessary to terminate the lease, deregister the Aircraft, remove the Aircraft from the Operating Permit of Lessee and
export the Aircraft from the State of Registration and Lessee shall assist Lessor herewith in all respects. 
  

	23.5	Lessee Liability for Damages and Prejudices 

 If an Event of Default occurs, in addition to all other remedies available at Law or in equity and in addition to any other indemnities as provided in Article 15, Lessor has the right to recover from
Lessee and Lessee will pay Lessor within five (5) Business Days after Lessor’s written demand, all of the following: 
  

	 	(a)	all amounts which are then due and unpaid hereunder and which become due prior to the earlier of Lessor’s recovery of possession of the Aircraft or Lessee making
an effective tender thereof; 

  

	 	(b)	subject to Lessor’s obligation under Article 23.9, in the event that Lessor shall have re-leased or sold the Aircraft, Lessor may if it shall so elect, demand
that Lessee pay to Lessor any accrued but unpaid Rent up to and including the date of the commencement of the releasing or the date of sale plus the excess of: 

 

	 	(i)	the aggregate unpaid Rent for the Aircraft which would have otherwise have become due hereunder over the Lease Term but for the Event of Default discounted monthly to
present value (calculated in accordance with the amount set out in Article 23.7 of this Lease) as at the date of the commencement of the re-leasing, over 

 

	 	(ii)	in the case of re-leasing, the aggregate rental payments to become due under the re-leasing from the date of the commencement of the term of the re-leasing to the date
upon which the Lease Term for the Aircraft would have expired pursuant to this Lease but for the Event of Default, discounted monthly to present value (calculated in accordance with the amount set out in Article 23.7 of this Lease) as of the
date of commencement of the term of the releasing, or 

  

	 	(iii)	 in the case of a sale, the aggregate fair market rental value of the Aircraft (as determined by a recognized independent aircraft appraiser chosen by
Lessor) for a period equal to the 

  
 104(137)

	 	
remainder of the Lease Term for the Aircraft, after discounting such fair market rental value to present value (calculated in accordance with the amount set out in Article 23.7 of this
Lease) as at the date such valuation is determined by the recognized independent aircraft appraiser; 

  

	 	(c)	all out-of-pocket costs in light of the circumstances incurred by Lessor in exercising its remedies hereunder, including but not limited to repossession costs, legal
fees, Aircraft storage costs, Aircraft re lease or sale costs; 

  

	 	(d)	any amount of additional principal, interest, fees or other sums paid or payable on account of funds borrowed in order to carry any unpaid amount;

  

	 	(e)	subject to Lessor’s obligation under Article 23.9, any loss, cost, expense or liability sustained by Lessor due to Lessee’s failure to redeliver the
Aircraft in the condition required by this Lease; and 

  

	 	(f)	subject to Lessor’s obligation under Article 23.9, any other loss, damage, expense, cost or liability which Lessor suffers or incurs as a result of the Event
of Default and/or termination of this Lease, including an amount sufficient to fully compensate Lessor for any loss of or damage to Lessor’s residual interest in the Aircraft caused by Lessee’s default. 

 

	23.6	Waiver of Default 

 By
written notice to Lessee, Lessor may at its election waive any Default or Event of Default and its consequences and rescind and annul any prior notice of termination of this Lease. The respective rights of the parties will then be as they would have
been had no Default or Event of Default occurred and no such notice been given. 
  

	23.7	Present Value of Payments 

In calculating Lessor’s damages hereunder, upon an Event of Default all Rent and other amounts which would have been due hereunder
during the Lease Term if an Event of Default had not occurred will be calculated on a present value basis using a discounting rate to be agreed upon between the parties at the time of calculation, discounted to the earlier of the date on which
Lessor obtains possession of the Aircraft or Lessee makes an effective tender thereof, regardless of the condition thereof. 
  

	23.8	Use of Termination Date 

For avoidance of doubt, it is agreed that if this Lease terminates and the Aircraft is repossessed by Lessor due to an Event of Default,
then, 

  
 105(137)

 
notwithstanding the use of the term “Termination Date” in this Lease, the period of the Lease Term and the “Expiration Date” will be utilized in calculating the damages to
which Lessor is entitled pursuant to Article 23.5. 
  

	23.9	Mitigation of Damages 

Lessor agrees to act in a commercially reasonable manner to mitigate any damages it may incur as a result of the occurrence of an Event of
Default. 

  
 106(137)

	24.	NOTICES 

  

	24.1	Manner of Sending Notices 

Any notice, request or information required or permissible under this Lease will be in writing in Spanish and accompanied with an English
translation thereof. Notices will be delivered in person or sent by fax, letter (mailed airmail, certified and return receipt requested), or by expedited delivery with proof of reception by addressee, addressed to the parties as set forth in
Article 24.2. In the case of a fax, notice will be deemed received on the date set forth on the confirmation of receipt produced by the sender’s fax machine immediately after the fax is sent. In the case of a mailed letter, notice will be
deemed received upon actual receipt in accordance with proof issued by the postal service. In the case of a notice sent by expedited delivery, notice will be deemed received on the date of delivery set forth in the records of the Person which
accomplished the delivery. If any notice is sent by more than one of the above listed methods, notice will be deemed received on the earliest possible date in accordance with the above provisions. 

 

	24.2	Notice Information 

Notices will be sent: 
  

			
	If to Lessor:	  	Arrendadora Financiera Inbursa, S.A. de C.V.
		  	Sociedad Financiera de Objeto Multiple, Entidad
		  	Regulada, Grupo Financiero Inbursa
		  	Paseo de las Palmas 736
		  	Col. Lomas de Chapultepec
		  	Mexico, 1000, D.F.
		  	Mexico
		  	Attention: Director Juridico
		  	Fax: +52 55 52 02 52 00
		
	 With a copy to:
	  	Jetscape, Inc.
		  	10 S. New River Drive East, Suite 200
		  	Fort Lauderdale, FL 33301
		  	United States of America
		  	Attention: Legal Department
		  	Fax: +1 954 763 4757
		
	 If to Lessee:
	  	Concesionaria Vuela Compañía de Aviación, S.A. de C.V.
		  	Prolongación Paseo de la Reforma No. 490
		  	Piso 1 (Edifício GE)
		  	Colonia Santa Fé Peña Blanca
		  	Del. Alvaro Obregón
		  	Mexico D.F. 01012
		  	Mexico
		  	Attention: General Counsel
		  	 Fax: +52 55 5261 6460

 or to such other places and numbers as either party directs in writing to the other party. 

  
 107(137)

	25.	GOVERNING LAW AND JURISDICTION 

  

	25.1	Governing Law 

 This Lease
is governed by and shall be construed in accordance with the Federal Laws of Mexico. 
  

	25.2	Jurisdiction 

 For
everything related to the interpretation, fulfillment, and enforcement of this Lease, the parties hereto expressly and irrevocably submit to the jurisdiction of the competent courts of the Federal District of Mexico and hereby waive in express and
irrevocable form their right to any other jurisdiction that to the same may correspond by virtue of their present or future domicile, of the location of their assets or in any other form. 

 

	25.3	Waiver of Sovereign Immunity 

 Lessee irrevocably and unconditionally: 
  

	 	(i)	agrees that if Lessor brings legal proceedings against it or its assets in relation to this Lease no immunity from such proceedings (which will be deemed to include
without limitation, suit, attachment prior to judgement, other attachment, the obtaining of judgement, execution or other enforcement) will be claimed by or on behalf of itself or with respect to its assets; 

 

	 	(ii)	waives any such right of immunity which it or its assets now has or may in the future acquire; and 

 

	 	(iii)	consents generally in respect of any such proceedings to the giving of any relief or the issue of any process in connection with such proceedings including, without
limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgement which may be made or given in such proceedings. 

 

	25.4	Prevailing Party in Dispute 

 If any legal action or other proceeding is brought in connection with or arises out of any provisions in this Lease, the prevailing party will be entitled to recover expenses and costs including
attorneys’ fees and other costs incurred in such action or proceedings. The prevailing party will also, to the extent permissible by Law, be entitled to receive pre - and post judgment Default Interest. 

  
 108(137)

	25.5	Waivers 

 EACH OF LESSEE
AND LESSOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH EITHER OF THEM MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS LEASE BROUGHT IN ANY OF THE COURTS REFERRED TO IN
ARTICLE 25.2, AND HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

  
 109(137)

	26.	MISCELLANEOUS 

  

	26.1	Expenses 

 Each of Lessor
and Lessee shall bear its own costs and expenses in respect of the negotiation and execution of this Lease and the other Operative Documents, including the fees and disbursements of its counsel, brokers and agents. Lessee shall bear the cost of
translating this Lease into Spanish and certifying such translation by a translation expert listed as such by the Superior Tribunal of Justice of the Federal District of Mexico or by the Council of the Federal Judicature (and any related necessary
documents), if required for the registration or the enforcement thereof in the State of Registration or in Mexico. Lessee shall also pay all costs, fees and expenses required to have this Lease ratified by a mercantile broker or by a notary public
(and any related necessary documents) ratified, notarized and legalized as applicable for the registration or enforcement thereof in the State of Registration or in Mexico. If a party hereto (the “Requesting Party”) requests any
approvals, consents, waivers, modifications or amendments hereto, such Requesting Party shall reimburse the other party for all out-of-pocket costs and expenses, including reasonable attorneys fees, incurred by such other party in connection with
such approvals, consents, waivers, modifications or amendments. Lessee shall bear all costs, including attorneys fees and expenses, whether or not trial be brought and both at trial and on appeal or amparo, incurred by Lessor and/or any
Lessor’s Lender in properly enforcing any obligation of Lessee hereunder and Lessee shall indemnify and hold Lessor and any Lessor’s Lender harmless from any such cost and expense and any loss or damage incurred in connection with such
proper enforcement. 
  

	26.2	Power of Attorney 

 Lessee
agrees to provide an irrevocable power of attorney for deregistration, removal of the Aircraft from Lessee’s Operating Certificate and export of the Aircraft, the Airframe, any Engines and any Part thereof and for collection of insurance
proceeds in substantially the same form as Exhibit F hereto for the purpose of enforcing Lessor’s rights in respect of this Lease, including without limitation, the return, repossession, de-registration and exportation of the
Aircraft. Lessee will take all steps required under the Laws of the State of Registration to provide such power of attorney to Lessor and Lessor’s Lender and to any individuals to whom such shall indicate with capacity of substitution and
delegation in compliance with the requirements of Law for it to be valid and fully enforceable by Lessor. Lessor hereby agrees that in the event that it shall act pursuant to the foregoing powers of attorney in absence of the existence of an Event
of Default it shall be liable to Lessee for the damages and prejudices that may result from such acts. 

  
 110(137)

	26.3	Lessor Performance for Lessee 

 The exercise by Lessor of its remedy of performing a Lessee obligation hereunder is not a waiver of and will not relieve Lessee from the performance of such obligation at any subsequent time or from the
performance of any of its other obligations hereunder. 
  

	26.4	Lessor’s Payment Obligations 

 Any obligation of Lessor under this Lease to pay or release any amount to Lessee is conditioned upon (a) all amounts then due and payable by Lessee to Lessor under this Lease having been paid in full
and (b) no Default or Event of Default having occurred and continuing hereunder at the time such payment or release of payment is payable to Lessee provided however, that upon cure of any such Default or Event of Default, whether by or on
behalf of Lessee directly or by application of amounts so withheld, Lessor shall forthwith pay to Lessee the amount so withheld less the amount applied in full or partial cure of any such Default or Event of Default. 

 

	26.5	Materiality 

 For the
purpose of this Lease and the other Operative Documents, the terms “material” or “materially” shall whenever such terms shall be applicable, except in reference to actual items of equipment or repair or where the context
otherwise indicates or requires, be understood to be in reference to the substantial part or to the majority proportion of the concept or event that it intends to qualify. 

 

	26.6	Usury Laws 

 The parties
intend to contract in strict compliance with any applicable usury Laws. Notwithstanding anything to the contrary in the Operative Documents, Lessee will not be obligated to pay Default Interest or other interest in excess of the maximum non-usurious
interest rate, as in effect from time to time, which may by applicable Law be charged, contracted for, reserved, received or collected by Lessor in connection with the Operative Documents. During any period of time in which the then applicable
highest lawful rate is lower than the Default Interest rate, Default Interest will accrue and be payable at such highest lawful rate; however, if at later times such highest lawful rate is greater than the Default Interest rate, then Lessee will pay
Default Interest at the highest lawful rate until the Default Interest which is paid by Lessee equals the amount of interest that would have been payable in accordance with the interest rate set forth in Article 4.6. 

  
 111(137)

	26.7	Delegation by Lessor 

Lessor may delegate to any Person(s) all or any of the rights, powers or discretion vested in it by this Lease and any such delegation may
be made upon such terms and conditions as Lessor thinks fit provided, however, no such delegation shall be deemed in any manner to relieve Lessor of any of its obligations hereunder in respect of all of which Lessor shall remain liable to the same
extent as if no such delegation hade been made and further provided that no such delegation shall result in any cost, expense, liability or obligation in excess of or in addition to these for which Lessee would otherwise have been liable in the
absence of such delegation. 
  

	26.8	Confidentiality 

 The
Operative Documents and all non-public information obtained by either party about the other are confidential and are between Lessor and Lessee only and will not be disclosed by a party to third parties (other than to such party’s auditors or
legal or financial advisors; as required in connection with any filings of this Lease in accordance with Article 13; in connection with Lessor’s potential sale of the Aircraft or assignment of this Lease, provided the potential purchasers
shall have agreed to hold any such information confidential; as required for enforcement by either party of its rights and remedies with respect to this Lease or as required by applicable Law) without the prior written consent of the other party. If
any disclosure will result in an Operative Document becoming publicly available, Lessee and Lessor will cooperate with one another to obtain confidential treatment as to the commercial terms and other material provisions of such Operative Document.
Notwithstanding the foregoing, Lessor may use true copies of Lessee’s logo and pictures of the Aircraft painted in Lessee’s livery in Lessor’s marketing materials. 

 

	26.9	Rights of Parties 

 The
rights of the parties hereunder are cumulative, not exclusive, may be exercised as often as each party considers appropriate and are in addition to its rights under general Law. The rights of one party against the other party are not capable of
being waived or amended except by an express waiver or amendment in writing. Any failure to exercise or any delay in exercising any of such rights will not operate as a waiver or amendment of that or any other such right. Any defective or partial
exercise of any such rights will not preclude any other or further exercise of that or any other such right and no act or course of conduct or negotiation on a party’s part or on its behalf will in any way preclude such party from exercising
any such right or constitute a suspension or any amendment of any such right. 

  
 112(137)

	26.10	Further Assurances 

Lessee agrees and undertakes at its own expense from time to time to do and perform such other and further acts and execute and deliver
any and all such other instruments consistent with the business, economic, commercial and other agreements of the parties as expressed herein as may be required by Law or requested by Lessor to establish, maintain or protect the rights and remedies
of Lessor or to carry out and effect the intent and purpose of this Lease and any other document relating to the transactions contemplated herein. At any time the Cape Town Convention is published in the Official Gazette and deposited at UNIDROIT to
become applicable in the State of Registration and/or Mexico, Lessee shall at its own expense do and perform such other and further acts and execute and deliver any and all such other instruments as may be requested by Lessor or Lessor’s Lender
and which are necessary and consistent with the business, economic, commercial and other agreements of the parties as expressed herein in order to (i) register any international interest under this Lease or any other document relating to the
transactions contemplated herein to which Lessee is a party, or (ii) register any interest in the Aircraft or any part thereof permitted by the Cape Town Convention and/or the Geneva Convention, if applicable, or (iii) to protect and
perfect Lessor’s and Lessor’s Lender’s interest in the Aircraft and this Lease (and any approved sublease, if applicable) in the State of Registration, Mexico or in any other jurisdictions in or over which Lessee (and any sublessee,
if applicable) may operate the Aircraft, including, without limitation, amending this Lease or any other document relating to the transactions contemplated herein, or to enter into other agreements, as may be necessary. 

 

	26.11	Spanish Language Version Prevails 

 The English version of this Lease shall be used for the continuing compliance and determination of the parties rights and obligations hereunder. The mutually agreed, executed and registered Spanish
version of the Lease however will prevail for the interpretation and resolution of any dispute or controversy existing between the parties and over any translations thereof. 

 

	26.12	Use of Word “including” 

 The term “including” is used herein without limitation. 
  

	26.13	Headings 

 All article and
paragraph headings and captions are purely for convenience and will not affect the interpretation of this Lease. Any reference to a specific article, paragraph or section will be interpreted as a reference to such article, paragraph or section of
this Lease. 

  
 113(137)

	26.14	Invalidity of Any Provision or Illegality 

  

	26.14.1	If any of the provisions of this Lease become invalid, illegal or unenforceable in any respect under any Law, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired. 

  

	26.14.2	If a change shall have occurred after the date of this Lease in applicable Law which would make it illegal for Lessor to lease the Aircraft to Lessee or for Lessee to
lease the Aircraft from Lessor and to fully perform its obligations hereunder, the parties agree to negotiate in good faith to restructure this Lease or to otherwise solve the situation (without prejudice to Lessee’s obligation to return the
Aircraft to Lessor in accordance with this Lease as agreed between the parties at that time). 

  

	26.15	Time Limitations 

 Time is
of the essence in the performance of all obligations of the parties under this Lease and, consequently, all time limitations set forth in the provisions of this Lease will be strictly observed. 

 

	26.16	Amendments in Writing 

The provisions of this Lease may only be amended or modified by a writing executed by Lessor and Lessee. 

 

	26.17	Ratified Signatures 

 The
parties hereunder will execute this Lease in the presence of a mercantile broker or notary public which shall ratify the signatures of the parties hereto. 
  

	26.18	Entire Agreement 

 The
Operative Documents constitute the entire agreement between the parties in relation to the leasing of the Aircraft by Lessor to Lessee and supersede all previous proposals, agreements and other written and oral communications in relation hereto. The
parties acknowledge that there have been no representations, warranties, promises, guarantees or agreements, express or implied, except as set forth herein. 
  

 

  
 114(137)

 IN WITNESS WHEREOF, Lessee and Lessor have caused this Lease to be executed by their
respective officers in this city of Mexico, D.F, as of the date and year first written above. 
  

									
	Arrendadora Financiera Inbursa, S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa	 		 	Concesionaria Vuela Compañía de Aviación, S.A. de C.V.
					
	By:	 	 /s/ Luis Roberto Frías Humphrey
	 		 	By: 	 	 /s/ Alfonso Ascencio Triujeque

	Name:	 	Luis Roberto Frías Humphrey	 		 	Name:	 	Alfonso Ascencio Triujeque
	Title:	 	Legal Representative	 		 	Title:	 	General Counsel

  
 115(137)

 EXHIBIT A 
 ENGINE PERFORMANCE RESTORATION SHOP VISIT 
 “Engine Performance Restoration Shop
Visit” means, in respect of an engine, a performance restoration shop visit of such engine with a minimum target build life of 13,000 engine flight hours at an average stage length of 2.3:1 performed in accordance with a workscope not less
extensive than that set out below and conducted in accordance with the Maintenance Management Plan (“MMP”): 
  

							
	 SECTION REF
	  	 MODULE
	  	 First Shop Visit
	  	 Subsequent Shop Visits

	 8
	  	Fan Module	  	L3	  	L3
	 9
	  	Low Pressure Compressor	  	L1/L2	  	L3
	 10
	  	Internal Gearbox/Front Bearing Compartment	  	L1/L2	  	L3
	 11
	  	Fan Case and Fan Frame	  	L1/L2	  	L2/L3
	 12
	  	High Pressure Compressor Module	  	L1/L2	  	L3
	 13
	  	Diffuser	  	L1/L3	  	L3
	 14
	  	Combustor	  	L3	  	L3
	 15
	  	No. 4 Bearing Compartment	  	L1/L2/L3	  	L3
	 16
	  	Nozzle Guide Vane Group	  	L3	  	L3
	 17
	  	High Pressure Turbine	  	L3	  	L3
	 18
	  	Low Pressure Turbine Module	  	L1/L2	  	L3
	 19
	  	Turbine Exhaust Case	  	L1/L2	  	L3
	 20
	  	External Gear Box	  	L1/L2	  	L2/L3
	 22
	  	Nacelle Components	  	L2	  	L3

  
 116(137)

 EXHIBIT B 
 PROHIBITED COUNTRIES 
 “Prohibited Country” means, for the purpose
of Articles 10.3 and 10.6, any of: 
 Afghanistan 
 Bosnia 
 Chechnya 

Cuba 
 Iran

 Iraq 

North Korea 
 Sudan

 Uganda 

Zaire 
 and, for the purpose of
this Lease (including without limitation Articles 10.3 and 10.6), any country 1) where war risk insurance cannot be obtained; 2) any country (other than Mexico) which is under any United Nations embargos, sanctions or orders;
3) any country (other than Mexico) which is the subject of U.S. embargos or sanctions, or which would compromise the ability of Lessee to maintain Mexican or U.S. registration of the Aircraft, as applicable, or place Lessee or Lessor in
violation of any Mexican or U.S. laws or statutes; or 4) to and from which or within which the operation of the Aircraft could result in the imposition of any civil or criminal penalty against Lessor, Lessor’s Lender or Lessee or result in
the seizure, confiscation, detention or other loss of the Aircraft. 
 This Exhibit may be reasonably updated by Lessor (in consultation with
Lessee) during the Lease Term as global events dictate. 

  
 117(137)

 EXHIBIT C 
 FORM OF CERTIFICATE OF INSURANCE 
 SEE FOLLOWING PAGES 

  
 118(137)

  
 

 
 Aon Risk Services of Texas, Inc. 

2711 N. Haskell Ave., Suite 800, Dallas, TX 75204 
 214-989-0000 
 CERTIFICATE OF INSURANCE AND REINSURANCE 

June 22, 2007 
 TO
ARRENDADORA FINANCIERA INBURSA, S.A. de C.V. 
 SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD REGULADA, GRUPO FINANCIERO INBURSA

 THIS IS TO CERTIFY that as Insurance Brokers we have placed Insurance in the name of CONCESIONARIA VUELA COMPANIA DE AVIACION S.A. DE
C.V. D/B/A VOLARIS (VOLARIS) and/or Associated and/or Affiliated and/or Subsidiary Companies for their respective rights and interests (hereinafter called the “Insured”) with SEGUROS INBURSA. (as the “Insurers”) and that we, as
Reinsurance Brokers, have placed in London and the International Insurance Markets Reinsurance in the name of the Insurers for account of the Insured, covering their operations in connection with their entire fleet of aircraft, including all new,
acquired and leased aircraft from the moment they become the insurance responsibility of the Insured, whilst operating anywhere in the World, but excluding any area the subject of a United Nations sanction, against the following risks and up to the
limits stated :-covering their operations in connection with their entire fleet of aircraft, including all new and acquired aircraft from the moment they become the insurance responsibility of the Ensured, whilst operating anywhere in the World, but
in respect of Hull War and Allied Risks also excluding Iraq, Afghanistan, Somalia, Zaire, Angola, Algeria, Burundi, Rwanda, Liberia, Bosnia Hercegovina, Tadzhikistan - or held covered subject to prior advice - overflights covered subject to
necessary permits being obtained, against the following risks and up to the limits stated :- 
  

	1.	HULL ALL RISKS (including Aircraft engines, spare parts and equipment including ground support equipment, aircraft spares kits and engineers tools either owned by the
Insured or the property of others for which the Insured are responsible, including whilst in transit, hereinafter called “Spares”) of loss or damage whilst flying and/or on the ground, on an agreed value basis for an agreed value. This
coverage provided is subject to the following deductibles :- 

 In respect of A319-133 aircraft - ***** each and
every loss excluding Total Loss or Constructive Total Loss or Compromised Total Loss or Arranged Total Loss. 
 In respect of
Spares (not applicable to loss or damage caused by fire, wind, tornado, cyclone, flood or explosion or to loss or damage arising out of an accident to the carrying aircraft) - ***** each and every loss but in respect of ingestion damage to
engines whilst bench testing subject to full deductible as applicable to Aircraft to which engine is destined to be fitted, but not applicable to Total Loss or Constructive Total Loss or Compromised Total Loss or Arranged Total Loss of the engine
concerned. 
  

	2.	HULL WAR AND ALLIED RISKS (including Spares) as excluded by the War, Hijacking and other Perils Exclusion Clause (AVN.48B) other than paragraph (b) thereof on
an agreed value basis, for an Agreed Value as at (1) above (and including confiscation and requisition by the State of Registration). Coverage for Spares is restricted in respect of War Risks (as defined in paragraph (a) of Section One of
LSW 555D) is restricted to air and sea transits and incidental land transits in accordance with Institute War Clauses (Cargo) CL255 and Institute War Clauses (Air Cargo) CL258, as applicable. The Hull War and Allied Risks Coverage is subject to
a policy aggregate limit of *****. NOTE: THIS AGGREGATE LIMIT MAY BE REDUCED OR EXHAUSTED BY VIRTUE OF CLAIMS MADE IN RESPECT OF ANY AIRCRAFT/SPARES INSURED UNDER THE POLICY. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
  

					
	June 22, 2007	  	Page 1	  	Ref: VOLARIS – XA-VOG

 The coverage in respect of spares, as detailed in 1. and 2. above is for such sums as may be declared by the
Insured, subject to a limit of ***** any one sending / any one occurrence. 
  

	3.	AIRCRAFT THIRD PARTY, PASSENGER, BAGGAGE, CARGO, MAIL and AIRLINE GENERAL THIRD PARTY AND CONTRACTUAL LEGAL LIABILITY for a Combined Single Limit (Bodily
Injury/Property Damage) of at least ***** any one occurrence, each aircraft, unlimited in all, but in the annual aggregate in respect of Products Legal Liability. War and Allied Risks are also covered, in accordance with the Extended Coverage
Endorsement (AVN 52E) as contained in the Policy for a Combined Single Limit of at least ***** any one occurrence, each Aircraft. 

It is further certified that Insurers have been advised of the attachment of the following Equipment, hereunder:- 

 

			
	Aircraft Type:	  	Airbus A319-133 with two (2) IAE International Aero AG V2527M-A5 Engines
	Registered Marks:	  	XA -VOG
	Manufacturers Serial No.:	  	3175. With respect to the Engines V12636 and V12638
	Agreed Value:	  	***** to be reduced by ***** on each anniversary of the Delivery Date.
	Effective Date:	  	See Attached Schedule of Insurers
	Policy Deductible applicable to physical damage to the Equipment:	  	as stated herein
	Appointed Broker:	  	Aon Risk Services of Texas, Inc.

 The said Equipment is the subject of the following Contract(s): 

 

	 	1.	Aircraft Lease Agreement, dated as of June 18, 2007 between ARRENDADORA FINANCIERA INBURSA, S.A. de C.V. SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD
REGULADA, GRUPO FINANCIERO INBURSA, a company formed under the laws of Mexico (“Lessor”), and CONCESIONARIA VUELA COMPANIA DE AVIACION S.A. DE C.V., d/b/a VOLARIS, a sociedad anonima de capital variable organized and existing under the
laws of Mexico (“Lessee”) 

 Additional Insureds: 

 

	 	1.	ARRENDADORA FINANCIERA INBURSA, S.A. de C.V. SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD REGULADA, GRUPO FINANCIERO INBURSA 

 

	 	2.	When notified by the Contract Party in 1, LESSOR’S LENDER (AS DEFINED IN THE LEASE) 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
  

					
	June 22, 2007	  	Page 2	  	Ref: VOLARIS – XA-VOG

 

 
 Aon Risk Services of Texas, Inc. 

2711 N. Haskell Ave., Suite 800, Dallas, TX 75204 
 214-989-0000 
  

AND, in addition, in respect of Legal Liability Insurances, their respective shareholders, Affiliates, trustees, beneficiaries, members, directors,
officers, employees, servants, agents, successors, assigns and contractors and in accordance therewith Insurers have agreed to the following:- 

It is noted that the Contract Party(ies) has an interest in respect of the Equipment under the Contract(s). Accordingly, with
respect to losses occurring during the period from the Effective Date until the expiry of the Insurance or until the expiry or agreed termination of the Contract(s) or until the obligations under the Contract(s) are terminated
by any action of the Insured or the Contract Party(ies), whichever shall first occur, in respect of the said interest of the Contract Party(ies) and in consideration of the Additional Premium it is confirmed that the Insurance
afforded by the Policy is in full force and effect and it is further agreed that the following provisions are specifically endorsed to the Policy:- 
  

	1.	Under the HULL “ALL RISKS” and HULL WAR and ALLIED RISKS Coverages 

 

	1.1	In respect of any claim on Equipment that becomes payable on the basis of a Total Loss, settlement (nett of any relevant Policy deductible) shall be made to the
order of the Contract Party(ies). In respect of any other claim, settlement (nett of any relevant policy deductible) shall be made with such party(ies) as may be necessary to repair the Equipment unless otherwise agreed after
consultation between the Insurers and the Insured and, where necessary under the terms of the Contract(s), the Contract Party(ies). Such payments shall only be made provided the same are in compliance with all applicable laws and
regulations. 

  

	1.2	Insurers shall be entitled to the benefit of salvage in respect of any property for which a claims settlement has been made. 

 

	1.3	The Reinsurers and the Reassured hereby agree that in the event of any claim arising under the reinsurance in respect of a total loss or other claim where as provide by
the Agreement such claim is to be paid to the person named as Loss Payee or Contract Party under the Original Policy, the Reinsures shall in lieu of payment to the Reassured, its successors in interest and assignee pay to the person named as Loss
Payee or Contract Party or such person’s assigned under the Original Policy effected by the Assured that portion of any loss due for which the Reinsures would otherwise be liable to pay the Reassured (subject to proof of loss), it being
understood and agreed that such payment by the Reinsurers shall (to the extent of such payment) fully discharge and release the Reinsures from any and all further liability in connection therewith. 

 

	2.	Under the Legal Liability Insurance 

  

	2.1	Subject to the provisions of this Endorsement, the Insurance shall operate in all respects as if a separate policy had been issued covering each party insured
hereunder, but this provision shall not operate to include any claim howsoever arising in respect of loss or damage to the Equipment insured under the Hull or Spares Insurance of the Insured. Notwithstanding the foregoing the total liability
of Insurers in respect of any and all Insureds shall not exceed the limits of liability stated in the Policy. 

  

	2.2	The Insurance provided hereunder shall be primary and without right of contribution from any other insurance which may be available to the Contract Party(ies).

  

	2.3	This endorsement does not provide coverage for the Contract Party(ies) with respect to claims arising out of their legal liability as manufacturer, repairer, or
servicing agent of the Equipment. 

  

					
	June 22, 2007	 	Page 3	 	Ref: VOLARIS – XA-VOG

 

 
 Aon Risk Services of Texas, Inc. 

2711 N. Haskell Ave., Suite 800, Dallas, TX 75204 
 214-989-0000 
  
  

	3.	Under ALL Insurances 

  

	3.1	The Contract Party(ies) are included as Additional Insured(s) as their respective interests may appear. 

 

	3.2	The cover afforded to each Contract Party(ies) by the Policy in accordance with this Endorsement shall not be invalidated by any act or omission (including
misrepresentation and non-disclosure) of any other person or party which results in a breach of any term, condition or warranty of the Policy PROVIDED THAT the Contract Party(ies) so protected has not caused, contributed to or knowingly
condoned the said act or omission. 

  

	3.3	The provisions of this Endorsement apply to the Contract Party(ies) solely in their capacity as financier/lessor in the identified Contract(s) and not in
any other capacity. Knowledge that any Contract Party(ies) may have or acquire or actions that it may take or fail to take in that other capacity (pursuant to any other contract or otherwise) shall not be considered as invalidating the cover
afforded by this Endorsement. 

  

	3.4	The Contract Party(ies) shall have no responsibility for premium and Insurers shall waive any right of setoff or counterclaim against the Contract
Party(ies), except in respect of outstanding premium in respect of the Equipment. 

  

	3.5	Upon payment of any loss or claim to or on behalf of any Contract Party(ies), Insurers shall to the extent and in respect of such payment be thereupon subrogated
to all legal and equitable rights of the Contract Party(ies) indemnified hereby (but not against any Contract Party(ies). Insurers shall not exercise such rights without the consent of those indemnified, such consent not to be
unreasonably withheld. At the expense of Insurers, such Contract Party(ies) shall do all things reasonably necessary to assist the Insurers to exercise said rights. 

 

	3.6	Except in respect of any provision for Cancellation or Automatic Termination specified in the Policy or any endorsement thereof, cover provided by this Endorsement may
only be cancelled or materially altered in a manner adverse to the Contract Party(ies) by the giving of not less than Thirty (30) days (but seven (7) days or such lesser period as may be customarily available in respect of War and
Allied Perils) notice in writing to the Appointed Broker. Notice shall be deemed to commence from the date such notice is given by the Insurers. Such notice will NOT, however, be given at normal expiry date of the Policy or any endorsement.

  

					
	June 22, 2007	 	Page 4	 	Ref: VOLARIS – XA-VOG

 

 
 Aon Risk Services of Texas, Inc. 

2711 N. Haskell Ave., Suite 800, Dallas, TX 75204 
 214-989-0000 
  

EXCEPT AS SPECIFICALLY VARIED OR PROVIDED BY THE TERMS OF THIS ENDORSEMENT:- 

 

	1.	THE CONTRACT PARTY(IES) ARE COVERED BY THE POLICY SUBJECT TO ALL TERMS, CONDITIONS, LIMITATIONS, WARRANTIES, EXCLUSIONS AND CANCELLATION PROVISIONS THEREOF.

  

	2.	THE POLICY SHALL NOT BE VARIED BY ANY PROVISIONS CONTAINED IN THE CONTRACT(S) WHICH PURPORT TO SERVE AS AN ENDORSEMENT OR AMENDMENT TO THE POLICY.

 In addition to the foregoing it is further certified that Insurers have agreed to include the following provisions:-

  

	1.	Under the Hull “All Risks” and Hull “War Risks” Insurances:- 

 

	1.2	To include a 50%/50% Clause (in accordance with AVS 103). 

 It is our opinion, as Insurance Brokers, that the Insurances carried by the Insured, as described in this Certificate of Insurance comply with the relative parts of the Contract(s) as far as the
requirements relate to the insurance as herein stated and that the Insurance and Reinsurance arrangements are effected with Insurers and Reinsurers of recognised responsibility who normally participate in airline Insurance Programmes. 

It is further certified that Insurers have applied the Date Recognition Exclusion Clause - AVN 2000 and have agreed to provide limited
“writeback” of coverage in respect thereof in accordance with the Date Recognition Limited Coverage Clauses AVN 2001 and AVN 2002, as applicable. 
 Subject to the terms, conditions, limitations, exclusions and cancellation provisions of the relative Policy Numbers (see attached Schedule of Insurers) which expire at midnight as per the attached
schedule. 
 The coverage provided shall not contravene any applicable United Nations sanctions. 

 

	
	AON RISK SERVICES OF TEXAS, INC.
	
	 /s/ Illegible
 Authorized
Representative

 SEVERAL LIABILITY NOTICE - The subscribing insurers’ obligations under policies to which they subscribe are
several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its
obligations. 

  
  

					
	June 22, 2007	 	Page 5	 	Ref: VOLARIS – XA-VOG

 EXHIBIT D 
 FORM OF BROKERS’ LETTER OF UNDERTAKING 
 SEE FOLLOWING PAGES 

  
 119(137)

 LETTER OF UNDERTAKING 

June 22, 2007 

	TO:	ARRENDADORA FINANCIERA INBURSA, S.A. de C.V. 

	    	SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD REGULADA, GRUPO 

	    	FINANCIERO INBURSA 

  

	    	CONCESIONARIA VUELA COMPANIA DE AVIACION S.A. DE C.V. D/B/A VOLARIS 

 Dear Sirs, 
 AIRCRAFT TYPE Airbus A319-133 

M.S.N. 3175 
 Registered Marks: XA-VOG

 OPERATOR: CONCESIONARIA VUELA COMPANIA DE AVIACION S.A. DE C.V. D/B/A VOLARIS (VOLARIS) 

We confirm we have placed Insurance in the name of CONCESIONARIA VUELA COMPANIA DE AVIACION S.A. DE C.V. D/B/A VOLARIS (VOLARIS) and/or Associated and/or
Affiliated and/or Subsidiary Companies for their respective rights and interests (hereinafter called the “Insured”) with SEGUROS INBURSA. (as the “Insurers”) and that we, as Reinsurance Brokers, have placed in London and the
International Insurance Markets Reinsurance in the name of the Insurers for account of the Insured, covering their operations in connection with their entire fleet of aircraft 
 Pursuant to instructions received from the Operator and in consideration of your approving ourselves as the Insurance Broker for such insurances, we undertake as follows in connection with the
Operator’s Fleet Policy arrangements (under which the Aircraft identified above is insured), but only in relation to your interest(s) in the Aircraft:- 
  

	1.	In relation to the Hull and Hull War Risks Insurances, to hold the insurance slips and the benefit of those insurances to your order in accordance with the loss payable
provision referenced in the said Certificate of Insurance, but subject always to our requirements to operate the Fleet Policy arrangements in so far as they relate to any other aircraft insured thereunder. 

 

	2.	To advise you, promptly :- 

  

	 	2.1	of the receipt by us of any notice of cancellation or material change in the insurances; and 

 

	 	2.2	if any premiums are not paid to us in accordance with the accounting procedures that exist between the Operator and ourselves before we notify insurers of such
non-payment of premiums; and 

  

	 	2.3	upon application from you, of the premium payment situation; and 

  

	 	2.4	if we cease to be Insurance Brokers to the Operator. 

  

					
		 	Page 6	 	Ref: VOLARIS – XA-VOG

  
 

 
 Aon Risk Services of Texas, Inc. 

2711 N. Haskell Ave., Suite 800, Dallas, TX 75204 
 214-989-0000 
  

	3.	Following a written application received from you not later than one month before expiry of these insurances to notify you within fourteen days of the receipt of such
application in the event of our not having received renewal instructions from the Operator. 

 The above undertakings are given
subject to :- 
  

	a.	our continuing appointment for the time being as Insurance Brokers to the Operator; and 

 

	b.	all claims and return premiums being collected through ourselves as Insurance Brokers; and 

 

	c.	our lien, if any, on the said insurances for premiums due in respect of the Aircraft. 

 

	
	AON RISK SERVICES OF TEXAS, INC.
	
	/s/ Illegible
	Authorized Representative

  

					
		 	Page 7	 	Ref: VOLARIS – XA-VOG

 SCHEDULE OF PARTIES TO WHOM NOTICE IS TO BE GIVEN 

 

			
	Certificate:	  	VOLARIS - XA-VOG
	Insured:	  	VOLARIS
	Subject:	  	Airbus A319-133 XA-VOG, msn 3175

 PLEASE READ CAREFULLY 
 Under the attached Certificate, Underwriters have agreed to give notice in certain circumstances. In order to ensure our ability, as the intermediary, to direct such notice to the relevant parties, we
would request that you complete the schedule below and return it to Aon Risk Services of Texas, Inc., if possible by facsimile. (OUR DIRECT FACSIMILE NUMBER IS 214 989 2114) 
 PLEASE NOTE : We would remind you that notices are effective from the time of issuance and failure to provide us with the above requested information will severely inhibit our ability to ensure
that you are given prompt advice. At present the information held on our files is as follows. This schedule only need be returned to us in the event that the information below is incomplete or inaccurate. 

 

			
	Company:	  	ARRENDADORA FINANCIERA INBURSA, S.A. de C.V.
	Address:	  	SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD
		  	REGULADA, GRUPO FINANCIERO INBURSA
		  	Paseo de las Palmas 736
		  	Col. Lomas de Chapultepec
		  	Mexico D.F.
		  	11000
		  	Mexico
	Facsimile:	  	5255-5261-6460
	Addressee:	  	General Counsel
	with a copy to:	  	
	Company:	  	JETSCAPE, INC.
	Address:	  	10 S. New River Drive East, Suite 200
		  	Fort Lauderdale, Florida 33301
		  	USA
		
	Facsimile:	  	954-763-4757
	Addressee:	  	Legal department

  

					
		 	Page 8	 	Ref: VOLARIS – XA-VOG

			
	Company:	  	CONCESIONARIA VUELA COMPANIA DE AVIACION S.A. DE C.V.
	Address:	  	Prolongacion Paseo de la Reforma, #490
		  	Piso 1, Edificio GE, Col. Santa
		  	Fe Pena Blanca, Del. Alvaro Obregón
		  	Mexico, D.F. 01012
		  	Mexico
	Facsimile:	  	5255-5261-6460
	Addressee:	  	General Counsel

  

					
		 	Page 9	 	Ref: VOLARIS – XA-VOG

 EXHIBIT E 
 FORM OF ACCEPTANCE CERTIFICATE 
 Concesionaria Vuela Compañía de
Aviación, S.A. de C.V., a Mexican company (“Lessee”) does hereby represent, acknowledge, warrant and agree as follows: 
 1. Lessee and Arrendadora Financiera Inbursa, S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa (“Lessor”) have entered into an
Aircraft Lease Agreement dated as of June     , 2007 (hereinafter referred to as the “Lease”). Words used herein with capital letters and not otherwise defined will have the meanings set forth in the Lease. 

2. Lessee has this     day of
                    ,          (Time:         ) at
                                received from Lessor possession of: 

(a) One (1) new Airbus A319-133 aircraft bearing Manufacturer’s serial number 3175 and registration mark XA-VOG,
together with two (2) IAE V2527M-A5 engines bearing manufacturer’s serial numbers V12636 and V12638 (each of which has at least 1750 lbs of thrust) and one (1) Honeywell 131-9A APU bearing manufacturer’s serial number
P-            , all in airworthy condition. 
 (b)
All Aircraft Documentation, including the usual and customary manuals, logbooks, flight records and historical information regarding the Aircraft, Engines, APU and Parts. 

(c) The loose equipment set forth in the list of Loose Equipment attached hereto. 

3. The Aircraft had the following seating configuration at the Delivery Date: 

 

	
	             business class seats
	
	             economy class seats

 4. The Airframe, Engines, APU and Parts had the following hours/cycles at the Delivery Date: 

 

	 	(a)	Airframe: 

  

	
	Maximum gross takeoff weight:                      pounds
	
	Total hours:              Total Landings:
            

  
 120(137)

	 	(b)	Engines: 

 Certified
thrust rating:             pounds (from data plate) 
  

							
	 Position
	  	 Serial No.
	  	 Total Hours
	  	 Total Cycles

		  		  		  	

  

	 	(c)	APU: 

 MSN
             
 Total hours:
             
         
hours/         cycles remaining on APU LLPs 
  

	 	(d)	Landing Gear: 

  

							
	 Position
	  	 Serial No.
	  	 Total Hrs/Cycles
	  	 Hrs/Cycles/days remaining to
next Overhaul

				
	 Nose
	  		  		  	
	 Left Main
	  		  		  	
	 Right Main
	  		  		  	

 5. The amount of fuel on board at the Delivery Date is         
(circle one) pounds/kilos (             gallons). 
 6. All of the
foregoing has been delivered and accepted on the date set forth above to Lessee’s full satisfaction and pursuant to the terms and provisions of the Lease. 
 7. The Aircraft, Engines, APU, Parts and Aircraft Documentation as described in the Lease have been fully examined by Lessee and have been received in a condition fully satisfactory to Lessee and in full
conformity with the Lease in every respect. 
 8. The Lease is in full force and effect, Lessor has fully performed all of its
obligations under the Lease, and Lessee has no claims, offsets, deductions, setoff or defenses of any kind or nature in connection with the Lease. 
 9. Lessee has obtained all required permits, authorizations, licenses and fees of the State of Registration or any Government Entity thereof necessary in order for Lessee to operate the Aircraft as
permitted by the terms of the Lease. 

  
 121(137)

 Dated on the date set forth above 

 

			
	 Concesionaria Vuela Compariia de Aviación,
 S.A. de C.V.

		
	By:	 	  

	Name:	 	
	Title:	 	

 ATTACHMENTS: 
  

	1.	List of Aircraft Documentation 

  

	2.	Inventory of Avionic Equipment 

  

	3.	List of Loose Equipment 

  

	4.	List of Free of Charge Kits 

  

	5.	Engine Power Assurance Test Conditions and Results 

  
 122(137)

 EXHIBIT F 
 FORM OF POWER OF ATTORNEY 
 SEE FOLLOWING PAGES 

  
 123(137)

 POWER OF ATTORNEY 
 Concesionaria Vuela Campania de Aviacion, S.A. de C.V. (“Volaris”) hereby irrevocably grants an irrevocable power of attorney in favor of ARRENDADORA FINANCIERA INBURSA S.A. DE C.V. SOFOM E.R.,
GRUPO FINANCIERO INBURSA, with domicile at Paseo de las Palmas No. 736, Col. Lomas de Chapultepec Mexico, D.F., C.P. 11000. (“Inbursa”) as Volaris’s true and lawful Attorney in fact so that lnbursa may take any of the following
actions in the name of and for Volaris with respect to the Airbus A319-133 Aircraft bearing Manufacturer’s Serial Number 3175 (the “Aircraft”) leased by lnbursa to Volaris pursuant to an Aircraft Lease Agreement dated as of
June 18, 2007 (the “Lease”) and to certain rights of Inbursa in respect thereto. 
 1. Pursuant to the Lease, Volaris has
procured and is maintaining insurances for the Aircraft. Inbursa has been named sole loss payee on the Hull All Risks and Hull War and Allied Risks insurances for the Aircraft. In the event of a total loss or constructive total loss of the Aircraft,
Inbursa is entitled to receive insurance proceeds according to Section 16 of the Lease. Inbursa may take all action and sign all documents otherwise required to be performed by Volaris, including execution on behalf of Volaris of an appropriate
form of discharge/release document, in order for Inbursa to collect such insurance proceeds. 
 2. In the exercise of the rights of Inbursa to
recover the Aircraft from Volaris and remove the same from the United Mexican States, Inbursa may take all action and steps otherwise required to be performed by Volaris before any administrative or judicial authority of the United Mexican States in
order to 

 PODER 
 Concesionaria Vuela Campania de Aviacion, S.A. de C.V. (“Volaris”) por este acto otorga, poder irrevocable, a favor de ARRENDADORA FINANCIERA INBURSA S.A. DE C.V. SOFOM E.R., GRUPO FINANCIERO
INBURSA, con domicilio en Paseo de las Palmas No. 736, Col. Lomas de Chapultepec Mexico, D.F., C.P. 11000., (“Inbursa”) como representante de Volaris, por lo que Inbursa puede Ilevar a cabo cualquiera de las siguientes acciones en
nombre de Volaris en relación con la Aeronave A319-133, Número de Serie del Fabricante 3175 (la “Aeronave”) arrendada por Inbursa a Volaris de conformidad con el Contrato de Arrendamiento de Aeronave celebrado el 18 de Junio
de 2007 (el “Arrendamiento”) y con relación a determinados derechos de Inbursa con relación al mismo. 
 1. Volaris ha
obtenido y mantiene coberturas de seguro respecto de la Aeronave, de conformidad con el Contrato. Inbursa ha sido nombrado como único beneficiario en los seguros de Casco y Todo Riesgo y de Casco, Guerra y Riesgos Relacionadosde la Aeronave.
En caso de pérdida total o que constituya perdida total de la Aeronave, Inbursa está autorizado para recibir los beneficios del seguro de conformidad con la Sección 16 del Contrato. Inbursa podrá Ilevar a cabo todas las
acciones, suscribir todos los documentos; y realizar cualquier acción a nombre de Volaris, incluyendo la ejecución del formato apropiado de descarga o liberación para cobrar los beneficios del seguro. 

2. En el ejercicio de sus derechos para recuperar la Aeronave de parte de Inbursa y remover la misma de los Estados Unidos Mexicanos, Inbursa
podrá Ilevar a cabo todas las acciones y pasos que deban ser realizados por Volaris ante cualquier autoridad administrativa o judicial de los Estados Unidos Mexicanos, con el fin de que

 

 (i) cause the Aircraft and any Engines, Parts, Aircraft Documents or Aircraft Documentation to be
repossessed by Inbursa, (ii) deregistered from the Mexican Aeronautic Registry of the Dirección General de Aeronáutica Civil and (iii) exported from the United Mexican States. 

3. In the exercise of the rights mentioned in paragraphs 1 and 2, Inbursa may make any filings and declarations or statements and sign any public or
private documents which may be considered necessary or appropriate. 
 4. Inbursa may delegate the powers conferred hereby, in whole or in part,
to any individual(s), including but no limited to employees of Inbursa or legal counsel in the United Mexican States. 
 Inbursa is empowered to
determine in its sole discretion when to exercise the powers conferred upon Inbursa pursuant to this Power of Attorney as contemplated in paragraphs 1 and 2, without requiring judicial resolution, in the understanding that Volaris shall not be
entitled to exercise any action against (i) any person acting pursuant the present Power of Attorney and the acts that be resultant from such actions; and (ii) any person designated by Inbursa or by an officer of Inbursa to give
instructions pursuant to this Power of Attorney so long as such person, abides by the terms of this Power of Attorney and the instructions of Inbursa. 
 Volaris also agrees to indemnify and hold harmless any person which may act pursuant to this Power of Attorney and pursuant to instructions given by Inbursa or its designee so long as such person abides
by terms of this Power of Attorney and the instructions of Inbursa. This Power of Attorney is irrevocable until the Aircraft has been returned to the possession of Inbursa, deregistered and exported from the United Mexican States in consideration of
the fact that it derives from a contractual relationship between the parties to the Lease. 
 This power of attorney will be exercised before
any kind of persons natural and legal, so as before civil, military, judicial and administrative authorities, whether federal of local and especially before the Boards of Conciliation and Arbitration.

 (i) la posesión de la Aeronave y sus Motores, Partes, Documentacion de la Aeronave sea
recuperada por Inbursa, (ii) sea dada la baja del Registro Aeroánutico Mexicano de la Dirección General de Aeronáutica Civil y (iii) sea exportada de los Estados Unidos Mexicanos. 

3. En el ejercicio de los derechos consignados en los párrafos 1 y 2 anteriores, Inbursa podrá presentar documentos y declaraciones, asi
como suscribir documentos públicos o privados que se consideren apropiados o necesarios. 
 4. Inbursa podrán delegar las
facultades conferidas en este documento, en todo o en parte, a cualquier individuo (s), incluyendo sin limitación, a sus empleados o abogados en los Estados Unidos Mexicanos. 
 Inbursa queda facultada para determiner, a su discreción, el ejercicio de las facultades que le han sido conferidas de acuerdo al presente Poder como se contempla en los párrafos 1 y 2, sin
necesidad de resolución judicial o sentencia, en el entendido de que Volaris no tendrá derecho a ejercitar acción alguna en contra de (i) cualquier persona que actúe de acuerdo al presente Poder y de los actos que de
dicha actuación se deriven; (ii) cualquier otra persona designada por Inbursa o por un funcionario de Inbursa para dar instrucciones de acuerdo con este Poder en tanto dicha persona se someta a los términos del presente Poder y a
las instrucciones de Inbursa. 
 Volaris también acuerda en indemnizar y mantener en paz y a salvo a cualquier persona que pueda actuar
en base a este Poder y de acuerdo a las instrucciones de Inbursa o su mandatario, en tanto dicha persona se someta a los términos del presente Poder y a las instrucciones de Inbursa. El presente Poder se otorga de forma irrevocable hasta que
la Aeronave haya sido devuelta a la posesión de Inbursa, dada la baja y exportada de los Estados Unidos Mexicanos en consideración a que el mismo se derive de la relación contractual entre las partes conforme al Arrendamiento.

 El presente poder se ejercerá ante toda clase de personas fisicas y morales, asi como ante autoridades civiles, militares, judiciales
y administrativas, ya sean federales o locales y especialmente ante las Juntas de Conciliación y Arbitraje. 

 

 This Power of Attorney is granted to be exercised in the United Mexican States, pursuant to the
Interamerican Convention on the Legal Regime of Powers of Attorney to be used abroad and to the Washington Protocol for the Uniformity of the Legal Regime of Powers of Attorney. 
 Concesionaria Vuela Compañia de Aviación, S.A. de C.V. has made and delivered this Power of Attorney on June 18, 2007 in Mexico City. 

 

			
	Concesionaria Vuela Compañía de Aviación S.A. de C.V.
	
	 /s/ Alfonso Asencio Triujeque

	By:	 	Alfonso Asencio Triujeque
	Title:	 	General Counsel and Attorney in fact

 

 Este Poder se otorga pare ser ejercitado en los Estados Unidos Mexicanos, conforme a la Convención
Interamericana sobre el Régimen Legal de los Poderes para ser Utilizados en el Extranjero y at Protocolo Sobre Uniformidad del Regimen Legal de Poderes de Washington. 
 Concesionaria Vuela Compañía de Aviación, S.A. de C.V. ha otorgado y entregado este Poder, en la Ciudad de México el dia 18 de Junio de 2007. 

 

			
	Concesionaria Vuela Compañía de Aviación S.A. de C.V.
	
	 /s/ Alfonso Asencio Triujeque

	Por:	 	Alfonso Asencio Triujeque
	Cargo:	 	Director Juridico y Representante Legal

 
 

 EXHIBIT G 
 RETURN ACCEPTANCE RECEIPT 
 Date:
                         ,         

1. Concesionaria Vuela Compañía de Aviación, S.A. de C.V. (“Lessee”) and Arrendadora Financiera Inbursa,
S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa (“Lessor”) have entered into an Aircraft Lease Agreement dated as of June     , 2007 (the
“Lease”). Words used herein with capital letters and not otherwise defined will have the meanings set forth in the Lease. 
 2. Lessor has this     day of                     ,
        (Time:         ) at
                            received from Lessee possession of: 

(a) One (1) Airbus A319-133 Aircraft bearing Manufacturer’s serial number 3175, together with two (2) IAE
V2527M-A5 Engines bearing manufacturer’s serial numbers V12636 and V12638, one (1) Honeywell 131-9A APU bearing manufacturer’s serial number P-            , and all Parts
attached thereto and thereon in an airworthy condition and 
 (b) All Aircraft Documentation, including the usual
and customary manuals, logbooks, flight records and historical information regarding the Aircraft, Engines, APU and Parts, as listed in the Document Receipt attached hereto. 
 3. The Aircraft had the following seating configuration at return: 
  

	
	             business class seats
	
	             economy class seats

 4. The Airframe, Engines, APU and Parts had the following hours/cycles at return: 

(a) Airframe: 
 Maximum gross takeoff weight:                      pounds 

Total hours:              Total Landings:
             
 Date last “C” check
performed:              

             hours/      cycles since last
“C” check 
 Date last 6Y/12Y structural check performed:
             

             hours/      cycles since last
6Y/12Y structural check 

  
 124(137)

 (b) Engines: 
 Certified thrust rating:            pounds (from data plate) 
  

									
	 Position
	  	Serial No.	 	  	 Total Hrs/Cycles
	  	 Hrs/Cycles since last
Performance Restoration
Shop
Visit

				
	 1
	  	 	V12636	  	  		  	
				
	 2
	  	 	V12638	  	  		  	

 (c) APU: MSN              

Total hours:              

             hours/   cycles since last hot section refurbishment

              hours/   remaining on APU life-limited
Parts 
 (d) Landing Gear: 
  

									
	 Position
	  	Serial
No.	  	Total
Hrs/
Cycles	  	 Hrs/Cycles/Days remaining to
next
Overhaul
	  	 Date of Last Overhaul

					
	 Nose
	  		  		  		  	
					
	 Left Main
	  		  		  		  	
					
	 Right Main
	  		  		  		  	

 (e) Fuel on board at return:          (circle one)
pounds/kilos (         gallons) 
 5. Other technical information regarding the Aircraft
and its components are correctly set forth on the Technical Evaluation Report (in the form of Exhibit I) attached hereto. 

  
 125(137)

 6. With reference to Article 12.9 of the Lease regarding reimbursement from the
Maintenance Funds after return of the Aircraft: 
  

	        	There are no claims for reimbursement from the Maintenance Funds which will be submitted after the date hereof. 

Or 
  

	        	Claims for reimbursement from the Maintenance Funds will be submitted after the date hereof for the following: 

 

			
	 Type of Work
	  	 Estimated Invoice Amount

		  	

 7. The above specified aircraft, engines and documentation are hereby accepted by Lessor subject to
(a) the provisions of the Lease and (b) correction by Lessee (or procurement by Lessee at Lessee’s cost) as soon as reasonably possible of the discrepancies specified in Attachment 2 hereto. 

8. Subject to the following paragraph, the leasing of the Aircraft by Lessor to Lessee pursuant to the Lease is hereby terminated without
prejudice to Lessee’s continuing obligations under the Lease including, without limitation, paragraph 7(b) above and Articles 9.5, 14, 15 and 16. 
 9. This Return Acceptance Receipt is executed and delivered by the parties in
                                . 

IN WITNESS WHEREOF, the parties hereto have caused this Return Acceptance Receipt to be executed in their respective corporate names by
their duly authorized representatives as of the day and year first above written. 
  

									
	Concesionaria Vuela Compañía de Aviación, S.A. de C.V.	 		 	Arrendadora Financiera Inbursa, S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

  
 126(137)

 ATTACHMENTS: 
  

	1.	List of Aircraft Documentation 

  

	2.	Inventory of Avionic Equipment 

  

	3.	List of Loose Equipment 

  

	4.	Free of Charge Kits 

  

	5.	List of Discrepancies 

  

	6.	Engine Power Assurance Test Conditions and Results 

  

	7.	Dent and Damage Chart 

  

	8.	Incident/Accident Letter 

  

	9.	Technical Evaluation Report (in the form of Exhibit I) 

  
 127(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  
 EXHIBIT H 
 FORM OF MONTHLY AIRCRAFT UTILIZATION AND STATUS REPORT 
 Report Due
Date:             
  

									
	To:	 	Arrendadora Financiera Inbursa, S.A. de C.V. Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa	  	 Jetscape, Inc.
 10 S. New River Drive East, Suite 200
 Fort Lauderdale, FL 33301

United States of America

				
		 	 Paseo de las Palmas 736
 Col. Lomas de Chapultepec
 Mexico, 11000, D.F.

Mexico
	  	 Attn:
 Fax:

Email:
	 	 Technical Department
 +1 954
763 4757
 [...]

		 	Attn:	 	Director Juridico	  		 	
		 	Fax:	 	+55 52 02 52 00	  		 	
		 	Email:	 	[...]	  		 	

 From: Concesionaria Vuela Compañía de Aviación, S.A. de C.V. 

 

			
	Contact:             	  	Fax:            
		
	AIRCRAFT TYPE: AIRBUS A319-133	  	
		
	SERIAL NUMBER: 3175	  	REGISTRATION:    
		
	ENGINE TYPE: IAE V2527M-A5	  	MONTH OF:        
	
	 NOTE:        PLEASE RECORD TIME IN HOURS AND MINUTES OR IN
DECIMALS.

  

					
	Aircraft Total Time Since New As Of Last Month:	  	Hours:	 	Min:
	Aircraft Total Time Since New:	  	Hours:	 	Min:
	Aircraft Total Cycles Since New:	  	Cycles:	 	
	Airframe Hours Flown During Month:	  	Hours:	 	Min:
	Airframe Cycles/Landings During Month:	  	Cycles:	 	
	Time Remaining to 6Y/12Y structural or Heavy Maintenance Check:	  		 	

  
 128(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  
  
  

											
	 	  	 HOURS OR CYCLES
FLOWN DURING
MONTH
(as
applicable)
	  	x	  	US$ PER HOUR,
CYCLE OR
MONTH
(as applicable)	  	=	  	MAINTENANCE
FUNDS
	 TOTAL AIRFRAME:
	  	One (1) Month	  	x	  		  	=	  	
						
	 TOTAL LANDING GEAR:
	  	One 1 Month	  	x	  		  	=	  	
						
	 TOTAL APU:
	  	Hrs:	  	x	  		  	=	  	
						
	 Original Engine Serial Number:
	  	Hrs.	  	x	  		  	=	  	
						
		  	Cycle (for Engine LLP Maintenance Fund):	  	x	  		  	=	  	
						
	 Original Engine Serial Number:
	  	Hrs:	  	x	  		  	=	  	
						
		  	Cycles (for Engine LLP Maintenance Fund):	  	x	  		  	=	  	
			
	 TOTAL AMOUNT OF MAINTENANCE FUNDS (US$) PAID THIS MONTH:
	  	US$	  	

  

			
	ENGINE SERIAL NUMBER:	 	ENGINE SERIAL NUMBER:
		
	ORIGINAL POSITION:	 	ORIGINAL POSITION:
		
	ACTUAL LOCATION:	 	ACTUAL LOCATION:
		
	CURRENT THRUST RATING:	 	CURRENT THRUST RATING:
		
	HOURS:	 	HOURS:
		
	Total Time Since New As Of Last Month:	 	Total Time Since New As Of Last Month:
		
	Total Time Since New:	 	Total Time Since New:
		
	Total Cycles Since New:	 	Total Cycles Since New:
		
	Hours Flown During Month:	 	Hours Flown During Month:
		
	Cycles During Month:	 	Cycles During Month:

  

			
	IMPORTANT:	  	IF ENGINE OWNED BY ARRENDADORA FINANCIERA INBURSA, S.A. DE C.V. SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD REGULADA, GRUPO FINANCIERO INBURSA IS REMOVED OR INSTALLED ON
ANOTHER AIRCRAFT, IT MUST BE REPORTED MONTHLY ON THIS FORM.

	

  
 129(137)

 CONFIDENTIAL TREATMENT REQUESTED 
 EXHIBIT I 
 FORM OF TECHNICAL EVALUATION REPORT 

 

			
	Date of Report:	  	
	Delivery Date:	  	
		
	 General Aircraft Description
	  	
		
	 Description
	  	 Details

	Manufacturer / Model:	  	
	Manufacturer Serial Number	  	
	Type Certificate Number:	  	
	Date of Manufacture:	  	
	Design Specification:	  	
	Registration / Country of Registration	  	
	Registered Owner:	  	
	Prior Reg./Country /Authority:	  	
	Engine Type	  	
	Engine Serial Numbers	  	
	Noise Compliance:	  	
	Flight Crew Accommodation:	  	
	Cabin Crew Accommodation:	  	
	Passenger Accommodation:	  	
	SELCAL Code:	  	

 Aircraft Hours and Cycles ( As of     -    -    )

  

					
	 Description
	  	 Hours
	  	 Cycles

	 Airframe
	  		  	
	 No. 1 Engine SN             
	  		  	
	 No. 2 Engine SN             
	  		  	

 Aircraft History 
  

							
	 Dates
	  	 Operator
	  	 Country
	  	 Registration

		  		  		  	
		  		  		  	

  

					
	 Weights
	  	 Pounds
	  	 Kilograms

	 Maximum Certified Taxi Gross Weight:
	  		  	
	 Maximum Certified Take-Off Weight:
	  		  	
	 Maximum Certified Landing Weight:
	  		  	
	 Maximum Certified Zero Fuel Weight:
	  		  	

  
 130(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  
  

	
	Manufacture’s Original Basic Empty Weight:
	Operational Empty Weight
	Last Aircraft Weighing:

  

	
	 Additional Information

	
	 Description of Additional Information

	 Current Transponder Code –

	 Last Transponder Check:

	 Last Altimeter Check:

	 Last Compass Swing:

	 Flight Data Recorder data dump analysis complied with on:

 Maintenance Check Status 
  

													
	Aircraft Maintenance and Inspections are carried out in accordance with Operators Approved Program
				
	 Check
	  	 Interval
	  	 Number
	  	 Description of Check

	A	  	     Days	  		  	Last A checks: Per Program
	C	  	     Months	  		  	See below
					
	 Check Status
	  	 1C
	  	 2C
	  	 4C/ 6Y
	  	 8C / 12Y

	Interval Months	  		  		  		  	
	Last Accomplished (Date)	  		  		  		  	
	Last Accomplished: AF (Hours)	  		  		  		  	
	Next Due: Date	  		  		  		  	
	Hours Remaining	  		  		  		  	
	Months Remaining	  		  		  		  	

  

							
	 ATA Chapter
22                    Automatic Flight Control

				
	 Description
	  	 QTY
	  	 Manufacture /Model
	  	 Mfg. Part No

	 Flight Management Guidance Computer
	  		  		  	
	 Flight Augmentation Computer
	  		  		  	
	 Flight Control Unit
	  		  		  	
	 Multipurpose Control Display Unit
	  		  		  	
	
	 ATA Chapter
23                    Communications

				
	 Description
	  	 QTY
	  	 Manufacture /Model
	  	 Mfg. Part No.

	 Audio Management Unit
	  		  		  	
	 ACARS
	  		  		  	
	 Cabin Intercomm Data System
	  		  		  	
	 Cockpit Voice Recorder
	  		  		  	

  
 131(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  

							
	HF Transceiver	  		  		  	
	VHF Transceiver	  		  		  	
	PRAM Tape Reproducer (Pre Recorded PAX Address)	  		  		  	
	MPES Tape Reproducer (Audio Entertainment)	  		  		  	
	Tape Reproducer (Video Entertainment)	  		  		  	
	Audio Management Unit / SELCAL Decoder	  		  		  	
	Radio Management Panel	  		  		  	
	
	 ATA Chapter
25                    Equipment and Furnishings

				
	 Description
	  	 QTY
	  	 Manufacture /Model
	  	 Mfg. Part No.

	Flight Crew Seat – Captain	  		  		  	
	Flight Crew Seat – First officer	  		  		  	
	Flight Crew Seat – 1st Observer	  		  		  	
	Flight Attendant Seat – FWD (L-1) Dbl	  		  		  	
	Flight Attendant Seat – AFT (L-2) Dbl	  		  		  	
	Flight Attendant Seat – AFT (L2/R2) Single	  		  		  	
	G-1 FWD Galley w/2 ovens, 2 coffee makers and 3 ATLAS Full carts	  		  		  	
	G-5 AFT Bulkhead Galley w/3 ovens, 2 coffee makers and 6 ATLAS Full carts	  		  		  	
	Business Class Seats – Cabin	  		  		  	
	Economy Class Seats – Cabin	  		  		  	
	
	 ATA Chapter
27                    Flight Controls

				
	 Description
	  	 QTY
	  	 Manufacture /Model
	  	 Mfg. Part No.

	ELAC – Elevator/Aileron Computer	  		  		  	
	FCDC – Flight Control Data Concentrator	  		  		  	
	FAC – Flight Augmentation Computer	  		  		  	
	SFCC – Slat/Flap Control Computer	  		  		  	
	SEC – Spoiler/Elevator Computer	  		  		  	

  
 132(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  
  

							
	 ATA Chapter
28                    Fuel

				
	 Fuel Tanks
	  	 Fuel Capacity
Pounds
	  	 Fuel Capacity
Kilograms
	  	 Max Usable Fuel
US Gallons

	Left Wing Main, MaximumAllowable: *	  		  		  	
	Right Wing Main, Maximum Allowable: *	  		  		  	
	Center Wing, Maximum Allowable: *	  		  		  	
	Maximum Allowable Total Fuel	  		  		  	
	 *  Source – Weights Approved Aircraft Flight Manual and TCDS A28NM Rev 8

	Note: Based on a fuel density of 7.1 pounds per U.S. gallon.	  		  		  	
	Fuel Quantity Indication (Unit of Measure):	  		  		  	

  

							
	 ATA Chapter
31                    Independent Instruments

				
	 Description
	  	 QTY
	  	 Manufacture /Model
	  	 Mfg. Part No

	CFDIU – Central Fault Display Interface	  		  		  	
	DFDR – Digital Flight Data Recorder	  		  		  	
	DFDIU –Digital Flight Data Interface Unit	  		  		  	
	DMU – Data Management Unit	  		  		  	
	DMC – Display Management Computer	  		  		  	
	Multifunction Printer	  		  		  	
	SDAC – Systems Data Acquisition Concentrator	  		  		  	
	Primary Flt Display / Navigation Display	  		  		  	
	FWC – Flight Warning Computer	  		  		  	
	QAR – Quick Access Recorder	  		  		  	

  

							
	 ATA Chapter
32                    Landing Gear:

				
	 Description Position
	  	 Date
	  	 Hours
	  	 Cycles

	Left Main Landing Gear: Messier Dowtry	  	P/N:                      S/N:
                    
	Landing Gear Totals:	  		  		  	
	Last OH – Performed by:             	  		  		  	
	Overhaul Interval – MPD (TBO) (Soonest of)	  		  		  	
	Time Since Overhaul (TSO)	  		  		  	
	Remaining Time to Overhaul (MPD)	  		  		  	
	Remaining Time to First Life Limit	  		  		  	
				
	 Description Position
	  	 Date
	  	 Hours
	  	 Cycle

	Right Main Landing Gear: Messier Dowty	  	P/N:                      S/N:
                    
	Landing Gear Totals:	  		  		  	
	Last OH – Performed by:             	  		  		  	
	Overhaul Interval – MPD (TBO) (Soonest of)	  		  		  	
	Time Since Overhaul (TSO)	  		  		  	
	Remaining Time to Overhaul (MPD)	  		  		  	
	Remaining Time to First Life Limit	  		  		  	

  
 133(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  

							
				
	 Description Position
	  	 Date
	  	 Hours
	  	 Cycles

	Nose Landing Gear: Messier Dowty	  	P/N:                      S/N:
                    
	Landing Gear Totals:	  		  		  	
	Last OH – Performed by:             	  		  		  	
	Overhaul Interval – MPD (TBO) (Soonest of)	  		  		  	
	Time Since Overhaul (TSO)	  		  		  	
	Remaining Time to Overhaul (MPD)	  		  		  	
	Remaining Time to First Life Limit	  		  		  	

  

							
	 Description
	  	 Qty
	  	 Manufacture /Model
	  	 Details

	NLG Tires	  	2	  		  	
	MLG Tire	  	4	  		  	
	Brake Assembly	  	4	  		  	

  

							
	 ATA Chapter
34                    Navigation

				
	 Description
	  	 QTY
	  	 Manufacture /Model
	  	 Mfg. Part No.

	ADIRU – Air Data Inertial Reference Unit	  		  		  	
	ADF – Automatic Direction Finder	  		  		  	
	ATC – Air Traffic Control Modes	  		  		  	
	DME – Distance Measuring Equipment Interrogators	  		  		  	
	EGPWS – Enhanced Ground Proximity Warning System	  		  		  	
	Radio Altimeter	  		  		  	
	VHF – VOR Receiver	  		  		  	
	VHF – ILS Receiver	  		  		  	
	TCAS – Traffic Collision Avoidance System	  		  		  	
	Weather Radar Transceiver	  		  		  	

  

															
	 ATA Chapter
49                    Auxiliary Power – APU

					
	 Description Position
	  	 Pos
	  	 Manufacture /Model
	  	 Mfg. Part No.
	  	 Mfg. S/N

	Auxiliary Power Unit (APU)	  	1	  		  	

  

							
	 APU Status Description
	  	 Date
	  	 Hours
	  	 Cycles

	Total Time and Cycles Since New	  		  		  	
	APU Last Hot Section Insp.(HSI) – By:             	  		  		  	
	APU Time Since Overhaul (TSO)	  		  		  	
	APU Time Since Hot Section Inspection	  		  		  	

  
 134(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  
  

									
	 ATA Chapter
71                    Power Plant

					
	 Description
	  	 Pos
	  	 Manufacture / Model
	  	 Mfg. Part No.
	  	 Mfg. S/N

	Engine	  	1	  	International Aero Engines	  		  	
	Engine	  	2	  	International Aero Engines	  		  	
	Thrust Rating – Maximum Continuous Static Sea Level	  		  	
	Thrust Rating – 5 min Take-Off Static Sea Level	  		  	

  

							
	 Engine
#1                                         
                   IAE
	  	S/N:
				
	 Description Position
	  	 Date
	  	 Hours
	  	 Cycles

	 Engine Total Time (TSN)
	  		  		  	
	 Last Major Shop Visit Restoration
	  		  		  	
	 Time Since Last Shop Visit
	  		  		  	
	 Remaining Time to First Life Limit
	  		  		  	
		
	
Engine                       
                                     IAE
	  	S/N:
				
	 Description Position
	  	 Date
	  	 Hours
	  	 Cycles

	 Engine Total Time (TSN)
	  		  		  	
	 Last Major Shop Visit Restoration
	  		  		  	
	 Time Since Last Shop Visit
	  		  		  	
	 Remaining Time to First Life Limit
	  		  		  	

  
 135(137)

 CONFIDENTIAL TREATMENT REQUESTED 
  
 EXHIBIT J 
 FORM OF DEPOSIT AGREEMENT 
 SEE FOLLOWING PAGES 

  
 136(137)

 SECURITY DEPOSIT AGREEMENT 
 THIS SECURITY DEPOSIT AGREEMENT (HEREINAFTER THE “AGREEMENT”), IS ENTERED INTO ON THE          DAY OF
                     BY AND BETWEEN ARRENDADORA FINANCIERA INBURSA, S.A. DE C.V. SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD REGULADA, GRUPO
FINANCIERO INBURSA, AS DEPOSITORY (HEREINAFTER THE “DEPOSITORY” AND/OR “LESSOR”), AND ON THE OTHER BY CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V., AS DEPOSITOR (HEREINAFTER
THE “DEPOSITOR” AND/OR “LESSEE”), IN ACCORDANCE WITH THE FOLLOWING RECITALS AND CLAUSES: 

RECITALS 
  

	I.	The Depository, by means of its legal representatives, states: 

  

	 	(a)	That it is a variable capital limited liability stock corporation, duly incorporated and validly existing in accordance with the Mexican laws. 

 

	 	(b)	That its representatives have all powers and faculties necessary to contract and be bound on behalf of the Depository, powers which have been revoked, modified or
limited in any form whatsoever as of the date of this Agreement. 

  

	 	(c)	That it wishes to execute this Agreement in accordance with the terms and conditions stated below. 

 

	II.	The Depositor, by means of its legal representative, states: 

  

	 	(a)	That it is a variable capital limited liability stock corporation, duly incorporated and validly existing in accordance with the Mexican laws. 

 

	 	(b)	That its representative has all powers and faculties necessary to contract and be bound on behalf of the Depository, powers which have been revoked, modified or limited
in any form whatsoever as of the date of this Agreement. 

  

	 	(c)	That it wishes to execute this Agreement in accordance with the terms and conditions stated below. 

 

	III.	Both parties, by means of their corresponding representatives, state: 

  

	 	(a)	That on the Depositor, as lessee, and the Depository, as lessor, executed a aircraft lease agreement (hereinafter the “Lease Agreement”), in order to
lease the Lessee an Airbus aircraft model with manufacturer series number equipped with two engines model of IAE with manufacturer’s series number (hereinafter the “Aircraft”). 

 Execution of this Agreement constitutes a condition to execute the Lease Agreement under the
terms and conditions agreed upon between the parties, in order to establish a security in favor of the Depository regarding the compliance with all and any of the obligations entrusted to the Depositor in accordance with the Lease Agreement.

 The terms in capital letters used in this Agreement shall have the same meanings ascribed to such terms in the Lease Agreement unless
otherwise defined in this Agreement. 
 By virtue of the foregoing, based on the recitals included in this Agreement, the parties agree to
comply with the following: 
 CLAUSES 
 One.- According to the terms and conditions stated in the Lease Agreement, as a security (i) for the payment of all the amounts payable or to be payable by Depositor; and (ii) for compliance
with all the obligations entrusted to the Depositor in accordance with the Lease Agreement and any renewals, extensions and amendments thereto, Depositor shall have delivered or is to deliver in favor of the Depository, the total amount of *****,
lawful currency of the United States of America), as security deposit (the “Security Deposit”) as follows: 
  

	 	1.	The amount of *****, lawful currency of the United States of America), which has been delivered by the Depositor and that Depository states having received on
December 7, 2006. 

  

	 	2.	The amount of *****, lawful currency of the United States of America) that Depositor shall deliver the Depository upon delivery of the Aircraft in accordance with the
Lease Agreement. 

 The foregoing amounts have been or should be deposited through wire transfers of funds immediately available
to the following account: 
  

			
	BANK:	  	JP MORGAN CHASE N.Y.
	BENEFICIARY:	  	BANCO INBURSA
	ACCOUNT:	  	*****
	SWIFT:	  	*****
	ABA:	  	*****
	FINAL BENEFICIARY:	  	ARRENDADORA FINANCIERA INBURSA SA. DE C.V.
	ACCOUNT OF FINAL BENEFICIARY:	  	*****

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 2 

 TWO.- Security Deposit shall not accrue interests and may not be combined with the general funds of the
Depository in the manner that Depository deems reasonable. Notwithstanding the foregoing, once all the Lease Agreement amounts owed are fully paid and provided there is no failure to comply with payment by the Depositor according to the Lease
Agreement, and any of the conditions stated in clause Six hereof have been complied with, Depository shall repay the amount of the Security Deposit originally delivered in accordance with the provisions stated in Clause Six. 

THREE.- The Security Deposit shall not release, excuse, reduce or in any form whatsoever modify compliance with the all and any of the obligations of
Depositor before the Depository at the time and in the manner set forth in the Lease Agreement, its exhibits or any document related thereto, nor shall correct any noncompliance by Depositor in accordance with the Lease Agreement. 

FOUR.- In the event there is any noncompliance by Depositor regarding its obligations stated in the Lease Agreement, and once the applicable grace period
has elapsed, in accordance with the Lease Agreement, if Depositor has not corrected the corresponding noncompliance, Depository may, but shall not be bound to, apply the Security Deposit to pay the compensation of any pending obligation of Depositor
in accordance with the Lease Agreement in the manner the Depository deems pertinent. 
 FIVE.- If Depository applies the Security Deposit as
indicated in Clause Four above, the Depository shall be bound, within the five (5) business days after the date when receiving notification in writing for such purpose by Depository, to deliver the Depository the amount necessary in order to
repay the amount of the Security Deposit to that originally delivered in accordance with the provisions set forth in Clause One above, and such amount should be repaid to the Depository with the corresponding Value Added Tax which has been accrued
due to the amount applied by the Depository of the Security Deposit. 
 Noncompliance by Depository to deliver the additional amount referred to
in the foregoing paragraph plus the corresponding Value Added Tax within the term indicated therein, shall be deemed as an event of default in accordance with the Lease Agreement in which event the Depository may exercise all and any of the actions
and rights available in accordance with such instrument. 
 SIX- As long as (a) the Lease Agreement has not expired and possession of the
Aircraft has been returned to Depository as lessor in accordance with the provisions set forth in the Lease Agreement for such purpose, (b) the Lease Agreement has been early terminated as a result of a Total Loss occurred before the Aircraft
is delivered to Depositor as lessee, or else, as a result of a Total Loss of the Aircraft after Delivery thereof, subject to the fact that Depository as lessee has received the Value Agreed and that any Event of Default that may exist at that time
has been corrected to the extent allowed by the circumstances by reason of the Total Loss, (c) closure of the Purchase and Sale transaction of the Aircraft in favor of the Depository as purchaser, as a result of the Assignment of Rights for
Purchasing the 

  
 3 

 Aircraft in favor of the Depository as assignee, is not completed due to causes not attributable to
Depositor as assignor, (d) execution of the Lease Agreement is not performed due to causes not attributable to Depositor, or (f) all and any of the obligations of Depositor, in accordance with the Lease Agreement and all other documents
related thereto, including, without limitation, expenses, fees, taxes or dues, have been fully complied, and subject to the fact that there is no event of default in accordance with the Lease Agreement itself and once the possession of the Aircraft
has been returned to Depository as lessor in accordance with the Lease Agreement, the Depository shall reimburse the Depositor any remaining balance of the Security Deposit within the five (5) days after the date when the assumption referred to
above occurs. 
 SEVEN.- This Agreement shall become an integral part of the Lease Agreement, therefore, it shall prevail for all the time when
any obligation by Depositor under the Lease Agreement is not complied. 
 EIGHT.- All notices and notifications between the parties shall be in
writing, in Spanish and should be delivered (i) personally, with acknowledgement of receipt; (ii) by specialized courier service, with the acknowledgment of receipt; or (iii) via facsimile, followed by specialized courier service or
personally delivered, with acknowledgement of receipt. All notices and notifications shall be delivered to the following domiciles and facsimile numbers and shall become effective when personally delivered. 

The Depository 
 Paseo de las Palmas 736

 Col. Lomas de Chapultepec 

México, 11000, D.F. 
 Mexico 

C/O: Legal Director 
 Tel. + 52 55 56 25 49 00

 Fax + 52 55 52 02 52 00 
 The
Depositor 
 Prolongación Paseo de la Reforma 490, Piso 1 
 Colonia Santa Fe 
 Mexico 01210, D.F. 
 México, 
 C/O: 
 Tel: +52 55 52 61 64 00 
 Fax: +52 55 52 61 64 60 

NINE.- This Agreement shall be governed by, and construed in accordance with the Mexican laws. For anything related to the construction, compliance and
execution hereof, the parties shall expressly submit themselves to the jurisdiction of the competent courts for the Federal District, expressly waiving to any other jurisdiction that may correspond thereto by virtue of their present or future
domiciles or due to any other reason whatsoever. 

  
 4 

 By virtue of the foregoing, the parties execute this Agreement, by means of their legal representatives, in
three (3) counterparts, each of which shall be deemed an original and together the same instrument, on the date stated above. 
 [Next page is of signatures] 

  
 5 

 The Depositor 
 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V. 
  

			
	By:	 	  

	Name:	 	
	Position:	 	Attorney-in-fact

 The Depository 
 ARRENDADORA FINANCIERA INBURSA, S.A. DE C.V. SOCIEDAD FINANCIERA DE OBJETO MULTIPLE, ENTIDAD REGULADA, GRUPO FINANCIERO INBURSA 

 

			
	By:	 	  

	Name:	 	
	Position:	 	Attorney-in-fact

  
 6 

 EXHIBIT K 
 FORM OF LEGAL OPINION 
 SEE FOLLOWING PAGES 

  
 137(137)

 Exh K Legal Opinion Eng 
 [    ] March 2007 
 [INBURSA] 

Dear Sirs, 
 This opinion is furnished to you
pursuant to Section [ ] of the Aircraft Lease Agreement dated as of 26 March 2007 (the “Lease”) between Concesionaria Vuela, Cómpañia de Aviacion, S.A. de C.V. (the “Lessee”) and Arrendadora Financiera Inbursa,
S.A. de C.V Sociedad Financiera de Objeto Multiple, Entidad Regulada, Grupo Financiero Inbursa, (the “Lessor”). Defined terms in this opinion are used herein as defined in the Lease. 

We have acted as counsel to Lessee, and have acted in such capacity in connection with the negotiation, preparation, authorization, execution and
delivery of, and the consummation of the transactions contemplated by the Lease. Unless otherwise specified, all capitalized terms used herein without definition shall have the meanings assigned to them in the Lease. 

Based upon the foregoing, we are of the following opinion: 
  

	 	1.	Lessee is a stock corporation of variable capital (sociedad anónima de capital variable) duly formed and validly existing under the General Law of
Commercial Partnerships (Ley General de Sociedades Mercantiles) of Mexico for an indefinite period, subject to suit in its own name, and is an air carrier of persons in scheduled air transportation and is registered, licensed or otherwise
authorized by the government of Mexico to engage in such activities. 

  

	 	2.	Lessee is validity existing as a corporation under the laws of the United Mexican States and has full corporate power and authority to enter into and perform its
obligations under the Lease. 

  

	 	3.	None of the execution and delivery of the Lease, the performance by Lessee of its obligations thereunder and the consummation of the transactions contemplated thereby
will conflict or result in any breach of, or constitute a default under, any applicable law, rule or regulation of the United Mexican States or any judgment or order applicable to Lessee, Lessee’s Charter documents (Escritura Constitutiva) or
any agreement, mortgage, or other instrument to which Lessee is party or by which it or its assets may be bound. 

  

	 	4.	The execution, delivery and performance by Lessee of the Lease have been approved by Lessee’s Board of Directors on [    ].

  

	 	5.	Ownership of the Aircraft by Owner as Lessor, as defined in the Lease, cannot be charged, set aside, avoided or otherwise challenged by any person claiming interest
(whether proprietary, possessory or by way of security) in the Aircraft on the grounds of or in connection any labor process or in connection with the insolvency, concurso mercantil, bankruptcy or liquidation of Lessee.

  
 1 

 Exh K Legal Opinion Eng 
  

	 	6.	The constitution of Mexico guarantees the protection of property from expropriation or requisition without fair compensation. The Aircraft may, however, be detained
pursuant to court proceedings, which could be dismissed through the demonstration of title in accordance with the appropriate proceedings in each case. 

  

	 	7.	The Lease and the other Operative Documents have been duly executed and delivered by Lessee and constitute the legal, valid and binding obligations of Lessee
enforceable in accordance with their terms, subject to applicable concurso mercantil, bankruptcy, insolvency and similar laws affecting creditors’ rights generally. In addition, the validity or enforceability of certain of the remedies
provided for in the Lease may be limited by applicable law or judicially adopted principles which, in our judgment, do not make such remedies (taken as a whole) inadequate for the practical realization of the benefits afforded thereby.

  

	 	8.	All authorizations and approvals of any Mexican federal, state or municipal governmental department or agency required or necessary to authorize the execution, delivery
and performance by Lessee of the Lease or other Operative Documents, with respect to Lessee, for the legality, validity, binding effect or enforceability thereof have been obtained and are in full force and effect. 

 

	 	9.	Except for the registration of the Lease in the Registro Aeronáutico Mexican (the “Registry”) and for the payment of registration duties
described below, no filing or recording of any instrument or document (including the filing or any financial statement) is necessary of the United Mexican States in order for the Lease to constitute a valid and perfected lease of record relating to
the Aircraft. 

  

	 	10.	The payment obligations of Lessee under the Lease rank at least equally and ratably (pari passu) in point of priority and security with all other unsecured and
unsubordinated obligations of Lessee. 

  

	 	11.	Application has been made with the Dirección General de Aeronáutica Civil, Secretaría tie Comunicaciones y Transportes of the United Mexican
States (the “DGAC”) for registration in the Registry of the interest of Lessor as “Owner” and Lessor in the Aircraft and no other steps are necessary to (i) record or perfect Lessor’s interest in the Aircraft in the
United Mexican States or (ii) to fully establish and protect Lessor’s title to, in and property rights with respect to the Aircraft, as against Lessee or any third party claiming through Lessee or otherwise and to ensure that the rights of
Lessor therein will have priority in all respects over the claims of Lessee’s creditors. 

  

	 	12.	Upon termination of the Aircraft Lease (whether on expiry or otherwise), as contemplated in the Lease, the applicable Lessor shall be entitled:

  

	 	(1)	to repossess the Aircraft, subject to applicable law; 

  
 2 

 Exh K Legal Opinion Eng 
  

	 	(2)	to deregister the Aircraft; from the Registry of the DGAC after termination of the Lease, as provided by applicable law; and 

 

	 	(3)	to remove the Aircraft from the operating certificate of Lessee and export the Aircraft from the United Mexican States 

After termination of the Lease due to the occurrence of an Event of Default or for any other reason as contemplated in the Lease, no
consents, approvals or licenses are required to Lessor repossess the Aircraft from Lessee 
  

	 	13.	Except for the duties paid to the Registry for the registration of the Lease and as set forth in paragraph 19 below, there are no registration, stamps or other
taxes or duties of any kind payable in the United Mexican States in connection with the signature, performance or enforcement by legal proceedings of the Lease. 

 

	 	14.	Lessor will not become liable for any Tax in the United Mexican States other than tax on its income solely by reason of entering into the Lease with Lessee, or
performing its obligations thereunder, provided that rental payments shall be subject to 15% Value Added Tax payable by Lessee, no withholding tax is applicable pursuant to rental payments. With respect to any withholdings, the indemnification and
taxation provisions of the Lease are fully effective and enforceable in accordance with their terms. 

  

	 	15.	There is no litigation, proceeding or government investigation pending or overtly threatened against the Lessee which if adversely determined, would have a material
adverse effect on the business, assets or financial condition of the Lessee. 

  

	 	16.	The choice of the laws of the United Mexican States to govern the Lease is valid under the laws of Mexico, and a Mexican court would uphold such choice of law.

  

	 	17.	Lessee is subject to private commercial law and suit. 

 I express no opinion as to any laws other than the laws of the United Mexican States. 
 Very Truly
yours, 
 [VOLARIS] 

  
 3EX-10.20

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the
information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

Exhibit 10.20 

Execution Version 
 Dated as of January 25, 2008 
 WELLS FARGO BANK NORTHWEST, NATIONAL
ASSOCIATION, AS OWNER TRUSTEE 
 as Lessor 
 and 
 CONCESIONARIA VUELA COMPAÑIA DE AVIACION S.A. DE C.V.

 as Lessee 
  

 
 AIRCRAFT
LEASE AGREEMENT 
 relating to the leasing of one A320-XXX aircraft 

bearing manufacturer’s serial 
 number 3672 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	 Interpretation
	  	 	3	  
			
	 2.
	 	 Agreement to Lease
	  	 	3	  
			
	 3.
	 	 Delivery
	  	 	3	  
			
	 4.
	 	 Expiry Date
	  	 	5	  
			
	 5.
	 	 Rent
	  	 	6	  
			
	 6.
	 	 Deposit
	  	 	8	  
			
	 7.
	 	 Maintenance Rent
	  	 	11	  
			
	 8.
	 	 Payments
	  	 	12	  
			
	 9.
	 	 Lessor Covenants
	  	 	15	  
			
	 10.
	 	 Lessee Covenants
	  	 	15	  
			
	 11.
	 	 Possession and Sub-Leasing
	  	 	22	  
			
	 12.
	 	 Technical Reporting, Records, Inspection, Maintenance and Repair
	  	 	25	  
			
	 13.
	 	 Replacement and Interchange of Engines and Parts
	  	 	28	  
			
	 14.
	 	 Manufacturer’s Warranties
	  	 	32	  
			
	 15.
	 	 Indemnities
	  	 	33	  
			
	 16.
	 	 Insurance
	  	 	35	  
			
	 17.
	 	 Loss, Damage and Requisition
	  	 	38	  
			
	 18.
	 	 Disclaimers
	  	 	39	  
			
	 19.
	 	 Redelivery
	  	 	41	  
			
	 20.
	 	 Events of Default
	  	 	43	  
			
	 21.
	 	 Taxation
	  	 	50	  
			
	 22.
	 	 Assignment and Transfer
	  	 	57	  
			
	 23.
	 	 Miscellaneous Provisions
	  	 	58	  
			
	 24.
	 	 Notices
	  	 	63	  
			
	 25.
	 	 Governing Law Jurisdiction and Waiver of Jury Trial
	  	 	65	  
			
	 26.
	 	 Owner Participant and Lessee Undertakings:
	  	 	67	  
		
	 Schedule 1 DEFINITIONS AND CONSTRUCTION
	  	 	70	  
		
	 Schedule 2 REPRESENTATIONS AND WARRANTIES
	  	 	86	  
		
	 Schedule 3 CONDITIONS PRECEDENT
	  	 	90	  
		
	 Schedule 4 *****
	  	 	94	  
		
	 Schedule 5 INSURANCE REQUIREMENTS
	  	 	95	  
		
	 Schedule 6 *****
	  	 	99	  
		
	 Schedule 7 PRE-DELIVERY PROCEDURE
	  	 	104	  
		
	 Schedule 8 *****
	  	 	105	  
		
	 *****
	  	 	106	  

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - i - 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
		
	 *****
	  	 	107	  
		
	 Schedule 9 *****
	  	 	108	  
		
	 Schedule 10 [INTENTIONALLY LEFT BLANK]
	  	 	109	  
		
	 Schedule 11 *****
	  	 	110	  
		
	 *****
	  	 	110	  
		
	 *****
	  	 	113	  
		
	 Schedule 12 *****
	  	 	122	  
		
	 Schedule 13 *****
	  	 	123	  
		
	 *****
	  	 	123	  
		
	 *****
	  	 	124	  
		
	 *****
	  	 	125	  
		
	 *****
	  	 	126	  
		
	 *****
	  	 	127	  
		
	 *****
	  	 	128	  
		
	 *****
	  	 	129	  
		
	 *****
	  	 	130	  
		
	 Schedule 14 *****
	  	 	131	  
		
	 *****
	  	 	132	  
		
	 *****
	  	 	133	  
		
	 *****
	  	 	134	  
		
	 Schedule 15 *****
	  	 	135	  
		
	 *****
	  	 	136	  
		
	 *****
	  	 	137	  

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - ii - 

 THIS AGREEMENT is made as of January 25, 2008 

Between: 
 (1) WELLS FARGO BANK
NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity, except as otherwise expressly herein provided, but solely as Owner Trustee, under the Trust Agreement (as defined below), a national banking association organized under the laws of
the United States, whose main office is at 299 South Main Street, 12th Floor, Salt Lake City, Utah 84111 (Lessor); and 
 (2) CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V., a company (sociedad anónima de capital variable) incorporated under the laws of México, whose
registered office is at Alfonso Nápoles Gándara #490, Edificio General Electric, 1er piso, Col. Santa Fe Peña Blanca, 01210 México, D.F., México (Lessee). 
 It is agreed as follows: 
  

	1.	Interpretation 

 Definitions

 1.1 In this Agreement, unless the context otherwise requires, capitalized words and expressions shall have the respective meanings
given to them in paragraph 1.1 of Schedule 1 (Definitions and Construction). 
 Construction 

1.2 The conventions on construction and usage set out in paragraph 1.2 of Schedule 1 (Definitions and Construction) shall apply to
this Agreement. 
 Clauses and Schedules 
 1.3 References in this Agreement to clauses or schedules are, unless otherwise specified, references to clauses of and schedules to this Agreement and together the clauses and schedules shall
constitute this Agreement. Certain provisions including conditions precedent and representations and warranties have been placed in the schedules and shall take effect as part of this Agreement. 

 

	2.	Agreement to Lease 

 Subject to and in
accordance with the terms and conditions of this Agreement, Lessor agrees to lease the Aircraft to Lessee and Lessee agrees to take the Aircraft on lease from Lessor for the Term. 

 

	3.	Delivery 

 Scheduled Date

  

	3.1	Lessor shall, when known, notify Lessee of the date on which Delivery is scheduled to occur (the Scheduled Delivery Date) but in any event (if known)
shall: 

  

	 	(a)	No later than thirty (30) days prior to the Scheduled Delivery Month, notify Lessee of the week in which the Scheduled Delivery Date is expected to occur; and

  

	 	(b)	No later than seven (7) days prior to the week notified to Lessee pursuant to clause 3.1(a), notify Lessee of the Scheduled Delivery Date.

  
 - 3 -

 Lessor shall also give Lessee advance notice of any inspection and predelivery flight tests reasonably in
advance of the dates thereof so as to enable Lessee to participate in such inspection and predelivery flight test in accordance with the Participation Agreement. 
 Pre-Delivery Procedure 
  

	3.2	Lessor and Lessee will follow the Pre-Delivery Procedure set out in Schedule 7 (Pre-Delivery Procedure) 

 

	3.3	After completion of the Pre-Delivery Procedure and subject to the terms of this Agreement, Lessor shall offer, if the Aircraft meets the Delivery Condition
Specification, delivery of the Aircraft at the Delivery Location in an “AS IS, WHERE IS” condition. Lessee shall effect acceptance of the Aircraft by execution and delivery to Lessor of the Acceptance Certificate. Lessee’s acceptance
of the Aircraft shall be absolute, unconditional and irrevocable. 

 Delayed Delivery 

 

	3.4	If owing to a Delayed Delivery Event there is a delay in the delivery of the Aircraft, or Delivery does not occur, then: 

 

					
	(a)	  	(i)	  	Lessor will not be responsible for any Losses (, including loss of profit) suffered or incurred by Lessee, arising from or in connection with the delay or non-delivery of the
Aircraft.;
			
		  	(ii)	  	Lessee will not be entitled to terminate this Agreement or to reject the Aircraft when tendered for delivery by Lessor in accordance with this Agreement because of any such delay
except in the circumstances set out in clause 3.4(a)(iii), clause 3.4(a)(iv) or paragraph 4 of Schedule 7 (Pre-Delivery Procedure);
			
		  	(iii)	  	in the case of termination of the Aircraft Purchase Agreement in respect of the Aircraft, Lessor (unless such termination occurred as a result of a breach by Lessor of its
obligations thereunder) or Lessee may at any time after such termination terminate this Agreement by giving notice in writing to the other party;
			
		  	(iv)	  	if the Delivery is delayed for a period of more than ***** after the end of the Scheduled Delivery Month, either party may terminate this Agreement by giving notice in writing to
the other party within ten (10) Business Days after the expiration of such period; and
		
	(b)	  	upon any termination pursuant to clause 3.4(a)(iii) or (iv) or paragraph 4 of Schedule 7 (Pre-3.3 (Delayed Delivery Procedure) neither Lessor nor Lessee will
have any further obligation to the other under this Agreement other than:
			
		  	(i)	  	pursuant to clause 23.3 (Expenses) and clause 23.12 (Confidentiality);

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 4 - 

					
			
		  	(ii)	  	Lessee will, on demand, pay to lessor any and all Breakage Costs in accordance with clause 8.4 (Breakage Costs Indemnity); and
			
		  	(iii)	  	Lessor will pay to Lessee the amount of any Deposit (including the amount by which it shall be deemed to have increased in respect of accrued interest as provided in clause 6.1) and
any prepaid rent received by Lessor on or prior to the date of such termination, or, if applicable return any Letter of Credit.

 Delayed Acceptance 
  

	3.5	If (i) the Aircraft meets the Delivery Condition Specification, and (ii) the Lessor Conditions Precedent have been met (or, but for any breach by
Lessee of its obligations hereunder, Lessor could be in a position to meet such Lessor Conditions Precedent), and: 

  

	 	(a)	Lessee is unwilling or unable to accept delivery of the Aircraft when offered for delivery; and/or 

 

	 	(b)	Lessee fails to fulfill any Lessee Conditions Precedent when the Aircraft is offered for delivery, 

Lessee’s obligation to pay Rent shall commence on the date the Aircraft is tendered for delivery in accordance with the terms of this Agreement
(the Rent Commencement Date). The Aircraft shall remain at the Delivery Location but Lessor shall have no obligation to deliver possession of the Aircraft to Lessee unless and until Lessee fulfils all Lessee Conditions Precedent and accepts
delivery of the Aircraft under this Agreement. The Aircraft shall be insured and stored by Lessor between the Rent Commencement Date and the Delivery Date and Lessee shall indemnify Lessor for its actual cost of insurance and storage during this
period. The provisions in this clause 3.5 are without prejudice to the rights of Lessor under clause 20 (Events of Default). 
 Risk

 3.6 Throughout the Term Lessee shall be responsible for all risks associated with or relating to the Aircraft, including for any
loss of or damage to the Aircraft. In recognition of the foregoing, and notwithstanding Lessor’s rights under this Agreement, including under clause 12, Lessee acknowledges and agrees that, as between Lessor and Lessee, Lessee (a) is
in sole operational control of the Aircraft and is in the business of operating commercial aircraft, (b) it is solely responsible for the condition, maintenance, repair and security of the Aircraft and compliance with all requirements of
applicable Regulations, and (c) has not relied upon, and shall not rely upon, any statement, act, or omission of Lessor in connection with the use, operation, maintenance, repair, condition or security of the Aircraft. 

 

	4.	Expiry Date 

 The Expiry Date shall be the
Scheduled Expiry Date, subject to the following provisions: 
  

	 	(a)	if Lessor, acting in accordance with clause 20.2 (Lessor’s Rights) of this Agreement, terminates the leasing of the Aircraft to Lessee under this
Agreement, the date of such termination shall be the Expiry Date and clause 20.2 (Lessor’s Rights) shall apply; 

  

	 	(b)	if the Aircraft or Airframe suffers a Total Loss, the Expiry Date shall be the date when Lessor receives the full amount of the Agreed Value together with any other
amounts then due and unpaid under this Agreement; and 

  

	 	(c)	if clause 19.2 (Non-compliance) becomes applicable, the Expiry Date shall be extended pursuant to clause 19.2(a). 

  
 - 5 -

	5.	Rent 

 Rent Periods 

 

			
	5.1	  	 (a)    The Term shall be divided into successive periods (each a Rent Period) in respect
of which Rent shall accrue and be payable.

		
		  	 (b)    The first Rent Period shall commence on the Delivery Date, and each subsequent Rent Period shall
commence on the date immediately following the last day of the previous Rent Period.

		
		  	 (c)    Each Rent Period shall be of one calendar month’s duration except that, with respect to the final
Rent Period, if it would not otherwise end on the Expiry Date, it shall end on the Expiry Date.

 Rent Date 
  

			
	5.2	  	 (a)    Lessee shall pay Rent to Lessor or to its order in advance on each Rent Date. Lessee shall
initiate payment adequately in advance of each Rent Date to ensure that Lessor receives the payment for value on such Rent Date.

		
		  	 (b)    If a Rent Date is not a Business Day, the Rent shall be paid on the Business Day immediately before
such Rent Date.

 Rent 
  

			
	5.3	  	 (a)    Subject to the provisions of clause 5.4 (One Time Option to Fix Rent Prior to
Delivery), for purposes of determining amounts of Rent under this clause 5.3 (Rent), the Term shall be divided into successive periods (each a Relevant Period).

		
		  	 (b)    The first Relevant Period shall commence on the Delivery Date and each subsequent Relevant Period
shall commence on the date immediately following the last day of the previous Relevant Period.

		
		  	 (c)    Each Relevant Period shall be of 6 calendar months’ duration except that with respect to the
final Relevant Period, if it would not otherwise end on the Expiry Date, it shall end on the Expiry Date.

		
		  	 (d)    Rent payable in respect of each Rent Period shall be calculated as follows:

 ***** 
 where: 
  

							
	*****	  	=	  	*****	  	
				
	*****	  	=	  	*****	  	
				
	*****	  	=	  	*****	  	

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 6 - 

 One Time Option to Fix Rent Prior to Delivery 

 

					
	5.4	 	(a)	  	Lessee shall have the one time option, so long as no Default shall then be continuing, exercisable by not less than three (3) Business Days irrevocable notice (such
notice a Fixed-Rent Election Notice) to Lessor, such notice to be received by Lessor no later than 2:00 p.m. Dublin time in Dublin on the third (3rd) Business Day prior to the Scheduled Delivery Date, to elect that the Rent payable by Lessee on each Rent Date
and in respect of each Rent Period shall be fixed on a forward basis for the entire duration of the Term.
			
		 	(b)	  	If Lessor shall receive a validly issued Fixed-Rent Election Notice, then notwithstanding the provisions of clause 5.3 (Rent), Rent payable on each Rent Date in respect
of each Rent Period shall be calculated as follows:

 ***** 

where: 
 *****
= ***** 
 ***** = ***** 
 ***** = ***** 
  

					
			
		 	(c)	  	Once the Rent has been established pursuant to this clause 5.4, the provisions of clause 5.3 (Rent Calculation) shall be overridden and Rent shall be payable in the
amount, as determined pursuant to this clause 5.4, on each Rent Date in respect of each Rent Period.
			
		 	(d)	  	The actual dollar amount of Rent payable by Lessee hereunder, as adjusted pursuant to clause 5.3 (Rent) or, if applicable, clause 5.4 (One Time Option to Fix
Rent Prior to Delivery) will be notified in writing to Lessee no later than two (2) Business Days prior to Delivery, and, in the case of Rent calculated pursuant to clause 5.3, prior to the first day of each Relevant Period thereafter,
and will be set out in the Acceptance Certificate and the execution and delivery of the Acceptance Certificate by Lessee shall, in the absence of manifest error, constitute conclusive evidence of the actual dollar amount of Rent in the case of Fixed
Rent, and of the calculation of rent in the case of Rent under clause 5.3, payable on each Rent Date.

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 7 - 

	6.	Deposit 

 Payment 

 

	6.1	Lessee shall pay to Lessor the Deposit in the following installments: 

 

	 	(a)	***** paid on or before the date of this Agreement (receipt of which is hereby acknowledged); and 

 

	 	(b)	the balance to be paid no later than two (2) Business Days prior to the Delivery Date. 

On the date of any return of the Deposit by Lessor hereunder, there shall be deemed added to the amount of the Deposit an amount equal to
interest on the amount of the Deposit as of and from the Delivery Date at a floating rate per annum equal to the “bid” rate of interest quoted by the Bank for London interbank dollar deposits of six months in duration on the Delivery Date
and thereafter at approximately 11:00 am London time as in effect on the first day of each Relevant Period, so long as Lessee has not provided a Letter of Credit in lieu of the Deposit and so long as no Event of Default has occurred and is
continuing. The Deposit shall not be deemed to increase by an amount equal to interest as provided above during any period during which an Event of Default shall be continuing. 
 6.2 No later than the date falling ten (10) Business Days after the later of (a) the Expiry Date and (b) the date on which any Default (including under clause 20.1(e)(iv) in respect
of “Other Agreements”) existing as of the Expiry Date ceases to be continuing, and, provided no Letter of Credit in lieu of the Deposit has been provided, Lessor shall pay to Lessee an amount equal to the remaining Deposit (including the
amount by which it shall be deemed to have increased in respect of accrued interest as provided in clause 6.1) that has not been applied by Lessor in accordance with the terms of this Agreement. Except as expressly specified in this Agreement,
Lessee shall have no entitlement to receive payment of any part of the Deposit (including the amount by which it shall be deemed to have increased in respect of accrued interest as provided in clause 6.1). 

Concerning the Deposit 

					
	6.3	 	(a)	  	Lessee hereby grants a security interest in and first fixed charge and pledge of the Deposit (including the amount by which it shall be deemed to have increased in respect of
accrued interest as provided in clause 6.1) to Lessor as security for Lessee’s and Lessee Affiliates’ obligations under this Agreement and all Other Agreements (including any and all Losses suffered or incurred by Lessor or any of its
Affiliates in respect of which Lessee or any Lessee Affiliate is obligated under this Agreement or any Other Agreement). Lessor shall be entitled to commingle the Deposit with Lessor’s general or other funds, and Lessor will not hold any such
funds as agent or on trust for Lessee or in any similar fiduciary capacity.
			
		 	(b)	  	Following the occurrence of an Event of Default which is continuing, including an Event of Default under clause 20.1(e)(iv) in respect of any of the Other Agreements, in
addition to all rights and remedies accorded to Lessor elsewhere in this Agreement or under Law, Lessor may, on behalf of itself or on behalf of any of its Affiliates, immediately or at any time thereafter, without notice to Lessee, use, apply or
retain all or part of the Deposit in or towards the payment or discharge of any matured obligation owed by Lessee (or any Affiliate of Lessee) under this Agreement or any Other Agreement, in such order as Lessor sees fit, and/or exercise any of the
rights of set-off described in clause 23.4 (Set-off) against all or part of the Deposit and/or exercise any other right or remedy of a secured creditor upon a default provided in the
UCC.

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 8 - 

	 	(c)	If Lessor exercises any of the rights described in clause 6.3(b): 

  

	 	(i)	Lessee shall, upon a demand in writing from Lessor, within three (3) Business Days restore the Deposit to the level at which it stood immediately prior to such
exercise; and 

  

	 	(ii)	such application shall not be deemed a cure of any Event of Default unless such application was sufficient to cure such Event of Default (or Lessee has otherwise cured
the same) and Lessee has restored the Deposit to the level at which it stood immediately prior to such exercise. 

  

	 	(d)	Without prejudice to its rights under Section 6.1 above, Lessee acknowledges and agrees that it is not located in the State of New York within the meaning of
Section 7-101 1-c. (b) of the New York General Obligations Law and, therefore, the requirements of Section 7-101 of the New York General Obligations Law to the effect that Lessor hold the Deposit in a separate interest bearing account
do not apply. 

 Provision of Letter of Credit 
 6.4 Lessor agrees that Lessee may, by 10 Business Days prior notice in writing to Lessor given at any time, elect to substitute for the Deposit a Letter of Credit substantially in the form set out
in Schedule 15 (Form of Letter of Credit) or as otherwise approved by Lessor from time to time (the Letter of Credit), provided that no Default is continuing. Such Letter of Credit shall in any event: 

 

	 	(a)	be denominated in and payable in the currency in which the Rent is payable and be payable in an amount of not less than the Deposit required hereunder;

  

	 	(b)	be issued by an OECD registered bank with a long term unsecured credit rating of A with Standard & Poors and A2 with Moody’s (the Acceptable SDLC
Bank Rating) and from a jurisdiction satisfactory to Lessor or confirmed by such a bank; 

  

	 	(c)	be an irrevocable standby letter of credit payable on demand without proof or evidence of entitlement of loss required at an office of the issuing bank in Dublin,
London or New York or in another location satisfactory to Lessor, and shall be capable of being drawn by the Lessor directly; 

  

	 	(d)	without prejudice to clause 6.4(c) above, be capable of being drawn if a replacement letter of credit is not provided in accordance with clause 6.5; and

  

	 	(e)	have a non-cancelable term of at least three hundred and sixty five (365) days. 

The Lessor shall not be obliged to accept a Letter of Credit in substitution for the Deposit if a Default has occurred and is continuing.

 Letter of Credit 
  

					
	6.5	 	(a)	  	If Lessee has elected pursuant to clause 6.4 (Provision of Letter of Credit) to provide Lessor with a Letter of Credit and Lessee does so provide Lessor with a
Letter of Credit in accordance with the terms of clause 6.4 (Provision of Letter of Credit), then on receipt of such Letter of Credit Lessor shall return any cash Deposit paid by Lessee to Lessor pursuant to clause 6.1
(Payment) to Lessee no later than ten (10) Business Days after receipt of the Letter of Credit.

  
 - 9 -

	 	(b)	Lessee shall ensure that the Letter of Credit remains in place throughout the Lease Period or any relevant part thereof and for a period of not less than ten
(10) Business Days following the Redelivery Date. 

  

	 	(c)	Lessee shall procure the renewal of or new issue of a Letter of Credit no later than thirty (30) days (the SDLC Renewal Date) prior to the stated
expiry date of any then current Letter of Credit. 

  

	 	(d)	If Lessee fails to put in place a replacement Letter of Credit by the SDLC Renewal Date in accordance with clause 6.5(c) and has not notified Lessor that Lessee
will replace the same with a cash Deposit of like amount by such SDLC Renewal Date and thereafter does in fact replace the Letter of Credit with such cash Deposit not later than ten (10) Business Days prior to the stated expiry date of such
Letter of Credit, an Event of Default shall be deemed to have occurred and be continuing and Lessor shall be entitled to drawdown on the Letter of Credit for the full amount thereof and such monies so drawn shall thenceforth be held by Lessor as
provided below. 

  

	 	(e)	If at any time the long term unsecured credit rating of the issuing bank or (if applicable) the confirming bank in respect of the Letter of Credit falls below the
Acceptable SDLC Bank Rating then, upon notice from Lessor, Lessee shall promptly and in any event within ten (10) Business Days of receipt of such notice, either (1) provide Lessor with a replacement letter of credit complying with
clause 6.4 (Provision of Letter of Credit); or (2) provide a cash Deposit that meets the requirements of, and in accordance with the provisions of, clause 6.1 (Deposit), in which event, upon receipt of such replacement
letter of credit or cash Deposit Lessor will return the original Letter of Credit to Lessee as soon as reasonably practicable following receipt of such replacement letter of credit or cash Deposit. Any such Letter of Credit must be substantially in
the form set out in Schedule 15 (Form of Letter of Credit) (or as otherwise approved by Lessor) and comply with the requirements of clause 6.4 (Provisions of Letter of Credit), together with acceptable evidence of
confirmation, if applicable. This clause 6.5(e) is entirely without prejudice to the provisions of clause 20 (Events of Default) and exercise of rights and remedies thereunder. 

 

	 	(f)	Lessor may assign or pledge its interest under the Letter of Credit to any Financing Party or any assignee or transferee of the Lessor’s interests as permitted by
clause 22.3 (Transfer by Lessor) (and Lessee shall at Lessor’s cost perform such acts and deliver such instruments as Lessor may reasonably request in order to carry out and effect any such assignment or pledge).

  

	 	(g)	Lessor shall be entitled to make any number of demands under the Letter of Credit at any time following any Event of Default which is continuing and at any other time
as specified in this clause 6 (Deposit). Any amounts drawn under the Letter of Credit shall be held by Lessor and/or applied (and/or set off) against all obligations of Lessee or any Lessee Affiliate under this Agreement or any Other
Agreement, including any Losses arising as a result of the occurrence of any Default, including any Default under clause 20.1(e)(iv). Such holding as security, application and/or set off of any amount so drawn by Lessor shall not be deemed a
cure by Lessee, or waiver by Lessor or any other person, of any Default except to the extent Lessee replaces the Letter of Credit pursuant to clause 6.5(h) or by another Deposit in the amount so applied, held as security, and/or set-off by
Lessor. 

  
 - 10 -

	 	(h)	If for any reason Lessor applies any amount (the Paid Amount) under the Letter of Credit, then Lessee shall within five (5) Business Days of demand,
cause an additional letter of credit complying with the requirements of clause 6.4 (Provision of Letter of Credit) with a face amount equal to the Paid Amount and expiring on the same date as the existing Letter of Credit to be issued,
or shall pay to Lessor in immediately available funds an amount equal to the Paid Amount to Lessor so that Lessor shall at all times have on an aggregate basis the benefit of a letter of credit and/or a cash Deposit for the amount of the Deposit
pursuant to clause 6 (Deposit). 

  

	 	(i)	Any amount drawn by Lessor under the Letter of Credit shall, pending application and/or set off in the manner contemplated by clause 6.5(g) or the payment of the
same to Lessee pursuant to clause 6.5(k) (Return of Letter of Credit), be the absolute and unconditional property of Lessor (but to the extent that in any jurisdiction any such amounts would be held to be the property of Lessee, Lessee
hereby declares to the fullest extent permissible under applicable Law, for the benefit of Lessor that such property is and will be held subject to the security interest provided in clause 6.3(a) by Lessee for the benefit of Lessor).

  

	 	(j)	If at any time any Letter of Credit delivered to Lessor shall cease to constitute the legal, valid and binding obligations of the issuer thereof or any applicable
confirming bank enforceable in accordance with its terms, or amounts payable under any Letter of Credit shall cease to be freely available for drawing, Lessee shall forthwith notify Lessor upon becoming aware of such circumstance(s) and as soon as
practicable and in any event within five (5) Business Days after becoming aware of such circumstances or after written demand from Lessor either (i) deliver to Lessor a replacement Letter of Credit complying with the requirements set out
in clause 6.4 (Provision of Letter of Credit) or (ii) deliver to Lessor a cash Deposit of an amount equal to the face value of the Letter of Credit, to be held by Lessor, whereupon Lessor shall redeliver to Lessee the first above
mentioned Letter of Credit not later than ten (10) Business Days following receipt of such replacement Letter of Credit or, as the case may be, cash deposit. 

 

	 	(k)	Subject to the payment, performance and discharge in full of all of Lessee’s obligations under each of the Operative Documents and so long as no Default is then
continuing under this Agreement, Lessor shall within ten (10) Business Days of the Expiry Date return to Lessee the Letter of Credit. 

  

	7.	Maintenance Rent 

 Lessee shall pay
Maintenance Rent to Lessor in respect of the Aircraft. Such Maintenance Rent shall be calculated and paid in accordance with Schedule 8 (Maintenance Rent). Lessee acknowledges and agrees that Maintenance Rent is additional rent for the
leasing of the Aircraft and not cash collateral or other collateral security for Lessee’s maintenance obligations under this Agreement. Once paid, all Maintenance Rent is the property of Lessor, it is not refundable to Lessee under any
circumstances whatsoever and Lessee has no interest therein whatsoever. In addition, Maintenance Rent shall otherwise be treated for all purposes of this Agreement as Rent, and Lessor shall have the same remedies in respect of Lessee’s failure
to pay Maintenance Rent when due as Lessor has for Lessee’s failure to pay Rent when due. 

  
 - 11 -

	8.	Payments 

 Account for Lessee Payments

 8.1 All payments by Lessee to Lessor under this Agreement will be made for value on the due date in dollars in immediately
available funds by SWIFT or wire transfer to Lessor’s account set out below or to such other account as Lessor may from time to time notify Lessee in writing: 
  

			
	Bank:	  	 The Royal Bank of Scotland PLC

Financial Institutions
 PO Box 39952

2 1/2 Devonshire Square
 London
 EC2M 4XJ

		
	Account No:	  	*****
		
	Account Name:	  	*****
		
	Sort Code:	  	*****
		
	IBAN BIC/Swift Code:	  	*****
		
	IBAN:	  	*****
		
	Correspondent Bank:	  	 American Express International Bank
 23rd
Floor
 American Express Tower
 200
Vesey Street
 New York City
 NY
10285-2300
 USA

		
	Swift Code:	  	*****
		
	ABA:	  	*****

 Default Interest 
 8.2 If Lessee fails to pay any amount payable under this Agreement on the due date, Lessee shall pay to Lessor on demand from time to time interest at the Default Rate (both before and after
judgment) on that amount, from the due date to the date of payment in full by Lessee to Lessor. All such interest will be compounded monthly and calculated on the basis of the actual number of days elapsed and a 360 day year. Any Default
Interest which is unpaid after a Lessor demand shall thereafter bear interest at the Default Rate. 
 Absolute Obligations 

 

					
	8.3	  	(a)	  	Lessee’s obligations to pay Rent and to perform any of its other obligations pursuant to this Agreement are absolute and unconditional and shall be paid and performed in
full when due without reduction, deduction, set-off, recoupment, claim or counter claim, and Lessor shall have all of the rights and benefits of a lessor under a lease to which Section 2A-407 of the UCC applies as provided therein. Lessee may
not regard its obligations as terminated, suspended, reduced or altered (and waives to the greatest extent permitted by applicable Laws any rights which it may have at any time to terminate, suspend, reduce or alter such obligations) by reason of
any contingency or circumstance whatsoever, including (but not limited to):
			
		  		  	 (i)       any right of set-off, counterclaim, recoupment, reduction, reimbursement, claim,
defense or other right which Lessee may have against Lessor, the Manufacturer, any other vendor, or against any other Person;

  
 ***** Confidential portions
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 - 12 - 

	 	(ii)	any unavailability of the Aircraft for any reason or interruption of or interference with Lessee’s use, operation or possession of the Aircraft;

  

	 	(iii)	any defect in title, airworthiness, condition, design, operation of, fitness for use of, registration of the Aircraft or any damage to or (subject to the provisions of
clause 17.2 (Payment of Agreed Value following Total Loss)) loss or destruction of the Aircraft, or any Security Interest or Taxes; 

  

	 	(iv)	any insolvency, bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceedings by or against Lessor or Lessee or any
other Person; 

  

	 	(v)	any invalidity or unenforceability or other defect in, this Agreement; and, 

 

	 	(vi)	any other cause or circumstance which but for this provision would or might otherwise have the effect of terminating, canceling, suspending, abating, reducing,
deferring or in any way affecting any obligation of Lessee under this Agreement, including to lease the Aircraft or pay Rent or Maintenance Rent. Lessee acknowledges and agrees that it has used its own judgment in selecting the Aircraft, and has not
relied on Lessor or on any information supplied by Lessor, that Lessor is not a manufacturer of or dealer in aircraft. 

  

	 	(b)	Each payment of Rent or Maintenance Rent made by Lessee shall be final. Lessee will not seek to recover all or any part of any payment of Rent or Maintenance Rent for
any reason whatsoever except manifest error. 

  

	 	(c)	The provisions of this clause 8.3 (Absolute Obligations) shall not be construed to limit Lessee’s right to institute separate legal proceedings for
direct damages or otherwise pursue remedies for direct damages against Lessor in the event of Lessor’s breach of the terms of this Agreement or to limit Lessee’s rights and remedies against any other Person. 

Breakage Costs Indemnity 
 8.4
Lessee shall indemnify and hold harmless Lessor, on first written demand by Lessor on an after-Tax basis, against any and all Breakage Costs as a result of: 
  

	 	(a)	the late or non-Delivery of the Aircraft, as the case may be (other than where such late or non-delivery is caused by breach by Lessor of its obligations under this
Agreement); or 

  

	 	(b)	the termination of the leasing of the Aircraft under this Agreement prior to the Scheduled Expiry Date for any reason; ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 13 - 

 ***** 
 Currency Indemnity 
  

	8.5	(a) If, under any applicable Law, whether as a result of judgment against Lessee or the liquidation of Lessee or for any other reason, any payment under or in
connection with this Agreement is made or is recovered in a currency (the other currency) other than the currency (the contractual currency) in which it is payable pursuant to this Agreement then, to the extent that the
payment (when converted into the contractual currency at the rate of exchange on the date of payment or, in the case of a liquidation, the latest date for the determination of liabilities permitted by the applicable Law) falls short of the amount
unpaid under this Agreement, Lessee shall, as a separate and independent obligation, fully indemnify Lessor against the amount of the shortfall. For the purposes of this sub-clause rate of exchange means the rate at which Lessor is
able on the relevant date to purchase the contractual currency in London with the other currency. 

(b) Lessee waives any right it may have in any jurisdiction to pay any amount under this Agreement in a currency other than that in
which such amount is expressed to be payable. 
 Application of Payments by Lessor 

8.6 If any sum paid to Lessor or recovered by Lessor in respect of the liabilities of Lessee under this Agreement is less than the amount then due,
Lessor may apply that sum to amounts due under this Agreement in such proportions and order and generally in such manner as Lessor may, acting reasonably, determine. 
 Lessor’s Determination of Amounts Due 
 8.7 Any certificate or determination by
Lessor as to any rate of interest, Breakage Costs (or gain), or as to any other amount payable under this Agreement shall be prepared in reasonable detail and, in the absence of manifest error, be conclusive and binding on Lessee. 

Business Day Convention 
 8.8 If
any payment due under this Agreement (other than a payment of Rent) would otherwise be due on a day which is not a Business Day, it shall be due on the next following Business Day, or, if that Business Day falls in the following month, in the
following year, or after the Expiry Date, on the Business Day immediately before such date. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 14 - 

 9. Lessor Covenants 
 Quiet Enjoyment 
  

	9.1	Lessor agrees that provided no Event of Default has occurred and is continuing, neither Lessor nor any Person lawfully claiming through it shall interfere with
the quiet use, possession and enjoyment of the Aircraft by Lessee during the Term. The lawful exercise by Lessor of its rights in accordance with this Agreement will not constitute such an interference. 

Lessor Obligations following Expiry Date 

9.2 Subject to the payment, performance and discharge in full of all of Lessee’s obligations under this Agreement and so long as no Default,
including under clause 20.1(e)(iv) in respect of any Other Agreement, has occurred and is continuing, Lessor shall within ten (10) Business Days of the Expiry Date: 

 

	 	(a)	pay to Lessee a portion of any Rent paid to Lessor to the extent such portion is attributable to the period falling after, but excluding, the Expiry Date;

  

	 	(b)	pay to Lessee any amount equal to the remaining Deposit in accordance with clause 6.2 or return the Letter of Credit in accordance with clause 6.5(k),
whichever is applicable; and 

  

	 	(c)	pay to Lessee any amounts payable pursuant to Schedule 14 hereof. 

 If any Default is continuing, Lessor may hold and apply any such amounts in or towards cure of such Default and at such time as no Default (including under clause 20.1(e)(iv)) is in existence, shall
pay the unapplied portion thereof, if any, to Lessee. 
 Maintenance Contributions 

 

	9.3	Notwithstanding references herein to the non-refundability of Maintenance Rent, Lessor shall pay Maintenance Contributions in respect of the Aircraft as a
separate obligation not constituting a refund of Maintenance Rent. Such Maintenance Contributions shall be calculated and paid in accordance with the relevant provisions of Schedule 14 (Maintenance Contributions).

 Lessor Limitation on Liability 
  

	9.4	Lessee agrees that its only right with respect to a default by Lessor under this Agreement is to make a claim against Lessor for actual damages resulting
directly therefrom, subject to clause 18 hereof. Lessee hereby waives any and all other rights or remedies it may have under Section 2A-211 of the UCC or Sections 2A-508 through 2A-522 of the UCC or otherwise.

  

	10.	Lessee Covenants 

 Performance

  

					
	10.1	 	(a)	  	Lessee shall perform and comply with its undertakings and covenants in this Agreement at all times prior to Delivery (where applicable) and during the Term. All such undertakings
and covenants shall, except where expressly otherwise stated, be performed at the expense of Lessee.

  
 - 15 -

					
			
		 	(b)	  	Lessee shall remain liable to Lessor for all of Lessee’s obligations and liabilities under this Agreement notwithstanding any delegation by Lessee to another Person of any such
obligations or liabilities or any reliance by Lessee on another Person to perform or discharge any such obligations or liabilities, whether or not such delegation or reliance is permitted or contemplated by this Agreement (provided that to
the extent any such obligation or liability is actually performed or discharged by such other Person on Lessee’s behalf, such performance or discharge shall constitute performance or discharge of the corresponding obligation or liability of
Lessee).
			
		 	(c)	  	Lessee will take such steps as are necessary to ensure that no Person (other than Lessor or any Financing Party) acts in any manner inconsistent with Lessee’s obligations under
this Agreement.
			
		 	(d)	  	Lessee will cause the Post-Delivery Authorizations and Filings to be made or obtained as provided in the definition of such term and by the deadline provided in the definition of
such term.

 Information – General and Financial 

 

	10.2	Lessee shall: 

  

	 	(a)	furnish to Lessor: 

  

	 	(i)	upon Lessor’s request, but not more often than once quarterly, Lessee’s unaudited consolidated management prepared financial statements (in English, in
dollars, and comprising a balance sheet and profit and loss statement) prepared for the most recent previous financial quarter certified by a qualified financial officer of Lessee as being true and correct; 

 

	 	(ii)	as soon as available, but, in any event, no later than one hundred and twenty (120) days after the last day of each financial year of Lessee, its audited
consolidated balance sheet and cash flow statement as of such day and its audited consolidated profit and loss statement for the year ending on such day (each may be in Spanish and in Mexican currency so long as such financial statements and the
auditors opinion thereon shall be provided in English and in dollars within forty-five (45) days thereof); and 

  

	 	(iii)	to the extent that Lessee is permitted by applicable Law and is not bound by confidentiality undertakings to third parties, such other information concerning the
business or financial affairs of the Lessee as the Lessor may from time to time reasonably request; 

  

	 	(b)	promptly notify Lessor of the occurrence of any Total Loss or of any event which is likely to result in a claim under the Insurances (but in the case of hull claims
only, for any claim in excess of the Damage Notification Threshold) and reasonable details of any negotiations with the insurance brokers over any such claim; 

 

	 	(c)	promptly notify Lessor of the occurrence of any Default or Event of Default; 

 

	 	(d)	 provide Lessor, upon request, with evidence reasonably satisfactory to Lessor that all Taxes and charges incurred by Lessee in connection with the
Aircraft, its location and its 

  
 - 16 -

	 	
operation, including those invoiced by airports and air traffic control authorities have been paid in full or are being contested as and to the extent permitted under the definition of Permitted
Lien; and 

  

	 	(e)	within thirty (30) days after receipt by Lessee of a request by Lessor (or such shorter period as may be set forth in any written request by any Government Entity
for information or documents) Lessee shall furnish in writing to Lessor such information or documents within its or any Affiliate’s possession or which is reasonably available to it or any of its Affiliates and subject to any legal or
contractual requirements of confidentiality (or copies thereof certified as correct by an authorized officer of Lessee) regarding the Aircraft as may reasonably be requested by Lessor or as may be required to enable Lessor or any Affiliate thereof
to file any report or document required to be filed by it with any Government Entity because of its ownership or other interest in the Aircraft, the Airframe or the Engines. 

 Operation of the Aircraft 
  

	10.3	Lessee shall: 

  

	 	(a)	operate the Aircraft solely for commercial purposes from the Habitual Base; 

 

	 	(b)	not use or operate the Aircraft in violation of or contrary to any applicable Regulation or in a manner causing Lessor or any Financing Party to be in violation of any
applicable Regulation; 

  

	 	(c)	not permit any items to be on or transported by the Aircraft if such item is itself an illegal substance or contraband or if it is prohibited by any Regulation for such
item to be on or transported by the Aircraft; 

  

	 	(d)	not use or operate the Aircraft for any purpose for which the Aircraft is not designed or for any purpose other than primarily in passenger service in passenger
configuration; 

  

	 	(e)	not use the Aircraft for purposes of training, qualifying or re-confirming the status of cockpit personnel except for the benefit of Lessee’s cockpit personnel,
and then only if the use of the Aircraft for such purpose is not disproportionate to the use for such purpose of other aircraft of the same type operated by Lessee; 

 

	 	(f)	subject to (h) below, not use, operate, or locate the Aircraft or suffer or permit the Aircraft to be used, operated or located in any manner not covered by the
Insurances or in any area excluded from coverage by the Insurances; 

  

	 	(g)	not operate, maintain, modify, insure or deal with the Aircraft or any Engine or Part in a manner which discriminates against the Aircraft or such Engine or Part, when
compared with the manner in which Lessee operates, maintains, modifies, insures or deals with similar aircraft, engines or parts in Lessee’s fleet. 

  

	 	(h)	 Notwithstanding the provisions of clause 10.3(f) above, Lessee shall not be deemed in breach of such clause if Lessee’s violation of the
provisions thereof is done to safeguard the lives, safety or well being of passengers or crew or to preserve and protect the Aircraft, provided it is attributable to causes beyond the reasonable control of the Lessee or to extraordinary
circumstances, in each case involving an isolated occurrence or series 

  
 - 17 -

	 	
of incidents not in the ordinary course of the regular operations of the Lessee and in each case the Lessee is taking all reasonable steps to remedy such failure as soon as is reasonably
practicable. 

 General Covenants, Compliance and Outgoings 

 

	10.4	Lessee shall: 

  

	 	(a)	at all times during the Term maintain (i) its business as a commercial scheduled air carrier; (ii) its corporate existence (except as permitted by
clause 10.4(b) below); and (iii) in full force and effect, all consents, licenses, authorizations, approvals, permits, rights and privileges material to its business or to the performance of its obligations under this Agreement;

  

	 	(b)	not enter into any merger with or into, or consolidation with, or sell, convey, transfer, lease or otherwise dispose, in one or a series of transactions, of all or
substantially all of its assets as an entirety to, any Person, unless Lessor shall have consented thereto (such consent not to be unreasonably withheld), or unless the surviving Person, including the Lessee (the “Successor”),
resulting from such merger, or consolidation, or which acquires by purchase, conveyance, transfer or lease all or substantially all of the assets of it as an entirety (i) is a corporation organized under the laws of Mexico and is an air carrier
duly certificated by the Aviation Authority, (ii) executes a duly authorized, legal, valid, binding, and enforceable agreement, satisfactory in form and substance to the Lessor, acting reasonably, containing an effective assumption of and
agreement to be bound by and fully and punctually perform all of Lessee’s obligations under, and a confirmation of its continuing liability under, this Agreement, the other Operative Documents and the Other Agreements and delivers such
instrument to the Lessor, and (iii) provides an opinion from counsel acceptable to Lessor (acting reasonably), which opinion shall be reasonably satisfactory to Lessor, and an officer’s certificate (which may rely, as to legal matters, on
such legal opinion), each stating that such merger, consolidation, conveyance, transfer, lease or other disposition and the instrument noted in clause (ii) above comply with this clause, that such instrument is a legal, valid and binding
obligation of, and is enforceable (except as enforceability may be limited by bankruptcy, insolvency and other laws applicable to the enforcement of creditors’ rights generally and by general principles of equity) against, such Successor , and
that this Agreement, the other Operative Documents and the Other Agreements continue to be enforceable against (except as enforceability may be limited by bankruptcy, insolvency and other laws applicable to the enforcement of creditors’ rights
generally and by general principles of equity) the Successor as Lessee hereunder, and that all conditions precedent provided for herein have been complied with; provided that no such merger, consolidation or conveyance, transfer or lease shall be
permitted if the tangible net worth of the Successor (including for the avoidance of doubt the Lessee) at the effective time thereof is less than the tangible net worth of Lessee immediately prior to such effective time or, if immediately after
giving effect to such consolidation, merger, purchase, conveyance, transfer, lease or other disposition, a Default or Event of Default shall have occurred and be continuing. 

 

	 	(i)	Prior to any transaction permitted pursuant to this clause 10.4, Lessee shall provide reasonable prior written notice to Lessor and, at Lessor’s request, shall
make available to Lessor appropriate management personnel in order to answer reasonable questions and concerns from Lessor and to provide such informationas Lessor may reasonably request relating to such transaction including reasonable evidence of
conformity with the provisions of this clause 10.4. 

  

	 	(ii)	Upon any consolidation or transaction, or any conveyance, transfer or lease of all or substantially all of the assets of the Lessee and the satisfaction of the
conditions specified in this clause, the Successor formed by such consolidation or into or with which the Lessee is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Lessee under this Agreement and any other document contemplated hereby with the same effect as if such successor corporation had been named as the Lessee herein. No such merger or consolidation, or sale, conveyance, transfer or
lease of all or substantially all of the assets of the Lessee as an entirety shall have the effect of releasing the Lessee or any Successor which shall theretofore have become the Lessee hereunder in the manner prescribed in this clause from its
liability hereunder. 

  
 - 18 -

	 	(c)	comply with all Regulations required for the making of payments, and the performance by Lessee of its other obligations under this Agreement (including complying with
any applicable carriage regulations or restrictions from time to time issued by IATA); 

  

	 	(d)	not cause or permit the Aircraft to proceed to, or remain at, any location in an Excluded Country except under the circumstances contemplated by clause 10.3(h);

  

	 	(e)	ensure that the Habitual Base remains the habitual base of the Aircraft unless Lessor gives its prior written consent to a change thereof, which consent shall not be
unreasonably withheld; 

  

	 	(f)	promptly pay or cause to be paid within such period as may be agreed between Lessee and the relevant Government Entity and/or Eurocontrol all license, registration,
navigation and airport fees and charges assessed and demanded by any Government Entity and/or Eurocontrol and/or any other air navigation authority in accordance with applicable Regulations relating to the Aircraft or to the extent failure to comply
therewith could reasonably be expected to result in a breach of this Agreement or in a Security Interest on the Aircraft, or could reasonably be expected to affect materially and adversely Lessee’s ability to perform any of its obligations in
respect of other aircraft operated by Lessee, and Lessee shall be responsible for all costs, expenses, charges, fees (including license and registration fees), Taxes and other outgoings related to the operation, storage, maintenance, leasing or
registration of the Aircraft, and shall promptly pay the same as and when they become due in each case, unless the amount, imposition or assessment of or demand for the same is or are being contested in good faith as provided in the definition of
Permitted Lien; 

  

	 	(g)	comply with all Applicable Laws and implement reasonable procedures concerning security measures to protect the Aircraft and its passengers from theft, destruction,
hijacking, bombing or other acts of terrorism in accordance with applicable Law and industry practices of similarly situated air carriers; 

  

	 	(h)	Lessee is not a “foreign air carrier” within the meaning of the Act, but if it becomes such a “foreign air carrier,” it will cause itself to be
located (as defined in Section 9-307 of the UCC) in the District of Columbia, except upon thirty (30) days prior written notice to the contrary to Lessor; and 

 

	 	(i)	Lessee shall cause all Post Delivery Authorizations and Filings to be made or accomplished by the date specified in the definition of such term.

  
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 Registration and Protection 
 10.5 
  

	 	(a)	Lessee shall to the greatest extent permitted by applicable Law: 

  

	 	(i)	register and keep the Aircraft registered with the Aviation Authority in the name of Lessor as owner thereof; 

 

	 	(ii)	register and record with the Aviation Authority and any other relevant public record (or as required to comply with the Geneva Convention where applicable) (x) the
Aircraft, this Agreement (or particulars thereof) and/or (y) the interest of Lessor as owner and lessor and, at Lessor’s cost, the rights of any Financing Parties under any Security Interest in respect of the Aircraft or this Agreement (as
the case may be) on such public record; and 

  

	 	(iii)	make any changes to the registrations referred to at (i) or (ii) above as may be necessary or advisable (and are consistent with the provisions of this
Agreement) to take account of any change permitted by this Agreement in ownership of the Aircraft any Engine or Part (including any permanent replacement of any Engine or Part) or any modification to the Aircraft (including Equipment Changes) or any
change in the financing of the Aircraft or of any change in applicable Regulations or introduction of new Regulations. 

 Lessor shall pay all costs incurred in respect of a change in ownership and/or financing of the Aircraft pursuant to clause 22.2 (Lessor Transfer). Lessee will pay any other costs incurred in
complying with this clause; 
  

	 	(b)	Lessee shall not without the prior written consent of Lessor change the State of Registration; 

 

	 	(c)	if the state and/or any territorial unit in which Lessee is domiciled or the State of Registration has, or at any time brings into force, any legislative or other
provisions giving effect to the Convention and/or the Protocol and/or becomes a Contracting State, Lessee at its own cost and expense shall from time to time, do or cause to be done any and all acts and things which may be required or desirable (in
the discretion of Lessor acting reasonably, but in each case consistent with the provisions of the Agreement and the other Operative Documents) to ensure that Lessor, and, at Lessor’s cost, the Financing Parties, if any, have or obtain the
fullest benefit(s) of the Convention and/or the Protocol in connection with the Aircraft and any Engine, including (but not limited to): 

  

	 	(i)	any matters connected with registering, perfecting or preserving and/or enhancing any International Interest(s) or other registrable interests vested in the Financing
Parties with respect to the Aircraft and/or any Engine and constituted by this Agreement; 

  
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	 	(ii)	constituting any International Interest(s) or other registrable interests to be vested in the Financing Parties with respect to the Aircraft and/or any Engine in
connection with this Agreement; and 

  

	 	(iii)	entry into agreements (subordination or otherwise) to protect, perfect and/or enhance and/or improve the priority of any International Interest(s) or other registrable
interests referred to in the foregoing paragraph (i) and/or (ii). 

 For the purposes of this
clause 10.5(c) the place in which Lessee is situated shall be construed and determined in accordance with the provisions of Article 4 (and Article 68) of the Consolidated Text and the terms: “assignment” (for
the purposes of this clause 10.5(c) only), “Contracting State”, “Regional Economic Integration Organisation”, “situated in”, “State”, and “territorial unit” shall have the meaning given to them
in (or, as appropriate, shall be construed in accordance with) the Consolidated Text. 
 Title and other Property and Security Interests

  

	10.6	Lessee shall: 

  

	 	(a)	affix, and maintain in a prominent position, a fireproof plate (having dimensions of not less than 10 cm. x 7 cm.) on each Engine and in the cockpit or cabin of the
Aircraft stating: 

 “THIS [AIRCRAFT/ENGINE] IS OWNED BY WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, AS
OWNER TRUSTEE (“OWNER”) UNDER THAT CERTAIN TRUST AGREEMENT (MSN TBD), AND IS LEASED TO [LESSEE] AND MAY NOT BE OR REMAIN IN THE POSSESSION OF, OR BE OPERATED BY, ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF OWNER”;

  

	 	(b)	not at any time (i) represent to others that Lessor or the Financing Parties are in any way connected with or responsible for any operation of the Aircraft or the
business of the Lessee or carriage (whether for hire or reward or gratuitously) which may be undertaken by Lessee; or (ii) pledge the credit of Lessor or the Financing Parties; 

 

	 	(c)	on all occasions when the ownership of the Aircraft, any Engine or any Part is relevant, make clear to third parties that title is held by Lessor. Lessee further
undertakes to inform any third party attempting to seize or arrest the Aircraft that it does not have any ownership interest in or title to the Aircraft; 

  

	 	(d)	not do or omit to do or knowingly permit to be done or omitted to be done any act or thing which might reasonably be expected to jeopardize the rights of Lessor as
owner or lessor of the Aircraft or the Financing Parties under any Security Interest or assignment in respect of the Aircraft; 

  

	 	(e)	not abandon the Aircraft, any Engine or any Part; and 

  

	 	(f)	not allow the Aircraft, any Engine or any Part, Lessor’s or any Financing Party’s interest in the same, or this Agreement or the Insurances, to become or
remain subject to any Security Interest (other than Permitted Liens) and promptly at Lessee’s expense take such action as may be necessary to discharge any such Security Interest other than Permitted Liens if the same shall exist at any time.

  
 - 21 -

 Recognition of Rights 
 10.7 Lessee shall from time to time, on request by Lessor, procure that any Person to whom possession of the Aircraft, the Airframe or any Engine is given acknowledges in writing to Lessor, in a
form acceptable to Lessor, acting reasonably, which may be included within a mortgage or lease or other agreement between Lessee and such Person, that it will respect the interests of Lessor as owner and lessor of the Aircraft, the Airframe or such
Engine, as applicable and the interests of the Financing Parties under any Security Interest in respect of such Aircraft, the Airframe or such Engine and will not seek to exercise any rights whatsoever in relation to such Aircraft, Airframe or
Engine. Lessor hereby agrees for the benefit of such Person that Lessor shall not claim any interest in or seek to exercise any rights whatsoever in relation to an engine belonging to such Person and from time to time installed on the Airframe or in
any airframe upon which an Engine may from time to time be installed. 
  

	11.	Possession and Sub-Leasing 

 Possession

 11.1 Lessee shall not, without the prior written consent of Lessor (such consent not to be unreasonably withheld), sub-lease or
part with possession of the Aircraft, the Engines or any Part, except that Lessee may part with possession, without Lessor’s consent: 
  

	 	(a)	with respect to the Aircraft, the Engines or any Part, to the relevant manufacturers for testing or to the Maintenance Performer for service, repair, maintenance or
other work to the extent required or permitted by this Agreement; 

  

	 	(b)	on a wet lease which complies with clause 11.2; 

  

	 	(c)	on a sub-lease which complies with clause 11.3; and 

  

	 	(d)	with respect to an Engine or Part as expressly permitted by this Agreement. 

 Wet-leasing 
 11.2 Lessee shall be permitted to wet-lease the Aircraft to a third
party provided that under the terms of such wet-lease: 
  

	 	(a)	the Aircraft shall be operated solely by regular crews of Lessee possessing all current certificates and licenses that are required by applicable Regulations;

  

	 	(b)	the Aircraft shall be subject to Lessee’s insurance coverage or such other insurance coverage as is approved by Lessor; 

 

	 	(c)	the Aircraft shall be maintained by the Maintenance Performer in accordance with the Maintenance Program and Lessee’s normal maintenance practices;

  

	 	(d)	the Aircraft shall not be subject to any change in its State of Registration or Habitual Base; 

  
 - 22 -

	 	(e)	such wet-lease is expressly subordinated to this Agreement and the rights of Lessor and the Financing Parties hereunder and to the Aircraft; and

  

	 	(f)	the duration of such wet-lease (including all extensions and renewals) does not exceed six (6) months and does not extend beyond the Expiry Date.

 Sub-leasing 
  

	11.3	

  

	 	(a)	Lessee may sub-lease the Aircraft to TACA International Airlines and/or any Affiliate of TACA International Airlines that is a certificated air carrier (a
Permitted Sub-Lessee) if: 

  

	 	(i)	Lessee shall have given no less than 10 Business Days’ prior written notice (it being acknowledged that in any case (y) the below conditions are required to
be satisfied prior to commencement of the relevant sub-lease and (z) the evidence and/or documentation specified below shall be required to be supplied to Lessor in good time prior to commencement of the relevant sub-lease to enable Lessor to
review the same) to Lessor of its intention to enter into any sub-lease agreement or arrangement (which notice shall include full details of the proposed sub-lessee and sub-leasing arrangements) and a copy of the draft sub-lease agreement and
insurance certificate; 

  

	 	(ii)	no Default shall have occurred and be continuing at the time of commencement of such sub-lease; 

 

	 	(iii)	(i) the sub-lease shall be expressly stated to be and shall remain subject to and subordinate to Lessor’s rights under this Agreement and will terminate
immediately upon any termination of the leasing of the Aircraft under this Agreement; (ii) the sub-lease and all of Lessee’s right, title and interest thereunder shall have been assigned to Lessor, pursuant to a sub-lease assignment in
form and substance acceptable to Lessor (acting reasonably), as collateral security for the performance of all obligations of Lessee and its Affiliates under this Agreement and all Other Agreements, and (iii) prior to delivery of the Aircraft
under such sub-lease (and as a condition precedent thereof) the sub-lessee shall provide an acknowledgement to Lessor, in a form satisfactory to Lessor (acting reasonably), confirming such subjection, subordination and assignment and confirming that
its rights to possession of the Aircraft under such sub-lease will terminate immediately on written notice from Lessor stating that the leasing of the Aircraft under this Agreement has terminated following an Event of Default and that it will
redeliver the Aircraft (together with all Engines, Parts and Aircraft Documents) to Lessor upon receipt of such written notice, and that it will perform all obligations under the sub-lease directly to, and deal exclusively with, Lessor;

  

	 	(iv)	the sub-lease requires the sub-lessee to operate the Aircraft substantially on the same terms as those set out in clause 10.3 (Operation of the Aircraft),
maintain the Aircraft on the same terms as those set out in clause 12.1 (Maintenance and Repair) and (if the Permitted Sub-Lessee is to maintain Insurances rather than Lessee) insure the Aircraft on the same basis as set out in
clause 16 (Insurance) and shall contain equivalent restrictions on interchange and replacement ofEngines and Parts as those contained in clause 13 (Interchange and Replacement of Engines and Parts); 

  
 - 23 -

	 	(v)	the sub-lease shall contain terms substantially similar to clauses 15 (Indemnities), 16 (Insurance), 17 (Loss, Damage and Requisition), and 20
(Events of Default); 

  

	 	(vi)	the sub-lease shall not permit any further sub-leasing or, unless Lessor otherwise consents, wet leasing, of the Aircraft; 

 

	 	(vii)	the sub-lease shall not have a term which extends or is capable of extending beyond the term of the Term; 

 

	 	(viii)	on or prior to the commencement of the sub-lease Lessee shall provide to Lessor evidence satisfactory to Lessor confirming that the Aircraft will continue to be insured
in accordance with this Agreement; 

  

	 	(ix)	the sub-lessee under the sub-lease shall not at the time of commencement of the relevant sub-lease be insolvent or otherwise be subject to any events of the type set
out in clauses 20.1(g) through (j); 

  

	 	(x)	the sub-lessee under the sub-lease shall hold all certificates, licenses, permits and authorization required for its use and operation of the Aircraft; and

  

	 	(xi)	prior to the delivery of the Aircraft under such sub-lease, Lessor shall have received a legal opinion from reputable independent counsels in the jurisdiction in which
each of Lessee and the sub-lessee is established and has its principal place of business and in which the Aircraft is to be habitually based and registered, in form and content and from legal counsel in each case reasonably satisfactory to Lessor.
Such opinion would be required to confirm (amongst other things): 

  

	 	(x)	that the rights of Lessor (and, if applicable, the Financing Parties) in respect of this Agreement and the Aircraft are not adversely affected following the
commencement of the sub-lease; 

  

	 	(y)	the legal, valid, binding and enforceable nature of the obligations of the sub-lessee in connection with the sub-lease (and in particular in relation to the direct
obligation to Lessor to return the Aircraft on the termination of the leasing of the Aircraft under this Agreement for any reason); and 

  

	 	(z)	the proper compliance with registration and other formalities (including any registrations with the international registry in relation to the Convention and Protocol),
if applicable) necessary or advisable in connection with the sub-lease, the subordination thereof or the assignment to Lessor thereof, including the perfection of Lessor’s rights and interests in respect thereof against Lessee, sub-lessee and
all other Persons. 

  

	 	(b)	 Lessor shall (if necessary in connection with such sub leasing (at no cost to Lessor) co operate with Lessee upon reasonable request to assist Lessee
and/or the relevant sub-lessee, as the case may be, in promptly making any filings, recordings and 

  
 - 24 -

	 	
registrations in the Habitual Base or the State of Registration (or with the International Registry in relation to the Convention and Protocol), if applicable) which, to the extent applicable,
are necessary or desirable in order to (i) protect the interests of Lessor as owner and lessor under this Agreement; or (ii) ensure the validity, enforcement or priority thereof; or (iii) at Lessor’s request and only if
Lessee’s co operation is required, protect the rights of the Financing Parties and Lessee shall pay all reasonable costs, expenses and liabilities incurred by Lessor and any Financing Party in connection with any re-registration of the Aircraft
and such filings, recordings and registrations (and no sub-lease shall be permitted unless and until such filings, recordings and registrations have been made). 

 

	 	(c)	Lessee will indemnify Lessor and any Financing Party on demand for all reasonable out of pocket expenses (including reasonable legal fees) incurred in connection with
Lessor’s evaluation of any proposed sub-lease or its implementation. 

  

	 	(d)	Lessee shall provide Lessor with a copy of the executed sub-lease and any amendments thereto within five (5) Business Days after the execution of such sub-lease or
such amendments; such copy may be in electronic form to be followed promptly by hard copy. 

  

	 	(e)	No sub-leasing of the Aircraft shall release Lessee from its obligations under this Agreement, and Lessee hereby confirms and agrees that it shall remain fully liable
to perform all of its obligations under this Agreement notwithstanding any such sub-leasing. 

  

	 	(f)	Notwithstanding any reference above to re-registration of the Aircraft or changes in the registry of the Aircraft, in no event shall the Aircraft be registered in a
jurisdiction or on a registry other than the registry of the State of Registration without first obtaining the consent of Lessor. 

  

	12.	Technical Reporting, Records, Inspection, Maintenance and Repair 

 Technical Reporting 
  

	12.1	Lessee shall: 

  

	 	(a)	Furnish to Lessor within fifteen (15) days after the end of every calendar month during the Term a Technical Status Report on the Aircraft and each Engine;

  

	 	(b)	give Lessor not less than thirty (30) days’ written notice of the time and location of all Major Checks and of all maintenance in respect of which Lessee is
entitled to a Maintenance Contribution pursuant to this Agreement and following such checks provide, on request of Lessor a copy of the relevant completed workpack relating to such check (for purposes of clarification, the parties agree that
notwithstanding the foregoing their rights and obligations in respect of Maintenance Contributions shall be governed by Schedule 14); 

  

	 	(c)	within ten (10) Business Days of Lessor’s request, provide to Lessor such other information and documentation as Lessor may reasonably request concerning the
location, condition use and operation of the Airframe, any Engine or Part, and any engine or part installed on the Airframe; and 

  

	 	(d)	notify Lessor promptly following the removal of any Engine for the purpose of the Engine Refurbishment. 

  
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 Records 
  

	12.2	Lessee shall: 

  

	 	(a)	keep accurate, complete and current records (which records shall form part of the Aircraft Documents and, notwithstanding that such records may be generated by Lessee,
shall be deemed the property of Lessor and leased to Lessee hereunder): 

  

	 	(i)	as required by the Aviation Authority and all applicable Regulations (including JAR/EU-OPS1 sub-part M) of all flights made by, and all maintenance carried out on,
the Aircraft (including in relation to each Engine and Part subsequently installed, before the installation), in such manner as the Aviation Authority may from time to time require, and ensure that they comply with the recommendations of the
Manufacturers and the OEMs; 

  

	 	(ii)	of all structural checks and compliance with the corrosion protection and control program, including historical checks; and 

 

	 	(iii)	evidencing Back to Birth Traceability of all Life Limited Parts; 

  

	 	(b)	maintain all Aircraft Documents in English (with an appropriate revision service) and best practice of major international air transport operators in respect of the
Aircraft; 

  

	 	(c)	retain such Aircraft Documents and other materials at either Lessee’s principal place of business, the facility of the Maintenance Performer or an agreed storage
location under Lessee’s control, and not permit any other Person to have possession of or control over the same without Lessor’s prior written consent; and 

 

	 	(d)	(if Lessee subscribes to the Manufacturer’s on-line electronic information database and maintains on that facility an updated record of the aircraft service
bulletin and other configuration embodiment status and to the extent permissible as a result of future developments by the Manufacturer, Airworthiness Directives, structural repairs and Maintenance Planning Data compliance status) make available to
Lessor Lessee’s access to the relevant parts of such on-line system. 

 Inspection 

 

					
	12.3	 	(a)	  	On request from Lessor, Lessee shall arrange that at any reasonable time during the Term, Lessor, any Financing Party and any prospective purchaser of the Aircraft or their
authorized representatives may inspect the Aircraft and the Aircraft Documents and Lessee shall provide reasonable assistance and co-operation in connection with such inspection (including facilitating access to the Aircraft and the Aircraft
Documents) provided that, unless a Default and/or an Event of Default shall have occurred and be continuing, Lessor shall give Lessee reasonable notice of such inspection and shall ensure that such inspections shall be coordinated with Lessee
so as not to cause unreasonable interference with or delay to Lessee’s operation of the Aircraft. Lessee shall comply with the reasonable requests of Lessor’s representatives during the course of an inspection including any request to open
quick release panels or to travel on the flight deck of the Aircraft as an observer, subject to any applicable Regulations or insurance restrictions.

	 	

  
 - 26 -

	 	(b)	The cost of conducting an inspection (including all reasonable out-of-pocket expenses) shall be borne by Lessor unless: (i) an Event of Default has occurred and is
continuing, in which case the cost shall be borne by Lessee; or (ii) an inspection reveals that Lessee has failed to comply in any material way with its obligations under this Agreement, in which case any follow up inspection required to verify
that remedial work has been completed will be at Lessee’s cost. 

  

	 	(c)	Lessor shall have no duty or obligation to inspect the Aircraft or arising out of such inspection and Lessor shall incur no liability as a result of non-exercise of any
inspection rights in this clause 12.3. In addition, any inspection of the Aircraft (including any Aircraft Documents) shall be solely for Lessor’s or such Financing Party’s information and failure to notify Lessee of any discrepancies
thereafter shall not imply that Lessee is in compliance with this Agreement, its Maintenance Program or applicable Regulation. 

Maintenance and Repair 
 12.4
Lessee shall or shall procure that a Maintenance Performer shall, maintain, overhaul and repair the Aircraft so that at all times during the Term: 
  

	 	(a)	the Aircraft is kept airworthy in all respects and in good operating condition and repair; 

 

	 	(b)	Lessee has a current certificate of airworthiness (in the appropriate category for the nature of the operations of the Aircraft) for the Aircraft issued by the Aviation
Authority except where the Aircraft is undergoing maintenance, modification or repair required or permitted by this Agreement, and Lessee will from time to time, but not more frequently than once annually if no Default is in existence, provide to
Lessor a copy within ten (10) days of Lessor’s request; 

  

	 	(c)	the Aircraft is maintained in accordance with the Maintenance Program through a Maintenance Performer and in at least the same manner and with at least the same care as
is the case with respect to similar aircraft owned or otherwise operated by Lessee (taken as a whole), and as if Lessee were to retain and continue operating the Aircraft in its fleet after the Expiry Date, including maintenance scheduling,
modification status and technical condition, and all maintenance to the Airframe, any Engine or any Part required to maintain all warranties, performance guarantees or service life policies applicable to the Aircraft in full force and effect in
accordance with their terms; 

  

	 	(d)	the Aircraft complies with all applicable Regulations and all Mandatory Orders, all Airworthiness Directives and all other airworthiness directives issued by the
Aviation Authority or other aviation authorities with jurisdiction over Lessee or the Aircraft, any Engine or Part, regardless of upon whom such requirements are imposed having a compliance date during the Term or within one hundred and eighty
(180) days after the Scheduled Expiry Date (provided that in relation to Airworthiness Directives Lessor and Lessee agree to the cost sharing formula set out in Schedule 9 (Airworthiness Directive Cost Sharing Formula));

  

	 	(e)	Lessee and the Aircraft are each in compliance with any other applicable Regulation which relates to the maintenance, condition, use or operation of the Aircraft or
requires any modification or alteration to the Aircraft, any Engine or Part regardless of upon whom such requirements are imposed; and 

  

	 	(f)	if required by the Aviation Authority, a current certification as to maintenance issued by or on behalf of the Aviation Authority in respect of the Aircraft is
maintained and Lessee will from time to time provide to Lessor a copy within ten days of Lessor’s request. 

  
 - 27 -

 Maintenance Program 
 12.5 Lessee shall consult with Lessor before any material changes to the Maintenance Program (including the preamble and schedules thereto) encompassing scheduled maintenance (including block
maintenance) of the Airframe, Engines and Parts, including but not limited to service, testing, preventative maintenance, repairs, structural inspections, system checks, overhauls, approved modifications, service bulletins, engineering orders,
airworthiness directives, corrosion control inspection and treatments. Except for changes required by the Aviation Authority or the Manufacturer or engine manufacturer in order to preserve rights in respect of any applicable product warranties, no
material change to the Maintenance Program shall be made until such reasonable revisions to Schedules 8, 9, 11, 12, 13 and 14 have been made as requested by Lessor in order to maintain for Lessor the benefits provided to Lessor pursuant to such
Schedules; provided, however, that such request shall be made promptly following receipt of any notice of such change from Lessee. 
 Engine
Thrust and Operational Derate 
  

					
	12.6	 	(a)	  	No Engine may be utilized by Lessee on the Aircraft or on any other airframe (or by a sublessee pursuant to a sublease permitted by this Agreement) at a greater thrust level than
the Engine Thrust without the prior written consent of Lessor; and
			
		 	(b)	  	if Lessor provides its consent pursuant to clause 12.6(a) then the amounts of Engine Performance Restoration Rent and Engine LLP Rent will be increased in accordance with
Schedule 8.

  

	13.	Replacement and Interchange of Engines and Parts 

 Replacement and Interchange of Engines and Parts 
  

					
	13.1	 	(a)	  	Lessee shall promptly replace any Engine which has suffered an Engine Total Loss in accordance with clause 13.6.
			
		 	(b)	  	Lessee shall promptly replace any Part which has become time-, cycle- or calendar-expired, lost, stolen, seized, confiscated, destroyed, damaged beyond economic repair,
unserviceable or permanently rendered unfit for use, in accordance with clause 13.6.
			
		 	(c)	  	Except to the extent otherwise agreed by Lessor, any engine, component, furnishing, equipment or part provided by the relevant manufacturer or vendor in replacement of a defective
Engine or Part pursuant to the terms of any warranty must be installed as a permanent replacement in accordance with clause 13.6.
			
		 	(d)	  	Lessee shall be entitled to install replacement engines and parts on the Aircraft provided that:

  

	 	(i)	a permanent replacement of an Engine or Part shall be in accordance with clause 13.6; 

  
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	 	(ii)	a temporary replacement of an Engine shall be in accordance with clause 13.3; and 

 

	 	(iii)	a temporary replacement of a Part shall be in accordance with clause 13.4. 

 Removed Engines and Parts 
  

	13.2	Lessee shall only be entitled to remove an Engine or Part from the Aircraft provided that: 

 

	 	(a)	any Engine or Part not installed on the Aircraft (a Removed Engine or Removed Part (as the case may be)) is promptly replaced in accordance
with clause 13.1; and 

  

	 	(b)	such Removed Engine or Removed Part: 

  

	 	(i)	is (x) installed on another aircraft operated by Lessee in accordance with clause 13.5; or (y) properly and safely stored; or (z) if unserviceable,
without delay placed with the Maintenance Performer and into the Maintenance Program for repair, maintenance and/or refurbishment in accordance with this Agreement; 

 

	 	(ii)	is kept free of Security Interests; 

  

	 	(iii)	continues to be covered by the Insurances; and 

  

	 	(iv)	remains the property of the Lessor unless and until there has been a permanent replacement in accordance with clause 13.6 and unless and until title to that
Replacement Engine or Replacement Part has passed to the Lessor subject to this Agreement; and 

  

	 	(c)	Lessee complies with clause 10.7 (Recognition of Rights) with respect to any Removed Engine and Removed Part; and 

 

	 	(d)	Lessee ensures that any Removed Engine or Removed Part is reinstalled on the Aircraft or permanently replaced by an engine or part in accordance with clause 13.6
on the earlier of (i) the Expiry Date or (ii) the occurrence of an Event of Default. 

 Installation of other engines

 13.3 Lessee may only install an engine on the Airframe that is not a permanent replacement in accordance with clause 13.6 if:

  

	 	(a)	such engine is of the same manufacturer and model (or an improved model) as the Removed Engine it replaces; 

 

	 	(b)	such engine is owned by or leased or conditionally sold to Lessee; 

  

	 	(c)	the Insurances for the Aircraft are not affected; and 

  

	 	(d)	on the earlier of (i) the Expiry Date or (ii) the occurrence of an Event of Default, Lessee removes that engine and replaces it with the relevant Removed
Engine or a permanent replacement engine in accordance with clause 13.6, 

  
 - 29 -

 provided that if an engine complying with the conditions in clause 13.3(b) is
not available at the time and/or place where the engine is required to be installed on the Airframe and it would result in unreasonable disruption of the operation of the Aircraft and/or business of Lessee to ground the Aircraft until an engine
complying with clause 13.3(b) becomes available for installation on the Aircraft, Lessee may install any suitable engine on the Airframe by way of temporary replacement. As soon as reasonably practicable after the installation of the engine but
in any event no later ninety (90) days after such installation, Lessee shall remove the engine and replace it with an engine complying with clause 13.3(a), (b) and (c) subject always to the requirements of 13.3(d). 

Installation of other parts 
 13.4
Lessee may only install any part on the Aircraft that is not a permanent replacement pursuant to clause 13.6, if: 
  

	 	(a)	as soon as reasonably practicable after a part is installed on the Aircraft, but before the earlier of one hundred and twenty days (120) after such temporary
replacement and the Expiry Date, Lessee removes that part and replaces it with the relevant Removed Part or a part that is a permanent replacement pursuant to clause 13.6; and 

 

	 	(b)	the Insurances for the Aircraft are not affected. 

 Installation of Engines and Parts on Other Aircraft 
 13.5 (a) Lessee shall only be
entitled to install a Removed Engine or Removed Part on an aircraft operated by Lessee (the Other Aircraft) if: 
  

							
				
		 		  	(i)	  	no Default has occurred and is continuing;
				
		 		  	(ii)	  	the Other Aircraft is being operated at the Engine Thrust and within the same Operational Derate as the Aircraft;
				
		 		  	(iii)	  	Lessee owns or leases the Other Aircraft and has operational control of it;
				
		 		  	(iv)	  	Lessor remains the owner of the Removed Engine or Removed Part until it is permanently replaced pursuant to clause 13.6 and the Removed Engine or Removed Part does not become
subject to a Security Interest (other than a Permitted Lien);
				
		 		  	(v)	  	neither the provisions of applicable Law nor the terms of any lease or other agreement or Security Interest to which the Other Aircraft is subject, (x) prohibit such
installation or (y) require that the Removed Engine or Removed Part become the property of a Person other than Lessor and/or subject to any Security Interest or (z) will have the effect at any time of divesting or impairing the title and
interests of Lessor as owner and lessor of the Removed Engine or Removed Part (and the rights of the Financing Parties under any Security Interest or assignment in respect of the Removed Engine or Removed Part); and
				
		 		  	(vi)	  	on the earlier of (i) the Expiry Date or (ii) the occurrence of an Event of Default, Lessee removes the Removed Engine or Removed Part from the Other
Aircraft.

  
 - 30 -

 Permanent Replacement of Engines and Parts 

 

	13.6	If Lessee permanently replaces an Engine or Part Lessee shall procure that: 

 

	 	(a)	in the case of an Engine, the replacement engine: (i) is of the same manufacturer and model (or at Lessee’s option an improved model) as the Removed Engine;
(ii) has undergone an equal or lower number of Engine Performance Restorations; (iii) is certified in accordance with JAR 145 or its successor for installation on the Aircraft; (iv) has equivalent interchangeable modification status
as the Removed Engine; (v) has equivalent or greater time remaining to the next Engine Performance Restoration as the Removed Engine; (vi) has equivalent or lower time Life Limited Parts life used as the Removed Engine; (vii) has
equivalent remaining warranty status as the Removed Engine; (viii) is of an equivalent or greater value and utility as the Removed Engine; (ix) is suitable for installation and use on the Airframe without impairing the value or utility of
the Airframe; and (x) is compatible with the remaining installed Engine; 

  

	 	(b)	in the case of a Part, the replacement part: (i) is an OEM approved part and is of the same manufacturer and model (or at Lessee’s option an improved model)
as the Removed Part; (ii) is certified in accordance with JAR 145 or its equivalent successor for installation on the Aircraft; (iii) is in as good operating condition as the Removed Part (prior to any damage where relevant); (iv) has
not been involved in any accident or incident; (v) has equivalent interchangeable modification status as the Removed Part; (vi) has equivalent or more hours available until next scheduled check, inspection, overhaul and shop visit as the
Removed Part; (vii) is not from a military source; and (viii) is of equivalent or greater value and utility as the Removed Part; 

  

	 	(c)	the replacement engine or part becomes and remains (until replaced by this clause 13.6) the property of the Lessor free from Security Interests (except Permitted
Liens) and on installation on the Aircraft will without further act be deemed transferred to and owned by Lessor and subject to this Agreement, and Lessee shall supply to Lessor all such title documents as Lessor may require to evidence and perfect
such transfer of title in accordance with all applicable Laws (including the provision if requested by Lessor of bills of sale and legal opinions); and 

  

	 	(d)	Lessee has full details of the source and maintenance records of such replacement engine or part with full Back to Birth Traceability. 

Equipment Changes 
 13.7
(a) Lessee shall not make any modification or addition to the Aircraft (each an Equipment Change), except for an Equipment Change which: 
  

	 	(i)	is expressly permitted or required by this Agreement; or 

  

	 	(ii)	does not diminish the value, utility, condition, or airworthiness of the Aircraft; or 

 

	 	(iii)	has the prior written approval of Lessor. 

  
 - 31 -

	 	(b)	So long as no Event of Default has occurred and is continuing, Lessee may remove and retain any Equipment Change to the extent it is severable from the Aircraft and
(i) such Equipment Change is not required by a Mandatory Order of the Aviation Authority or the JAA/EASA or an Airworthiness Directive or other airworthiness directives issued by aviation authorities with jurisdiction over Lessee or the
Aircraft, (ii) such severance will not adversely affect the value, utility, condition or airworthiness of the Aircraft, and (iii) such Equipment Change did not constitute directly or by function a replacement of Part installed on the
Aircraft at Delivery. 

  

	 	(c)	Lessor may require Lessee to remove any Equipment Change on the Expiry Date and to restore the Aircraft to its condition prior to that Equipment Change.

  

	 	(d)	Title to any equipment installed on the Aircraft pursuant to an Equipment Change after the Delivery Date will on installation, without further act, vest in Lessor and
shall be an Engine or Part (as the case may be) subject to this Agreement free and clear of all Security Interests (other than Permitted Liens). Lessee will at its own expense take all such steps and execute, and procure the execution of, all such
instruments as Lessor may require and which are necessary to ensure that title so passes to Lessor according to all applicable Laws. At any time when requested by Lessor, Lessee will provide such documents as Lessor may reasonably require to
evidence and perfect such transfer of title in accordance with all applicable Laws (including the provision, if required, to Lessor of bills of sale and legal opinions). 

 Lessee Title 
 13.8 Following (i) transfer of title of a replacement engine or
part in accordance with clause 13.6(c) or (ii) restoration of the Aircraft to its condition prior to an Equipment Change in accordance with clause 13.7(c), title to the replaced Engine or Part or removed Equipment Change will,
provided no Event of Default has occurred and is continuing, pass to Lessee on an “AS IS, WHERE IS” basis, without recourse, representation or warranty, except that it is free and clear of all Lessor Liens, and if requested by Lessee,
Lessor will (at Lessee’s cost) provide such documents as Lessee may reasonably require to evidence and perfect such transfer of title in accordance with all applicable Laws (including the provision, if required, to Lessee of bills of sale).

  

	14.	Manufacturer’s Warranties 

 Use of
Warranties 
  

					
	14.1	 	(a)	  	With effect from Delivery, and so long as no Event of Default has occurred and is continuing, Lessor hereby makes available to Lessee, and authorizes Lessee to exercise, such rights
as Lessor may have under any warranty with respect to the Aircraft, any Engine or any Part made by any manufacturer, vendor, sub-contractor or supplier (including compensation for loss of use of the Aircraft during the Term), to the extent that the
same may be made available to Lessee and to the extent that the same have not otherwise been made available to Lessee pursuant to any other agreement.
			
		 	(b)	  	Lessee shall give Lessor prompt written notice of any warranty claim in respect of the Aircraft in excess of ***** which is settled with Lessee on the basis of a total or partial
cash payment other than cash payments constituting reimbursements for work performed on the Aircraft by or at the direction of Lessee. Any cash payments to Lessee in respect of warranty claims concerning the Aircraft which are not applied to repair
or

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 32 - 

	 	
remedy of defects in the Aircraft and which are not in respect of compensation for the condition of or loss of use of the Aircraft, an Engine or Part during the Term due to a defect covered by
such warranty, shall be for Lessor’s account and shall to the extent received by Lessee be promptly paid by Lessee to Lessor. 

  

	 	(c)	Lessee shall take all steps and execute all documents as are necessary at the end of the Term to ensure that the benefit of any warranties to which this
clause 14.1 applies and which have not expired is vested in Lessor including all claims thereunder other than claims made in respect of any facts or circumstances occurring during the Term and in respect of which Lessee has notified the
relevant manufacturer prior to the end of the Term. 

 Proceeds of Warranty Claims 

 

					
	14.2	 	(a)	  	Lessee agrees promptly to apply any proceeds of any claims (other than to the extent that they relate to compensation for the condition or loss of use of the Aircraft during the
Term or are to be paid to Lessor in accordance with clause 14.1(b)) under any warranty relating to the Aircraft, any Engine or any Part received by Lessee to remedy the defect, if any, in the Aircraft, any Engine or any Part giving rise to such
claim or an reimbursement for such remedy.
		 	(b)	  	If an Event of Default has occurred and is continuing, Lessee’s authorization to exercise Lessor’s warranty rights shall automatically terminate, and Lessor may
immediately:

  

	 	(i)	retain for its own account any such proceeds previously paid to Lessor which would have been remitted to Lessee under this clause 14.2 (Proceeds) in the absence of
such Event of Default; 

  

	 	(ii)	cause any proceeds of any pending claims to be paid to Lessor, rather than to Lessee; and 

 

	 	(iii)	recover from Lessee the proceeds of any such claims previously paid to Lessee to the extent that such claims relate to any defect in the Aircraft, any Engine or any
Part not rectified by Lessee in accordance with the requirements of this Agreement and applicable manufacturer’s guidelines before such Event of Default. 

 

	15.	Indemnities 

 General 

15.1 Lessee agrees to assume liability for (as between itself and the Indemnitees), and to defend and indemnify and hold harmless each of the
Indemnitees against, upon demand, and agrees to pay and agrees not to make any claim against any Indemnitee for, any and all Losses (without duplication): 
  

	 	(a)	which may at any time be suffered or incurred by any Indemnitee directly or indirectly as a result of, arising from or connected with (i) the possession, delivery,
purchase, sale, transfer, importation, transportation, pooling, interchange, leasing, sub-leasing, wet leasing, chartering, storage, registration, insurance, replacement, maintenance, modification, refurbishment, condition, service, repair,
overhaul, control, management, ownership, use, operation, exportation or redelivery of the Aircraft, any Engine or Part 

  
 - 33 -

	 	
(either in the air or on the ground), whether or not such Losses may be attributable to any defect in the Aircraft, any Engine or any Part or to its design, testing or use or otherwise, and
regardless of whether it arises out of or is attributable to any act or omission, negligent or otherwise, of any Indemnitee, or (ii) any Security Interest in respect of the Aircraft, any Engine or Part (other then a Lessor Lien);

  

	 	(b)	which arise out of any act or omission which invalidate or renders voidable any of the Insurances; 

 

	 	(c)	which arise as a result of any breach by Lessee of its representations, warranties or other obligations under this Agreement or any Event of Default; or

  

	 	(d)	which may at any time be suffered or incurred as a consequence of any design, article or material in the Aircraft, any Engine or any Part, including any defect therein
(regardless of whether it is discoverable) or its operation or use constituting an infringement of patent, copyright, trademark, design or other proprietary right, 

but excluding any Loss in relation to a particular Indemnitee to the extent that such Loss: 

 

	 	(i)	arises as a result of the Gross Negligence or willful misconduct of such Indemnitee; or 

 

	 	(ii)	arises as a result of Lessor Taxes or a Lessor Lien; or 

  

	 	(iii)	is a Tax (without prejudice to any Indemnitee’s rights under any other provision of this Agreement); or 

 

	 	(iv)	arises as a result of acts or events which occur after the Aircraft has been redelivered to Lessor in compliance with clause 19 and is no longer subject to this
Agreement, unless any such act or event is attributable to an act, omission, event or circumstance which occurred during the Term; or 

  

	 	(v)	arises from the breach by such Indemnitee of this Agreement or any other Operative Document but excluding any such breach which is attributable to or arises out of an
Event of Default; or 

  

	 	(vi)	constitutes the ordinary and usual operating and overhead expenses of such Indemnitee (other than any such Loss which is suffered or incurred as a result of or
following the occurrence of an Event of Default); or 

  

	 	(vii)	is a Loss for which Lessor has expressly agreed to be responsible under any other provision of this Agreement. 

Notification 
 15.2 Lessor or any
other Indemnitee intending to claim any amounts from Lessee pursuant to clause 15.1, shall notify Lessee in writing of any matter of which Lessor or such Indemnitee, through a responsible officer has received formal notice and for which Lessee is
obligated to indemnify under this clause 10 (each a Claim); provided, however, the delay or failure of Lessor to give notice to Lessee in accordance with this clause 10.2 will not discharge or release Lessee
from any of its indemnity obligations under clause 10.1 except, and only to the extent, that such delay or failure was unreasonable and materially prejudices Lessee’s right to defend any such Claim or results in a material increase in the
amount which Lessee is required to indemnify (in such case to the extent of such increase). 

  
 - 34 -

 Contest 
 15.3 If Lessee disputes the payment of any claim payable by Lessor or any Indemnitee for which Lessee acknowledges and agrees it is responsible under this clause 10, Lessor will consider with
Lessee the taking of such action as Lessee may reasonably request at Lessee’s risk and expense to contest that payment, but no Indemnitee will be obliged to take any such action: 

 

	 	(a)	which such Indemnitee considers, acting in good faith, may prejudice it; or 

 

	 	(b)	which such Indemnitee considers, acting in good faith, not to have a reasonable prospect of success; 

 

	 	(c)	for which Lessee has not made adequate provision to the satisfaction of such Indemnitee in respect of the potential expense or risk concerned; 

 

	 	(d)	while a Default is in existence; or 

  

	 	(e)	against an Indemnitee’s own insurers. 

Duration 
 15.4 The indemnities
contained in this Agreement will continue in full force after the Expiry Date notwithstanding any breach or repudiation of this Agreement by Lessor or Lessee or the termination of the leasing of the Aircraft under this Agreement. 

 

	16.	Insurance 

 Insurances 

 

							
	16.1	  	(a)	  	Lessee shall, at its own expense, obtain and maintain the Insurances in full force during the Term and thereafter and, in each case, as required by this Agreement which
shall have such deductibles and be subject to such exclusions as may (in each case) be permitted by this Agreement or as otherwise approved by Lessor (which approval shall not be unreasonably withheld) and with such insurers, brokers and
underwriters complying with clause 16.1(b).
			
		  	(b)	  	The Insurances shall be effected either:
				
		  		  	(i)	  	on a direct basis with insurers of recognized standing who normally participate in aviation insurances in the leading international insurance markets and led by reputable
underwriter(s) and through brokers of recognized standing, in each case satisfactory to Lessor, acting reasonably (and for such purposes, Lessee’s current lead underwriter and broker are each deemed satisfactory to Lessor); or
				
		  		  	(ii)	  	with a single insurer or group of insurers acceptable to Lessor, acting reasonably who does not fully retain the risk but effects substantial reinsurance with reinsurers who
normally participate in aviation insurances in the leading international insurance markets and through brokers each of recognized standing and acceptable to Lessor acting reasonably (and for purposes hereof
Lessee’s

  
 - 35 -

							
		  		  		  	current reinsurers and reinsurance brokers are deemed acceptable to Lessor) for a percentage acceptable to Lessor (acting reasonably and taking into account any Application) of all
risks insured.

 Requirements 
 16.2 Lessor’s current requirements as to the Insurances are as specified in this clause 16 (Insurance) and in Schedule 5 (Insurance Requirements) Lessor may from time
to time following any material change in applicable industry practices, and after consultation with Lessee and its designated brokers, amend the requirements in Schedule 5 so that (a) the scope and level of cover are maintained in line
with prudent industry practice as applied to similarly situated carriers; and (b) the interests of Lessor and the other Indemnitees are prudently protected. 
 Change 
  

					
	16.3	  	(a)	  	If at any time Lessor wishes to revoke its approval of any insurer, reinsurer, insurance or reinsurance, Lessor and/or its brokers shall consult with Lessee and Lessee’s
insurers or, if applicable, brokers regarding whether that approval should be revoked to protect the interests of the parties insured. If, following the consultation, Lessor considers that any change should be made, Lessee shall then promptly
arrange or procure the arrangement of alternative cover satisfactory to Lessor.
			
		  	(b)	  	To the extent such endorsement is accepted on the Delivery Date as meeting the requirements of Schedule 5 and subject to the other provisions of this clause 16 (including clause
16.2). Lessee shall maintain insurance in respect of the Aircraft for the purposes of this Agreement which reflects Lloyds endorsement AVN67B or AVN67C (whichever, in the reasonable judgment of Lessor, shall, at any relevant time constitute
customary industry practice) in respect of leased aircraft (as at the date hereof). In the event that any provision of AVN67B or AVN67C, as applicable (as at the date hereof) conflicts or is otherwise inconsistent with the requirements of this
clause 9 and Schedule 4 then (so long as it shall be general industry practice to insure aircraft financed or leased on the basis of such endorsement and subject to clause 16.2) the provisions of AVN67B or AVN67C, as applicable, shall prevail and
such endorsement shall be deemed to satisfy the requirements of this Agreement.

 Insurance Covenants 
  

	16.4	Lessee shall: 

  

	 	(a)	comply with the terms and conditions of each policy of the Insurances and any applicable Regulations and not do, consent or agree to any act or omission which:

  

	 	(i)	invalidates or may invalidate the Insurances; or 

  

	 	(ii)	renders or may render void or voidable the whole or any part of any of the Insurances; or 

 

	 	(iii)	brings any particular insured liability within the scope of an exclusion or exception to the Insurances; 

  
 - 36 -

	 	(b)	not take out any insurance or procure any reinsurance in respect of the Aircraft which would prejudice the recovery by Lessor or otherwise prejudice Lessor’s
interests under the Insurances required to be maintained by Lessee under this Agreement; 

  

	 	(c)	on request, provide to Lessor such documents and information as may be reasonably requested by Lessor in respect of (i) claims made under the insurances or
(ii) payment of Insurance premiums (including daily status updates of payment or non-payment of premiums after issuance of any notice of cancellation for failure to pay premiums); 

 

	 	(d)	if at any time insurance clause AVN 2000 or its successor is endorsed on the policies of Insurance, ensure that the insurance write back clauses AVN 2001 and AVN
2002 as applicable (or any equivalent clauses) are endorsed on the policies of Insurance required to be maintained under this Agreement and give and comply with all representations, warranties and undertakings required by the insurers or reinsurers
in connection with such clauses; and 

  

	 	(e)	provide any other information and assistance in respect of the Insurances which Lessor may from time to time reasonably require. 

Renewal of Insurances 
 16.5
Lessee shall commence renewal procedures in a timely manner in accordance with its general practices, and provide to Lessor: 
  

	 	(a)	If requested by Lessor in writing a written status report of renewal negotiation fourteen (14) days prior to each insurance expiry date; 

 

	 	(b)	confirmation of completion of renewal prior to each insurance expiry date; and 

 

	 	(c)	certificates of insurance (and where appropriate certificates of reinsurance), and a brokers’ and any reinsurance brokers’ letter of undertaking in a form
acceptable to Lessor in English, detailing the coverage and confirming the insurers’ (and any reinsurers’) agreement to the specified insurance requirements of this Agreement within seven (7) days after each renewal date.

 Failure to Insure 
 16.6 If Lessee fails to maintain the Insurances in compliance with this Agreement, each of the Indemnitees will be entitled but not bound (without prejudice to any other rights of Lessor under this
Agreement): 
  

	 	(a)	to pay the premiums due or to effect and maintain insurances satisfactory to it or otherwise remedy Lessee’s failure in such manner (including, without limitation
to effect and maintain an owner’s interest policy) as such Indemnitee considers appropriate. Any sums so expended by such Indemnitee will become immediately due and payable by Lessee to such Indemnitee together with interest thereon at
the Default Rate, from the date of expenditure by such Indemnitee up to the date of reimbursement by Lessee; and 

  

	 	(b)	at any time while such failure is continuing to require the Aircraft to remain at any airport or to proceed to and remain at any airport designated by it until the
failure is remedied to its satisfaction. 

  
 - 37 -

 Continuing Insurance for Indemnity 
 16.7 Lessee shall effect and maintain (at no cost to Lessor) liability insurance after the Expiry Date, including with respect to its liability under the indemnities in clause 15
(Indemnities), for a period of two years, which provides for each Indemnitee to be named as additional insured. 
  

	17.	Loss, Damage and Requisition 

 Total
Loss prior to Delivery 
 17.1 If a Total Loss occurs prior to Delivery, this Agreement shall immediately terminate, and except as
expressly stated in this Agreement neither party will have any further obligation or liability under this Agreement other than: 
  

	 	(a)	pursuant to clauses 23.3 (Expenses) and 23.12 (Confidentiality); and 

 

	 	(b)	Lessor will pay to Lessee the amount of Deposit received by Lessor prior to the date of such Total Loss and not applied in accordance with clause 6
(Deposit); or return the Letter of Credit, as applicable and any prepaid rent, as provided above. 

 Total Loss after
Delivery 
  

							
	17.2	 	(a)	 	If a Total Loss occurs after Delivery, Lessee shall pay the Agreed Value to Lessor on or prior to the earlier of:
				
		 		 	(i)	  	ninety (90) days after the Total Loss Date; and
				
		 		 	(ii)	  	the date of receipt of insurance proceeds in respect of that Total Loss.
			
		 	(b)	 	Subject to the rights of any insurers and reinsurers or other third parties, upon irrevocable payment in full to Lessor of the Agreed Value and all other amounts which
are then payable to Lessor under this Agreement, Lessor shall transfer to Lessee all of Lessor’s right, title and interest in and to the Aircraft including any Engines and Parts not installed when the Total Loss occurred, on an AS-IS WHERE-IS
basis and without recourse, representation or warranty (save as to freedom from Lessor Liens), and Lessor shall provide such documents as Lessee may reasonably require to evidence and perfect such transfer of title in accordance with all applicable
Laws (including the provision, if required, to Lessee of bills of sale and removal of any International Interests created by this Agreement from the International Registry). Lessee shall indemnify Lessor for all fees, expenses and Taxes incurred by
Lessor in connection with any such transfer.
			
		 	(c)	 	Upon a Total Loss of any Engine not involving a Total Loss of the Airframe, Lessee shall give Lessor prompt written notice thereof and Lessee shall promptly replace the
destroyed Engine as required under clause 13.1(a).
			
		 	(d)	 	The receipt by Lessor of the insurance proceeds in respect of the Event of Loss on or prior to the date required pursuant to this clause 17.2 shall discharge Lessee
from its obligation to pay the Agreed Value to Lessor, provided such proceeds are not less than the Agreed Value and to the extent such proceeds are available to be, and are, applied to pay such Agreed Value (it being agreed that if available Lessor
shall apply the same to pay such Agreed Value unless an Event of Default is in existence in which case Lessor

  
 - 38 -

							
		 		 	may apply such proceeds to such of Lessee’s obligations as Lessor may elect in its discretion) and so long as no Default (other than a Default relating to the
condition of the Aircraft) is in existence, any excess of insurance proceeds over and above the Agreed Value and other amounts then payable by Lessee under this Agreement or any Other Agreement shall be promptly paid over to Lessee less an amount of
any other sums then payable on the date of payment of the Agreed Value by Lessee to Lessor hereunder or under any Other Agreement. If the insurance proceeds are paid initially to Lessee and not to Lessor, they may be retained by Lessee if Lessee
shall have paid the Agreed Value and all other payments then owing hereunder or under the Other Agreements to Lessor, and so long as no Default (other than a Default relating to the condition of the Aircraft) is in existence, otherwise Lessee shall
be deemed to hold them in trust for Lessor and shall pay the Agreed Value to Lessor immediately upon the receipt by Lessee of such proceeds. If Lessee pays the Agreed Value and all other amounts then owing hereunder or under the Other Agreements and
no Default is in existence, Lessor shall promptly assign (and shall procure that Owner assigns) to Lessee its rights under the Insurances to receive the insurance proceeds in respect of the Event of Loss (to the extent that such proceeds shall not
have been paid to Lessee).

 Requisition 
  

							
	17.3	  	(a)	  	During any requisition for use or hire of the Aircraft, any Engine or any Part which does not constitute a Total Loss:
				
		  		  	(i)	  	the Rent and other amounts payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its other obligations
under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);
				
		  		  	(ii)	  	so long as no Default or Event of Default has occurred and is continuing, Lessee shall be entitled to any hire fee paid by the requisitioning authority in respect of the
Term;
				
		  		  	(iii)	  	Lessee shall, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement; and
				
		  		  	(iv)	  	Lessor shall be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft arising during the
period of requisition, and Lessor shall apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, provided that, if any Default or Event of Default has
occurred and is continuing, Lessor may apply the compensation in or towards settlement of any amounts owing by Lessee under this Agreement or any Other Agreement and, so long as no Default is in existence or upon cure of any such Default, any excess
shall be applied as described above.

  

	18.	Disclaimers 

 LESSOR AND LESSEE AGREE THAT
THE DISCLAIMERS, WAIVERS AND CONFIRMATIONS SET FORTH IN CLAUSES 18.1 (EXCLUSION) TO 18.4 (CONFIRMATION) SHALL APPLY AT ALL TIMES WITH EFFECT FROM LESSEE’S ACCEPTANCE OF THE AIRCRAFT IN 

  
 - 39 -

 ACCORDANCE WITH CLAUSE 3, WHICH SHALL BE CONCLUSIVE EVIDENCE THAT LESSEE HAS FULLY INSPECTED THE
AIRCRAFT AND EVERY PART THEREOF AND THAT THE AIRCRAFT, THE ENGINES, THE PARTS AND THE AIRCRAFT DOCUMENTS ARE AS BETWEEN LESSOR (AND THE OTHER INDEMNITIEES) AND LESSEE, TECHNICALLY ACCEPTABLE TO LESSEE AND SATISFY THE DELIVERY CONDITION SPECIFICATION
AND ARE IN SUITABLE CONDITION FOR DELIVERY TO AND ACCEPTANCE BY LESSEE: 
 Exclusion 

18.1 THE AIRCRAFT IS TO BE LEASED AND DELIVERED HEREUNDER “AS IS, WHERE IS”, AND LESSEE AGREES AND ACKNOWLEDGES THAT AS BETWEEN LESSOR
(AND THE OTHER INDEMNITIEES) AND LESSEE: 
  

	 	(a)	LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) WILL HAVE NO LIABILITY IN RELATION TO, AND LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT)
HAS NOT AND WILL NOT BE DEEMED TO HAVE MADE OR GIVEN (WHETHER BY VIRTUE OF HAVING DONE OR FAILED TO DO ANY ACT, OR HAVING ACQUIRED OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS AGREEMENT OR OTHERWISE), ANY WARRANTIES, CONDITIONS OR
REPRESENTATIONS, EXPRESS OR IMPLIED, WITH RESPECT TO, THE AIRCRAFT OR ANY ENGINE OR PART UNDER THIS AGREEMENT INCLUDING (BUT NOT LIMITED TO) THE TITLE, DESCRIPTION, AIRWORTHINESS, COMPLIANCE WITH SPECIFICATIONS, OPERATION, MERCHANTABILITY, QUALITY,
FREEDOM FROM INFRINGEMENT OF PATENT OR OTHER PROPRIETARY RIGHTS, FITNESS FOR ANY PARTICULAR USE OR PURPOSE, VALUE, DURABILITY, CONDITION, OR DESIGN, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP, THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER
OR NOT DISCOVERABLE, OR AS TO ANY OTHER MATTER WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING ANY IMPLIED WARRANTY ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OR TRADE) WITH RESPECT TO THE AIRCRAFT, ANY ENGINE OR ANY PART OR ANY SERVICES
PROVIDED BY LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) UNDER THIS AGREEMENT; AND 

  

	 	(b)	LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) SHALL NOT HAVE ANY OBLIGATION OR LIABILITY WHATSOEVER TO LESSEE (WHETHER ARISING IN CONTRACT OR IN TORT,
AND WHETHER ARISING BY REFERENCE TO NEGLIGENCE OR STRICT LIABILITY OR OTHERWISE) FOR: 

  

	 	(i)	ANY LIABILITY, LOSS OR DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE AIRCRAFT OR ANY ENGINE OR BY ANY INADEQUACY THEREOF OR DEFICIENCY OR DEFECT
THEREIN OR BY ANY OTHER CIRCUMSTANCE IN CONNECTION THEREWITH; 

  

	 	(ii)	THE USE, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR ANY RISKS RELATING THERETO; 

  
 - 40 -

	 	(iii)	ANY INTERRUPTION OF SERVICE, LOSS OF BUSINESS OR ANTICIPATED PROFITS OR ANY OTHER DIRECT, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE; OR 

 

	 	(iv)	THE DELIVERY, OPERATION, SERVICING, MAINTENANCE, REPAIR, IMPROVEMENT OR REPLACEMENT OF THE AIRCRAFT, ANY ENGINE OR ANY PART. 

Waiver 
 18.2 LESSEE HEREBY
WAIVES, AS BETWEEN ITSELF AND LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT), ALL ITS RIGHTS IN RESPECT OF ANY WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, ON THE PART OF LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER
PARTICIPANT) AND ALL CLAIMS AGAINST LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) HOWSOEVER AND WHENEVER ARISING AT ANY TIME IN RESPECT OF OR OUT OF THE MATTERS EXPRESSLY WAIVED IN CLAUSE 18.1 (EXCLUSION). 

Disclaimer of Consequential Damages 

18.3 LESSEE AGREES THAT IT SHALL NOT BE ENTITLED TO RECEIVE AND HEREBY DISCLAIMS AND WAIVES ANY RIGHT THAT IT MAY OTHERWISE HAVE TO RECOVER LOST
PROFITS, LOST REVENUE OR OTHER CONSEQUENTIAL, SPECIAL INCIDENTAL, INDIRECT OR PUNITIVE DAMAGES AS A RESULT OF ANY BREACH OR ALLEGED BREACH BY LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) OF ANY OF THE AGREEMENTS CONTAINED IN THIS
AGREEMENT. 
 No Duties 

18.4 LESSEE ACKNOWLEDGES AND AGREES THAT LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) HAS NO FIDUCIARY OR OTHER DUTIES TO LESSEE
WHATSOEVER, AND THAT LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT)’S ONLY OBLIGATIONS TO LESSEE ARE THOSE OBLIGATIONS EXPRESSLY SET FORTH HEREIN. 
 Confirmation 
 18.5 LESSEE CONFIRMS THAT IT IS FULLY AWARE OF THE PROVISIONS OF THIS
CLAUSE 18 (DISCLAIMERS) AND ACKNOWLEDGES THAT RENT AND OTHER AMOUNTS PAYABLE UNDER THIS AGREEMENT HAVE BEEN CALCULATED TAKING ITS PROVISIONS INTO ACCOUNT. 
  

	19.	Redelivery 

 Redelivery 

 

					
	19.1	 	(a)	  	On the Expiry Date or (if earlier) the date of required redelivery of the Aircraft pursuant to clause 20.2, Lessee shall (unless a Total Loss has occurred) redeliver the
Aircraft and Aircraft Documents (which shall include each of the documents referred to in Schedule 11 (Aircraft Documents at Redelivery)) to Lessor at Lessee’s expense at the Redelivery Location in accordance with the procedures,
and in compliance with the conditions set forth, in Schedule 13 (Redelivery Procedure and Return Conditions).

  
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		 	(b)	  	At the time of such redelivery the Aircraft shall be free and clear of all Security Interests (other than Lessor Liens) and in a condition qualifying for immediate issuance of a
certificate of airworthiness under JAR-OPS-1 or as otherwise agreed between Lessor and Lessee.
			
		 	(c)	  	If requested by Lessor, Lessee shall thereupon cause the Aircraft to be deregistered by the Aviation Authority.
			
		 	(d)	  	On the Redelivery Date, Lessee shall pay to Lessor any Redelivery Maintenance Payment Adjustments due and owing pursuant to and calculated in accordance with Schedule 12
(Redelivery Maintenance Payment Adjustments).

 Non-Compliance 
 19.2 If at the time of Final Inspection, the condition of the Aircraft does not comply with this Agreement, or, unless nevertheless Lessor in its sole discretion still accepts the Aircraft as being
in compliance herewith on or before the Expiry Date, Lessee fails to make the Aircraft available to Lessor on a timely basis as provided in Schedule 13 for inspection and redelivery pursuant to clause 19.1 (Redelivery) and
Schedule 13 (Redelivery Procedure and Return Conditions) (regardless of the circumstance), then: 
  

	 	(a)	Lessee shall immediately rectify the non-compliance and to the extent that the non-compliance extends beyond the Expiry Date, the Term will be automatically extended
solely for the purpose of enabling such non-compliance to be rectified; 

  

	 	(b)	Lessee shall not use the Aircraft in flight operations except such operations directly related to the redelivery of the Aircraft to Lessor; 

 

	 	(c)	all Lessee’s obligations and covenants under this Agreement will remain in full force until Lessee so redelivers the Aircraft; and 

 

	 	(d)	Lessee shall pay to Lessor rent in respect of the period during which the Term is so extended (which rent shall be calculated in accordance with the provisions of
clause 5 (Rent) and shall be payable to the Lessor at such intervals as the Lessor may specify or, in the absence of such specification, daily) at a rate, per month (prorated for actual days elapsed) equal to (a) for the first ten
(10) days of such extension period, the rent payable in respect of the rent period immediately prior to the Scheduled Expiry Date, (b) for the period commencing on the ***** day and ending on the day following ***** days after the date
Scheduled Expiry Date, an amount equal to ***** of such amount and (c) from the thirty-first day following the Scheduled Expiry Date, an amount equal to ***** of such amount. 

Any such extension shall not prejudice Lessor’s right to treat such non-compliance as an Event of Default at any time and to enforce
such rights and remedies as may be available to Lessor in respect thereof under the terms of this Agreement and applicable Law. 
 19.3
Lessor may elect (either on first tender of the Aircraft for redelivery or at any time during a period of extension pursuant to clause 19.2(a)) to accept redelivery of the Aircraft notwithstanding

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 42 - 

 
non-compliance with clause 19.1 or Schedule 13, in which case Lessee shall indemnify Lessor and if requested by Lessor provide security to Lessor (in a form and amount acceptable to
Lessor acting reasonably) in respect of such indemnity in respect of the cost to Lessor of putting the Aircraft into the condition required by this Agreement. 
 Export Documents 
 19.4 Upon redelivery Lessee shall provide to Lessor all documents
necessary to export the Aircraft from the Habitual Base (including, without limitation, a valid and subsisting export license and export certificate of airworthiness for the Aircraft) and required in relation to the deregistration of the Aircraft
with the Aviation Authority. 
 Acknowledgement 
 19.5 Provided Lessee has complied with its obligations under this Agreement, following redelivery of the Aircraft by Lessee to Lessor at the Redelivery Location, Lessor shall deliver to Lessee an
acknowledgement confirming that Lessee has redelivered the Aircraft to Lessor in accordance with this Agreement. 
  

	20.	Events of Default 

 Events

 20.1 Each of the following events will constitute an Event of Default and a repudiatory breach of this Agreement by Lessee:

  

	 	(a)	Non-payment: Lessee fails to make any payment of Deposit (after the full amount of Deposit has been initially paid, it being agreed there is no grace
period for initial payment of the Deposit), Rent, Maintenance Rent or Agreed Value under this Agreement within three (3) Business Days after such payment is due, or Lessee fails to provide a Letter of Credit or renewal thereof when applicable
hereunder or, in the case of any other sums payable to Lessor or any other Indemnitee under the provisions of this Agreement or the other Operative Documents, Lessee fails to make payment thereof within 10 Business Days of demand made by Lessor
or such Indemnitee; or 

  

	 	(b)	Insurance: Lessee fails to comply with any provision of clause 16 (Insurance) or Schedule 5 (Insurance Requirements), or any
insurance required to be maintained under this Agreement is cancelled or terminated, or a notice of cancellation is given in respect of any such insurance; or 

 

	 	(c)	Breach: Lessee or any Lessee Affiliate fails to comply with any other provision of this Agreement or any other Operative Document and, if such failure is
in the opinion of Lessor capable of remedy, such failure continues for twenty (20) days after notice from Lessor to Lessee; or 

  

	 	(d)	Representation: any representation or warranty made by Lessee or any Lessee Affiliate in or pursuant to this Agreement or any other Operative Document or
in any document or certificate or statement is or proves to have been incorrect in any material respect when made and the circumstances giving rise to the breach of such representation or warranty if capable of being remedied are not remedied to
Lessor’s satisfaction within twenty (20) days after notice to Lessee from Lessor requiring such remedy; or 

  
 - 43 -

	 	(e)	Cross-Default: 

  

	 	(i)	any Financial Indebtedness in excess of ***** (or the equivalent in another currency) of Lessee or any Lessee Affiliate is not paid when due after giving effect to any
applicable grace period; or 

  

	 	(ii)	any Financial Indebtedness in excess of ***** (or the equivalent in another currency) of Lessee or of any Lessee Affiliate becomes due or capable of being declared due
prior to the date when it would otherwise have become due; or 

  

	 	(iii)	any security granted in respect of such Financial Indebtedness becomes enforceable; or 

 

	 	(iv)	any event of default or termination event (meaning, in each case, after the expiration of any applicable cure period) caused by Lessee’s or any Affiliate of
Lessee’s default or another circumstance relating to Lessee or any Lessee Affiliate, howsoever described, occurs under any Other Agreement; or 

  

	 	(f)	Approvals: any Post-Delivery Authorization and Filing is not made or obtained as provided in the definition of such term by the deadline provided in the
definition of such term; or any consent, authorization, license, certificate or approval of or registration with or declaration to any Government Entity required in connection with this Agreement, including: 

 

	 	(i)	any authorization required by Lessee to obtain and transfer freely dollars (or any other relevant currency) out of any relevant country (unless such authorization is
not relevant to Lessee’s ability to perform its obligations hereunder); or 

  

	 	(ii)	any authorization required by Lessee to authorize, or required in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of
this Agreement or the performance by Lessee of its obligations under this Agreement; or 

  

	 	(iii)	the registration of the Aircraft or the Aircraft’s certificate of airworthiness; or 

 

	 	(iv)	any airline license or air transport license required by Lessee, 

 is modified in a manner adverse to Lessor or to Lessee’s ability to perform its obligations hereunder or is withheld, or is revoked, suspended, cancelled, withdrawn, terminated or not renewed, or
otherwise ceases to be in full force and, except in the case of clause (iii) above, is not, as applicable, restored, replaced, returned, re-granted or renewed within thirty (30) days; or 

 

	 	(g)	Insolvency: 

  

	 	(i)	Lessee or any Material Lessee Affiliate is, or is deemed for the purposes of any relevant law to be, unable to pay its debts as they fall due or to be insolvent, or
admits in writing inability to pay its debts as they fall due; or 

  

	 	(ii)	Lessee or any Material Lessee Affiliate suspends making payments on all or any class of its debts or announces, in writing, an intention to do so, or a moratorium is
declared in respect of any of its indebtedness; or 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 44 - 

	 	(h)	Liquidation and Similar Proceedings: 

  

	 	(i)	a meeting of the shareholders or directors of Lessee or any Material Lessee Affiliate is convened to consider a resolution to present an application for an
administration order or to appoint an administrator (whether out of court or otherwise) or any such resolution is passed; or 

  

	 	(ii)	any step (including filing of a petition or application to the court or affidavit, giving of notice, petition proposal or convening a meeting or giving notice) is taken
with a view to a composition, assignment or arrangement with any creditors of, or the rehabilitation, administration (whether out of court or otherwise), custodianship, reorganization, liquidation, protection from creditors or dissolution of, Lessee
or any Material Lessee Affiliate or any other insolvency or bankruptcy proceedings (including any concurso mercantil or suspension de pagos proceedings) involving Lessee or any Material Lessee Affiliate; or 

 

	 	(iii)	any order is made or resolution passed or petition filed for any such composition, assignment, arrangement, rehabilitation, administration (whether out of court or
otherwise), custodianship, reorganization, liquidation, dissolution or insolvency or bankruptcy proceedings, or Lessee or any Material Lessee Affiliate becomes subject to or enters into any of the foregoing unless, in the case of any such
involuntary action filed against Lessee or such Material Lessee Affiliates without its consent or acquiescence, the same is dismissed or stayed within sixty (60) days; or 

 

	 	(iv)	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator, examiner or similar officer (in each
case, whether out of court or otherwise) is appointed, or an assignment for the benefit of creditors is made, or an order for relief under the United States bankruptcy laws is granted or entered, in respect of Lessee, or any Material Lessee
Affiliate or any of their respective assets; or 

  

	 	(v)	an administrative or other receiver or manager or other insolvency officer (in each case, whether out of court or otherwise) is appointed in respect of Lessee or any
Material Lessee Affiliate or any material part of their respective assets; or 

  

	 	(vi)	Lessee or any Material Lessee Affiliate requests any Person to appoint such a receiver or manager (whether out of court or otherwise); or 

 

	 	(vii)	any other steps are taken to enforce any Security Interest over all or any material part of the assets of Lessee or any Material Lessee Affiliate; or

  

	 	(viii)	any attachment, sequestration, distress or execution affects any material assets of Lessee or any Material Lessee Affiliate and is not discharged or stayed within
thirty (30) days of such attachment, sequestration, distress or execution; or 

  
 - 45 -

	 	(i)	Other Jurisdiction: there occurs in relation to Lessee or any Material Lessee Affiliate any event in any jurisdiction which corresponds with any of the
events mentioned in paragraphs (g), (h) or (i) above; or 

  

	 	(j)	Rights and Remedies: Lessee or any other Person claiming by or through Lessee challenges the existence, validity, enforceability (but not the validity or
manner of any enforcement action by Lessor) or priority of the rights of Lessor as owner or lessor of the Aircraft or the Financing Parties under any Security Interest or assignment in respect of the Aircraft; or 

 

	 	(k)	Suspension of Business: Except due to acts of God and other matters outside of its control or affecting the commercial airline industry in general, Lessee
or Parent suspends or ceases or threatens to suspend or cease to carry on all or substantially all of its business; or 

  

	 	(l)	Disposal: Lessee conveys, leases or otherwise transfers or disposes of all or substantially all of its property and assets to or consolidates or merges
with or into any other Person unless Lessee has obtained Lessor’s prior written consent except as permitted in clause 10.4(b); or 

  

	 	(m)	Change of Control: without the previous consent in writing of Lessor, any single Person or group of Persons (other than a Person that is a shareholder of
Lessee, or as a group of Persons who are shareholders of Lessee, on the date of this Agreement) acquires (i) the direct or indirect ability to vote in excess of 50% of the voting shares of Lessee, or (ii) the direct or indirect ability to
appoint or remove more than 50% of the directors with voting rights or officers of Lessee or (iii) the direct or indirect ability to give effective directions with respect to and control the management and operations and financial policies and
decisions of Lessee, with which the directors or other equivalent officers of Lessee are obligated to comply; provided, for purposes of clarification, a bona fide initial public offering of up to 70% of the voting equity shares of the Lessee
shall not be deemed a change of control under this clause 20.1 (m) unless and until a circumstance described in clause (i), (ii) or (iii) otherwise exists; or 

 

	 	(n)	Delivery: Lessee fails to comply with its obligation under clause 3 (Delivery) to accept delivery of the Aircraft; or

  

	 	(o)	Adverse Change: any event or series of events occurs which, in the reasonable opinion of Lessor, could reasonably be expected to have a material adverse
effect on the financial condition or operations of Lessee and its Affiliates or on the ability (including the prospective ability) of Lessee to comply with its obligations under this Agreement; such opinion to be based upon and with reference to
Lessee’s operational and/or financial condition as set forth in its most recent financial and management statements provided to Lessor under this Agreement prior to the date of such determination; or 

 

	 	(p)	Redelivery: Lessee fails to redeliver the Aircraft to Lessor on the Expiry Date in accordance with clause 19 (Redelivery); or

  

	 	(q)	 Certain Charges: Eurocontrol (or any authority on its behalf) or any other authority with jurisdiction over Lessee or the Aircraft
notifies Lessor that there are Eurocontrol charges or other navigation, landing, airport or similar charges due from Lessee, and such charges remain outstanding for a period of the longer of (i) thirty days from the date of receipt by

  
 - 46 -

	 	
Lessee of notice from Lessor that it has received such notice from Eurocontrol or any such other aviation authority and (ii) any payment period applicable pursuant to agreement between
Lessee and the relevant aviation authority and the failure to pay such charges could reasonably be expected to result in a material risk of a Security Interest on the Aircraft; provided that: (i) no Event of Default shall arise under
this paragraph (r) for so long as such charges are being contested in good faith and by appropriate proceedings, an adequate bond has been provided and such proceedings do not involve any danger of the detention, interference with use or
operation or sale, forfeiture or loss of the Aircraft; and (ii) such thirty day period shall not apply if there is any risk of detention, interference with use or operation or sale, forfeiture or loss of the Aircraft; or

  

	 	(r)	Litigation: any judgment of a court or tribunal for the payment of money in excess of ***** or the equivalent in another currency shall be rendered
against Lessee and as to which Lessee’s insurers have not agreed to accept liability therefor shall remain undischarged for a period of ***** unless during such period execution of such judgment shall have been effectively stayed or bonded; or

  

	 	(s)	Letter of Credit: any Letter of Credit is not renewed, extended or replaced as provided in clause 6 or the issuer or confirming bank under any Letter
of Credit fails to make payment upon any draw thereunder pursuant to the terms thereof or the issuer or any confirming bank becomes subject to any of the circumstances described in or analogous to clause 20.1(g), (h), (i) or
(j) hereof; or 

 (t) Registration Amendments: without the previous consent in writing of Lessor,
Lessee amends or otherwise modifies any of the filings or registrations with the Aviation Authority described herein. 
 Lessor’s Rights

  

									
	20.2	 	(a)	 	Lessor Rights and Remedies: If an Event of Default occurs, Lessor may at its option (and without prejudice to any of its other rights or remedies under
this Agreement or available under applicable Law), at any time thereafter while such Event of Default is continuing (and subject to compliance with any non-waivable mandatory requirement of applicable Law then in effect):
				
		 		 	(i)	 	 accept such repudiation and by notice to Lessee and with immediate effect, terminate the leasing of the Aircraft or, if
such leasing has not yet commenced, terminate Lessor’s obligations under this Agreement (but, in each case, without prejudice to any continuing obligations of Lessee under this Agreement (including to provide Insurance, maintain and repair the
Aircraft and/or redeliver the Aircraft at the location and in the condition required hereunder)), whereupon all rights of Lessee under this Agreement shall cease; and/or

				
		 		 	(ii)	 	proceed by appropriate court action or actions to enforce performance of this Agreement and/or to recover damages for the breach of this Agreement;
and/or
				
		 		 	(iii)	 	either:
					
		 		 		 	(y)	 	take possession of the Aircraft, for which purpose Lessor may enter any premises belonging to or in the occupation of or under the control of Lessee where the Aircraft may be
located, or cause the Aircraft to be

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 47 - 

									
		 		 		 		 	redelivered to Lessor at the Redelivery Location (or such other location as Lessor may require), and Lessor is hereby irrevocably by way of security for Lessee’s obligations
under this Agreement appointed attorney for Lessee in causing the redelivery or in directing the pilots of Lessee or other pilots to fly the Aircraft to that airport and will have all the powers and authorizations necessary for taking that action;
or
					
		 		 		 	(z)	 	by serving notice require Lessee to redeliver the Aircraft to Lessor at the Redelivery Location (or such other location as Lessor may require).

  

	 	(b)	Sale or Re-Lease of Aircraft: If an Event of Default occurs, Lessor may sell or re-lease or otherwise deal with the Aircraft at such time and in such
manner as Lessor considers appropriate in its absolute discretion, free and clear of any interest of Lessee, as if this Agreement had never been entered into. Lessor shall have no obligation or duty to sell the Aircraft and Lessor shall be obligated
to attempt to re-lease the Aircraft only to the extent, if any, that it is required to do so under Article 2A of the UCC. 

  

	 	(c)	Deregistration/Removal of Lease from Registry: If an Event of Default occurs, Lessor may, and Lessee shall at the request of Lessor promptly assist Lessor
to, take all steps necessary to remove this Agreement from the registry of the Aviation Authority, effect deregistration of the Aircraft and its export from the country where the Aircraft is for the time being situated and any other steps necessary
to enable the Aircraft to be redelivered to Lessor in accordance with this Agreement. Without limiting the foregoing, Lessor may take any and all actions provided for in any Deregistration Power of Attorney executed by or on behalf of Lessee.

  

	 	(d)	Payments: If an Event of Default occurs, require that Lessee pay to Lessor, and Lessee shall be liable for and immediately pay to Lessor, and/or Lessor
may proceed by appropriate court action or actions to recover, any or all of the following amounts: 

  

	 	(i)	all Rent, Maintenance Rent and other amounts which are or become due and payable under this Agreement prior to the earlier to occur of the date Lessor sells or
re-leases the Aircraft or receives payment of the amount calculated pursuant to clause (ii) below; 

  

	 	(ii)	an amount equal to the aggregate Rent for the remainder of the Term (determined without reference to any right of Lessor to cancel the leasing of the Aircraft, whether
or not such right is exercised), discounted periodically (equal to installment frequency) to present worth at the Discount Rate to the date of payment by Lessee to Lessor, less the applicable amount set forth below: 

 

	 	(Y)	in the event that Lessor has re-let the Aircraft on terms (other than rental payment terms) which, taken as a whole, Lessor reasonably regards as being substantially
similar to the terms of this Agreement, an amount equal to the aggregate basic rental payments to become due under such re-lease for the period coinciding with the remainder of the Term (determined without reference to any right of Lessor to cancel
the leasing of the Aircraft, whether or not such right is exercised), discounted periodically (equal to installment frequency) to present worth at the Discount Rate to the date of payment by Lessee; 

  
 - 48 -

	 	(Z)	In the event that Lessor has not re-let the Aircraft or has sold the Aircraft or has re-let the Aircraft on terms (other than rental payment terms) which, taken as a
whole, Lessor does not reasonably regard as being substantially similar to the terms of the Lease, an amount equal to the Fair Market Rental Value (determined pursuant to the Appraisal Procedure) of the Aircraft for the period commencing with the
date that Lessor reasonably anticipates that the Aircraft could be re-let at such rental rate and ending with the date that the Term was scheduled to expire (determined without reference to any right of Lessor to cancel the leasing of the Aircraft,
whether or not such right is exercised), discounted periodically (equal to installment frequency) to present worth at the Discount Rate to the date of payment by Lessee. 

The “Fair Market Rental Value” of the Aircraft shall be the then “As is, Where is” rental value which would be
obtained in an arm’s-length transaction between an informed and willing lessee under no compulsion to lease, and an informed and willing lessor in possession under no compulsion to lease, based upon the actual condition and location of the
Aircraft and the then existing market conditions and assuming an immediate delivery to the lessee and a lease term equal to the remaining Term of this Lease determined by an appraisal completed in accordance with the Appraisal Procedure. The
“Appraisal Procedure” shall mean an appraisal of the Aircraft prepared on the basis of market practices and procedures and the code of ethics established by the International Society of Transport Aircraft Traders and delivered by an
internationally recognized reputable firm of independent aircraft appraisers experienced in appraising aircraft of the make and model of the Aircraft, selected by Lessor. The fees and expenses of the appraiser shall be paid by Lessee.
Notwithstanding the foregoing, “Fair Market Rental Value” shall be deemed to be zero if Lessor does not have possession and effective control over the Aircraft for release or sale thereof unless such failure is attributable to a Lessor
Lien. 
  

	 	(iii)	without duplication, an amount equal to Lessor’s actual or reasonably anticipated costs, expenses and other incidental damages and losses associated with
Lessor’s exercise of its remedies under this Agreement or otherwise incurred by Lessor as a result of an Event of Default or the exercise of rights or remedies with respect thereto, including repossession costs, legal fees, Aircraft storage,
preservation, shipment, repair, refurbishment, modification, maintenance and insurance costs, Aircraft re-lease or sale costs (including any costs incurred to prepare the Aircraft for sale or lease, advertising costs, sale or lease costs (including
commissions) and, without duplication, any costs to place the Aircraft in the return condition) in any way related to the Aircraft, any Engine or any Part, including to put the Aircraft in (Enforcement and Remarketing Costs) the
Redelivery Condition or in the location provided for in this Agreement, or otherwise, and, without duplication, any loss, cost, expenses or liability, or damage to Lessor’s residual interest in the Aircraft, sustained by Lessor due to
Lessee’s failure to maintain the Aircraft in accordance with the terms of the Lease or Lessee’s failure to redeliver the Aircraft in the Redelivery Condition, including any consequential loss of profits. 

  
 - 49 -

	 	(iv)	without duplication, such additional amount, if any, as may be necessary to place Lessor in the same economic position as Lessor would have been in if Lessee had timely
performed each of its obligations under this Agreement; 

  

	 	(v)	without duplication, all legal fees and expenses incurred to enforce this Agreement or Lessor’s rights and/or remedies or as a result of Lessee’s default
under this Agreement or failure to comply with the obligations under the Lease; 

  

	 	(vi)	without duplication, any loss of profit suffered by Lessor because of Lessor’s inability to place the Aircraft on lease with another lessee on terms as favorable
to Lessor as the Lease, or because whatever use, if any, to which Lessor is able to put the Aircraft upon its return to Lessor, or the funds arising upon a sale or other disposal of the Aircraft, is not as profitable to Lessor as this Agreement;

  

	 	(vii)	all Breakage Costs; if any; and 

  

	 	(viii)	without duplication, any incremental amount of principal, interest, fees or other sums whatsoever paid or payable on account of funds borrowed in order to carry any
unpaid amount. 

  

	 	(e)	Interest: Require Lessee to pay, and Lessee shall pay to Lessor, interest on all unpaid amounts at the Default Rate, from the due date until the date of
payment in full. 

  

	 	(f)	Deposit: Apply all or part of the Deposit, or draw under the Letter of Credit and apply the proceeds, to any amounts owing or to be owing to Lessor under
this Agreement. 

  

	 	(g)	No Exclusive Remedy: No remedy referred to in this clause 20.2 is intended to be exclusive, but, to the extent permissible under this Agreement or
under applicable Law, each shall be cumulative and in addition to any other remedy referred to above or otherwise available to Lessor at Law or in equity and in Lessor’s sole and absolute discretion; and the exercise by Lessor of any one or
more of such remedies shall not preclude the simultaneous or later exercise by Lessor of any or all of such other remedies. No waiver by Lessor of any Default or Event of Default shall in any way be, or be construed to be, a waiver of any future
subsequent Default or Event of Default. 

 Lessor’s Right To Remedy 

20.3 If Lessee fails to comply with any provision of this Agreement, Lessor may, without being in any way obliged to do so or responsible for so
doing and without prejudice to the ability of Lessor to treat such non-compliance as a Default, effect compliance on behalf of Lessee, whereupon Lessee shall become liable to pay immediately any sums expended by Lessor together with all costs and
expenses (including legal costs) in connection with the non-compliance. 
  

	21.	Taxation 

 Gross-up 

 

			
	21.1	  	 (a)    All payments by Lessee under or in connection with this Agreement shall be made without set-off or
counterclaim, free and clear of and without deduction for or on account of all Taxes unless Lessee is required by law to make any such deduction or withholding.

		  	

	 	

  
 - 50 -

	 	(b)	All Taxes (other than Lessor Taxes) in respect of payments under this Agreement shall be for the account of Lessee and shall be paid by Lessee within the period for
payment permitted by law. 

  

	 	(c)	If any Taxes are required to be deducted or withheld from any amount payable hereunder, Lessee shall: 

 

	 	(i)	pay to Lessor and/or Owner Participant (as applicable and without duplication) by way of additional rent such additional amounts, in the same currency as such payment
as may be necessary in order that the amount of such payment received by Lessor and/or Owner Participant (as applicable and without duplication) on the date of such payment, after deduction or withholding for all such Taxes, and after deduction for
income Taxes thereof at the highest marginal rate applicable to Lessor and/or Owner Participant (as applicable and without duplication), will be equal to the amount that Lessor and/or Owner Participant (as applicable and without duplication) would
have received if such Taxes had not been deducted or withheld; 

  

	 	(ii)	pay to the relevant authority within the period for payment permitted by applicable Laws the full amount of the deduction or withholding; and 

 

	 	(iii)	furnish to Lessor or Owner Participant (as applicable) evidence of payment to the relevant authority of all amounts deducted or withheld as aforesaid.

  

	 	(d)	If any payment is made by Lessee under clause 21.1(c) and Owner Participant in good faith determines that it has actually received a credit against, or relief or
remission for, or repayment of, any Tax paid or payable by Owner Participant in respect of or calculated with reference to the deduction or withholding giving rise to such payment, Owner Participant shall, to the extent that it can do so without
prejudice to the retention of the amount of such credit, relief, remission or repayment and without leaving Owner Participant in any worse position than that in which it would have been had such deduction or withholding not been required to be made,
pay to Lessee such amount as Owner Participant shall in good faith have determined to be attributable to the relevant deduction or withholding. 

 Nothing in this clause 21.1(d) shall: 
  

	 	(i)	interfere with the right of Lessor and/or Owner Participant (without duplication) to arrange its tax affairs in whatever manner it thinks fit and, in particular, but
without limitation, Lessor and/or Owner Participant (without duplication) shall not be under any obligation to claim credit, relief, remission or repayment from or against its corporate profits or similar Tax liability in respect of the amount of
any such deduction or withholding in priority to any other claims, reliefs, credits or deductions available to Lessor and/or Owner Participant (without duplication); or 

 

	 	(ii)	oblige Lessor and/or Owner Participant (without duplication) to disclose any information relating to its Tax affairs or any computations in respect thereof.

  
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 Covenant to Pay Taxes 

 

	21.2	Lessee shall promptly pay when due: 

  

	 	(a)	all Taxes (other than Lessor Taxes) imposed by any Government Entity with respect to the Aircraft, including the ownership, delivery, leasing, possession, use,
operation, redelivery, import, export, sale or other disposition of the Aircraft; and 

  

	 	(b)	all Taxes (other than Lessor Taxes) in respect of any premises where the Aircraft, any Engine or any Part thereof is located from time to time and in respect of which
the failure to pay the same could reasonably be expected to result in a material risk of a Security Interest on the Aircraft or an Engine or an inability to procure possession of the Aircraft or an Engine by Lessor, 

except to the extent that such payment is being contested in good faith by appropriate proceedings, in respect of which adequate resources
have been provided by Lessee and non-payment of which does not give rise to any material risk of the Aircraft or any interest therein being sold, forfeited or otherwise lost or any risk of criminal liability on the part of Lessor or any Finance
Party. Without limiting the foregoing, Lessee will be responsible for and shall pay when due any Tax in respect of the Aircraft under the Mexican Asset Tax Law (Ley del Impuesto al Activo) or any successor or similar law from time to time in
effect. 
 Tax Indemnity 
  

					
	 21.3 
	 	 (a)    
	 	Lessee agrees to indemnify and hold harmless each Tax Indemnitee against, and agrees to pay on demand, all Taxes (other than Lessor Taxes) levied or imposed against or upon any Tax
Indemnitee or Lessee and relating to or attributable to Lessee, this Agreement, or the Aircraft or directly or indirectly in connection with the possession, delivery, purchase, sale, transfer, location, existence, importation, transportation,
pooling, interchange, leasing, sub-leasing, wet-leasing, chartering, storage, registration, insurance, replacement, maintenance, modification, refurbishment, condition, service, repair, overhaul, control, management, ownership, use, operation,
exportation or redelivery of the Aircraft, any Engine or any Part or any part thereof or any rent, receipts, insurance proceeds, income or other amounts arising therefrom, or the making of any Equipment Change.

  

	 	(b)	The provisions of clause 21.3(a) shall not apply to, and Lessee shall have no liability pursuant to such clause to a Tax Indemnitee in respect of, any Tax to the
extent that such Tax (a Lessor Tax): 

  

	 	(i)	arises as a result of the Gross Negligence or willful misconduct of such Tax Indemnitee; or 

 

	 	(ii)	is imposed as a result of a Lessor Lien; or 

  

	 	(iii)	is imposed with respect to any period commencing or event occurring after the Aircraft has been redelivered to Lessor in compliance with clause 19 and is no longer
subject to this Agreement unless such Tax is attributable to any act, omission, event or circumstance which occurred during the Term and would not have constituted a “Lessor Tax” had it arisen during the Term; or 

 

	 	(iv)	arises from the breach by such Tax Indemnitee of this Agreement but excluding any such breach which is attributable to or arises out of any Event of Default; or

  
 - 52 -

	 	(v)	is imposed as a direct result of any connection between that Tax Indemnitee and the jurisdiction imposing the Tax that is unrelated to the transactions contemplated by
this Agreement or the operation of the Aircraft by Lessee or any sub-lessee, or the location of the Aircraft, the Lessee or any sub-lessee; or 

  

	 	(vi)	is imposed or levied on or measured by or with respect to the net income, profits, assets, net-worth, turnover, capital gains or any alternative minimum tax of Lessor
and/or Owner Participant (without duplication) by any Government Entity in the United States or Ireland or any jurisdiction where Lessor and/or Owner Participant (without duplication) has a principal place of business; but excluding any Tax imposed
by any government or taxing authority of any jurisdiction if and to the extent that such Tax results from the use, operation, presence or registration of the Aircraft, the Airframe, any Engine or any Part in the jurisdiction imposing the Tax; or

  

	 	(vii)	is imposed in connection with the sale, transfer, assignment (whether legal or equitable, voluntary or involuntary) or other disposition by that Tax Indemnitee of any
or all of its rights, title and interest in or with respect to the Aircraft, the Airframe, any Engine or any Part or this Lease except a sale, transfer assignment or other disposition permitted or required under this Agreement (other than pursuant
to clause 22.2), or at Lessee’s request or while an Event of Default is in existence; or 

  

	 	(viii)	is imposed as a result of any failure of that Indemnitee to provide the information/documentation when required to do so pursuant to clause 21.9 below.

 Notwithstanding the foregoing, in no event shall withholding Taxes imposed by Mexico be a Lessor Tax unless and
to the extent such withholding tax arises as a result of a transfer by Lessor or Owner Participant of any of their respective right, title and interest in and to this Lease or the Aircraft (except as requested by Lessee or permitted or required
under this Agreement, except pursuant to clause 22.2, or while an Event of Default is in existence) and, as of the date of such transfer, no withholding tax would have existed in the absence of such transfer. 

 

	 	(c)	If Lessor and/or Owner Participant (without duplication) is required by any applicable Law, or by any third party, to deliver any report or return in connection with
any Taxes for which Lessee is obliged to indemnify Lessor and/or Owner Participant or any Tax Indemnitee under this Agreement, Lessee will complete the same and, on request, supply a copy of the report or return to Lessor and/or Owner Participant,
as applicable. 

  

	 	(d)	If any report, return or statement is required to be made by Lessor or any Tax Indemnitee with respect to any Tax for which there is an indemnity obligation of Lessee
under this Agreement, Lessee will promptly notify Lessor of the requirement, and: 

  

	 	(i)	if permitted by applicable Law, make and file in a timely manner such report, return or statement (except for any report, return or statement that Lessor has notified
Lessee that Lessor or any Tax Indemnitee intends to prepare and file), prepare such return in such manner as will indicate Lessor as owner and lessor of the Aircraft if required or appropriate, and provide Lessor upon request a copy of each such
report, return or statement filed by Lessee, or 

  

	 	(ii)	if Lessee is not permitted by applicable Law to file any such report, return or statement, Lessee will prepare and deliver to Lessor a proposed form of such report,
return or statement within a reasonable time prior to the time such report, return or statement is to be filed. 

  
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 Sales Tax 
  

	

					
	21.4	 	 (a)    
	 	Without limiting clause 21.3 above, Lessee shall pay to Lessor and/or Owner Participant (without duplication) (or, if permitted by applicable Law and if requested by Lessor
and/or Owner Participant (without duplication), Lessee shall pay to the relevant tax authority for the account of Lessor and/or Owner Participant (as applicable)):

  

	 	(b)	all sales, use, rental, value added, goods and services and similar Taxes (Sales Taxes) required to be paid to the tax authority of the jurisdiction in
which the Delivery Location is situated or in which the Aircraft, any Engine or any Part is located at the time of a transfer of any thereof permitted or required under this Agreement (other than under clause 22.2), in connection with a request of
Lessee or while an Event of Default is in existence or to the jurisdiction of the Habitual Base or the State of Incorporation with respect to the lease of the Aircraft to Lessee pursuant to this Agreement or any such transfer unless Lessee delivers
to Lessor and/or Owner Participant (without duplication) on or prior to the Delivery Date or such other date upon which any such tax would otherwise become due, such exemption certificate or other document as may be required by applicable Law to
evidence Lessor’s and/or Owner Participant’s (without duplication) entitlement to exemption from all Sales Taxes imposed by each such jurisdiction with respect to the lease of the Aircraft pursuant to this Agreement or any such transfer;
and 

  

	 	(c)	all Sales Taxes required to be paid to the tax authority of any jurisdiction in which the Aircraft may be used, operated or otherwise located from time to time unless
Lessee delivers to Lessor and/or Owner Participant (without duplication) such exemption certificates or other documents as may be required by applicable Law to evidence Lessee’s entitlement to exemption from all Sales Taxes imposed by each such
jurisdiction with respect thereto. 

 Value Added Tax 

 

					
	21.5	 	(a)	 	For the purposes of this clause 21.4:

  

	 	(i)	VAT means value added tax and any goods and services, sales or turnover tax, imposition or levy of a like nature; and 

 

	 	(ii)	supply includes anything on or in respect of which VAT is chargeable. 

 

	 	(b)	Lessee shall pay to Lessor and/or Owner Participant (without duplication) or the relevant taxing authority, as the case may be, the amount of any VAT chargeable in
respect of any supply for VAT purposes under this Agreement. 

  

	 	(c)	 Each amount stated as payable by Lessee under this Agreement is exclusive of VAT (if any), and if VAT is payable in respect of any amount as aforesaid,
Lessee shall pay all such VAT and shall indemnify Lessor and/or Owner Participant (without duplication) against any claims for the same (and where appropriate Lessee shall increase the payments which would otherwise be required to be made under this
Agreement so that 

  
 - 54 -

	 	
Lessor and/or Owner Participant (without duplication) is left in the same position as it would have been in had no VAT been payable); and Lessee shall provide evidence to Lessor and/or Owner
Participant (without duplication), if available, in respect of payment of any such VAT. 

 Information regarding Taxes

 21.6 (a) If Lessee is required by any applicable Laws, or by any third party, to deliver any report or return in connection with
any Taxes, Lessee shall complete the same in a manner satisfactory to Lessor and in particular shall state therein that Lessee is exclusively responsible for the use and operation of the Aircraft and for any Taxes arising therefrom, and Lessee
shall, on request supply a copy of the report or return to Lessor. 
  

	 	(b)	Lessee shall (without prejudice to its right to contest the same in accordance with this Agreement): 

 

	 	(i)	within thirty days after the end of any Rent Period, furnish to Lessor evidence satisfactory to Lessor of payment of all Taxes arising in connection with or as a result
of the transactions contemplated by this Agreement requiring payment within such Rent Period, including, without limitation, copies of receipts from the relevant tax authorities or other Governmental Entities for payments of withholding taxes, any
VAT and payment of customs duties; and 

  

	 	(ii)	furnish to Lessor evidence satisfactory to Lessor that all Taxes and charges incurred by Lessee with respect to the Aircraft, including without limitation all payments
due to the relevant air traffic control authorities, have been paid and discharged in full. 

 Taxation of Indemnity Payments

  

					
	21.7	 	(a)	    	If and to the extent that any sums payable to any Indemnitee by Lessee under this Agreement by way of indemnity are insufficient, by reason of any Taxes payable in respect of those
sums, for such Indemnitee to discharge the corresponding liability to the relevant third party (including any taxation authority), or to reimburse such Indemnitee for the cost incurred by it to a third party (including any taxation authority) Lessee
shall pay to such Indemnitee such sum as will after the tax liability has been fully satisfied leave that Indemnitee with the same amount as it would have been entitled to receive in the absence of that liability together with interest on the amount
of the deficit at the Default Rate in respect of the period commencing on the date on which the payment of taxation is finally due until payment by Lessee (both before and after judgment).

  

	 	(b)	If and to the extent that any sums constituting (directly or indirectly) an indemnity to an Indemnitee but paid by Lessee to any Person other than such Indemnitee are
treated as taxable in the hands of such Indemnitee, Lessee shall pay to such Indemnitee such sum as will, after the tax liability has been fully satisfied at the highest marginal rate of the applicable jurisdiction, indemnify such Indemnitee to the
same extent as it would have been indemnified in the absence of such liability together with interest on the amount payable by Lessee under this clause 21.6(b) at the Default Rate in respect of the period commencing on the date on which the
payment of taxation is finally due until payment by Lessee (both before and after judgment). 

  
 - 55 -

 Notification 
 21.8 Lessor or any other Tax Indemnitee shall notify Lessee in writing of any Taxes of which Lessor or such other Tax Indemnitee has, through a responsible officer received formal notice and for
which Lessee is obligated to indemnify under this clause 21 (each a Claim); provided, however, the delay or failure of Lessor to give notice to Lessee in accordance with this Clause 21.8 will not discharge or release
Lessee from any of its indemnity obligations under Clause 21.8 except, and only to the extent, that such delay or failure was unreasonable and materially prejudices or precludes Lessee’s right to defend any such Claim or results in additional
amounts payable by Lessee which amounts would not have been imposed in the absence of such delay. 
 Information 

21.9 Any Indemnitee that is entitled to an exemption from or reduction of withholding Tax under any applicable law or income tax treaty with
respect to payments under this Lease, shall deliver to Lessee at the time or times prescribed by such applicable law or income tax treaty, such properly completed and executed documentation prescribed by such applicable law or income tax treaty that
is reasonably requested by the Lessee as will permit such payments to be made without withholding or at a reduced rate of withholding, provided, however, that, an Indemnitee shall not be required to furnish to the Lessee any form or
any other document if such Indemnitee determines in its reasonable discretion that providing such form or other document would expose it to tax liability in a jurisdiction where it would not otherwise have such liability if it did not provide the
form or other document, unless Lessee agrees to indemnify such Indemnitee against such liability and such indemnity is reasonably acceptable to such Indemnitee. 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 56 - 

 ***** 
  

	22.	Assignment and Transfer 

 By Lessee

 22.1 LESSEE WILL NOT ASSIGN, DELEGATE OR OTHERWISE TRANSFER (VOLUNTARILY, INVOLUNTARILY, BY OPERATION OF LAW OR OTHERWISE) ANY OF
ITS RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT OR CREATE OR PERMIT TO EXIST ANY SECURITY INTEREST OVER ANY OF ITS RIGHTS UNDER THIS AGREEMENT, AND ANY ATTEMPT TO DO SO WILL BE NULL AND VOID. 
 Lessor Transfer 
  

					
	 22.2 
	 	 (a)    
	 	Lessor may, subject to the provisions of this clause 22.2, without the consent of the Lessee assign and/or transfer any of its rights or obligations under this Agreement and/or
any of its right title or interest in the Aircraft, including any assignment or transfer relating to (i) financing or refinancing arrangements secured on this Agreement or any right or interest therein, and/or the Aircraft and/or (ii) sale
and leaseback of the Aircraft and/or (iii) any sale or other transfer of the Aircraft together with a transfer or novation of Lessor’s rights and obligations under this Agreement and/or (iv) any sale or other transfer of any interest
in the Aircraft or this Agreement, including rights to payments hereunder.

  

	 	(b)	Lessor shall notify Lessee in advance of any such transfer or assignment and Lessee agrees to provide all reasonable assistance and cooperation to Lessor in connection
therewith, subject to the provisions of this clause 22.2 and Lessee agrees to execute and deliver all such documents and take such further action as Lessor may reasonably request to establish and protect the rights and remedies created or
intended to be created in favor of the assignees or transferees in connection with any assignment or transfer. 

  

	 	(c)	Notwithstanding any such assignment or transfer, Lessor will remain entitled to the benefit of each indemnity and the liability insurances effected under this
Agreement. 

 Provisions Relating to Lessor Transfer 

 

					
	 22.3 
	 	 (a)    
	 	Lessor shall reimburse Lessee for all reasonable its out of pocket costs and expenses (including reasonable legal expenses) incurred in connection with any transfer or assignment
pursuant to clause 22.2.

  

	 	(b)	Lessor shall procure that any Person that becomes a holder of an interest in the Aircraft or this Agreement by virtue of a transfer pursuant to clause 22.2(a) (by
way of security or otherwise) except a Person that becomes Lessor shall provide an undertaking of quiet enjoyment to Lessee in substantially the same terms as the Lessor’s covenant set out in clause 9.1. 

 

	 	(c)	Upon a transfer or novation of this Agreement described in clause 22.2(a)(ii) or (iii) above, Lessor shall be released from its obligations and liabilities
under this Agreement to the extent such obligations and liabilities are assumed by such transferee or novatee. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 57 - 

	 	(d)	***** 

  

	 	(e)	Lessee shall have no greater obligations under this Agreement as a result of such sale, assignment, transfer, novation or disposal than Lessee would have had if such
sale, assignment, transfer, novation or disposal had not taken place based on applicable Laws (or then proposed Laws that would thereafter become applicable) and circumstances in effect as at the date of such sale, assignment, transfer, novation or
disposal; and 

 Any transfer of the Aircraft or this Agreement to a trust shall be exempt from the foregoing
provisions; provided, however, that any transfer of the beneficial interest in such a trust having title to the Aircraft shall comply with the foregoing provisions. 

 

	23.	Miscellaneous Provisions 

 Rights
Cumulative, Waivers 
 23.1 The rights of Lessor under this Agreement may be exercised as often as Lessor considers appropriate, are
cumulative and are in addition to its rights under any Law. The rights of Lessor against Lessee or in relation to the Aircraft (whether arising under this Agreement or any Law) cannot be waived or varied other than by an express waiver or variation
in writing. Any failure to exercise or any delay in exercising any of such rights shall not operate as a waiver or variation of that or any other such right; any defective or partial exercise of any of such rights shall not preclude any other or
further exercise of that or any other such right; and no act or course of conduct or negotiation on Lessor’s part or on its behalf shall in any way preclude it from exercising any such right or constitute a suspension or any variation of any
such right. 
 Delegation 

23.2 Lessor may, without releasing it from its obligations hereunder, delegate to any Person or Persons all or any of its rights, powers or
discretions vested in it by this Agreement, and any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate) as Lessor in its absolute discretion thinks fit. 

Expenses 
 23.3 Lessee shall pay
to Lessor and/or Owner Participant (without duplication) on demand all documented expenses (including legal, professional, and out-of-pocket expenses, which shall be reasonable except in the case of enforcement or preservation of Lessor and/or Owner
Participant (without duplication)’s rights or remedies) incurred or payable by Lessor and/or Owner Participant (without duplication) in connection with registration of the Aircraft or the filing, recordation or registration of any interests or
documents in the State of Registration or the State of Incorporation, any amendment to or extension of or other documentation in connection with, or the granting of any waiver or consent under, this Agreement or the monitoring of compliance by
Lessee with this Agreement (but in the case of such 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 58 - 

 
monitoring of compliance, only if upon such monitoring a Default is found to have occurred or the enforcement or preservation of any of Lessor and/or Owner Participant (without
duplication)’s rights or remedies under this Agreement (including in connection with any Event of Default). 
 Set-off 

 

					
	 23.4 
	 	 (a)    
	 	Lessor may set off any matured obligation owed by Lessee under this Agreement or any of the Other Agreements against any obligation (whether or not matured) owed by Lessor or any of
its Affiliates to Lessee, regardless of the place of payment or currency. If the obligations are in different currencies, Lessor may convert either obligation at the market rate of exchange available in London or (at Lessor’s option) New York
for the purpose of the set-off.

  

	 	(b)	If an obligation is unascertained or unliquidated, Lessor may in good faith estimate that obligation and set off in respect of the estimated amount, in which case when
the obligation is ascertained or liquidated Lessor or Lessee shall make a payment to the other (as appropriate) in respect of any amount by which the ascertained or liquidated amount differs from the estimated amount. 

 

	 	(c)	Notwithstanding any other provision of this Agreement, Lessor and its Affiliates shall not be obliged to pay any amount to Lessee under this Agreement or any of the
Other Agreements so long as any sums which are then due from Lessee under this Agreement or any Other Agreements remain unpaid or if any Event of Default has occurred and is continuing, and any such amount which would otherwise be due shall fall due
only if and when Lessee has paid all such sums and cured all Events of Default, except to the extent that Lessor otherwise agrees in writing or sets off such amounts against such payment pursuant to clause 23.4(a). 

Time of Essence 
 23.5 The time
stipulated in this Agreement for all payments by Lessee to Lessor and for the prompt performance of Lessee’s other obligations under this Agreement are of the essence of this Agreement. 
 Entire Agreement 
 23.6 This Agreement constitutes the sole and entire agreement
between Lessor and Lessee in relation to the leasing of the Aircraft and supersedes all previous agreements in relation to that leasing. Any amendments to this Agreement must be in writing and signed on behalf of Lessor and Lessee. 

Rights of Third Parties 
 23.7 All
rights expressed to be granted to each Indemnitee or Tax Indemnitee (other than Lessor) under this Agreement are given to Lessor on behalf of that Indemnitee or Tax Indemnitee, and each Indemnitee or Tax Indemnitee is an express third party
beneficiary hereof. Except for Lessor, Owner Participant, the Financing Parties, each Indemnitee and each Tax Indemnitee, no other Person shall be a third party beneficiary of this Agreement. Without limiting the foregoing, Lessee agrees with Owner
Participant that: 
  

	 	(i)	Owner Participant is an express third party beneficiary of all of the obligations and liabilities of the Lessee under and in conformity with this Agreement, and all
notices and communications given by Lessee to Lessor shall also be given to Owner Participant; and 

  

	 	(ii)	any approval, consent, waiver, amendment, supplement or other modification of this Agreement shall require the written consent or instruction of the Owner Participant
to be binding against the Lessor, and Owner Participant agrees that, where Lessor has agreed to give or not unreasonably withhold such consent or instruction, it shall give such consent or instruction or not unreasonably withhold such consent or
instruction. For the avoidance of doubt, any instructions for an approval, consent, waiver, amendment, supplement or other modification of this Agreement issued by the Owner Participant to Lessor shall be binding on Lessor. 

  
 - 59 -

 23.8 Any Tax Indemnitee or Indemnitee who is not a party to this Agreement may enforce the terms of
this Agreement expressed to be for the benefit of or given by Lessee to or in favor of such Tax Indemnitee or Indemnitee. 
 23.9 All
terms of this Agreement may be varied, amended or otherwise released by an agreement between Lessor and Lessee without reference to any Indemnitee or Tax Indemnitee. 
 Counterparts 
 23.10 This Agreement may be executed in two or more counterparts each
of which will be deemed an original but all of which together will constitute one and the same agreement. 
 Language 

23.11 All notices, requests, direction and other communications to be given under this Agreement will be in English. All documents delivered to
Lessor pursuant to this Agreement will be in English or, if not in English, will be accompanied by a certified English translation. If there is any inconsistency between the English version of this Agreement and any version in any other language,
the English version will prevail. 
 Confidentiality 
 23.12 This Agreement, the terms hereof and all non-public information obtained by either party about the other are confidential and are between Lessor and Lessee only. Lessor and the Lessee shall
not, and shall procure that their respective officers, employees and agents shall not, disclose this Agreement, the terms hereof or such non public information to any third party (other than (a) to such party’s auditors, legal advisors,
financial advisors and rating agencies; (b) as required in connection with any filing of this Agreement in accordance with clause 10.5; (c) in connection with Lessor’s potential sale, financing, refinancing of or related to the
Aircraft and/or transfer or assignment of this Agreement (provided such potential transferee or financing party agrees in writing to keep such information confidential and executes an agreement regarding the same on no less favorable terms than
those set forth herein); (d) as required for enforcement by either party of its rights and remedies with respect to this Agreement; or (e) as required by applicable Regulation without the prior written consent of the other party. If any
disclosure will result in the Agreement becoming publicly available, Lessor and Lessee will cooperate with one another to obtain confidential treatment or limit the scope of disclosure as to the commercial terms and other material provisions of this
Agreement. 
 Invalidity of any Provision 
 23.13 If any provision of this Agreement becomes invalid, illegal or unenforceable in any respect under any Law, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired. 

  
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 Survival 
 23.14 All indemnities, representations, warranties and other obligations of Lessee shall survive, and remain in full force and effect, notwithstanding the expiration or other termination of this
Agreement and/or the leasing of the Aircraft hereunder. 
 Further Assurance 

 

					
	 23.15
	 	 (a)    
	 	Each of the parties agree to perform (or procure the performance of) all further acts and things within its control, and execute and deliver (or procure the execution and delivery
of) such further documents, as may be required by applicable Laws or as may be necessary or reasonably desirable to implement and/or give effect to this Agreement, the transactions contemplated by this Agreement or any Other
Agreement.
			
		 	 (b)    
	 	The documented out-of-pocket costs and expenses of performing the acts contemplated by sub-clause (a) above shall be borne by Lessee.

 No Brokers 
 23.16 Each of the parties represents and warrants to the other that it has not paid, agreed to pay, or caused to be paid directly or indirectly in any form, any commission percentage contingent
fee, brokerage or other similar payments of any kind, in connection with the establishment or operation of this Agreement to any Person (except the fees and expenses of a financial advisor to Lessee, for which fees and expenses Lessee shall be
solely responsible). 
 Chattel Paper 
 23.17 To the extent, if any, that this Agreement constitutes chattel paper (as such term is defined in the UCC as in effect in any applicable jurisdiction), no security interest in this Agreement
may be created through the transfer or possession of any counterpart other than the original counterpart, which shall be identified as the counterpart designated as the “original” on the signature page of this Agreement by the Financing
Parties or Lessor, as the case may be. 
 True Lease 
  

					
	23.18	  	The parties intend and agree that this Agreement:
			
		  	(a)	  	constitutes a “true lease”, and not a “security interest” as defined in Section 1-201(37) of the UCC;
			
		  	(b)	  	to the extent applicable, constitutes a “true lease” for United States federal income tax purposes and for purposes of article 188 of the Ley del Impusto Sobre la
Renta; and
			
		  	(c)	  	confers only a leasehold interest on Lessee in and to the Aircraft on and subject to the terms of this Agreement, and no ownership or other interest with respect to the Aircraft is
provided to Lessee under this Agreement.
		
		  	Lessee shall not file a tax return that is inconsistent with the provisions of this clause.

  
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 Know Your Customer/OFAC Compliance 

 

							
	23.19 	  	Anti-Terrorism Law:
			
		  	(a)	  	Lessee represents, warrants and agrees that neither Lessee nor any of its Affiliates is in violation of any Law relating to terrorism or money laundering
(Anti-Terrorism Laws), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the Executive Order), and the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the Patriot Act).
			
		  	(b)	  	Lessee represents, warrants and agrees that neither Lessee nor any of its Affiliates is any of the following:
				
		  		  	(i)	  	a person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order;
				
		  		  	(ii)	  	a person owned or controlled by, or acting for or on behalf of, any person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive
Order;
				
		  		  	(iii)	  	a person with which Lessor and/or Owner Participant (without duplication) is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism
Law;
				
		  		  	(iv)	  	a person that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or
				
		  		  	(v)	  	a person that is named as a “special designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets
Control (OFAC) at its official website or any replacement website or other replacement official publication of such list.
			
		  	(c)	  	Lessee represents, warrants and agrees that neither Lessee nor any of its Affiliates (i) conducts any business or engages in making or receiving any contribution of
funds, goods or services to or for the benefit of any person described in the preceding paragraph (b), (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the
Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism
Law.

  
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	23.20	USA Patriot Act Notice: 

Lessee agrees that pursuant to the requirements of the Patriot Act, Lessor may obtain, verify, and record information from Lessee that
identifies Lessee, which information may include the name and address of Lessee, and its officers, directors and shareholders, and other information that will allow Lessor and/or Owner Participant (without duplication) to identify Lessee in
accordance and for purposes of compliance with the Patriot Act. 
  

	23.21	Statements of Owner Trustee: The parties hereto agree that all of the statements, representations, covenants and agreements made by the Owner Trustee (when made
in such capacity) contained in this Agreement and any agreement referred to herein, unless expressly otherwise stated, are made and intended only for the purpose of binding the Trust Estate and establishing the existence of rights and remedies which
can be exercised and enforced against the Trust Estate. Therefore, anything contained in this Agreement or such other agreements to the contrary notwithstanding (except for any express provisions that the Owner Trustee is responsible for in its
individual capacity), no recourse shall be had with respect to this Agreement or such other agreements against the Owner Trustee in its individual capacity or against any institution or person which becomes a successor trustee or co-trustee or any
officer, director, trustee, servant or direct or indirect parent or controlling person or persons of any of them; provided, however, that this clause 23.21 shall not be construed to prohibit any action or proceeding against any party hereto
for its own willful misconduct or grossly negligent conduct for which it would otherwise be liable; and provided further, that nothing contained in this clause 23.21 shall be construed to limit the exercise and enforcement in accordance with
the terms of this Agreement or such other agreements of rights and remedies against the Trust Estate. The foregoing provisions of this clause 23.21 shall survive the termination of this Agreement; 

 

	24.	Notices 

 24.1 Every notice,
request, direction or other communication under this Agreement shall be in English and be in writing delivered personally or sent with an internationally recognized courier service or fax and shall be deemed to have been received: 

 

	 	(a)	in the case of a letter when delivered personally or where sent with an internationally recognized courier service, on the date shown as the delivery date in the
records of the Person who effected such delivery; or 

  

	 	(b)	in the case of a fax, in which case such notice, direction or other communication shall be deemed to have been received at the time of dispatch with confirmed
transmission report stating the correct facsimile number and number of pages sent and that such transmission is “OK” or equivalent (provided always that if the time of dispatch is not within normal business hours on a
business day in the country of the addressee it shall be deemed to have been received at the opening of business on the next business day), 

  
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 provided always that where delivery by hand or by fax occurs after
5:00 p.m. on a Business Day, or on a day which is not a Business Day, service shall be deemed to occur at 9:00 a.m. on the next Business Day. 
  

	24.2	Every notice, request, direction or other communication under this Agreement shall be sent: 

To Lessor at: 
  

			
	Address:	 	 Wells Fargo Bank Northwest, National Association
 299 South Main Street, 12th Floor
 Salt Lake City, Utah 84111

 
 Attention: Corporate Trust Services

Fascimile: +1 (801) 246-5053
  

With a copy to:
  
 RBS Aerospace Limited
 IFSC House
 IFSC
 Dublin 1
 Ireland

		
	Attention:	 	Head of Transaction Management
		
	Facsimile:	 	+ 353 1 859 9230

 To Lessee at: 
  

			
	Address:	 	 Prolongación Paseo de la Reforma No. 490
 Piso 1 (Edificio GE)
 Colonia Santa Fé Peña Blanca

Del. Alvaro Obregón
 Mexico D.F.
01012
 Mexico

		
	Attention:	 	General Counsel
		
	Facsimile:	 	+ 011 52 55 5261 6460

 or any substitute address or fax number or department or officer as the relevant party may notify to the other party by
not less than five (5) Business Days’ notice. 

  
 - 64 -

	25.	Governing Law Jurisdiction and Waiver of Jury Trial 

 Governing Law 
 25.1 PURSUANT TO AND IN ACCORDANCE WITH SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW, THE PARTIES HERETO AGREE THAT THIS AGREEMENT IN ALL RESPECTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK AS APPLIED TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN THE STATE
OF NEW YORK (EXCLUSIVE OF SECTION 7-101 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH IS INAPPLICABLE TO THIS AGREEMENT). THE PARTIES AGREE THAT THIS AGREEMENT WAS DELIVERED IN THE STATE OF NEW YORK. 

Jurisdiction 
 25.2 Pursuant to
and in accordance with Section 5-1402 of the New York General Obligations Law, Lessee and Lessor each irrevocably agrees that (i) the United States District Court for the Southern District of New York sitting in The Borough of Manhattan
and any New York state court sitting in the County of New York, New York, and all related appellate courts, (ii) the competent courts of the corporate domicile (domicilio social) of the Lessee on the date of this Agreement (Distrito
Federal), and (iii) the courts of the jurisdictions in which the Aircraft at the relevant time is located in the case of enforcement proceedings in respect of remedies hereunder have exclusive jurisdiction to settle any disputes arising out
of or relating to this Agreement or any of the other Operative Documents and submits itself and its property to the jurisdiction of the foregoing courts with respect to such dispute, hereby waiving any other jurisdictions which may be available
thereto by reason of domicile or otherwise. 
 Process Agents 

 

					
	 25.3 
	 	 (a)    
	 	Without prejudice to any other mode of service, Lessee:

  

	 	(i)	 appoints C.T. Corporation, 1111 Eighth Avenue, 13th Floor, New York, New York 10011 as its agent for service of process relating to any proceedings before the New York
courts described in clause 25.2 in connection with this Agreement and agrees to maintain the process agent in New York notified to Lessor; 

  

	 	(ii)	agrees that failure by a process agent to notify Lessee of the process shall not invalidate the proceedings concerned; and 

 

	 	(iii)	consents to the service of process relating to any such proceedings by prepaid mailing or by personal delivery of a copy of the process to Lessee’s agent at the
address identified in paragraph (i) or by facsimile or prepaid mailing by air mail, certified or registered mail, or by personal delivery, of a copy of the process to Lessee at the address set forth in clause 24.2.

  

	 	(b)	Without prejudice to any mode of service, Lessor: 

  

	 	(i)	 appoints C.T. Corporation, 1111 Eighth Avenue, 13th Floor, New York, New York 10011 as its agent for service of process relating to any proceedings before the courts
described in clause 25.2 in connection with this Agreement and agrees to maintain the process agent in New York notified to Lessor; 

  

	 	(ii)	agrees that failure by a process agent to notify Lessor of the process shall not invalidate the proceedings concerned; and 

 

	 	(iii)	consents to the service of process relating to any such proceedings by prepaid mailing or by personal delivery of a copy of the process to Lessor’s agent at the
address identified in paragraph (i) or by prepaid mailing by air mail, certified or registered mail, or by personal delivery, of a copy of the process to Lessor at the address set forth in clause 24.2. 

  
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 Waiver of Objections 
  

	25.4	Each of Lessee and Lessor: 

  

	 	(i)	waives to the fullest extent permitted by Law any objection which it may now or hereafter have to the courts referred to in clause 25.2 on grounds of inconvenient
forum or otherwise as regards proceedings in connection with this Agreement; 

  

	 	(ii)	waives to the fullest extent permitted by Law any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement brought in the courts referred to in clause 25.2; and 

  

	 	(iii)	agrees that a judgment or order of any court referred to in clause 25.2 in connection with this Agreement is conclusive and binding on it and may be enforced
against it in the courts of any other jurisdiction as if made by the highest court in that other jurisdiction and accordingly Lessee will not seek to, nor be entitled to, contest and/or delay and/or obstruct registration or enforcement of any such
judgment and/or award and/or order on grounds of public policy or otherwise. 

 No Alternative Jurisdictions 

25.5 This clause 25 shall survive, continue to take full effect and not merge in any order or judgment and this clause 25 prohibits
either party to bring proceedings against the other in connection with this Agreement or any other Operative Document in any court other than as provided in clause 25.2 above. 
 Waiver of Sovereign Immunity and Other Defenses 
  

	25.6	Each of Lessee and Lessor irrevocably and unconditionally: 

  

	 	(i)	agrees that if the other brings legal proceedings against it or its assets in relation to this Agreement no sovereign or other immunity from such legal proceedings
(which will be deemed to include suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, other attachment, the obtaining of judgment, execution of a judgment or other enforcement or legal process or
remedy) will be claimed by or on behalf of itself or with respect to its assets; 

  

	 	(ii)	waives any such right of immunity which it or its assets now has or may in the future acquire and agrees that the foregoing waiver shall have the fullest extent
permitted under the Foreign Sovereign Immunities Act of 1976 of the United States of America and is intended to be irrevocable for the purposes of such Act; and 

 

	 	(iii)	waives any requirement, of any kind whatsoever, for Lessor to provide any form of security in respect of the payment of any damages, costs, expenses or any other
financial obligation resulting from the commencement or prosecution of proceedings or the making of or service of any order and Lessee undertakes (x) not to challenge the validity of any proceedings or the making of any orders without any
requirement for the provision of such security (y) to advise any court upon Lessor’s request that Lessee requires no such security and (z) to provide security itself for any third party claims arising out of or in connection with such
proceedings and/or orders. 

  
 - 66 -

 Waiver of Jury Trial 
 25.7 EACH OF LESSEE AND LESSOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TO A JURY TRIAL IN RESPECT OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THE LESSOR/LESSEE RELATIONSHIP BEING ESTABLISHED, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND OTHER COMMON LAW AND
STATUTORY CLAIMS. EACH OF LESSOR AND LESSEE REPRESENTS AND WARRANTS THAT EACH HAS REVIEWED AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH ITS LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS CLAUSE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 

	26.	Owner Participant and Lessee Undertakings: 

26.1 By its execution of the Owner Participant Aircraft Lease Agreement Signature Page hereto, Owner Participant makes the agreements set forth
thereon or in this Agreement and the representations and warranties in Part 3 of Schedule 3 hereof. 

  
 - 67 -

 IN WITNESS WHEREOF Lessor and Lessee have executed this Agreement, both as of the date shown at the
beginning of this Agreement. 
 SIGNED on behalf of: 
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity, except as expressly provided herein, but solely as Owner Trustee 

 

			
	Name:	 	 /s/ John Croasmun

		
	Title:	 	Vice President

 SIGNED on behalf of: 
 CONCESIONARIA VUELA 
 COMPAÑÍA DE AVIACIÓN, S.A. DE C.V.

  

			
	Name:	 	 /s/ Alfonso Ascencio Triujeque

		
	Title:	 	General Counsel

 This signature page forms part of that certain Aircraft Lease Agreement made as of January 25, 2008 between WELLS
FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, as Lessor and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V., as Lessee, relating to the leasing of one A320-XXX aircraft bearing manufacturer’s serial number
3672. 

  
 - 68 -

 OWNER PARTICIPANT AIRCRAFT LEASE AGREEMENT (MSN 3672) 

SIGNATURE PAGE 
 The
undersigned Owner Participant hereby instructs the Owner Trustee to enter into this Agreement and further agrees as follows: 
  

	 	a.	so long as no Event of Default has occurred and is continuing, neither Owner Participant nor any Person lawfully claiming through it shall interfere with the quiet use,
possession and enjoyment of the Aircraft by Lessee during the Term. The lawful exercise by Owner Participant of its or Lessor’s rights in accordance with this Agreement will not however constitute such an interference; 

 

	 	b.	it will comply with clause 22.3 of this Agreement with respect to a transfer of its interest under the Trust Agreement; 

 

	 	c.	throughout the term of this Agreement, and subject to the terms and conditions of this Aircraft Lease Agreement, it will cause Lessor to pay and perform when due all of
the obligations of Lessor under this Agreement (the “Lessor Obligations”) and to the extent, if any, that Lessor fails to pay or perform any Lessor Obligation when due, and subject to the terms and conditions of this Agreement,
Lessee shall have a direct right of action against Owner Participant for the payment or performance of such Lessor Obligation; and 

  

	 	d.	it will be bound by this Agreement. 

  

			
	SIGNED on behalf of:
	RBS AEROSPACE LIMITED
	Name:	 	  

		
	Title:	 	  

  
 - 69 -

 Schedule 1 
 DEFINITIONS AND CONSTRUCTION 
  

	1.1	The following words and expressions have the respective meanings set forth below: 

 Acceptable SDLC Bank Rating has the meaning given to it in clause 6.4(b); 

Acceptance Certificate means a certificate of acceptance of the Aircraft in the Agreed Form; 

Act means the Federal Aviation Act of 1958, as amended, and as recodified in Title 49 of the U.S.C. pursuant to Public
Law 103-272, or any similar legislation of the United States of America as enacted in substitution or replacement thereof; 

Affiliate means, in relation to any Person, a Subsidiary of that Person or a Holding Company of that Person or any other Subsidiary of that
Holding Company or any trust of which such Person or any of its Affiliates is a beneficiary; 
 Agreed Form means the form agreed
between Lessor and Lessee; 
 Agreed Value means, from the Delivery Date to and excluding the first anniversary thereof, ***** and
on the first anniversary of the Delivery Date and on each anniversary of the Delivery Date thereafter, such amount shall reduce to an amount equal to ***** of the amount previously in effect; 
 Agreement means this Aircraft Operating Lease Agreement together with its Schedules; 

Airbus means Airbus Industrie SAS; 
 Aircraft means the aircraft described in Schedule 6 (Description of Aircraft), including all buyer furnished equipment and in-flight entertainment equipment (which term includes
where the context admits a separate reference to all Engines, Parts and Aircraft Documents); 
 Aircraft Documents means the
documents, data, aircraft manuals and technical records relating to the Aircraft at the time of Delivery and any other documents and records referred to in clause 12.2 (Records) and Schedule 11 (Aircraft Documents at
Redelivery) and all additions, renewals, revisions and replacements from time to time made thereto in accordance with this Agreement; 

Aircraft Purchase Agreement means the A320 Family Purchase Agreement Reference RBS A320-2005 between Owner Participant and Airbus insofar
as it relates to the Aircraft; 
 Airframe means the Aircraft, excluding the Engines and the Aircraft Documents; 

Airframe 12 Year Block Structural Check means a block structural check including all 12 year and lesser structural inspections which shall
also include all 6,000 Flight Hours, 4,500 Cycles, 20 month and lesser tacks ensuring that no schedule inspections are due within the next 6,000 Flight Hours, 4,500 Cycles and 20 month period in accordance with Lessee’s airworthiness authority,
Approved Maintenance Program and as a minimum, the latest revision of the Manufacturers Maintenance Planning Document. 
 Airframe 6 Year
Block Structural Check means a block structural check including all 6 year and lesser structural inspections which shall also include all 6,000 Flight Hours, 4,500 Cycles, 20 month and lesser tasks ensuring that no schedule inspections are
due within the next 6,000 Flight Hours, 4,500 Cycles and 20 month period in accordance with Lessee’s airworthiness authority, Approved Maintenance Program and as a minimum, the latest revision of the Manufacturers Maintenance Planning Document.

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 70 - 

 Airframe Warranty Assignment means the airframe warranty assignment entered into or to be
entered into between Lessor and Lessee, and the related consent and agreement between Lessor, Lessee and the Manufacturer, in respect of the Aircraft in the Agreed Form; 
 Airworthiness Directive means any and all mandatory airworthiness directives issued by the French DGAC and applicable to the Aircraft, the Airframe, either Engine, any Part or the Aircraft
Documents; 
 Approved Maintenance Performer means the Lessee insofar as maintenance other than Major Checks, the check scheduled
to clear maintenance items for the next 6,000 Flight Hours, 4,500 Cycles and 20 months, and Engine Performance Restoration are concerned, and for such maintenance means any other Person (including Aeromantenimiento) that meets the requirements
of being a Maintenance Performer, provided that it shall retain its EASA / JAA approval including for those which (1) Maintenance Reserves are provided and (2) for end of lease airframe C check maintenance work-scope package; 

APU means the auxiliary power unit installed on the Aircraft on the Delivery Date and any replacement auxiliary power unit installed in
accordance with this Agreement title to which is transferred to Lessor in accordance with this Agreement; 
 APU Operating Hour
means each hour or part thereof elapsing from the moment the APU is started to the moment when the APU is shut down. For the purpose of all calculations under this Agreement measured in APU Operating Hours, such hours, rounded to the nearest
minute, shall be accumulated since the most recent APU Performance Restoration (or since new if no previous overhaul has been accomplished with respect to the APU); 
 APU Performance Restoration means off-wing APU shop visits including disassembly, inspection, component repair and balancing, testing and reassembly of the relevant APU, accomplished in
accordance with the APU manufacturer’s component maintenance manual, with a Scheduled Life Limited Part and Airworthiness Directive release of no less than 6,000 Cycles and 3 years and on-condition release of no less than 9,000 Flight Hours and
6,000 Cycles and 3 years; 
 Assumed Aircraft Flight Hour to Cycle Ratio means a Flight Hour to Cycle ratio of 1.8 to 1;

 Aviation Authority means all and any of the authorities, government departments, committees or agencies which under the laws of
the State of Registration shall from time to time: 
  

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

  

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

Back to Birth Traceability means in respect of any Part or part, original documentary evidence providing the part number and the unique
serial number of such Part or part, and providing a detailed full record acceptable to an EASA regulatory standard but in any event having the following: (i) a removal/installation (‘on/off’) transaction history with the applicable
hours and cycles at each on/off event up to and including installation of the Airframe and Engine; (ii) the original airworthiness tag document or other original record issued when the part was new such as the manufacturer’s tag
certificate of conformity or readiness log document as appropriate and (iii) any other appropriate certified document 

  
 - 71 -

 
or job card indicating hours, cycles or calendar time at each on/off event demonstrating an unbroken record of the hours, cycles or calendar time from date of manufacture of such part up to the
relevant current time; 
 Bank means The Royal Bank of Scotland plc; 
 Bill of Sale means the warranty bill of sale transferring title to the Aircraft from Airbus to Lessor; 
 Breakage Costs means, without duplication, all costs, losses, premiums, penalties or out-of-pocket expenses, if any, incurred or suffered by Lessor or Owner Participant, any Affiliate of
Lessor or Owner Participant or any Financing Party in liquidating or employing funds raised on any interbank market or internally by Lessor or Owner Participant or their respective Affiliates or otherwise in connection with the financing of
Lessor’s or Owner Participant’s purchase or ownership of the Aircraft and/or the setting of the Rent and/or the unwinding or terminating or maintaining any swap agreement, interest rate agreement or other financial instrument relating in
whole or in part to such financing and/or the leasing of the Aircraft hereunder, and/or any amounts receivable by Lessor or Owner Participant pursuant to this Agreement; 
 Business Day means: 
  

	 	(a)	in the case of payments, any day (other than a Saturday or Sunday) on which banks are open for business in New York; and 

 

	 	(b)	in all other cases, any day (other than a Saturday or Sunday) on which banks are open for business in New York, London, Dublin and México City, México;

 Conditions Precedent means the conditions specified in Schedule 3 (Conditions Precedent); 

Consolidated Text means the Consolidated Text of the Convention and the Protocol attached to Resolution No. 1 of the Final Act of the
Diplomatic Conference to adopt the Convention and the Protocol held under the auspices of ICAO and UNIDROIT at Cape Town, South Africa from 29 October to 16 November 2001; 
 Contracting State shall have the meaning given to it in the Consolidated Text; 

Convention means the Convention on International Interests in Mobile Equipment signed in Cape Town, South Africa on November 16, 2001;

 CPCP means corrosion prevention and control program; 
 Cycle means one take-off and landing of the Aircraft; 
 Damage Notification
Threshold means *****; 
 Default means any Event of Default and any condition, event or circumstance which, with the
giving of notice and/or lapse of time, would, if such time had elapsed at the time of the occurrence of such condition, event or circumstance, constitute an Event of Default; 
 Default Interest mans any interest paid or payable pursuant to clause 8.2; 

Default Rate means a rate of interest per annum equal to LIBOR plus ***** per annum; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 72 - 

 Delayed Delivery Event means the occurrence of any of the following: 

 

	 	(a)	war, civil disturbance or act of any Government Entity, natural disaster, labor disputes, unexpected shortage of labor, materials or facilities affecting the Aircraft;
or 

  

	 	(b)	any defect or non-conformity with the Delivery Condition Specification notified by Lessee to Lessor during the Pre-Delivery Procedure; or 

 

	 	(c)	any failure to deliver the Aircraft by any Person, including any seller or manufacturer, with possession or control of the Aircraft, whether or not a breach of contract
by any Person, to Lessor for any reason (other than because of any default of Lessor) and in the condition provided for in the applicable agreement and this Agreement, or; 

 

	 	(d)	any purchase agreement for the Aircraft terminating prior to Delivery (other than because of any default of Lessor); or 

 

	 	(e)	any delays that Lessor cannot reasonably control in obtaining the Aircraft or any equipment or services for the Aircraft; or 

 

	 	(f)	any other cause which is beyond the reasonable control of Lessor; 

 Delivery means delivery of the Aircraft on lease by Lessor to Lessee under this Agreement; 
 Delivery Condition Specification means the condition detailed in Schedule 6; 

Delivery Date means the date on which Delivery occurs; 
 Delivery Location means Toulouse, France, Hamburg, Germany or such other location as may be agreed by Lessor and Lessee; 
 Deposit *****; 
 Deregistration Power of Attorney means an irrevocable
power of attorney in Agreed Form authorizing Lessor or such other Person as Lessor may from time to time specify to do any thing or act or to give any consent or approval which be required to obtain deregistration of the Aircraft and export the
Aircraft from the Habitual Base upon termination of the leasing of the Aircraft under this Agreement, and, if applicable, duly notarized and legalized; 
 Discount Rate means ***** per annum; 
 Dollars, $ and US$
means the lawful currency of the United States of America and, in relation to all payments in dollars to be made under or pursuant to this Agreement, in immediately available funds; 
 EASA means the European Aviation Safety Agency and any successor thereof; 

Engine means, whether or not for the time being installed on the Aircraft: 

 

	 	(a)	the engines specified in the Acceptance Certificate; or 

  

	 	(b)	any engine which has replaced that engine, title to which has, or should have, passed to Lessor in accordance with this Agreement, 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 73 - 

 and in each case includes all modules and Parts from time to time belonging to or installed in that engine
but excludes any properly replaced engine title to which has, or should have, passed to Lessee pursuant to this Agreement; 
 Engine Cycle
means, with respect to an Engine, one take off and landing of the airframe on which that Engine is installed. 
 Engine Flight
Hour means each hour or part thereof an Engine is operated, elapsing from the moment the wheels of an aircraft on which such Engine is installed leave the ground until the wheels of such aircraft next touch the ground; 

Engine Performance Restoration shall mean off-wing engine shop visits including performance restoration or full overhaul of all core
modules of the relevant Engine, accomplished in accordance with the Engine manufacturer’s workscope planning document as customized for Lessee, with a scheduled Life Limited Part and Airworthiness Directive release of no less than 7,500 Cycles
and 3 years and on-condition release of no less than 11,000 Flight Hours and 7,500 Cycles and 3 years; 
 Engine Thrust means the
“Engine Thrust Rating” of the Engines as set out in Schedule 6; 
 Engine Total Loss means the occurrence with
respect to an Engine only, whether or not installed on the Airframe, of any of those events described in the definition of Total Loss; 

Engine Warranties Assignment means the assignment entered into or to be entered into on or prior to the Delivery Date in relation to the
Engines between Lessee as assignor and Lessee as assignee; 
 Equipment Change has the meaning given to it in clause 13.7
(Equipment Change); 
 Eurocontrol means the European Organisation for the Safety of Air Navigation; 

Event of Default means any event or circumstance specified in clause 20 (Events of Default); 

Excluded Country means any country to which the export and/or use of Airbus aircraft is not permitted under any sanctions orders or
legislation from time to time promulgated by any of the United Nations, the European Union or any Government Entity of the State of Registration or any country having jurisdiction over Lessor or any Affiliate of Lessor, the effect of which prohibits
or restricts the export and/or use of Airbus aircraft to and from and within to such country; 
 Excluded Maintenance has the
meaning given to it in Schedule 8 (Maintenance Rent); 
 Expiry Date means the date determined in accordance with
clause 4 (Expiry Date); 
 FAA means the Federal Aviation Administration of the United States of America and any
successor thereof; 
 FAR means the Federal Aviation Regulations set forth in Title 14 of the United States Code of Federal
Regulations; 
 Final Inspection has the meaning given to it in Schedule 13 (Return Conditions); 

Financial Indebtedness means any indebtedness in respect of: 

 

	 	(a)	moneys borrowed or raised; or 

  
 - 74 -

	 	(b)	any liability under any debenture, bond, note, loan stock, acceptance, documentary credit or other security; or 

 

	 	(c)	the acquisition cost of any asset, to the extent payable before or after the time of acquisition or possession not being indebtedness in respect of the purchase or
acquisition of goods and/or services in the ordinary course payment for which is deferred for a period of not more than thirty (30) days or in respect of goods and services the purchase price is not material, ninety (90) days; or

  

	 	(d)	any capital amount in respect of any finance lease payable by Lessee which would be shown as an obligation in a balance sheet prepared in accordance with accounting
principles generally accepted in Lessee’s state of incorporation; or 

  

	 	(e)	any guarantee, indemnity or similar assurance against financial loss issued in favor of any Person in respect of any obligation of a kind referred to in
paragraph (a) to (d) above; 

 Financing Parties means any Affiliate of Lessor or Owner Participant who
provides finance to Lessor or Owner Participant in connection with Lessor’s or Owner Participant’s acquisition of the Aircraft and/or any other Person or Persons from time to time notified by Lessor or Owner Participant to Lessee as
providing finance to Lessor or Owner Participant in respect of its acquisition, ownership or leasing of the Aircraft, whether by way of loan, head lease or otherwise or acting as agent or security trustee in relation to any such financing;

 Financing Statements means Uniform Commercial Code Financing Statements in respect of this Agreement and the Aircraft and
Engines leased hereunder prepared in a form acceptable for filing with the applicable Government Entities in the state in which Lessee is located (as determined pursuant to Section 9-307 of the Uniform Commercial Code as in effect in such
state) and such other jurisdictions as Lessor shall reasonably require; 
 Flight Hour means each hour or part thereof (rounded up
to two decimal places) elapsing from the moment the wheels of the Aircraft leave the ground on take off until the wheels of the Aircraft next touch the ground; 
 French DGAC means la Direction Générale de l’Aviation Civile; 

Geneva Convention means the Convention on the International Recognition of Rights in Aircraft signed at Geneva, Switzerland on 19 June
1948, and amended from time to time; 
 Government Entity means: 

 

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

 

	 	(b)	any instrumentality, board, commission, court, or agency of any thereof, however constituted; 

 

	 	(c)	any association, organization, or institution of which any of the above is a member or to whose jurisdiction any thereof is subject or in whose activities any of the
above is a participant; and 

  

	 	(d)	to the extent that an airport or air navigation service is not run or provided by an entity which falls within sub-paragraph (a) - (c) above, the relevant such
entity, body, corporate, organization or institution to the extent it has authority over the Aircraft or the Lessee from time to time; 

  
 - 75 -

 Gross Negligence means, in relation to an Indemnitee or Tax Indemnitee, gross negligence as
determined under New York law; 
 Habitual Base means *****, or (i) if a sub-lease complying with the terms of clause 11.3
this Agreement is in effect, ***** or (ii) such other base agreed by Lessor; 
 Holding Company means, in relation to any
Person, any other Person of which it is a Subsidiary; 
 IATA means the International Air Transport Association; 

Indemnitees means Lessor, Owner Participant, the Financing Parties, each of their Affiliates and each of their respective successors and
permitted assigns, and each of their shareholders, Affiliates, contractors performing services at Lessor’s direction in respect of the Aircraft or this Agreement, trustees, beneficiaries, members, directors, officers, servants, agents and
employees; 
 Insurances means insurances and any reinsurances in respect of the Aircraft described in and complying with the
requirements of clause 16 (Insurances) and Schedule 5 (Insurance Requirements); 
 International Interest
shall have the meaning given to such term in the Consolidated Text; 
 International Registry shall have the meaning given
to such term in the Consolidated Text; 
 JAA means the European Joint Aviation Authority and any successor thereof; 

JAR means the Joint Aviation Requirements of the JAA; 
 Landing Gear means the complete strut assembly, consisting of the inner and outer cylinders of each main landing gear and nose landing gear and all associated parts that comprise each
landing gear assembly, as listed in the Manuals and Technical Records including side struts, braces, and uplock and downlock mechanisms but excluding, without limitation, rotable parts such as wheels, tires, brakes, transducers and switch
assemblies; 
 Landing Gear Overhaul means an overhaul accomplished in accordance with the manufacturer’s component
maintenance manual and with a calendar release in respect of Life Limited Parts, Airworthiness Directives, corrosion prevention and control program CPCP requirements of no less than 20,000 cycles and 10 years; 

Law includes common or customary law and any constitution, decree, judgment, legislation, order, ordinance, regulation, statute, treaty or
other legislative measure in any jurisdiction or any present or future directive, regulation, request or requirement (in each case, whether or not having the force of law but, if not having the force of law, the compliance with which is in
accordance with the general practice of Persons to whom the directive, regulation, request or requirement is addressed); 
 LBA
means the Luftfahaut-Bundesamt or any successor agency having jurisdiction over civil aviation in the Federal Republic of Germany; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 76 - 

 Lessee Conditions Precedent means the Conditions Precedent to be satisfied by Lessee, listed
at paragraph 1 of Schedule 3 (Conditions Precedent); 
 Lessee’s Certificate means a certificate in the
Agreed Form to be provided by Lessee to Lessor; 
 Lessor Condition Precedent means the Conditions Precedent to be satisfied by
Lessor, listed at paragraph 3 of Schedule 3 (Conditions Precedent); 
 Lessor Lien means: 

 

	 	(a)	any Security Interest from time to time created by or through Lessor, Owner Participant, any Affiliate of Lessor or Owner Participant or any Financing Party in
connection with the financing of the Aircraft; 

  

	 	(b)	any other Security Interest in respect of the Aircraft which results from acts of or claims against Lessor or Owner Participant or their respective Affiliates or any
Financing Party not related to the transactions contemplated by or permitted under this Agreement or the other Operative Documents; and 

  

	 	(c)	any Security Interest in respect of the Aircraft for Lessor Taxes; 

 Lessor Taxes means Taxes specified in clause 21.3(b); 
 Letter of
Credit means a letter of credit provided pursuant to and in accordance with clause 6.3; 
 LIBOR means, in relation
to any period and amount in respect of which an interest rate falls to be determined pursuant to this Agreement: 
  

	 	(a)	the British Banking Association (BBA) US Dollar fixing of the London Inter-Bank Offered Rate, as appearing on page BBAM1 of Bloomberg (or successor or replacement page)
or equivalent page published by an alternative information provider for the specified period at or around 11:00 a.m. on the Quotation Date therefor; or 

 

	 	(b)	if no such rate is available, the rate determined by Lessor to be the arithmetic mean (rounded upwards, if not already such a multiple, to the nearest whole multiple of
one sixteenth of one per cent.) of the rates (as notified to Lessor) at which each of the Reference Banks (on the basis that at least two Reference Banks so notify Lessor) was offering to prime banks in the London Interbank Market, on the Quotation
Date, deposits in dollars for the specified period; 

 for the purposes of this definition, specified period means
the period having a duration equal to or as close as practicable to the relevant period in respect of which LIBOR falls to be determined; 

Life Limited Part means any Part that has a pre-determined life limit as mandated by Manufacturer, the Aviation Authority, the French DGAC
or any other Government Entity having jurisdiction, which requires any such Part to be discarded upon reaching such life limit; 
 Loss
means any loss, liability, action, claim, proceeding, judgment, penalty, fine, damages, fee, cost or expense (including legal fees and expenses, including legal fees and expenses incurred to enforce any applicable indemnity); 

  
 - 77 -

 Maintenance Contributions shall have the meaning given to it in paragraph 1 of
Schedule 14 (Maintenance Contributions); 
 Maintenance Performer means such Person approved by JAA/EASA to perform
maintenance and/or modification services on commercial aircraft and/or commercial aircraft engines which Person shall be agreed by Lessor and Lessee to have internationally recognized standing and reputation with first-class experience, first class
facilities and suitable equipment to perform such services on aircraft and/or engines of the same or improved model as the Aircraft or in the case of the Engines, engines; 
 Maintenance Program means an Air Authority approved Maintenance Program for the Aircraft based on the Manufacturer’s Maintenance Planning Document and in accordance with
Manufacturer’s and/or the OEM’s specifications, requirements, mandatory service bulletins, planning documents, maintenance manuals and documents and encompassing scheduled maintenance (including block maintenance), condition monitored
maintenance, and/or on condition maintenance of Airframe, Engines and Parts, including (but not limited to) servicing, testing, preventive maintenance, repairs, structural inspections, system checks, overhauls, approved modifications, service
bulletins, engineering orders, airworthiness directives, corrosion control, inspections and treatments; 
 Maintenance Rent means
together the Airframe Rent, the Engine Performance Restoration Rent, the Engine LLP Rent, the Landing Gear Overhaul Rent and the APU Performance Restoration Rent (each as defined in Part A of Schedule 8 (Maintenance Rent));

 Major Checks means an Airframe 6 Year Block Structural Check, and an Airframe 12 Year Block Structural Check, and any similar
check as determined by the Manufacturer; 
 Mandatory Orders means all and any Aviation Authority and JAA/EASA mandatory orders
and regulations applicable to the Aircraft, any Engine or any Part; 
 Manufacturer means, in relation to the Airframe, Airbus or,
in relation to the Engines, International Aero Engines A.G; 
 Manufacturer’s Maintenance Planning Document or MPD means the
planning document relating to recommended maintenance of the Aircraft issued by Manufacturer, as the same may from time to time be amended, modified or supplemented; 
 Material Lessee Affiliate means the Parent and each Subsidiary of the Parent which as of the date of the then most recent quarterly financial statements prior to any date of determination
accounts for more than 5% of the Parent’s consolidated total assets or more than 5% of the Parent’s consolidated total revenue or more than 5% of the Parent’s consolidated net income. 

Mexico means the United Mexican States. 
 Minimum Liability Coverage means ***** for general liability, and ***** for war risk liability, each occurrence, each aircraft; 
 MR Rates means together the Airframe Rent Rate, the Engine Performance Restoration Rate, the Engine LLP Rent Rate, the Landing Gear Overhaul Rent Rate and the APU Performance Restoration
Rate (each as defined in Part A of Schedule 8 (Maintenance Rent), and MR Rate shall mean any of them as the context may require; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 78 - 

 OEM means in relation to any Part or part the original equipment manufacturer of such Part or
part; 5% of the Parent’s consolidated total assets or more than 5% of the Parent’s consolidated total revenue or more than 5% of the Parent’s consolidated net income. 
 Mexico means the United Mexican States. 
 Minimum Liability Coverage
means US$600,000,000 for general liability, and $500,000,000 for war risk liability, each occurrence, each aircraft; 
 MR Rates
means together the Airframe Rent Rate, the Engine Performance Restoration Rate, the Engine LLP Rent Rate, the Landing Gear Overhaul Rent Rate and the APU Performance Restoration Rate (each as defined in Part A of Schedule 8
(Maintenance Rent), and MR Rate shall mean any of them as the context may require; 
 OEM means in relation
to any Part or part the original equipment manufacturer of such Part or part; 
 Operational Derate means operation of an Engine
below the maximum thrust level for such Engine; 
 Operative Documents means (a) this Agreement, the Acceptance Certificate,
the Deregistration Power of Attorney, the Letter of Credit, the Participation Agreement, the Airframe Warranty Assignment, Engine Warranties Assignment and the Aircraft Purchase Agreement Assignment, together with (b) any schedules, documents,
notices or certificates from time to time executed or issued by Lessee pursuant thereto and (c) any side letters, supplements, amendments or modifications to any of the foregoing from time to time executed or agreed to by Lessee which (other
than in the case of amendments to Operative Documents, which shall automatically be Operative Documents), are agreed in writing by Lessor and Lessee to be Operative Documents for the purposes of this Agreement; 

Other Agreements means the aircraft lease agreements relating to ***** aircraft bearing manufacturer’s serial number 3045, 3069, 3253,
3279 and 3450, and any other aircraft lease agreement or other agreement from time to time entered into between Lessor (or any Affiliate of Lessor, or Owner Participant, including a trust of which the beneficiary is Owner Participant or an Affiliate
of Owner Participant) and Lessee (or any Affiliate of Lessee); provided, however, that solely for the purpose of Clause 20.1(e)(iv), Other Agreements includes any aircraft lease agreement or other agreement managed or serviced by Owner Participant
or any Affiliate of Owner Participant ; 
 Other Aircraft has the meaning given to it in clause 13.5 (Installation of Engines and
Parts on Other Aircraft); 
 Owner Participant means RBS Aerospace Limited, a company incorporated under the laws of Ireland,
whose registered office is at IFSC House, IFSC, Dublin 1, Ireland; 
 Owner Trustee means Wells Fargo Bank Northwest, National
Association, as national banking association, in its capacity as Owner Trustee; 
 Parent means Controladora Vuela Compañia
de Aviacion S.A. de C.V.; 
 Part means, whether or not for the time being installed on the Aircraft: 

 

	 	(a)	any component, furnishing or equipment (other than a complete Engine) furnished with the Aircraft on the Delivery Date; and 

 

	 	(b)	any other component, furnishing or equipment (other than a complete Engine) title to which has, or should have, passed to Lessor pursuant to this Agreement;

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 79 - 

 but excludes any such items title to which has, or should have, passed to Lessee pursuant to this Agreement;

 Participation Agreement means the participation agreement dated on even date herewith between Owner Participant and Lessee,
including the consent and agreement thereto between Owner Participant, Lessee and the Manufacturer in respect of the Aircraft in the Agreed Form; 
 Permitted Lien means: 
  

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

 

	 	(b)	any lien of a repairer, mechanic, carrier, hangarkeeper, airport, air navigation authority or other similar lien arising in the ordinary course of business by operation
of law in respect of obligations which are not overdue or are being contested in good faith by appropriate proceedings; and 

 but
only if (in the case of both (a) and (b)) (i) adequate reserves have been taken by Lessee for the payment of such Taxes or obligations; and (ii) such proceedings, or the continued existence of such lien, do not give rise to any
material risk of the sale, forfeiture or other loss of the Aircraft or any interest therein or any risk of criminal liability on Lessor or any other Indemnitee; 
  

	 	(c)	any Lessor Lien; and 

  

	 	(d)	any lien arising out of any judgment or award against Lessee provided such judgment or award is discharged, vacated or the execution thereof stayed pending appeal
within thirty (30) days of the date of entry thereof and so long as during any such period such judgment or award does not involve any material risk of the sale, forfeiture or other loss of the Aircraft or any risk of criminal or unindemnified
civil liability against Lessor or any other Indemnitees. 

 Permitted Sub-Lessee has the meaning given to it in
clause 11.3; 
 Person means any individual, firm, partnership, joint venture, trust, corporation, Government Entity,
corporate or business association, committee, department, authority or any other entity, incorporated or unincorporated, whether having distinct legal personality or not, or any member of the same and Persons shall be construed accordingly;

 Post-Delivery Authorizations and Filings means each of the following: 

 

	 	(a)	evidence that the Bill of Sale, duly notarized and legalized and accompanied by a Spanish translation thereof certified by a Mexican court registered translator as true
and correct, and an application for registration thereof, have been submitted to the Mexican Aeronautical Registry (Registro Aeronáutico Mexicano), together with payment of all fees and Taxes in connection with such submission, which
shall be obtained (and a copy provided to Lessor) within five (5) Business Days following the Delivery Date; 

  
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	 	(b)	Certificate of Airworthiness (Certificado de Aeronavegabilidad) and Certificate of Registration (Oficio de Asignación de Matrícula) for the
Aircraft issued by the Department of Civil Aviation (Dirección General de Aeronáutica Civil), which shall be obtained (and a copy provided to Lessor) within five (5) Business Days following the Delivery Date;

  

	 	(c)	temporary import license for the Aircraft in Mexico, which shall be obtained (and evidence thereof provided to Lessor), together with evidence that such permit has been
filed with the Air Authority, that Lessee has paid all import duties related to the transaction contemplated by this Agreement and that the import of the Aircraft into Mexico is exempt from Taxes, within five (5) Business Days following the
Delivery Date; 

  

	 	(d)	 definitive registration of this Agreement (including the Acceptance Certificate) and the DGAC Bill of Sale with the Mexican Aeronautical Registry
(Registro Aeronáutico Mexicano), which registration shall show Lessor as owner and lessor and Lessee as 

  
 - 81 -

	 	
operator and possessor of the Aircraft and shall be completed (and evidence thereof provided to Lessor) within forty-five (45) days following the Delivery Date, but evidence of the
submission of this Agreement, the Acceptance Certificate and the DGAC Bill of Sale (each duly notarized and legalized and accompanied by a Spanish translation thereof certified by a Mexican court registered translator as true and correct) to the
Mexican Aeronautical Registry (Registro Aeronáutico Mexicano) and the payment of all fees and Taxes in connection with such submission shall be provided to Lessor within ten (10) Business Days following the Delivery Date; and

  

	 	(e)	a copy of Lessee’s air operator’s certificate annotated to reflect the addition of the Aircraft to Lessee’s fleet, within 30 days following the
Delivery Date. 

 Pre-Delivery Authorizations and Filings means each of the following: 

 

	 	(a)	evidence that this Agreement, duly notarized and legalized and accompanied by a Spanish translation hereof certified by a Mexican court registered translator as true
and correct, and an application for registration thereof, have been submitted to the Mexican Aeronautical Registry (Registro Aeronáutico Mexicano), together with payment of all fees and Taxes in connection with such submission;

  

	 	(b)	evidence that Lessee has received from the Department of Civil Aviation (Dirección General de Aeronáutica Civil) a temporary Mexican registration
mark; 

  

	 	(c)	such other authorizations, filings, registrations and other like action to made with or obtained from any Government Entity as Lessor may reasonably request; and

  

	 	(d)	evidence of a temporary registration certificate issued by the Aviation Authority. 

 Protocol means the Protocol to the Convention on Matters Specific to Aircraft Equipment, signed in Cape Town, South Africa on 16 November 2001; 

Quotation Date means, in relation to any period in respect of which LIBOR is to be determined, the day falling two (2) Business Days
before the beginning of such period; 
 Redelivery Date means the date on which the Aircraft is redelivered by Lessee to Lessor in
accordance with the terms of this Agreement; 
 Redelivery Location means Toluca Airport, México or, if Lessee so notifies
Lessor not less than 45 days prior to the Scheduled Expiry Date, El Salvador International Airport, El Salvador, or such other location as may be agreed by Lessor and Lessee; 
 Redelivery Maintenance Payment Adjustments means all adjustments to be made pursuant to Schedule 12 (Redelivery Maintenance Payment Adjustments); 

Reference Banks means The Royal Bank of Scotland plc, Barclays Bank plc and Citibank N.A.; 

Regulation means any Law or regulation of any governmental entity, official directive or mandatory requirement which applies to Lessee or
the Aircraft and any Law or regulation, official directive or recommendation or mandatory requirement which applies to Lessor; 
 Related
Relevant Period has the meaning given to it in clause 5.3(d) (Rent); 

  
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 Relevant Period has the meaning given to it in clause 5.3(a) (Rent); 

Removed Engines has the meaning given to it in clause 13.2 (Removed Engines and Parts); 

Removed Part has the meaning given to it in clause 13.2 (Removed Engines and Parts); 

Rent means all amounts payable pursuant to clause 5 (Rent); 
 Rent Adjustment Factor means the rent adjustment factors set out in Schedule 4 (Rent Adjustment Factors); 
 Rent Date means the first day of each Rent Period; 
 Rent Period means
each period ascertained in accordance with clause 5.1 (Rent Periods); 
 Replacement Engine means a replacement engine
complying with clause 13.6 (Permanent Replacement of Engines and Parts); 
 Return Conditions means the conditions
specified in Schedule 13 (Return Conditions); 
 Scheduled Delivery Date means the date notified by Lessor to Lessee
pursuant to clause 3.1(Scheduled Delivery Date); 
 Scheduled Delivery Month means November 2008; 

Scheduled Delivery Week means the week notified by Lessor to Lessee pursuant to clause 3.1; 

Scheduled Expiry Date means the day immediately before the day falling 96 months after the Delivery Date; 

Security Interest means any mortgage, charge, pledge, lien, encumbrance, assignment, lease, sublease, hypothecation, right of set-off or
any other agreement or arrangement having the effect of conferring security or creating an encumbrance; 
 State of Incorporation
means México; 
 State of Registration means México or any other country in which the Aircraft is from time to time
registered in accordance with clause 10.5 (Registration and Protection); 
 Subsidiary means, in reference to any
Person: 
  

	 	(a)	in relation to any reference to accounts, any company whose accounts are consolidated with the accounts of such Person in accordance with accounting principles
generally accepted under accounting standards of the State of Incorporation; 

  

	 	(b)	for any other purpose, an entity from time to time: 

  

	 	(i)	of which another has direct or indirect control or owns directly or indirectly more than 50 per cent. of the voting share capital or of which another has the
ability directly or indirectly to appoint or remove more than 50 per cent of the directors with voting rights or officers or of which another has the ability to give effective directions with respect to and control the management and
operational and financial policies and decisions of such person which the directors or other equivalent officers of such person are obliged to comply with; or 

 

	 	(ii)	which is a direct or indirect subsidiary of another under the laws of the jurisdiction of its incorporation; 

  
 - 83 -

 Tax Indemnitee means Lessor, Owner Participant, their respective Affiliates and each Financing
Party, if any; 
 Taxes means all present and future taxes, levies, imposts, duties or charges of any nature whatsoever, and
wheresoever imposed, including (without limitation) value added tax or any similar tax and any franchise, transfer, sales, use, business, occupation, excise, personal property, real property, stamp, gross income, personal property, fuel, leasing,
occupational, turnover, excess profits, excise, gross receipts, franchise, registration, license, corporation, capital gains, export/import, income, levies, imposts, withholdings or other taxes or duties of any nature whatsoever (or any other amount
corresponding to any of the foregoing) now or hereafter imposed, levied, collected, withheld or assessed by any national or regional taxing or fiscal authority or agency, together with any penalties, additions to tax, fines or interest thereon, and
Tax and Taxation shall be construed accordingly; 
 Technical Status Report means a monthly report on the operation of the
Aircraft Engines and Parts including Flight Hours, Cycles, Engine Flight Hours and Engine Cycles operated by the Airframe and Engines in respect of each calendar month in the Agreed Form; 
 Term means the period commencing on the Delivery Date and ending on the Expiry Date; 

Total Loss means, with respect to the Aircraft (including for the purposes of this definition the Airframe) or an Engine: 

 

	 	(a)	the actual, constructive, compromised, arranged or agreed total loss of the Aircraft or any Engine (including any damage to the Aircraft or any Engine or requisition
for use or hire which results in an insurance settlement on the basis of a total loss); or 

  

	 	(b)	the Aircraft or any Engine being destroyed, damaged beyond economic repair or permanently rendered unfit for normal use for any reason whatsoever; or

  

	 	(c)	the requisition of title, confiscation, forfeiture or other compulsory acquisition of title for any reason of the Aircraft or any Engine by the government of the State
of Registration or any other authority (whether de jure or de facto); or 

  

	 	(d)	the hi-jacking, theft, disappearance, seizure or requisition for use or hire of the Aircraft or any Engine which deprives any Person permitted by this Agreement to have
possession and/or use of the Aircraft of its possession and/or use for more than sixty (60) days or such lesser number of days as ends on the Expiry Date; 

 Total Loss Date means with respect to the Aircraft (including for the purposes of this definition, the Airframe) or an Engine: 

 

	 	(a)	in the case of an actual total loss or destruction, damage beyond economic repair of the Aircraft or any Engine, or the Aircraft or an Engine being rendered permanently
unfit, the date on which such loss, destruction, damage or rendition occurs (or, if the date of loss or destruction is not known, the date on which the Aircraft or Engine was last heard of); 

  
 - 84 -

	 	(b)	in the case of a constructive, compromised, arranged or agreed total loss of the Aircraft or any Engine, whichever shall be the earlier of (i) the date being sixty
(60) days after the date on which notice claiming such total loss is issued to the insurers or brokers, and (ii) the date on which such loss is agreed or compromised by the insurers; 

 

	 	(c)	in the case of requisition for title, confiscation, forfeiture or other compulsory acquisition or similar event of the Aircraft or any Engine by the government of the
State of Registration or any other authority, the date on which the same takes effect; and 

  

	 	(d)	in the case of hi-jacking, theft, disappearance, seizure or requisition for use or hire of the Aircraft or any Engine, the earlier of (i) the last day of the
period referred to in paragraph (d) of the definition of Total Loss and (ii) the date on which the Insurers make payment on the basis of a Total Loss; 

 Trust Estate has the meaning set out in the Trust Agreement (MSN 3672) for that certain A320-XX Aircraft dated on or about January 25, 2008 between Owner Trustee and Owner Participant;
and 
 UCC means the Uniform Commercial Code as enacted in the State of New York or, if the laws of another state of the United
States so provide, as enacted in such state. 
 Construction and Usage 

					
			
	1.2	  	(a)	  	   References in this Agreement to:

  

	 	(i)	any statutory or other legislative provision shall be construed as including any statutory or legislative modification or re-enactment thereof, or any provision enacted
in substitution therefor; 

  

	 	(ii)	“Lessor” or “Lessee” include any assignee or successor in title to Lessor or Lessee respectively (subject to the provisions of clause 22);

  

	 	(iii)	any deed, agreement or instrument shall include any such deed, agreement or instrument as may from time to time be amended, supplemented or substituted;

  

	 	(iv)	an “agreement” also include a concession, contract, deed, franchise, license, treaty or undertaking (in each case, whether oral or written);

  

	 	(v)	the “assets” of any Person shall be construed as a reference to the whole or any part of its business, undertaking, property, assets and revenues (including
any right to receive revenues); 

  

	 	(vi)	“month” is a reference to a period which starts on one day in a calendar month and ends on the day immediately preceding the numerically corresponding day in
the next calendar month, except that if there is no numerically corresponding day in that next month it shall end on the last day of that next month (and references to “months” shall be construed accordingly); and 

 

	 	(vii)	“includes,” “including”, “include” or similar terms shall not be construed as limiting and shall mean “including, without
limitation”. 

  

	 	(b)	Headings are for ease of reference only. 

  

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

  
 - 85 -

 Schedule 2 
 REPRESENTATIONS AND WARRANTIES 
  

	1.	Lessee’s Representations and Warranties 

Lessee represents and warrants to Lessor and Owner Participant on the date of execution of this Agreement and on the Delivery Date in each case by
reference to the facts and circumstances existing on such date that: 
  

	 	(a)	Status: Lessee is a sociedad anónima de capital variable duly incorporated and validly existing and in good standing under the laws of the
State of Incorporation; 

  

	 	(b)	Power and Authority: (i) Lessee and each relevant Lessee Affiliate has the corporate power and authority to carry on its business as presently being
conducted and to enter into and perform its obligations under this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party, (ii) Lessee and each relevant Lessee Affiliate has taken all necessary corporate
action to authorise the entry into, performance and delivery of, this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party and (iii) this Agreement and each other Operative Document has been duly
executed and delivered by Lessee or such Lessee Affiliate; 

  

	 	(c)	Legal validity: this Agreement and each other Operative Document constitutes legal, valid and binding obligations of Lessee and each relevant Lessee
Affiliate party thereto, enforceable against Lessee or such Lessee Affiliate in accordance with its terms, except insofar as enforceability may be limited by (i) applicable bankruptcy and/or similar laws affecting creditors’ rights
generally or (ii) general principles of equity; 

  

	 	(d)	Non-conflict: the entry into and performance by Lessee and each relevant Lessee Affiliate of, and the transactions contemplated by, this Agreement and
each other Operative Document do not and will not: (i) conflict with any Laws or Regulations applicable to Lessee or such Lessee Affiliate; or (ii) conflict with the constitutional documents (estatutos sociales) of Lessee or such
Lessee Affiliate; or (iii) conflict with or result in default under any document which is binding upon Lessee or such Lessee Affiliate or any of its assets nor result in the creation of any Security Interest over any of its assets (other than
as contemplated hereby); 

  

	 	(e)	Licenses and permits: Lessee and each relevant Lessee Affiliate holds all licenses, certificates, permits and approvals necessary for the conduct of its
business and the performance of its obligations under this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party; 

 

	 	(f)	Approvals and Consents: except for the Post-Delivery Authorizations and Filings, all Pre-Delivery Authorizations and Filings and all other authorizations,
approvals, consents and notifications required by Lessee and any such relevant Lessee Affiliate in connection with the entry into, performance, validity and enforceability of, this Agreement and each other Operative Document to which Lessee or such
Lessee Affiliate is a party and the transactions contemplated by this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party, have been (or will on or before the Delivery Date have been) obtained or effected
(as appropriate) and are (or will on their being obtained or effected be) in full force and effect; 

  
 - 86 -

	 	(g)	Registrations and Filings: except for the Post-Delivery Authorizations and Filings, no filing or recording of any instrument or document is necessary or
advisable under the laws of the State of Incorporation, the State of Registration or the Habitual Base in order to ensure the validity, effectiveness and enforceability of this Agreement or to establish, perfect or protect the rights and interests
of Lessor in the Aircraft and this Agreement against Lessee and all other Persons; 

  

	 	(h)	Export: no approvals, licenses or consents are necessary to enable Lessor to export the Aircraft from the Habitual Base and to deregister the Aircraft
from the State of Registration upon the termination of the leasing of the Aircraft under this Agreement; 

  

	 	(i)	Excluded Countries: Lessee does not hold a contract or other obligation to operate the Aircraft to or from any country which is an Excluded Country;

  

	 	(j)	Financial Statements: the financial statements delivered to Lessor pursuant to paragraph 1.2(i) of Schedule 3 (Conditions Precedent)
fairly present the financial condition of Lessee as at such date and the results of its operations for the period ended on such date, all in accordance with generally accepted accounting principles in the State of Incorporation applied on a
consistent basis; 

  

	 	(k)	Material Adverse Change: there has been no material adverse change in the financial condition or prospects of the Lessee and its Affiliates on the part of
the Lessee or its Affiliates since the date of the financial statements referred to in paragraph (j) above or in the consolidated financial condition of Lessee or its Affiliates which would materially adversely affect the ability of Lessee or
any Lessee Affiliate to perform its obligations under this Agreement or any other Operative Document; 

  

	 	(l)	No Litigation: no litigation, arbitration or administrative proceedings are pending or, to Lessee’s knowledge, threatened before any court or
administrative agency against Lessee or any Lessee Affiliates which, if adversely determined, would have a material adverse effect upon Lessee’s or such Lessee Affiliate’s financial condition or business or its ability to perform its
obligations under this Agreement or any other Operative Document; 

  

	 	(m)	No Default: no Default has occurred and is continuing or might result from the entry into or performance of this Agreement by Lessee;

  

	 	(n)	Full Disclosure: each of the Operative Documents and any other document, certificate or statement furnished to Lessor by or on behalf of Lessee in
connection with the transactions contemplated hereby or thereby (including, without limitation, financial information) does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements contained herein and therein not misleading; all forecasts and opinions contained therein were made in good faith and, if applicable, based upon assumptions deemed reasonable by Lessee; 

 

	 	(o)	Pari Passu: the obligations of Lessee and of each relevant Lessee Affiliate under this Agreement or any other Operative Document are direct and general
obligations and rank at least pari passu with all other present and future unsecured and unsubordinated obligations (including contingent obligations) of Lessee or such Lessee Affiliate, with the exception of such obligations as are mandatorily
preferred by law and not by virtue of any contract; 

  
 - 87 -

	 	(p)	No Immunity: Lessee and each relevant Lessee Affiliate is subject to civil commercial law with respect to its obligations under this Agreement and each
other Operative Document, neither Lessee nor any Lessee Affiliate nor any of its assets is entitled to any right of immunity and the entry into and performance of this Agreement or any other Operative Document by Lessee and by each relevant Lessee
Affiliate constitute private and commercial acts; 

  

	 	(q)	Import: all required import licenses and all customs formalities relating to the import of the Aircraft into the Habitual Base have been obtained or
complied with and all Taxes payable in connection with the import of the Aircraft into the Habitual Base have been paid; 

  

	 	(r)	Location: Lessee’s location (within the meaning of Section 9-307 of the UCC) is as set forth in clause 10.4(h); 

 

	 	(s)	Tax Election: Prior to or on the Delivery Date, if such law or a successor or similar law is in effect, Lessee will have duly made an election under
Article 25 of the regulations to the Mexican Assets Tax Law (Ley del Impuesto al Activo) or any similar law to be treated as the owner of the Aircraft for the purpose of the application of the tax on assets imposed by that law (or any
successor or similar law), including submission of a letter to the Mexican Ministry of Finance and Public Credit to effectuate and confirm such election; and 

 

	 	(t)	Withholding Tax: Lessee is not required to deduct, from any payment hereunder, any Taxes other than applicable Withholding Tax at a rate, as of the date
of this Agreement, of ***** and the provisions of clause 21 requiring Lessee to “gross-up” Lessor for such Withholding Tax and any applicable rate after the date of this Agreement, are legal, valid, binding and enforceable obligations of
Lessee. 

  

	2.	Lessor’s Representation and Warranties 

Lessor, in its capacity and (but only as provided in clause (b) and (c) below to the extent that it relates to the Owner Trustee) as Owner
Trustee, represents and warrants to Lessee and Owner Participant on the date of execution of this Agreement and on the Delivery Date in each case by reference to the facts and circumstances existing on such date that: 

 

	 	(a)	Status: Lessor, in its individual capacity, is a national banking association duly organised and validly existing in good standing under the laws of the
United States, has full corporate power and authority to carry on its business as so conducted, has the corporate power and authority to execute and deliver the Trust Agreement, has the corporate power and authority to carry out the terms of the
Trust Agreement and has the corporate power and authority to execute and deliver and to carry out the terms of this Agreement; 

  

	 	(b)	Power and Authority: this Agreement has been duly authorized by all necessary corporate action on the part of Owner Trustee, has been duly executed and
delivered by Owner Trustee and constitutes the valid, legal and binding obligation of Owner Trustee enforceable in accordance with its terms except insofar as enforceability may be limited by (i) applicable bankruptcy and similar laws
afflicting creditors’ rights generally or (ii) general principles of equity; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 88 - 

	 	(c)	Non-conflict: the entry into and performance by Lessor of, and the transactions contemplated by, this Agreement does not and will not: (i) conflict
with any Laws or Regulations applicable to Lessor; or (ii) conflict with the constitutional documents of Lessor; or (iii) conflict with or result in default under any document which is binding upon Lessor or any of its assets nor result in
the creation of any Security Interest over any of its assets; and 

  

	 	(d)	Approvals and Consents: no consent, approval, order or authorization of giving of notice to, or registration with, or taking of any other action in
respect of any Utah state or local governmental authority or agency or any United States federal governmental authority or agency regulating the trust powers of the Owner Trustee in its individual capacity is required for the execution and delivery
of or the carrying out by, the Owner Trustee, in its individual capacity or as Owner Trustee, as the case may be, of any of the transactions contemplated hereby or by the Trust Agreement, other than any such consent, approval, order, authorization
registration, notice or action as has been duly obtained, given or taken. 

  

	3.	Owner Participant’s Representation and Warranties 

 Owner Participant hereby represents and warrants to Lessee and Owner Trustee that as of the Effective Time: 
  

	 	(a)	Status: Owner Participant is a company incorporated and validly existing under the laws of Ireland and has the power and authority to enter into and to
perform its obligations under this Agreement; 

  

	 	(b)	Power and Authority: this Agreement has been duly authorized by all necessary corporate action on the part of Owner Participant, has been duly executed
and delivered by Owner Participant and constitutes the valid, legal and binding obligation of Owner Participant enforceable in accordance with its terms except insofar as enforceability may be limited by (i) applicable bankruptcy and similar
laws afflicting creditors’ rights generally or (ii) general principles of equity; and 

  

	 	(c)	Non-conflict: the entry into and performance by Owner Participant of, and the transactions contemplated by, this Agreement does not and will not:
(i) conflict with any Laws or Regulations applicable to Owner Participant; or (ii) conflict with the constitutional documents of Owner Participant; or (iii) conflict with or result in default under any document which is binding upon
Owner Participant or any of its assets nor result in the creation of any Security Interest over any of its assets. 

  

	4.	Survival 

 The representations and warranties of
Lessee pursuant to paragraph 1 of this Schedule 2 (Representations and Warranties) shall survive the execution of this Agreement and Delivery. 

  
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 Schedule 3 
 CONDITIONS PRECEDENT 
 Conditions Precedent to be satisfied by the Lessee

 1. Lessor’s obligations to deliver and lease the Aircraft to Lessee are subject to the satisfaction of the conditions precedent set
out in paragraph 1 to this Schedule 3 (the Lessee Conditions Precedent). All documents delivered to Lessor pursuant to paragraph 1 of this Schedule 3 will be in English and if not in English will be accompanied by a
certified English translation. 
  

	1.1	Pre Execution Conditions Precedent: On or before the date of this Agreement Lessee shall furnish the following to Lessor in each case in form and
substance satisfactory to the Lessor (acting reasonably): 

  

	 	(a)	Signing Authority: written evidence of appropriate corporate action authorizing the execution, delivery and performance of this Agreement and each other
Operative Document and the leasing of the Aircraft hereunder and appointing a specified Person or Persons to execute this Agreement and each other Operative Document on Lessee’s or the relevant Lessee Affiliate’s behalf, and a specimen of
the signature of each Person authorized to execute the Agreement on behalf of Lessee and each relevant Lessee Affiliate; 

  

	 	(b)	Know Your Customer: all such documentation and information from Lessee and each relevant Lessee Affiliate as requested by Lessor in respect of its
“Know Your Customer” checks, anti-money laundering checks and any other similar requirements; and all such checks and requirements shall be satisfactory to Lessor in its sole and absolute discretion; 

 

	 	(c)	Process Agent Letter: from the process agent appointed by Lessee accepting such appointment, together with an irrevocable power of attorney for lawsuits
and collections granted to such process agent, and duly granted before a Mexican notary public under Mexican law; 

  

	 	(d)	Due Execution Opinion: an opinion issued by independent counsel acceptable to Lessor in the State of Incorporation confirming the due execution of the
Agreement and each other Operative Document by Lessee and each relevant Lessee Affiliate, and that the Agreement and each other Operative Document constitutes the legal valid and binding obligations of Lessee and each relevant Lessee Affiliate
enforceable in accordance with its terms subject to bankruptcy, insolvency and similar laws affecting the rights of creditors generally and general principles of equity; 

 

	 	(e)	Approvals: evidence of the issue of each approval, license and consent (other than the Post Delivery Authorizations and Filings) which may be required in
relation to or in connection with the remittance to Lessor in Dollars of all amounts payable under this Agreement and each other Operative Document or the performance by Lessee and each relevant Lessee Affiliate of any of its other obligations
hereunder or thereunder or, if no such approvals are required, a statement to that effect included in the legal opinion referred to in paragraph 1.1(d). 

  
 - 90 -

 Pre Delivery Conditions Precedent 

 

	1.2	On or before the Scheduled Delivery Date, Lessee shall provide the following each in full force as of the Delivery Date and each in form and substance satisfactory to
Lessor (acting reasonably): 

  

	 	(a)	Corporate Documents: (to the extent not provided pursuant to paragraph 1.1(a)) a certified copy of (i) the constitutional documents
(estatutos sociales) of Lessee and each relevant Lessee Affiliate, (ii) the resolutions of the board of directors of Lessee and of each relevant Lessee Affiliate or other written evidence of appropriate corporate action authorizing the
execution, delivery and performance of this Agreement and each other Operative Document and the leasing of the Aircraft hereunder and appointing a specified Person or Persons to execute this Agreement and each other Operative Document on its behalf
and each other Operative Document and (iii) a specimen of the signature of each Person authorized to execute the Agreement and each other Operative Document on behalf of Lessee and of each relevant Lessee Affiliate; 

 

	 	(b)	Opinion: a legal opinion or opinions issued by independent legal counsel acceptable to Lessor in the State of Incorporation and the State of Registration
substantially in the Agreed Form; 

  

	 	(c)	Approvals and consents: evidence of the issue of each authorization, approval, consent and notification which may be required in relation to, or in
connection with, the remittance to Lessor in Dollars of all amounts payable under this Agreement and under each other Operative Document or the performance by Lessee of any of its other obligations hereunder or thereunder or, if no such approvals
are required, a statement to that effect included in the legal opinion described in paragraph 1.2(b); 

  

	 	(d)	Licenses: copies of Lessee’s air transport license, air operator’s certificates, concession and all other licenses, certificates and permits
required by Lessee in relation to, or in connection with, the operation of the Aircraft; 

  

	 	(e)	Intentionally Left Blank; 

  

	 	(f)	Air Traffic Control Letter: a letter in Agreed Form from Lessee addressed to Servicios a la Navegación en el Espacio Aéreo Mexicano,
Aeropuertos y Servicios Auxiliares, and each other relevant air traffic control authority or airport authority pursuant to which Lessee authorizes the addressee to issue to Lessor, upon Lessor’s request at any time that Lessor, following
consultation with Lessee (unless a Default exists), reasonably believes Lessee may not have paid any such sum when due , a statement of account of all sums due by Lessee to such authority in respect of all aircraft (including the Aircraft) operated
by Lessee, such letter to be in the Agreed Form; 

  

	 	(g)	Deregistration Power of Attorney: the Deregistration Power of Attorney, in Spanish and in English, duly notarized and legalized; 

 

	 	(h)	Insurance: a certificate of insurance and reinsurance evidencing the due compliance by Lessee with the insurances required to be maintained pursuant to
this Agreement together with a broker’s letter of undertaking; 

  

	 	(i)	Financial Statements: the balance sheet of Lessee as of December 31, 2006 and its profit and loss account, cashflow statement and the notes to its
financial statements in each case relating to the fiscal year then ended and all certified by the independent auditors of Lessee; 

  
 - 91 -

	 	(j)	Payments: all sums due to Lessor under this Agreement on or before the Delivery Date including the first payment of Rent and the Deposit;

  

	 	(k)	Maintenance: a copy of the preamble and matrix from the Agreed Maintenance Program; 

 

	 	(l)	Acceptance Certificate: the Acceptance Certificate, dated and fully completed, and executed by Lessee; 

 

	 	(m)	International Registry: evidence in a priority search certificate from the International Registry that there are no International Interests, prospective
International Interests or other interests registered in the International Registry in relation to the Airframe or any Engine; 

  

	 	(n)	UCC: Financing Statements with respect to this Agreement and the Aircraft in a form acceptable to Lessor duly executed and delivered by Lessee and duly
filed in each jurisdiction requested by Lessor; 

  

	 	(o)	Mexican Asset Tax: if such law or any successor or similar law is in effect, evidence that Lessee has elected to consider the Aircraft as part of its
assets for the purpose of the Mexican Asset Tax Law (Ley del Impuesto al Activo) or any successor or similar law then in effect, in the form of a file-stamped copy of the letter from Lessee to the Mexican Ministry of Finance and Public Credit
in which Lessee makes such election; and 

  

	 	(p)	General: such other documents and financial information as Lessor may reasonably request. 

Delivery Conditions Precedent 
  

	1.3	On the Delivery Date the following conditions shall be satisfied (and confirmed by a certificate of an authorized signatory of Lessee dated the Delivery Date):

  

	 	(a)	Default: no Default shall have occurred and be continuing or might result from the leasing of the Aircraft to Lessee under this Agreement;

  

	 	(b)	Registration: receipt by Lessor of evidence that on the Delivery Date, except for the Post-Delivery Authorizations and Filings, all Pre-Delivery
Authorizations and Filings and all other filings, registrations and recordings have been made, and that all other actions have been or will be taken which are necessary or advisable to ensure the validity, effectiveness and enforceability of this
Agreement and to protect the rights and interests of Lessor in the Aircraft and, if applicable, the Security Trustee as mortgagee and/or assignee; and 

  

	 	(c)	Representations and Warranties: Lessee shall repeat the representations and warranties in paragraph 1 of Schedule 2 (Representations and
Warranties). 

  

	 	(d)	 Aircraft Sale and Delivery: (i) The Aircraft shall be new “ex factory” in substantially the condition required under
Schedule 6 hereof; (ii) Lessor shall have received (x) a certified 

  
 - 92 -

	 	
copy of the full export certificate of airworthiness in relation to the Aircraft issued by the LBA, (y) evidence satisfactory to Lessor that a valid Certificate of Registration for the
Aircraft will be issued in the name of the Lessee with the Lessor’s interest noted on the register by the Aviation Authority and confirmation from the Aviation Authority that it will issue a full certificate of airworthiness upon Delivery,
together with a true and correct copy of the current valid air operator’s certificate and airline operation license, or equivalent, of the Lessee, permitting the Lessee to operate aircraft of the same type as the Aircraft, issued by the
Aviation Authority and (z) the conditions precedent to the Lessor’s obligation to purchase the Aircraft provided for in the Aircraft Purchase Agreement shall have been satisfied; (iii) Airbus shall have transferred good and marketable
title to the Aircraft to Lessor free and clear of all Security Interests, except this Agreement, and Lessor shall have accepted the same in accordance with the Aircraft Purchase Agreement; (iv) receipt by Lessor of originals (or copies of
originals are not practically available) of all Operative Documents duly executed by the parties thereto (other than Lessor); and (v) receipt by Lessor of originals of the Aircraft Manufacturer delivery documents including Bill of Sale (duly
translated into Spanish, and duly notarized and legalized) from Airbus, buyer furnished equipment listings in respect of the Aircraft and legal opinions. 

 All opinions, certificates issued by Lessee, letters and instructions described herein as addressed to Lessor shall also be addressed to Owner Participant. 

2. Waiver: Each of the conditions precedent set out in paragraph 1 of this Schedule 3 are for the sole benefit of the Lessor and
maybe waived or deferred in whole or in part with or without conditions. If any condition precedent set out in paragraph 1.1 is not satisfied on the date of execution of this Agreement and/or any condition precedent set out in
paragraph 1.2 is not satisfied on the Scheduled Delivery Date, and/or any condition precedent set out in paragraph 1.3 is not satisfied on the Delivery Date and the Lessor (in its absolute discretion) agrees to deliver the Aircraft to
Lessee, Lessee shall ensure that such conditions precedent are fulfilled within 15 days after the Delivery Date and Lessor may treat the failure of Lessee to do so as an Event of Default. 

3. Conditions Precedent to be Satisfied by Owner Participant: Lessee’s obligations to accept delivery and lease the Aircraft from
Owner Participant are subject to receipt by Lessee from Owner Participant on or before the Delivery Date of the following, each in form and substance reasonably satisfactory to Lessee: 

 

	 	(a)	Constitutional Documents: a copy of the constitutional documents of Owner Participant; and 

 

	 	(b)	Resolutions: a copy of a resolution of the board of directors or other written evidence of appropriate corporate action of Owner Participant approving the
terms of, and the transactions contemplated by, this Agreement, resolving that Owner Participant enter into this Agreement and authorizing a specified Person or Persons to execute this Agreement; and 

 

	 	(c)	Confirmation of Irish Tax Residency: Evidence reasonably satisfactory to Lessee confirming Owner Participant’s status as a resident of Ireland for
tax purposes. 

  
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 Schedule 4 
 ***** 
  

													
	 	  	*****	 	  	*****	 	  	*****	 
	 Period 1
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 2
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 3
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 4
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 5
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 6
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 7
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 8
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 9
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 10
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 11
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 12
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 13
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 14
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 15
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 16
	  	 	*****	  	  	 	*****	  	  	 	*****	  

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 94 - 

 Schedule 5 
 INSURANCE REQUIREMENTS 
 Types of Insurance 

 

	1.	The Insurances required to be maintained are as follows: 

  

	 	(a)	Hull All Risks of loss or damage whilst flying and on the ground with respect to the Aircraft on an agreed value basis for the Agreed Value and with a deductible not
exceeding ***** each claim, or such other amount agreed by Lessor from time to time; 

  

	 	(b)	Hull War and Allied Perils, being such risks excluded from the Hull All Risks Policy to the fullest extent available from the leading international insurance markets,
including confiscation and requisition by the State of Registration, for the Agreed Value; 

  

	 	(c)	All Risks (including War and Allied Risk except when on the ground or in transit other than by air) property insurance on all Engines and Parts when not installed on
the Aircraft on an “agreed value” basis for their full replacement cost and including engine test and running risks; 

  

	 	(d)	Aircraft Third Party, Property Damage, Passenger, Baggage, Cargo and Mail and Airline General Third Party (including Products) Legal Liability for a combined single
limit (bodily injury/property damage) of an amount not less than the Minimum Liability Coverage for the time being for any one occurrence each aircraft (but in respect of products and personal injury liability, this limit may be an aggregate limit
for any and all losses occurring during the currency of the policy). War and Allied Risks are also to be covered under the policy to the fullest extent available from the leading international insurance markets and customarily obtained by similarly
situated operators (which coverage shall include but not be limited to an extended war risk coverage endorsement equivalent to the terms of AVN52D but for a combined single limit of an amount not less than the Minimum Liability Coverage).

 Terms of Hull and Spares Insurance 
  

	2.	All required hull and spares insurance, so far as it relates to the Aircraft, will: 

 

	 	(a)	Additional Assureds: name Lessor, Owner Participant, the Security Trustee (if any) and the Financing Parties (if any) and their respective successors and
permitted assigns as additional assureds for their respective rights and interests; 

  

	 	(b)	Settlement of Losses: name Lessor as (sole) Loss Payee for the Agreed Value and (sole) Contract Party in respect of any Total Loss of the Aircraft or Airframe
for an amount equal to the Agreed Value and provide that any such Total Loss will be settled jointly by Lessor and Lessee (in respect of which settlement Lessee agrees that it shall comply with the reasonable and lawful instructions of Lessor) so
long as no Event of Default has occurred and is continuing and solely with Lessor if an Event of Default has occurred and is continuing, and will be payable in Dollars directly to Lessor provided that where the loss does not exceed the Damage
Notification Threshold and Lessor has not notified the insurers to the contrary, the loss will be settled with and paid to Lessee; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 95 - 

	 	(c)	50/50 Provision: if separate hull “all risks” and “war risks” insurances are arranged, include a 50/50 provision in accordance with market
practice (AVS. 103 is the current market language); and 

  

	 	(d)	No option to Replace: confirm that the insurers are not entitled to replace the Aircraft in the event of an insured Total Loss. 

Terms of Liability Insurance 
  

	3.	All required liability insurances will: 

  

	 	(a)	Additional Insureds: include Lessor and each of the other Indemnitees, as additional insureds for their respective rights and interests, warranted, each as to
itself only, no operational interest to the extent that Lessee has agreed to indemnify and/or hold harmless such Indemnitees; 

  

	 	(b)	Severability: include a severability of interests clause which provides that the insurance, except for the limit of liability, will operate to give each insured
the same protection as if there was a separate policy issued to each insured; 

  

	 	(c)	Primary Policy: contain a provision confirming that the policy is primary without right of contribution, and the liability of the insurers will not be affected
by any other insurance of which any Indemnitee or Lessee may have the benefit so as to reduce the amount payable to the additional insureds under such policies. 

 Terms of All Insurances 
  

	4.	All Insurances will: 

  

	 	(a)	Prudent Industry Practice: be in accordance with prudent industry practice of Persons operating similar aircraft in similar circumstances;

  

	 	(b)	Dollars: provide cover denominated in dollars and any other currencies which Lessor may reasonably require in relation to liability insurance;

  

	 	(c)	Worldwide: operate on a worldwide basis subject to such limitations and exclusions as are, from time to time, standard in the New York and/or London aviation
insurance markets or as Lessor may agree; 

  

	 	(d)	Acknowledgement: acknowledge the insurer is aware (and has seen a copy) of this Agreement and that the Aircraft is owned by Lessor; 

 

	 	(e)	Breach of Warranty: provide that, in relation to the interests of each of the additional insureds, the Insurances will not be invalidated by any act or omission
by Lessee, or any other Person other than the respective additional insureds seeking protection and shall insure the interests of each of the additional insureds regardless of any breach or violation by Lessee, or any other Person other than the
respective additional insureds seeking protection of any warranty, declaration or condition, contained in such Insurances; 

  
 - 96 -

	 	(f)	Subrogation: provide that the insurers will hold harmless and waive any rights of recourse against the additional assureds or to be subrogated to any rights of
Lessor or Lessee; 

  

	 	(g)	Premiums: provide that the additional insureds will have no obligation or responsibility for the payment of any premiums due (but reserve the right to pay the
same should any of them elect so to do) and that the insurers will not exercise any right of set-off or counter-claim in respect of any premium due against the respective interests of the additional insureds other than outstanding premiums relating
to the Aircraft, any Engine or Part the subject of the relevant claim; 

  

	 	(h)	Cancellation/Change: provide that the Insurances will continue unaltered for the benefit of the additional insureds for at least thirty days after written notice
by registered mail or fax of any cancellation, change, event of non-payment of premium or installment thereof has been sent by insurer(s) to Lessor or where an insurance broker is appointed to the insurance broker who shall promptly send on such
notice to Lessor, except in the case of war risks for which seven days (or such lesser period as is or may be customarily available in respect of war risks or allied perils) will be given, or in the case of war between the five great powers or
nuclear peril for which termination is automatic; 

  

	 	(i)	Reinsurance: reinsurance with reinsurers acceptable to Lessor acting reasonably is required and such reinsurance will: 

 

	 	(i)	be on the same terms as the original insurances and will include the provisions of this Schedule; 

 

	 	(ii)	provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or affecting the reinsured that the reinsurers’
liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or similar proceedings) discharged its
obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and 

  

	 	(iii)	contain a “cut-through” clause in the following form (or otherwise satisfactory to Lessor): 

“The Reinsurers and the Reinsured hereby mutually agree that, in the event of any claim arising under the reinsurances in respect of
a total loss or other claim, as provided by the Aircraft Lease Agreement dated January 25, 2008 and made between Lessor and Lessee, such claim is to be paid to the Person named as sole loss payee under the primary insurances, the Reinsurers
will in lieu of payment to the Reinsured, its successors in interest and assigns pay to the Person named as sole loss payee under the primary insurances effected by the Reinsured that portion of any loss due for which the Reinsurers would otherwise
be liable to pay the Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers will (to the extent of such payment) fully discharge and release the Reinsurers from any and all further liability in
connection therewith; subject to such provisions not contravening any Law of the State of Incorporation;” 

  
 - 97 -

	 	(j)	Initiating Claims: contain a provision entitling Lessor or any insured party to initiate a claim under any policy in the event of the refusal or failure of
Lessee to do so; and 

  

	 	(k)	Indemnities: insure (to the extent of the risks covered by the policies) the indemnity provisions of this Agreement. 

Deductibles 
  

	5.	Lessee shall be responsible for any and all deductibles under the Insurances. 

 Application of Insurance Proceeds 
  

	6.	The Insurances will be endorsed to provide for payment of proceeds as follows: 

 

	 	(a)	Total Loss: all insurance payments received as the result of a Total Loss occurring during the Term will be paid to Lessor, and Lessor will pay the balance of
those amounts to Lessee after deduction of the Agreed Value and all other amounts which may be or become payable by Lessee to Lessor under this Agreement; 

  

	 	(b)	Exceeding Damage Notification Threshold: all insurance proceeds of any property, damage or loss to the Aircraft, any Engine or any Part occurring during the Term
not constituting a Total Loss and in excess of the Damage Notification Threshold will be paid to Lessor and applied in payment (or to reimburse Lessee) for repairs or replacement property upon Lessor being satisfied that the repairs or replacement
have been effected in accordance with this Agreement. Any balance remaining shall be paid to and may be retained by Lessor; 

  

	 	(c)	Below Damage Notification Threshold: insurance proceeds in amounts below the Damage Notification Threshold may be paid by the insurer directly to Lessee;

  

	 	(d)	Liability Proceeds: all insurance proceeds in respect of third party liability will, except to the extent paid by the insurers to the relevant third party, be
paid to Lessor to be paid directly in satisfaction of the relevant liability or to Lessee in reimbursement of any payment so made; and 

  

	 	(e)	Default: notwithstanding the foregoing paragraphs, if at the time of the payment of any such insurance proceeds a Default has occurred and is continuing, all
such proceeds will be paid to or retained by Lessor to be applied toward payment of any amounts which are or become payable by Lessee pursuant to this Agreement and the Other Agreements in such order as Lessor may elect with any remainder after
payment of all amounts payable hereunder or thereunder to be paid to Lessee. 

 To the extent that insurance
proceeds are paid to Lessee, Lessee agrees to comply with the foregoing provisions and apply or pay over such proceeds as so required. 

  
 - 98 -

 Schedule 6 
 ***** 
 In order for the Lessor to be obligated to purchase the Aircraft and lease it to
the Lessee hereunder, the Aircraft shall be new “ex-factory” and substantially comply with the following specifications (which description shall not be deemed a covenant, representation, warranty or guaranty to Lessee with respect to the
Aircraft, all of which are waived and disclaimed as provided in the Agreement): 
  

			
	Specification	  	
		
	General Model	  	A320-XXX
	Engine Type / SLST	  	V2527M A5
	APU Mfgr & Model	  	Honeywell, model 131-9A
	Registration	  	Mexico
	Manufacturer’s Serial #s	  	3672
	Year Built	  	2008 (November)
	ETOPS	  	No
	Autoland Capability	  	Category 3B
	WEIGHTS, FUEL & Max Taxi	  	77,000 kgs
	CARGO VOLUME Max Take Off	  	77,000 kgs
	Max Zero Fuel	  	62,500 kgs
	Max Landing	  	66,000 kgs
	Fuel Capacity	  	6,302 gallons / 41,291 lbs
	INTERIOR Seating Configuration	  	174 - All Economy
	Coat closet Cabin	  	Yes, 2 in the front before row 1 of seats
	Lavatories	  	1 fwd cabin, 2 aft cabin lavs are vacuum type)
	Seat Vendor, First	  	N/A
	Seat Pitch, First	  	N/A
	Seat Vendor, Coach	  	RECARO Model 3510
	Seat Pitch, Coach	  	30 inches except as noted on LOPA
	Escape Path Lighting Location	  	Floor Mounted
	Escape Path Lighting Vendor	  	PER / Lufthansa Guideline 400
	Vendor, Galley G1 and G5	  	Driessen for Fwd. and Aft Galley G1 and G5
	Airphone	  	None
	Audio/Visual Entertainment	  	PANASONIC MPES. 16 PSU mounted 10.4” retractable LCD monitors.
	SYSTEMS Wheels & Brakes	  	B F Goodrich
	Brake Fans	  	B F Goodrich
	Electrical	  	115v AC / 28v DC. 90kva
	Hydraulic	  	3,000psi, Eaton pumps

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 99 - 

 Avionics Equipment 
 Significant avionics equipment includes the following: 
  

					
	Quantity	  	Equipment Supplier	  	Part Number
			
	3 Radio Tuning Panels	  	THALES AVIONICS	  	C12848CA01
	2 HFS-900 HF Data Radios	  	Collins	  	822-0330-020
	3 VHF-900 VHF Data Radios	  	Collins	  	822-1047-030
	1 SELCAL Control Panel	  	TEAM	  	BC2065C
	1 SELCAL Decoder	  	Coltech	  	1200008-000
	1 Communications Mgmt Unit	  	N/A	  	N/A
	1 CVR (2 hour)	  	Allied Signal Avionic	  	980-6022-001
	1 DFDAU	  	SAGEM	  	ED48A100
	1 DFDR	  	Honeywell	  	980-4700-042
	1 Accelerometer	  	AMETEK AEROSPACE	  	3001-01-111
	2 Multi-Mode Receiver, ILS/GPS	  	Collins	  	22-1152-121
	2 Low Range Radio Altimeter	  	Collins	  	822-0334-020
	1 Wx Radar w/ PredictiveWindshear	  	Collins	  	822-1710-202
	1 Weather Radar Control Panel	  	Collins	  	622-5130-820
	1 TCAS II Computer	  	Honeywell	  	7517900-10003
	2 ATC Mode S Transponder	  	Collins	  	822-1338-021
	1 TCAS Control Panel	  	THALES AVIONICS	  	C12404AB02
	2 VOR/Marker Beacon Receiver	  	Collins	  	822-0297-020
	2 DME Interrogator	  	Collins	  	822-0329-020
	2 Multipurpose CDU	  	Honeywell	  	4077880-982
	2 FMC w/ Update and 1 MB Nav DB	  	Honeywell	  	C13042BA01
	1 EGPWS Computer	  	Allied Signal	  	965-1676-002

  
 - 100 -

			
	 EPAC Ref.
	  	 Title

		  	Introduction of A319-100 Standard Specification at Issue 5
		
	ATA 02	  	Certification
	02.10.100/06	  	High altitude certification up to 14100 ft
	02.10.104/20	  	Certification of dynamically tested passenger seats - all classes
	02.10.111/01	  	Compliance with FAA type certification requirements
	02.10.120/01	  	15 knots tailwind certification at Take - off
	02.10.120/02	  	15 knots tailwind certification at landing
	02.12.108/01	  	Extended environmental envelope ( ISA + 40 )
	02.12.140/03	  	Compliance with FAR 121.344
	02.35.135/XX	  	Cabin BFE equipment turned into SSBFE
	02.35.135/XX	  	Avionics BFE equipment turned into SSBFE
	02.40.101/01	  	External livery
	ATA 03	  	Weights
	03.20.400/XX	  	Design weights MTOW 77 T/ MLW 64.5 T / MZW 61 T
	03.20.400/02	  	Design weights increased to MTOW 75.5 T/MLW 62.5 T/MZFW 58.5 T
	ATA 11	  	Placards and markings
	11.00.104/03	  	Identification plates
	11.00.104/26	  	Cockpit identification plate on lavatory partition
	11.00.105/03	  	Installation of additional identification plate on rear LH fuselage (FAA requirements)
	11.00.136/01	  	Second language for residual cabin and cargo pressure doors
	11.20.106/05	  	Exterior placards and markings in Spanish and English
	11.30.100/01	  	Bilingual cabin placards for passengers per customized definition
	11.30.111/36	  	Bilingual EEPMS exit identifier - English below (vertical) and second language (Horiz.) - Airsignal
	11.30.122/07	  	Installation of placards on emergency equipment containers
	11.30.127/72	  	Installation of additional placards in lavatories
	11.20.115/07	  	Ram Air Turbine - bilingual markings (English / Spanish)
	11.20.119/01	  	NLG permanent steering markers (+/-95° wheels positions)
	11.20.125/07	  	RVSM markings
	11.20.128/67	  	Air conditioning packs outlet (RAM AIR)
	11.20.128/75	  	Additional external markings
	ATA 21	  	Air conditioning
	21.27.108/01	  	Avionics ventilation air filter PALL APME QB0452
	21.27.109/04	  	Installation of two ozone catalytic converters (A318 type)
	21.30.000/20	  	Non installation of RPCU
	21.50.050/01	  	Installation of A318 type ECS
	ATA 22	  	Auto flight
	22.70.100/XX	  	FMS alternate equipment
	ATA 23	  	Communications
	23.73.144/01	  	Flashing steward call light
	23.00.132/30	  	ELT installation - BFE
	23.11.115/14	  	Installation of one HF system - COLLINS 900 - DIGITAL ATENNA COUPLER - BFE
	23.13.101/02	  	Installation of third RMP 8.33 KHz capable
	23.50.138/04	  	Cockpit hand microphone alternate equipment – Holmberg

  
 - 101 -

			
	 EPAC Ref.
	  	 Title

		
	23.51.136/06	  	Installation of Plantronics Boom-sets
	23.71.103/10	  	Solid State Cockpit Voice Recorder (SSCVR) – Honeywell
	Global	  	IFE system- PANASONIC
	23.36.007/01	  	Wiring provisions for digital server system (SC-A and crew panel) – PANASONIC
	23.36.105/04	  	Provisions for VCC in OHSC aft of door 1 LH
	Global	  	CIDS Changes – GLOBAL
	23.73.144/01	  	Flashing steward call light
	ATA 24	  	Electrical power
	24.00.335/01	  	Installation of additional electrical outlets 115V/60Hz in cockpit
		  	Provisions and installation of in-seat PC power outlets (2 outlets per triple seat)
	ATA 25	  	Cabin & cockpit
	Global	  	Cabin layout TBA
		  	Provisions for cabin conversion to TACA definition
		  	Interior colour scheme
	25.24.125/01	  	OHSC alternate door – Increased Volume
	Global	  	Cargo compartment – full bulk with reinforced floor panels
	25.50.137/01	  	Rubber seal profile in cargo compartment floor panels
	25.61.112/01	  	Installation of slide raft at FWD and AFT doors
	25.45.212/03	  	Lavatory wash basin – installation of stainless steel
	25.28.103/02	  	From dispersion-adhesive to double- sided adhesive tape
	25.35.130/04	  	Installation of electrical galley catering equipment (BFE) (change 1)
	25.35.131/03	  	Installation of non-electrical galley catering equipment (BFE) (change 1)
	25.35.132/02	  	Installation of non-electrical galley catering/loose equipment (BFE) (change 1)
	25.45.201/18	  	Installation of holder for soap bottles celeste
	25.67.001/01	  	Installation of medical outlets in Aft RH PSU channel (115V/400Hz and 28VDC/360W)
	25.28.142/XX	  	Non Textile Floor covering selection
		  	Cabin emergency equipment
	ATA 26	  	Fire protection
	26.21.104/XX	  	Engine fire exting. Alternate equipment – PACIFIC SCIENTIFIC
	ATA 27	  	Flight Controls
	27.92.101/02	  	Visual/Aural indication of simultaneous side stick action
	ATA 29	  	Hydraulic Power
	29.10.110/09	  	Hydraulic Engine Driven Pumps (EDPs) – EATON AEROSPACE
	29.21.104/07	  	Electropumps – EATON AEROSPACE
	ATA 30	  	Ice and Rain Protection
	30.11.101/01	  	Wing anti-ice valve alternate equipment – Honeywell
	ATA 31	  	Indicating/Recording
	31.33.050/24	  	FDIMU – Alternate equipment
	31.33.200/01	  	SSFDR alternate equipment (256 w/s capable) – HONEYWELL
	31.52.102/02	  	ECAM OEB reminder function activation on FWC
	31.60.120/01	  	Installation of LCD EIS2 – Thales Avionics
	ATA 32	  	Landing gear
	32.00.100/02	  	Installation of full electrically signaled braking system
	32.10.103/01	  	Small bore inflation valve on NLG & MLG BF Goodrich wheels (without indicator)
	32.40.113/25	  	Installation of wheels and brakes – GOODRICH DURACARB
	32.41.111/01	  	Main Landing Gear (MLG) tire selection – MICHELIN

  
 - 102 -

			
	 EPAC Ref.
	  	 Title

		
	32.41.120/05	  	Nose Landing Gear (NLG) tire selection – MICHELIN
	32.48.200/XX	  	Installation of universal brake cooling fans
	ATA 33	  	Lights
	33.50.110/41	  	Installation of floor mounted EEPMS – Lufthansa Technik (with cover) / Exit identifier Airsigna
	ATA 34	  	Navigation
	34.10.117/04	  	ADIRS alternate equipment – HONEYWELL
	34.13.105/01	  	Installation of aspirated TAT probes – Rosemount
	34.13.106/01	  	Pitot Probes alternate equipment – BF GOODRICH
	34.20.202/02	  	Installation of ISIS
	34.41.300/05	  	Single weather radar with PWS function activated and multi-scan capability – Rockwell Collins
	34.42.101/07	  	Radio altimeter – alternate equipment
	34.42.117/01	  	Radio altitude automatic call-out
	34.43.200/35	  	Installation of TCAS – change 7
	34.48.132/01	  	Activation of the GEOMETRIC ALTITUDE function in the EGPWS
	34.48.132/02	  	Activation of the Peaks function in the EGPWS
	34.48.132/03	  	Activation of the Obstacle function in the EGPWS
	34.50.104/04	  	DDRMI VOR / ADF / DME
	34.58.313	  	Multi Mode Receiver (MMR) alternate equipment – ROCKWELL COLLINS
	ATA 35	  	Oxygen
	35.11.101/01	  	Alternate flight crew oxygen cylinder 115 Cu/ft (steel)
	35.20.104/01	  	Identification of pax chemical oxygen generators
	35.21.106/01	  	Installation of four masks per double triple seats
	35.31.108/04	  	Installation of a Scott Aviation PBE in cockpit (BFE) P/N 802300-14
	ATA 36	  	Pneumatic
	36.110.05/01	  	Engine bleed air alternate supply system
	ATA 38	  	Water/Waste
	38.41.101/01	  	Pressurization of potable water system
	38.10.104/02	  	Installation of water conditioner in potable water system (A318 A319 A321)
	ATA 46	  	ATSU
	46.21.102/08	  	Upgraded standard Airbus AOC software for ATSU – Rockwell-Collins
	ATA 49	  	APU
	49.00.105/04	  	APU alternate equipment – ALLIED SIGNAL 131-9A
	ATA 51	  	Structure
	51.22.201/02	  	Basic paint system selection – PPG AEROSPACE
	ATA 52	  	Doors
	52.51.100/00	  	Installation of intrusion & penetration resistant cockpit door
	ATA 55	  	Stabilizers
	55.30.101/01	  	Installation of erosion protection on vertical stabilizer leading edge – Stainless steel
	ATA 56	  	Windows
	56.10.102/02	  	Cockpit alternate front windows – SAINT-GOBAIN SULLY
	56.10.102/13	  	Cockpit alternate lateral windows – SAINT-GOBAIN SULLY
	ATA 72	  	Engines
	72.00.119/XX	  	Engines selection

  
 - 103 -

 Schedule 7 
 PRE-DELIVERY PROCEDURE 
 1. Prior to the Delivery Date, subject to the requirements of any
purchase agreement in respect of the Aircraft, Lessor shall give Lessee an opportunity to inspect the Aircraft and to participate as observer with up to two representatives of Lessee on the Aircraft in a demonstration flight of the Aircraft (not to
exceed two hours’ duration) at such location as Lessor shall notify to Lessee to ensure that the Aircraft meets the Delivery Condition Specifications. 
 2. Lessee shall enter into the Participation Agreement, in the form agreed between Owner Participant and Lessee on or prior to the date of this Agreement, which shall govern, inter alia, the rights of
Lessee pursuant to this clause 2. 
 3. If Lessee notifies Lessor of any non-conformity of the Aircraft with the Delivery Condition
Specification observed during the inspection or demonstration flight (and such non-conformity is recorded in the flight log in the case of a demonstration flight) Lessor will (subject to paragraph 4) correct or procure the correction of such
non-conformity as promptly as practicable and make the Aircraft available for re-inspection by Lessee. 
 4. If Lessor notifies Lessee that it
does not intend to correct any defect because in the opinion of Lessor it is impracticable or prohibitively expensive to do so, either Lessor or Lessee will be entitled to terminate this Agreement by written notice to the other party and the
provisions of clause 3.4(b) shall apply. 
 Indemnity 
 5. Lessee is responsible for and shall indemnify and hold harmless the Indemnitees from and against all Losses arising from death or injury to any observer representative or any employee of Lessee in
connection with any demonstration flight or inspection of the Aircraft by Lessee. 
 Licenses 

6. It is the responsibility of Lessee to obtain all licenses, permits or approvals necessary to export or transport the Aircraft from the Delivery
Location. 
 7. Lessor will provide Lessee with any required data and information relating to the Aircraft or Lessor for the purposes of
obtaining such licenses, permits or approvals. 

  
 - 104 -

 Schedule 8 
 ***** 
 ***** 

***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 105 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 106 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 107 - 

 Schedule 9 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 108 - 

 Schedule 10 
 [INTENTIONALLY LEFT BLANK] 

  
 - 109 -

 Schedule 11 
 ***** 
 ***** 

 

	1.	List of manuals 

 Basic: 

 

	1.	Airplane Flight Manual 

  

	2.	Flight crew operating Manual 

  

	3.	Trim Sheet 

  

	4.	Quick Reference Handbook 

  

	5.	Weight and Balance Manual 

  

	6.	Performance Engineer’s Programs 

  

	7.	Airbus A [xxx-xxx] Standard Specification [xxx xxxxx] issue [x], revision [x] dated [xx xx xxx] and as amended to include all Lessee standard SCNs (Specification Change
Notices) 

  

	8.	Performance Programs Manual 

  

	9.	Aircraft Maintenance Manual 

  

	10.	Wiring Diagram Manual 

  

	11.	Power Plant Build-up Manual 

  

	12.	Engine Brochures 

  

	13.	APU Log Book (with manufacturer delivery documents) 

  

	14.	Illustrated Parts Catalogue 

  

	15.	Illustrated Parts catalogue (Airframe) Additional Cross Reference Table 

  

	16.	Structural Repair Manual 

  

	17.	Nacelle Structural Repair Manual 

  

	18.	Engine Maintenance Manual 

  

	19.	Illustrated Parts catalogue (power-plant) 

  

	20.	Master Minimum Equipment List 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 110 - 

	21.	Maintenance Planning Document 

  

	22.	Component Maintenance Manuals (Vendor and Manufacturer) 

  

	23.	Engineering and Tooling Drawings 

  

	24.	Maintenance Facility Planning 

  

	25.	Support Equipment Summary 

  

	26.	Tool and Equipment bulletins 

  

	27.	Tools and equipment Drawings 

  

	28.	Tools and equipment index 

  

	29.	Illustrated tools and Equipment Manual 

  

	30.	Technical Publications Combined Index 

  

	31.	Trouble shooting Manual 

  

	32.	Component Documentation Status 

  

	33.	Component Evolution List 

  

	34.	Cable Fabrication Manual 

  

	35.	Standards Manual 

  

	36.	Parts usage 

  

	37.	Schedule (drawing Nomenclature) 

  

	38.	Process and Materials Specification 

  

	39.	Installation and Assembly Drawings 

  

	40.	Airplane Characteristics for Airport Planning 

  

	41.	ATA breakdown index 

  

	42.	CADETS (technical Publications Training) 

  

	43.	Aircraft Recovery Manual 

  

	44.	Crash Crew Chart 

  

	45.	Cargo Loading system Manual 

  

	46.	List of applicable publications 

  
 - 111 -

	47.	List of radio active and hazardous elements 

  

	48.	Livestock transportation Manual 

  

	49.	Service Bulletins 

  

	50.	Service information letters 

  

	51.	Supplier Product Support Agreements 

  

	52.	Transportability Manual 

  

	53.	Vendor Information Manual 

  

	54.	Vendor Information Manual for Ground Support Equipment 

  

	55.	Maintenance Review Board 

  

	56.	Non Destructive Testing Manual 

  

	57.	Power Plant Build up Manual 

  

	58.	Aircraft Schematics Manual 

  

	59.	Aircraft Wiring Lists 

  

	60.	Aircraft Wiring Manual 

  

	61.	Component Location Manual 

  

	62.	Consumable Material List 

  

	63.	Duct Repair Manual 

  

	64.	Electrical Load Analysis 

  

	65.	Electrical Standards Practices Manual 

  

	66.	Electrical Standards Practices Booklet 

  

	67.	Fuel Pipe Repair Manual 

  

	68.	Maintenance Planning Task Cards 

  
 - 112 -

 ***** 
 The Technical Records and Manuals shall be in English, shall include those as of the Delivery Date, shall include those required during the Term to comply with EASA Regulation 2042 and JAR OPS 1 and
shall otherwise be as detailed below. 
 All documents shall be presented in a good, legible condition and, if applicable, sorted and/or bound
together in a manner appropriate to the document type, loose page documents shall be grouped together in a secure manner and in the correct numerical or chronological order. Distinct groups, packages or boxes of documents shall be numbered and
labeled according to their content and a master index of all packages or boxes shall be provided. 
  

	1.	CERTIFICATES 

  

	 	(a)	Certificate of Airworthiness (current). 

  

	 	(b)	Current Aircraft Registration Certificate. 

  

	 	(c)	Original Export Certificate of Airworthiness from State of Manufacture. 

  

	 	(d)	Current Export Certificate of Airworthiness from State of Registration. 

  

	 	(e)	Export Certificate of Airworthiness for fitted engines if not original to the Aircraft (Copy). 

 

	 	(f)	Radio Station License (current). 

  

	 	(g)	Noise certificate (current). 

  

	 	(h)	Registration cancellation notice (if issued by State of Registration). 

  

	 	(i)	Air Operator Certificate (Lessee). 

  

	 	(j)	RVSM, B-RNAV, P-RNAV, ATC transponder, Altimeter and pitot / static check certification as applicable and as required by the FAR part 43 and 91.

  

	 	(k)	Certificate of most recent Release to Service (copy). 

  

	 	(l)	Certificate of Sanitary Construction (Galleys) if applicable. 

  

	 	(m)	All Supplemental Type Certificates (STC) applied to the Aircraft (Copies). 

 

	2.	AIRCRAFT STATUS SUMMARIES 

 All status
summary document to be signed and dated on final page by the Lessee’s Quality Manager and all other pages initialed. 
  

	 	(a)	Aircraft record of flight time and cycles (listing accumulated hours and cycles on specific dates). 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 113 - 

	 	(b)	Airworthiness Directive Applicability and Compliance status Reports (Airframe, Engines and Appliances) Format/content as follows: 

 

	 	(i)	Airworthiness Directives listed in a chronological order. 

  

	 	(ii)	All Airworthiness Directives applicable to the Aircraft, Engine, APU or Aircraft Appliance type listed as follows: 

 

	 	(A)	AD number. 

  

	 	(B)	AD effective date. 

  

	 	(C)	Title. 

  

	 	(D)	Applicability status. 

  

	 	(E)	Accomplishment status. 

  

	 	(F)	Date or hours /cycles at last accomplishment action. 

  

	 	(G)	Date or hours /cycles of next action due (if applicable). 

  

	 	(c)	Manufacturer’s Airworthiness Directive compliance Status at time of Manufacture. 

 

	 	(d)	Manufacturer Service Bulletin Compliance Report for the Aircraft, Engine, APU and the Aircraft Appliances. Format/content as follows: 

 

	 	(i)	SB number. 

  

	 	(ii)	SB effective date. 

  

	 	(iii)	Title. 

  

	 	(iv)	Applicability status. 

  

	 	(v)	Accomplishment status. 

  

	 	(vi)	Date or hours /cycles at last accomplishment action. 

  

	 	(vii)	Date or hours /cycles of next action due (if applicable). 

  

	 	(e)	Corrosion Prevention and Control Program Task Status (showing last accomplishment and next due for each task) if applicable, listing the Corrosion Prevention and
Control Program Tasks in a numerical order. 

  
 - 114 -

	 	(f)	Aging Aircraft Inspection and Modification Program tasks status (showing task number, termination status as applicable, last accomplishment and next due for each item
if open) if applicable. Manner of presentation as follows: 

  

	 	(g)	List of Operator implemented Modifications Incorporated (Engineering Orders applied to Airframe, Engines and Appliances). Format/content as follows:

  

	 	(i)	Operator Modifications listed in numerical order. 

  

	 	(ii)	Cross reference document between Operators modification number and original engineering source /vendor document provided. 

 

	 	(iii)	Air Authority/FAA/JAA/State of Manufacture type certificate data approval for modification provided. 

 

	 	(h)	Structural Repair File with a detailed structural Map showing exact location of all external repairs and damages indicating their status in accordance with the
Manufacturers structural repair manual showing general size and location of each external repair and basis for approval). Format/content as follows: 

  

	 	(i)	Records of accomplishment or compliance of each indexed repair provided as follows: 

 

	 	(A)	Original signed /certified “dirty finger print” records. 

  

	 	(B)	Presented in binder (or binders). 

  

	 	(C)	Numbered and sorted by index number. 

  

	 	(ii)	Records for Major Repairs or repairs that do not conform to the Manufacturer’s Structural Repair Manual accompanied by the appropriate Engineering Approval
document issued by the State of Manufacture Airbus RAS. 

  

	 	(i)	List of Major Alterations and Supplemental Type Certificate’s Incorporated (STC’s) (with reference to approved documentation used to accomplish).

  

	 	(j)	List and Status of Airframe Life Limited Parts (if any) with full back to birth traceability support documents. Format/content as follows: 

 

	 	(i)	Each Life Limited Part fitted to the Airframe listed by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent) pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  
 - 115 -

	 	(k)	List and Status of Landing Gear Life Limited Parts for each Landing Gear with full back to birth traceability support documents Format/content as follows:

  

	 	(i)	Each Life Limited Part fitted to Landing Gear listed by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent) pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  

	 	(l)	List and Status of Engine Life Limited Parts with full back to birth traceability support documents. Format/content as follows: 

 

	 	(i)	Each Life Limited Parts fitted to the engine identified by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent) pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  
 - 116 -

	 	(m)	List and Status of Auxiliary Power Unit (APU) Life Limited Parts (if any) with full back to birth traceability support documents Format/content as follows:

  

	 	(i)	Life Limited Part fitted to the APU identified by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent) pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  

	 	(vi)	Check/Inspection History and Current Status. 

  

	 	(n)	List and Current Status of Time-Controlled Components Format/content as follows: 

 

	 	(i)	Time-Controlled Components fitted to the Aircraft listed by part number and unique serial number. 

 

	 	(ii)	Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or equivalent) provided for Time-Controlled Components. 

 

	 	(o)	Inventory of Installed Serialized On-Condition/Condition Monitored Components. Format/content as follows: 

 

	 	(i)	Serialized Components fitted to the Aircraft listed by part number and unique serial number. 

 

	 	(ii)	Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or equivalent) provided for Serialized Components. 

 

	 	(p)	List of Deferred Maintenance Items (if no Deferred Maintenance Items are “open” at transfer, a signed statement to that effect is required).

 List and Status of any Out-of-Phase Checks, Special Inspection Requirements, Time Limited Repairs, etc. (If none
exist or if requirements are incorporated into aircraft status reports, then a signed statement to that effect is required.) 
  

	 	(q)	Supplemental Structural Inspection (SSID) Status (if applicable) (showing last accomplishment and next due for each task). Format/content as follows:

  

	 	(i)	listing the Supplemental Structural Inspections in a numerical or chronological order as applicable. 

  
 - 117 -

	3.	AIRCRAFT MAINTENANCE RECORDS 

  

	 	(a)	Aircraft Flight and Maintenance Log Sheets (minimum of operation back to previous highest level Airframe Structural Check). 

 

	 	(b)	Airframe inspection, maintenance, modification and repair documents with maintenance and/or inspection signatures (as required) and description of work done.

  

	 	(c)	Last “A”, and all systems “C” Checks, and Airframe 6 Year Block Structural Check and Airframe 12 Year Block Structural Check (or equivalents) (In
the event that a check is performed in phases, all phases necessary to constitute a complete block check are required. In the event that check content varies by multiples of the check, all multiples necessary to constitute a complete cycle are
required). 

  

	 	(d)	Airworthiness Directive, Service Bulletin and Modification compliance documents including engineering orders, drawings, shop cards, etc., as necessary to establish
method of compliance, quality control acceptance, and approval authority. 

  

	 	(e)	Corrosion Prevention and Control Program compliance documents and inspection findings as applicable including records of accomplishment or compliance provided (the
original signed /certified “dirty finger print” workcards). 

  

	 	(f)	Documentation for Operator Modifications such as engineering orders, drawings, FAA form 8110-3, Supplemental Type Certificates, Master Change Notice, FAA type
certificate conformity approval from manufacturer or approved design organization etc., as necessary to define work done, certification basis, and approval authority. 

 

	 	(g)	Supporting Documentation for Operator Modifications such as engineering orders, drawings, FAA form 8110-3, Supplemental Type Certificates, Master Change Notice,
FAA type certificate conformity approval from manufacturer or approved design organization etc., as necessary to define work done, certification basis, and approval authority. 

 

	 	(h)	Aircraft weight and balance records (including weight change ledger, most recent weighing report and individual flight control weight and balance data).

  

	 	(i)	Test Flight Reports. 

  

	 	(j)	X-Ray Inspection findings (pictures/film) as applicable. 

  

	4.	AIRCRAFT HISTORY RECORDS 

  

	 	(a)	Service Difficulty Reports, Lessee System Reliability reports and equivalent. 

 

	 	(b)	Accident and Incident Reports (if none, then a signed “no Incident /Accident” statement from operator’s Quality Control Manager).

  

	 	(c)	Aircraft Log Book(s) and Aviation Authority Operation and Modification Log Book(s) (as applicable). 

  
 - 118 -

	5.	ENGINE RECORDS (FOR EACH ENGINE) 

 Each
status summary signed and dated on the final page by the Lessee’s Quality Manager and all content pages initialed. 
  

	 	(a)	Certified statement as to following: 

  

	 	(i)	time and cycles since new 

  

	 	(ii)	time and cycles since overhaul on each engine module 

  

	 	(iii)	flying hours and cycles in lessee’s operation 

  

	 	(b)	Engine Master Record (record of installation and removal and accumulated flight time and cycles for Engine and each module installed at Redelivery Date)

  

	 	(c)	List of Operator Modifications Incorporated, if any including supporting documentation with Manufacturer approval 

 

	 	(d)	List of all Major Repairs and Alterations, if any 

  

	 	(e)	Check/Inspection Status 

  

	 	(f)	Accessory Status sheet with certified TSO for each rotable item installed 

  

	 	(g)	Last overhaul tags (or copies) for each of the accessory rotables 

  

	 	(h)	Engine Build Specifications 

  

	 	(i)	(Repair, overhaul and inspection documents such as JAA form 1, FAA 8130-3 and FAA form 337 for each shop visit (minimum acceptable is shop visit history
through last Engine Performance Restoration shop visit and if different, last overhaul of each module) 

  

	 	(j)	List of current Line Replaceable Units (LRU)/QEC Items missing from engine (if applicable for a spare Engine redelivery or off-wing Engine) 

 

	 	(k)	Engine Condition Monitoring Report for the three (3) months prior to redelivery 

 

	 	(l)	Last three (3) months of aircraft flight/technical logs to which engine was fitted 

 

	 	(m)	Reason for last engine removal, engine change paperwork and date of engine removal 

 

	 	(n)	Most recent certified engine borescope (videotaped) 

  

	 	(o)	Most recent fuel, oil sampling, magnetic chip detector and vibration survey results 

 

	 	(p)	Most recent on-wing ground performance run specifying engine OATL (outside air temperature limit) at rated thrust 

  
 - 119 -

	 	(q)	Last certified Test Cell Run specifying engine OATL 

  

	 	(r)	Engine Oil used 

  

	 	(s)	Any incidents during operation since last performance restoration shop visit with action taken i.e. IFSD/FOD/oil loss etc. 

 

	6.	APU RECORDS 

  

	 	(a)	Certified statement as to following: 

  

	 	(i)	hours and cycles since new 

  

	 	(ii)	hours and cycles since overhaul 

  

	 	(iii)	hours and cycles since hot section inspection 

  

	 	(iv)	lessee’s method for APU time accrual i.e. 1:1 with aircraft hours and cycles 

 

	 	(b)	APU Master Record (record of installation and removal and accumulated time and cycles) 

 

	 	(c)	List of Operator Modifications Incorporated, if any including supporting documentation with Manufacturer approval 

 

	 	(d)	(Accessory Status Sheet with certified time since overhaul for each rotable item installed 

 

	 	(e)	Last overhaul tags (or copies) for each of the accessory rotables 

  

	 	(f)	Certified and Updated APU Log Book from new (with manufacturer delivery documents) 

 

	 	(g)	Repair, overhaul and inspection documents such as FAA Forms 337 (minimum acceptable is shop visits through last APU Performance Restoration /Hot section Inspection/
overhaul) 

  

	 	(h)	Documents demonstrating installation and full traceability back to birth (to new) for each Life Limited Part 

 

	 	(i)	List of Line Replaceable Units (LRU)/QEC Rotable items missing from APU (if any for any spare APU redelivery) 

 

	 	(j)	Last three (3) months of aircraft flight/technical logs to which APU was fitted 

 

	 	(k)	Reason for last APU removal, removal paperwork and date of APU removal 

  

	 	(l)	Most recent certified APU borescope report (videotape) 

  

	 	(m)	Most recent APU on-wing health check datasheets 

  

	 	(n)	Last certified test cell run 

  
 - 120 -

	 	7.	MISCELLANEOUS TECHNICAL DOCUMENTS 

  

	 	(a)	Maintenance Program Specifications including a cross-reference to Manufacturer’s maintenance planning document 

 

	 	(b)	Reference material necessary for interpretation of status summaries, i.e. Operator part numbers Cross Reference to Manufacturer’s part numbers

  

	 	(c)	Interior configuration drawings as follows: 

  

	 	(i)	L.O.P.A. 

  

	 	(ii)	Emergency Equipment Locations 

  

	 	(iii)	Galley Drawings 

  

	 	(iv)	Cargo Loading System layout 

  

	 	(d)	Aircraft Readiness Log (or parts configuration Status document) 

  

	 	(e)	Loose Equipment Inventory 

  

	 	(f)	Seat, cushion and fabric cover Material Burn Test documents for JAR25.853 

  

	 	(g)	Flight Data Recorder – Print / Copy of Last Read-Out with all exceedences (if any) identified and parameter accuracy confirmed 

 

	8.	AIRCRAFT STATUS SUMMARIES 

  

	 	(a)	Airworthiness Directive Applicability and Compliance status at time of Manufacture 

 

	 	(b)	Manufacturer Service Bulletin Compliance Report for the Aircraft, Engine, APU and the Aircraft Appliances 

 

	 	(c)	[Airbus A [xxx-xxx] Standard Specification J [xxx xxxxx] issue [x], revision [x] dated [xx xx xxx] and as amended to include all Lessee standard SCNs (Specification
Change Notices)] 

  

	 	(d)	Loose Equipment Inventory 

  

	 	(e)	Seat, cushion and fabric cover Material Burn Test documents for JAR 25/FAR 25.853 (If BFE) 

  
 - 121 -

 Schedule 12 
 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 122 - 

 Schedule 13 
 ***** 
 ***** 

***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 123 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 124 - 

 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 125 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 126 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 127 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 128 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 129 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 130 - 

 Schedule 14 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 131 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 132 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 133 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 134 - 

 Schedule 15 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 135 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 136 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 137 -

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