Document:

Lease Assumption and Option Agreement

 Exhibit 10.8 
 LEASE ASSUMPTION AND OPTION AGREEMENT 
 THIS LEASE ASSUMPTION AND OPTION AGREEMENT,
dated as of the ___ day of May, 2009, is made by and between DHL NETWORK OPERATIONS (USA), INC., an Ohio corporation (“DHL”), and ABX AIR, INC., a Delaware corporation (“ABX”) (collectively, the
“Parties”). 
 RECITALS: 
 WHEREAS, DHL operates as an express delivery business; and 
 WHEREAS, ABX is a U.S.
certificated air carrier; and 
 WHEREAS, ABX and DHL are parties to an ACMI Service Agreement dated as of August 15, 2003, as
amended (the “ACMI Agreement”), pursuant to which ABX provides air transportation services to DHL by providing aircraft, crew, maintenance and insurance to support DHL’s operations; and 
 WHEREAS, ABX, as lessee, is a party to each of the five aircraft leases described more fully in Exhibit A hereto (collectively, the
“Existing Leases”); and 
 WHEREAS, each of the Existing Leases concerns the lease of a Boeing model 767-281
aircraft, each of which are currently being operated by ABX under the ACMI Agreement (collectively, the “Existing Lease Aircraft”), which are described as follows: 
 (a) That certain Boeing model 767-281 aircraft bearing manufacturer’s serial number 23017 and U.S. Registration No. N784AX, together
with two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580267 and 580338 and all associated parts and documents subject to the applicable lease of such aircraft; 
 (b) That certain Boeing model 767-281 aircraft bearing manufacturer’s serial number 23018 and U.S. Registration No. N785AX, together
with two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580239 and 580153 and all associated parts and documents subject to the applicable lease of such aircraft; 
 (c) That certain Boeing model 767-281 aircraft bearing manufacturer’s serial number 23019 and U.S. Registration No. N786AX, together
with two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580166 and 580168 and all associated parts and documents subject to the applicable lease of such aircraft; 
 the aircraft N784AX, N785AX and N786AX listed above in (a), (b) and (c) being referred to together as the “Tomair Existing Lease
Aircraft”; 

 (d) That certain Boeing model 767-281 aircraft bearing manufacturer’s serial number
23022 and U.S. Registration No. N789AX, together with two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580247 and 580185 and all associated parts and documents subject to the applicable lease of
such aircraft; and 
 (e) That certain Boeing model 767-281 aircraft bearing manufacturer’s serial number 23140 and U.S.
Registration No. N790AX, together with two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580240 and 580241 and all associated parts and documents subject to the applicable lease of such aircraft;
and 
 the aircraft N789AX and N790AX listed in (d) and (e) above being referred to together as the “Genesis Existing Lease
Aircraft”; 
 WHEREAS, DHL is willing to assume all of the financial obligations under the Existing Leases, effective as of
January 31, 2009, subject to the terms and conditions of this Agreement; and 
 WHEREAS, ABX, is willing to continue operating
the Existing Lease Aircraft and the New Lease Aircraft (as defined herein) under the ACMI Agreement for DHL or its assignee after the date hereof at DHL’s request; and 
 WHEREAS, each of the Existing Lease Aircraft has yet to be converted to a full freighter configuration by Israel Aerospace Industries, Ltd.
(“IAI”) in accordance with IAI’s Special Freighter Conversion Specification (the “767-200SF Conversion”); and 
 WHEREAS, ABX owns rights with respect to certain conversion slots at IAI (the “ABX Conversion Slots”); and 
 WHEREAS, ABX owns four (4) Boeing model 767-200SF aircraft bearing U.S. Registration Numbers N752AX, N792AX, N797AX and N798AX (collectively, as more fully described in Exhibit B hereto, the
“Owned Aircraft”), all of which are currently operated by ABX pursuant to the ACMI Agreement; and 
 WHEREAS, ABX
wishes to grant to DHL an irrevocable option to lease from ABX any or all of the Owned Aircraft, and DHL seeks such an option, all subject to the terms and conditions of this Agreement; 
  

 2 

 NOW, THEREFORE, in consideration of the mutual promises set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, DHL and ABX hereby agree as follows: 
 AGREEMENT:

 1. Incorporation of Recitals. The definitions contained in the above Recitals are hereby incorporated into this
Section 1 as if fully set forth herein. 
 2. Assumption of Existing Lease Obligations; Indemnification. 
 (a) DHL hereby absolutely, unconditionally and irrevocably assumes all of the financial obligations of ABX arising under the Existing
Leases on and after January 31, 2009, other than financial obligations relating to any action or failure to act of ABX before January 31, 2009 (the “Assumed Obligations”). DHL shall defend and indemnify ABX from and
against any and all claims, damages or expenses (including, without limitation, reasonable attorneys’ fees) arising from or relating in any manner to any of the Assumed Obligations. 
 (b) ABX shall cooperate with DHL and use all commercially reasonable efforts to minimize the costs to DHL arising from DHL’s
assumption of ABX’s financial obligations pursuant to this Section 2. Without limiting the generality of the foregoing, such efforts by ABX shall include, upon DHL’s request and at DHL’s reasonable expense: (i) ensuring that
each of the Existing Lease Aircraft meet the return condition requirements under the Existing Lease for such Existing Lease Aircraft; (ii) ensuring that each of the Existing Lease Aircraft have installed the aircraft engines as specified in
each applicable Existing Lease (subject to the right of engine substitution, if any, pursuant to the requirements of such Existing Lease); and (iii) if requested by DHL, providing for short-term storage of the Existing Lease Aircraft as
reasonably necessary. In relation to item (ii) above, and in accordance with the terms of the Existing Leases, ABX acknowledges and agrees that DHL may request that certain engines currently installed on the Genesis Existing Lease Aircraft be
substituted with other engines, in order that such aircraft shall not significantly exceed the minimum return conditions for the engines installed on such aircraft. 
 (c) DHL shall use commercially reasonable efforts to cause the Existing Leases to be terminated. Upon the termination or assignment of any
Existing Lease, DHL’s obligation under this Section 2 shall automatically terminate without any further action of either Party hereto, except with respect to any obligations that may have accrued prior to the termination of such Existing
Lease. In the event that DHL is not able to achieve the termination of the Existing Leases, then it shall accept assignment of the Existing Leases. 
 3. Freighter Conversion of Existing Lease Aircraft and “Put” Aircraft. The Parties further agree as follows with respect to (a) the Existing Lease Aircraft and (b) any additional aircraft for which ABX
exercises a Put Option (as defined in the ACMI Agreement) pursuant to the ACMI Agreement which have yet to undergo a 767-200SF Conversion (collectively, the “Unmodified Aircraft”): 
 (a) Subject to the procedure set forth in Section 3(b) below, ABX hereby grants to DHL an option, to be exercised in DHL’s sole
and absolute discretion, to use up to five (5) of the ABX Conversion Slots (the option with respect to each ABX Conversion Slot, a “Conversion Slot Option”) in order to have IAI perform a 767-200SF Conversion on up to five (5) of
the Unmodified Aircraft; provided, however, that the Conversion Slot Options shall be limited such that DHL cannot use two (2) consecutive ABX Conversion Slots, except to the extent subsequently agreed upon in writing by the Parties.

  

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 (b) In order to exercise any Conversion Slot Option, DHL shall provide ABX notice of its
intent to exercise a Conversion Slot Option at least ninety (90) days prior to the date of induction for such ABX Conversion Slot as set forth in the Conversion Schedule attached as Exhibit C hereto (such notice, the “Slot
Option Notice of Intent”). Notwithstanding the foregoing sentence, DHL shall provide the Slot Option Notice of Intent to ABX within ten (10) days of the date of this Agreement with respect to any ABX Conversion Slot for which the date of
induction is less than ninety (90) days from the date of this Agreement. Each Slot Option Notice of Intent shall (i) be in writing, (ii) be sent to ABX pursuant to the notice requirements of Section 13 hereof and
(iii) specify the ABX Conversion Slot DHL seeks to use. 
 (c) Should DHL fail to send to ABX a Slot Option Notice of
Intent with respect to an ABX Conversion Slot in a timely manner pursuant to the requirements of this Section 3, DHL shall lose all right to the use of such ABX Conversion Slot. Although DHL’s option rights under this Section 3 would
thereafter roll to the next ABX Conversion Slot, under no circumstances shall DHL be entitled to exercise options rights under this Section 3 with respect to (i) more than five (5) ABX Conversion Slots and (ii) two consecutive
ABX Conversion Slots, except to the extent subsequently agreed upon in writing by the Parties. 
 (d) Upon DHL’s exercise
of a Conversion Slot Option pursuant to this Section 3, ABX shall use all commercially reasonable efforts to ensure that DHL receives the benefit of all rights granted by IAI to ABX with respect to the subject ABX Conversion Slot, including,
without limitation, all favorable pricing and other conversion terms. DHL shall be liable for, and shall defend and indemnify ABX from and against, all claims, fees and expenses (including, but not limited to, all fees and expenses charged by IAI
for the subject 767-200SF Conversion) arising out of DHL’s use of any ABX Conversion Slot. Notwithstanding the foregoing, DHL shall have no liability or duty to indemnify ABX for its decision not to exercise a Conversion Slot Option.

 4. Lease Option. 
 (a) ABX hereby grants to DHL an irrevocable option, in DHL’s sole and absolute discretion, to lease one or more of the Owned Aircraft (the “Lease Option”). The Lease Option may be exercised
individually, collectively or otherwise. 
  

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 (b) DHL shall exercise its Lease Option, if at all, by providing notice to ABX prior to
February 15, 2010, of its intent to exercise such Lease Option (the “Lease Option Notice of Intent”). The Lease Option Notice of Intent shall (i) be in writing, (ii) be sent to ABX pursuant to the notice requirements
of Section 13 hereof and (iii) designate which of the Owned Aircraft DHL intends to lease. Should DHL fail to exercise its Lease Option prior to February 15, 2010, pursuant to the requirements of this Section 4(b) with respect to
any of the Owned Aircraft, the Lease Option for such Owned Aircraft shall expire immediately and automatically and without any required notice or grace period on February 15, 2010, and ABX shall be under no obligation thereafter to lease such
Owned Aircraft to DHL. 
 (c) To the extent that DHL exercises its Lease Option pursuant to Section 4(b) hereof, the
Parties, as soon as practicable thereafter and for each subject Owned Aircraft (each, a “New Lease Aircraft”), shall execute and deliver an Aircraft Lease Agreement in the form of Exhibit D hereto (collectively, the
“New Leases” and individually, a “New Lease”). The form of each of the New Leases shall be subject to revision from the form attached as Exhibit D hereto only (i) upon the mutual written consent of the
Parties hereto or (ii) to the extent required by applicable laws. 
 (d) From and after the date of this Agreement until
delivery of a New Lease Aircraft, ABX shall not remove or replace an engine or engine module from an Owned Aircraft unless due to operational necessity or as a result of a scheduled shop visit, and shall not otherwise discriminate against such Owned
Aircraft. 
 5. Effect on ACMI Agreement. 
 (a) Except as expressly set forth in this Agreement, this Agreement shall not be deemed to amend the ACMI Agreement, the terms of which
shall remain in full force and effect for the duration of the ACMI Agreement as amended. 
 (b) ABX understands that DHL may
wish for ABX to continue operating one or more of the Existing Lease Aircraft and/or the New Lease Aircraft under the ACMI Agreement until such Existing Lease Aircraft and/or New Lease Aircraft undergoes a 767-200SF Conversion or is terminated under
the ACMI Agreement. At DHL’s request, ABX shall operate the Existing Lease Aircraft and/or New Lease Aircraft in accordance with the ACMI Agreement and such operation shall terminate automatically without any further action by DHL or ABX upon
either the termination by DHL of the Existing Lease Aircraft or the New Lease Aircraft under the ACMI Agreement or the termination or expiration of the ACMI Agreement. The monthly cost of such operation shall be fully reimbursable to ABX under (and
subject to) the ACMI Agreement. 
 (c) ABX shall not have a Put Option (as such term is defined in the ACMI Agreement) with
respect to any of the Owned Aircraft for which DHL has exercised the Lease Option pursuant to Section 4 hereof, and DHL shall not have a termination right under the ACMI Agreement with respect to any such Owned Aircraft prior to the
commencement of the term of the New Lease for such Owned Aircraft. 
  

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 (d) Notwithstanding Section 5(c) above, between the date hereof and the earlier of
(i) DHL’s exercise of its Lease Option with respect to an Owned Aircraft and (ii) February 15, 2010, DHL shall retain all termination rights under the ACMI Agreement for such Owned Aircraft. Should DHL terminate an Owned Aircraft
under the ACMI Agreement during such period: (i) DHL’s Lease Option shall terminate immediately and automatically with respect to such Owned Aircraft; and (ii) ABX shall have the right to exercise its Put Option with respect to
such Owned Aircraft under the ACMI Agreement. 
 6. Financial Adjustments. The Parties agree to the following financial
adjustments: 
 (a) On the date of this Agreement: (i) ABX shall pay to DHL an amount in cash equal to the sum of the
depreciation and interest charged to DHL from January 31, 2009, to the date hereof under the ACMI Agreement for each of the Existing Lease Aircraft; and (ii) DHL shall pay to ABX an amount equal to the sum of the lease payments which ABX
has made under the Existing Leases pertaining to periods beginning after January 31, 2009. 
 (b) From and after the date
of this Agreement, ABX shall not charge through to DHL the outstanding book value of any of the Existing Lease Aircraft under the ACMI Agreement. 
 (c) The ultimate write-off of the outstanding book value on the Existing Lease Aircraft shall be for the sole account of ABX. 
 (d) ABX hereby grants to DHL a credit in the amount of Ten Million Dollars ($10,000,000) as prepaid Basic Rent under (and as defined in)
the New Leases (the “Rent Credit”), with such Rent Credit being apportioned evenly among each New Lease. With respect to each Owned Aircraft for which DHL does not exercise its Lease Option, the foregoing $10 million Basic Rent
credit shall be reduced by Two Million Five Hundred Thousand Dollars ($2,500,000), and such amount shall be offset against DHL’s reimbursement to ABX for termination costs incurred under the ACMI Agreement. 
 (e) If any Owned Aircraft is destroyed or otherwise suffers a casualty occurrence that would constitute a total loss or a constructive
total loss under the terms of the hull insurance maintained for such Owned Aircraft (such aircraft, a “Destroyed Aircraft”) prior to the commencement or during the term of the subject New Lease, ABX, to the extent reasonably
available, shall provide to DHL a substitute aircraft of the same configuration and with at least equivalent utility as the Destroyed Aircraft under the same lease terms and conditions for the balance of the term of such New Lease. If no equivalent
aircraft is available, ABX will repay to DHL the unamortized balance of the Rent Credit applicable to the Destroyed Aircraft, and each of the Parties shall be released of all further obligations under such New Lease. 
  

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 (f) Any gains (other than the Rent Credit) recorded by ABX due to or arising from the
assumption by DHL of ABX’s obligations under the Existing Leases pursuant to Section 2 of this Agreement shall not be subject to reimbursement under the ACMI Agreement. 
 7. Cooperation and Good Faith. Each of the Parties shall cooperate with the other and act at all times in complete good faith in seeking to
effectuate the terms of this Agreement. Each of the Parties, at its own expense (except as otherwise provided in this Agreement), shall take such other and further actions and execute and deliver such other and further documents as may be reasonably
necessary to effectuate this Agreement. 
 8. Representations and Warranties. Each of ABX and DHL represents and warrants to
the other as follows: 
 (a) Such party is a corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation, with full corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. 
 (b) This Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate
action of such party. 
 (c) This Agreement has been duly executed and delivered by such party and constitutes a legal, valid
and binding obligation of such party, enforceable against such party in accordance with its terms. 
 9. Time of the Essence.
The Parties acknowledge and agree that time is of the essence with respect to the matters set forth in this Agreement. 
 10.
Confidentiality. This Agreement shall be subject to that certain confidentiality agreement dated January 19, 2009 between DHL and Air Transport Services Group, Inc., the terms of which the Parties hereby incorporate herein. In
addition, each of DHL and ABX agrees that it shall make no public announcement or disclosure of the existence of this Agreement or the transactions contemplated hereby without the prior written consent of the other party, except to the extent
required by applicable law. 
 11. Applicable Law. This Agreement shall be governed by and construed in accordance with the
substantive laws of the State of New York (other than the laws of the State of New York relating to choice of law). 
  

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 12. Jurisdiction; Waiver of Jury Trial. 
 (a) ABX AND DHL AGREE THAT THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND THE SUPREME COURT OF THE STATE OF
NEW YORK LOCATED IN NEW YORK CITY ARE TO HAVE EXCLUSIVE JURISDICTION OVER ANY DISPUTES ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH SUBMITS ITSELF AND ITS PROPERTY TO THE EXCLUSIVE JURISDICTION OF THE FOREGOING COURTS WITH RESPECT TO SUCH
DISPUTES. 
 (b) EACH OF ABX AND DHL HEREBY (i) WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE COURTS REFERRED TO IN THIS SECTION 12 ON GROUNDS OF AN INCONVENIENT FORUM OR OTHERWISE AND (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 THIS SECTION 12. 
 (c) ABX AND DHL HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO, THIS AGREEMENT, WHETHER SUCH ACTION IS BASED ON BREACH OF CONTRACT, TORT, OR ANY OTHER LEGAL OR
EQUITABLE THEORY. 
 13. Notices. All notices, demands, consents, approvals or other communications required or permitted under
this Agreement shall be in writing and shall be deemed to have been duly given to a party if delivered in person or sent by overnight delivery (providing proof of delivery) to the party at the addresses set forth below on the date of delivery, or if
by facsimile or electronic mail, upon confirmation of receipt. 
  

	 	(a)	If to DHL, to: 

 DHL Network Operations (USA), Inc.

 1200 South Pine Island Road 
 Plantation, Florida 33324 
 Attention: Jon Olin – EVP, General Counsel & Secretary 
 Email: Jon.Olin@dhl.com 
 Facsimile:
(954) 888-7159 
  

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	 	(b)	If to ABX, to: 

 ABX Air, Inc. 
 145 Hunter Drive 
 Wilmington, Ohio 45177

 Attention: Joe Payne, Vice President, General Counsel & Secretary 
 Email: Joe.Payne@atsginc.com 
 Facsimile: (937) 382-2452 
 14. Amendments; Waivers. Subject to applicable law, this Agreement may only be
amended pursuant to a written agreement executed by both ABX and DHL, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written
instrument executed by the party against whom such waiver or consent is to be effective. No waiver of any term or provision of this Agreement shall be construed as a further or continuing waiver of such term or provision or any other term or
provision. 
 15. Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties and their respective successors and permitted assigns. No party to this Agreement may assign its rights or delegate its obligations under this Agreement to any other person, without the express prior written consent of the
other party hereto (such consent not to be unreasonably withheld or delayed). 
 16. Execution in Counterparts. To facilitate
execution, this Agreement may be executed in any number of counterparts (including by facsimile or e-mailed transmission), each of which shall be deemed to be an original, but all of which together shall constitute one binding agreement on the
Parties, notwithstanding that not all parties are signatories to the same counterpart. 
 17. Headings; Certain Construction
Rules. The section headings contained in this Agreement are for reference purposes only and do not form a part of this Agreement and do not in any way modify, interpret or construe the intentions of the Parties. The words “hereof,”
“herein” and “hereunder” and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Unless otherwise specifically provided for herein, the term “or” shall not be deemed
to be exclusive. 
 18. Entire Agreement. This Agreement, the ACMI Agreement and any other written agreement between the
parties related to the subject matter of this Agreement constitute the entire agreement between the parties and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between
the parties with respect to the subject matter hereof. No representation, warranty, promise, inducement or statement of intention has been made by either party which is not contained in this Agreement and no party shall be bound by, or be liable
for, any alleged representation, promise, inducement or statement of intention not contained herein or therein. 
  

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 19. Severability. If any provision or any part of any provision of this Agreement is void
or unenforceable for any reason whatsoever, then such provision shall be stricken and be of no further force or effect. However, unless such stricken provision goes to the essence of the consideration bargained for by a party, the remaining
provisions of this Agreement shall continue in full force and effect and, to the extent required, shall be modified to preserve their validity. Upon such determination that any term or other provision or any part of any provision is void or
unenforceable, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to
the fullest extent possible. 
 20. No Third-Party Rights. Nothing in this Agreement, whether express or implied, is intended
to or shall confer any rights, benefits or remedies under or by reason of this Agreement on any persons other than the Parties and their respective successors and permitted assigns, nor is anything in this Agreement intended to relieve or discharge
the obligation or liability of any third persons to any party, nor shall any provisions give any third persons any right or subrogation over or action against any party. 
 21. Expenses. Each of the Parties shall be responsible for all of its own costs incurred in connection with the negotiation and execution of this Agreement and, for the avoidance of doubt, no such costs
or expenses of ABX or its affiliates shall be chargeable to DHL under the ACMI Agreement. 
 [SIGNATURE PAGE
FOLLOWS] 
  

 10 

 IN WITNESS WHEREOF, the Parties have executed this Lease Assumption and Option Agreement as of the
day and year first herein written. 
  

			
	ABX AIR, INC.
		
	By:	 	/s/ W. Joseph Payne
	Name:	 	W. Joseph Payne
	Title:	 	VP, General Counsel & Secretary

  

			
	DHL NETWORK OPERATIONS (USA), INC.
		
	By:	 	/s/ Jon E. Olin
	Name:	 	Jon E. Olin
	Title:	 	EVP

  

 11 

 EXHIBIT A 
 TO 
 LEASE ASSUMPTION AND OPTION AGREEMENT 
  
  
 (Attached Description of Existing Leases) 
  
  
 Aircraft N784AX (master
file), Aircraft N785AX and Aircraft N786AX 
 NOTE: The Owner Trustee is the registered owner and the head lessee for all three aircraft
pursuant to a financing lease with Mitsui & Co Ltd. as head lessor. 
 Lease Agreement dated as of
August 21, 2001 between Wells Fargo Bank Northwest, National Association, as Owner Trustee, as lessor (“Owner Trustee”), and ABX Air Inc., as lessee (“ABX”), with the following attached thereto: (i) Lease Supplement
No. 1 dated August 21, 20011 between the Owner Trustee, as lessor, and
ABX, as lessee; (ii) Lease Supplement No. 2 dated August 21, 20012
between the Owner Trustee, as lessor, and ABX, as lessee; (iii) Lease Supplement No. 3 dated August 21, 20013 between the Owner Trustee, as lessor, and ABX, as lessee; and (iv) Assignment Agreement dated as of August 21, 2001
between the Owner Trustee, as assignor, and Mitsui & Co. Ltd., as assignee; which lease and attachments were recorded by the Federal Aviation Administration (“FAA”) as one instrument on September 19, 2001 and assigned
Conveyance No. YY031989. 
 Aircraft N789AX 
 Aircraft Lease Agreement dated as of July 31, 2001 between General Electric Capital Corporation, as lessor (“GECC”), and ABX Air, Inc., as lessee (“ABX”), with the following attached thereto:
(i) Common Terms Agreement dated as of July 31, 2001 between GECC and ABX; and (ii) Lease Supplement No. 1 dated August 2, 2001 between GECC, as lessor, and ABX, as lessee; which lease and attachments were recorded by the
FAA as one instrument on September 13, 2001 and assigned Conveyance No. II023288; as assigned and assumed by Assignment, Assumption and Amendment Agreement dated as of December 5, 2006 among GECC, as assignor, Wells Fargo Bank 

 

	1
	 Lease Supplement No. 1 covers one (1) Boeing model 767-281 aircraft bearing manufacturer’s serial number 23017 and United States Registration Number
N784AX, and two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580267 and 580338. 

  

	2
	 Lease Supplement No. 2 covers one (1) Boeing model 767-280 aircraft bearing manufacturer’s serial number 23018 and United States Registration Number
N785AX, and two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580239 and 580153. 

  

	3
	 Lease Supplement No. 3 covers one (1) Boeing model 767-280 aircraft bearing manufacturer’s serial number 23019 and United States Registration Number
N786AX, and two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580166 and 580168. 

 Northwest, National Association, as Owner Trustee, as assignee, and ABX, as lessee, which was recorded by the FAA on
January 23, 2007 and assigned Conveyance No. N006940. 
 Aircraft N790AX 
 Aircraft Lease Agreement dated as of July 31, 2001 between General Electric Capital Corporation, as lessor (“GECC”), and ABX Air, Inc., as
lessee (“ABX”), with the following attached thereto: (i) Common Terms Agreement dated as of July 31, 2001 between GECC and ABX; and (ii) Lease Supplement No. 1 dated August 2, 2001 between GECC, as lessor and ABX,
as lessee; which lease and attachments were recorded by the FAA as one instrument on September 13, 2001 and assigned Conveyance No. S116805; as assigned and assumed by Assignment, Assumption and Amendment Agreement dated as of December 11,
2006 among GECC, as assignor, Wells Fargo Bank Northwest, National Association, as Owner Trustee, as assignee, and ABX, as lessee, which was recorded by the FAA on January 26, 2007 and assigned Conveyance No. P007408. 
  

 2 

 EXHIBIT B 
 TO 
 LEASE ASSUMPTION AND OPTION AGREEMENT 
  
  
 (Following Description of Owned Aircraft) 
  
  
 That certain Boeing model
767-200SF aircraft bearing manufacturer’s serial number 23434 and U.S. Registration No. N752AX, together with two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580225 and 580200 (as either
of such engines may be replaced pursuant to the requirements of the foregoing Lease Assumption and Option Agreement) and all associated parts and documents; 
 That certain Boeing model 767-200SF aircraft bearing manufacturer’s serial number 23142 and U.S. Registration No. N792AX, together with two (2) General Electric model CF6-80A aircraft engines bearing
manufacturer’s serial numbers 580173 and 580125 (as either of such engines may be replaced pursuant to the requirements of the foregoing Lease Assumption and Option Agreement) and all associated parts and documents; 
 That certain Boeing model 767-200SF aircraft bearing manufacturer’s serial number 23147 and U.S. Registration No. N797AX, together with two
(2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580345 and 580196 (as either of such engines may be replaced pursuant to the requirements of the foregoing Lease Assumption and Option Agreement) and
all associated parts and documents; and 
 That certain Boeing model 767-200SF aircraft bearing manufacturer’s serial number 23431 and
U.S. Registration No. N798AX, together with two (2) General Electric model CF6-80A aircraft engines bearing manufacturer’s serial numbers 580289 and 580227 (as either of such engines may be replaced pursuant to the requirements of the
foregoing Lease Assumption and Option Agreement) and all associated parts and documents. 

 EXHIBIT C 
 TO 
 LEASE ASSUMPTION AND OPTION AGREEMENT 
  
  
 (Conversion Schedule)* 
  
  
  

							
	 Aircraft
	  	Induction	  	Turntime	  	Redelivery
	 1
	  	9/1/2008	  	272	  	6/13/2009
	 2
	  	4/5/2009	  	120	  	8/9/2009
	 3
	  	5/3/2009	  	115	  	8/28/2009
	 4
	  	8/9/2009	  	115	  	12/9/2009
	 5
	  	8/27/2009	  	115	  	12/27/2009
	 6
	  	12/8/2009	  	110	  	3/28/2010
	 7
	  	12/27/2009	  	110	  	4/20/2010
	 8
	  	3/28/2010	  	110	  	7/22/2010
	 9
	  	4/19/2010	  	110	  	8/10/2010
	 10
	  	7/21/2010	  	110	  	11/15/2010
	 11
	  	8/9/2010	  	110	  	12/4/2010
	 12
	  	11/14/2010	  	110	  	3/4/2011
	 13
	  	12/5/2010	  	110	  	3/25/2011
	 14
	  	3/3/2011	  	110	  	6/27/2011

  

	*	The foregoing schedule mirrors that contained in ABX’s agreement with IAI for the conversion of the aircraft and does not include painting. DHL may not exercise a Conversion
Slot Option for the ABX Conversion Slots associated with Aircraft 1, 2 and 3 above. 

 EXHIBIT D 
 TO 
 LEASE ASSUMPTION AND OPTION AGREEMENT 
  
  
 (Attached Form of New Leases) 
  
  

 AIRCRAFT LEASE AGREEMENT 
 (MSN                     ) 
 Dated as of                     ,
        , 20         
 BETWEEN

 [ABX AIR, INC.]1, 
 AS LESSOR 
 AND 
 [DHL NETWORK OPERATIONS (USA), INC.]1, 
 AS LESSEE 
 RELATING TO 
 ONE BOEING MODEL 767-200SF AIRCRAFT 
 SERIAL NUMBER
                     
 U.S.
REGISTRATION NO. N                          
 This is Counterpart Number              of four (4) serially numbered, manually executed
counterparts of this Aircraft Lease Agreement. To the extent, if any, that this Aircraft Lease Agreement constitutes chattel paper under the Uniform Commercial Code in any jurisdiction, no security interest in this Agreement may be created through
the transfer and possession of any counterpart of this Aircraft Lease Agreement other than the serially numbered counterpart thereof marked Counterpart Number 1. 
  
  

	1
	 The parties have discussed the possibility of substituting a different Lessor and/or Lessee, subject to the mutual and reasonable agreement of the parties.

 AIRCRAFT LEASE AGREEMENT 
 (MSN                     ) 
 THIS AIRCRAFT LEASE AGREEMENT (MSN
                    ) (this “Agreement”), dated as of the
             day of                         , 20__, is
between ABX AIR, INC., a Delaware corporation (“Lessor”), and DHL NETWORK OPERATIONS (USA), INC., an Ohio corporation
(“Lessee”). 
 RECITALS 
 WHEREAS, Lessee desires to lease the “Aircraft” (as defined below) from Lessor; and 
 WHEREAS, Lessor is agreeable to leasing the Aircraft to Lessee, upon and subject to the terms and conditions of this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing and the terms and conditions set forth herein, the
receipt and sufficiency of which are hereby acknowledged by Lessor and Lessee, Lessor and Lessee hereby agree as follows: 
 1.
Definitions. The following terms shall, except where the context otherwise requires, have the following respective meanings for all purposes of this Agreement. 
 1.1. “ABX Operating Agreement” shall mean any sub-lease, operating agreement or similar agreement in effect at any
time during the Term between Lessee and Lessor, pursuant to which Lessor agrees to operate the Aircraft. 
 1.2.
“AD Term Date” shall mean the date which falls on the first day of the month immediately after the expiration of ninety-six (96) months after the Delivery Date. 
 1.3. “ADs” shall mean (a) any airworthiness directive or comparable document issued by the Aviation
Authority, the FAA (if not the applicable Aviation Authority) or any other Governmental Entity exercising appropriate jurisdiction over the subject matter or parties affected thereby requiring compliance or (b) any mandatory service bulletin
issued by a Manufacturer. 
 1.4. “Affiliate” shall mean any entity controlling, controlled by or
under common control with a party hereto. 
 1.5. “Agreed Value” shall mean the value specified as
such in Appendix B and shall have the meaning ascribed to it in the London insurance market in relation to aviation hull policies. 
 1.6. “Aircraft” shall mean, collectively, the Airframe, the Engines and the Aircraft Documents. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	1	  	
	MSN                         	  		  	

 1.7. “Aircraft Documents” shall mean the documents listed in
Appendix C hereto and all other records, documents, log books, manuals, drawings and data relating to the Aircraft and developed or caused to be developed by Lessee or required by the Aviation Authority, as updated and maintained
through the Return Date. 
 1.8. “Aircraft Return Documents” shall have the meaning ascribed to such
term in Section 18.2 hereof. 
 1.9. “Airframe” shall mean the Boeing model 767-200SF airframe
described in Appendix A hereto, together with all Parts, excluding, however, the Engines or any other engines from time to time installed thereon, but including each QEC. 
 1.10. “Anticipated Delivery Date” shall mean August 15, 2010, which is the date that the parties anticipate
that the Aircraft will be Delivered to Lessee pursuant to the terms and conditions of this Agreement. 
 1.11.
“APU” shall mean the auxiliary power unit installed on the Aircraft on the Delivery Date (or any substitution therefor made during the Term pursuant to this Agreement), together with all Parts installed thereon. 
 1.12. “APU Hours” shall mean the time as measured in hours and minutes during which the APU is operated.

 1.13. “Aviation Authority” shall mean the FAA and any other Governmental Entity having jurisdiction
over the Aircraft and this Agreement or Lessee’s operations, and any successors thereto, respectively (with the understanding that, should the Aircraft, with Lessor’s approval, be registered in a country other than the United States, this
definition shall include all Governmental Entities outside of the United States with jurisdiction over the Aircraft). 
 1.14. “Authorized Maintenance Performer” shall mean any repair station licensed or certified by the Aviation Authority acting within the scope of its authorization, including, without limitation, the entity
performing maintenance to an Engine under the Delta Engine Program. 
 1.15. “Basic Rent” shall mean
the amount specified as such in Appendix B and payable pursuant to Section 4.2 hereof. 
 1.16.
“Basic Rent Credit” shall have the meaning ascribed to such term in Appendix B hereto. 
 1.17. “Basic Rent Date” shall mean the Delivery Date and the first day of each calendar month thereafter. 
 1.18. “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banking institutions in
                    ,
                     or in Wilmington, Ohio are required or authorized by Law to close. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	2	  	
	MSN                         	  		  	

 1.19. “Cape Town Convention” shall mean the Convention on
International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment, concluded in Cape Town, South Africa, on November 16, 2001. 
 1.20. “Claims” shall have the meaning ascribed to such term in Section 10.1 hereof. 
 1.21. “Cycle” shall mean one take-off and next subsequent landing of the Aircraft. 
 1.22. “Default” shall mean any event which, with the giving of notice, lapse of time, or both, would become an
Event of Default. 
 1.23. “Delivery” shall have the meaning ascribed to such term in Section 3.5
hereof. 
 1.24. “Delivery Condition Requirements” shall have the meaning ascribed to such term in
Section 3.6 hereof. 
 1.25. “Delivery Date” shall mean the date on which the Delivery occurs.

 1.26. “Delivery Location” shall mean Wilmington Airpark, Wilmington, Ohio, or as otherwise mutually
agreed by Lessor and Lessee. 
 1.27. “Delta” shall mean Delta Air Lines, Inc., a Delaware
corporation. 
 1.28. “Delta Engine Program” shall mean the program in effect from time to time with
respect to the Engines pursuant to a maintenance agreement between Lessor (or an Affiliate of Lessor) and Delta. 
 1.29.
“Dollars” and “$” and “US$” shall mean the lawful currency of the United States of America. 
 1.30. “Engine” shall mean either of the two (2) engines identified as to manufacturer and type and by serial number on the Lease Supplement (each of which shall have more than 550 rated
takeoff horsepower or the equivalent of such horsepower), together with all Parts installed thereon, and any engine substituted for an Engine pursuant to the terms hereof. 
 1.31. “Equipment Change” shall have the meaning ascribed to such term in Section 7.7 hereof. 
 1.32. “Event of Default” shall mean any one of the events specified in Section 16.1 hereof. 
 1.33. “Expiration” shall mean the end of the Term pursuant to this Agreement. 
 1.34. “Expiration Date” shall mean the day which is sixty-four (64) months and fifteen (15) days after
the Delivery Date (which shall be identified by actual date in the Lease Supplement). 
 1.35. “FAA”
shall mean the Federal Aviation Administration of the United States of America and all successors thereto. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	3	  	
	MSN                         	  		  	

 1.36. “FAR” shall mean the Federal Aviation Regulations issued by
the FAA. 
 1.37. “Flight Hours” shall mean, with respect to the Aircraft, the time as measured in
hours and minutes elapsing from the moment at which the wheels of the Aircraft leave the ground on a takeoff until the wheels of the Aircraft touch the ground on the next landing of the Aircraft. 
 1.38. “Governmental Entity” shall mean: (a) any national government, any political subdivision thereof, or
local authority therein, (b) any agency, board, commission, department, division, organ, instrumentality, or court of any of the foregoing, however constituted, and (c) any organization, association, or institution, of which any of the
foregoing is a member or to whose jurisdiction it is subject or in whose activities it is a participant. 
 1.39.
“Guarantor” shall mean Deutsche Post AG (or such other entity as Lessor accepts in its sole and absolute discretion). 
 1.40. “Guaranty” shall mean a guaranty agreement in the form attached as Appendix I hereto, which, as executed by Guarantor, irrevocably and unconditionally guaranties the
performance of all payment obligations by Lessee to Lessor under this Agreement. 
 1.41. “IAI” shall
mean Israel Aerospace Industries, Ltd. 
 1.42. “Indemnified Parties” shall have the meaning ascribed
to such term in Section 10.1 hereof. 
 1.43. “International Registry” shall mean the registry
established and maintained pursuant to the Cape Town Convention. 
 1.44. “Law” shall mean:
(a) any constitution, statute, decree, regulation, order, or other directive of the Governmental Entity of any location to, from, or within which the Aircraft shall operate; (b) any treaty, pact, compact, or other agreement to which any
Governmental Entity is a signatory or party; (c) any judicial or administrative interpretation or application of any of the foregoing; and (d) any amendment or revision of any of the foregoing. 
 1.45. “Lease Supplement” shall mean the Lease Supplement No. 1, substantially in the form of Appendix
E hereto, which, as of the Delivery Date, shall be executed by Lessor and Lessee and, together with this Agreement, filed with the FAA for recordation (assuming that the Aircraft is registered in the United States). 
 1.46. “Lease Termination Documents” shall have the meaning ascribed to such term in Section 3.10 hereof.

 1.47. “Lessor’s Lender” shall have the meaning ascribed to such term in Section 20.14
hereof. 
 1.48. “Lessor’s Liens” shall mean Liens on or relating to or affecting the Aircraft,
the Airframe, the Engines or any part thereof arising as a result of (a) claims against Lessor not relating to this Agreement, (b) acts of Lessor neither permitted nor required to be taken by 

  

							
	AIRCRAFT LEASE AGREEMENT	  	4	  	
	MSN                         	  		  	

 
Lessor under this Agreement, (c) the transfer by Lessor of its interest or any part thereof in the Aircraft, (d) Taxes imposed against Lessor which
Lessee has not agreed to indemnify against pursuant hereto or (e) any act, omission or circumstance occurring or omitted prior to the Delivery Date or after the Return of the Aircraft and the Aircraft Documents. 
 1.49. “Lien” shall mean any lien, mortgage, charge, deed of trust, encumbrance, pledge, hypothecation, attachment,
license, assignment by way of security or security interest, including, without limitation: (a) any preferential arrangement resulting in a secured transaction or having the same economic or legal effect as a lien, mortgage, charge, deed of
trust, encumbrance, pledge, hypothecation, attachment, license, assignment by way of security or security interest; (b) any agreement to give any lien, mortgage, charge, deed of trust, encumbrance, pledge, hypothecation, attachment, license,
assignment by way of security or security interest; (c) the interest of a vendor or a lessor under any conditional sale agreement, lease, hire purchase agreement or other title retention arrangement; or (d) any statutory or other right of
a Governmental Entity to detain, hold or seize an aircraft or any part thereof which is presently exercisable with respect to such aircraft. 
 1.50. “Maintenance Program” shall mean (a) with respect to the Engines, the Delta Engine Program or other maintenance program under which the Engines are maintained, and (b) with
respect to the Aircraft, the maintenance program in effect for the Aircraft as maintained by Lessee (or Lessee’s sublessee or operator), as such programs may be amended during the Term, all in accordance with the requirements of the Aviation
Authority. 
 1.51. “Manufacturer” shall mean: (a) as to the Airframe, The Boeing Company; and
(b) as to the Engines, General Electric Corporation. 
 1.52. “Minimum Liability Coverage” shall
mean the amount specified as such in Appendix B, designating the minimum Combined Single Limit under the airline liability insurance required pursuant to this Agreement. 
 1.53. “Other Aircraft” shall mean the three (3) Boeing model 767-200SF aircraft bearing manufacturer’s
serial numbers                     ,
                     and
                    . 
 1.54. “Other Lease Agreements” shall mean, collectively, each aircraft lease agreement between Lessor (or an Affiliate of Lessor), as lessor, and Lessee (or an Affiliate of Lessee), as lessee, concerning,
respectively, each of the Other Aircraft. 
 1.55. “Parts” shall mean any item, including, without
limitation, materials, accessories, components, equipment, appliances, instruments, avionics, appurtenances, furnishings and any other equipment or components of whatever nature (other than the Engines), which are installed in or attached or
appurtenant to the Aircraft or either of the Engines. 
 1.56. “Permitted Lien” shall have the meaning
ascribed to such term in Section 9 hereof. 
 1.57. “QEC” shall mean all of the “quick
engine change” components associated with each Engine. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	5	  	
	MSN                         	  		  	

 1.58. “Rent” shall mean Basic Rent. 
 1.59. “Replacement Engine” shall have the meaning set forth in Section 6.2(c) hereof. 
 1.60. “Return” shall mean the return and redelivery of the Aircraft (including the Aircraft Documents) to Lessor
in accordance with Sections 17 and 18 hereof. 
 1.61. “Return Condition Requirements” shall have the
meaning ascribed to such term in Section 18.1 hereof. 
 1.62. “Return Date” shall mean the date
at Expiration or upon earlier Termination when the Aircraft (including the Aircraft Documents) are actually returned to Lessor in conformity with the Return Condition Requirements. 
 1.63. “Return Location” shall mean Wilmington Airpark, Wilmington, Ohio, or as otherwise mutually agreed by Lessor
and Lessee. 
 1.64. “Special FAA Counsel” shall mean McAfee & Taft, Oklahoma City, Oklahoma.

 1.65. “Surviving Engine” shall have the meaning ascribed to such term in Section 19.3 hereof.

 1.66. “Taxes” shall mean any and all taxes (including, but not limited to, withholding taxes, value
added taxes, deductions, transaction privilege taxes, sales taxes or assessments of any kind or form), charges, fees, imposts, levies or other charges of any nature, together with any penalties, fines, or interest thereon or other additions thereto
which are imposed, withheld, levied, or assessed by or on behalf of, or otherwise payable to, any Governmental Entity. 
 1.67. “Technical Acceptance Certificate” shall have the meaning ascribed to such term in Section 3.8 hereof. 
 1.68. “Term” shall mean the period commencing on the Delivery Date and ending on the Expiration Date or on any earlier Termination Date, as applicable. 
 1.69. “Termination” shall mean the termination of the lease of the Aircraft under this Agreement, which
termination arises prior to the Expiration Date pursuant to Section 2.1, 2.2, 7.1(b)(3), 16.2, 19.1 or 20.15 hereof, or otherwise under this Agreement. 
 1.70. “Termination Date” shall mean the date on which a Termination is effective. 
 1.71. “Total Loss” shall mean any of the following events with respect to the Aircraft, the Airframe, an Engine or
the Aircraft Documents: (a) the destruction, damage beyond economical repair, or such property becoming permanently unfit for normal use, for any reason whatsoever; (b) any event which results in an insurance settlement on the basis of
actual or constructive or compromised or agreed or arranged total loss; (c) the disappearance of the Aircraft, if the Aircraft is unreported for a period of thirty (30) days after commencement of a flight; (d) loss of possession or
loss of use by Lessee for a period of more than thirty (30) days due to hijacking, theft, or other criminal actions; (e) the condemnation, confiscation, 

  

							
	AIRCRAFT LEASE AGREEMENT	  	6	  	
	MSN                         	  		  	

 
appropriation, expropriation or seizure of, or requisition of title to or use of, the Aircraft or an Engine by any Governmental Entity, other than a
requisition for use by any Governmental Entity of the United States or any political subdivision thereof, for a period of six (6) months or more; or (f) the operation or location of the Aircraft, while under requisition for use by any
Governmental Entity, in any areas excluded from coverage by any insurance policy in effect with respect to such Aircraft required by the terms of this Agreement, unless Lessor and Lessee shall have obtained an indemnity in freely transferable
Dollars from that Governmental Entity covering the risks excluded from coverage and satisfactory to both Lessor and Lessee. 
 1.72. “Written Summaries” shall have the meaning ascribed to such term in Section 7.8(a) hereof. 
 2. Conditions Precedent. 
 2.1. Lessor’s Conditions Precedent. 
 (a) Lessor’s obligation to deliver and to lease the Aircraft to Lessee hereunder shall be subject to satisfaction of each of the
following conditions precedent. 
 (1) All of the representations and warranties of Lessee set forth in Section 14.1
hereof shall be true and correct in all material respects as of the date hereof and as of the Delivery Date. 
 (2) Lessor
shall have received, on or before the Delivery Date, all of the following, all of which shall be in form and substance satisfactory to Lessor: 
 (A) The Guaranty, in the form attached as Appendix I, as executed by Guarantor; 
 (B) a certificate of insurance issued by the insurer or broker for Lessee (or Lessee’s operator) evidencing compliance with the insurance provisions of Section 11 hereof; 
 (C) the Technical Acceptance Certificate in the form of Appendix D, executed and delivered by an authorized representative
of Lessee; and 
 (D) the Lease Supplement, executed and delivered by an authorized representative of Lessee. 
 (3) No loss or destruction to the Aircraft shall have occurred, except to the extent covered by insurance with respect to the Aircraft.

 (4) Lessee shall have made payment of the first installment of Basic Rent pursuant to Section 4.2 hereof. 

(5) An Event of Default shall not have occurred and be continuing pursuant to (and as defined by) any of the Other Lease Agreements.

  

							
	AIRCRAFT LEASE AGREEMENT	  	7	  	
	MSN                         	  		  	

 (6) Assuming that the Aircraft is registered in the United States, Lessee shall have
(a) delivered to Special FAA Counsel its original signature for this Agreement and the Lease Supplement and (b) irrevocably authorized and instructed Special FAA Counsel to file original counterparts of this Agreement and the Lease
Supplement with the FAA for recordation upon satisfaction of the conditions precedent set forth in Section 2.2 hereof. If the Aircraft is not registered in the United States, Lessee shall have taken all required steps to file or register this
Agreement with the applicable Aviation Authority. 
 (7) Assuming that the Aircraft is registered in the United States,
Lessee shall have (a) taken all required steps to appoint Special FAA Counsel as its Professional User Entity for purposes of registering its international interest under this Agreement with the International Registry and (b) irrevocably
authorized and instructed Special FAA Counsel to register such international interest with the International Registry upon satisfaction of the conditions precedent set forth in Section 2.2 hereof. If the Aircraft is not registered in the United
States, Lessee nevertheless shall have taken all required steps to register the international interest under this Agreement with the International Registry. Notwithstanding the foregoing, Lessee shall be required to satisfy the provisions of this
Section 2.1(a)(8) only to the extent required by Lessor’s Lender or as required by applicable Law. 
 (8) Lessee
shall have delivered to Lessor the Lease Termination Documents (unless Lessee elects to accept such documents after Delivery pursuant to Section 3.10 hereof). 
 (b) If due to Lessee’s failure to satisfy any of the above conditions precedent under this Section 2.1 (and expressly not
including a failure of Lessor or the Aircraft to conform to the requirements of Section 2.2 hereof) the Aircraft shall not have been delivered to and accepted by Lessee within thirty (30) days after the Anticipated Delivery Date, then
Lessor shall have the right (but not the obligation) to terminate this Agreement by giving notice to Lessee to that effect, with such notice of termination taking effect immediately. Upon such a termination occurring, Lessor shall be entitled to
retain the amount of the Basic Rent Credit to compensate it for the loss of a bargain (and not as a penalty), and neither party hereto shall have any further obligation to the other with respect to the Aircraft. 
 2.2. Lessee’s Conditions Precedent. 
 (a) Lessee’s obligation to lease the Aircraft from Lessor hereunder shall be subject to satisfaction of each of the following
conditions precedent: 
 (1) Lessee shall have (A) completed its inspection of the Aircraft (including the Aircraft
Documents) pursuant to Section 3.7 hereof and (B) reasonably determined that the Aircraft complies with the Delivery Condition Requirements. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	8	  	
	MSN                         	  		  	

 (2) The Aircraft shall not have suffered a Total Loss prior to the Delivery. 

(3) The Aircraft shall be validly registered with the FAA in the name of Lessor (or shall be otherwise registered as approved by
Lessor). 
 (4) Lessor shall have executed and delivered the Lease Supplement. 
 (5) Assuming that the Aircraft is registered in the United States, Lessor shall have (a) delivered to Special FAA Counsel its
original signature for this Agreement and the Lease Supplement and (b) irrevocably authorized and instructed Special FAA Counsel to file original counterparts of this Agreement and the Lease Supplement with the FAA for recordation upon
satisfaction of the conditions precedent set forth in Section 2.1 hereof. If the Aircraft is not registered in the United States, Lessor shall have taken all required steps to file or register this Agreement with the applicable Aviation
Authority. 
 (6) Assuming that the Aircraft is registered in the United States, Lessor shall have (a) obtained an
authorization code from the FAA for the international interest created by this Agreement with respect to the Airframe and Engines by filing with the FAA an AC Form 8050-135, (b) taken all required steps to appoint Special FAA Counsel as its
Professional User Entity for purposes of registering such international interest with the International Registry and (c) irrevocably authorized and instructed Special FAA Counsel to register such interest with the International Registry upon
satisfaction of the conditions precedent set forth in Section 2.1 hereof. If the Aircraft is not registered in the United States, Lessor nevertheless shall have taken all required steps to register the international interest under this
Agreement with the International Registry. Notwithstanding the foregoing, Lessor shall be required to satisfy the provisions of this Section 2.2(a)(6) only to the extent required by Lessor’s Lender or as required by applicable Law.

 (b) In the event Lessor fails to tender the Aircraft for Delivery within thirty (30) days after
the Anticipated Delivery Date, Lessee (conditioned upon Lessee satisfying its conditions precedent under Section 2.1 hereof) shall have the right (but not the obligation) to terminate this Agreement. Should Lessee desire to exercise its
termination right under this Section 2.2(b), Lessee shall provide written notice to Lessor of its election to terminate not later than ten (10) days after the earlier: of (i) the date on which Lessor provides notice to Lessee that the
Delivery will occur more than thirty (30) days after the Anticipated Delivery Date; or (b) the thirtieth (30th) day after the Anticipated Delivery Date. Any failure by Lessee to provide such a notice of termination to Lessor by such date
will be deemed a waiver of the termination right provided under this Section 2.2(b). Upon a termination occurring under this Section 2.2(b), Lessee shall be entitled to (i) a refund of any Rent payments made pursuant to this Agreement
and (ii) a refund of the Basic Rent Credit, and this Agreement shall be of no further force or effect. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	9	  	
	MSN                         	  		  	

 3. Lease of Aircraft; Inspection; Technical Acceptance; Delivery. 
 3.1. Lease of the Aircraft. Commencing on the Delivery Date, Lessor shall lease the Aircraft to Lessee, and Lessee shall
lease the Aircraft from Lessor, for the Term, and Lessee shall return the Aircraft to Lessor on the Expiration Date (or upon the earlier Termination of this Agreement as provided herein), upon and subject to the terms and conditions of this
Agreement. 
 3.2. Term. The Term shall commence on the Delivery Date and continue until the Expiration Date,
subject to earlier Termination as provided herein. 
 3.3. Anticipated Delivery Date. Lessor and Lessee
(a) anticipate that the Aircraft will be available for delivery to Lessee on or about the Anticipated Delivery Date and (b) shall act in good faith at all times in an attempt to effect Delivery on or about the Anticipated Delivery Date.

 3.4. A Lease Only. At all times during the Term, full legal title to the Aircraft (including the Aircraft
Documents) shall remain vested in Lessor to the exclusion of Lessee, notwithstanding the delivery thereof to, and the use by, Lessee. Lessor and Lessee agree that this Agreement is intended to be a “lease” within the meaning of 11 U.S.C.
Section 1110 and shall constitute a lease for tax purposes. 
 3.5. Delivery. On the Delivery Date, if all
the conditions set forth in Sections 2.1 and 2.2 hereof have been satisfied or waived, the Aircraft shall be tendered for delivery to Lessee (which Lessee shall accept) pursuant to the procedure set forth herein by executing and delivering the Lease
Supplement (the “Delivery”). The Delivery Date shall be the date of the Lease Supplement. The Aircraft and the Aircraft Documents will be tendered to Lessee for delivery at the Delivery Location. 
 3.6. Condition of the Aircraft; Modifications. 
 (a) Lessor, as a condition of Lessee’s obligation to accept the Aircraft, shall, at its sole cost and expense, cause the Aircraft,
including the Aircraft Documents, to meet all requirements set forth in Appendix G hereto (the “Delivery Condition Requirements”) as of the Delivery. 
 (b) All unserviceable components and all discrepancies identified by Lessee during the ground or flight inspection conducted pursuant to
Section 3.7 hereof shall be corrected by Lessor at Lessor’s expense prior to the technical acceptance of the Aircraft by Lessee (except such corrections as shall be deferred by mutual agreement of Lessee and Lessor, which corrections shall
be performed at Lessor’s sole cost and expense thereafter). 
 (c) Except as otherwise expressly provided by this
Agreement, all configuration modifications required to fulfill Lessee’s operational demands shall be performed by Lessee and at Lessee’s cost and expense. All such modifications shall be performed by an Authorized Maintenance Performer,
and shall be subject to the prior approval of Lessor, which approval shall not be unreasonably withheld. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	10	  	
	MSN                         	  		  	

 3.7. Inspection. 
 (a) Prior to the Anticipated Delivery Date, Lessor shall cause the Aircraft and the Aircraft Documents to be made available for a
pre-delivery inspection by Lessee, at Lessee’s expense, by giving Lessee the opportunity to inspect the Aircraft, the Engines, all installed Parts and the Aircraft Documents, with such inspection or inspections taking place at the Delivery
Location or at such other location as Lessor and Lessee may agree in writing. 
 (b) On or before the
later of (i) ten (10) days following the execution of this Agreement by the parties or (ii) forty-five (45) days prior to the Anticipated Delivery Date, Lessor shall make available for Lessee’s inspection the Aircraft
Documents which are available at that time (the “Historic Documents”). On or before the earlier of (A) the thirtieth (30th) day following the date on which Lessor makes such Historic Documents available to Lessee or (B) the fifth (5th) day prior to the Anticipated Delivery Date, Lessee shall notify Lessor in writing of any
non-conformities between such Historic Documents and the requirements of this Agreement. Lessee shall be deemed to have waived any non-conformities between the Historic Documents and this Agreement to the extent Lessee fails to identify such
non-conformities to Lessor in writing on or before the date set forth in (A) or (B) above, as applicable. 
 (c) Any additional Aircraft Documents (“Additional Documents”) which are generated or otherwise become available from time to time after the date on which the Historic Documents are made available by
Lessor for Lessee’s inspection shall be made available by Lessor for Lessee’s inspection within two (2) Business Days after they become available. Lessee shall notify Lessor in writing of any non-conformities between any such
Additional Documents and the requirements of this Agreement on or before the second (2nd) Business Day following the date on which such documents are made available by Lessor for Lessee’s inspection. 
 (d) Immediately prior to delivery of the Aircraft, Lessor, at the request of Lessee, shall make the Aircraft available for a test flight (of no more than one hour in duration) based on the Manufacturer’s test flight program to
demonstrate the satisfactory functioning of the Aircraft and all of its systems. If the Aircraft is determined to be not in conformity with the Delivery Condition Requirements, the test flight shall be repeated as necessary pursuant to the
provisions of Section 3.7(e) below. Lessee’s representatives shall be allowed to attend such test flight on board the Aircraft (but shall be responsible for their own expenses). Lessor shall arrange for an experienced aircraft crew for the
test flight (which crew, upon mutual agreement of Lessor and Lessee, may be Lessee’s crew), and Lessor shall bear the operating expense of such test flight (including the cost of the crew, fuel, and any airport fees). Lessor shall assume all
risk of any loss or damage to the Aircraft in connection with such test flight except to the extent the same is caused by the gross negligence or willful misconduct of Lessee or its representatives. 
 (e) Promptly following the ground and flight inspection, but in no event more than 24 hours following such ground or flight inspection,
Lessee shall notify Lessor of any defect or non-conformity with the Delivery Condition Requirements set forth in 

  

							
	AIRCRAFT LEASE AGREEMENT	  	11	  	
	MSN                         	  		  	

 
Appendix G, whereupon Lessor will advise Lessee of the estimated time required to effect correction of such defects or discrepancies. Upon the
completion of any required corrections, Lessor will make the Aircraft available to Lessee for any further ground and/or flight reinspection as necessary (pursuant to Section 3.7(d) above) to verify compliance with the Delivery Condition
Requirements. 
 3.8. Acceptance. Upon the completion of the ground and flight inspections conducted pursuant to
Section 3.7 hereof, and the performance by Lessor of any corrections required to bring the aircraft into conformity with the Delivery Condition Requirements, Lessee shall execute and deliver to Lessor a Technical Acceptance Certificate
substantially in the form of Appendix D hereto (the “Technical Acceptance Certificate”). 
 3.9.
Modifications. Except as required to be performed by Lessor as part of the Delivery Condition Requirements, all work required to be performed on the Aircraft so as to satisfy Lessee’s operational requirements, to otherwise comply
with the regulations of the Aviation Authority or for any other reason, shall be performed by an Authorized Maintenance Performer at Lessee’s cost and expense. Without limiting the generality of the foregoing, should Lessee (at any time during
the Term of this Agreement) elect to make a change from the ABX Maintenance Program, Lessee shall be responsible for (a) creating the bridge package for such special program and (b) the cost of returning the Aircraft back to the ABX
Maintenance Program upon the Return of the Aircraft at the end of the Term. 
 3.10. Lease Termination
Documents. Prior to (and as a condition of) Delivery or, at Lessor’s sole option, after Delivery and within fifteen days after request of Lessor during the Term, Lessee shall execute and deliver to Lessor: (a) one or more executed
lease termination agreements in a form or forms acceptable for filing with the Aviation Authority and each other relevant Governmental Entity; (b) any other documents required by the Aviation Authority and each other relevant Governmental
Entity, as required in Lessor’s reasonable determination to effectuate the de-registration of the Aircraft (if determined appropriate by Lessor) and termination of the Lease; and (c) all documents required to effectuate a discharge at the
International Registry of the international interest created by this Agreement in respect of the Airframe and Engines (with such lease termination agreement and other documents referred to, collectively, as the “Lease Termination
Documents”). The Lease Termination Documents shall be filed by Lessor only upon the occurrence of an Event of Default by Lessee hereunder (including without limitation any failure by Lessee to provide documents requested by Lessor to evidence
the Expiration or Termination of the Lease). 
 4. Guaranty; Payments; Method of Payment. 
 (a) Guaranty. Lessee shall cause Guarantor to execute and deliver to Lessor the Guaranty. The Guaranty shall be executed and
delivered to Lessor prior to Delivery, and shall provide for an irrevocable and unconditional guaranty of the performance of all of Lessee’s payment obligations to Lessor under this Agreement, which Guaranty shall be capped at an amount as set
forth therein. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	12	  	
	MSN                         	  		  	

 4.2. Basic Rent; Basic Rent Credit. 
 (a) Subject to application of that portion of the Basic Rent Credit owing each month pursuant to Appendix B, Lessee shall
pay, in advance, the Basic Rent specified in Appendix B to Lessor on each and every Basic Rent Date until the earlier of the following: 
 (1) in the event of a Total Loss, the payment to Lessor of the Agreed Value in accordance with Section 19.1; 
 (2) the Return; or 
 (3) in the event that the Aircraft and the Aircraft Documents are
returned to Lessor under circumstances in which the Aircraft or the Aircraft Documents do not conform to the Return Condition Requirements, the date on which Lessor executes and delivers to Lessee a Return Receipt in the form attached hereto as
Appendix F. 
 (b) The termination of Lessee’s obligation to pay Basic Rent pursuant to
Section 4.2(a)(3) above shall not be in derogation of Lessor’s other rights and remedies against Lessee in the event of a return of the Aircraft and Aircraft Documents under circumstances in which the Aircraft and the Aircraft Documents as
so returned do not conform to the Return Condition Requirements. 
 (c) Should this Agreement terminate (i) pursuant to
Section 2.2(b) hereof (i.e., as the result of Lessor failing to satisfy its conditions precedent to Delivery), (ii) pursuant to Section 19.1 hereof (i.e., upon the occurrence of a Total Loss of the Aircraft prior to
Delivery or during the Term), (iii) as a result of Lessor’s exercise of its rights under Section 7.1(b)(3) hereof or (iv) as the result of Lessor breaching its obligations under this Agreement, Lessor shall be required to make
payment to Lessee in an amount equal to the unapplied portion of the Basic Rent Credit. 
 4.3. Basic Rent Date.

 (a) The first payment of Basic Rent shall be made on or prior to the Delivery Date, as a condition of the Delivery, in an
amount equal to the product of (i) the monthly Basic Rent multiplied by (ii) a fraction (A) whose numerator is the number of days from and after the Delivery Date remaining in the month which includes the Delivery Date and
(B) whose denominator is the total number of days in such month. 
 (b) On each Basic Rent Date following the Delivery
Date (through the time set forth in Section 4.2(a) hereof, Lessee shall pay the Basic Rent to Lessor as required by Section 4.2(a). 
 4.4. Engine Maintenance Program. 
 (a) Lessor and Lessee shall negotiate in
good faith and shall cooperate in seeking to maintain the Engines under the Delta Engine Program throughout the Term. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	13	  	
	MSN                         	  		  	

 Lessor hereby represents to Lessee that, pursuant to the Delta Engine Program, should an
Engine be removed from the Delta Engine Program after performance of a shop visit with respect to such Engine, Lessor (or an Affiliate of Lessor) shall be responsible for the payment of buy-out compensation (the “Buy-Out
Compensation”) to Delta in an amount equal to the positive difference between (i) a reasonable time and material charge for the shop visit, as mutually determined by Delta and Lessor (or an Affiliate of Lessor) and (ii) the amount
of fees paid to Delta under the Engine Maintenance Program for the Engine prior to the removal of the Engine from the Delta Engine Program. As a result of such requirement, should Lessee elect to remove an Engine from the Delta Engine Program during
the Term, Lessee shall be responsible for the payment of any such Buy-Out Compensation to Delta as required by the Delta Engine Program; provided that Lessee shall have the right to approve the determination of the reasonableness of the
subject time and material charges, with such approval not to be unreasonably withheld or delayed. 
 4.5. Payments in
Dollars to Designated Bank Account. All payments owing by Lessee to Lessor pursuant to this Agreement (including, without limitation, the payment of Basic Rent) shall be made in Dollars by the wire transfer of immediately available funds to
the bank account designated in Appendix B or to such other bank account as Lessor may designate in writing to Lessee from time to time. Payments shall not be considered made by Lessee until the owner of such bank account has received
full credit in its account. Lessee accepts all risks of delay or blockage of any transfer made in accordance with the terms of this Agreement. 
 4.6. Interest on Overdue Amounts. Any amount which is overdue pursuant to this Agreement shall bear interest at the rate indicated in Appendix B hereto calculated from the due date of such
payment. The payment of such interest shall be made together with the payment of the overdue amount. 
 4.7. Due Date
Not on Business Day. In the event any payment required hereunder is due on a day that is not a Business Day, then such payment shall be made on the next succeeding Business Day. 
 4.8. No Abatement. Lessee’s obligations to pay Rent hereunder shall be absolute and unconditional and shall not be
affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right Lessee may have against Lessor. There shall be no abatement of Rent for any period when the Aircraft shall be rendered unfit
for use, grounded, unserviceable for any reason whatsoever, hijacked, confiscated, seized, requisitioned, restrained or appropriated; provided, however, that, should an ABX Operating Agreement be in effect with respect to the Aircraft, the
provisions of the ABX Operating Agreement shall control with respect to Lessor’s ultimate responsibility, if any, under the ABX Operating Agreement should the Aircraft (or any component thereof) become unavailable for use. 
 5. Registration; Nameplates; Filings. 
 5.1. Registration. Throughout the Term of this Agreement, the Aircraft shall remain registered in the United States or in such other jurisdiction as Lessor (and Lessor’s Lender) shall provide prior
written approval, with such approval not being unreasonably withheld or delayed. At all times during the Term, the Aircraft shall be registered with the applicable Aviation 

  

							
	AIRCRAFT LEASE AGREEMENT	  	14	  	
	MSN                         	  		  	

 
Authority in the name of Lessor (or as otherwise registered with Lessor’s written consent). To the extent required by Lessor’s Lender or applicable
Law, the international interest created by this Agreement in the Airframe and in the Engines shall be registered with the International Registry. 
 5.2. Nameplates. Lessee shall attach or cause to be attached to the Airframe in a location reasonably adjacent to and not less prominent than the airworthiness certificate for the Aircraft, and to each
Engine, fireproof nameplates in a form reasonably specified by Lessor which shall evidence the ownership interest of Lessor (and, as directed by Lessor, the security interest of Lessor’s Lender, as applicable). Lessee shall keep and maintain
all such nameplates plainly, permanently and conspicuously on the Airframe and Engines throughout the Term. 
 5.3.
Filings. At or before Delivery, this Agreement (absent the provisions of Appendix B) and such other documents as Lessor may direct shall be filed with the Aviation Authority and with any other Governmental Entity registrar
or international registrar as provided herein, including, without limitation, the International Registry. All costs and expenses (including the legal fees charged by Special FAA Counsel but not including the legal fees charged by Lessor’s
counsel) relating to each of such filings shall be paid as set forth in Section 20.8 of this Agreement. 
 6. Possession, Use and
Operation of the Aircraft; Risk of Loss or Damage. 
 6.1. Possession of Aircraft; Wet-Lease.

 (a) Lessee, during the Term, shall be entitled to the possession and use of the Aircraft. Lessee shall not sublease or
otherwise transfer possession of the Aircraft to any person or entity; provided, however, that, so long as no Event of Default shall have occurred and be continuing: 
 (1) Lessee may deliver possession of the Aircraft to the Manufacturer or to any Authorized Maintenance Performer for testing, service,
repair, maintenance or overhaul work thereon or on any Part thereof or for alterations or modifications in or additions thereto to the extent required or permitted by the terms of this Agreement; and 
 (2) Lessee may, with the prior written consent of Lessor, enter into a sublease with respect to the Aircraft. Lessor’s consent to a
sublease by Lessee shall not be unreasonably withheld or delayed, provided that the failure of Lessor’s Lender to approve a sublease shall be considered good cause for Lessor to withhold its approval. 
 (b) Should Lessee not be an airline or other certificated operator of the Aircraft, Lessee shall have the right to enter into a sublease
or operating agreement (the “Operating Agreement”) with a certificated operator, subject to the prior approval of Lessor, with such approval not being unreasonably withheld or delayed. Should Lessee enter into such Operating
Agreement with Lessor (or an Affiliate of Lessor), as operator, the obligations of the Operating Agreement shall control with respect to the respective obligations of the parties concerning the Aircraft. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	15	  	
	MSN                         	  		  	

 (c) During the Term, Lessee shall be entitled to enter into and carry out any charter,
“wet-lease” or other agreement with respect to the Aircraft on terms whereby the Aircraft will at all times be operated by an aircrew employed by and subject to the operational control of Lessee; provided that any such charter or
other agreement (i) shall be approved by Lessor, such approval not being unreasonably withheld or delayed, (ii) shall be subordinate in all respects to this Agreement, (iii) will not extend beyond the end of the Term, (iv) will
not result in any transfer of possession or control of, or create any interest in, the Aircraft to or in favor of any person or entity, and such possession and control shall remain at all times exclusively with Lessee and (v) shall not be
entered into or renewed beyond its current term in the event that at the time Lessee seeks to so enter into or renew such charter, there exists an Event of Default. 
 6.2. Possession of Engines. 
 (a) During the Term, Lessee shall be entitled to the possession and use of each of the Engines. Lessee shall not, without the prior written consent of Lessor, transfer possession of any of the Engines to any person or
entity; provided, however, that, so long as no Event of Default shall have occurred and be continuing, Lessee may, without the prior written consent of Lessor, exercise the following rights. 
 (1) Maintenance Workshop. Lessee may deliver possession of any Engine to the Manufacturer or to an Authorized Maintenance
Performer for testing, service, repair, maintenance or overhaul work on such Engine or any part thereof or for alterations or modifications in or additions to such Engine to the extent required or permitted by the terms of this Agreement.

 (2) Engines on Airframe Owned by Lessee. Lessee may install any Engine on an airframe owned by Lessee free and
clear of all Liens, except (A) Permitted Liens or those which apply only to the engines (other than Engines), appliances, parts, instruments, appurtenances, accessories, furnishings and other equipment (other than Parts) installed on such
airframe and (B) the Lien of any mortgage which expressly and effectively provides that such Engine leased to Lessee hereby shall not become subject to the Lien thereof, notwithstanding the installation of such Engine on any airframe subject to
such Lien, unless and until Lessee shall become the owner of such Engine. 
 (3) Engine on Airframe Leased to Lessee.
Lessee may install any Engine on an airframe leased to Lessee or purchased by Lessee subject to a hire purchase or conditional sale agreement; provided that (A) such airframe is free and clear of all Liens except (i) Permitted Liens or
those which apply only to the engines (other than Engines), appliances, parts, instruments, appurtenances, accessories, furnishings and other equipment (other than Parts) installed on such airframe, (ii) the Lien of any mortgage which expressly
and effectively provides that such Engine leased to Lessee hereby shall not become subject to the Lien thereof, notwithstanding the installation of such Engine on any airframe subject to such Lien, unless and until Lessee shall become the owner of
such Engine and (iii) the rights of the parties to the lease or hire purchase or conditional sale 

  

							
	AIRCRAFT LEASE AGREEMENT	  	16	  	
	MSN                         	  		  	

 
agreement covering such airframe and (B) there shall be in effect between Lessee and such lessor or hire vendor or conditional vendor of such airframe a
written agreement (which may be the lease or hire purchase or conditional sale agreement covering such airframe) whereby such lessor or hire vendor or conditional vendor expressly and effectively agrees that neither it nor its successors and assigns
will acquire or claim any right, title or interest in such Engine by reason of such Engine being installed on such airframe at any time while such Engine is subject to this Agreement; and provided further, that the rights of any transfer permitted
by this Section 6.2 shall be subject and subordinate to all of the terms of this Agreement, including, without limitation, Lessee’s obligation to return the Engines at the end of the Term and Lessor’s right to repossession pursuant
hereto, and Lessee shall remain primarily liable hereunder for the performance of all of the terms of this Agreement to the same extent as if such transfer had not occurred. 
 (b) In the event that Lessee shall have entered into a mortgage, lease or conditional sale agreement complying with the provisions of
clause (2) or clause (3) of Section 6.2(a) hereof, Lessor hereby agrees, for the benefit of the mortgagee, lessor or conditional vendor under such agreement, that Lessor and its successors and assigns shall not acquire or claim, as
against such mortgagee, lessor or conditional vendor, any right, title or interest in any engine owned by such person or entity or in which it has a security or ownership interest by reason of such engine’s being installed on the Airframe. Any
Engine removed from the Aircraft shall be, during the period such Engine is so removed, either safely housed and sheltered or repaired or maintained in accordance with this Agreement, or installed on an aircraft pursuant to this Section 6.2;
provided, further, that: (1) Lessee maintains or causes to be maintained insurance in accordance with Section 11 in respect of the removed Engine at all times while it is removed from the Airframe (and, if required by Lessor, Lessee shall
furnish or cause to be furnished to Lessor waivers or acknowledgments by the insurers of the aircraft on which such removed Engine is installed); and (2) as soon as reasonably practicable and in any event on or before expiration of the Term or
termination of this Agreement, such removed Engine is reinstalled on the Airframe. 
 (c) Notwithstanding anything to the
contrary in this Section 6.2, Lessee shall return the Engines to Lessor at the end of the Term. Either of the Engines at Return may be a replacement Engine under one of two conditions: (i) upon the occurrence of a Total Loss with respect
to an Engine during the Term (requiring an Engine replacement pursuant to Section 19.2 of this Agreement); or (ii) Lessor agreeing to accept an engine in substitution for an Engine upon Lessee’s request (which Lessor shall not
unreasonably deny), subject to Lessee and such replacement Engine satisfying all of the requirements of Section 19.2 hereof (including, without limitation, the engine condition and title transfer requirements therein). Any replacement engine
which satisfies this Section 6.2(c) (a “Replacement Engine”) thereafter shall be deemed an “Engine” for all purposes under this Agreement. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	17	  	
	MSN                         	  		  	

 6.3. Pooling of Parts. Any Part removed from the Aircraft as provided in
Section 7 hereof may be subjected by Lessee to normal interchange or pooling agreements or arrangements customary in the airline industry and entered into by Lessee with other licensed air carriers or aviation parts suppliers in the ordinary
course of its business, provided that the part replacing such removed Part shall be incorporated or installed in or attached to the Aircraft in accordance with Section 7 promptly upon the removal of such removed Part. In addition, any
replacement part, when incorporated or installed in or attached to the Aircraft in accordance with Section 7, may be owned by another such air carrier or aviation parts supplier subject to such pooling arrangement; provided, further,
that the Part so removed remains the property of Lessor and subject to this Agreement and that Lessee, at its expense, promptly thereafter either (a) causes title to such replacement part to vest in Lessor free and clear of Liens other than
Permitted Liens, in accordance with Section 7.5, or (b) replaces such replacement part by incorporating or installing in or attaching to the Aircraft a further replacement part owned by Lessee free and clear of all Liens other than
Permitted Liens, and causes title to such further replacement part to vest in Lessor and causes such replacement part to become subject to this Agreement. 
 6.4. Commercial Operations. Lessee shall not use or permit the Aircraft to be operated except (a) in commercial operation for which Lessee (or Lessee’s sublessee or operator) is duly authorized
by the laws of the United States and any other jurisdiction(s) to whose laws the operation of the Aircraft is subject and (b) in jurisdictions which are not excluded from coverage by any insurance policy required by the terms of this Agreement
in effect with respect to the Aircraft. 
 6.5. Lawful Use. Lessee shall not permit the Aircraft to be
maintained, used, or operated in violation of any Law of any Governmental Entity having jurisdiction, or contrary to any Manufacturer’s operating manuals and instructions, or in violation of any airworthiness certificate, license, registration
or AD relating to the Aircraft issued by any such Governmental Entity. Lessee shall not cause or permit the Aircraft to proceed to, or remain at, any location which is then the subject of a prohibition order (or any similar order or directive),
sanctions or restrictions by or under any Governmental Entity having jurisdiction over Lessee or the Aircraft. 
 6.6.
Freight Operations. Lessee shall not use or permit the use of the Aircraft for the carriage of (a) whole animals, living or dead, except in cargo compartments according to I.A.T.A. regulations and except domestic pet animals carried
in suitable containers to prevent the escape of any fluids and to ensure the welfare of the animal or (b) acids, toxic chemicals, other corrosive materials, explosives, nuclear fuels, nuclear wastes or any nuclear assemblies except in full
compliance with applicable Law. 
 6.7. Use Within Insurance Coverage. Lessee shall not operate the Aircraft or
suffer the Aircraft to be operated: (a) within or into any geographic area unless the Aircraft is covered by insurance as required by the provisions of Section 11 during and with respect to its operations into that area; or
(b) otherwise contrary to the terms or outside the coverage of such insurance as required by the provisions of Section 11. 
 6.8. Net Lease. 
 (a) During the Term, except as otherwise provided by the terms of this Agreement,
Lessee shall bear all costs in connection with the possession, use, operation, maintenance, overhaul, repair and insurance of the Aircraft. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	18	  	
	MSN                         	  		  	

 (b) During the Term, Lessee shall provide and pay for all crews and other personnel,
fuel, lubricants, oil and electric power consumed by and required for the operation of the Aircraft. 
 (c) Lessee shall
promptly pay (or cause to be paid) all import/export fees (as applicable), navigation charges, route charges and airport charges (including landing fees, departure fees, airport handling charges and taxes) the nonpayment of which could result in a
Lien upon the Aircraft or in the Aircraft being held or seized pending payment of such charges. 
 6.9. Risk of Loss or
Damage. Lessee shall bear all risks of loss or damage to the Aircraft, Engines, Parts and Aircraft Documents from any and all causes whatsoever from the Delivery Date until the re-delivery thereof to Lessor; provided that, in the
event of a re-delivery of any one or more of the Aircraft, Engines, Parts and Aircraft Documents to Lessor, under circumstances which do not constitute a Return, then Lessee shall be responsible for the cost to Lessor to insure the Aircraft,
Engines, Parts and Aircraft Documents during the period, following such re-delivery, for which Lessee continues to be obligated to pay Basic Rent pursuant to Section 4.2 hereof. If the Aircraft is requisitioned by any Governmental Entity during
the Term, then, unless and until the Aircraft becomes a Total Loss, (a) the Term shall continue and Lessee shall continue to fulfill all its obligations under this Agreement and (b) Lessee shall, during the Term, be entitled to all
requisition hire paid to Lessor or to Lessee on account of such requisition. For the avoidance of doubt, Lessor shall not be liable to supply an aircraft, an engine or any part, if the Aircraft, an Engine or a Part is lost or damaged or rendered
unfit for use or grounded, hijacked, confiscated, seized, requisitioned, restrained or appropriated; provided, however, that, should an ABX Operating Agreement be in effect with respect to the Aircraft, the provisions of the ABX Operating
Agreement shall control with respect to Lessor’s ultimate responsibility, if any, under the ABX Operating Agreement should the Aircraft (or any component thereof) become unavailable for use. 
 7. Maintenance and Modifications. 
 7.1. Maintenance of the Aircraft; ADs. 
 (a) General. From the Delivery
until the Return of the Aircraft and the Aircraft Documents, Lessee, at its own expense, shall service, repair, maintain, overhaul, check or cause the same to be done to the Aircraft, in accordance with the Maintenance Program so as to keep the
Aircraft eligible for FAR Part 121 operations, in the same condition as other Boeing 767 aircraft Lessee owns or operates, and in such operating condition as may be necessary to enable the airworthiness certification of the Aircraft to be maintained
in good standing at all times pursuant to the requirements of the Aviation Authority and the FAA (if not the applicable Aviation Authority). 
 (b) AD Compliance. 
 (1) Lessee shall comply with all ADs issued during the Term
affecting the Aircraft and requiring terminating action during the Term or within one year after the end of the Term (without regard to any deferrals which are or might be granted). 
  

							
	AIRCRAFT LEASE AGREEMENT	  	19	  	
	MSN                         	  		  	

 (2) If the cost of complying with an AD is less than or equal to One Hundred Thousand
Dollars ($100,000), Lessee shall pay all of such cost. If the cost of such compliance is greater than One Hundred Thousand Dollars ($100,000) (but only to the extent that such cost relates to work required to comply with an AD on a terminating
action basis, and excluding work performed for any other purpose, such as compliance with ADs by means of repetitive inspections, recording compliance work in the Aircraft Documents, and all other maintenance work), Lessee shall pay the first One
Hundred Thousand Dollars ($100,000), and the balance (the “AD Shared Expenses”) shall be paid initially by Lessee to the applicable Authorized Maintenance Performer, with Lessee being entitled to reimbursement from Lessor in an amount
equal to the product of (a) the amount of the AD Shared Expenses times (b) a fraction, the numerator of which is 96 minus the number of months (rounded to the nearest whole number of months) from the date of completion of the subject AD
work to the AD Term Date, and the denominator of which is 96. 
 (3) If the cost of compliance with an AD on a terminating
action basis is equal to or greater than One Hundred Thousand dollars ($100,000), Lessee shall not perform such terminating action unless Lessor consents in advance in writing; provided, however, that, should Lessee request such consent on
the part of Lessor and Lessor fail or refuse to provide such consent, then either: (i) Lessor shall provide to Lessee an alternative, equivalent aircraft under the same terms and conditions as this Agreement for the remainder of the Term; or
(ii) the Lease shall terminate and (A) Lessor shall pay to Lessee any prepaid Basic Rent, (B) Lessor shall pay to Lessee the balance of the Basic Rent Credit which has yet to be applied to the payment of Basic Rent, (C) Lessee
shall be entitled to return the Aircraft to Lessor without complying with the Return Condition Requirements relating to (and only to) that portion of the Aircraft subject to the applicable AD (i.e., the Airframe, the applicable Engine or
Engines, the Landing Gear or the APU) and (D) with respect to the portions of the Aircraft not subject to the AD, Lessor shall assist Lessee in complying with the applicable Return Condition Requirements by pro-rating the costs of such
compliance based upon a comparison of (x) the number of months between Delivery and the effective date of the AD and (y) the number of months between the effective date of the AD and the Expiration Date. 
 (4) Lessor’s obligation to contribute toward the payment of AD costs pursuant to this Section 7.1(b) is subject to and
contingent upon: 
 (A) Lessor shall have consented to the applicable terminating action, as required by
Section 7.1(b)(3); 
 (B) No Event of Default shall have occurred and be continuing; 
  

							
	AIRCRAFT LEASE AGREEMENT	  	20	  	
	MSN                         	  		  	

 (C) Lessor shall have received evidence reasonably satisfactory to Lessor that the work
contemplated by such AD has been completed; and 
 (D) Lessor shall have received true copies of the invoices and paid
receipts supporting the reported cost of such AD work. 
 (5) Lessor shall make payment of its share of the AD Shared
Expenses within thirty (30) days of its receipt of all of the documentation reasonably required by Lessor pursuant to Section 7.1(b)(4)(C) and (D) hereof. Lessee shall not offset the amount due from Lessor for its portion of the AD
Shared Expenses against Rent or other amounts due to Lessor hereunder. 
 7.2. Maintenance of the Aircraft
Documents. 
 (a) From the Delivery until the Return of the Aircraft, Lessee, at its own expense, shall maintain and
update (or shall cause to be maintained and updated), in the English language, all Aircraft Documents as required by applicable Laws and by the regulations of the Aviation Authority and the FAA (if not the applicable Aviation Authority). Lessee
shall at all times cause the Aircraft Documents to be stored (1) at a location disclosed to and accepted by Lessor and (2) in a complete and organized format. 
 (b) When incorporating ADs, service bulletins, modifications, repairs or any other engineering changes to the Aircraft, Lessee shall
revise or cause to be revised the customized documentation for the Aircraft in order to incorporate and reflect such ADs, service bulletins, modifications or repairs, as applicable. 
 (c) Together with each transmission of the Written Summaries required under Section 7.8 hereof, Lessee shall provide to Lessor an
electronically-scanned copy (in CD, DVD or electronic format reasonably acceptable to Lessor) of all Aircraft Documents changed or added since the scanned copy last provided to Lessor, so that the scanned copy in Lessor’s possession will be
correct and complete as of the date of such Written Summaries. 
 7.3. Authorized Maintenance Performer. All
maintenance on the Airframe, Engines and Parts shall be performed by an Authorized Maintenance Performer. 
 7.4.
Replacement of Parts. Except as otherwise provided herein, Lessee, at its own expense, shall as soon as practicable replace (or cause to be replaced) all Parts that may from time to time be incorporated or installed in or attached to the
Aircraft and that may become unserviceable, worn out, lost, stolen, destroyed, seized, confiscated or damaged beyond repair. In addition, in the ordinary course of maintenance, service, repair, overhaul, or testing, Lessee may remove (or caused to
be removed) any Part, provided that Lessee shall replace (or cause to be replaced) such Part as promptly as practicable. All replacement parts shall be free and clear of all Liens, except for Permitted Liens, and shall be in good operating
condition, shall be lawful for installation and use on the Aircraft under applicable Aviation Authority regulations and other applicable Law, and shall be certificated for use on a Boeing 767-200SF aircraft. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	21	  	
	MSN                         	  		  	

 7.5. Title to Parts. All Parts at any time removed from the Aircraft shall
remain the property of Lessor, no matter where located, until such time as: (a) such Parts shall be replaced by parts that have been incorporated or reinstalled in or attached to the Aircraft and that meet the requirements for replacement parts
specified above in Section 7.4, and (b) title thereto shall have passed to Lessor free and clear of all Liens other than Permitted Liens. Immediately upon the incorporation or installation in or attachment in or to the Aircraft of any
replacement part as above provided, and without further act (c) title to the removed Part shall vest in Lessee, free and clear of all rights of Lessor and any Lessor’s Liens and (d) such replacement part shall be subject to this
Agreement and shall be deemed a Part of the Aircraft for all purposes hereof to the same extent as the Parts originally incorporated and installed in or attached to the Aircraft. 
 7.6. Removal of Engines. Lessee shall be entitled, so long as no Event of Default shall have occurred and be continuing, to
remove or permit the removal of any Engine from the Airframe and to install on the Airframe an engine, provided, that the removed Engine is, during the period of substitution, either being safely housed and sheltered or repaired or maintained
in accordance with this Agreement, or is installed on an aircraft pursuant to Section 6.2 hereof (and the provisions of Sections 6.2(a)(2) or 6.2(a)(3), as applicable, concerning preservation of title shall apply to the removed Engine);
provided, further, that: 
 (a) Lessee maintains or causes to be maintained insurance in accordance with
Section 11 in respect of the removed Engine at all times while it is removed from the Airframe (and, if required by Lessor, Lessee shall furnish or cause to be furnished to Lessor waivers or acknowledgments by the insurers of the aircraft on
which such removed Engine is installed); and 
 (b) as soon as reasonably practicable and in any event on or before end of the
Term, such engine is removed from the Airframe and the removed Engine is reinstalled on the Airframe (subject to the Replacement Engine provisions of Section 6.2(c) of this Agreement). 
 7.7. Equipment Changes. 
 (a) Except as expressly provided herein or as a result of an AD or service bulletin or other requirement of the Aviation Authority or the Manufacturer, the Aircraft shall not be modified, altered, converted, or added
to (an “Equipment Change”), provided that, subject to Lessor’s prior approval in writing, and in compliance with any conditions reasonably imposed by Lessor, Lessee may, at Lessee’s own expense, make (or cause to be made) such
Equipment Changes to the Aircraft as Lessee may deem desirable, so long as such Equipment Change does not result in a diminution in the value or utility of the Aircraft. All such Equipment Changes shall be consistent with the rules and regulations
of the Aviation Authority. 
 (b) Title to all Parts incorporated or installed in or attached or added to the Aircraft as the
result of such Equipment Change shall, without further act, vest in Lessor and shall become subject to this Agreement, free of all Liens other than Permitted Liens; provided, however, that so long as no Event of Default shall be continuing, Lessee
may remove (or cause to be removed) any such Part if: (1) such Part is in addition to, and not 

  

							
	AIRCRAFT LEASE AGREEMENT	  	22	  	
	MSN                         	  		  	

 
in replacement of or in substitution for, any Part originally incorporated or installed in or attached to the Aircraft at the time of Delivery or any part in
replacement of or in substitution for any such original Part; (2) such Part is not required to be incorporated or installed in or attached or added to the Aircraft pursuant to the provisions of Sections 7.1 hereof; and (3) such Part can be
removed from the Aircraft without diminishing or impairing the value or airworthiness which the Aircraft would have had such Equipment Change not occurred. Without limiting the generality of the immediately prior sentence, all loose equipment owned
by Lessee which is placed on board the Aircraft (and remains loose equipment) shall remain owned by Lessee. 
 (c) Upon the
removal by Lessee of any such Part as above provided, title thereto shall, without further act, vest in Lessee free and clear of all Lessor’s Liens and rights of Lessor and such part shall no longer be deemed part of the Aircraft. Any Part not
removed by Lessee as above provided prior to the Return of the Aircraft shall remain the property of Lessor; provided that Lessor may require Lessee, by notice to Lessee given not later than the 60th day prior to end of the Term (except during the
continuance of an Event of Default), to remove any Parts incorporated or installed in the Aircraft as a result of an Equipment Change and to restore the Aircraft to its condition prior to such Equipment Change, prior to the end of the Term.

 7.8. Summary of Flight Hours, Cycles; Technical Information. 
 (a) Lessee, at its own expense, shall, within ten (10) days after the end of each calendar month of the Term and on the Return Date,
provide (or cause to be provided) to Lessor written summaries (the “Written Summaries”) of the following events occurring during the previous calendar month: (1) Flight Hours and Cycles accrued on the Airframe and Engines, certified
by an officer of Lessee; (2) all maintenance performed on the Airframe or Engines; and (3) any Engine changes. 
 (b) Lessee shall give Lessor not less than fifteen (15) days’ prior written notice of the anticipated time and location of all partial or complete C-Checks, Engine shop visits, and other major maintenance to be performed on the
Aircraft. 
 (c) During the Term, Lessee shall furnish to Lessor such additional information concerning the location,
condition, use and operation of the Aircraft as Lessor may reasonably request, including, without limitation, records reflecting the Airframe, Engine and APU service history. 
 (d) All information furnished by Lessee to Lessor concerning monetary amounts (whether in the Written Summaries or otherwise) shall be
denominated in Dollars. 
 (e) Together with each transmission of Written Summaries, Lessee shall provide to Lessor the
electronically-scanned copies of the Aircraft Documents required under Section 7.2(c) hereof. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	23	  	
	MSN                         	  		  	

 7.9. Inspections. 
 (a) Lessor may, but shall not be obligated to, upon giving five (5) Business Days prior notice to Lessee of its intention to do so
(or any other notice which is reasonable under the circumstances), inspect the Aircraft, the Aircraft Documents, and any maintenance performed by or on behalf of Lessee during normal business hours, provided that such inspection does not
unreasonably interfere with Lessee’s operations. Lessor shall be entitled, as part of any such inspection, to open any of the panels, bays and doors of the Aircraft. All inspections performed by Lessor shall be at its cost (except that, during
the continuance of an Event of Default, such inspection shall be at Lessee’s cost and may be conducted without prior notice to Lessee). 
 (b) Lessee shall assist and not interfere with any person designated by Lessor to conduct any inspection pursuant to this Section 7.9. Lessor shall not incur any liability or obligation by reason of not making an
inspection and no failure by Lessor to make such inspection shall lessen any obligation of Lessee under this Agreement, including but not limited to Lessee’s obligations under this Section 7. In addition, Lessee shall at all times permit
Lessor’s technical representatives to be present at and inspect any maintenance being conducted on the Aircraft or any constituent thereof. Lessee shall, upon Lessor’s request, provide Lessor with letters to the Authorized Maintenance
Performer allowing the disclosure to Lessor of all matters relating to the maintenance of the Aircraft. 
 (c) Lessor
Not Obligated. Except as otherwise expressly provided in this Agreement, Lessor shall have no obligation whatsoever to service, repair, maintain, check or cause the same to be done to the Aircraft, or to keep the Aircraft in an airworthy
condition. 
 8. Taxes. 
 8.1. General Tax Indemnity. Lessee agrees to timely pay, and to indemnify Lessor against, any and all Taxes, whether such Taxes are now existing or hereafter adopted, enacted or amended, that may be
asserted, levied or imposed on or against Lessor upon or with respect to or measured by: (a) the Aircraft or any Part thereof or interest therein; (b) this Agreement, and the performance of any of the transactions contemplated hereby or
the exercise of remedies under this Agreement with respect to an Event of Default; (c) the delivery, testing, transportation, rental, sale, replacement, substitution, repossession, abandonment, transfer, rebuilding, leasing, subleasing,
possession, presence, use, operation, condition, storage, maintenance, modification, alteration, repair or return of the Aircraft or any Part thereof or interest therein occurring subsequent to the Delivery Date; and (d) Rent payable under this
Agreement. 
 8.2. Certain Exceptions. The provisions of Section 8.1 hereof shall not apply to, and Lessee
shall have no liability to Lessor thereunder with respect to, Taxes excluded under any of the following provisions or any combination thereof: 
 (a) Taxes which are not yet due; 
  

							
	AIRCRAFT LEASE AGREEMENT	  	24	  	
	MSN                         	  		  	

 (b) Taxes on, based on, measured by or with respect to the net or gross income, or net or
gross receipts, capital, net worth, franchise, or conduct of business of Lessor (other than Taxes in the nature of sales, withholding, use or property Taxes) imposed by any federal, state or local government or taxing authority in the United States
or any foreign government or foreign taxing authority, or by any possession or territory of the United States; and 
 (c)
Taxes that would not have been imposed but for any failure of Lessor to (1) file proper and timely reports or returns or to pay any Taxes when due, or (2) comply with any certification, information, documentation, reporting or other
similar requirements concerning the nationality, residence, identity or connection with the jurisdiction imposing such Taxes, if such compliance is required to obtain or establish relief or exemption from or reduction in such Taxes and Lessor was
eligible to comply with such requirement. 
 8.3. Indemnities Payable on After-Tax Basis; Payments in Respect of Tax
Benefits. Lessee agrees that, with respect to any payment or indemnity to Lessor under this Section 8, Lessee’s indemnity obligations shall include an amount necessary to hold Lessor harmless from all Taxes (other than Taxes
described in Section 8.2) required to be paid by Lessor with respect to the receipt or accrual of such payment or indemnity (including any payment by Lessor of any Taxes in respect to any indemnity payments received or receivable under this
Section 8). 
 8.4. Payment of Tax Indemnities. If (a) any Taxes are required to be deducted or
withheld by Lessee from any payment of Rent or other amounts due to Lessor under this Agreement (“Withholding Taxes”) and (b) Lessee is required to indemnify Lessor against such Withholding Taxes pursuant to this Section 8
(“Indemnifiable Withholding Taxes”), then Lessee shall, at the time of paying such Rent, or other amount, pay to Lessor such additional amounts as may be necessary in order that the net amount of such payment of Rent or other amount, after
deduction or withholding for Indemnifiable Withholding Taxes, will be equal to the amount Lessor would have received if such Indemnifiable Withholding Taxes had not been deducted or withheld. Any other amount payable to or on behalf of Lessor,
pursuant to Section 8.1 hereof shall be paid to Lessor or, if so directed by Lessor, directly to the relevant taxing authority, within thirty (30) days after receipt by Lessee of a written demand therefor from Lessor accompanied by a
written statement describing in reasonable detail the Taxes that are the subject of and basis for such payment or indemnity and the computation of the amount so payable. 
 9. Liens. 
 9.1 During the Term, Lessee shall not create or suffer to
exist any Lien upon or against the Aircraft, the Aircraft Documents or any of its rights under this Agreement, other than the following (“Permitted Liens”): 
 (a) Lessor’s Liens; 
 (b) repairers’ or other like Liens arising in the ordinary course of business, in respect of obligations which are neither overdue nor deferred; 
  

							
	AIRCRAFT LEASE AGREEMENT	  	25	  	
	MSN                         	  		  	

 (c) the rights of others permitted under Sections 6 and 7 hereof; 
 (d) Liens for taxes of any kind not yet due and payable or being contested in good faith by appropriate proceedings that do not involve
any material risk of the sale, forfeiture or loss of the Aircraft or the Aircraft Documents or any interest therein; 
 (e)
Liens arising out of judgments or awards against Lessee with respect to which there shall have been procured a stay of execution; 
 (f) salvage rights of insurers under insurance policies maintained pursuant to Section 11; and 
 (g) the
respective rights of Lessor and Lessee as provided herein. 
 9.2 All Liens excepted above under Section 9.1(b)
shall be cleared by Lessee in the ordinary course of business, but not later than the end of the Term. If at any time during the Term a Lien (other than a Permitted Lien) shall be created or suffered to exist by Lessee, or be levied upon or asserted
against the Aircraft or the Aircraft Documents, or if any person or entity should assert any Lien (other than a Permitted Lien) on any right of Lessee under this Agreement, Lessee shall notify Lessor and Lessee shall cause such Lien (other than
Permitted Liens) forthwith to be discharged by bond or otherwise unless Lessor shall otherwise consent in writing. If Lessee shall fail to discharge any Lien (other than Permitted Liens), Lessor may do so, and Lessee shall pay to Lessor on demand
the amount paid by Lessor together with Lessor’s losses, costs, and expenses, including reasonable legal fees and expenses. The obligations set forth in this Section 9 shall survive the Expiration or Termination of this Agreement.

 10. Indemnification. 
 10.1. Indemnification and Holding Harmless. Lessee agrees to defend, indemnify, reimburse, and hold harmless Lessor, Lessor’s Lender, and their respective affiliates, subsidiaries, successors,
assigns and subcontractors, together with each of such entities’ respective directors, officers, agents, shareholders and employees (hereinafter individually and collectively the “Indemnified Parties”) from and against any and all
claims, damages, losses, liabilities, demands, suits, judgments, causes of action, legal proceedings, penalties, fines, other sanctions and any costs and expenses in connection therewith, including but not limited to reasonable attorneys’ fees
and expenses (any and all of which are hereafter referred to as “Claims”) that in any way result from or arise out of or in relation to: (a) the condition, manufacture, delivery under this Agreement, possession, return, disposition
after an Event of Default, use or operation of the Aircraft either in the air or on the ground; (b) any defect in the Aircraft arising from the material or any article used therein or from the design, testing or use thereof, or from any
maintenance, service, repair, overhaul or testing of the Aircraft, regardless of when such defect shall be discovered, and regardless of where the Aircraft may then be located; (c) any breach by, or noncompliance by Lessee with, any provision
of this Agreement or any other agreement or document contemplated hereby or given or entered into by Lessee in connection herewith; or (d) any bodily injury suffered by any person, or any property damage suffered by any person or entity, in the
course of or as a result of the use, operation, maintenance, service, repair, overhaul, testing, possession, delivery under this Agreement or return of the 

  

							
	AIRCRAFT LEASE AGREEMENT	  	26	  	
	MSN                         	  		  	

 
Aircraft. The foregoing indemnity shall not apply to (1) any Claim that constitutes a Permitted Lien, (2) Claims for Taxes, it being agreed that
Section 8 represents Lessee’s entire obligation with respect to Taxes, (3) Claims attributable to the gross negligence or willful misconduct of any Indemnified Party, (4) Claims attributable to any misrepresentation by any
Indemnified Party herein or in any agreement or document delivered by it in connection herewith or (5) with the exception of clause (c) above, Claims attributable to acts or events occurring before the Delivery Date or following Expiration
or Termination of this Agreement and the Return of the Aircraft to Lessor. 
 10.2. Lessee’s Waiver and
Release. Lessee hereby waives and releases any Claim now or hereafter existing against the Indemnified Parties on account of any Claim of or on account of or arising from or in any way connected with injury to or death of personnel of Lessee
or loss or damage to property of Lessee that may result from or arise in any manner out of or in relation to the condition, use or operation of the Aircraft, either in the air or on the ground, during the Term, or that may be caused during the Term
by any defect in the Aircraft arising from the material or any article used therein or from the design, testing or use thereof, or from any maintenance, service, repair, overhaul or testing of the Aircraft, except to the extent that such claim
arises out of the breach by any Indemnified Party of its obligations hereunder or under any agreement or document delivered in connection herewith, regardless of when such defect may be discovered, and regardless of the location of the Aircraft at
any such time. The foregoing waiver and release shall not apply to any Claim arising out of the gross negligence or willful misconduct of any Indemnified Party. 
 10.3. Surviving Obligations. The indemnities and agreements contained in this Section 10 shall survive the end of the
Term and the Return of the Aircraft. The indemnities contained in this Section 10 are expressly made for the benefit of and shall be enforceable by the Indemnified Parties. 
 10.4. Not an Indemnified Party. Notwithstanding anything to the contrary in this Section 10, no manufacturer, repairer,
servicer, modifier or the like shall be considered an Indemnified Party unless expressly referenced herein, and the Lessee and their insurers retain full right of subrogation and recourse against all but the Indemnified Parties in accordance with
this Section 10. 
 11. Insurance. 
 11.1 Aviation Third Party Legal Liability Insurance. As of the Delivery Date and continuing for a period of two years
following the end of the Term or, if earlier, until the next major Aircraft maintenance check, Lessee shall carry at its expense (or shall cause to be carried) with insurers of internationally recognized standing, aviation legal liability insurance
in respect of the Aircraft in amounts denominated in United States Dollars not less than the Minimum Liability Coverage amount designated in Appendix B hereto combined single limit for bodily injury and property damage each occurrence
(and in the aggregate as respects aviation products/completed operations and third party liability war and allied perils), and subject to customary sub-limits for non-aviation coverages. Such insurance shall include third party legal liability
including passenger liability, liability war and allied perils, property damage liability (including cargo, baggage (checked and unchecked) and mail liability), premises liability, 

  

							
	AIRCRAFT LEASE AGREEMENT	  	27	  	
	MSN                         	  		  	

 
products/completed operations liability, contractual liability and political risk (including expropriation) insurance in the amounts set forth in
Appendix B. All such insurance shall be in form and substance reasonably satisfactory to Lessor. Lessee covenants that any insurance policies carried in accordance with this Section 11.1 and any policies taken out in substitution
or replacement for any of such policies shall: (i) be endorsed to name Lessor, Lessor’s Lender, each of the other Indemnified Parties and such other parties as Lessor may from time to time reasonably designate by notice to Lessee as
additional insureds for their respective interests with respect to the Aircraft (hereinafter each an “Additional Insured” and collectively the “Additional Insureds”); (ii) provide that in respect of the interests of any
Additional Insured in such policies, the insurance shall not be invalidated by any act or omission (including misrepresentation and non-disclosure), provided that the Additional Insured so protected has not caused, contributed to or knowingly
condoned the said act or omission; (iii) provide that insurers waive all rights of subrogation against the Additional Insureds; (iv) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any
material change is made in such insurance that adversely affects the interest of any Additional Insured, such cancellation, lapse or change shall not be effective as to any Additional Insured for thirty (30) days (seven (7) days, or such
other period as is then customarily obtainable in the industry, in the case of any war and allied perils liability coverage) after the giving of written notice from such insurers or Lessee’s appointed insurance broker to Lessor and
Lessor’s Lender; (v) be primary without right of contribution from any other insurance maintained by any Additional Insured; (vi) provide a severability of interests provision applicable to each insured and Additional Insured under
the policy such that all of the provisions of the insurance required hereunder, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured and Additional Insured; (vii) waive any
right of the insurers to any setoff, counterclaim or other deduction against the Additional Insureds, and; (viii) provide for worldwide coverage, subject to such limitations and exclusions as may be expressly set forth in the certificates of
insurance delivered pursuant to Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated by Lessee, or as Lessor may otherwise agree in writing. 
 11.2 Aircraft Hull Insurance. 
 (a) On or prior to the Delivery Date and throughout the Term, Lessee shall maintain (or cause to be maintained) in full force and effect, at its expense and on terms substantially similar to and no less favorable than
insurance carried by Lessee on similar aircraft in its fleet, all-risk ground and flight aircraft hull insurance covering the Aircraft including coverage of the Engines and Parts while temporarily removed from or not installed on the Aircraft and
not replaced with similar components in amounts denominated an payable in United States Dollars not less than, in respect of the Aircraft, the Agreed Value as set forth in Appendix B hereto, and with respect to any Engines or Parts
while removed from the Aircraft on a replacement value basis. Lessee shall maintain such insurance covering any loss or damage arising from: 
 (i) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power;

 (ii) strikes, riots, civil commotions or labor disturbances; 
  

							
	AIRCRAFT LEASE AGREEMENT	  	28	  	
	MSN                         	  		  	

 (iii) any act of one or more persons, whether or not agents of a sovereign power, for
political or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional; 
 (iv) any
malicious act or act of sabotage; 
 (v) confiscation, nationalization, seizure, restraint, detention, appropriation,
requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority; and 
 (vi) hijacking or any unlawful seizure or wrongful exercise of control of the Aircraft or any Engine or any airframe on which any Engine is installed or crew in flight (including any attempt at such seizure or
control) made by any person or persons on board the Aircraft or such airframe acting without the consent of the insured. 
 (b) The hull war and allied perils insurances shall be in accordance with Lloyd’s Aviation Underwriters Association Standard Policy Form LSW 555D unless otherwise approved by Lessor in writing. Lessee covenants that all policies and
subsequent policies taken out in accordance with this Section 11.2 shall: (A) be issued by insurance companies or underwriters of internationally recognized standing in the aviation industry; (B) be endorsed to name Lessor or (as
directed by Lessor) Lessor’s Lender as the loss payee to the extent of its interests in respect of hull claims that become payable on the basis of a total loss and shall provide that any other loss shall be settled (net of any relevant policy
deductible) with such party(ies) as may be necessary to repair the Aircraft unless otherwise agreed in writing after consultation among the insurers, Lessor and Lessor’s Lender (it being agreed that where the loss is not expected to exceed
U.S.$500,000 and, unless Lessor has notified the insurers to the contrary, such loss will be settled with and paid to Lessee); (C) be amended to name the Additional Insureds as additional insureds for their respective interest with respect to
the Aircraft; (D) provide that, in respect of the interest of any Additional Insureds in such policies, the insurance shall not be invalidated by any act or omission, provided that the Additional Insured so protected has not caused,
contributed to or knowingly condoned the said act or omission; (E) provide that none of the Additional Insureds shall have responsibility for the payment of premiums or any other amount payable under such policies; (F) provide that
insurers shall waive all rights of subrogation as against the Additional Insureds; (G) provide that, if such insurance is canceled or allowed to lapse for any reason whatsoever, or if any material change is made in such insurance which
adversely affects the interest of an Additional Insured, such cancellation, lapse or change shall not be effective as to any Additional Insured for thirty (30) days (seven (7) days, or such other period as is then customarily obtainable in
the industry, in the case of any hull war and allied perils coverage) after the giving of written notice from such insurers or Lessee’s appointed insurance broker to Lessor and Lessor’s Lender; (H) waive any right of the insurers to
any setoff, counterclaim or other deduction against the Additional Insureds; (I) provide for worldwide coverage, subject to such limitations and exclusions as may be set forth in the certificates of insurance delivered pursuant to
Section 11.4 hereof provided such limitations and exclusions are not applicable to the territories where the Aircraft is operated by Lessee, or as Lessor may otherwise agree in writing; (J) contain a 50/50 claims funding clause in the form
of Lloyd’s standard provision AVS103 in the event of a dispute as to which policy in respect of the hull insurance set forth in this Section 11.2 shall pay in the event of a loss; and (K) have deductibles 

  

							
	AIRCRAFT LEASE AGREEMENT	  	29	  	
	MSN                         	  		  	

 
(not applicable in case of a total, constructive total and/or arranged total loss) standard in the industry which do not exceed, per occurrence, the lesser
of (i) $500,000 and (ii) such amounts carried by Lessee with respect to other aircraft similar to the Aircraft and operated on similar routes or which are otherwise reasonably acceptable to, and approved in writing by Lessor, provided,
however, any deductibles shall be assumed by and at the sole risk of Lessee and to the extent applicable shall be paid by Lessee. 
 (c) All insurance coverage shall be subject to Endorsement AVN67B (or a comparable endorsement). 
 11.3
Default. If Lessee shall default in effecting, keeping or maintaining any insurance or if any insurance shall for any reason become void, Lessor may (but without any obligation to do so and without prejudice to Lessor’s other rights
and remedies hereunder) effect, keep up or maintain such insurance at the cost of Lessee and Lessee will forthwith upon demand repay or cause to be repaid to Lessor all premiums and other moneys from time to time paid or payable by Lessor in respect
of such insurance. 
 11.4 Certificates. Not less than ten (10) business days before the Delivery Date,
unless otherwise approved by Lessor in writing, and promptly upon each renewal thereafter, Lessee will furnish to Lessor certificates of insurance written in English from an authorized representative of the insurers providing the insurance required
hereunder and certificates of reinsurance from reinsurance brokers (together with a letter of undertaking from each of such representative and such reinsurance brokers stating that such insurance and reinsurance complies with the terms hereof)
describing in detail the insurance and reinsurance carried and maintained on the Aircraft. Such certificates of insurance shall be in form and substance reasonably satisfactory to Lessor and Lessor’s Lender. Failure of Lessee to furnish
certificates of insurance or procure and maintain the insurance required herein or the failure of Lessor and Lessor’s Lender to request such certificates shall not constitute a waiver of Lessee’s obligations hereunder. 
 11.5 Premiums. Lessee agrees to pay the premiums (or installments thereof) as required by the terms of such policies.

 11.6 Claims. After a Total Loss in relation to the Aircraft shall have occurred and so long as no Default or
an Event of Default shall have occurred and be continuing, Lessee may pursue any and all claims against the insurers in respect of the insurance with respect to the Aircraft, subject to consultation with Lessor; provided that no settlement or
compromise of any such claim may be made without the approval of Lessor (which approval shall not be unreasonably withheld or delayed). Should a Default or an Event of Default have occurred and be continuing and any claim be made under any of the
insurance policies, Lessor shall have full power to make, enforce, settle or compromise all claims with the insurers in respect of the insurance (other than the liability insurance) or for compensation and to sue for, recover, receive and give
discharge for all moneys payable by virtue thereof, to be held and applied in accordance with Section 11.2 hereof. Lessee shall irrevocably and unconditionally assign or cause to be assigned the insurance to Lessor (or, if requested by Lessor,
to Lessor’s Lender) if such an assignment is advisable for the purpose of the preceding sentence. Lessee shall do or cause to be done all things necessary and provide or cause to be provided all documents, evidence and information to enable the
assignee or loss payee referred to above to collect or recover any moneys due or to become due in respect of the insurance. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	30	  	
	MSN                         	  		  	

 11.7 Self-Insurance. Except for the deductibles permitted by
Section 11.2 hereof or otherwise permitted in writing by Lessor, Lessee shall not be permitted to self-insure against any of the risks required to be covered by the insurance described in this Section 11. 
 11.8 Application of Payments During Existence of Default or Event of Default. Any amount referred to in
Section 11.2 hereof which is payable to or retainable by Lessee shall not be paid to or retained by Lessee if, at the time of such payment or retention, a Default or an Event of Default shall have occurred and be continuing, but shall be held
by or paid over to Lessor (or, as directed by Lender, to Lessor’s Lender) as security for the obligations of Lessee under this Agreement. Upon the earlier of (i) such time as there shall not be continuing any such Default or Event of
Default or (ii) the end of the Term, such amount shall be paid to Lessee to the extent not previously applied in accordance with the terms hereof. 
 12. Assignment. 
 12.1. Assignment by Lessee. Lessee shall not
assign or transfer all or any of its rights or obligations under this Agreement without the prior written consent of Lessor; provided, however, that such consent shall not be required so long as (a) such assignment is to an Affiliate of
Lessee, (b) the assignee assumes in writing all of the obligations of the “Lessee” under this Agreement for the benefit of Lessor and (c) Lessee provides written notice of such assignment to Lessor. 
 12.2. Assignment by Lessor. 
 (a) Lessor may, at its own expense and without the prior consent of Lessee, assign or transfer all of its rights and obligations under this Agreement to an Affiliate of Lessor upon providing prior written notice of
such assignment to Lessee. Any other assignment by Lessor shall be subject to the prior consent of Lessee, which such consent shall not be unreasonably withheld or delayed. Any assignment by Lessor pursuant to this Section 12.2 shall include an
express assignment of Lessor’s liability associated with the Basic Rent to the assignee. Upon (1) any such assignment becoming effective and (2) the assignee assuming all of Lessor’s obligations under this Agreement, Lessor shall
be released of any further obligations hereunder. 
 (b) After notice from Lessor of any such sale or transfer of the Aircraft
or any assignment or transfer of all or any of Lessor’s rights and obligations under this Agreement, upon request from Lessor and at Lessor’s expense, Lessee shall, as soon as practicable, execute any agreements or other instruments that
may be necessary or reasonably requested by Lessor in order to allow, give effect to, or perfect any assignment or transfer of Lessor’s rights and obligations under this Agreement (including, without limitation, certificates confirming (to the
extent that such matters are accurate) (1) the continuing truth and accuracy of Lessee’s representations as set forth herein, (2) the continuing viability of Lessee’s warranties, indemnities, covenants and other obligations set
forth herein, (3) that no Event of Default has occurred and is continuing, (4) that no Total Loss has occurred, (5) that the Lease is in full force 

  

							
	AIRCRAFT LEASE AGREEMENT	  	31	  	
	MSN                         	  		  	

 
and effect, (6) that the insurance as required pursuant to this Agreement remains in full force and effect with the assignee named as sole loss payee
and added as an additional insured to the existing additional insureds as of the assignment, and (7) such other matters as reasonably requested by Lessor). 
 (c) In any instance where a transfer or assignment effected by Lessor is to more than one person, such transferees or assignees shall
select an agent who shall act on behalf of all such transferees or assignees and with whom Lessee may deal exclusively, and notify Lessee thereof. 
 12.3. Assignment of Warranties.  
 (a) As of the Delivery Date and
unless a Default or Event of Default shall have occurred and be continuing, Lessor hereby assigns to Lessee, to the fullest extent permitted by law and contract: (a) all warranties (to the extent still existing) covering the Aircraft and all
components, parts and accessories installed on, or delivered with the Aircraft; and (b) Lessor’s right to and possession of all manuals, diagrams and support materials and all records covering the Aircraft and related components, parts and
accessories; in the case of the Airframe and the Engines. To the extent that such warranties are not assignable, Lessor shall cooperate with Lessee in enforcing all such warranties for the benefit of Lessee. Upon an Event of Default, the assignment
hereunder shall automatically terminate and all rights assigned to Lessee pursuant to this Section 12.3 shall automatically revert back to Lessor. 
 (b) On the Return Date, Lessee shall be deemed to have assigned or reassigned to Lessor all warranties covering the Aircraft without further action on the part of Lessee; provided, that Lessee may retain the
right to pursue remedies and to receive benefits with respect to claims of Lessee arising in respect of events prior to the Return Date; provided further, that, to the extent requested by Lessor, Lessee shall execute a separate assignment of
warranties in favor of Lessor at the Return. To the extent that any of such warranties are not assignable, Lessee shall cooperate with Lessor in enforcing all such warranties for the benefit of Lessor. 
 13. “As-Is” Condition, Disclaimer and Release. EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, FROM AND AFTER THE DELIVERY,
THE AIRCRAFT AND OTHER ITEMS DELIVERED HEREUNDER ARE LEASED TO LESSEE IN THEIR “AS IS, WHERE IS” CONDITION, AND LESSEE HEREBY WAIVES, RELEASES AND RENOUNCES ANY AND ALL WARRANTIES, OBLIGATIONS AND LIABILITIES, EXPRESS OR IMPLIED, DIRECT OR
INDIRECT, OF LESSOR, ITS SUCCESSORS AND ASSIGNS AND ALL OTHER INDEMNIFIED PARTIES, AND ANY AND ALL RIGHTS, CLAIMS, AND REMEDIES, EXPRESS OR IMPLIED, DIRECT OR INDIRECT, OF LESSEE AGAINST LESSOR, ITS SUCCESSORS AND ASSIGNS AND ALL OTHER INDEMNIFIED
PARTIES, ARISING BY LAW OR OTHERWISE (EXCEPT ANY SUCH SET FORTH IN THIS AGREEMENT) WITH RESPECT TO THE AIRCRAFT OR ANY PARTS OR THE USE OR OPERATION THEREOF OR ANY NONCONFORMANCE OR DEFECT THEREIN, INCLUDING BUT NOT LIMITED TO: (a) ANY WARRANTY
AS TO THE CONDITION OF THE AIRCRAFT; (b) ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE; (c) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE; (d) ANY 

  

							
	AIRCRAFT LEASE AGREEMENT	  	32	  	
	MSN                         	  		  	

 
LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM THE STRICT LIABILITY OR THE ACTUAL OR IMPUTED NEGLIGENCE OF LESSOR AND ITS RESPECTIVE
SUCCESSORS OR ASSIGNS OR ANY OTHER INDEMNIFIED PARTY; AND (e) ANY STATUTORY OR OTHER WARRANTY, CONDITION, DESCRIPTION OR REPRESENTATION, EXPRESS OR IMPLIED, AS TO THE STATE, QUALITY, VALUE, CONDITION, DESIGN, OPERATION OR FITNESS OF THE
AIRCRAFT. IN ADDITION TO ALL OTHER REQUIREMENTS OF THIS AGREEMENT, THIS SECTION 13 SHALL NOT BE MODIFIED EXCEPT BY WRITTEN AGREEMENT SIGNED ON BEHALF OF LESSOR BY ITS DULY AUTHORIZED REPRESENTATIVE. 
 14. Representations and Warranties. 
 14.1. Lessee’s Representations and Warranties. Lessee represents and warrants as follows, as of the date hereof and as of the Delivery Date. 
 (a) Legal Form and Qualification. Lessee is a corporation organized and existing in good standing under the laws of Ohio and has
full power to conduct its operations as presently conducted. 
 (b) Authority. Lessee has full power, authority and
legal right to enter into, deliver and perform this Agreement and all agreements or instruments required hereunder. 
 (c)
Binding Obligations. This Agreement constitutes and any related documents, when entered into, will constitute, legal, valid and binding obligations of Lessee enforceable against Lessee in accordance with the terms hereof or thereof, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting enforcement of creditors’ rights generally as well as by general principles of equity. 
 (d) No Additional Consents or Approvals. Neither the execution and delivery by Lessee of this Agreement or any other document
delivered by it in connection herewith nor the consummation of any of the transactions contemplated thereby requires the consent or approval of, the giving of notice to, or the registration with, any Governmental Entity. 
 (e) Registration, Filing of the Agreement. It is not necessary or advisable under any applicable Law in order to ensure the
validity, effectiveness and enforceability of this Agreement that this Agreement or any other instrument relating hereto be filed, registered or notarized or that any other action be taken, other than those provided for in Section 5 hereof.

 (f) No Violation. Neither the execution and delivery nor the performance by Lessee of this Agreement and any other
document delivered by Lessee in connection herewith, nor consummation of any of the transactions as contemplated thereby, will result in any violation of, or be in conflict with, or constitute a default under, or result in the creation of any Lien
upon any property of Lessee under any of the provisions of Lessee’s charter or by-laws, or of any indenture, mortgage, chattel mortgage, deed of 

  

							
	AIRCRAFT LEASE AGREEMENT	  	33	  	
	MSN                         	  		  	

 
trust, conditional sales contract, lease, note or bond purchase agreement, license, bank loan, credit agreement or other agreement to which Lessee is a party
or by which Lessee is bound, or any law, judgment, governmental rule, regulation or order of any Governmental Entity. 
 (g)
Protection of Ownership. Except for the registration and filings provided for in Section 5 hereof, no other filing or registration of any instrument or document is necessary in order to protect Lessor’s title to and ownership of the
Aircraft. 
 (h) No Default. No Default or Event of Default has occurred and is continuing under this Agreement (or
under any of the Other Lease Agreements). 
 (i) No Litigation. There are no suits, litigation, arbitration or other
proceedings pending or, to the knowledge of Lessee, threatened against or affecting Lessee that, if adversely determined, would have a material adverse effect upon Lessee’s financial condition or business or its ability to perform its
obligations hereunder. 
 (j) Withholding Tax. Neither the payment of Rent nor the payment of any other amount required
under this Agreement is subject to deduction or withholding taxes or the equivalent under the laws of any Governmental Entity. 
 (k) Pari Passu Ranking. The obligations of Lessee to make payments hereunder will rank at least pari passu in right of payment with all other unsecured, unsubordinated obligations of Lessee. 
 (l) Sovereign Immunity. Lessee does not enjoy or claim any sovereign or governmental immunity from suit or enforcement of private
contracts. 
 14.2. Lessor’s Representations and Warranties. Lessor represents and warrants as follows, as
of the date hereof and of the Delivery Date. 
 (a) Organization. Lessor is a corporation organized and existing in
good standing under the laws of Delaware, and has all requisite power, authority and legal right to enter into and perform its obligation under this Agreement and any other document delivered by Lessor in connection herewith. 
 (b) Authorization. Lessor has duly authorized, executed and delivered this Agreement and, assuming this Agreement has been duly
authorized, executed and delivered by Lessee, this Agreement constitutes a legal, valid and binding obligation of Lessor enforceable against Lessor in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting enforcement of creditors’ rights generally as well as by general principles of equity. 
 (c) No Violation. Neither the execution and delivery or performance by Lessor of this Agreement and any other document delivered by Lessor in connection herewith, nor consummation of any of the transactions as contemplated thereby,
will result in any violation of, or be in conflict with, or constitute a default under, or result in the creation of any Lien upon any property of Lessor under any indenture, mortgage, 

  

							
	AIRCRAFT LEASE AGREEMENT	  	34	  	
	MSN                         	  		  	

 
chattel mortgage, deed of trust, conditional sales contract, lease, note or bond purchase agreement, license, bank loan, credit agreement or other agreement
to which Lessor is a party or by which Lessor is bound, or any law, judgment, governmental rule, regulation or order of any Governmental Entity. 
 (d) No Consents or Approvals. Neither the execution and delivery by Lessor of this Agreement or any other document delivered by it in connection herewith nor the consummation of any of the transactions
contemplated thereby requires the consent or approval of, the giving of notice to, or the registration with, any Governmental Entity located in the United States. 
 (e) Citizenship. Lessor is (1) a “citizen of the United States” as that term is defined in Section 40102(a)
(15) of Title 49 of the United States Code and (2) a “United States person” as that term is defined in Section 7701(a)(30) of Title 26 of the United States Code. 
 (f) No Litigation. There are no suits, litigation, arbitration or other proceedings pending or, to the knowledge of Lessor,
threatened against or affecting Lessor that, if adversely determined, would have a material adverse effect upon Lessor’s financial condition or business or its ability to perform its obligations hereunder. 
 (g) Ownership. As of the Delivery, Lessor holds legal title to the Aircraft. 
 15. Covenants. 
 15.1. Lessee’s Covenants. Lessee hereby covenants with Lessor that during the Term, Lessee shall fully comply with and perform the following obligations. 
 (a) Lessee shall punctually pay to Lessor when due all the monies specified and calculated in accordance with the terms of this Agreement
and at the time and in the manner herein specified and shall punctually and duly observe and perform Lessee’s obligations under this Agreement. 
 (b) Lessee shall maintain (or shall cause to be maintained) insurance in respect of the Aircraft, its liabilities and properties in accordance with good airline practice and the terms and conditions of this Agreement.

 (c) Lessee shall preserve its existence and maintain all rights, privileges, licenses and franchises necessary to its
business or material to its performance of its obligations under this Agreement. 
 (d) Lessee shall provide Lessor with
notice of any change in its chief executive office prior to such change, provided that such notice shall not be required more than five (5) days prior to such change; and further provided that Lessor shall keep such information
confidential until after the change occurs. 
 (e) To the extent that Lessee is a certified operator, Lessee shall keep in
full force Lessee’s operator’s certificate(s) issued by the Aviation Authority and each other 

  

							
	AIRCRAFT LEASE AGREEMENT	  	35	  	
	MSN                         	  		  	

 
Governmental Entity, including all special conditions and obligations to be fulfilled by Lessee, and of all renewals, amendments and modifications thereto.

 (f) Lessee shall promptly, upon becoming aware of the same, notify Lessor in writing of the occurrence of any Event of
Default or of any event which with the giving of notice or passage of time could become an Event of Default. 
 (g) Lessee
shall not do or knowingly permit to be done or omit or knowingly permit to be omitted to be done any act or thing which might reasonably be expected to jeopardize the rights of Lessor as owner and lessor of the Aircraft and as an additional insured
or loss payee under the insurance required under this Agreement. 
 (h) Lessee shall not, on any occasion when the ownership
of the Aircraft, any Engine or any Part is relevant, claim any interest in the Aircraft other than as Lessee under this Agreement. 
 (i) Lessee shall not at any time (1) 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 or carriage (whether for hire or reward or
gratuitously) which may be undertaken by Lessee or (2) pledge the credit of Lessor. 
 (j) Lessee shall not attempt, or
hold itself out as having any power, to sell, lease or otherwise dispose of the Aircraft, the Aircraft Documents, any Engine or any Part, except as provided in Section 6 hereof. 
 (k) Lessee shall maintain (or cause to be maintained) in good standing a current certificate of airworthiness for cargo operations for the
Aircraft issued by the Aviation Authority. 
 (l) Lessee shall maintain the Aircraft (or cause the Aircraft to be maintained)
in all respects so as to be in compliance with FAR Part 121. 
 (m) Lessee shall not discriminate against the Aircraft (as
compared to other aircraft owned or operated by Lessee in its commercial cargo fleet) in contemplation of the expiration or termination of this Agreement, with respect to Lessee’s use, operation or maintenance of the Aircraft or the performance
by Lessee of ADs or service bulletins (other than withdrawal of the Aircraft from use and operation as is necessary to prepare the Aircraft for return to Lessor upon such termination or expiration). 
 (n) Lessee will take all steps reasonably requested by Lessor, required or necessary to cause: (i) this Agreement, and all
supplements and all amendments thereto to be promptly filed and recorded, or filed for recording, to the extent permitted by the Aviation Authority or required under any other applicable Law; and (ii) as required by Lessor’s Lender or
applicable Law, the international interests with respect to this Agreement to be registered with the International Registry. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	36	  	
	MSN                         	  		  	

 15.2. Lessor’s Covenant of Quiet Enjoyment. Lessor hereby covenants
with Lessee that, during the Term, so long as no Event of Default hereunder shall be continuing, neither Lessor, any person acting on its behalf or in its stead, any predecessor or successor in interest of Lessor, nor any person claiming an interest
in the Aircraft by or through Lessor, shall interfere with Lessee’s rights hereunder or Lessee’s quiet and undisturbed use and enjoyment of the Aircraft; provided, however, that this Section 15.2 shall not limit Lessor’s
right of inspection as set forth in this Agreement. Should such an interference occur, Lessor shall promptly eliminate the cause of such interference upon receipt of a notice thereof from Lessee. 
 16. Default by Lessee; Remedies. 
 16.1. Events of Default. An Event of Default shall mean the occurrence and continuance of any of the following events. 
 (a) Lessee shall fail to make any payment of Rent within ten (10) days of the relevant due date at the place and in the funds
required under this Agreement. 
 (b) Lessee shall fail to make any other payment due hereunder within the later of thirty
(30) days of the relevant due date at the place and in the funds required under this Agreement. 
 (c) Lessee shall fail
to carry and maintain insurance on or in respect of the Aircraft (or to cause the effectiveness of such insurance) in accordance with the provisions of this Agreement or shall operate (or allow the operation of) the Aircraft without such insurance
coverage being in full force and effect with regard to such operation. 
 (d) Any representation or warranty made, by Lessee
herein shall have been incorrect in any material respect at the time made or deemed to be made. 
 (e) Lessee shall fail to
return possession of the Aircraft and the Aircraft Documents to Lessor at the Return Location on the Return Date. 
 (f)
Lessee shall: 
 (1) create or suffer to exist any Lien for taxes of any kind or arising out of a judgment or award against
Lessee which Lien does not constitute a Permitted Lien; 
 (2) fail to perform or observe any of the covenants or agreements
set forth in Sections 5.1, 6.1 or 9 hereof, and if such failure shall continue unremedied for a period of thirty (30) days after written notice thereof by Lessor; or 
 (3) fail to perform or observe any other covenant, condition or agreement to be performed or observed by it hereunder, and if such
failure shall continue unremedied for a period of thirty (30) days after written notice thereof by Lessor; provided, however, that such failure shall not constitute an Event of Default hereunder if (A) such failure is not capable of being
cured within the thirty-day period following such notice from Lessor and (B) a cure is diligently 

  

							
	AIRCRAFT LEASE AGREEMENT	  	37	  	
	MSN                         	  		  	

 
pursued by Lessee thereafter; provided, further, however, that in any event such failure shall constitute an Event of Default hereunder if it continues for
more than 120 days following such notice from Lessor. 
 (g) Lessee shall (1) apply for or consent to the appointment of
a receiver, trustee or liquidator for all or substantially all of its property, (2) cease to pay its debts generally as they become due or admit in writing its general inability to pay its debts as they mature, (3) make a general
assignment for the benefit of its creditors of all or substantially all of its property, (4) be adjudicated as bankrupt or insolvent, or (5) file a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an
agreement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation, or similar law or statute, or an answer admitting the material allegations of a petition filed against it
in any proceeding under any such law, or if corporate action shall be taken by Lessee for the purpose of effecting any of the foregoing. 
 (h) An order, judgment or decree shall be entered, without the application, approval or consent of Lessee, by any court of competent jurisdiction, approving a petition seeking reorganization of Lessee or appointing a
receiver, trustee or liquidator of Lessee or for all or a substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of ninety (90) consecutive days. 
 (i) An order shall be entered of any governmental authority or any court of competent jurisdiction which shall not be stayed or discharged
within ninety (90) days from the date of entry thereof, preventing Lessee from carrying on its business as presently conducted on the date of execution of this Agreement. 
 (j) Lessee shall have created a default under the Delta Engine Program. 
 16.2. Remedies . If one or more Events of Default shall be continuing, Lessor may, at Lessor’s option, exercise any one
or more of the following remedies, to the extent permitted by law. 
 (a) Lessor may exercise any right or take any action
that may reasonably be required to cure any Event of Default (which shall be performed on Lessee’s account). 
 (b)
Lessor may instruct Lessee to ferry the Aircraft (including the Aircraft Documents) to the Return Location or such other airport as the parties may mutually agree, and to ground the Aircraft at such airport until all Events of Default have been
cured, whereupon Lessee shall immediately do so. 
 (c) Lessor may take any other remedial action available to Lessor under
applicable Law. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	38	  	
	MSN                         	  		  	

 (d) Lessor may terminate the lease of the Aircraft to Lessee under this Agreement by:

 (1) serving notice of such termination on Lessee in writing in accordance with Section 20.11, specifying the
occurrence giving rise to such Event of Default, which notice shall cause this Agreement to terminate immediately (without any further act, service, notification or proceeding being necessary), whereupon Lessee shall promptly return the Aircraft and
the Aircraft Documents in compliance with the Return Condition Requirements to Lessor at the Return Location or at any airport in the continental United States specified by Lessor (and should Lessee fail to comply with the Return Condition
Requirements, Lessor may do or cause to be done, at Lessee’s expense, whatever may be necessary to cause the Aircraft to so comply); or 
 (2) with or without notice to Lessee, taking possession of the Aircraft and the Aircraft Documents, for which purpose Lessor by its servants or agents may enter upon Lessee’s premises where the Aircraft and the
Aircraft Documents may be located, or cause the same to be redelivered to Lessor at any airport in the continental United States specified by Lessor; and to effect the foregoing, Lessor may use self-help and any and all reasonable and lawful means
necessary to take immediate possession of and remove (by summary proceedings or otherwise) the Aircraft and the Aircraft Documents from Lessee’s premises, or from Lessee’s possession wherever the same are located, all without liability
accruing to Lessor; and upon exercise by Lessor of its powers under this Section 16.2(d)(2), such termination shall be deemed to take effect upon such taking of possession by Lessor or such re-delivery of the Aircraft and the Aircraft Documents
to Lessor at said airport (without any further act, notification or proceeding being necessary). 
 (e) Whether or not Lessor
shall have exercised, or shall thereafter at any time exercise, any of its rights described in this Section 16.2 with respect to the Aircraft, and regardless of whether Lessor shall have terminated this Agreement pursuant to
Section 16.2(d) hereof, Lessor shall be entitled to (i) recover from Lessee all past due and unpaid Rent and all other amounts owing under this Agreement, (ii) declare as immediately due and payable all future Basic Rent owing under
this Agreement and (iii) institute any and all legal and equitable actions required to recover such amounts and otherwise enforce its rights under this Agreement (subject to Lessor’s obligation to perform all acts reasonably required to
mitigate its damages with respect to accelerated Basic Rent). 
 (f) In addition to the remedies hereinabove and without
limiting any remedies Lessor may have at law or in equity, Lessor may lease, sell or otherwise dispose of the Aircraft as Lessor in its sole discretion may determine. 
 16.3. Interest on Overdue Amounts. Overdue amounts required to be paid pursuant to Section 4 hereof, this
Section 16 or Appendix B hereto shall bear interest at the rate indicated in Appendix B. 
 16.4. No Waiver. No implied waiver by Lessor of any Event of Default or failure or delay of Lessor in exercising any right hereunder shall operate as a waiver thereof. The acceptance by Lessor of partial payments from Lessee
or any third party, whether made before or after a termination pursuant to Section 16.2, shall not operate as waiver by Lessor of an Event of 

  

							
	AIRCRAFT LEASE AGREEMENT	  	39	  	
	MSN                         	  		  	

 
Default and shall not be construed as an intent to continue the contractual relationship or as a reinstatement of this Agreement. Nothing in this
Section 16.4 shall be construed to permit Lessor to obtain a duplicate recovery of any element of damages to which Lessor is entitled. No express or implied 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 or subsequent Default or Event of Default. 
 16.5. Costs and Expenses.
Lessee agrees to pay to Lessor, upon demand, all reasonable costs, expenses and disbursements (including, without limitation, reasonable attorney’s fees, legal fees and expenses) incurred by Lessor in exercising its rights or remedies under
this Agreement. 
 17. Return of Aircraft. 
 17.1. Return, Place and Time of Return. Lessee shall at its own expense return the Aircraft and the Aircraft Documents by
delivering the same to Lessor at the Return Location on the Expiration Date or promptly upon the earlier Termination, except where Termination occurs pursuant to Section 19 as a result of a Total Loss. 
 17.2. Aircraft Return Condition Requirements. The Aircraft at the time of its return to Lessor shall satisfy all of the
Return Condition Requirements described in Section 18 hereof. 
 17.3. Return Receipt. Upon return of the
Aircraft and the Aircraft Documents in accordance with the terms of this Agreement, Lessor and Lessee shall execute a Return Receipt substantially in the form of Appendix F hereto. Lessee shall additionally execute such additional
documents as Lessor may reasonably require to evidence the termination of this Agreement. 
 17.4. Specific
Performance. Timely return of the Aircraft and the Aircraft Documents on the Return Date and at the Return Location is of the essence of this Agreement and if the Aircraft and the Aircraft Documents are not returned on the Return Date and at
the Return Location, Lessor may obtain a court order requiring Lessee to immediately return the Aircraft and the Aircraft Documents at the Return Location. 
 17.5. Lessee’s Obligations Continue. 
 (a) In the event the Return of the
Aircraft and the Aircraft Documents is not effected at the time and location specified herein for any cause, then the obligations of Lessee under this Agreement shall continue until the Aircraft and the Aircraft Documents are actually returned to
Lessor. In particular (except to the extent that a delay in the Return of the Aircraft is attributable to acts or a failure to act on the part of Lessor), until Lessee has complied with the Return Condition Requirements, Lessee shall continue to pay
Rent to Lessor, shall continue to insure the Aircraft pursuant to this Agreement and shall be responsible for all storage fees for the Aircraft (with such storage being effected pursuant to all requirements of the Aviation Authority and the
Manufacturer). 
 (b) Neither the continued performance by Lessee of any of its obligations after the end of the Term nor the
acceptance by Lessor of payments of Basic Rent or otherwise made by Lessee shall be considered a renewal of the terms of this Agreement or a waiver of any right of Lessor hereunder, and Lessee shall not be entitled to the quiet enjoyment of the
Aircraft or any part thereof. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	40	  	
	MSN                         	  		  	

 18. Return Condition Requirements. 
 18.1. Condition. On the Return Date, the Aircraft and the Aircraft Documents shall be in the condition required by Appendix
H hereto (the “Return Condition Requirements”). 
 18.2. Aircraft Documents. At the time the Aircraft
is returned to Lessor, Lessee shall deliver to Lessor all Aircraft Documents previously provided by Lessor to Lessee, updated and maintained through the Return Date in accordance with this Agreement and the rules and regulations of the Aviation
Authority and the FAA (if not the applicable Aviation Authority), and in addition, all records, documents, manuals, drawings and data that were developed or caused to be developed by Lessee and/or required by the Aviation Authority and the FAA (if
not the applicable Aviation Authority) (herein individually and collectively referred to as “Aircraft Return Documents”). All such Aircraft Return Documents shall be complete and accurate and in the English language. Any Aircraft Return
Document not already owned by Lessor shall become the property of Lessor upon its delivery to Lessor. 
 18.3. Final
Inspection. Prior to the Return Date, Lessee shall make the Aircraft and the Aircraft Documents available to Lessor for inspection in order to verify that the condition of the Aircraft complies with the requirements set forth in the Return
Condition Requirements (the “Final Inspection”). Such Final Inspection will take place at the Return Location. Lessee, at its cost, shall promptly correct any discrepancies observed during the Final Inspection and communicated by Lessor to
Lessee. 
 18.4. Test Flight. Promptly after completion of the corrections, if any, required under Section 18.3
hereof (relating to the Final Inspection), and at the option of Lessor, a test flight (of up to one (1) hour) based on Manufacturer’s test flight program shall be conducted by Lessee for the purpose of demonstrating to Lessor the
compliance of the Aircraft with the provisions of this Section 18. All costs of such test flight shall be paid by Lessee, including without limitation the cost of fuel, flight crew and insurance. Lessor’s representatives may participate in
the test flight as observers. All pilot-reported discrepancies and all discrepancies identified by Lessor during the test flight shall be corrected by Lessee at its Lessee’s expense. There shall be no deferred items on the Aircraft except as
the parties may mutually agree. 
 18.5. Conditions Cumulative. None of the Return Condition Requirements is intended
to be exclusive, but each shall be cumulative and in addition to any other condition and requirement. 
 18.6. Financial
Adjustments. To the extent that either Lessee or Lessor is allowed or is required to make financial adjustment payments at Return in light of the Aircraft and its Engines either failing to satisfy or exceeding Return Condition Requirements, the
amount of such payments shall be determined as specified in Appendix H hereto. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	41	  	
	MSN                         	  		  	

 19. Total Loss. 
 19.1. Total Loss of the Aircraft. 
 (a) If the Aircraft shall become a Total Loss prior to the Return Date, Lessee (i) shall notify Lessor of such Total Loss within
three (3) days after its occurrence and (ii) shall pay the Agreed Value to Lessor (or cause the insurers to make such payment, with any deductible being the responsibility of Lessee) within ninety (90) days after the occurrence of the
Total Loss. The letting of the Aircraft shall terminate upon the earlier to occur of (1) receipt of the Agreed Value by Lessor and (2) the receipt by Lessor of written confirmation from the insurer of the Aircraft to the effect that such
insurer will pay to Lessor the Agreed Value of the Aircraft. Thereupon Lessor shall transfer title to the remains of the Aircraft to the insurers or to Lessee, as appropriate under the insurance policies. 
 (b) If the Aircraft shall become a Total Loss prior to Delivery to Lessee, this Agreement shall terminate immediately. Any termination
under this Section 19.1(b) shall discharge all obligations and liabilities of the parties hereunder, except that Lessee shall be entitled to a return of any prepaid Rent and any other monies paid to Lessor pursuant hereto, including the Basic
Rent Credit. All such returns shall be made by Lessor to Lessee within five (5) Business Days after Lessor’s receipt of a valid written determination of a Total Loss. 
 19.2. Engine Total Loss. Subject to any applicable requirements of the Delta Engine Program, upon a Total Loss of an Engine
not then installed on the Aircraft or a Total Loss of an Engine installed on the Aircraft not involving a Total Loss of the Aircraft, Lessee shall give Lessor prompt notice thereof, and Lessee shall replace such Engine as soon as reasonably possible
by duly conveying to Lessor and causing to become subject to this Agreement as a replacement for such Engine, title to another engine, which engine shall be free and clear of all Liens other than Permitted Liens, and shall be the same model as the
Engines (or an improved model of the same manufacturer suitable for installation and use on the Airframe) and shall have a value and utility at least equal to, and be in at least as good operating condition as the Engine which sustained such Total
Loss, assuming such Engine was in the condition and repair required by the terms hereof immediately prior to such Total Loss; provided that Lessor shall transfer to Lessee, free and clear of all rights of Lessor and all Lessor’s Liens (but
otherwise without recourse or warranty), all of Lessor’s right, title and interest in such replaced Engine. Such replacement engine after approval and acceptance by Lessor, shall be deemed an “Engine” as defined in Section 1.
Lessee agrees to take such action as Lessor may reasonably request in order that title to any such replacement Engine shall be duly and properly vested in Lessor and leased under this lease to the same extent as the Engine replaced thereby.
Lessee’s obligation to pay Rent hereunder shall continue in full force and effect, but Lessee shall be entitled to retain or to be reimbursed by Lessor the amount of insurance or condemnation proceeds, if any, received by Lessor with respect to
such replaced Engine. 
 19.3. Surviving Engine. If a Total Loss of the Airframe occurs and any Engine or
Engines (a “Surviving Engine”) shall not have become a Total Loss, Lessor, at the request of Lessee, shall, subject to any applicable insurance policy which provides to the contrary, and 

  

							
	AIRCRAFT LEASE AGREEMENT	  	42	  	
	MSN                         	  		  	

 
further subject to any applicable requirements of the Delta Engine Program, transfer to Lessee free and clear of all rights of Lessor and all Lessor’s
Liens (but otherwise without recourse or warranty), all of Lessor’s right, title and interest, if any, in and to any such Surviving Engine; provided, that prior to transferring such right, title and interest in such Surviving Engine, Lessor
shall have received either (1) the Agreed Value of the Aircraft or (2) written confirmation from the insurer of the Aircraft to the effect that such insurer will pay to Lessor the Agreed Value of the Aircraft. 
 20. Miscellaneous. 
 20.1. Appendices Part of the Agreement. The Appendices of this Agreement form an integral part hereof. References in any of the Appendices to “the Lease” or “the Agreement” shall refer to this Agreement as
may be supplemented or amended from time to time. Unless otherwise defined therein, all capitalized terms appearing in the Appendices shall have the meaning ascribed to such terms in this Agreement. 
 20.2. Headings for Convenience Only. The headings of clauses and the index are inserted for convenience of reference only
and shall be ignored in the interpretation of this Agreement. 
 20.3. Entire Agreement. This Agreement
constitutes the entire agreement between Lessor and Lessee with respect to the Aircraft and supersedes any and all previous understandings, commitments, agreements or representations whatsoever, whether oral or written, including without limitation
any and all terms sheets, letters of intent or similar documents. 
 20.4. Modifications of the Agreement. This
Agreement shall not be modified or amended except by an instrument in writing, signed by Lessor and Lessee. 
 20.5.
Partial Invalidity. If any provision of this Agreement shall be invalid or unenforceable, the parties shall replace this provision by such valid and enforceable provision which to the nearest degree possible reflects the commercial intent
and purpose of the invalid or unenforceable provision. 
 20.6. Applicable Law. This Agreement shall be governed
by and construed in accordance with the substantive laws of the State of New York, United States of America (other than the laws of the State of New York relating to choice of law). 
 20.7. Jurisdiction; Waiver of Jury Trial. 
 (a) LESSOR AND LESSEE AGREE THAT THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND THE SUPREME COURT OF THE STATE
OF NEW YORK LOCATED IN NEW YORK CITY ARE TO HAVE EXCLUSIVE JURISDICTION OVER ANY DISPUTES ARISING OUT OF OR RELATING TO THIS AGREEMENT AND EACH SUBMITS ITSELF AND ITS PROPERTY TO THE EXCLUSIVE JURISDICTION OF THE FOREGOING COURTS WITH RESPECT TO
SUCH DISPUTES. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	43	  	
	MSN                         	  		  	

 (b) EACH OF LESSOR AND LESSEE HEREBY (1) WAIVES TO THE FULLEST EXTENT PERMITTED BY
LAW ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE COURTS REFERRED TO IN THIS SECTION 20.7 ON GROUNDS OF AN INCONVENIENT FORUM OR OTHERWISE AND (2) 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 THIS SECTION 20.7. 
 (c) LESSOR AND LESSEE HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY
RELATING TO, THIS AGREEMENT, WHETHER SUCH ACTION IS BASED ON BREACH OF CONTRACT, TORT, OR ANY OTHER LEGAL OR EQUITABLE THEORY. 
 (d) Nothing in this Section 20.7 limits the right of Lessor to bring proceedings against Lessee in connection with this Agreement in any other court of competent jurisdiction or concurrently in more than one jurisdiction. 

20.8. Legal Costs and Expenses. 
 (a) Lessor and Lessee each shall bear the cost of their own legal fees, inspection and appraisal fees, and related expenses associated
with the negotiation, preparation and execution of this Agreement; provided, however, that Lessor and Lessee shall split evenly the fees and expenses charged by Special FAA Counsel (and otherwise incurred) in performing the filings and
registrations required in Section 5 of this Agreement. 
 (b) Lessee shall pay all reasonable attorneys’ fees, costs
and expenses (including costs and disbursements of counsel) incurred by Lessor after the date hereof arising out of or otherwise in connection with (i) any supplements or amendments of this Agreement (including, without limitation, any related
recording and registration costs) requested by Lessee or made reasonably necessary as the result of the actions of Lessee, (ii) any Default by Lessee and any enforcement or collection proceedings resulting therefrom or in connection with the
negotiation of any restructuring or “work-out” (whether or not consummated) and (iii) all other actions taken by Lessor to enforce its rights under this Agreement. 
 (c) Should Lessor or Lessee be required to take action to enforce the terms of this Agreement (such action including, without limitation,
the preparing of demand and default notices and the filing and prosecution of litigation), the prevailing party shall be entitled to recover from the other party all associated reasonable costs and expenses, including reasonable attorneys’ fees
and court costs. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	44	  	
	MSN                         	  		  	

 20.9. DISCLAIMER OF DAMAGES. LESSOR AND LESSEE EACH AGREES THAT IT SHALL
NOT BE ENTITLED TO RECOVER, AND HEREBY DISCLAIMS AND WAIVES, ANY RIGHT THAT IT MAY OTHERWISE HAVE TO RECOVER CONSEQUENTIAL, INDIRECT AND SPECIAL DAMAGES AS A RESULT OF ANY BREACH OR ALLEGED BREACH BY THE OTHER PARTY OF ANY OF THE AGREEMENTS,
REPRESENTATIONS OR WARRANTIES OF THE OTHER PARTY CONTAINED IN THIS AGREEMENT. 
 20.10. Further Assurances.
Lessee and Lessor shall, from time to time, do and perform such other-and further acts and execute and deliver any and all other and further instruments as may be required by law or reasonably requested by either party to establish, maintain and
protect the respective rights and remedies of the other party and to carry out and effect the intent and purposes of this Agreement. 
 20.11. Demands, Notices; Language.  
 (a) All demands, notices, technical reports and other
communications hereunder shall be given in English and in writing and shall be deemed to have been duly given when personally delivered, sent by facsimile or e-mail, or delivered by an internationally-recognized courier service to either party to
the address of that party set forth below. A copy of any notice provided by facsimile or by e-mail shall also be provided by means of an internationally-recognized express courier service, sent on the same day as the transmission of the facsimile or
e-mail copy of such notice, provided, however, that the date and time of the subject facsimile or e-mail delivery of that notice shall be controlling. 
  

	 	(1)	If to Lessee: 

 DHL Network Operations (USA), Inc.

 1200 South Pine Island Road 
 Plantation, Florida 33324 
 Attention: Jon Olin – EVP, General Counsel & Secretary 
 E-Mail: Jon.Olin@dhl.com 
 Facsimile:
(954) 888-7159 
  

	 	(2)	If to Lessor: 

 ABX Air, Inc. 
 145 Hunter Drive 
 Wilmington, Ohio 45177

 Attention: Joseph Payne, Vice President and General Counsel 
 E-Mail: Joe.Payne@atsginc.com 
 Facsimile: (937) 382-2452 
 (b) Either party, by notice to the other delivered in accordance with this Section 20.11, may designate another address as its
address for notice under this Agreement. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	45	  	
	MSN                         	  		  	

 20.12. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original, and together shall have the same effect as if the signatures thereto were upon the same instrument. 
 20.13. Brokers. Each of the parties hereto represents and warrants to the other that it has not employed any brokers or sale agents in the creation of or the negotiations relating to this Agreement, nor
has it given any brokers or sales agents such broad powers as to encompass the transactions described in this Agreement, and each party shall indemnify and hold harmless the other party by reason of any breach or alleged breach by such party of its
representation and warranty under this Section 20.13. 
 20.14. Lessor’s Lender. Lessee understands and
acknowledges that (a) the Aircraft may be subject to one or more security interests from time to time as the result of Lessor or an Affiliate of Lessor borrowing funds from one or more entities (collectively, “Lessor’s
Lender”) and (b) as a result, Lessor may be required to collaterally assign part or all of its interest in the Aircraft and in and under this Agreement to secure the performance of its repayment and other obligations owing to
Lessor’s Lender. Lessee agrees that, upon the written direction of Lessor, it shall consent to any such collateral assignment of Lessor’s rights under this Agreement; provided, however, that Lessor shall reimburse Lessee for any
additional, out-of-pocket expenses (as reasonably supported by receipts and other documentation) associated with complying with this Section 20.14. 
 20.15. Early Termination. Commencing twenty-four (24) months after Delivery (but not before), Lessee shall have the right to terminate this Agreement, in its sole and absolute discretion and with or
without cause, by providing written notice of such intent to terminate (pursuant to the notice requirements of Section 20.11 hereof) to Lessor at least 180 days prior to the specified termination date (the “Termination Effective
Date”). As a condition precedent to the effectiveness of such a Termination: (a) Lessee shall make a lump sum payment to Lessor in an amount equal to what would have been owing by Lessee in Basic Rent payments over the next six
(6) months after the Termination Effective Date; and (b) Lessee shall Return the Aircraft to Lessee pursuant to the requirements of this Agreement, including, without limitation, Sections 17 and 18 hereof and Appendix H
hereto. The parties shall execute and file any and all documentation required or allowed by the Aviation Authority evidencing such Termination. 
 [Signature Page Follows] 
  

							
	AIRCRAFT LEASE AGREEMENT	  	46	  	
	MSN                         	  		  	

 IN WITNESS WHEREOF, the parties hereto have executed this Aircraft Lease Agreement (MSN
                    ) as of the day and year first herein written. 
  

			
	LESSOR:
	
	ABX AIR, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	LESSEE:
	
	DHL NETWORK OPERATIONS (USA), INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

							
	AIRCRAFT LEASE AGREEMENT	  	47	  	
	MSN                         	  		  	

 GUARANTY 
 This Guaranty (this “Guaranty”) is entered into as of                 
        , 2010 by Deutsche Post AG, a corporation formed under the laws of Germany (“Guarantor”), in favor of ABX Air, Inc., a Delaware corporation (or its assignee under the Leases, as
defined below) (“Lessor”). 
 RECITALS 
 WHEREAS, Lessor, as lessor, and DHL Network Operations (USA), Inc. (“Lessee”), as lessee, have entered into one or more lease agreements with respect to the lease of one or more of the Boeing model
767-200SF aircraft bearing manufacturer’s serial numbers 23434, 23142, 23147 and 23431 (collectively, to the extent executed, the “Leases”); and 
 WHEREAS, Guarantor owns (either directly or indirectly) all of the capital stock of Lessee: and 
 WHEREAS,
in consideration for Lessor agreeing to grant to Lessee certain financial and other concessions in the Leases, Guarantor desires to guarantee the performance of Lessee’s payment obligations under the Leases; 
 NOW, THEREFORE, based upon the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Guarantor hereby agrees as follows: 
 Section 1. Definitions. The definitions set forth in the above Recitals are hereby
incorporated as if fully set forth in this Section 1. 
 Section 2. Guaranty. Guarantor, as a primary obligor and not as
surety, hereby guarantees, without any setoff or other deduction, to Lessor the due, punctual and full payment of all of Lessee’s payment obligations under each and all of the Leases when and as the same shall become due and payable by Lessee
in accordance with the terms thereof, without regard to how such payment obligations are described or characterized in each of the Leases (with all of the obligations, covenants, terms, conditions, undertakings and liabilities described in this
Section 2 collectively referred to as the “Guaranteed Obligations”). 
 This Guaranty is continuing,
irrevocable, absolute and unconditional and a guaranty of payment and not of collectibility, and is in no way conditioned or contingent upon any attempt to collect from or enforce performance or compliance by Lessee or the exercise or assertion of
any other right or remedy to which Lessor is or may be entitled under or in connection with the Leases. If for any reason whatsoever Lessee shall fail or be unable duly, punctually and fully to pay such amounts as and when the same shall become due
and payable in accordance with the terms of any of the Leases, Guarantor will promptly pay or cause to be paid such amounts under the terms of such Leases. 
 Notwithstanding anything to the contrary herein, the aggregate maximum amount recoverable under this Guaranty is limited to Sixty Million U.S. Dollars (US$60,000,000), or Fifteen Million Dollars (US$15,000,000) per
Lease, plus expenses as set forth in Section 9 hereof. 

 Section 3. Character of Obligations of Guarantor. Subject to the provisions of Section 8
hereof, the obligations of Guarantor set forth in this Guaranty shall remain in full force and effect until payment of the Guaranteed Obligations in full, and shall not be released, discharged or in any way affected by any of the following:

 (a) any amendment, modification, addition, deletion or supplement to or of or other change in the Guaranteed Obligations or any of the
Leases; 
 (b) any failure, omission or delay on the part of Lessee to conform or comply with any term of any of the Leases; 
 (c) any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation, dissolution, winding up or
similar proceeding with respect to Lessee; or 
 (d) any merger or consolidation of Lessee or Guarantor into or with any other corporation, or
any other corporate change in Lessee or Guarantor, or any sale, lease or transfer of any of the assets of Lessee or Guarantor to any other person, or any change in the ownership of any shares of capital stock of Lessee or Guarantor. 
 Section 4. Waiver and Agreement. Guarantor waives any and all notice of the creation, modification, extension or accrual of any of the
Guaranteed Obligations and notice of or proof of reliance by Lessor upon this Guaranty or acceptance of this Guaranty, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in
reliance upon this Guaranty. Guarantor unconditionally waives, to the extent permitted by applicable law: 
 (a) acceptance of this Guaranty
and proof of reliance by Lessor hereon; 
 (b) notice of any of the matters referred to in Section 3 hereof, or any right to consent or
assent to any thereof; 
 (c) any right to the enforcement, assertion or exercise by Lessor against Lessee of any right, power, privilege or
remedy conferred upon Lessor in any of the Leases or otherwise; 
 (d) any requirement of diligence on the part of any person; and 

(e) any requirement that Lessee or any other person be joined as a party to any proceeding for the enforcement of any term of any of the Leases.

  

							
	AIRCRAFT LEASE AGREEMENT	  	2	  	
	MSN                         	  		  	

 Section 5. Subrogation. Guarantor shall be subrogated to any rights of Lessor against Lessee
in respect of which a payment shall be made by Guarantor hereunder; provided, however, that Guarantor shall not enforce or attempt to enforce such rights until such time as the Guaranteed Obligations at issue have been discharged in
full. 
 Section 6. Lessor’s Remedies. Each and every remedy of Lessor under or with respect to this Guaranty shall, to the
extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder, or under each of the Leases, or now or hereafter existing at law or in equity; provided, however, that Lessor shall not be entitled to
any double recovery. 
 Section 7. Representations and Warranties. Guarantor hereby represents and warrants to Lessor that the
following statements are true and correct as of the date of this Guaranty: 
 7.1. Guarantor is a corporation duly organized, validly
existing and in good standing under the laws of Germany. 
 7.2. Guarantor has the corporate power and authority to enter into this Guaranty.
The making, execution and performance of this Guaranty by Guarantor has been duly authorized by all necessary corporate action, this Guaranty has been duly executed and delivered by Guarantor and this Guaranty constitutes the valid and binding
obligation of Guarantor, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors rights generally, including, without limitation, fraudulent
conveyance laws, and by general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief, whether
considered in a proceeding in equity or at law. 
 7.3. The execution, delivery and performance of this Guaranty: (a) does not violate
any provision of any existing law or regulation binding on Guarantor, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on Guarantor, or the charter or bylaws of, or any securities issued by
Guarantor, or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which Guarantor is a party or by which Guarantor or any of its assets may be bound, the violation of which would have a material adverse
effect on the business, operations, assets or financial condition of Guarantor, and (b) will not result in the creation or imposition of any encumbrance on any of Guarantor’s property, assets or revenues pursuant to the provisions of any
such mortgage, indenture, lease, contract or other agreement, instrument or undertaking. No consent, license, approval, order or authorization of, or registration, filing, or declaration with, any governmental authority is required to be obtained by
Guarantor, and no consent of any third party is required to be obtained by Guarantor, in connection with the execution, delivery and performance of this Guaranty or the taking of the actions contemplated hereby, except for consents, authorizations,
filings and notices that have been obtained or made. There is no order or action pending or, to the knowledge of Guarantor, threatened against Guarantor, in either case as of the date of this Guaranty, that individually or when aggregated with one
or more other actions has or would reasonably be expected to have a material adverse effect on Guarantor’s ability to perform this Guaranty. 
 Section 8. Expiry. This Guaranty and all guaranties, covenants and agreements of Guarantor contained herein are valid and shall continue in full force and effect until such time as all of the Guaranteed Obligations, including
expenses that the Guarantor is obligated to pay 

  

							
	AIRCRAFT LEASE AGREEMENT	  	3	  	
	MSN                         	  		  	

 
pursuant to Section 9 hereof, are paid finally and irrevocably in full. Notwithstanding the foregoing, all of the Guarantor’s obligations under
this Guaranty shall terminate absolutely, whether or not this Guaranty has been returned to the Guarantor by the Lessor, to the extent that Lessor has not made a demand for payment under this Guaranty prior to six (6) months after the last
Return (as defined in the Leases) of each of the aircraft under the Leases. 
 Section 9. Expenses. Guarantor shall pay to Lessor
on demand each cost and expense (including, without limitation, attorneys’ fees) hereafter incurred by Lessor in endeavoring to enforce any obligation of Guarantor pursuant to this Guaranty or to preserve or exercise any right or remedy against
Guarantor pursuant to this Guaranty or arising as a result of this Guaranty; provided, however, in connection with any legal action Lessor shall not be entitled to such costs or expenses if Lessor does not prevail. 
 Section 10. Amendments. The terms of this Guaranty may not be waived, altered, modified, amended, supplemented or terminated in any manner
whatsoever except by written instrument signed by Guarantor and Lessor. 
 Section 11. Applicable Law. This Guaranty shall be
governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to principles of conflicts of laws. 
 Section 12. Section Headings. The section headings are inserted for convenience only and are not to be construed as part of this Guaranty. 
 Section 13. Notices. All notices and other communications to be made or given pursuant to this Guaranty shall be made or given in the manner provided in Section 20.11 of each of the Leases, if to
Guarantor, to the following location: 
 Deutsche Post AG 
 Headquarters 
 Charles de Gaulle Strasse 20 
 53113 Bonn 
 Germany 
 Attention: Head of Corporate Finance 
 Section 14. Assignment. Guarantor may not assign this Guaranty, and its rights and obligations hereunder, without the prior written consent of Lessor, which consent shall not be unreasonably withheld. This Guaranty may not be
transferred or assigned by Lessor without the prior written consent of Guarantor; provided that Lessor may transfer and assign this Guaranty to any Affiliate (as defined in the Leases) of Lessor without Guarantor’s prior consent.

 Section 15. Successor. This Guaranty is binding upon any successor to Guarantor. 
 Section 16. No Other Writing. This writing is intended by the parties as the final expression of this Guaranty and is also intended as a
complete and exclusive statement of the terms of their agreement with respect thereto. 
  

							
	AIRCRAFT LEASE AGREEMENT	  	4	  	
	MSN                         	  		  	

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty by its duly authorized officer as of the date
first above written. 
  

			
	DEUTSCHE POST AG
		
	By:	 	 
		
	Its:	 	 
		
	Title:	 	 

  

			
	ACCEPTED AND AGREED:
	
	ABX AIR, INC. [or assignee]
		
	By:	 	 
		
	Its:	 	 
		
	Title:	 	 

  

							
	AIRCRAFT LEASE AGREEMENT	  	5	  	
	MSNNote Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  
  
  
 TRANSWESTERN PIPELINE COMPANY, LLC 
 $270,000,000 
 5.39% Senior Unsecured Notes
due November 17, 2014 
 and 
 $250,000,000 
 5.54% Senior Unsecured Notes due November 17, 2016 
  
  
 NOTE PURCHASE AGREEMENT 
  
  
 DATED NOVEMBER 17, 2004

  
  
  

 TABLE OF CONTENTS 
  

							
	 SECTION
	  	 HEADING
	  	PAGE
	Section 1.	  	AUTHORIZATION OF NOTES	  	1
			
	Section 2.	  	SALE AND PURCHASE	  	1
			
	Section 3.	  	CLOSING	  	1
			
	Section 4.	  	CONDITIONS TO CLOSING	  	2
			
	 Section 4.1.
	  	Representations and Warranties	  	2
	 Section 4.2.
	  	Performance; No Default	  	3
	 Section 4.3.
	  	Compliance Certificates	  	3
	 Section 4.4.
	  	Opinions of Counsel	  	3
	 Section 4.5.
	  	Purchase Permitted By Applicable Law, Etc.	  	4
	 Section 4.6.
	  	Sale of Other Notes	  	4
	 Section 4.7.
	  	Payment of Special Counsel Fees	  	4
	 Section 4.8.
	  	Private Placement Number	  	4
	 Section 4.9.
	  	Changes in Corporate Structure	  	4
	 Section 4.10.
	  	Funding Instructions	  	4
	 Section 4.11.
	  	Proceedings and Documents	  	5
	 Section 4.12.
	  	Acquisition Agreement	  	5
	 Section 4.13.
	  	No Legal Impediment to Issuance	  	5
	 Section 4.14.
	  	Existing Credit Facility	  	5
	 Section 4.15.
	  	Rating	  	6
	 Section 4.16.
	  	Holdco Debt; New Credit Facility	  	6
	 Section 4.17.
	  	Administrative Services Agreement	  	6
			
	Section 5.	  	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	6
			
	 Section 5.1.
	  	Organization; Power and Authority	  	6
	 Section 5.2.
	  	Authorization, Etc.	  	6
	 Section 5.3.
	  	Disclosure	  	7
	 Section 5.4.
	  	Organization and Ownership of Equity Interests of Subsidiaries; Affiliates	  	7
	 Section 5.5.
	  	Financial Statements	  	7
	 Section 5.6.
	  	No Conflict, Other Instruments, Etc.	  	8
	 Section 5.7.
	  	Governmental Authorizations, Etc.	  	8
	 Section 5.8.
	  	Litigation	  	8
	 Section 5.9.
	  	Taxes	  	9
	 Section 5.10.
	  	Title to Property; Leases	  	9
	 Section 5.11.
	  	Licenses, Permits, Etc.	  	9

							
	 Section 5.12.
	  	Compliance with ERISA	  	9
	 Section 5.13.
	  	Private Offering by the Company	  	10
	 Section 5.14.
	  	Use of Proceeds; Margin Regulations	  	10
	 Section 5.15.
	  	Existing Indebtedness	  	10
	 Section 5.16.
	  	Foreign Assets Control Regulations, Etc.	  	10
	 Section 5.17.
	  	Regulatory Matters	  	11
	 Section 5.18.
	  	Environmental Matters	  	11
	 Section 5.19.
	  	Independent Accountants	  	11
	 Section 5.20.
	  	Insurance	  	12
	 Section 5.21.
	  	Notes Pari Passu	  	12
	 Section 5.22.
	  	Representations and Warranties Applicable to Subsidiaries	  	12
	 Section 5.23.
	  	Compliance with Rules, Regulations and Laws	  	12
			
	Section 6.	 	REPRESENTATIONS OF THE PURCHASER	  	12
			
	 Section 6.1.
	  	Purchase for Investment	  	12
			
	Section 7.	 	INFORMATION AS TO COMPANY	  	13
			
	 Section 7.1.
	  	Financial and Business Information	  	13
	 Section 7.2.
	  	Officer’s Certificate	  	14
	 Section 7.3.
	  	Visitation	  	14
			
	Section 8.	 	PAYMENT AND PREPAYMENT OF THE NOTES.	  	15
			
	 Section 8.1.
	  	Maturity	  	15
	 Section 8.2.
	  	Optional Prepayments with Make-Whole Amount	  	15
	 Section 8.3.
	  	Offer of Prepayment Upon Asset Sales	  	15
	 Section 8.4.
	  	Change of Control Put	  	17
	 Section 8.5.
	  	Allocation of Partial Prepayments	  	18
	 Section 8.6.
	  	Maturity; Surrender, Etc.	  	18
	 Section 8.7.
	  	Purchase of Notes	  	18
	 Section 8.8.
	  	Make-Whole Amount	  	19
			
	Section 9.	 	AFFIRMATIVE COVENANTS	  	20
			
	Section 10.	 	NEGATIVE COVENANTS	  	22
			
	Section 11.	 	EVENTS OF DEFAULT	  	24
			
	Section 12.	 	REMEDIES ON DEFAULT, ETC.	  	26
			
	 Section 12.1.
	  	Acceleration	  	26
	 Section 12.2.
	  	Other Remedies	  	27
	 Section 12.3.
	  	Rescission	  	27
	 Section 12.4.
	  	No Waivers or Election of Remedies, Expenses, Etc.	  	27

  

 -ii- 

							
			
	Section 13.	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	28
			
	 Section 13.1.
	  	Registration of Notes	  	28
	 Section 13.2.
	  	Transfer and Exchange of Notes	  	28
	 Section 13.3.
	  	Replacement of Notes	  	29
			
	Section 14.	 	PAYMENTS ON NOTES	  	29
			
	 Section 14.1.
	  	Place of Payment	  	29
	 Section 14.2.
	  	Home Office Payment	  	29
			
	Section 15.	 	EXPENSES, ETC.	  	30
			
	 Section 15.1.
	  	Transaction Expenses	  	30
	 Section 15.2.
	  	Survival	  	30
			
	Section 16.	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	30
			
	Section 17.	 	AMENDMENT AND WAIVER	  	31
			
	 Section 17.1.
	  	Requirements	  	31
	 Section 17.2.
	  	Solicitation of Holders of Notes	  	31
	 Section 17.3.
	  	Binding Effect, Etc.	  	32
	 Section 17.4.
	  	Notes Held by Company, Etc.	  	32
			
	Section 18.	 	NOTICES	  	32
			
	Section 19.	 	REPRODUCTION OF DOCUMENTS	  	32
			
	Section 20.	 	CONFIDENTIAL INFORMATION	  	33
			
	Section 21.	 	SUBSTITUTION OF PURCHASER	  	34
			
	Section 22.	 	MISCELLANEOUS	  	34
			
	 Section 22.1.
	  	Successors and Assigns	  	34
	 Section 22.2.
	  	Payments Due on Non-Business Days	  	34
	 Section 22.3.
	  	Accounting Terms	  	34
	 Section 22.4.
	  	Severability	  	35
	 Section 22.5.
	  	Construction, Etc.	  	35
	 Section 22.6.
	  	Counterparts	  	35
	 Section 22.7.
	  	Governing Law	  	35
	 Section 22.8.
	  	Jurisdiction and Process; Waiver of Jury Trial	  	35
	 Section 22.9.
	  	For Georgia Investors	  	36

  

 - iii - 

					
	SCHEDULE A	  	—	  	INFORMATION RELATING TO PURCHASERS
			
	SCHEDULE B	  	—	  	DEFINED TERMS
			
	SCHEDULE 5.5	  	—	  	Financial Statements
			
	SCHEDULE 5.8	  	—	  	Litigation
			
	SCHEDULE 5.10	  	—	  	Existing Liens
			
	SCHEDULE 5.11	  	—	  	Licenses, Permits, etc.
			
	SCHEDULE 5.15	  	—	  	Existing Indebtedness
			
	SCHEDULE 9(g)	  	—	  	Exceptions to Transaction with Affiliates
			
	EXHIBIT 1(a)	  	—	  	Form of 5.39% Senior Unsecured Note due November 17, 2014
			
	EXHIBIT 1(b)	  	—	  	Form of 5.54% Senior Unsecured Note due November 17, 2016
			
	EXHIBIT 4.4(a)	  	—	  	Form of Opinion of Special Counsel for the Company
			
	EXHIBIT 4.4(b)	  	—	  	Form of Opinion of General Counsel for the Company

  

 - iv - 

 TRANSWESTERN PIPELINE COMPANY, LLC 
 1331 Lamar, Suite 650 
 Houston, Texas 77010 
 5.39% Senior Unsecured Notes due November 17, 2014 
 5.54% Senior Unsecured Notes due November 17, 2016 
 November 17, 2004 
 TO EACH OF THE PURCHASERS LISTED IN SCHEDULE A HERETO: 
 Ladies and Gentlemen: 
 TRANSWESTERN PIPELINE COMPANY, LLC, a Delaware limited liability company (the “Company”), agrees with each of the purchasers whose names
appear at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows: 
 Section 1.
AUTHORIZATION OF NOTES. 
 The Company will authorize the issue and sale of: (i) $270,000,000 aggregate principal amount of its 5.39%
Senior Unsecured Notes due November 17, 2014 (the “Series A Notes”), and (ii) $250,000,000 aggregate principal amount of its 5.54% Senior Unsecured Notes due November 17, 2016 (the “Series B Notes”
and together with the Series A Notes, the “Notes”). The term “Notes” shall also include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement. In addition, the Notes shall be
substantially in the forms set forth in Exhibit 1(a) and Exhibit 1(b), respectively. 
 Certain capitalized terms used in this Agreement are
defined in Schedule B; reference to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 
 Section 2. SALE AND PURCHASE. 
 Subject to the terms and conditions of this Agreement, the Company
will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closings provided for in Section 3, the Series A Notes and/or the Series B Notes, as the case may be, in the principal amount specified opposite
such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for
the performance or non-performance of any obligation by any other Purchaser hereunder. 
 Section 3. CLOSING. 
 The sale and purchase of $250,000,000 aggregate principal amount of the Series A Notes and the entire aggregate principal amount of the Series B Notes to
be purchased by each 

 
Purchaser shall occur at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, NY 10017, at 11:00 a.m., New York time, at a
closing on November 17, 2004 or on such other Business Day thereafter on or prior to December 17, 2004 as may be agreed upon by the Company and the Purchasers (the “First Closing”). The sale and purchase of $20,000,000
aggregate principal amount of the Series A Notes to be purchased by the Purchasers indicated on Schedule A hereto shall occur at the offices of Dewey Ballantine LLP, 1301 Avenue of the Americas, New York, NY 10019, at 10:00 a.m., New York time, at a
closing on March 15, 2005; provided, however, the sale and purchase of such Series A Notes may close on a date prior to March 15, 2005, so long as the Company has delivered to each Purchaser of such Series A Notes written notice
specifying the proposed date for such sale and purchase within ten (10) Business Days prior to such proposed date and each such Purchaser has acknowledged and accepted such proposed date as the date of such sale and purchase (if the Company has
not received an acknowledgment and acceptance or a rejection of such proposed date from any such Purchaser within five (5) Business Days after receipt of such notice, such Purchaser shall be deemed to have rejected such proposed date as the
date of such sale and purchase) (the “Second Closing”, and, together with the First Closing, sometimes hereinafter referred to as a, the, each, or such “Closing” and collectively referred to as the
“Closings”). At each Closing, the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser at such Closing in the form of a single Series A Note and/or Series B Note, as the case may be, (or such greater
number of Series A Notes and/or Series B Notes, as the case may be, in denominations of at least $100,000 as such Purchaser may request) dated as of the date of such Closing and registered in such Purchaser’s name (or in the name of its
nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds to such account(s) designated by the Company in the
letter provided pursuant to Section 4.10 of this Agreement or at such other account(s) as shall be specified in writing to the Purchasers. If at the First Closing or the Second Closing the Company shall fail to tender such Notes to any
Purchaser that is scheduled to purchase Notes on such date as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at
its election, be relieved of all further obligations under this Agreement. 
 Section 4. CONDITIONS TO CLOSING. 
 Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at each Closing in which such Purchaser is purchasing any
Notes is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at such Closing, of the following conditions: 
 Section 4.1. Representations and Warranties. 
 The representations and warranties of the Company in this Agreement shall be
true and correct when made and as of the date of such Closing (other than any such representations and warranties that, by their express terms, refer to a specific date other than the date of such Closing, in which case, shall be true and correct as
of such specific date). The statements of the Company and its respective officers or Responsible Officers made in any certificates delivered pursuant to this Agreement shall be true and correct, in all material respects, when made and as of the date
of such Closing (other than any such statements that, by their express terms, refer to a specific date other than the date of such Closing, in which case, shall be true and correct as of such specific date). 
  

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 Section 4.2. Performance; No Default. 
 The Company shall have performed and complied, in all material respects, with all agreements and conditions contained in this Agreement and the Notes
required to be performed or complied with by it prior to or at such Closing and, after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14) and of all other Debt to be
issued by the Company as of the date of such Closing, no Default or Event of Default shall have occurred and be continuing. The Company shall not have entered into any transaction since the date of the Memorandum that remains in effect after the
closing of the CrossCountry Acquisition and would be in violation of Section 9(g) had such Section applied since such date. 
 Section 4.3. Compliance Certificates. 
 (a) Officer’s Certificate. The Company shall have
delivered to such Purchaser an Officer’s Certificate, dated as of the date of such Closing, certifying that the conditions specified in Sections 4.1, 4.2, 4.9 and 4.13, as applicable, have been fulfilled. 
 (b) Secretary’s Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant
Secretary, dated as of the date of such Closing, certifying as to, among other things, (i) the completeness and correctness of the limited liability company agreement attached thereto, (ii) the completeness and correctness of one or more
resolutions or other authorizations attached thereto and other limited liability company proceedings relating to the authorization, execution and delivery of the Notes and this Agreement, (iii) the completeness and correctness of the bylaws or
other governing documents of the Company as in effect on the date on which the resolutions referred to in clause (ii) above were adopted as of the date of such Closing, (iv) the due organization and good standing of the Company under the
laws of its jurisdiction of organization, and the absence of any proceeding for the dissolution or liquidation of the Company, (v) the names and true signatures of the officers of the Company authorized to sign this Agreement, the Notes and the
other documents to be delivered hereunder. 
 Section 4.4. Opinions of Counsel. 
 Such Purchaser and its counsel shall have received opinions in form and substance satisfactory to such Purchaser, dated as of such Closing from
(a) Simpson Thacher & Bartlett LLP, counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may
reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b) Drew Fossum, Esq., General Counsel to the Company, covering the matters set forth in Exhibit 4.4(b) and covering such other matters
incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request, and (c) Dewey Ballantine LLP, the Purchasers’ special counsel in connection with the transactions contemplated hereby, and covering
such other matters incident to such transactions as such Purchaser may reasonably request. 
  

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 Section 4.5. Purchase Permitted By Applicable Law, Etc. 
 On the date of such Closing, such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which
such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment,
(b) not violate any applicable Law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or
pursuant to any applicable Law or regulation, which Law or regulation was not in effect on the date hereof. If requested by such Purchaser at least three Business Days prior to the date of such Closing, such Purchaser shall have received an
Officer’s Certificate certifying as to such matters of fact concerning the Company as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 
 Section 4.6. Sale of Other Notes. 
 Contemporaneously with such Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at such Closing as specified in Schedule A. 
 Section 4.7. Payment of Special Counsel Fees. 
 Without limiting the provisions of Section 15.1, the Company shall have paid on or before such Closing the reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent
reflected in a statement of such counsel rendered to the Company at least one Business Day prior to such Closing. 
 Section 4.8. Private
Placement Number. 
 A Private Placement Number issued by S&P’s CUSIP Service Bureau (in cooperation with the Securities
Valuation Office of the National Association of Insurance Commissioners) shall have been obtained for each of the Series A Notes and the Series B Notes. 
 Section 4.9. Changes in Corporate Structure. 
 Except as contemplated by the CrossCountry Acquisition
and the conversion of the Company from a corporation to a limited liability company, the Company shall not have changed its jurisdiction of organization or been a party to any merger or consolidation or succeeded to all or any substantial part of
the liabilities of any other entity, at any time following June 30, 2004. 
 Section 4.10. Funding Instructions. 
 At least two Business Days prior to the date of such Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on
letterhead of the Company or CCE Holdings confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and
number into which the purchase price for the Notes is to be deposited. 
  

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 Section 4.11. Proceedings and Documents. 
 All limited liability company, corporate and other proceedings in connection with the transactions contemplated by this Agreement and the Notes and all
other documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies
of such documents as such Purchaser or such special counsel may reasonably request. 
 Section 4.12. Acquisition Agreement.

 (a) There shall not exist any event or condition that would result in a condition precedent to closing set forth in
Article VII of the CrossCountry Acquisition Agreement not being satisfied and thereby permitting CCE Holdings not to consummate the transactions contemplated by the CrossCountry Acquisition Agreement (or, in the case of the Second Closing, such
consummation shall have occurred prior to the date of the Second Closing). 
 (b) Prior to the issuance of the Notes in
accordance with the terms of this Agreement, the CrossCountry Acquisition shall have been consummated (or, in the case of the Second Closing, such consummation shall have occurred prior to the date of the Second Closing) on terms and conditions
substantially as set forth in (i) the CrossCountry Acquisition Agreement, modified to require pre-closing conversion of corporate Subsidiaries of CrossCountry to limited liability companies, and as otherwise amended or modified in a manner not
adverse to the Purchasers (as determined in the reasonable discretion of the Purchasers) and (ii) the letter agreement dated September 1, 2004 between General Electric Capital Corporation and Southern Union Company and the term sheet
attached thereto as Attachment B, in each case relating to the formation of CCE Holdings in connection with the CrossCountry Acquisition. 
 Section 4.13. No Legal Impediment to Issuance. 
 No action shall have been taken or, to the best knowledge of the Company, be
threatened, and no statute, rule, regulation or order shall have been enacted, adopted or issued by any Governmental Authority that would, as of the date of such Closing, prevent the issuance or sale of the Notes; and no injunction or order of any
other nature by any Governmental Authority shall have been issued or shall be pending or, to the best knowledge of the Company, threatened that would, as of the date of such Closing, prevent the issuance or sale of the Notes. 
 Section 4.14. Existing Credit Facility. 
 Such Purchaser or its counsel shall have received on or prior to the First Closing: 
 (a) contemporaneously with the
issuance of the Notes to be issued at the First Closing pursuant to the terms of this Agreement, evidence that (i) the Company shall have repaid all of the Existing Credit Facility, (ii) the commitments of the lenders thereunder shall have
been terminated and (iii) there shall be in place arrangements for the release of any liens and security interests in respect of the Existing Credit Facility reasonably satisfactory to the administrative agent under the New Credit Facility;

  

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 (b) a copy of the “pay-off” letter with respect to the Existing Credit Facility
reasonably satisfactory to the administrative agent under the New Credit Facility duly executed by each of the parties thereto. 
 Section
4.15. Rating. 
 Such Purchaser or its counsel shall have received a letter, dated on or prior to such Closing, from S&P, assigning a
rating to each of the Series A Notes and the Series B Notes of at least BBB; provided, however, that, to the extent such letter is dated prior to the date of such Closing, no Ratings Downgrade shall have occurred. 
 Section 4.16. Holdco Debt; New Credit Facility. 
 Contemporaneously with the issuance of the Notes to be issued at the First Closing pursuant to the terms of this Agreement, (a) the Company shall have entered into the New Credit Facility on terms and conditions
previously disclosed to such Purchaser and (b) Holdco shall issue the Holdco Notes pursuant to the Holdco Note Agreement and shall have entered into the Holdco Credit Facility on terms and conditions previously disclosed to such Purchaser.

 Section 4.17. Administrative Services Agreement. 
 Prior to the First Closing, CCE Holdings shall have entered into an administrative services agreement with a Southern Union Company Entity that is reasonably satisfactory in form and substance to the administrative
agent under the New Credit Facility. 
 Section 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company represents and warrants to each Purchaser that: 
 Section 5.1. Organization; Power and Authority. 
 The Company (i) is a limited liability company
duly organized, validly existing and in good standing under the laws of the State of Delaware, (ii) is duly qualified and in good standing in each other jurisdiction in which it owns or leases property or in which the conduct of its business
requires it to so qualify or be licensed except, where the failure to so qualify or be in good standing would not be reasonably expected to have a Material Adverse Effect and (iii) has all requisite limited liability company power and authority
(including, without limitation, all Governmental Authorizations) to own or lease and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to execute this Agreement and the Notes and to perform the
provisions hereof and thereof except, in the case of Governmental Authorizations, where the failure to have any such Governmental Authorizations could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.2. Authorization, Etc. 
 This Agreement and the Notes have been duly authorized by all necessary limited liability company action on the part of the Company, and this Agreement and the Notes constitute, and upon execution and delivery thereof will constitute, a
legal, valid and binding 

  

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obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 Section 5.3. Disclosure. 
 The Company, through its agents, J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc., has delivered to you and each other
Purchaser a copy of a Private Placement Memorandum, dated October 2004 (the “Memorandum”), relating to the transactions contemplated hereby. The Memorandum fairly describes, in all material respects, the general nature of the
business and principal properties of the Company. This Agreement, the Notes, the Memorandum, the CrossCountry Acquisition Agreement, the documents, certificates or other writings by or on behalf of the Company in connection with the transactions
contemplated hereby and the financial statements described in Section 5.5, (this Agreement, the Notes, the Memorandum, the CrossCountry Acquisition Agreement, and such documents, certificates or other writings and such financial statements
being referred to, collectively, as the “Disclosure Documents”) taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in
light of the circumstances under which they were made; provided, that, with respect to projected and pro forma financial information provided in connection with the Memorandum, the Company represents only that such information was prepared in
good faith based upon estimates and assumptions believed by the Company to be accurate and reasonable at the time. Since December 31, 2003, there has not occurred any event or condition, which, individually or in the aggregate, has had or could
reasonably be expected to have a Material Adverse Effect. 
 Section 5.4. Organization and Ownership of Equity Interests of Subsidiaries;
Affiliates. 
 As of the First Closing, the only Subsidiary of Holdco is the Company and the Company has no Subsidiaries. Holdco owns 100%
of the Equity Interests of the Company. 
 Section 5.5. Financial Statements. 
 The Company has delivered to the Purchasers (i) the Consolidated balance sheet of the Company and its Subsidiaries as at December 31, 2003, 2002
and 2001 and the related Consolidated statement of income and Consolidated statement of cash flows of the Company and its Subsidiaries for the Fiscal Year then ended, accompanied, in the case of the Company’s Consolidated audited financial
statements for the year ended December 31, 2003, by either (A) an unqualified opinion of Deloitte & Touche LLP, independent public accountants, or (B) an opinion of Deloitte & Touche LLP qualified only by reason of
the Cases and the short-term nature of a 2001 bank credit facility, and (ii) the Consolidated balance sheet of the Company and its Subsidiaries as at June 30, 2004 and the related Consolidated statement of income and Consolidated statement
of cash flow of the Company and its Subsidiaries for the six-month period then ended. Such financial statements present fairly, in all material respects (taking into account the anticipated restatement of financial statements described on Schedule
5.5), the 

  

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Consolidated financial condition of the Company and its Subsidiaries as at such dates and the Consolidated results of operations of the Company and its
Subsidiaries for the periods ended on such dates, all in accordance with GAAP applied on a consistent basis, subject to normal year-end adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 Section 5.6. No Conflict, Other Instruments, Etc. 
 The execution, delivery and performance by the Company of this Agreement and the Notes, as applicable, and the consummation of the transactions contemplated hereby, do not (i) contravene the Company’s
organizational documents, (ii) violate any Law (other than with respect to any prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the Code or violation of Part 4 of Title I of ERISA, as to which no
representation is being made), (iii) conflict with or result in the breach of, or constitute a default or require any material payment to be made under any contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument
binding on or affecting the Company or any of its Properties, (iv) result in or require the creation or imposition of any Lien upon or with respect to any of the Properties of the Company, except for (A) in the case of clauses
(iii) and (iv) (other than with respect to the consummation of the transactions contemplated hereby), breaches of any such contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument or creation of a Lien that
could not be reasonably expected to have a Material Adverse Effect and (B) in the case of clauses (iii) and (iv) with respect to the consummation of the transactions contemplated hereby, breaches of any such contract, loan agreement,
indenture, mortgage, deed of trust, lease or other instrument or creation of a Lien that to the knowledge of the Company could not be reasonably expected to have a Material Adverse Effect. 
 Section 5.7. Governmental Authorizations, Etc. 
 No Governmental Authorization, and no notice to or filing with, any Governmental Authority (including, without limitation, the SEC under PUHCA) or any other third party, is required in connection with the execution,
delivery or performance by the Company of this Agreement and the Notes and the transactions contemplated herein or therein (including without limitation, the incurrence of Debt under this Agreement and the Notes and the repayment thereof and the
exercise by any holder of Notes of its rights under the Loan Documents), except for those authorizations, approvals, actions, notices and filings with respect to the consummation of the transactions contemplated hereby, (A) which have been duly
obtained or made or (B) the failure of which to be obtained or made could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.8. Litigation. 
 Except as set forth on Schedule 5.8, there is no action, suit, investigation or proceeding pending
or, to the knowledge of the Company, threatened against or affecting the Company, including any Environmental Action in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate,
(i) could be reasonably expected to have a Material Adverse Effect, or (ii) purports to affect the legality or validity, or enforceability of this Agreement and the Notes or the consummation of the transactions contemplated hereby.

  

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 Section 5.9. Taxes. 
 (a) The Company has filed or caused to be filed all United States federal income tax returns and all other material domestic tax returns
which to the knowledge of the Company are required to be filed by the Company and has paid or provided for the payment, before the same become delinquent, of all taxes due pursuant to such returns or pursuant to any assessment received by the
Company, other than (i) those taxes contested in good faith by appropriate proceedings, and (ii) any such payment in an amount not to exceed $1,000,000 in the aggregate at any time outstanding. 
 (b) The Company is not a party to any tax sharing agreement or arrangement that will remain in effect after the consummation of the
CrossCountry Acquisition. 
 Section 5.10. Title to Property; Leases. 
 The Company has good and valid title to, or holds a valid leasehold, license or other interest in, or right of way easement through all items of real
property used by it in the ordinary course of business with such exceptions as would not reasonably be expected to have, in the aggregate, a Material Adverse Effect, in each case free and clear of all Liens (except for (i) all Liens set forth
on Schedule 5.10, (ii) Permitted Liens and (iii) such other Liens that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect). With respect to each material parcel of real property that is
leased by the Company as tenant (the “Leased Real Property”), to the knowledge of the Company, (x) the Company has not received any notice of default under any lease pertaining to any of the Leased Real Property in the twelve
(12) month period prior to the date hereof and (y) there are no uncured defaults under any lease without regard to when notice may have been given that would give the counterparty the right to terminate such lease, in each case with such
exceptions as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 5.11.
Licenses, Permits, Etc. 
 Except as set forth on Schedule 5.11, the Company does not have any interest in any material patents, patent
licenses, copyrights, service marks, trademarks and trade names. To the Company’s knowledge, the use of any intellectual property set forth on Schedule 5.11 by the Company does not conflict with the asserted rights of others, with such
exceptions as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 5.12.
Compliance with ERISA. 
 (a) No ERISA Event has occurred during the prior five year period or is reasonably expected to
occur with respect to any Plan that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 
  

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 (b) Neither the Company nor any ERISA Affiliate has incurred or is reasonably expected to
incur any Withdrawal Liability to any Multiemployer Plan, which could reasonably be expected to have a Material Adverse Effect. 
 (c) Neither the Company nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that (x) such Multiemployer Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA or
(y) such Multiemployer Plan is reasonably expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA. 
 Section 5.13. Private Offering by the Company. 
 Neither the Company nor anyone acting on its behalf has offered the Notes or
any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and not more than 100 other Institutional Investors, each of
which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of
Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 
 Section 5.14. Use of Proceeds; Margin Regulations. 
 The Company shall use the proceeds of the sale of the Notes solely to
refinance (a) a portion of the refinancing of the Existing Credit Facility and (b) a portion of the acquisition costs for the CrossCountry Acquisition. No part of the proceeds from the sale of the Notes hereunder will be used, directly or
indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221) (“Regulation U”), or for the purpose of buying or
carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). The
Company owns no margin stock. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 
 Section 5.15. Existing Indebtedness. 
 Set forth on Schedule 5.15 hereto is a complete and accurate list, as of the date of the First Closing, of each item of Debt of the Company in principal amount outstanding in excess of $5,000,000 immediately before the occurrence of the
First Closing, showing as of such date the obligor and the principal amount outstanding thereunder. 
 Section 5.16. Foreign Assets
Control Regulations, Etc. 
 (a) Neither the sale of the Notes by the Company hereunder nor its use of the proceeds
thereof will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive
order relating thereto. 
  

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 (b) The Company (i) is not a Person described or designated in the Specially
Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii) does not engage in any dealings or transactions with any such Person. The Company is in compliance,
in all material respects, with the USA Patriot Act. 
 (c) No part of the proceeds from the sale of the Notes hereunder will
be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company. 
 Section 5.17. Regulatory Matters. 
 The Company is not, and will not be after giving effect to the offering of the Notes and the execution of this Agreement and the Notes, as applicable, subject to regulation under the ICC Termination Act of 1995, as amended. After giving
effect to the CrossCountry Acquisition, the Company is not a “holding company,” a “subsidiary company” of a “holding company” or an “affiliate” of a “holding company” or of a “subsidiary
company” of a “holding company,” within the meaning of PUHCA. The Company is not an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended. 
 Section 5.18. Environmental Matters. 
 (a) Except, in each case, as would not reasonably be likely to have a Material Adverse Effect, the operations and properties of the Company comply in all respects with all applicable Environmental Laws and
Environmental Permits, all past non-compliance with such Environmental Laws and Environmental Permits has been resolved without ongoing obligations or costs, and no circumstances exist that could be reasonably expected to (i) form the basis of
an Environmental Action against the Company or any of its properties or (ii) cause any such property to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law. 
 (b) Except, in each case, as would not be reasonably expected to have a Material Adverse Effect, none of the properties currently or
formerly owned or operated by the Company is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; and Hazardous Materials have not been released, discharged or
disposed of on any property currently or formerly owned or operated by the Company. 
 (c) All Hazardous Materials generated,
used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by the Company have been, to the extent they are disposed of, disposed of in a manner that would not be reasonably expected to
result in a Material Adverse Effect. 
 Section 5.19. Independent Accountants. 
 Deloitte & Touche LLP, who have certified the financial statements of the Company for the fiscal year ended December 31, 2003, are
independent public accountants with respect to the 

  

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Company within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants and its interpretations
and rulings thereunder. 
 Section 5.20. Insurance. 
 As of the date of each Closing, the Company has insurance with responsible and reputable insurers covering its Properties against loss or damage of the kinds customarily insured against by companies similarly situated
in the industry in which the Company conducts its business, in such amounts and with such deductibles as is customary for similarly situated companies; and the Company (i) has not received notice from any insurer or agent of such insurer that
any material capital improvements or other material expenditures are required or necessary to be made in order to continue such insurance or (ii) does not have any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage at commercially available rates from similar insurers as may be necessary to continue its business. 
 Section 5.21. Notes Pari Passu. 
 The
Notes do and shall rank pari passu with the Company’s unsecured senior Debt (including, without limitation, Debt incurred in accordance with the terms of the New Credit Facility). 
 Section 5.22. Representations and Warranties Applicable to Subsidiaries. 
 To the extent the Company forms or acquires any Person as a Subsidiary of the Company in accordance with the terms of this Agreement between the date of
the First Closing and the date of the Second Closing, the representations and warranties contained in Sections 5.1 through 5.21 and Section 5.23 made on the Second Closing shall be deemed made by the Company with respect to each such Subsidiary
so formed or acquired. 
 Section 5.23. Compliance with Rules, Regulations and Laws. 
 The Company is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 Section 6. REPRESENTATIONS
OF THE PURCHASER. 
 Section 6.1. Purchase for Investment. 
 Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser
or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control.
Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under
circumstances where neither such registration nor such an exemption is required by Law, and that the Company is not required to register the Notes. 
  

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 Section 7. INFORMATION AS TO COMPANY. 
 Section 7.1. Financial and Business Information. 
 For so long as any Note is outstanding the Company shall deliver to each holder of Notes that is an Institutional Investor: 
 (a) Quarterly Financials. As soon as available and in any event within 45 days after the end of each of the first three quarters of each Fiscal Year, Consolidated balance sheets of the Company and its
Subsidiaries as of the end of such quarter and Consolidated statements of income and a Consolidated statement of cash flows of the Company and its Subsidiaries for the period commencing at the end of the previous fiscal quarter and ending with the
end of such fiscal quarter and Consolidated statements of income and a Consolidated statement of cash flows of the Company and its Subsidiaries for the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter,
setting forth in each case in comparative form the corresponding figures for the corresponding date or period of the preceding Fiscal Year, all in reasonable detail and duly certified (subject to normal year-end audit adjustments) by a Senior
Financial Officer of the Company as having been prepared in accordance with GAAP, and together with (i) a certificate of such officer stating that no Default or Event of Default has occurred and is continuing or, if a Default or Event of
Default has occurred and is continuing, a statement as to the nature thereof and the action that the Company has taken and proposes to take with respect thereto and (ii) a schedule, delivered and signed by such officer, of the computations used
by the Company in determining compliance with the covenants contained in Section 10(i), provided that in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Company shall
also provide, if necessary for the determination of compliance with Section 10(i), a statement of reconciliation conforming such financial statements to GAAP; 
 (b) Annual Financials. As soon as available and in any event within 90 days after the end of each Fiscal Year, a copy of the annual
audit report for such year for the Company and its Subsidiaries, including therein Consolidated balance sheets of the Company and its Subsidiaries as of the end of such Fiscal Year and Consolidated statements of income and a Consolidated statement
of cash flows of the Company and its Subsidiaries for such Fiscal Year, setting forth, in each case, in comparative form the figures for the previous Fiscal Year, in each case accompanied by (i) an opinion of PricewaterhouseCoopers LLP or other
independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated
financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; provided
that in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Company shall also provide, if necessary for the determination of compliance with Section 10(i), a statement
of reconciliation conforming such financial statements to GAAP and (ii) a certificate of a Senior Financial Officer of the Company stating that no Default or Event of Default has occurred and is continuing or, if a Default or Event of Default
has occurred and is continuing, a statement as 

  

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to the nature thereof and the action that the Company has taken and proposes to take with respect thereto and (iii) a schedule, delivered and signed by
such officer, of the computations used in determining, as of the end of such Fiscal Year, compliance with the covenants contained in Section 10(i); 
 (c) Securities Reports. Promptly after the sending or filing thereof, copies of all regular, periodic and special reports, and all registration statements, that the Company or any of its Subsidiaries files with
the SEC or any governmental authority that may be substituted therefor, or with any national securities exchange; 
 (d)
Notice of Default or Event of Default. As soon as possible and in any event within five days after the Company first obtains knowledge of the occurrence of any Default or Event of Default, or any event, development or occurrence that could be
reasonably expected to have a Material Adverse Effect, continuing on the date of such statement, a statement of an executive officer of the Company setting forth details of such Default or Event of Default, or event, development or occurrence and
the action that the Company has taken and proposes to take with respect thereto; 
 (e) ERISA Matters. Promptly, and in
any event within five days after a Responsible Officer becomes aware of any of the events described in Sections 11(j) and 11(k), a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate
proposes to take with respect thereto; 
 (f) Notices from Governmental Authority. Promptly after the commencement
thereof, notice of all actions, suits, investigations, litigation and proceedings before any Governmental Authority affecting the Company or any of its Subsidiaries of the type described in Section 5.8; and 
 (g) Requested Information. Such other information respecting the business, financial condition, operations, or assets of the
Company or any of its Subsidiaries as from time to time may be reasonably requested by any such holder of Notes. 
 Section 7.2.
Officer’s Certificate. 
 Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or
Section 7.1(b) shall be accompanied by the certificates of, and schedule signed by, a Senior Financial Officer referred to in Section 7.1(a) or Section 7.1(b), as the case may be. 
 Section 7.3. Visitation. 
 The Company
shall permit the representatives of each holder of Notes that is an Institutional Investor: 
 (a) No Default. If no
Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its
Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, 

  

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which consent will not be unreasonably withheld) to visit the other offices and properties of the Company or any of its Subsidiaries, all at such reasonable
times and as often as may be reasonably requested in writing; and 
 (b) Default. If a Default or Event of Default then
exists, at the expense of the Company, to visit and inspect any of the offices or properties of the Company or any of its Subsidiaries, to examine all their respective books of account, records, reports and other papers, to make copies and extracts
therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants and the Company shall be provided an opportunity to participate in such discussions with such accountants
(and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be requested. 
 Section 8. PAYMENT AND PREPAYMENT OF THE NOTES. 
 Section 8.1. Maturity. 
 As provided therein, the entire unpaid principal balance of the Notes shall be due and payable on
the Stated Maturity Dates thereof. 
 Section 8.2. Optional Prepayments with Make-Whole Amount. 
 The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less
than $10,000,000 of the aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such
principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall
specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.5), and the
interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment
(calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior
Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 
 Section 8.3. Offer of
Prepayment Upon Asset Sales. 
 (a) Notice of Certain Dispositions. The Company will, on or prior to five Business
Days after the end of any consecutive 12-month period during which the Company or any of its Subsidiaries makes one or more Asset Sales pursuant to which the Company or any of its Subsidiaries receives Net Cash Proceeds in excess of 10% of
Consolidated Net Tangible Assets (determined as of the end of the fiscal quarter of the Company immediately prior to the commencement of such 12-month period (and without deduction for such Asset Sales)), give written notice of such Asset Sales to
each holder of Notes which notice shall contain and constitute 

  

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an offer to prepay the Notes as described in paragraph (b) of this Section 8.3 and shall be accompanied by the certificate described in paragraph
(e) of this Section 8.3. 
 (b) Offer to Prepay Notes. The offer to prepay the Notes contemplated by
paragraph (a) of this Section 8.3 shall be an offer to prepay, in accordance with and subject to this Section 8.3, the Notes held by each holder on a date specified in such offer (the “Proposed Asset Sale Prepayment
Date”). The Proposed Asset Sale Prepayment Date shall be not less than 30 days and not more than 60 days after the date of such offer (if the Proposed Asset Sale Prepayment Date shall not be specified in such offer, the Proposed Asset Sale
Prepayment Date shall be the 60th day after the date of such offer). 
 (c) Acceptance; Rejection. A holder of Notes
may accept the offer to prepay made pursuant to this Section 8.3 by causing a notice of such acceptance to be delivered to the Company at least five days prior to the Proposed Asset Sale Prepayment Date. A failure by a holder of Notes to reply
to an offer to prepay made pursuant to this Section 8.3 shall be deemed to constitute a rejection of such offer by such holder. 
 (d) Prepayment. The principal amount of the Notes to be prepaid pursuant to this Section 8.3 shall be equal to the amount, if any, by which the aggregate of all Net Cash Proceeds from all of the Asset Sales referred to in
Section 8.3(a) exceeds 10% of Consolidated Net Tangible Assets (determined as of the end of the fiscal quarter of the Company immediately preceding the date of such Asset Sale and without deduction for such Asset Sales) (such Net Cash Proceeds
being referred to herein as the “Excess Cash Proceeds”) together with interest on such Notes accrued to the date of prepayment, but without any premium; provided that in connection with any Asset Sale that triggers a
prepayment of the Term Advances under the New Credit Facility, the Excess Cash Proceeds shall be applied ratably to the Term Advances under the New Credit Facility and an offer to purchase the Notes pursuant to this Section 8.3 on the basis of
their outstanding aggregate principal amounts. The prepayment of the Notes shall be made on the Proposed Asset Sale Prepayment Date; provided further that if any of the Excess Cash Proceeds that are applicable to the prepayment of the Notes
are not so applied due to any rejections of such prepayment pursuant to Section 8.3(c), such Excess Cash Proceeds shall be applied to the term loans under the New Credit Facility. 
 (e) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.3 shall be accompanied by a
certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying: (i) the Proposed Asset Sale Prepayment Date; (ii) that such offer is made pursuant to this Section 8.3; (iii) the principal amount
of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Asset Sale Prepayment Date; (v) that the conditions of this Section 8.3 have been fulfilled; and
(vi) in reasonable detail, the nature of the Asset Sales with respect to which such prepayment is being made. 
 (f)
Deferral of Offer to Prepay. Notwithstanding the foregoing provisions of Section 8.3, with respect to any Net Cash Proceeds realized or received with respect to any Asset Sale referred to in Section 8.3(a), if the Company shall
deliver to the holders of Notes a certificate of a Senior Financial Officer to the effect that the Company and its Subsidiaries intend to reinvest such Net Cash Proceeds (or a portion thereof specified in such certificate) in its business (or enter

  

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into a binding commitment with respect to such reinvestment) within 365 days after receipt of such Net Cash Proceeds, then no prepayment need be offered by
the Company pursuant to the foregoing provisions of this Section 8.3 in respect of such Net Cash Proceeds (or the portion of such Net Cash Proceeds specified in such certificate, if applicable), except that, if (x) any such Net Cash
Proceeds have not been so applied by the end of such 365-day period or (y) the Company or any of its Subsidiaries have not entered into a binding commitment with respect to such application of such Net Cash Proceeds within such 365-day period
and not reinvested in its business pursuant to such commitment within 180 days after entering into such commitment, the Company shall offer to prepay the Notes at that time in accordance with the foregoing provisions of this Section 8.3 in an
amount equal to the amount of such Net Cash Proceeds that have not been so applied pro rata with the prepayment of the Term Advances under the New Credit Facility (if a prepayment is triggered under the New Credit Facility under such circumstances).

 Section 8.4. Change of Control Put. 
 (a) Notice of Change of Control or Control Event. The Company will, within three Business Days after any officer of the Company or its Subsidiaries has knowledge of the occurrence of any Change of Control or
Control Event, give written notice of such Change of Control or Control Event to each holder of Notes unless notice in respect of such Change of Control (or the Change of Control contemplated by such Control Event) shall have been given pursuant to
paragraph (b) of this Section 8.4. If a Change of Control has occurred, such notice shall contain and constitute an offer to prepay Notes as described in paragraph (c) of this Section 8.4 and shall be accompanied by the
certificate described in paragraph (g) of this Section 8.4. 
 (b) Condition to Company Action. The Company
will not take any action that consummates or finalizes a Change of Control unless at least 30 days prior to such action it shall have given to each holder of Notes written notice containing and constituting an offer to prepay Notes as described in
paragraph (c) of this Section 8.4 (the “Company Offer Notice”), accompanied by the certificate described in paragraph (g) of this Section 8.4 of the consummation or finalization of such Change of Control.

 (c) Offer to Prepay Notes. The offer to prepay Notes contemplated by paragraphs (a) and (b) of this
Section 8.4 shall be an offer to prepay, in accordance with and subject to this Section 8.4, all, but not less than all, the Notes held by each holder on a date specified in such offer (the “Proposed Change of Control Prepayment
Date”). The Proposed Change of Control Prepayment Date shall be not less than 30 days after the date of such offer (if the Proposed Change of Control Prepayment Date shall not be specified in such offer, the Proposed Change of Control
Prepayment Date shall be the 30th day after the date of such offer). 
 (d) Acceptance; Rejection. A holder of Notes
may accept the offer to prepay made pursuant to this Section 8.4 by causing a notice of such acceptance to be delivered to the Company not later than the twentieth day following delivery of the Company Offer Notice. A failure by a holder of
Notes to reply to an offer by such date to prepay made pursuant to this Section 8.4 shall be deemed to constitute a rejection of such offer by such holder. 
  

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 (e) Prepayment. Prepayment of the Notes to be prepaid pursuant to this
Section 8.4 shall be at 100% of the principal amount of such Notes together with interest on such Notes accrued to the date of prepayment but without any premium. The prepayment shall be made on the Proposed Change of Control Prepayment Date
except as provided in paragraph (f) of this Section 8.4. 
 (f) Deferral pending Change of Control. The
obligation of the Company to prepay Notes pursuant to the offers required by paragraph (b) and accepted in accordance with paragraph (d) of this Section 8.4 is subject to the occurrence of the Change of Control in respect of which
such offers and acceptances shall have been made. In the event that such Change of Control does not occur on the Proposed Change of Control Prepayment Date in respect thereof, the prepayment shall be deferred until and shall be made on the date on
which such Change of Control occurs. The Company shall keep each holder of Notes reasonably and timely informed of (i) any such deferral of the date of prepayment, (ii) the date on which such Change of Control and prepayment are expected
to occur, and (iii) any determination by the Company that efforts to effect such Change of Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.4 in respect of such Change of
Control shall be deemed rescinded). 
 (g) Officer’s Certificate. Each offer to prepay the Notes pursuant to this
Section 8.4 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Change of Control Prepayment Date; (ii) that such offer is made
pursuant to this Section 8.4; (iii) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Change of Control Prepayment Date; and (iv) in reasonable detail, the nature and date or proposed date of
the Change of Control. 
 Section 8.5. Allocation of Partial Prepayments. 
 In the case of each partial prepayment of the Notes, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 
 Section 8.6. Maturity; Surrender, Etc. 
 In the case of each prepayment of Notes pursuant to this Section 8, the
principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable
Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall
cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 
 Section 8.7. Purchase of Notes. 
 The
Company will not and will not permit any of its Subsidiaries to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except upon the payment or prepayment of the Notes in accordance with the terms of
this Agreement and the Notes. The Company will promptly cancel all Notes acquired by it or any of its Subsidiaries pursuant to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution
or exchange for any such Notes. 
  

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 Section 8.8. Make-Whole Amount. 
 “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining
Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make Whole Amount, the
following terms have the following meanings: 
 “Called Principal” means, with respect to any Note, the principal of such
Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 “Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same
periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day
preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1 on Bloomberg or, if Page PX1 (or its successor screen on Bloomberg) is unavailable,
the Telerate Access Service screen which corresponds most closely to Page PX1 for the most recently issued actively traded U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement
Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which
such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded
U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. Such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to
bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the actively traded U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and
(2) the actively traded U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable
Note. 
  

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 “Remaining Average Life” means, with respect to any Called Principal, the number of
years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect
to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

 “Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of such Called
Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on
which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such
Settlement Date pursuant to Section 8.2 or Section 12.1. 
 “Settlement Date” means, with respect to the Called
Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 Section 9. AFFIRMATIVE COVENANTS. 
 The Company
covenants that so long as any of the Notes are outstanding, it shall: 
 (a) Compliance with Laws, Etc. Comply, and
cause each of its Subsidiaries to comply, with all applicable laws, rules, regulations and orders (including, without limitation, the USA Patriot Act) of any Governmental Authority binding on it or any of its properties, except for such
non-compliance as would not be reasonably expected to have a Material Adverse Effect. 
 (b) Payment of Taxes, Etc. Pay
and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent, (i) all material taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all
material lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however, that neither the Company nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that
is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable. 
 (c) Maintenance of Insurance. Maintain, and cause each of its Subsidiaries to maintain insurance with responsible and reputable
insurance companies or associations and such insurance shall be maintained in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the
Company or any of its Subsidiaries operates. 
  

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 (d) Preservation of Corporate Existence, Etc. Except as expressly permitted by
Section 10(d), preserve and maintain, and cause each of its Subsidiaries to preserve and maintain, its legal existence, and, except as would not be reasonably expected to have a Material Adverse Effect, its permits, licenses, approvals,
privileges and franchises necessary to the normal conduct of its business. 
 (e) Keeping of Books. Keep, and cause
each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each Subsidiary of the Company to the extent necessary
to prepare financial statements that are in accordance with GAAP in effect from time to time. 
 (f) Maintenance of
Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its Properties that are used or useful in the conduct of its business in accordance with the Company’s or its Subsidiaries’
established maintenance plan as in effect from time to time consistent with past practices. 
 (g) Transactions with
Affiliates. Conduct, and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under the Loan Documents with any of their Affiliates on terms that are no less favorable to the Company or such Subsidiary than it would
obtain in a comparable arm’s-length transaction with a Person not an Affiliate (including, pursuant to the agreement set forth in item 1 on Schedule 9(g) for so long as such agreement is in effect), except transactions pursuant to the agreement
set forth in item 2 on Schedule 9(g). 
 (h) Continuance of Rating. The Company, at least once annually, shall request
at least one Required Rating Agency (as of the date of the First Closing, S&P) to update the credit rating issued on the long-term debt of the Company and shall furnish to such Required Rating Agency the information referred to in
Section 7.1, together with such other information as such Required Rating Agency may reasonably request in connection with its rating of the long-term debt of the Company. 
 (i) Covenant Regarding Subsidiaries. Upon the formation or acquisition by the Company or any of its Subsidiaries of any new direct
or indirect Subsidiary that is organized under the laws of any political subdivision of the United States of America, within ten (10) days after such formation or acquisition, at the Company’s election, either (i) at the
Company’s expense, cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary (if it has not already done so), to duly execute and deliver to each holder of Notes a Subsidiary Guaranty, guaranteeing the obligations of
the Company and the other Subsidiary Guarantors under the Loan Documents and to provide an opinion of outside counsel of nationally recognized standing to the effect that each Subsidiary Guaranty is a legal, valid and binding obligation of such
Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms, or (ii) notify each holder of Notes that such Subsidiary shall not be a Subsidiary Guarantor hereunder (each such Subsidiary, a
“Non-Guarantor Subsidiary”) and shall cause such Subsidiary to be in compliance with Section 10(a) and Section 10(b) to the extent applicable to a Non-Guarantor Subsidiary in addition to any other provisions of the Loan
Documents applicable to any Subsidiary of the Company. 
  

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 Section 10. NEGATIVE COVENANTS. 
 The Company covenants that, so long as any of the Notes are outstanding, it will not and will cause its Subsidiaries not to, at any time: 
 (a) Liens, Etc. Create, incur, assume or suffer to exist any Lien on or with respect to any of its Properties of any character
(including, without limitation, accounts) whether now owned or hereafter acquired, or sign or file, under the Uniform Commercial Code of any jurisdiction, a financing statement that names the Company or any of its Subsidiaries as debtor, or sign or
suffer to exist any security agreement authorizing any secured party thereunder to file such financing statement, or assign any accounts or other right to receive income, except: 
 (i) Permitted Liens for the Company and its Subsidiaries; 
 (ii) Liens existing on the date hereof and described on Schedule 5.15 hereto and any replacement, extension or renewal of the indebtedness
secured by such Lien; provided that the amount of Debt or other obligations secured thereby is not increased and is not secured by any additional assets; 
 (iii) Liens arising in connection with Capitalized Leases; provided that no such Lien shall extend to or cover any assets other
than the assets subject to such Capitalized Leases and purchase money Liens upon or in real property, equipment or other fixed or capital assets acquired or held by the Company or any of its Subsidiaries to secure the purchase price of such
property, equipment or other fixed or capital assets or to secure Debt incurred for the purpose of financing the acquisition, construction or improvement of any such property, equipment or other fixed or capital assets, or Liens existing on any such
property, equipment or other fixed or capital assets at the time of acquisition, or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided that no such Lien shall extend to or cover any property
other than the property, equipment or other fixed or capital assets being acquired, constructed or improved, and no such extension, renewal or replacement shall extend to or cover any property not theretofore subject to the Lien being extended,
renewed or replaced; and provided, that the aggregate principal amount of the Debt secured by Liens permitted by this clause (iii) shall not exceed $50,000,000 at any time outstanding; and 
 (iv) the Company or any of its Subsidiaries may create or assume any other Lien securing Debt if, after giving effect to such Debt, the
Priority Obligations Amount does not exceed 10% of the Consolidated Net Tangible Assets; provided, however, that if the Company or any of the Subsidiaries cannot or does not wish to comply with the restrictions set forth in this
Section 10(a)(iv), then, as conditions to such non-compliance, (x) (A) a Senior Financial Officer shall provide a certificate to all holders of Notes describing in reasonable detail such non-compliance and the Debt to be secured by
such Lien (including details of such Lien) and (B) the Company and/or such Subsidiary shall make, or cause to be made, effective a provision whereby the Notes will be equally and ratably secured with the Debt with respect to which there is
non-compliance with the limitation on Liens set forth in this Section 10(a)(iv), such security to be pursuant to an agreement reasonably satisfactory to the Required Holders and, in any such case, the 

  

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holders of Notes shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Notes may be entitled under applicable
law, of an equitable Lien on such property and (y) the holders of the Notes shall have received a favorable opinion of counsel reasonably satisfactory to the Required Holders with respect thereto. 
 (b) Debt of Non-Guarantor Subsidiaries. In the case of any Non-Guarantor Subsidiary, create, incur, assume or suffer to exist any
Debt, unless if after giving effect to such Debt, the Priority Obligations Amount does not exceed 10% of the Consolidated Net Tangible Assets. 
 (c) Change in Nature of Business. Make any material change in the nature of the Company’s business as carried on at the date hereof. 
 (d) Mergers, Etc. Merge into or consolidate with any Person or permit any Person to merge into it, or liquidate, wind up or
dissolve itself (or suffer any liquidation or dissolution), or permit any of its Subsidiaries to do so, except that: 
 (i)
any Subsidiary of the Company may merge into or consolidate with the Company; provided that the Company is the continuing or surviving Person; 
 (ii) any Subsidiary of the Company may merge into or consolidate with any other Subsidiary of the Company; provided that, in the case of any such merger or consolidation to which a Guarantor is a party, the
Person formed by such merger or consolidation shall be a Guarantor; 
 (iii) any Subsidiary of the Company may be liquidated
or dissolved if the Company determines in good faith that such liquidation or dissolution is in the best interest of the Company and is not materially disadvantageous to the holders of the Notes; and 
 (iv) any Subsidiary of the Company may merge into or consolidate with any other Person or permit any other Person to merge into or
consolidate with it; provided that the Person surviving such merger shall be a Subsidiary of the Company; 
 provided, however, that in each
case, immediately before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing. 
 (e) Sales, Etc., of Assets. Dispose of, in one transaction or in a series of transactions, all or substantially all of its assets during any Fiscal Year, except: 
 (i) in a transaction authorized by Section 10(d); and 
 (ii) Dispositions of assets among the Company and its Subsidiaries. 
 (f) Restricted Payments. Declare or pay any dividends, purchase, redeem, retire, defease or otherwise acquire for value any of its
Equity Interests now or hereafter outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons thereof) as such, make any distribution of assets, Equity Interests, obligations or securities to its 

  

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stockholders, partners or members (or the equivalent Persons thereof) as such or make any payment on any Debt owing to its direct or indirect parent (or any
equity owner thereof) or any Affiliate thereof (other than payments on the Notes and indebtedness under the New Credit Facility) (any of the foregoing, a “Restricted Payment”), or permit any of its Subsidiaries to do any of the
foregoing, or permit any of its Subsidiaries to purchase, redeem, retire, defease or otherwise acquire for value any Equity Interests in the Company or to issue or sell any Equity Interests therein, except that, (i) any Subsidiaries may make
Restricted Payments to the Company and (ii) so long as no Default or Event of Default has occurred and is continuing and the Company is in pro forma compliance with Section 10(i) after giving effect to such Restricted Payments, the Company
may make distributions to Holdco. 
 (g) Sales and Leasebacks. Enter into any arrangement with any Person (other than
Subsidiaries of the Company) providing for the leasing by the Company or any Subsidiary of real or personal property that has been or is to be sold or transferred by the Company or such Subsidiary to such Person or to any other Person to whom funds
have been or are to be advanced by such Person on the security of such property or rental obligations of the Company or such Subsidiary (each a “Sale Leaseback Transaction”), unless if after giving effect to such Sale Leaseback
Transaction, the Priority Obligations Amount does not exceed 10% of the Consolidated Net Tangible Assets. 
 (h) Use of
Proceeds. Use the proceeds of any Notes for any purpose other than for purposes set forth in Section 5.14. 
 (i)
Debt/Capitalization Ratio. Permit the Debt/Capitalization Ratio as of the last day of any fiscal quarter of the Company to be greater than 65%. 
 Section 11. EVENTS OF DEFAULT. 
 An “Event of Default” shall exist if any of the following conditions or events
shall occur and be continuing: 
 (a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on
any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or 
 (c) any representation or warranty made by the Company or its Subsidiaries (or any of its officers or Responsible Officers) under or in
connection with any Loan Document shall prove to have been incorrect in any material respect when made; or 
 (d) the Company
shall fail to perform or observe any term, covenant or agreement contained in Section 7.1(d), Section 9(d) and Section 10; or 
 (e) the Company or its Subsidiaries shall fail to perform or observe any other term, covenant or agreement contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied
for 30 days after the earlier of (i) a Responsible 

  

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Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such
written notice to be identified as a “notice of default” and to refer specifically to this Section 11(e)); or 
 (f) the Company or any of its Subsidiaries shall fail to pay any principal of, premium or interest on or any other amount payable in respect of any Debt (other than Debt of the type described in (i) clause (g) of the definition
thereof or (ii) clause (h) of the definition thereof to the extent no demand for payment has been made on the Company or any of its Subsidiaries with respect to such Contingent Obligations) or any Hedge Agreements of the Company or such
Subsidiary (as the case may be) that is outstanding in a principal amount (or, in the case of any Hedge Agreement, an Agreement Value) of at least $50,000,000 either individually or in the aggregate for the Company and all such Subsidiaries (but
excluding Debt outstanding under the Notes), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise but other than as a result of the consequences, if any, of a Change of Control
under the New Credit Facility), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity
of such Debt or otherwise to cause, or to permit the holder thereof to cause, such Debt to mature (other than, in each case, as a result of the consequences, if any, of a Change of Control under the New Credit Facility); or any such Debt shall be
declared to be due and payable or required to be prepaid or redeemed (other than a required prepayment or redemption under Section 2.06 of the New Credit Facility or under any “due on sale” provision of any secured Debt, except as a
result of a default or event of default thereunder), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt (unless required under Section 2.06 of the New Credit Facility or under any “due on sale”
provision of any secured Debt, except as a result of a default or event of default thereunder) shall be required to be made, in each case prior to the stated maturity thereof (other than, in each case, as a result of the consequences, if any, of a
Change of Control under the New Credit Facility); or 
 (g) (i) CCE Holdings, CrossCountry, Holdco, the Company or any
Subsidiary of the Company shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or (ii) any proceeding
shall be instituted by or against CCE Holdings, CrossCountry, Holdco, the Company or any Subsidiary of the Company seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar
official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding shall remain
undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official
for, it or any substantial part of its property) shall occur; or (iii) CCE Holdings, CrossCountry, Holdco, the Company or any Subsidiary of the Company shall take any corporate action to authorize any of the actions set forth above in this
paragraph (g); or 
  

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 (h) any judgments or orders, either individually or in the aggregate, for the payment of
money in excess of $50,000,000 shall be rendered against the Company or any of its Subsidiaries and there shall be any period of 60 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect; provided, however, that any such judgment or order shall not give rise to an Event of Default under this paragraph (h) if and for so long as (i) the amount of such judgment or order is covered by a
valid and binding surety bond or policy of insurance between the defendant and the insurer and (ii) such insurer has been notified, and has not disputed the claim made for payment, of the amount of such judgment or order; or 
 (i) any Loan Document shall for any reason cease to be valid and binding on or enforceable against any party thereto, or any such party
shall so state in writing; or 
 (j) any ERISA Event shall have occurred with respect to a Plan and the sum (determined as of
the date of occurrence of such ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans with respect to which an ERISA Event shall have occurred and then exist (or the liability of the Company or its
Subsidiaries and the ERISA Affiliates related to such ERISA Event) could reasonably be expected to have a Material Adverse Effect and (i) demand by the PBGC is made against the Company or any of its Subsidiaries for the payment of such
Insufficiency, and such Insufficiency is not satisfied within 60 days of such demand or, if earlier, the date stated in the demand or (ii) a lien is imposed on the Company or any of its Subsidiaries in connection with the failure to pay such
Insufficiency, and such Insufficiency is not satisfied within 60 days; or 
 (k) the Company or any of its Subsidiaries or any
ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, and as a result of such reorganization or termination
the aggregate annual contributions of the Company and its Subsidiaries and the ERISA Affiliates to all Multiemployer Plans that are then in reorganization or being terminated have been or will be increased over the amounts contributed to such
Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization or termination occurs by an amount, which could reasonably be expected to have a Material Adverse Effect. 

Section 12. REMEDIES ON DEFAULT, ETC. 
 Section
12.1. Acceleration. 
 (a) If an Event of Default with respect to the Company described in Section 11(g)(i) or
Section 11(g)(ii) has occurred and is continuing, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is continuing, Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately
due and payable. 
  

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 (c) If any Event of Default described in Section 11(a) or Section 11(b) has
occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be
immediately due and payable. 
 Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by
declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (i) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (ii) the
Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable Law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which
are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the
provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such
circumstances. 
 Section 12.2. Other Remedies. 
 If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at
the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an
injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by Law or otherwise. 
 Section 12.3. Rescission. 
 At any time after any Notes have been declared due and payable pursuant to
Section 12.1(b) or Section 12.1(c), Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of
and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable Law)
any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults,
other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due
pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 
 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. 
 No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies.
No right, power or remedy conferred by this Agreement or by any 

  

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Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in
equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such
holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 
 Section 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 
 Section 13.1. Registration of Notes.

 The Company shall keep at its principal executive office a register for the registration of transfers of Notes. The name and address of
each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any Note
shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an
Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 
 Section 13.2. Transfer and Exchange of Notes. 
 Upon surrender of any Note to the Company at the address and to the attention
of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the
registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days
thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid
principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the Note of such series originally issued hereunder. Each such new Note shall be dated
and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any
stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided, that if necessary to enable the registration of transfer by a holder of its
entire holding of Notes, one Note may be in a denomination of less than $100,000, provided, further, that no holder shall transfer (other than to a Subsidiary or other Affiliate of such holder) Notes if such transfer causes such holder, its
Subsidiaries and other Affiliates of such holder, taken as a whole, to own less than $1,000,000 in aggregate principal amount of Notes (unless such transfer causes such holder, its Subsidiaries and other Affiliates of such holder, taken as a whole,
to Dispose of all the Notes owned by any of them). 
  

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 Section 13.3. Replacement of Notes. 
 Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence
reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss,
theft, destruction or mutilation), and 
 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory
to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured
agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and
cancellation thereof, 
 within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and
bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
 SECTION 14. PAYMENTS ON NOTES. 
 Section 14.1. Place of Payment. 
 Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and
interest becoming due and payable on the Notes shall be at such place the Company may at any time, by notice specify to each holder of a Note, so long as such place of payment shall be either the principal office of the Company in New York, New York
or the principal office of a bank or trust company in New York, New York. 
 Section 14.2. Home Office Payment. 
 So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to
the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other
method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written
request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its
principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election,
either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford
the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers
have made in this Section 14.2. 
  

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 Section 15. EXPENSES, ETC. 
 Section 15.1. Transaction Expenses. 
 Whether or not the transactions contemplated hereby are
consummated, the Company will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of
a Note in connection with such transactions (including reasonable fees, charges and disbursements of the Purchasers’ special counsel incurred on and after the date of such Closing with respect to preparation and delivery of closing document
sets and binders for the transactions contemplated hereby to the holders of Notes and other Persons) and in connection with any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver
or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement or the Notes or in responding to
any subpoena or other legal process or informal investigative demand issued in connection with this Agreement or the Notes, or by reason of being a holder of any Note, and (b) the costs and expenses, including financial advisors’ fees,
incurred in connection with the insolvency or bankruptcy of the Company or any of its Subsidiaries or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes. The Company will pay, and will save each
Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the
Notes). 
 Section 15.2. Survival. 
 The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of either this Agreement or the Notes, and the
termination of this Agreement. 
 Section 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 
 All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by
any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other
holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the
preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 
  

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 Section 17. AMENDMENT AND WAIVER. 
 Section 17.1. Requirements. 
 This Agreement and the Notes may be amended, and the observance of any
term hereof or thereof may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1,
2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any holder of Notes unless consented to by such holder of Notes in writing, and (b) no such amendment or waiver may, without the written consent of
the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the
rate or change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such
amendment or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20. 
 Section 17.2. Solicitation of Holders of Notes.

 (a) Solicitation. The Company will provide each holder of the Notes (irrespective of the amount of Notes then
owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent by the Company in
respect of any of the provisions hereof or of the Notes. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder of outstanding
Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other
credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or
security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding so long as such holder consents to such waiver or amendment. 
 (c) Consent in Contemplation of Transfer. Any consent made pursuant to this Section 17 by a holder of Notes that has
transferred or has agreed to transfer its Notes to the Company or any Restricted Person and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such
holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the
same or similar conditions) shall be void and of no force or effect except solely as to such holder. 
  

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 Section 17.3. Binding Effect, Etc. 
 Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders of Notes and is binding upon them and upon each
future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of
Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any
rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented. 
 Section 17.4. Notes Held by Company, Etc. 
 Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or
the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly
owned by the Company or any Restricted Persons shall be deemed not to be outstanding. 
 Section 18. NOTICES. 
 All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming
copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges
prepaid). Any such notice must be sent: 
 (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address
specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 
 (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or 
 (iii) if to the Company, to the Company at its address set forth at the beginning hereof to the attention of President and Chief Operating
Officer, or at such other address as the Company shall have specified to the holder of each Note in writing. 
 Notices under this
Section 18 will be deemed given only when actually received. 
 Section 19. REPRODUCTION OF DOCUMENTS. 
 This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be
executed, (b) documents received by any Purchaser at the Closings (except the Notes themselves), and (c) financial statements, 

  

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certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic,
electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable Law, any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement,
facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could
contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 
 Section 20. CONFIDENTIAL INFORMATION. 

 For the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf
of the Company or any of its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature when received by such Purchaser as being confidential information of the Company or
such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission
by such Purchaser or any person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company or any of its Subsidiaries or (d) constitutes financial statements delivered
to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect
confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys and affiliates (to the extent such
disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance
with the terms of this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any
similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or
appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a
party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and
remedies under such Purchaser’s Notes and this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and 

  

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to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with
the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an
agreement with the Company embodying the provisions of this Section 20. 
 Section 21. SUBSTITUTION OF PURCHASER. 
 Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by
written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy
with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Affiliate in lieu of such
original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of
such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original
Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 
 Section 22. MISCELLANEOUS. 
 Section 22.1. Successors and Assigns. 
 All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a
Note) whether so expressed or not. 
 Section 22.2. Payments Due on Non-Business Days. 
 Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.6 that the notice of any
optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business
Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due
on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
 Section 22.3. Accounting Terms. 
 All
accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this
Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. 
  

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 Section 22.4. Severability. 
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by Law) not invalidate or render unenforceable such
provision in any other jurisdiction. 
 Section 22.5. Construction, Etc. 
 Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein,
so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is
prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 
 For the
avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 
 Section 22.6.
Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which
together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
 Section 22.7. Governing Law. 
 This
Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York. 
 Section 22.8. Jurisdiction and Process; Waiver of Jury Trial. 
 (a) The Company and each of the Purchasers
irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To
the fullest extent permitted by applicable Law, the Company and each of the Purchasers, irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. 
  

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 (b) The Company consents to process being served by or on behalf of any holder of Notes
in any suit, action or proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its
address specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. Each Purchaser consents to process being served by or on behalf of the Company in any suit, action or
proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in
Section 18 or at such other address of which the Company shall then have been notified pursuant to said Section. The Company and each of the Purchasers agree that such respective service upon receipt (i) shall be deemed in every respect
effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable Law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder
shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 
 (c) Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve process in any manner permitted by Law, or
limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (d) The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement,
the Notes or any other document executed in connection herewith or therewith. 
 Section 22.9. For Georgia Investors. 
 These Notes will be issued and sold in reliance on paragraph 13 of Code Section 10-5-9 of the “Georgia Securities Act of 1973,” and may not
be sold or transferred except in a transaction which is exempt under such Act or pursuant to an effective registration under such Act. 
 [Remainder of Page Intentionally Left Blank] 
  

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 If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this
Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	TRANSWESTERN PIPELINE COMPANY, LLC
		
	By:	 	/s/ Richard N. Marshall
		 	Name: Richard N. Marshall
		 	Title: Vice President and Treasurer

 SCHEDULE A 
 INFORMATION RELATING TO PURCHASERS 
  

						
	 NAME AND ADDRESS OF PURCHASER:
	  	 PRINCIPAL AMOUNT OF NOTES TO BE PURCHASED:

		  	SERIES 1	  	$	                    
		  	SERIES 2	  	$	 
		  	SERIES 3	  	$	 

  

	(1)	All payments by wire transfer of immediately available funds to: 

 with sufficient information to identify the source and application of such funds. 
  

	(2)	All notices of payments and written confirmations of such wire transfers: 

  

	(3)	All other communications: 

  

	(4)	Tax Identification Number: 

  

 SCHEDULE B 
 DEFINED TERMS 
 As used herein, the following terms have the respective meanings set forth below or set
forth in the Section hereof following such term: 
 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control
with”) of a Person means the possession, direct or indirect of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise. 
 “Agreement” means that certain Note Purchase Agreement, dated as of November 17, 2004 between the Company and the Purchasers.

 “Agreement Value” means, for each Hedge Agreement, on any date of determination, an amount equal to all obligations
thereunder (including the amount of any termination payments that would be payable on such date if the Hedge Agreement were terminated). 
 “Anti-Terrorism Order” means Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49,
079 (2001), as amended. 
 “Asset Sale” means a sale, lease, transfer or other deposition by the Company or any of its
Subsidiaries to any Person (other than the Company or any of its Subsidiaries), in one transaction or in a series of transactions, of any of its assets, other than (a) the sale of pipeline capacity or natural gas or inventory in the ordinary
course of business, (b) the sale of surplus, obsolete or worn-out equipment, vehicles or other property in the ordinary course of business, (c) the lease or sublease of any property in the ordinary course of business, (d) the
voluntary termination of any Hedge Agreement, (e) the sale or discount of accounts receivable in the ordinary course of business in connection with the compromise or collection thereof, and (f) the disposition of all or substantially all
of its assets in a manner permitted pursuant to Section 10(e)(i) or Section 10(e)(ii). 
 “Attributable
Indebtedness” means, with respect to any Sale Leaseback Transaction, the present value (discounted at the rate set forth or implicit in the terms of the lease included in such Sale Leaseback Transaction) of the total obligations of the
lessee for rental payments (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during
the remaining term of the lease included in such Sale Leaseback Transaction (including any period for which such lease has been extended). In the case of any lease that is terminable by the lessee upon payment of a penalty, the Attributable
Indebtedness shall be the lesser of the Attributable Indebtedness determined assuming termination on the first date such lease may be terminated (in which case the Attributable Indebtedness shall also include the amount of the penalty, but no rent
shall be considered as required to be paid under such lease subsequent to the first date on which it may be so terminated) or the Attributable Indebtedness determined assuming no such termination. 

 “Bloomberg” means Bloomberg Financial Markets. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to remain closed. 
 “Capitalized Leases” means, a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Cases”
means the cases of Enron and certain of its Affiliates pursuant to chapter 11 of title 11 of the United States Code. 
 “CCE
Holdings” means CCE Holdings, LLC, a Delaware limited liability company. 
 “CERCLA” means the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended from time to time. 
 “CERCLIS” means the
Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency. 
 “Change of Control” means the occurrence of any of the following events: (a) the failure of Southern Union Company Entities and GE Entities to own, individually or collectively, more than 50% of the aggregate Equity
Interests in CCE Holdings, (b) the failure of Southern Union Company Entities to own at least 40% of the aggregate Equity Interests in CCE Holdings, (c) the acquisition of ownership, directly or indirectly, beneficially or of record, by
any Person (or syndicate or group of Persons which are deemed a “person” for the purposes of Section 13(d) and Section 14(d)(2) of the Securities Exchange Act of 1934, as amended) other than GE Entities, of more of the Equity
Interests in CCE Holdings than Southern Union Company Entities, (d) the failure of a Southern Union Company Entity to be the managing member of CCE Holdings or (e) the failure of CCE Holdings to own, directly or indirectly, 100% of the
Equity Interests in the Company. 
 “Closing” and “Closings” have the meanings assigned to those terms in
Section 3 of this Agreement. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to
time. 
 “Company” has the meaning assigned to that term in the introductory paragraph of this Agreement. 
 “Company Offer Notice” has the meaning assigned to that term in Section 8.4(b) of this Agreement. 
 “Confidential Information” has the meaning assigned to that term in Section 20 of this Agreement. 
 “Consolidated” refers to the consolidation of accounts in accordance with GAAP. 
  

 - 2 - 

 “Consolidated Net Tangible Assets” means, at any date of determination, the total amount
of assets of the Company and its Subsidiaries after deducting therefrom: 
 (a) all current liabilities (excluding (i) any current
liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (ii) current maturities of Long-Term Debt); and

 (b) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and other like intangible assets,

 all as set forth on the Consolidated balance sheet of the Company and its Subsidiaries for the Company’s most recently completed
fiscal quarter, prepared in accordance with GAAP. 
 “Consolidated Total Capitalization” means, at any time, an amount equal
to the sum of (a) Consolidated Debt for Borrowed Money of the Company and its Subsidiaries at such time plus (b) an amount equal to the sum of all amounts which, in accordance with GAAP, would be included under members’ equity
on a Consolidated balance sheet of the Company and its Subsidiaries. 
 “Contingent Obligation” means, with respect to any
Person, any Obligation or arrangement of such Person to guarantee or intended to guarantee any Debt, leases, dividends or other payment Obligations (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or
sale with recourse by such Person of the Obligation of a primary obligor, (b) the Obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement (other than in the
ordinary course of business and not in connection with a financing transaction of such Person) or (c) any Obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct
or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable
amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to the terms of the instrument evidencing such
Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as determined by such Person in good faith. 
  

 - 3 - 

 “Control Event” means: 
 (i) the execution by the Company, the GE Entities, the Southern Union Company Entities, or any other Person (which has notified the
Company) of any agreement or letter of intent with respect to any proposed transaction or event or series of transactions or events which, individually or in the aggregate, may reasonably be expected to result in a Change of Control, 
 (ii) the execution of any written agreement which, when fully performed by the parties thereto, would result in a Change of Control, or

 (iii) the making of any written offer by any person (as such term is used in section 13(d) and section 14(d)(2) of the
Exchange Act as in effect on the date of a Closing) or related persons constituting a group (as such term is used in Rule 13d-5 under the Exchange Act as in effect on the date of a Closing) to the holders of the common stock of the Company, which
offer, if accepted by the requisite number of holders, would result in a Change of Control. 
 “CrossCountry” means
CrossCountry Energy, LLC, a Delaware limited liability company. 
 “CrossCountry Acquisition” means the acquisition by CCE
Holdings of 100% of all issued and outstanding Equity Interests in CrossCountry in accordance with the CrossCountry Acquisition Agreement. 
 “CrossCountry Acquisition Agreement” means that certain Purchase Agreement dated as of June 24, 2004 and amended by Amendment No. 1 dated as of September 1, 2004, and by Amendment No. 2 dated as of
November 11, 2004, by and among Enron Operations Services, LLC, Enron Transportation Services, LLC, EOC Preferred, L.L.C. and Enron Corp., as sellers, and CCE Holdings, as purchaser, and all schedules, exhibits and annexes thereto. 

“Debt” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all
Obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all Obligations of such Person evidenced by notes, bonds,
debentures or other similar instruments, (d) all Obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies
of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Obligations of such Person as lessee under Capitalized Leases, (f) all Obligations of such Person under
acceptance, letters of credit or other similar arrangements or credit support facilities, (g) all Obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interests in such Person or
any other Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of Redeemable Preferred Interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid
dividends, (h) all Contingent Obligations of such Person in respect of the types of Debt described in clauses (a) through (g) above and (i) all indebtedness and other payment Obligations referred to in clauses 

  

 - 4 - 

 
(a) through (h) above of another Person secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured
by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness or other payment Obligations. 
 “Debt for Borrowed Money” of any Person means, at any date of determination, all Debt of such Person (other than Debt referred to in
clause (g) of the definition thereof). 
 “Debt/Capitalization Ratio” means, as of any date of determination, the ratio
of (a) the aggregate amount of outstanding Consolidated Debt for Borrowed Money of the Company and its Subsidiaries as of such date to (b) Consolidated Total Capitalization of the Company and its Subsidiaries as of such date. 

“Default” means the occurrence and continuance of an event, which with the giving of notice or lapse of time, or both, would
constitute an Event of Default. 
 “Default Rate” means that rate of interest that is the greater of (i) 2.0% per
annum above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank in New York, New York, as its “base” or “prime”
rate. 
 “Disclosure Documents” has the meaning assigned to that term in Section 5.3 of this Agreement. 
 “Dispose” or “Disposition” means a sale, lease, transfer or other disposition. 
 “Enron” means Enron Corp., an Oregon corporation. 
 “Environmental Action” means any action, suit, demand, demand letter, claim, notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order
or consent agreement relating in any way to any Environmental Law, any Environmental Permit or Hazardous Material or arising from alleged injury or threat to health, safety or the environment, including, without limitation, (a) by any
Governmental Authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any Governmental Authority or third party for damages, contribution, indemnification, cost recovery, compensation or injunctive
relief. 
 “Environmental Law” means any Federal, state, local or foreign statute, law, ordinance, rule, regulation, code,
order, writ, judgment, injunction, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, health, safety or natural resources, including, without limitation, those relating to the use,
handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 
 “Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law. 
  

 - 5 - 

 “Equity Interests” means, with respect to any Person, shares of capital stock of (or
other ownership or profit interests in) such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, securities
convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such shares (or such other interests),
and other ownership or profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or non-voting, and whether or not such shares, warrants, options, rights or other interests are
authorized or otherwise existing on any date of determination. 
 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate”
means any Person that for purposes of Title IV of ERISA is a member of the controlled group of the Company or any of its Subsidiaries, or under common control with the Company or any of its Subsidiaries, within the meaning of Section 414(b),
(c), (m), or (o) of the Internal Revenue Code. 
 “ERISA Event” means (a) any “reportable event”, as
defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Internal Revenue Code or Section 302 of ERISA), which remains unsatisfied; (c) the filing pursuant to Section 412(d) of the Internal Revenue Code or Section 303(d) of ERISA
of an application for a waiver of the minimum funding standard with respect to any Plan which is pending; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination
of any Plan; (e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice of proceedings to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the
Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Company or any ERISA Affiliate of any notice, imposing Withdrawal Liability or determining that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

 “Event of Default” has the meaning assigned to that term in Section 11 of this Agreement. 
 “Excess Cash Proceeds” has the meaning assigned to that term in Section 8.3(d) of this Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect. 
 “Existing Credit Facility” means that certain Credit Agreement, dated as of
May 3, 2004, among the Company, the lenders from time to time parties thereto, Wachovia Bank, National Association, as administrative agent and collateral agent, Suntrust Bank, as syndication agent and the other parties thereto. 
  

 - 6 - 

 “First Closing” has the meaning assigned to that term in Section 3 of this
Agreement. 
 “Fiscal Year” means a fiscal year of the Company and its Consolidated Subsidiaries ending on December 31
in any calendar year. 
 “GAAP” means those generally accepted accounting principles as in effect from time to time in the
United States of America. 
 “GE Entities” means, collectively, General Electric Capital Corporation, a Delaware
corporation, and its Affiliates. 
 “Governmental Authority” means any nation or government, any state, province, city,
municipal entity or other political subdivision thereof, and any governmental, executive, legislative, judicial, administrative or regulatory agency, department, authority, instrumentality, commission, board, bureau or similar body, whether federal,
state, provincial, territorial, local or foreign, exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Governmental Authorization” means any authorization, approval, consent, franchise, license, covenant, order, ruling, permit,
certification, exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration with, any Governmental Authority. 
 “Guarantor” means any Subsidiary of the Company that enters into a Subsidiary Guaranty. 
 “Hazardous Materials” means (a) petroleum or petroleum products, by-products or breakdown products, radioactive materials,
asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law.

 “Hedge Agreements” means interest rate, commodity or currency swap, cap or collar agreements, future or option contracts
and other hedging agreements (including, without limitation, all “swap agreements” as defined in 11 U.S.C. § 101). 
 “Holdco” means Transwestern Holding Company, LLC, a Delaware limited liability company. 
 “Holdco Credit
Facility” means the Credit Agreement, dated as of November 17, 2004, among Holdco, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Merrill Lynch Capital Corp., as syndication agent,
WestLB AG, New York Branch, Bank of America, N.A. and SunTrust Bank, as Co-Documentation Agents. 
  

 - 7 - 

 “Holdco Note Agreement” means that certain Note Purchase Agreement, dated as of the date
hereof, between Holdco and the purchasers listed in Schedule A thereto. 
 “Holdco Notes” means the $225,000,000 senior
unsecured notes issued by Holdco on the date of the First Closing pursuant to the Holdco Note Agreement. 
 “Institutional
Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) $1,000,000 or more in aggregate principal amount of either the Series A Notes or the Series B Notes then
outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity,
regardless of legal form, and (d) any Related Fund of any holder of any Note. 
 “Insufficiency” means, with respect to
any Plan, the amount, if any, by which its benefit liabilities, as defined in Section 4001(a)(16) of ERISA, determined using the actuarial assumptions used for funding purposes in the most recent actuarial report prepared for such Plan, exceeds
the fair market value of such Plan’s assets. 
 “Investment Company Act” means the United States Investment Company Act
of 1940, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
 “Law” means any
foreign, federal, state, local (including municipal) or other statute, law, rule, regulation, ordinance, order, code, policy or rule of common law, now or hereafter in effect, and any judicial or administrative interpretation thereof by a
Governmental Authority or otherwise (including any judicial or administrative order, consent decree, judgment, awards, injunction, determination, or writ to which the Company or any of its Subsidiaries is a party). 
 “Leased Real Property” has the meaning assigned to that term in Section 5.10 of this Agreement. 
 “Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement,
including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 
 “Loan Documents” means this Agreement, the Notes and any Subsidiary Guaranty. 
 “Long-Term Debt” means any Debt that, in accordance with GAAP, constitutes (or, when incurred, constituted) a long-term liability. 
 “Make-Whole Amount” has the meaning assigned to that term in Section 8.8 of this Agreement. 
 “Material” means material in relation to the business, operations, affairs, financial condition, assets, properties, or prospects of the Company and its Subsidiaries taken as a whole. 
  

 - 8 - 

 “Material Adverse Effect” means a material adverse effect on (a) the business,
operations, financial condition or assets of the Company and its Subsidiaries, taken as a whole, (b) the ability of any party to any Loan Documents to perform their obligations thereunder or (c) the validity or enforceability of any Loan
Documents or the rights and remedies of the Purchasers. 
 “Memorandum” has the meaning assigned to that term in
Section 5.3 of this Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Company and its
Subsidiaries or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. 
 “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for
employees of the Company and its Subsidiaries or any ERISA Affiliate and at least one Person other than the Company and its Subsidiaries and the ERISA Affiliates or (b) was so maintained and in respect of which the Company and its Subsidiaries
or any ERISA Affiliate could reasonably be expected to have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the aggregate amount of cash received from time to time (whether as initial consideration or through payment or disposition of deferred consideration) in connection
with such transaction after deducting therefrom only (without duplication) (i) all out-of-pocket costs and expenses of the Company incurred in connection with such transaction, including any brokerage commissions, underwriting fees and
discounts, legal fees, finder’s fees and other similar fees and commissions, (ii) the amount of taxes payable in connection with or as a result of such transaction and (iii) the amount of any Debt secured by a Lien on such asset that,
by the terms of the agreement or instrument governing such Debt, is required to be repaid upon such disposition, in each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of such cash, actually paid
to a Person that is not an Affiliate of the Company or a Restricted Person and are properly attributable to such transaction or to the asset that is the subject thereof; provided, however, that in the case of taxes that are deductible under
clause (ii) above but for the fact that, at the time of receipt of such cash, such taxes have not been actually paid or are not then payable, the Company or its Subsidiaries may deduct an amount (the “Reserved Amount”) equal to
the amount reserved in accordance with GAAP for the Company’s or its Subsidiaries reasonable estimate of such taxes, other than taxes for which the Company or such Subsidiary is indemnified, provided further, however, that, at the time
such taxes are paid, an amount equal to the amount, if any, by which the Reserved Amount for such taxes exceeds the amount of such taxes actually paid shall constitute “Net Cash Proceeds” of the type for which such taxes were reserved for
all purposes hereunder. 
  

 - 9 - 

 “New Credit Facility” means the Credit Agreement, dated as of November 17, 2004,
among the Company, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Merrill Lynch Capital Corp., as syndication agent, WestLB AG, New York Branch, Bank of America, N.A. and SunTrust Bank, as
Co-Documentation Agents, or any refinancing or replacement thereof. 
 “Non-Guarantor Subsidiary” has the meaning assigned
to that term in Section 9(i) of this Agreement. 
 “Notes” has the meaning assigned to that term in Section 1(ii)
of this Agreement. 
 “NPL” means the National Priorities List under CERCLA. 
 “Obligation” means, with respect to any Person, any payment, performance or other obligation of such Person of any kind, including,
without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal,
equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 5.8. Without limiting the generality of the foregoing, the Obligations of the Company or any of
its Subsidiaries under the Loan Documents include the obligation to pay principal, interest, premium (including any Make-Whole Amount), charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by the
Company or any of its Subsidiaries under any Loan Document. 
 “Officer’s Certificate” means, with respect to any
Person, a certificate signed by a Responsible Officer of such Person. 
 “PBGC” means the Pension Benefit Guaranty
Corporation established pursuant to Subtitle A of Title IV of ERISA, or any successor. 
 “Permitted Liens” means any of the
following Liens: 
 (a) Any Lien: 
 (i) arising by reason of deposits with or the giving of any form of security to any governmental agency or any other governmental body created or approved by law or governmental regulation for any purpose at any time in connection with the
financing of the acquisition or construction of property to be used in the business of the Company or a Subsidiary of the Company; 
 (ii) for
current taxes and assessments or not at the time delinquent and for which adequate reserves have been established to the extent required by GAAP; or 
 (iii) for taxes and assessments which are delinquent but the validity of which is being contested at the time by the Company or a Subsidiary of the Company in good faith and by appropriate proceedings and for which adequate reserves have
been established to the extent required by GAAP; 
  

 - 10 - 

 (b) Leases, whether now or hereafter existing, in the ordinary course of business, of property and assets
now and hereafter owned by the Company or any of its Subsidiaries (excluding Capitalized Leases) and any renewals or extensions thereof; 
 (c) Liens reserved in leases, or arising by operation of law, for rent and for compliance with the terms of the lease in the case of the leasehold estates; 
 (d) Liens arising by reason of deposits with or the giving of any form of security to any governmental agency or any other governmental body created or approved by law or governmental regulation for any purpose at any
time as required by law or governmental regulation as a condition to the transaction of any business or the exercise of any privilege or license, or to enable the Company or its Subsidiaries to maintain self-insurance or to participate in any fund
for liability on any insurance risks or in connection with workmen’s compensation, unemployment insurance, old age pensions or other social security or to share in the privileges or benefits required for companies participating in such
arrangements; 
 (e)(i) Mechanics’, materialmen’s, warehousemen’s, landlord’s or similar Liens or any Lien arising by
reason of pledges or deposits to secure payment of workmen’s compensation or other insurance or social security legislation, (ii) good faith deposits or downpayments in connection with tenders or leases of real estate, bids or contracts
(other than contracts for the payment of money), including contracts for the acquisition of machinery and equipment, (iii) deposits to secure public or statutory obligations, (iv) deposits to secure or in lieu of surety, stay or appeal
bonds, (v) margin deposits (provided that all such margin deposits shall not exceed $2,000,000 in the aggregate at any time) and (vi) deposits as security for the payment of taxes or assessments or other similar charges; 

(f) Liens of any judgments not constituting an Event of Default under Section 11(h); 
 (g) Any obligation or duties, affecting the property of the Company or its Subsidiaries, to any municipality or governmental, statutory or other public
authority with respect to any franchise, grant, lease, license, permit or similar arrangement with such authority; 
 (h) Rights reserved to
or vested in any municipality or governmental, statutory or other public authority by the terms of any right, power, franchise, grant, license or permit or by any provision of law, to terminate or to require annual or other periodic payments as a
condition to the continuance of such right, power, franchise, grant, license or permit; 
 (i) Rights reserved to or vested in any
municipality or governmental, statutory or other public authority to control or regulate any property of the Company or its Subsidiaries, or to use such property in any manner which does not materially impair the use of such property for the purpose
for which it is held by the Company or such Subsidiaries; 
 (j) Zoning laws and ordinances; 
  

 - 11 - 

 (k) Restrictive covenants, easements on, exceptions to or reservations in respect of any property of the
Company or its Subsidiaries granted or reserved for the purpose of electric lines, fiber optic lines, water and sewer lines, pipelines, other utilities, roads, streets, alleys, highways, railroad purposes, the removal of oil, gas, hydrocarbon, coal
or other minerals, and other like purposes, or for the use of real property or interests therein, facilities and equipment, which do not materially impair the use thereof for the purposes for which it is held by the Company or such Subsidiaries, and
any and all rents, royalties, reservations, Liens and rights or interests of third parties, in each case not securing any Debt, arising in the ordinary course of business of the Company or its Subsidiaries by virtue of any lease or exploration,
development, drilling, unitization, communitization or operating agreement relating to or affecting any oil, gas, hydrocarbon, coal or other mineral properties in which the Company or any of its Subsidiaries has an interest; 
 (l) Defects or irregularities of title, and inaccuracies of legal descriptions, affecting any portion of the property of the Company or any of its
Subsidiaries that individually or in the aggregate do not materially interfere with the operation, value of use of the properties of the Company or such Subsidiaries taken as a whole; 
 (m) Liens securing Debt with respect to Debt of any Person that becomes a Subsidiary of the Company, provided that such Liens were in existence prior to
the date on which such Person becomes a Subsidiary of the Company and were not created in contemplation of such Person becoming a Subsidiary of the Company; 
 (n) Liens on any office equipment, data processing equipment (including computer and computer peripheral equipment), or motor vehicles purchased in the ordinary course of the Company’s business; and 

(o) Liens created in the ordinary course of business and not in connection with the incurrence of secured Debt in favor of banks and other financial
institutions constituting a right of set-off over credit balances or any bank accounts of the Company or any of its Subsidiaries held at such banks or financial institutions. 
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company,
trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 
 “Plan” means a Single Employer Plan or a Multiple Employer Plan, as the context may require. 
 “Preferred
Interests” means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property
and assets, whether by dividend or upon liquidation. 
 “Priority Obligations Amount” means the sum (without duplication) of
(i) all Attributable Indebtedness with respect to any Sale Leaseback Transaction entered into by the Company or any of its Subsidiaries, (ii) all Debt of the Company or any of its Subsidiaries secured by a Lien (other than Liens permitted
by clauses (i) through (iii) of Section 10(a)) and (iii) all Debt of Non-Guarantor Subsidiaries (other than Debt owed to the Company or another Subsidiary). 
  

 - 12 - 

 “Property” means any right or interest in or to assets or property of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible. 
 “Proposed Asset Sale Prepayment Date” has
the meaning assigned to that term in Section 8.3(b) of this Agreement. 
 “Proposed Change of Control Prepayment Date”
has the meaning assigned to that term in Section 8.4(c) of this Agreement. 
 “PUHCA” means the United States Public
Utility Holding Company Act of 1935, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
 “Purchaser” has the meaning assigned to that term in the introductory paragraph of this Agreement. 
 “Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Ratings Downgrade” means, at any given time, a reduction, downgrade or withdrawal of a rating then assigned to either the Series A
Notes or the Series B Notes, as the case may be, (including the placement of any such rating on “negative outlook” or “negative watch” or their equivalent) by S&P. 
 “Redeemable” means, with respect to any Equity Interest, any Debt or any other right or Obligation, any such Equity Interest, Debt,
right or Obligation that (a) the issuer has undertaken to redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or
(b) is redeemable at the option of the holder. 
 “Regulation U” has the meaning assigned to that term in
Section 5.14 of this Agreement. 
 “Related Fund” means, with respect to any holder of any Note, any fund or entity
that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 
 “Required Holders” means, at any time, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive
of Notes then owned by the Company or any Restricted Persons). Unless the context otherwise clearly requires (i) any reference to the “Required Holders” is a reference to the Required Holders of all of the Notes and (ii) at any
time after the First Closing and prior to the Second Closing, the Purchasers, for purposes of Section 17.1 only, shall be deemed to be holders of Notes in the respective aggregate principal amounts to be purchased as of the Second Closing under
this Agreement in connection with the determination of Required Holders. 
  

 - 13 - 

 “Required Rating Agency” means Fitch Ratings, S&P, Moody’s or Dominion Bond
Rating Service, or, in each case, any successor entity thereof, as recognized by NAIC. 
 “Responsible Officer” means any
Senior Financial Officer and any other officer of the Company or its Subsidiaries, as applicable, with responsibility for the administration of the relevant portion of this Agreement. 
 “Restricted Payment” has the meaning assigned to that term in Section 10(f) of this Agreement. 
 “Restricted Persons” means any (i) Person that owns or otherwise controls, directly or indirectly, more than fifteen percent
(15%) of the Equity Interests of the Company and any such Person’s Subsidiaries or other Affiliates, and/or (ii) Person that is an Affiliate of the Company. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor
thereto. 
 “Sale Leaseback Transaction” has the meaning assigned to that term in Section 10(g) of this Agreement.

 “SEC” means the United States Securities and Exchange Commission, or any successor thereto. 
 “Second Closing” has the meaning assigned to that term in Section 3 of this Agreement. 
 “Securities” or “Security” shall have the meaning specified in Section 2(1) of the Securities Act. 
 “Securities Act” means the United States Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder from time to time in effect. 
 “Senior Financial Officer” means the chief financial officer,
principal accounting officer, treasurer or comptroller of the Company. 
 “Series A Notes” has the meaning assigned to that
term in Section 1 of this Agreement. 
 “Series B Notes” has the meaning assigned to that term in Section 1 of
this Agreement. 
 “Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA,
that (a) is maintained for employees of the Company or any of its Subsidiaries or any ERISA Affiliate and no Person other than the Company and any of its Subsidiaries and the ERISA Affiliates or (b) was so maintained and in respect of
which the Company or any of its Subsidiaries or any ERISA Affiliate could reasonably be expected to have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Southern Union Company Entities” means, collectively, Southern Union Company, a Delaware corporation, and its Affiliates. 

 

 - 14 - 

 “Stated Maturity Date” means (a) with respect to the Series A Notes,
November 17, 2014 and (b) with respect to the Series B Notes, November 17, 2016. 
 “Subsidiary” of any
Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the
Board of Directors of such Person (irrespective of whether at the time capital stock of any other class or classes of such Person shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or
profits of such partnership, joint venture or limited liability company or (c) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other
Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Subsidiary Guaranty” means each guaranty
entered into, pursuant to Section 9(i), by a Subsidiary of the Company, substantially in form and substance reasonably acceptable to, and approved by, the Required Holders, guaranteeing the obligations of the Company and any other Subsidiary
Guarantors under this Agreement and the Notes. 
 “SVO” means the Securities Valuation Office of the NAIC or any successor
to such Office. 
 “Term Advances” has the meaning assigned to that term in Section 2.01(a) of the New Credit Facility.

 “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Voting Interests” means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a
contingency. 
 “Withdrawal Liability” has the meaning specified in Section 4201(b) of ERISA. 
  

 - 15 - 

 SCHEDULE 5.5 
 FINANCIAL STATEMENTS 
 The firm selected to audit CCE Holdings following the closing of the acquisition of
CrossCountry is currently reviewing the Company’s implementation of FAS 142 “Goodwill and Other Intangible Assets” which was effective as of January 1, 2002. The auditor’s review is focused on the amounts initially allocated
to property plant and equipment (“PP&E”) versus goodwill during the implementation of FAS 142. CCE Holdings understands that the auditor questions the accounting treatment and assignment of historical goodwill on the books and records
of the Company. Additional historical information is currently being gathered and reviewed, however, the outcome is yet uncertain but may ultimately result in the restatement of the Company’s audited financial statements (“Potential TWP
Restatement”) for the periods ended 2002 and 2003. It is expected that the restatement, if any, would reallocate amounts from goodwill to PP&E with related increases in annual depreciation and amortization (“D&A”) as well as
impacting certain deferred income tax accounts. The Potential TWP Restatement will also impact the Company’s 2004 unaudited interim financial statements. The estimated potential impact of this restatement is to reduce retained earnings by
approximately $12 million as of December 31, 2004, in order to reflect historical D&A for this reallocation, as well as to increase annual after-tax D&A by approximately $4 million. The final resolution of the potential restatement and
estimated impact are subject to completion of audit procedures by CCE Holdings’ auditor, and is expected to be complete within 75 days of CCE Holdings’ closing of its acquisition of CrossCountry. As a result of the nature of the Potential
TWP Restatement, neither historical nor projected cash flows are expected to be impacted. 

 SCHEDULE 5.8 
 LITIGATION 
  

	1.	In Re Natural Gas Royalties Qui Tam Litigation previously known as Grynberg v. Enron, et al. (the Company, Florida Gas Transmission Company (“FGT”) &
Citrus Corp. (“Citrus”)), U.S. District Court of Wyoming MDL Docket No. 1293 (CA. No. 99MD-1640 and 99MD1626). Qui tam action brought against numerous pipeline companies in America, including the Company, Citrus, FGT and Northern
Border Pipeline, LLC and certain of their affiliates that have been consolidated in the U.S. District Court of Wyoming. Plaintiff alleges fraudulent practices in the measurement of gas and Btu content produced on federal lands resulting in lower
royalties. 

  

	2.	On August 1, 2002, the Federal Energy Regulatory Commission (“FERC”) issued to the Company an order requiring the Company to explain why FERC should not find that:
(1) the Company violated FERC’s accounting regulations by failing to maintain written cash management agreements with Enron Corp.; and (2) the secured loan transactions entered into by the Company in November 2001 were imprudently
incurred and why the costs arising from such transactions should be passed on to ratepayers. The Company filed a response to the order and subsequently entered into a settlement with FERC staff that resolved the issues raised by the order. FERC has
approved this settlement; however, a group of the Company’s customers filed a request for clarification and/or rehearing of FERC order approving the settlement. The Company has filed a response to the customer group’s request for rehearing
and/or clarification and this matter is currently awaiting FERC action. 

 The representation made in Section 5.8 of this Agreement is not
qualified by reference to the other litigation described in Schedule 4.16 to the CrossCountry Acquisition Agreement, which the Company does not believe could be reasonably expected to result in a Material Adverse Effect. 

 SCHEDULE 5.10 
 EXISTING LIENS 
  

	1.	Expiration of Permits – The following New Mexico State Highway Crossing Permits have expired. These permits are in the process of being renewed.

  

	 	a.	30” Loopline 

  

	 	1.	Chaves County – TW Tract No. M-1-L-H 

  

	 	2.	Lincoln County – TW Tract Nos. M-92-L-H and M-97-L-H 

  

	 	3.	Valencia County – TW Tract No. M-165-L-H 

  

	 	4.	Cibola County – TW Tract Nos. M-187-L-H.1, M-187-L-H.2, M-187-L-H.3, M-187-L-H.4, M-187-L-H.5 and M-193-L-H 

  

	 	b.	24” West Texas Loop - Chaves County – TW Tract Nos. MTL-3-L-H, MTL-5-L-H, MTL-16B-L-H and MTL-66-L-H 

  

	 	c.	36” West Texas Loop - Eddy County – TW Tract Nos. MTL-81-L-H, MTL-89-L-H and MTL-93-L-H 

  

	 	d.	36” West Texas Loop - Lea County – TW Tract No. MTL-112-L-H 

  

	 	e.	12” Atoka Artesia Lateral - Eddy County – TW Tract Nos. MTL-0001-L-10-HX.2 and MTL-0001-L-10-HX.3 

  

	 	f.	16” Crawford Loop Lateral - Eddy County – TW Tract Nos. MTL-0002-L-20-HX and MTL-0002-L-21-HX.1 

  

	2.	Rentals in arrears 

  

	 	a.	16” Keystone Lateral 

  

	 	1.	Winkler County, Texas – TW Tract No. TL-0005-06-RRX.1. Rental last paid to Texas-New Mexico Railway Co. thru 1988 –Successor in title has never been identified despite
attempts to do so. 

  

	 	2.	Winkler County, Texas – TW Tract No. TL-0005-06-RRX.2. Rental last paid to Texas-New Mexico Railway Co. thru 1988 –Successor in title has never been identified despite
attempts to do so. 

  

	3.	Right-of-Way Exceptions 

  

	 	a.	30” Mainline 

  

	 	1.	TW Tract No. M-134A – SW/4 NW/4, Section 22, Township 2 North, Range 5 East, Torrance County, New Mexico. Pipeline traverses property for a distance of 1,548 feet or 0.293
miles. No Easement or permanent Right-of-Way file has been located. Owner(s) unknown. 

  

	 	2.	TW Tract No. M-167A – Portion of Belen Grant, Valencia County, New Mexico. Pipeline traverses property for a distance of approximately 4,000 feet or 0.758 miles. No Easement or
permanent Right-of-Way file has been located. Owner(s) unknown. 

  

	 	3.	TW Tract No. M-236-R – Portion of S/2, Section 3, Township 13 North, Range 12 West, McKinley County, New Mexico. Pipeline traverses property for a distance of 2,878 feet
or 0.545 miles. No Easement or permanent Right-of-Way file has been located. The owner in 1959 as reflected on alignment drawing was Electric Plains Railroad Spur; current owner(s) unknown. 

	 	b.	30” Loop of Mainline - TW Tract No. M-167A – Portion of Belen Grant, Valencia County, New Mexico. Pipeline traverses property for a distance of approximately 4,008
feet or 0.759 miles. No Easement or permanent Right-of-Way file has been located. Owner(s) unknown. 

  

	4.	Navajo Nation Allotment Renewal – As of January 1, 2004, the Company’s Grant of Right-of-Way by the U.S. Department of Interior (“DOI”), Bureau of
Indian Affairs (“BIA”) for a total of approximately forty-four (44) miles of pipeline on a total of sixty-nine (69) Navajo allotments expired. These allotments are lands within the Navajo Nation reservation that are
privately held but administered by the BIA. One allottee has made claims of trespass. The BIA sent a letter dated January 20, 2004, noting certain alleged deficiencies in the Company Application for a Grant of Right-of-Way to renew right-of-way
on these allotments and requesting a revised appraisal based on pipeline corridor valuations. The Company has responded that this appraisal methodology is not appropriate. 

  

	5.	Southern Ute Tribe – the Company received letters dated May 27, 2003 and September 2, 2003 from the law firm of Maynes, Bradford, Shipps & Sheftek, LLP, on
behalf of the Southern Ute Tribe (“Tribe”) alleging trespass by the Company. The letters referenced a May 19, 2003 resolution by the Tribal Council of the Tribe, which revokes a 1996 resolution that granted the Tribe’s
Consent to a Partial Assignment by Northwest Pipeline Company (“Northwest”) to the Company of certain interests in a 1990 Grant of Easement and Right-of-Way, issued by the Secretary of the Interior through the BIA. An application by
the Company for approval of the assignment of this interest from Northwest has been in the possession of the BIA since 1999 with no action taken. The total distance of the right-of-way is approximately 6.6 miles. There is an approximate 3,100-foot
“gap” in the description of the right-of-way in the BIA grant. The right-of-way for these 6.6 miles expires in September 2005. In addition, an application is pending with the BIA to renew a meter site and a buried electric cable
right-of-way for which the Tribe has previously consented and which consent has not been revoked. The original right-of-way for the buried cable expired on November 16, 2000. The original right-of-way for the meter site expired on
February 21, 2001. 

  

	6.	Laguna Pueblo Allotments – the Company received a letter dated March 19, 2003 from the DOI-BIA on behalf of two private allotments within the boundaries of the Laguna
Pueblo, that the Company has been in trespass on these two allotments since December 28, 2002. The Company’s right-of-way on these two allotments expired on December 28, 2002. The total distance of the right-of-way is about 5,100
feet. 

  

	7.	Navajo Nation Tribal Lands Renewal – As of January 1, 2004, the Company’s grant of right-of-way by the DOI-BIA for a total of approximately 14 acres of land near
Thoreau, N.M. expired. The Company is conducting remediation activities on this site. An application for renewal of approximately 7 acres has been submitted. 

	8.	Other mortgages, liens or other encumbrances may exist which have not been subordinated to the title of the Company. For example, the majority of the property rights that acquired
for pipelines are in the nature of easements, and upon taking these easements the fee property may have already been subject to a variety of encumbrances such as a mortgage. The Company may have taken the easement subject to the mortgages and may
have not subsequently obtain a subordination from the mortgage company. 

  

	9.	La Plata Facilities Ownership and Operating Agreement dated November 3, 1995, between Northwest Pipeline Corporation (“Northwest”) and the Company. Pursuant to
this agreement, which governs the ownership and operation of certain pipeline and compression facilities jointly owned by Northwest and the Company, a party proposing to transfer its ownership interest in the facilities to a third party must give
the other party notice of such proposed transfer and the opportunity to match the third-party offer and acquire the ownership interest on the terms set forth in such offer. 

  

	10.	Construction and Ownership Agreement dated November 18, 1991, among Northwest, the Company and Gas Company of New Mexico (“GCNM”). Pursuant to this agreement,
which governs the ownership and operation of certain facilities (commonly referred to as the “Blanco Hub” facilities) jointly owned by Northwest, the Company and GCNM, a party proposing to transfer its ownership interest in the facilities
to a third party must give the other parties notice of such proposed transfer and the opportunity to match the third-party offer and acquire the ownership interest on the terms set forth in such offer. 

 SCHEDULE 5.11 
 LICENSES, PERMITS, ETC. 
 Transfer Group Companies 
  

	1.	Pending Service Marks of Transfer Group Companies: 

  

	 	•	 	 “CCO CrossCountry Going the Distance” 

 Design and Word Mark 
 Serial Number: 78260327 
 Application Filed: June 10, 2003 
  

	 	•	 	 “CCO” 

 Word
Mark 
 Serial Number: 78260317 
 Application Filed: June 10, 2003 
  

	 	•	 	 “GOING THE DISTANCE” 

 Word Mark 
 Serial Number 78260307 
 Application Filed: June 10, 2003 
  

	 	•	 	 “CROSSCOUNTRY” 

 Word mark 
 Serial Number: 78260283 
 Application Filed: June 10, 2003 
 Transwestern 
  

	2.	Active Service Marks: 

  

	 	•	 	 “TW” including a design 

 Registration Number: 0734713 
 Registered on: July 17, 1962 
 Registration Renewed: March 25, 2003 for an additional ten (10) year period. 
  

	 	•	 	 “TRANSWESTERN” 

 Registration Number: 0750308 
 Registered on: May 28, 1963 
 Registration Renewed: June 16, 2003 for an additional ten (10) year period. 
  

	3.	On August 12, 2003, a Massachusetts company called “The CrossCountry Group, LLC” sent a demand letter to CrossCountry and affiliates requesting that they cease using
the CrossCountry name. 

 SCHEDULE 5.15 
 EXISTING INDEBTEDNESS 
 The Company is obligated to make certain loan principal and interest payments pursuant to the
Credit Agreement, dated as of May 3, 2004 (the “Transwestern Credit Agreement”), among the Company, as Borrower, the Initial Lenders and Initial Issuing Bank named therein, as Initial Lenders and Initial Issuing Bank, Wachovia
Bank, National Association, as Administrative Agent and Collateral Agent, Suntrust Bank, as Syndication Agent, and Bank One, N.A., Citicorp USA, Inc. and Union Bank of California, N.A., as Joint Documentation Agents. 

 SCHEDULE 9(g) 
 EXCEPTIONS TO TRANSACTION WITH AFFILIATES 
  

	1.	Administrative Services Agreement dated November 5, 2004 between CCE Holdings and SU Pipeline Management LP 

  

	2.	The Company entered into a Cross License Agreement, dated as of March 31, 2004, by and among the Company, Enron Corp., Northern Border Intermediate Limited Partnership, FGT,
Northern Border Pipeline, LLC, Enron Operations Services, LLC and Northern Plains Natural Gas Company, LLC. 

 EXHIBIT 1(a) 
 This Note HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR PURSUANT TO THE SECURITIES LAWS OF ANY STATE. ACCORDINGLY, THIS NOTE MAY NOT BE ALTERED,
SOLD OR OTHERWISE TRANSFERRED (1) EXCEPT IN ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) UNLESS THIS NOTE IS REGISTERED UNDER THE
SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 TRANSWESTERN PIPELINE COMPANY, LLC 
 5.39% Senior Unsecured Note due November 17, 2014 
  

											
	No.     	 		 		 		 		  	November 17, 2004
	$              	 		 		 		 		  	PPN 89407# AA 6

 FOR VALUE RECEIVED, the undersigned, TRANSWESTERN PIPELINE COMPANY, LLC (herein called the
“Company”), a Delaware limited liability company, hereby promises to pay to
[                                        ] or
registered assigns, the principal sum of [                      DOLLARS (or so much thereof as shall not have been prepaid) on November 17, 2014
with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 5.39% per annum from the date hereof, payable semi-annually, on the seventeenth day of May and on the
seventeenth day of November in each year, commencing with the May next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal
to the greater of (i) 7.39% or (ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank from time to time in New York, New York as its “base” or “prime” rate, on any overdue payment of interest and,
during the continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Subject to the home office payment obligation contained in Section 14.2 of the Note Purchase Agreement referred to below, payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at such place as the Company shall have designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement referred to below. 
 This Note is one of the Senior Unsecured Notes (herein called the “Notes”) issued
pursuant to the Note Purchase Agreement, dated as of November 17, 2004 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and
is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement. Unless otherwise indicated,
capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
  

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this
Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional
prepayment and offers of prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the
effect provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the
Company and holder hereof shall be governed by, and construed in accordance with, the law of the State of New York. 
  

			
	 TRANSWESTERN PIPELINE
 COMPANY,
LLC

		
	By:	 	  

	Name:	 	Richard N. Marshall
	Title:	 	Vice President and Treasurer

 EXHIBIT 1(b) 
 THIS NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR PURSUANT TO THE SECURITIES LAWS OF ANY STATE. ACCORDINGLY, THIS NOTE MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED (1) EXCEPT IN ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) UNLESS THIS NOTE IS REGISTERED UNDER THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS. 
 TRANSWESTERN PIPELINE COMPANY, LLC 
 5.54% Senior Unsecured Note due November 17, 2016 
  

											
	No. [    ]	 		 		 		 		  	November 17, 2004
	$[    ]	 		 		 		 		  	PPN 89407# AB 4

 FOR VALUE RECEIVED, the undersigned, TRANSWESTERN PIPELINE COMPANY, LLC (herein called the “Company”), a
Delaware limited liability company, hereby promises to pay to [    ] or registered assigns, the principal sum of [ ] DOLLARS (or so much thereof as shall not have been prepaid) on November 17, 2016 with interest (computed on
the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 5.54% per annum from the date hereof, payable semi-annually, on the seventeenth day of May and on the seventeenth day of November in each
year, commencing with the May next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, at a rate per annum from time to time equal to the greater of (1) 7.54% or
(ii) 2% over the rate of interest publicly announced by JPMorgan Chase Bank from time to time in New York, New York as its “base” or “prime” rate, on any overdue payment of interest and, during the continuance of an Event of
Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Subject to the home office payment obligation contained in Section 14.2 of the Note Purchase Agreement referred to below, payments of principal of, interest on and
any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at such place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. 
 This Note is one of the Senior Unsecured Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated as of November 17, 2004 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each
holder of this Note will be deemed, by its acceptance hereof, to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have
the respective meanings ascribed to such terms in the Note Purchase Agreement. 

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for
registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for
all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment and offers of
prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event
of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 This Note shall be construed and enforced in accordance with, and the rights of the Company and holder hereof shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

			
	 TRANSWESTERN PIPELINE
 COMPANY,
LLC

		
	By:	 	  

	Name:	 	Richard N. Marshall
	Title:	 	Vice President and Treasurer

 EXHIBIT 4.4(a) 
 Form of Opinion of Special Counsel for the Company 
 November 17, 2004

 To the Purchasers listed on 
  Schedule I
hereto (the “Purchasers”) 
 Ladies and Gentlemen: 
 We have acted as counsel to Transwestern Pipeline Company, LLC, a Delaware limited liability company (the “Company”), in connection with the purchase by the Purchasers of $250,000,000 aggregate principal
amount of 5.39% Senior Unsecured Notes due November 17, 2014 and $250,000,000 aggregate principal amount of 5.54% Senior Unsecured Notes due November 17, 2016 (collectively, the “Notes”) issued by the Company, pursuant to the
Note Purchase Agreement dated November 17, 2004 (the “Note Purchase Agreement”) among the Company and the Purchasers. 
 We
have examined the Note Purchase Agreement and the Notes. In addition, we have examined, and have relied as to matters of fact upon, the documents delivered to you at the closing, and upon originals, or duplicates or certified or conformed copies of
such corporate records, agreements, documents and other instruments and such certificates or comparable documents of public officials and of officers and representatives of the Company and have made such other investigations, as we have deemed
relevant and necessary in connection with the opinions hereinafter set forth. 
 In such examination, we have assumed the genuineness of all
signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the
authenticity of the originals of such latter documents. As to questions of fact material to this opinion, we have relied upon certificates of public officials and of officers and representatives of the Company. In addition, we have relied as to
certain matters of fact upon the representations made in the Note Purchase Agreement and the Notes. 

					
		  		  	NOVEMBER 17, 2004

 Based upon and subject to the foregoing, and subject to the qualifications and limitations set
forth herein, we are of the opinion that: 
 1. The Company (a) is validly existing and in good standing as a limited
liability company under the law of the State of Delaware, (b) has the limited liability company power and authority to execute and deliver the Note Purchase Agreement and the Notes and perform its obligations thereunder and (c) has duly
authorized, executed and delivered the Note Purchase Agreement and the Notes. 
 2. The issue and sale of the Notes by the
Company and the execution and delivery by the Company of the Note Purchase Agreement (a) will not result in any violation of (1) the Certificate of Formation or the Limited Liability Company Agreement of the Company (2) assuming that
proceeds of the issuance of the Notes will be used in accordance with the terms of the Note Purchase Agreement, any Federal or New York statute or the Delaware Limited Liability Company Act or any rule or regulation issued pursuant to any New York
or Federal statute or the Delaware Limited Liability Company Act or any order known to us issued by any court or governmental agency or body, except that it is understood that no opinion is given in this paragraph 2 with respect to any Federal or
state securities law or any rule or regulation issued pursuant to any Federal or state securities law, and (b) will not breach or result in a default under or result in the creation of any lien upon or security interest in the Company’s
properties pursuant to the terms of any agreement or instrument identified on Schedule II hereto. 
 3. No consent, approval,
authorization, order, filing registration or qualification of or with any Federal or New York governmental agency or body or any Delaware governmental agency or body acting pursuant to the Delaware Limited Liability Company Act is required for the
execution and delivery by the Company of the Note Purchase Agreement and the issue and sale of the Notes by the Company, except that it is understood that no opinion is given in this paragraph 3 with respect to any Federal or state securities law or
any rule or regulation issued pursuant to any Federal or state securities law. 
 4. No registration under the Securities Act
of 1933, as amended, of the Notes and no qualification of the Note Purchase Agreement under the Trust Indenture Act of 1939, as amended, is required for the initial offer and sale of the Notes by the Company to the Purchasers solely in the manner
contemplated by the Note Purchase Agreement. 
 5. Assuming that the Note Purchase Agreement is a valid and legally binding
obligation of the Purchasers, the Note Purchase Agreement constitutes the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms. 
  

					
		  	2	  	

					
		  		  	NOVEMBER 17, 2004

 6. Upon payment and delivery in accordance with the Note Purchase Agreement, the
Notes will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms. 
 7. The Company is not an “investment company” within the meaning of and subject to regulation under the Investment Company Act of 1940, as amended or, after giving effect to the acquisition of CrossCountry
Energy, LLC by CCE Holdings, LLC in accordance with the CrossCountry Acquisition Agreement (as defined in the Note Purchase Agreement), a “holding company,” or a “subsidiary company” of a “holding company” within the
meaning of the Public Utility Holding Company Act of 1935, as amended. 
 8. Assuming that the Company will comply with the
provisions of the Note Purchase Agreement relating to the use of proceeds, the execution and delivery of the Note Purchase Agreement and issuance of the Notes by the Company will not violate Regulation T, U or X of the Board of Governors of the
Federal Reserve System. 
 Our opinions set forth in paragraphs 5 and 6 above are subject to (i) the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) an
implied covenant of good faith and fair dealing. 
 We express no opinion and render no advice with respect to: 
 (i) any matters subject to the Natural Gas Act of 1938, as amended, and the rules and regulations promulgated and orders issued thereunder or any other
federal laws applicable to the construction, operation, maintenance or use of natural gas pipelines or any action, suit or proceedings under any such laws; 
 (ii) any prohibited transaction as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the United States Internal Revenue Code of
1986, as amended, or violation of Part 4 of Title I of ERISA or any rule or regulation issued pursuant thereto; 
  

					
		  	3	  	

					
		  		  	 NOVEMBER 17, 2004

 (iii) the effect of any provision of the Note Purchase Agreement which is intended to permit
modification thereof only by means of an agreement in writing signed by the parties thereto; 
 (iv) the effect of any provision of the Note
Purchase Agreement imposing penalties or forfeitures; and 
 (v) the enforceability of any provision of any of the Note Purchase Agreement to
the extent that such provision constitutes a waiver of illegality as a defense to performance of contract obligations. 
 In connection with
the provisions of the Note Purchase Agreement whereby the parties submit to the jurisdiction of the courts of the United States of America located in the Borough of Manhattan, The City of New York, we note the limitations of 28 U.S.C. §§
1331 and 1332 on subject matter jurisdiction of the Federal courts. In connection with the provisions of the Note Purchase Agreement which relate to forum selection (including, without limitation, any waiver of any objection to venue or any
objection that a court is an inconvenient forum), we note that under NYCPLR § 510 a New York State court may have discretion to transfer the place of trial, and under 28 U.S.C. § 1404(a) a United States District Court has discretion to
transfer an action from one Federal court to another. 
 We do not express any opinion herein concerning any law other than the law of the
State of New York, the Federal law of the United States and the Delaware Limited Liability Company Act. 
  

					
		  	4	  	

					
		  		  	NOVEMBER 17, 2004

 This opinion letter is rendered to you in connection with the above-described transactions. This
opinion letter may not be relied upon by you for any other purpose, or relied upon by, or furnished to, any other person, firm or corporation without our prior written consent, except that this opinion may be furnished by you to, but not relied upon
by, the National Association of Insurance Commissioners. 
  

					
		  	5	  	

 EXHIBIT 4.4(b) 
 Form of Opinion of General Counsel to the Company 
 November 17, 2004

 To the Purchasers listed on Schedule I 
 hereto (the
“Purchasers”) 
  

	 	RE:	Purchase of $250,000,000 aggregate principal amount of 5.39% Senior Unsecured Notes due November 17, 2014 and $250,000,000 aggregate principal amount of 5.54% Senior Unsecured
Notes due November 17, 2016 (collectively, the “Notes”) pursuant to the Note Purchase Agreement dated as of November 17, 2004, among Transwestern Pipeline Company, LLC, a Delaware limited liability company (the
“Company”), and the Purchasers (the “Note Purchase Agreement”). 

 Ladies and Gentlemen: 
 As Senior Vice President and General Counsel of CrossCountry Energy, LLC, a Delaware limited liability company (“CrossCountry”), I am familiar with the
Note Purchase Agreement. Capitalized terms used herein which are defined in the Note Purchase Agreement are used herein as therein defined. This opinion is being rendered to you pursuant to the requirements of Section 4.4 of the Note Purchase
Agreement. 
 Before rendering the opinions hereinafter set forth, I (or other attorneys working under my direction) examined the Note Purchase Agreement and
the Notes, and relied upon original or photostatic or certified copies of such corporate records, certificates of officers of the Company (an Affiliate of CrossCountry) and of public officials, and such agreements, documents, court orders and
instruments as I (or such other attorneys) have deemed relevant and necessary as the basis for the opinions hereinafter expressed. In such examination, I (or such other attorneys) assumed the genuineness of all signatures (other than signatures of
officers of the Company on the Note Purchase Agreement and the Notes), the authenticity of all documents submitted to me or such other attorneys as originals and the conformity to authentic original documents of all documents submitted to me or such
other attorneys as photostatic or certified copies. Based on and subject to the foregoing, and subject also to the assumptions, qualifications and explanations set forth herein, I am of the opinion that: 
 1. The Company is duly formed, validly existing and in good standing under the laws of the State of Delaware and has all limited liability company powers
and all governmental licenses, authorizations, consents, and approvals required (a) to carry on its business as now conducted, except to the extent failure to obtain such licenses, authorizations, consents, or approvals would not materially
adversely affect the Company and its Subsidiaries taken as a whole, and (b) to execute and deliver the Note Purchase Agreement and the Notes and perform its obligations thereunder. 
  

					
		  		  	November 17, 2004

 2. The execution and delivery by the Company of the Note Purchase Agreement and the Notes and the
performance of its obligations thereunder are within its limited liability company powers. The Note Purchase Agreement and the Notes have been duly authorized by all necessary limited liability company action of the Company, and have been duly
executed and delivered by the Company. 
 3. The issue and sale of the Notes by the Company and the execution, delivery and performance by
the Company of the Note Purchase Agreement, and the consummation by the Company of the transactions evidenced thereby do not contravene, conflict with, violate or result in a breach or default by the Company under (i) the Company’s limited
liability company agreement, each as amended, (ii) any material judgment, injunction, order or decree binding upon the Company, or (iii) any contractual or legal restriction contained in any indenture, loan or credit agreement, mortgage,
security agreement, bond or note, or guaranties of any such obligations or any other material agreement, in each case known to me and to which the Company is a party. The issue and sale of the Notes and the execution, delivery and performance by the
Company of the Note Purchase Agreement do not violate any Applicable Laws (as hereafter defined) that are applicable to the Company. The issue and sale of the Notes and the execution, delivery and performance by the Company of the Note Purchase
Agreement will not result in the creation or imposition of any lien, security interest, or other charge or encumbrance on any asset of the Company. 
 4. There is no action, suit or any other proceeding pending or to my knowledge threatened against the Company in which the Company is a party, or to which its property is subject, which might reasonably be expected to materially and
adversely affect (i) the business, consolidated financial position or consolidated results of operations of the Company and its subsidiaries taken as a whole, or (ii) the ability of the Company to perform its obligations under the Note
Purchase Agreement and the Notes. 
 The opinions set forth above are subject in all respects to the following qualifications: 
 (a) In rendering the opinion expressed in paragraph 3 above, neither I nor any other attorney in the Company’s legal department have made any
examination of any accounting or financial matters related to certain of the covenants contained in certain documents to which the Company may be subject, and I express no opinion with respect thereto. 
 (b) In rendering the opinion expressed in paragraph 4 above, I (or other attorneys working under my direction) have only reviewed the files and records
of the Company, and I (or such other attorneys) have consulted with such senior officers thereof as I (or such other attorneys) have reasonably deemed necessary. 
 (c) The opinions expressed herein are as of the date hereof only, and I assume no obligation to update or supplement such opinions to reflect any fact or circumstances that may hereafter come to my attention or any
changes in law that may hereafter occur or become effective. 
  

					
		  	-2-	  	

					
		  		  	November 17, 2004

 (d) I am a member of the Bar of the District of Columbia. This opinion relates solely to matters
of the Applicable Laws of the United States, the Delaware General Corporation Law, the Delaware Limited Liability Company Act and certain specified laws of the United States, to the extent specified herein. 
 (e) For purposes of my opinion, “Applicable Laws” means the Delaware General Corporation Law, the Delaware Limited Liability Company Act, and
those laws, rules and regulations of the United States of America and the rules and regulations adopted thereunder, which, in my experience, are normally applicable to entities such as the Company and transactions of the type contemplated by the
Note Purchase Agreement, without my having made any special investigation as to the applicability of any specific law, rule or regulation, and which are not the subject of a specific opinion herein referring to a particular law or laws. Furthermore,
the term “Applicable Laws” does not include, and I express no opinion with regard to: (i) ERISA, as amended, and (ii) the Foreign Corrupt Practices Act. 
 This opinion is solely for the benefit of the Purchasers, their respective successors and assigns pursuant to the Note Purchase Agreement and their respective legal counsel and may not be relied upon in connection
with any other transaction or by any other Person, except that this opinion may be furnished by you to, but not relied upon by, the National Association of Insurance Commissioners. 
 Very truly yours, 
  

					
		  	-3-

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